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Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and will seek to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.

We generate revenues in the form of interest income, primarily from our investments in debt securities, loan origination and other fees and dividend income. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Our senior secured, middle-market, private debt investments generally have terms of between five and seven years. Our senior secured, middle-market, first lien private debt investments generally bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 450 basis points and SOFR plus 650 basis points per annum. Our subordinated middle-market, private debt investments generally bear interest between SOFR (or the applicable currency rate for investments in foreign currencies) plus 700 basis points and SOFR plus 900 basis points per annum if floating rate, and between 8% and 15% if fixed rate. From time to time, certain of our investments may have a form of interest, referred to as payment-in-kind (“PIK”) interest, which is not paid currently but is instead accrued and added to the loan balance and paid at the end of the term. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities and/or mortgage securities.

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Holdings II LTD, First Lien Senior Secured Term Loan2025-09-300001379785Aldinger Company, Second Lien Senior Secured Term Loan2025-09-300001379785Amalfi Midco, Second Lien Senior Secured Term Loan2025-09-300001379785Amalfi Midco, Subordinated Loan Notes2025-09-300001379785Astra Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Astra Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Avance Clinical Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Canadian Orthodontic Partners Corp., First Lien Senior Secured Term Loan2025-09-300001379785Canadian Orthodontic Partners Corp., Super Senior Secured Term Loan2025-09-300001379785Ceres Pharma NV, First Lien Senior Secured Term Loan 12025-09-300001379785Ceres Pharma NV, First Lien Senior Secured Term Loan 22025-09-300001379785Coherus Biosciences, Inc., First Lien Senior Secured Term Loan2025-09-300001379785EB Development, First Lien Senior Secured Term Loan2025-09-300001379785Faraday, First Lien Senior Secured Term Loan2025-09-300001379785Finexvet, First Lien Senior Secured Term Loan2025-09-300001379785Forest Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Forest Buyer, LLC, Revolver2025-09-300001379785GCDL LLC, First Lien Senior Secured Term Loan2025-09-300001379785GCDL LLC, Revolver2025-09-300001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 12025-09-300001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 22025-09-300001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 32025-09-300001379785Groupe Product Life, First Lien Senior Secured Term Loan2025-09-300001379785HeartHealth Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Heartland Veterinary Partners, LLC, Subordinated Term Loan2025-09-300001379785HemaSource, Inc., First Lien Senior Secured Term Loan2025-09-300001379785HemaSource, Inc., Revolver2025-09-300001379785Home Care Assistance, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Jon Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Keystone Bidco B.V., First Lien Senior Secured Term Loan2025-09-300001379785Keystone Bidco B.V., Revolver2025-09-300001379785Lambir Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Lambir Bidco Limited, Second Lien Senior Secured Term Loan2025-09-300001379785Median B.V., First Lien Senior Secured Term Loan2025-09-300001379785Medical Solutions Parent Holdings, Inc., Second Lien Senior Secured Term Loan2025-09-300001379785Moonlight Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Napa Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Navia Benefit Solutions, Inc., First Lien Senior Secured Term Loan2025-09-300001379785NPM Investments 28 B.V., First Lien Senior Secured Term Loan2025-09-300001379785Ocular Therapeutix, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 12025-09-300001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 22025-09-300001379785Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 12025-09-300001379785Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 22025-09-300001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 12025-09-300001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 22025-09-300001379785SCP Medical Products, LLC., First Lien Senior Secured Term Loan2025-09-300001379785SCP Medical Products, LLC., Revolver2025-09-300001379785Smile Brands Group Inc., First Lien Senior Secured Term Loan2025-09-300001379785SSCP Pegasus Midco Limited, First Lien Senior Secured Term Loan2025-09-300001379785SSCP Spring Bidco 3 Limited, First Lien Senior Secured Term Loan2025-09-300001379785Swoop Intermediate III, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Swoop Intermediate III, Inc., Revolver2025-09-300001379785TA KHP Aggregator, L.P., First Lien Senior Secured Term Loan2025-09-300001379785TA KHP Aggregator, L.P., Revolver2025-09-300001379785TA KHP Aggregator, L.P., Subordinated Term Loan2025-09-300001379785Union Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Unither (Uniholding), First Lien Senior Secured Term Loan2025-09-300001379785Unosquare, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Unosquare, LLC, Revolver2025-09-300001379785VB Spine Intermediary II LLC, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Alpine SG, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 32025-09-300001379785Argus Bidco Limited, Second Lien Senior Secured Term Loan2025-09-300001379785CH Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785CH Buyer, LLC, Revolver2025-09-300001379785Contabo FincoS.À R.L, First Lien Senior Secured Term Loan2025-09-300001379785CW Group Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Discovery Buyer, L.P., First Lien Senior Secured Term Loan2025-09-300001379785Discovery Buyer, L.P., Revolver2025-09-300001379785Durare Bidco, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Durare Bidco, LLC, Revolver2025-09-300001379785Dwyer Instruments, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 12025-09-300001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 22025-09-300001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 32025-09-300001379785Eurofins Digital Testing International LUX Holding SARL, Senior Subordinated Term Loan2025-09-300001379785EZ SMBO Bidco, First Lien Senior Secured Term Loan 12025-09-300001379785EZ SMBO Bidco, First Lien Senior Secured Term Loan 22025-09-300001379785EZ SMBO Bidco, First Lien Senior Secured Term Loan 32025-09-300001379785FSS Buyer LLC, First Lien Senior Secured Term Loan2025-09-300001379785Haystack Holdings LLC, First Lien Senior Secured Term Loan2025-09-300001379785Haystack Holdings LLC, Revolver2025-09-300001379785Heavy Construction Systems Specialists, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Heavy Construction Systems Specialists, LLC, Revolver2025-09-300001379785HW Holdco, LLC (Hanley Wood LLC), First Lien Senior Secured Term Loan2025-09-300001379785Ivanti Software Inc, First Lien Senior Secured Term Loan2025-09-300001379785Ivanti Software Inc, Second Lien Senior Secured Term Loan2025-09-300001379785Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan 32025-09-300001379785Lattice Group Holdings Bidco Limited, Revolver2025-09-300001379785NAW Buyer LLC, First Lien Senior Secured Term Loan2025-09-300001379785NAW Buyer LLC, Revolver2025-09-300001379785NeoxCo, First Lien Senior Secured Term Loan2025-09-300001379785Next Holdco, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Next Holdco, LLC, Revolver2025-09-300001379785ORTEC INTERNATIONAL NEWCO B.V., First Lien Senior Secured Term Loan2025-09-300001379785OSP Hamilton Purchaser, LLC, First Lien Senior Secured Term Loan2025-09-300001379785OSP Hamilton Purchaser, LLC, Revolver2025-09-300001379785PDQ.Com Corporation, First Lien Senior Secured Term Loan2025-09-300001379785PowerGEM Buyer, Inc., First Lien Senior Secured Term Loan2025-09-300001379785PowerGEM Buyer, Inc., Revolver2025-09-300001379785ProfitOptics, LLC, First Lien Senior Secured Term Loan2025-09-300001379785ProfitOptics, LLC, Revolver2025-09-300001379785ProfitOptics, LLC, Senior Subordinated Term Loan2025-09-300001379785Pro-Vision Solutions Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Pro-Vision Solutions Holdings, LLC, Revolver2025-09-300001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 12025-09-300001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 22025-09-300001379785RA Outdoors, LLC, First Lien Senior Secured Term Loan2025-09-300001379785RA Outdoors, LLC, Revolver2025-09-300001379785Saab Purchaser, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Saab Purchaser, Inc., Revolver2025-09-300001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 12025-09-300001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 22025-09-300001379785Scout Bidco B.V., Revolver2025-09-300001379785Sinari Invest, First Lien Senior Secured Term Loan2025-09-300001379785Smartling, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Smartling, Inc., Revolver2025-09-300001379785Sonicwall US Holdings Inc, First Lien Senior Secured Term Loan2025-09-300001379785Vision Solutions Inc., Second Lien Senior Secured Term Loan2025-09-300001379785White Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785White Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Zelda Luxco S.A.S, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:HighTechIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2025-09-300001379785Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2025-09-300001379785Featherstone Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785ASC Communications, LLC, First Lien Senior Secured Term Loan2025-09-300001379785ASC Communications, LLC, Revolver2025-09-300001379785Ruffalo Noel Levitz, LLC, First Lien Senior Secured Term Loan 12025-09-300001379785Ruffalo Noel Levitz, LLC, First Lien Senior Secured Term Loan 22025-09-300001379785Ruffalo Noel Levitz, LLC, Revolver2025-09-300001379785Superjet Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Superjet Buyer, LLC, Revolver2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Music Reports, Inc., First Lien Senior Secured Term Loan2025-09-300001379785The Octave Music Group, Inc., First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785BrightSign LLC, First Lien Senior Secured Term Loan2025-09-300001379785BrightSign LLC, Revolver2025-09-300001379785CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan2025-09-300001379785Footco 40 Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Footco 40 Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Murphy Midco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Rock Labor LLC, First Lien Senior Secured Term Loan2025-09-300001379785Rock Labor LLC, Revolver2025-09-300001379785Screenvision, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Screenvision, LLC, Revolver2025-09-300001379785Screenvision, LLC, Second Lien Senior Secured Term Loan2025-09-300001379785Solo Buyer, L.P., First Lien Senior Secured Term Loan2025-09-300001379785Solo Buyer, L.P., Revolver2025-09-300001379785Vital Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Arch Global Precision LLC, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:MetalsAndMiningMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Accelevation LLC, First Lien Senior Secured Term Loan2025-09-300001379785Accelevation LLC, Revolver2025-09-300001379785Acclime Holdings HK Limited, First Lien Senior Secured Term Loan2025-09-300001379785Acclime Holdings HK Limited, Subordinated Term Loan2025-09-300001379785Acogroup, First Lien Senior Secured Term Loan2025-09-300001379785srt:MaximumMemberAcogroup, First Lien Senior Secured Term Loan2025-09-300001379785srt:MinimumMemberAcogroup, First Lien Senior Secured Term Loan2025-09-300001379785AD Bidco, Inc., First Lien Senior Secured Term Loan2025-09-300001379785AD Bidco, Inc., Revolver2025-09-300001379785Adhefin International, First Lien Senior Secured Term Loan2025-09-300001379785AlliA Insurance Brokers NV, First Lien Senior Secured Term Loan2025-09-300001379785Apex Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Apex Bidco Limited, Subordinated Senior Unsecured Term Loan2025-09-300001379785Artemis Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Auxi International, First Lien Senior Secured Term Loan 12025-09-300001379785Auxi International, First Lien Senior Secured Term Loan 22025-09-300001379785Azalea Buyer, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Azalea Buyer, Inc., Revolver2025-09-300001379785Azalea Buyer, Inc., Subordinated Term Loan2025-09-300001379785Basin Innovation Group, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Basin Innovation Group, LLC, Revolver2025-09-300001379785BNI Global, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Bounteous, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Brightpay Limited, First Lien Senior Secured Term Loan2025-09-300001379785British Engineering Services Holdco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Caldwell & Gregory LLC, First Lien Senior Secured Term Loan2025-09-300001379785Caldwell & Gregory LLC, Revolver2025-09-300001379785Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan 12025-09-300001379785Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan 22025-09-300001379785CGI Parent, LLC, First Lien Senior Secured Term Loan2025-09-300001379785CGI Parent, LLC, Revolver2025-09-300001379785CloudOne Digital Corp., First Lien Senior Secured Term Loan2025-09-300001379785CloudOne Digital Corp., Revolver2025-09-300001379785CMT Opco Holding, LLC (Concept Machine), First Lien Senior Secured Term Loan2025-09-300001379785Comply365, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Comply365, LLC, Revolver2025-09-300001379785Coyo Uprising GmbH, First Lien Senior Secured Term Loan2025-09-300001379785DISA Holdings Corp., First Lien Senior Secured Term Loan2025-09-300001379785DISA Holdings Corp., Revolver2025-09-300001379785Dunlipharder B.V., First Lien Senior Secured Term Loan2025-09-300001379785EFC International, Senior Unsecured Term Loan2025-09-300001379785Electric Equipment & Engineering Co., First Lien Senior Secured Term Loan2025-09-300001379785Events Software BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Expert Institute Group Inc., First Lien Senior Secured Term Loan2025-09-300001379785Expert Institute Group Inc., Revolver2025-09-300001379785Greenhill II BV, First Lien Senior Secured Term Loan2025-09-300001379785HEKA Invest, First Lien Senior Secured Term Loan2025-09-300001379785HS Advisory Buyer LLC, First Lien Senior Secured Term Loan2025-09-300001379785HS Advisory Buyer LLC, Revolver2025-09-300001379785HSL Compliance, First Lien Senior Secured Term Loan2025-09-300001379785Hydratech Holdings, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Hydratech Holdings, Inc., Revolver2025-09-300001379785Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan2025-09-300001379785Interstellar Group B.V., First Lien Senior Secured Term Loan2025-09-300001379785Isolstar Holding NV (IPCOM), First Lien Senior Secured Term Loan2025-09-300001379785Jones Fish Hatcheries & Distributors LLC, First Lien Senior Secured Term Loan2025-09-300001379785Jones Fish Hatcheries & Distributors LLC, Revolver2025-09-300001379785LeadsOnline, LLC, First Lien Senior Secured Term Loan2025-09-300001379785LeadsOnline, LLC, Revolver2025-09-300001379785LHS Borrower, LLC, First Lien Senior Secured Term Loan2025-09-300001379785LHS Borrower, LLC, Revolver2025-09-300001379785Long Term Care Group, Inc., First Lien Senior Secured Term Loan2025-09-300001379785MB Purchaser, LLC, First Lien Senior Secured Term Loan2025-09-300001379785MB Purchaser, LLC, Revolver2025-09-300001379785MC Group Ventures Corporation, First Lien Senior Secured Term Loan 12025-09-300001379785MC Group Ventures Corporation, First Lien Senior Secured Term Loan 22025-09-300001379785MIV Buyer, LLC, First Lien Senior Secured Term Loan2025-09-300001379785MIV Buyer, LLC, Revolver2025-09-300001379785NF Holdco, LLC, First Lien Senior Secured Term Loan2025-09-300001379785NF Holdco, LLC, Revolver2025-09-300001379785Origin Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Origin Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 12025-09-300001379785Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 22025-09-300001379785Qima Finance LTD, First Lien Senior Secured Term Loan2025-09-300001379785Qualified Industries, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Qualified Industries, LLC, Revolver2025-09-300001379785Real Chemistry Intermediate III, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Real Chemistry Intermediate III, Inc., Revolver2025-09-300001379785Recovery Point Systems, Inc., First Lien Senior Secured Term Loan2025-09-300001379785RKD Group, LLC, First Lien Senior Secured Term Loan2025-09-300001379785RKD Group, LLC, Revolver2025-09-300001379785ROI Solutions LLC, First Lien Senior Secured Term Loan2025-09-300001379785ROI Solutions LLC, Revolver2025-09-300001379785RPX Corporation, First Lien Senior Secured Term Loan2025-09-300001379785RPX Corporation, Revolver2025-09-300001379785Sansidor BV, First Lien Senior Secured Term Loan2025-09-300001379785SBP Holdings LP, First Lien Senior Secured Term Loan2025-09-300001379785SBP Holdings LP, Revolver2025-09-300001379785Scaled Agile, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Scaled Agile, Inc., Revolver2025-09-300001379785SmartShift Group, Inc., First Lien Senior Secured Term Loan2025-09-300001379785SmartShift Group, Inc., Revolver2025-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), First Lien Senior Secured Term Loan2025-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2025-09-300001379785Starnmeer B.V., First Lien Senior Secured Term Loan2025-09-300001379785TA SL Cayman Aggregator Corp., Subordinated Term Loan2025-09-300001379785Tanqueray Bidco Limited, First Lien Senior Secured Term Loan2025-09-300001379785Technology Service Stream BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Techone B.V., First Lien Senior Secured Term Loan2025-09-300001379785Techone B.V., Revolver2025-09-300001379785Trintech, Inc., First Lien Senior Secured Term Loan2025-09-300001379785Trintech, Inc., Revolver2025-09-300001379785TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan2025-09-300001379785TSYL Corporate Buyer, Inc., Revolver2025-09-300001379785Turnberry Solutions, Inc., First Lien Senior Secured Term Loan2025-09-300001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 12025-09-300001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 22025-09-300001379785UHY Advisors, Inc., First Lien Senior Secured Term Loan2025-09-300001379785UHY Advisors, Inc., Revolver2025-09-300001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan2025-09-300001379785Utac Ceram, First Lien Senior Secured Term Loan 12025-09-300001379785Utac Ceram, First Lien Senior Secured Term Loan 22025-09-300001379785World 50, Inc., First Lien Senior Secured Term Loan2025-09-300001379785World 50, Inc., Revolver2025-09-300001379785Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 22025-09-300001379785Xeinadin Bidco Limited, Subordinated Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesBusinessMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Application Boot Camp LLC, First Lien Senior Secured Term Loan2025-09-300001379785Application Boot Camp LLC, Revolver2025-09-300001379785Application Boot Camp LLC, Subordinated Term Loan2025-09-300001379785Arc Education, First Lien Senior Secured Term Loan2025-09-300001379785Archimede, First Lien Senior Secured Term Loan2025-09-300001379785Bariacum S.A, First Lien Senior Secured Term Loan2025-09-300001379785Cascade Residential Services LLC, First Lien Senior Secured Term Loan2025-09-300001379785Cascade Residential Services LLC, Revolver2025-09-300001379785CEC Entertainment, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Express Wash Acquisition Company, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Express Wash Acquisition Company, LLC, Revolver2025-09-300001379785FL Hawk Intermediate Holdings, Inc. (f.k.a. Fineline Technologies, Inc.), First Lien Senior Secured Term Loan2025-09-300001379785Global Academic Group Limited, First Lien Senior Secured Term Loan 12025-09-300001379785Global Academic Group Limited, First Lien Senior Secured Term Loan 22025-09-300001379785HomeX Services Group LLC, First Lien Senior Secured Term Loan2025-09-300001379785HomeX Services Group LLC, Revolver2025-09-300001379785InvoCare Limited, First Lien Senior Secured Term Loan2025-09-300001379785Kid Distro Holdings, LLC, First Lien Senior Secured Term Loan2025-09-300001379785Marmoutier Holding B.V., First Lien Senior Secured Term Loan2025-09-300001379785Marmoutier Holding B.V., Revolver2025-09-300001379785Marmoutier Holding B.V., Super Senior Secured Term Loan2025-09-300001379785Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 12025-09-300001379785Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 22025-09-300001379785QPE7 SPV1 BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-09-300001379785Selenium Designated Activity Company, First Lien Senior Secured Term Loan2025-09-300001379785us-gaap:DebtSecuritiesMemberbbdc:ServicesConsumerMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001379785Air Canada 2020-2 Class B Pass Through Trust, Structured Secured Note - 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(aka TA/TCG Holdings, LLC), Subordinated Term Loan2024-12-310001379785THG Acquisition, LLC, First Lien Senior Secured Term Loan2024-12-310001379785THG Acquisition, LLC, Revolver2024-12-310001379785Turbo Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 12024-12-310001379785WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 22024-12-310001379785WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 32024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785CTI Foods Holdings Co., LLC, 2024 LIFO Term Loan2024-12-310001379785CTI Foods Holdings Co., LLC, First Out Term Loan2024-12-310001379785CTI Foods Holdings Co., LLC, Second Out Term Loan2024-12-310001379785Innovad Group II BV, First Lien Senior Secured Term Loan 12024-12-310001379785Innovad Group II BV, First Lien Senior Secured Term Loan 22024-12-310001379785Riedel Beheer B.V., First Lien Senior Secured Term Loan2024-12-310001379785Woodland Foods, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Woodland Foods, LLC, Revolver2024-12-310001379785ZB Holdco LLC, First Lien Senior Secured Term Loan2024-12-310001379785ZB Holdco LLC, Revolver2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:BeverageFoodAndTobaccoMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 12024-12-310001379785AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 22024-12-310001379785AirX Climate Solutions, Inc., Revolver2024-12-310001379785APC1 Holding, First Lien Senior Secured Term Loan2024-12-310001379785BPG Holdings IV Corp, First Lien Senior Secured Term Loan2024-12-310001379785Brown Machine Group Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Cobham Slip Rings SAS, First Lien Senior Secured Term Loan2024-12-310001379785Polara Enterprises, L.L.C., First Lien Senior Secured Term Loan2024-12-310001379785Polara Enterprises, L.L.C., Revolver2024-12-310001379785Process Equipment, Inc. (ProcessBarron), First Lien Senior Secured Term Loan2024-12-310001379785Process Insights Acquisition, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Process Insights Acquisition, Inc., Revolver2024-12-310001379785Rapid Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001379785Rapid Buyer LLC, Revolver2024-12-310001379785TAPCO Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001379785TAPCO Buyer LLC, Revolver2024-12-310001379785Tencarva Machinery Company, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Tencarva Machinery Company, LLC, Revolver2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:CapitalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Americo Chemical Products, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Americo Chemical Products, LLC, Revolver2024-12-310001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 12024-12-310001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 22024-12-310001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 32024-12-310001379785AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 42024-12-310001379785Aptus 1829. GmbH, First Lien Senior Secured Term Loan2024-12-310001379785Polymer Solutions Group Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ChemicalsSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785BKF Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785BKF Buyer, Inc., Revolver2024-12-310001379785EMI Porta Holdco LLC, First Lien Senior Secured Term Loan2024-12-310001379785EMI Porta Holdco LLC, Revolver2024-12-310001379785MNS Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Ocelot Holdco LLC, Super Senior Takeback Loan2024-12-310001379785Ocelot Holdco LLC, Takeback Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785DecksDirect, LLC, First Lien Senior Secured Term Loan2024-12-310001379785DecksDirect, LLC, Revolver2024-12-310001379785Gojo Industries, Inc., First Lien Senior Secured Term Loan2024-12-310001379785HTI Technology & Industries, First Lien Senior Secured Term Loan2024-12-310001379785HTI Technology & Industries, Revolver2024-12-310001379785Lifestyle Intermediate II, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Renovation Parent Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Team Air Distributing, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Team Air Distributing, LLC, Subordinated Term Loan2024-12-310001379785Terrybear, Inc., Subordinated Term Loan2024-12-310001379785Victoria Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:ConsumerGoodsDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Bidwax, First Lien Senior Secured Term Loan2024-12-310001379785CCFF Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785CCFF Buyer, LLC, Revolver2024-12-310001379785David Wood Baking UK Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Herbalife Ltd., First Lien Senior Secured Term Loan2024-12-310001379785Ice House America, L.L.C., First Lien Senior Secured Term Loan2024-12-310001379785Ice House America, L.L.C., Revolver2024-12-310001379785Isagenix International, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Modern Star Holdings Bidco Pty Limited., First Lien Senior Secured Term Loan2024-12-310001379785Safety Products Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:ConsumerGoodsNonDurableMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Brook & Whittle Holding Corp., First Lien Senior Secured Term Loan2024-12-310001379785Diversified Packaging Holdings LLC, Second Lien Senior Secured Term Loan2024-12-310001379785Five Star Holding LLC, Second Lien Senior Secured Term Loan2024-12-310001379785Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 12024-12-310001379785Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 22024-12-310001379785Media Recovery, Inc. (SpotSee), Revolver 12024-12-310001379785Media Recovery, Inc. (SpotSee), Revolver 22024-12-310001379785OG III B.V., First Lien Senior Secured Term Loan2024-12-310001379785Tank Holding Corp, First Lien Senior Secured Term Loan 12024-12-310001379785Tank Holding Corp, First Lien Senior Secured Term Loan 22024-12-310001379785Tank Holding Corp, Revolver2024-12-310001379785us-gaap:DebtSecuritiesMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785WWEC Holdings III Corp, First Lien Senior Secured Term Loan2024-12-310001379785WWEC Holdings III Corp, Revolver2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:EnergyElectricityMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Bridger Aerospace Group Holdings, LLC, Municipal Revenue Bond2024-12-310001379785EB Development, First Lien Senior Secured Term Loan2024-12-310001379785Entact Environmental Services, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Northstar Recycling, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Northstar Recycling, LLC, Revolver2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:EnvironmentalIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785A.T. Holdings II LTD, First Lien Senior Secured Term Loan2024-12-310001379785Amalfi Midco, Second Lien Senior Secured Term Loan2024-12-310001379785Amalfi Midco, Subordinated Loan Notes2024-12-310001379785APOG Bidco Pty Ltd, Second Lien Senior Secured Term Loan2024-12-310001379785Astra Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001379785Astra Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001379785Avance Clinical Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Biolam Group, First Lien Senior Secured Term Loan2024-12-310001379785BVI Medical, Inc., Second Lien Senior Secured Term Loan2024-12-310001379785Canadian Orthodontic Partners Corp., First Lien Senior Secured Term Loan2024-12-310001379785Canadian Orthodontic Partners Corp., Super Senior Secured Term Loan2024-12-310001379785Ceres Pharma NV, First Lien Senior Secured Term Loan2024-12-310001379785Coherus Biosciences, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Dune Group, First Lien Senior Secured Term Loan 12024-12-310001379785Dune Group, First Lien Senior Secured Term Loan 22024-12-310001379785Dune Group, First Lien Senior Secured Term Loan 32024-12-310001379785Ellkay, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Faraday, First Lien Senior Secured Term Loan2024-12-310001379785Finexvet, First Lien Senior Secured Term Loan2024-12-310001379785Forest Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Forest Buyer, LLC, Revolver2024-12-310001379785GCDL LLC, First Lien Senior Secured Term Loan2024-12-310001379785GCDL LLC, Revolver2024-12-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 12024-12-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 22024-12-310001379785GPNZ II GmbH, First Lien Senior Secured Term Loan 32024-12-310001379785Groupe Product Life, First Lien Senior Secured Term Loan2024-12-310001379785HeartHealth Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Heartland Veterinary Partners, LLC, Subordinated Term Loan2024-12-310001379785HemaSource, Inc., First Lien Senior Secured Term Loan2024-12-310001379785HemaSource, Inc., Revolver2024-12-310001379785Home Care Assistance, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Hygie 31 Holding, First Lien Senior Secured Term Loan2024-12-310001379785ISTO Technologies II, LLC, First Lien Senior Secured Term Loan2024-12-310001379785ISTO Technologies II, LLC, Revolver2024-12-310001379785Jon Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Keystone Bidco B.V., First Lien Senior Secured Term Loan2024-12-310001379785Keystone Bidco B.V., Revolver2024-12-310001379785Lambir Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Lambir Bidco Limited, Second Lien Senior Secured Term Loan2024-12-310001379785Median B.V., First Lien Senior Secured Term Loan2024-12-310001379785Medical Solutions Parent Holdings, Inc., Second Lien Senior Secured Term Loan2024-12-310001379785MI OpCo Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Moonlight Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Napa Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Navia Benefit Solutions, Inc., First Lien Senior Secured Term Loan2024-12-310001379785NPM Investments 28 B.V., First Lien Senior Secured Term Loan2024-12-310001379785OA Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785OA Buyer, Inc., Revolver2024-12-310001379785Ocular Therapeutix, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 12024-12-310001379785Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 22024-12-310001379785Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan2024-12-310001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 12024-12-310001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 22024-12-310001379785Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 32024-12-310001379785Smile Brands Group Inc., First Lien Senior Secured Term Loan 12024-12-310001379785Smile Brands Group Inc., First Lien Senior Secured Term Loan 22024-12-310001379785SSCP Pegasus Midco Limited, First Lien Senior Secured Term Loan2024-12-310001379785SSCP Spring Bidco 3 Limited, First Lien Senior Secured Term Loan2024-12-310001379785Union Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785United Therapy Holding III GmbH, First Lien Senior Secured Term Loan2024-12-310001379785Unither (Uniholding), First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:HealthcareAndPharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-3100013797851WorldSync, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Alpine SG, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001379785Argus Bidco Limited, First Lien Senior Secured Term Loan 32024-12-310001379785Argus Bidco Limited, Second Lien Senior Secured Term Loan2024-12-310001379785Benify (Bennevis AB), First Lien Senior Secured Term Loan2024-12-310001379785CAi Software, LLC, First Lien Senior Secured Term Loan2024-12-310001379785CAi Software, LLC, Revolver2024-12-310001379785Caribou Holding Company, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Contabo Finco S.À.R.L, First Lien Senior Secured Term Loan2024-12-310001379785CW Group Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Dragon Bidco, First Lien Senior Secured Term Loan2024-12-310001379785Dwyer Instruments, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Electrical Components International, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 12024-12-310001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 22024-12-310001379785Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 32024-12-310001379785Eurofins Digital Testing International LUX Holding SARL, Senior Subordinated Term Loan2024-12-310001379785FSS Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001379785Graphpad Software, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Graphpad Software, LLC, Revolver2024-12-310001379785Heavy Construction Systems Specialists, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Heavy Construction Systems Specialists, LLC, Revolver2024-12-310001379785HW Holdco, LLC (Hanley Wood LLC), First Lien Senior Secured Term Loan2024-12-310001379785Ivanti Software, Inc., Second Lien Senior Secured Term Loan2024-12-310001379785Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Lattice Group Holdings Bidco Limited, Revolver2024-12-310001379785NAW Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001379785NAW Buyer LLC, Revolver2024-12-310001379785NeoxCo, First Lien Senior Secured Term Loan2024-12-310001379785Next Holdco, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Next Holdco, LLC, Revolver2024-12-310001379785ORTEC INTERNATIONAL NEWCO B.V., First Lien Senior Secured Term Loan2024-12-310001379785OSP Hamilton Purchaser, LLC, First Lien Senior Secured Term Loan2024-12-310001379785OSP Hamilton Purchaser, LLC, Revolver2024-12-310001379785PDQ.Com Corporation, First Lien Senior Secured Term Loan2024-12-310001379785PowerGEM Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785PowerGEM Buyer, Inc., Revolver2024-12-310001379785ProfitOptics, LLC, First Lien Senior Secured Term Loan2024-12-310001379785ProfitOptics, LLC, Revolver2024-12-310001379785ProfitOptics, LLC, Senior Subordinated Term Loan2024-12-310001379785Pro-Vision Solutions Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Pro-Vision Solutions Holdings, LLC, Revolver2024-12-310001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 12024-12-310001379785PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 22024-12-310001379785RA Outdoors, LLC, First Lien Senior Secured Term Loan2024-12-310001379785RA Outdoors, LLC, Revolver2024-12-310001379785Saab Purchaser, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Saab Purchaser, Inc., Revolver2024-12-310001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 12024-12-310001379785Scout Bidco B.V., First Lien Senior Secured Term Loan 22024-12-310001379785Scout Bidco B.V., Revolver2024-12-310001379785Sinari Invest, First Lien Senior Secured Term Loan2024-12-310001379785Smartling, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Smartling, Inc., Revolver2024-12-310001379785Validity, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Vision Solutions Inc., Second Lien Senior Secured Term Loan2024-12-310001379785White Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:HighTechIndustriesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2024-12-310001379785Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:HotelGamingAndLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785ASC Communications, LLC, First Lien Senior Secured Term Loan2024-12-310001379785ASC Communications, LLC, Revolver2024-12-310001379785AVSC Holding Corp., First Lien Senior Secured Term Loan 12024-12-310001379785AVSC Holding Corp., First Lien Senior Secured Term Loan 22024-12-310001379785Ruffalo Noel Levitz, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Superjet Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Superjet Buyer, LLC, Revolver2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Music Reports, Inc., First Lien Senior Secured Term Loan2024-12-310001379785The Octave Music Group, Inc., First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785BrightSign LLC, First Lien Senior Secured Term Loan2024-12-310001379785BrightSign LLC, Revolver2024-12-310001379785CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan 12024-12-310001379785CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan2024-12-310001379785Footco 40 Limited, First Lien Senior Secured Term Loan 12024-12-310001379785Footco 40 Limited, First Lien Senior Secured Term Loan 22024-12-310001379785Learfield Communications, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Murphy Midco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Rock Labor LLC, First Lien Senior Secured Term Loan2024-12-310001379785Rock Labor LLC, Revolver2024-12-310001379785Solo Buyer, L.P., First Lien Senior Secured Term Loan2024-12-310001379785Solo Buyer, L.P., Revolver2024-12-310001379785Vital Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MediaDiversifiedAndProductionMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Arch Global Precision LLC, First Lien Senior Secured Term Loan2024-12-310001379785us-gaap:DebtSecuritiesMemberbbdc:MetalsAndMiningMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001379785Acclime Holdings HK Limited, First Lien Senior Secured Term Loan2024-12-310001379785Acogroup, First Lien Senior Secured Term Loan2024-12-310001379785AD Bidco, Inc., First Lien Senior Secured Term Loan2024-12-310001379785AD Bidco, Inc., Revolver2024-12-310001379785Adhefin International, First Lien Senior Secured Term Loan2024-12-310001379785Adhefin International, Subordinated Term Loan2024-12-310001379785AlliA Insurance Brokers NV, First Lien Senior Secured Term Loan2024-12-310001379785Apex Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Apex Bidco Limited, Subordinated Senior Unsecured Term Loan2024-12-310001379785Artemis Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Auxi International, First Lien Senior Secured Term Loan 12024-12-310001379785Auxi International, First Lien Senior Secured Term Loan 22024-12-310001379785Azalea Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Azalea Buyer, Inc., Revolver2024-12-310001379785Azalea Buyer, Inc., Subordinated Term Loan2024-12-310001379785Basin Innovation Group, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Basin Innovation Group, LLC, Revolver2024-12-310001379785BNI Global, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Bounteous, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Brightpay Limited, First Lien Senior Secured Term Loan2024-12-310001379785Brightpay Limited, First Lien Senior Secured Term Loan 22024-12-310001379785British Engineering Services Holdco Limited, First Lien Senior Secured Term Loan2024-12-310001379785Caldwell & Gregory LLC, First Lien Senior Secured Term Loan2024-12-310001379785Caldwell & Gregory LLC, Revolver2024-12-310001379785Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan2024-12-310001379785CGI Parent, LLC, First Lien Senior Secured Term Loan2024-12-310001379785CGI Parent, LLC, Revolver2024-12-310001379785CMT Opco Holding, LLC (Concept Machine), First Lien Senior Secured Term Loan2024-12-310001379785Comply365, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Comply365, LLC, Revolver2024-12-310001379785Coyo Uprising GmbH, First Lien Senior Secured Term Loan2024-12-310001379785DataServ Integrations, LLC, First Lien Senior Secured Term Loan2024-12-310001379785DataServ Integrations, LLC, Revolver2024-12-310001379785DISA Holdings Corp., First Lien Senior Secured Term Loan2024-12-310001379785DISA Holdings Corp., Revolver2024-12-310001379785Dunlipharder B.V., First Lien Senior Secured Term Loan2024-12-310001379785EFC International, Senior Unsecured Term Loan2024-12-310001379785Electric Equipment & Engineering Co., First Lien Senior Secured Term Loan2024-12-310001379785Events Software BidCo Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001379785Fortis Payment Systems, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Fortis Payment Systems, LLC, Revolver2024-12-310001379785Greenhill II BV, First Lien Senior Secured Term Loan2024-12-310001379785HEKA Invest, First Lien Senior Secured Term Loan2024-12-310001379785Hydratech Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Hydratech Holdings, Inc., Revolver2024-12-310001379785Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan2024-12-310001379785Interstellar Group B.V., First Lien Senior Secured Term Loan2024-12-310001379785Isolstar Holding NV (IPCOM), First Lien Senior Secured Term Loan2024-12-310001379785JF Acquisition, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Jones Fish Hatcheries & Distributors LLC, First Lien Senior Secured Term Loan2024-12-310001379785Jones Fish Hatcheries & Distributors LLC, Revolver2024-12-310001379785LeadsOnline, LLC, First Lien Senior Secured Term Loan2024-12-310001379785LeadsOnline, LLC, Revolver2024-12-310001379785Legal Solutions Holdings, Senior Subordinated Loan2024-12-310001379785Long Term Care Group, Inc., First Lien Senior Secured Term Loan2024-12-310001379785MB Purchaser, LLC, First Lien Senior Secured Term Loan2024-12-310001379785MB 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Loan2024-12-310001379785ROI Solutions LLC, First Lien Senior Secured Term Loan2024-12-310001379785ROI Solutions LLC, Revolver2024-12-310001379785Royal Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001379785Royal Buyer, LLC, Revolver2024-12-310001379785RPX Corporation, First Lien Senior Secured Term Loan2024-12-310001379785RPX Corporation, Revolver2024-12-310001379785Sansidor BV, First Lien Senior Secured Term Loan2024-12-310001379785SBP Holdings LP, First Lien Senior Secured Term Loan2024-12-310001379785SBP Holdings LP, Revolver2024-12-310001379785Scaled Agile, Inc., First Lien Senior Secured Term Loan2024-12-310001379785Scaled Agile, Inc., Revolver2024-12-310001379785SmartShift Group, Inc., First Lien Senior Secured Term Loan2024-12-310001379785SmartShift Group, Inc., Revolver2024-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), First Lien Senior Secured Term Loan2024-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), 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First Lien Senior Secured Term Loan2024-12-310001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 12024-12-310001379785UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 22024-12-310001379785UHY Advisors, Inc., First Lien Senior Secured Term Loan2024-12-310001379785UHY Advisors, Inc., Revolver2024-12-310001379785USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 12024-12-310001379785USLS Acquisition, Inc. 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(f.k.a. 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Intermediate Holdings Co., Revolver2024-12-310001379785Discovery Buyer, L.P., Delayed Draw Term Loan2025-09-300001379785Discovery Buyer, L.P., Delayed Draw Term Loan2024-12-310001379785Discovery Buyer, L.P., Revolver2024-12-310001379785Dune Group, Delayed Draw Term Loan2025-09-300001379785Dune Group, Delayed Draw Term Loan2024-12-310001379785Durare Bidco, LLC, Delayed Draw Term Loan2025-09-300001379785Durare Bidco, LLC, Delayed Draw Term Loan2024-12-310001379785Durare Bidco, LLC, Revolver2024-12-310001379785EB Development, Capex / Acquisition Facility2025-09-300001379785EB Development, Capex / Acquisition Facility2024-12-310001379785EB Development, Delayed Draw Term Loan2025-09-300001379785EB Development, Delayed Draw Term Loan2024-12-310001379785Electrical Components International, Inc., Delayed Draw Term Loan2025-09-300001379785Electrical Components International, Inc., Delayed Draw Term Loan2024-12-310001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2025-09-300001379785Events Software BidCo Pty Ltd, Delayed Draw Term Loan2024-12-310001379785Expert Institute Group Inc., Delayed Draw Term Loan2025-09-300001379785Expert Institute Group Inc., Delayed Draw Term Loan2024-12-310001379785Expert Institute Group Inc., Revolver2024-12-310001379785EZ SMBO Bidco, Delayed Draw Term Loan2025-09-300001379785EZ SMBO Bidco, Delayed Draw Term Loan2024-12-310001379785Faraday, Delayed Draw Term Loan2025-09-300001379785Faraday, Delayed Draw Term Loan2024-12-310001379785Footco 40 Limited, Delayed Draw Term Loan2025-09-300001379785Footco 40 Limited, Delayed Draw Term Loan2024-12-310001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2025-09-300001379785Fortis Payment Systems, LLC, Delayed Draw Term Loan2024-12-310001379785Fortis Payment Systems, LLC, Revolver2025-09-300001379785GB Eagle Buyer, Inc., Delayed Draw Term Loan2025-09-300001379785GB Eagle Buyer, Inc., Delayed Draw Term Loan2024-12-310001379785GCDL LLC, Delayed Draw Term Loan2025-09-300001379785GCDL LLC, Delayed Draw Term Loan2024-12-310001379785Global Academic Group Limited, Term Loan2025-09-300001379785Global Academic Group Limited, Term Loan2024-12-310001379785GMES LLC, Delayed Draw Term Loan2025-09-300001379785GMES LLC, Delayed Draw Term Loan2024-12-310001379785GMES LLC, Revolver2024-12-310001379785GPNZ II GmbH, Delayed Draw Term Loan2025-09-300001379785GPNZ II GmbH, Delayed Draw Term Loan2024-12-310001379785Graphpad Software, LLC, Delayed Draw Term Loan2025-09-300001379785Graphpad Software, LLC, Delayed Draw Term Loan2024-12-310001379785Graphpad Software, LLC, Revolver2025-09-300001379785Greenhill II BV, Capex / Acquisition Facility2025-09-300001379785Greenhill II BV, Capex / Acquisition Facility2024-12-310001379785Greenhill II BV, Delayed Draw Term Loan2025-09-300001379785Greenhill II BV, Delayed Draw Term Loan2024-12-310001379785Groupe Product Life, Delayed Draw Term Loan2025-09-300001379785Groupe Product Life, Delayed Draw Term Loan2024-12-310001379785Haystack Holdings LLC, Delayed Draw Term Loan2025-09-300001379785Haystack Holdings LLC, Delayed Draw Term Loan2024-12-310001379785Haystack Holdings LLC, Revolver2024-12-310001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2025-09-300001379785HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2024-12-310001379785HEKA Invest, Delayed Draw Term Loan2025-09-300001379785HEKA Invest, Delayed Draw Term Loan2024-12-310001379785High Street Buyer Inc., Delayed Draw Term Loan2025-09-300001379785High Street Buyer Inc., Delayed Draw Term Loan2024-12-310001379785HomeX Services Group LLC, Delayed Draw Term Loan2025-09-300001379785HomeX Services Group LLC, Delayed Draw Term Loan2024-12-310001379785HS Advisory Buyer LLC, Delayed Draw Term Loan2025-09-300001379785HS Advisory Buyer LLC, Delayed Draw Term Loan2024-12-310001379785HS Advisory Buyer LLC, Revolver2024-12-310001379785HSL Compliance, Delayed Draw Term Loan2025-09-300001379785HSL Compliance, Delayed Draw Term Loan2024-12-310001379785HTI Technology & Industries, Delayed Draw Term Loan2025-09-300001379785HTI Technology & Industries, Delayed Draw Term Loan2024-12-310001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2025-09-300001379785Hydratech Holdings, Inc., Delayed Draw Term Loan2024-12-310001379785Ice House America, L.L.C., Delayed Draw Term Loan2025-09-300001379785Ice House America, L.L.C., Delayed Draw Term Loan2024-12-310001379785International Fleet Financing No.2 B.V., Revolver2025-09-300001379785International Fleet Financing No.2 B.V., Revolver2024-12-310001379785Interstellar Group B.V., Delayed Draw Term Loan2025-09-300001379785Interstellar Group B.V., Delayed Draw Term Loan2024-12-310001379785InvoCare Limited, Delayed Draw Term Loan2025-09-300001379785InvoCare Limited, Delayed Draw Term Loan2024-12-310001379785ISTO Technologies II, LLC, Revolver2025-09-300001379785Jocassee Partners LLC, Joint Venture2025-09-300001379785Jocassee Partners LLC, Joint Venture2024-12-310001379785Jon Bidco Limited, Capex / Acquisition Facility2025-09-300001379785Jon Bidco Limited, Capex / Acquisition Facility2024-12-310001379785Jon Bidco Limited, Delayed Draw Term Loan2025-09-300001379785Jon Bidco Limited, Delayed Draw Term Loan2024-12-310001379785KAMC Holdings Inc., Revolver2024-12-310001379785Keystone Bidco B.V., Delayed Draw Term Loan2025-09-300001379785Keystone Bidco B.V., Delayed Draw Term Loan2024-12-310001379785Lambir Bidco Limited, Delayed Draw Term Loan2025-09-300001379785Lambir Bidco Limited, Delayed Draw Term Loan2024-12-310001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2025-09-300001379785Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2024-12-310001379785LHS Borrower, LLC, Revolver2024-12-310001379785Lockmasters Security Intermediate, Inc., Delayed Draw Term Loan2025-09-300001379785Lockmasters Security Intermediate, Inc., Delayed Draw Term Loan2024-12-310001379785Lockmasters Security Intermediate, Inc., Revolver2024-12-310001379785Marmoutier Holding B.V., Delayed Draw Term Loan2025-09-300001379785Marmoutier Holding B.V., Delayed Draw Term Loan2024-12-310001379785Marmoutier Holding B.V., Term Loan2025-09-300001379785Marmoutier Holding B.V., Term Loan2024-12-310001379785MB Purchaser, LLC, Delayed Draw Term Loan2025-09-300001379785MB Purchaser, LLC, Delayed Draw Term Loan2024-12-310001379785MC Group Ventures Corporation, Delayed Draw Term Loan2025-09-300001379785MC Group Ventures Corporation, Delayed Draw Term Loan2024-12-310001379785Mercell Holding AS, Capex / Acquisition Facility2025-09-300001379785Mercell Holding AS, Capex / Acquisition Facility2024-12-310001379785MIV Buyer, LLC, Delayed Draw Term Loan2025-09-300001379785MIV Buyer, LLC, Delayed Draw Term Loan2024-12-310001379785MIV Buyer, LLC, Revolver2024-12-310001379785Modern Star Holdings Bidco Pty Limited, Term Loan2025-09-300001379785Modern Star Holdings Bidco Pty Limited, Term Loan2024-12-310001379785Momentum Textiles, LLC, Revolver2024-12-310001379785Moonlight Bidco Limited, Delayed Draw Term Loan2025-09-300001379785Moonlight Bidco Limited, Delayed Draw Term Loan2024-12-310001379785MSI Express Inc., Delayed Draw Term Loan2025-09-300001379785MSI Express Inc., Delayed Draw Term Loan2024-12-310001379785MSI Express Inc., Revolver2024-12-310001379785Narda Acquisitionco., Inc., Revolver2025-09-300001379785NAW Buyer LLC, Delayed Draw Term Loan2025-09-300001379785NAW Buyer LLC, Delayed Draw Term Loan2024-12-310001379785Next Holdco, LLC, Delayed Draw Term Loan2025-09-300001379785Next Holdco, LLC, Delayed Draw Term Loan2024-12-310001379785Northstar Recycling, LLC, Delayed Draw Term Loan2025-09-300001379785Northstar Recycling, LLC, Delayed Draw Term Loan2024-12-310001379785NPM Investments 28 B.V., Delayed Draw Term Loan2025-09-300001379785NPM Investments 28 B.V., Delayed Draw Term Loan2024-12-310001379785OA Buyer, Inc., Revolver2025-09-300001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2025-09-300001379785OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2024-12-310001379785Owl Intermediate Holdings, LLC, Delayed Draw Term Loan2025-09-300001379785Owl Intermediate Holdings, LLC, Delayed Draw Term Loan2024-12-310001379785Owl Intermediate Holdings, LLC, Revolver2024-12-310001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2025-09-300001379785Parkview Dental Holdings LLC, Delayed Draw Term Loan2024-12-310001379785PDQ.Com Corporation, Delayed Draw Term Loan2025-09-300001379785PDQ.Com Corporation, Delayed Draw Term Loan2024-12-310001379785PowerGEM Buyer, Inc., Delayed Draw Term Loan2025-09-300001379785PowerGEM Buyer, Inc., Delayed Draw Term Loan2024-12-310001379785Premium Invest, Capex / Acquisition Facility2025-09-300001379785Premium Invest, Capex / Acquisition Facility2024-12-310001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2025-09-300001379785Process Insights Acquisition, Inc., Delayed Draw Term Loan2024-12-310001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2025-09-300001379785PSP Intermediate 4, LLC, Delayed Draw Term Loan2024-12-310001379785Qima Finance LTD, Capex / Acquisition Facility2025-09-300001379785Qima Finance LTD, Capex / Acquisition Facility2024-12-310001379785Randys Holdings, Inc., Delayed Draw Term Loan2025-09-300001379785Randys Holdings, Inc., Delayed Draw Term Loan2024-12-310001379785Rapid Buyer LLC, Delayed Draw Term Loan2025-09-300001379785Rapid Buyer LLC, Delayed Draw Term Loan2024-12-310001379785Real Chemistry Intermediate III, Inc., Delayed Draw Term Loan2025-09-300001379785Real Chemistry Intermediate III, Inc., Delayed Draw Term Loan2024-12-310001379785Real Chemistry Intermediate III, Inc., Revolver2024-12-310001379785RKD Group, LLC, Delayed Draw Term Loan2025-09-300001379785RKD Group, LLC, Delayed Draw Term Loan2024-12-310001379785RKD Group, LLC, Revolver2024-12-310001379785Rocade Holdings LLC, Preferred Equity2025-09-300001379785Rocade Holdings LLC, Preferred Equity2024-12-310001379785ROI Solutions LLC, Delayed Draw Term Loan2025-09-300001379785ROI Solutions LLC, Delayed Draw Term Loan2024-12-310001379785Royal Buyer, LLC, Revolver2025-09-300001379785Ruffalo Noel Levitz, LLC, Revolver2024-12-310001379785Saab Purchaser, Inc., Delayed Draw Term Loan2025-09-300001379785Saab Purchaser, Inc., Delayed Draw Term Loan2024-12-310001379785Sanoptis S.A.R.L., Term Loan2025-09-300001379785Sanoptis S.A.R.L., Term Loan2024-12-310001379785Sansidor BV, Capex / Acquisition Facility2025-09-300001379785Sansidor BV, Capex / Acquisition Facility2024-12-310001379785SBP Holdings LP, Delayed Draw Term Loan2025-09-300001379785SBP Holdings LP, Delayed Draw Term Loan2024-12-310001379785SCP Medical Products, LLC., Revolver2024-12-310001379785Screenvision, LLC, Revolver2024-12-310001379785Sinari Invest, Delayed Draw Term Loan2025-09-300001379785Sinari Invest, Delayed Draw Term Loan2024-12-310001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2025-09-300001379785SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2024-12-310001379785Skyvault Holdings LLC, Delayed Draw Term Loan2025-09-300001379785Skyvault Holdings LLC, Delayed Draw Term Loan2024-12-310001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2025-09-300001379785Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2024-12-310001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2025-09-300001379785SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2024-12-310001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2025-09-300001379785SSCP Pegasus Midco Limited, Delayed Draw Term Loan2024-12-310001379785Superjet Buyer, LLC, Delayed Draw Term Loan2025-09-300001379785Superjet Buyer, LLC, Delayed Draw Term Loan2024-12-310001379785SVI International LLC, Delayed Draw Term Loan2025-09-300001379785SVI International LLC, Delayed Draw Term Loan2024-12-310001379785Swoop Intermediate III, Inc., Delayed Draw Term Loan2025-09-300001379785Swoop Intermediate III, Inc., Delayed Draw Term Loan2024-12-310001379785Swoop Intermediate III, Inc., Revolver2024-12-310001379785TA KHP Aggregator, L.P., Delayed Draw Term Loan2025-09-300001379785TA KHP Aggregator, L.P., Delayed Draw Term Loan2024-12-310001379785TA KHP Aggregator, L.P., Revolver2024-12-310001379785Tank Holding Corp, Delayed Draw Term Loan2025-09-300001379785Tank Holding Corp, Delayed Draw Term Loan2024-12-310001379785Tanqueray Bidco Limited, Capex / Acquisition Facility2025-09-300001379785Tanqueray Bidco Limited, Capex / Acquisition Facility2024-12-310001379785TAPCO Buyer LLC, Delayed Draw Term Loan2025-09-300001379785TAPCO Buyer LLC, Delayed Draw Term Loan2024-12-310001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2025-09-300001379785Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2024-12-310001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan2025-09-300001379785Tencarva Machinery Company, LLC, Delayed Draw Term Loan2024-12-310001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2025-09-300001379785The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2024-12-310001379785THG Acquisition, LLC, Delayed Draw Term Loan2025-09-300001379785THG Acquisition, LLC, Delayed Draw Term Loan2024-12-310001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2025-09-300001379785TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2024-12-310001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2025-09-300001379785UBC Ledgers Holding AB, Delayed Draw Term Loan2024-12-310001379785UHY Advisors, Inc., Delayed Draw Term Loan2025-09-300001379785UHY Advisors, Inc., Delayed Draw Term Loan2024-12-310001379785Union Bidco Limited, Capex / Acquisition Facility2025-09-300001379785Union Bidco Limited, Capex / Acquisition Facility2024-12-310001379785United Therapy Holding III GmbH, Capex / Acquisition Facility2025-09-300001379785United Therapy Holding III GmbH, Capex / Acquisition Facility2024-12-310001379785Unither (Uniholding), Delayed Draw Term Loan2025-09-300001379785Unither (Uniholding), Delayed Draw Term Loan2024-12-310001379785Unosquare, LLC, Delayed Draw Term Loan2025-09-300001379785Unosquare, LLC, Delayed Draw Term Loan2024-12-310001379785Unosquare, LLC, Revolver2024-12-310001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2025-09-300001379785WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2024-12-310001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2025-09-300001379785Whitcraft Holdings, Inc., Delayed Draw Term Loan2024-12-310001379785White Bidco Limited, Delayed Draw Term Loan2025-09-300001379785White Bidco Limited, Delayed Draw Term Loan2024-12-310001379785Woodland Foods, LLC, Line of Credit2025-09-300001379785Woodland Foods, LLC, Line of Credit2024-12-310001379785ZB Holdco LLC, Delayed Draw Term Loan2025-09-300001379785ZB Holdco LLC, Delayed Draw Term Loan2024-12-310001379785Zelda Luxco S.A.S, Delayed Draw Term Loan2025-09-300001379785Zelda Luxco S.A.S, Delayed Draw Term Loan2024-12-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2024-12-310001379785bbdc:ErsteBankAndMCVAutomotiveGroupGmbhMemberus-gaap:FinancialGuaranteeMember2025-09-300001379785us-gaap:SubsequentEventMember2025-10-062025-10-060001379785bbdc:February2019CreditFacilityMember2025-01-012025-09-300001379785bbdc:BorrowingsDenominatedInBritishPoundsunderFebruary2019CreditFacilityMember2025-01-012025-09-300001379785bbdc:BorrowingsDenominatedInEuroUnderFebruary2019CreditFacilityMember2025-01-012025-09-300001379785bbdc:SeriesASeniorUnsecuredNotesDueAugust2025Member2025-01-012025-09-300001379785bbdc:SeriesBAndSeriesCSeniorUnsecuredNotesDueNovemberMember2025-01-012025-09-300001379785bbdc:SeriesBSeniorUnsecuredNotesDueNovember2025Member2025-01-012025-09-300001379785bbdc:SeriesCSeniorUnsecuredNotesDueNovember2027Member2025-01-012025-09-300001379785bbdc:FebruaryNotesMember2025-01-012025-09-300001379785bbdc:SeriesDSeniorUnsecuredNotesDueFebruary2026Member2025-01-012025-09-300001379785bbdc:SeriesESeniorUnsecuredNotesDueFebruary2028Member2025-01-012025-09-300001379785bbdc:November2026NotesMember2025-01-012025-09-300001379785bbdc:February2029NotesMember2025-01-012025-09-300001379785bbdc:September2028NotesMember2025-01-012025-09-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)


ý			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 814-00733

______________________________________________________________________

Barings BDC, Inc.

(Exact name of registrant as specified in its charter)

__________________________________________________________


Maryland						06-1798488
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)

300 South Tryon Street, Suite 2500 Charlotte, North Carolina						28202
(Address of principal executive offices)						(Zip Code)

Registrant's telephone number, including area code: (704) 805-7200

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share	BBDC	The New York Stock Exchange

________________________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	ý	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
		Emerging growth company	¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý

The number of shares outstanding of the registrant’s common stock on November 6, 2025 was 105,158,938.

BARINGS BDC, INC.

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q


		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Consolidated Balance Sheet as of September 30, 2025 and Consolidated Balance Sheet as of December 31, 2024	3
	Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024	4
	Unaudited Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024	6
	Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	8
	Unaudited Consolidated Schedule of Investments as of September 30, 2025	9
	Consolidated Schedule of Investments as of December 31, 2024	36
	Notes to Unaudited Consolidated Financial Statements	62
Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	107
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	136
Item 4.	Controls and Procedures	137

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	138
Item 1A.	Risk Factors	138
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	138
Item 3.	Defaults Upon Senior Securities	139
Item 4.	Mine Safety Disclosures	139
Item 5.	Other Information	139
Item 6.	Exhibits	140
Signatures		141

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings BDC, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)


	September 30, 2025		December 31, 2024
	(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,079,194 and $2,033,716 as of September 30, 2025 and December 31, 2024, respectively)	$	2,041,097	$	1,972,373
Affiliate investments (cost of $401,803 and $382,848 as of September 30, 2025 and December 31, 2024, respectively)	413,489		397,236
Control investments (cost of $83,005 and $106,132 as of September 30, 2025 and December 31, 2024, respectively)	81,729		79,663

Total investments at fair value	2,536,315		2,449,272
Cash (restricted cash of $12,898 and $13,493 as of September 30, 2025 and December 31, 2024, respectively)	71,329		74,381
Foreign currencies (cost of $11,876 and $17,343 as of September 30, 2025 and December 31, 2024, respectively)	11,877		16,958
Interest and fees receivable	41,502		39,914
Prepaid expenses and other assets	1,014		1,745
Credit support agreements (cost of $44,400 and $58,000 as of September 30, 2025 and December 31, 2024, respectively)	52,800		63,450
Derivative assets	5,291		24,816
Deferred financing fees	7,381		8,697
Receivable from unsettled transactions	94,383		16,427
Total assets	$	2,821,892	$	2,695,660
Liabilities:
Accounts payable and accrued liabilities	$	6,125	$	5,567
Interest payable	12,848		16,245
Administrative fees payable	351		540
Base management fees payable	8,415		7,888
Incentive management fees payable	5,634		7,871
Derivative liabilities	1,640		9,394
Payable from unsettled transactions	553		7,380
Borrowings under credit facility	353,981		438,590

Notes payable (net of deferred financing fees)	1,265,550		1,011,831
Total liabilities	1,655,097		1,505,306
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (150,000,000 shares authorized, 105,158,938 and 105,408,938 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)	105		105
Additional paid-in capital	1,844,638		1,846,977
Total distributable earnings (loss)	(677,948)		(656,728)
Total net assets	1,166,795		1,190,354
Total liabilities and net assets	$	2,821,892	$	2,695,660
Net asset value per share	$	11.10	$	11.29

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Investment income:
Interest income:
Non-Control / Non-Affiliate investments	$	47,746	$	50,787	$	141,272	$	158,060
Affiliate investments	911		854		2,965		2,602
Control investments	151		22		407		460

Total interest income	48,808		51,663		144,644		161,122
Dividend income:
Non-Control / Non-Affiliate investments	4,298		1,190		7,109		3,835
Affiliate investments	9,879		8,651		29,586		26,216
Control investments	—		—		2,817		—
Total dividend income	14,177		9,841		39,512		30,051
Fee and other income:
Non-Control / Non-Affiliate investments	3,904		4,221		12,251		11,161
Affiliate investments	57		52		161		321
Control investments	43		16		47		50
Total fee and other income	4,004		4,289		12,459		11,532
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	4,401		3,987		12,156		9,714
Affiliate investments	555		193		1,164		712
Control investments	243		622		705		1,698
Total payment-in-kind interest income	5,199		4,802		14,025		12,124





Interest income from cash	216		256		601		715
Total investment income	72,404		70,851		211,241		215,544
Operating expenses:
Interest and other financing fees	21,508		22,563		63,882		64,419
Base management fee (Note 2)	8,415		8,046		24,626		24,515
Incentive management fees (Note 2)	5,634		6,597		24,489		15,886


General and administrative expenses (Note 2)	1,896		2,427		5,884		7,446
Total operating expenses	37,453		39,633		118,881		112,266


Net investment income before taxes	34,951		31,218		92,360		103,278
Income taxes, including excise tax expense	1,338		1,033		2,547		1,599
Net investment income after taxes	$	33,613	$	30,185	$	89,813	$	101,679


Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts:
Net realized gains (losses):
Non-Control / Non-Affiliate investments	$	6,442	$	(8,543)	$	2,083	$	(13,465)
Affiliate investments	(4,833)		—		(4,833)		(4,179)
Control investments	6		—		(24,450)		—
Net realized gains (losses) on investments	1,615		(8,543)		(27,200)		(17,644)
Credit support agreements	—		—		9,400		—
Foreign currency transactions	76		508		2,312		902
Forward currency contracts	(2,998)		(2,859)		(2,045)		(7,531)
Net realized gains (losses)	(1,307)		(10,894)		(17,533)		(24,273)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	(14,718)		24,957		16,489		25,629
Affiliate investments	3,891		(3,452)		2,693		(5,691)
Control investments	(5,252)		(1,496)		25,194		(3,262)
Net unrealized appreciation (depreciation) on investments	(16,079)		20,009		44,376		16,676
Credit support agreements	1,600		654		2,950		(6,600)
Foreign currency transactions	(1,536)		(9,775)		(24,519)		(5,234)
Forward currency contracts	7,259		(8,159)		(18,401)		3,213
Net unrealized appreciation (depreciation)	(8,756)		2,729		4,406		8,055
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts	(10,063)		(8,165)		(13,127)		(16,218)


Net increase (decrease) in net assets resulting from operations	$	23,550	$	22,020	$	76,686	$	85,461
Net investment income per share — basic and diluted	$	0.32	$	0.29	$	0.85	$	0.96
Net increase (decrease) in net assets resulting from operations per share — basic and diluted	$	0.22	$	0.21	$	0.73	$	0.81
Dividends / distributions per share:
Regular quarterly dividends / distributions	$	0.26	$	0.26	$	0.78	$	0.78
Special dividends / distributions	0.05		—		0.15		—
Total dividends / distributions per share	$	0.31	$	0.26	$	0.93	$	0.78
Weighted average shares outstanding — basic and diluted	105,158,938		105,715,277		105,253,993		105,883,524

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)


	Common Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Assets
Three Months Ended September 30, 2025	Number of Shares	Par Value
Balance, June 30, 2025	105,158,938	$	105	$	1,844,638	$	(668,899)	$	1,175,844
Net investment income	—	—		—		33,613		33,613

Net realized loss on investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		(1,307)		(1,307)
Net unrealized depreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		(8,756)		(8,756)



Distributions of net investment income	—	—		—		(32,599)		(32,599)






Balance, September 30, 2025	105,158,938	$	105	$	1,844,638	$	(677,948)	$	1,166,795


	Common Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Assets
Three Months Ended September 30, 2024	Number of Shares	Par Value
Balance, June 30, 2024	105,757,992	$	106	$	1,851,442	$	(649,672)	$	1,201,876
Net investment income	—	—		—		30,185		30,185

Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(10,894)		(10,894)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		2,729		2,729


Distributions of net investment income	—	—		—		(27,497)		(27,497)




Purchases of shares in repurchase plan	(199,054)	—		(1,958)		—		(1,958)


Balance, September 30, 2024	105,558,938	$	106	$	1,849,484	$	(655,149)	$	1,194,441

Barings BDC, Inc.

Unaudited Consolidated Statements of Changes in Net Assets — (Continued)

(in thousands, except share amounts)


	Common Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Assets
Nine Months Ended September 30, 2025	Number of Shares	Par Value
Balance, December 31, 2024	105,408,938	$	105	$	1,846,977	$	(656,728)	$	1,190,354
Net investment income	—	—		—		89,813		89,813

Net realized loss on investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		(17,533)		(17,533)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		4,406		4,406


Distributions of net investment income	—	—		—		(97,906)		(97,906)




Purchases of shares in repurchase plan	(250,000)	—		(2,339)		—		(2,339)


Balance, September 30, 2025	105,158,938	$	105	$	1,844,638	$	(677,948)	$	1,166,795


	Common Stock			Additional Paid-In Capital		Total Distributable Earnings (Loss)		Total Net Assets
Nine Months Ended September 30, 2024	Number of Shares	Par Value
Balance, December 31, 2023	106,067,070	$	106	$	1,854,457	$	(658,004)	$	1,196,559
Net investment income	—	—		—		101,679		101,679

Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(24,273)		(24,273)
Net unrealized appreciation of investments / CSAs / foreign currency transactions / forward currency contracts	—	—		—		8,055		8,055


Distributions of net investment income	—	—		—		(82,606)		(82,606)




Purchases of shares in repurchase plan	(508,132)	—		(4,973)		—		(4,973)

Balance, September 30, 2024	105,558,938	$	106	$	1,849,484	$	(655,149)	$	1,194,441

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Statements of Cash Flows

(in thousands)


	Nine Months Ended		Nine Months Ended
	September 30, 2025		September 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	76,686	$	85,461
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of portfolio investments	(561,582)		(345,954)


Repayments received / sales of portfolio investments	425,436		422,926



Loan origination and other fees received	9,579		5,759
Net realized (gain) loss on investments	27,200		17,644
Net realized (gain) loss of CSAs	(9,400)		—
Net realized (gain) loss on foreign currency transactions	(2,312)		(902)
Net realized (gain) loss on forward currency contracts	2,045		7,531
Net unrealized (appreciation) depreciation on investments	(44,376)		(16,676)
Net unrealized (appreciation) depreciation of CSAs	(2,950)		6,600
Net unrealized (appreciation) depreciation on foreign currency transactions	24,519		5,234
Net unrealized (appreciation) depreciation on forward currency contracts	18,401		(3,213)

Payment-in-kind interest / dividends	(19,508)		(15,847)
Amortization of deferred financing fees	3,651		3,473


Accretion of loan origination and other fees	(7,962)		(8,071)
Amortization / accretion of purchased loan premium / discount	(1,022)		(650)

Proceeds from termination of CSA	23,000		—
Payments for derivative contracts	(27,447)		(15,827)
Proceeds from derivative contracts	25,402		8,296
Changes in operating assets and liabilities:
Interest and fees receivable	2,031		9,058
Prepaid expenses and other assets	731		(257)
Accounts payable and accrued liabilities	(2,702)		(1,083)
Interest payable	(3,405)		3,816


Net cash provided by (used in) operating activities	(43,985)		167,318




Cash flows from financing activities:


Borrowings under credit facility	431,839		91,500
Repayments of credit facility	(540,495)		(468,568)


Proceeds from notes	300,000		300,000
Repayments of notes	(50,000)		—
Financing fees paid	(5,247)		(7,205)

Purchases of shares in repurchase plan	(2,339)		(4,973)

Cash dividends / distributions paid	(97,906)		(82,606)
Net cash provided by (used in) financing activities	35,852		(171,852)
Net increase (decrease) in cash and foreign currencies	(8,133)		(4,534)
Cash and foreign currencies, beginning of period	91,339		70,528
Cash and foreign currencies, end of period	$	83,206	$	65,994
Supplemental Information:
Cash paid for interest	$	60,376	$	52,942
Excise taxes paid during the period	$	4,001	$	1,936

See accompanying notes.

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments

September 30, 2025

(Amounts in thousands, except unit/share amounts)


Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace Corporation	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	04/22	04/28	$	13,087	$	12,992	$	12,930	1.1	%	(7)(8)(13)
Accurus Aerospace Corporation	Revolver	SOFR + 5.75%, 10.2% Cash	04/22	04/28	634		619		606		0.1	%	(7)(8)(13)(30)
ATL II MRO Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/22	11/28	19,165		18,899		18,963		1.6	%	(7)(8)(13)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.25%, 9.6% Cash	11/22	11/28	—		(41)		(35)		—	%	(7)(8)(13)(30)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	653		653		653		0.1	%	(7)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	12/22	11/30	6,173		6,052		6,173		0.5	%	(7)(8)(13)(30)
GB Eagle Buyer, Inc.	Revolver	SOFR + 4.50%, 8.5% Cash	12/22	11/30	868		831		868		0.1	%	(7)(8)(13)(30)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	11/19	02/29	1,264		1,158		1,264		0.1	%	(3)(7)(8)(11)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/19	02/29	6,526		6,454		6,526		0.6	%	(3)(7)(8)(14)
M-Personal Protection Management GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.0% Cash	10/24	09/31	4,141		3,697		4,141		0.4	%	(3)(7)(8)(10)
Megawatt Acquisitionco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	03/24	03/30	4,129		4,067		4,025		0.3	%	(7)(8)(13)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.50%, 9.7% Cash	03/24	03/30	83		73		66		—	%	(7)(8)(13)(30)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.1% Cash	03/21	03/28	1,599		1,600		1,599		0.1	%	(3)(7)(8)(11)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.6% Cash	03/21	03/28	320		294		320		—	%	(3)(7)(8)(11)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 8.6% Cash	03/21	03/27	2,302		2,296		2,302		0.2	%	(3)(7)(8)(11)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.4% Cash	12/20	12/26	7,239		7,207		6,956		0.6	%	(7)(8)(13)
Trident Maritime Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 1.00%, 5.1% Cash, 6.8% PIK	02/21	02/27	15,573		15,498		13,237		1.1	%	(7)(8)(13)

Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	06/24	02/29	12,999		12,777		12,868		1.1	%	(7)(8)(13)(30)
Whitcraft Holdings, Inc.	Revolver	SOFR + 5.00%, 9.0% Cash	02/23	02/29	993		950		975		0.1	%	(7)(8)(13)(30)
Subtotal Aerospace & Defense (8.1%)*					97,748		96,076		94,437
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 13.4% Cash	07/22	07/30	4,545		4,431		4,100		0.4	%	(7)(8)(13)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	03/22	03/29	3,294		3,260		3,294		0.3	%	(7)(8)(13)
OAC Holdings I Corp	Revolver	SOFR + 5.00%, 9.4% Cash	03/22	03/28	—		(12)		—		—	%	(7)(8)(13)(30)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	11/22	11/29	12,341		12,101		12,329		1.1	%	(7)(8)(13)(30)
Randys Holdings, Inc.	Revolver	SOFR + 5.00%, 9.2% Cash	11/22	11/29	1,146		1,113		1,144		0.1	%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	07/24	07/30	7,341		7,198		7,237		0.6	%	(7)(8)(13)(30)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	07/24	07/30	—		(19)		(14)		—	%	(7)(8)(13)(30)
SVI International LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.0% Cash	03/24	03/30	641		631		641		0.1	%	(7)(8)(13)
SVI International LLC	Revolver	SOFR + 6.75%, 11.0% Cash	03/24	03/30	—		(1)		—		—	%	(7)(8)(13)(30)
Subtotal Automotive (2.5%)*					29,308		28,702		28,731

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2025

(Amounts in thousands, except unit/share amounts)


Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Banking, Finance, Insurance, & Real Estate
Aegros Holdco 2 Ltd	Second Lien Senior Secured Term Loan	SONIA + 8.5%, 13.0% PIK	05/25	05/32	$	6,180	$	5,980	$	5,309	0.5	%	(3)(7)(15)
Apus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.2% Cash	02/21	03/28	3,878		3,924		3,878		0.3	%	(3)(7)(8)(17)
Beyond Risk Management, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/21	10/27	5,282		5,221		5,282		0.5	%	(7)(8)(12)(30)
Bishop Street Underwriters, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	07/25	07/31	2,902		2,855		2,854		0.2	%	(7)(8)(12)(30)
Broadstone Group UK LTD	First Lien Senior Secured Term Loan	SONIA + 4.75%, 8.7% Cash	03/25	02/32	3,387		3,084		3,278		0.3	%	(3)(7)(8)(17)(30)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 6.5% Cash	11/23	11/30	4,424		3,944		4,359		0.4	%	(3)(7)(8)(11)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.3% Cash	10/23	09/30	5,476		4,833		5,424		0.5	%	(3)(7)(8)(11)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	09/19	09/26	3,559		3,676		3,541		0.3	%	(3)(7)(8)(11)
High Street Buyer Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	07/25	07/32	200		186		185		—	%	(7)(8)(13)(30)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 5.55%, 7.6% Cash	05/21	05/28	2,937		2,968		2,894		0.2	%	(3)(7)(8)(10)
ORS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	06/25	08/31	4,978		4,906		4,911		0.4	%	(7)(8)(13)
Owl Intermediate Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	04/25	04/32	2,489		2,454		2,456		0.2	%	(7)(8)(13)(30)
Owl Intermediate Holdings, LLC	Revolver	SOFR + 4.75%, 9.1% Cash	04/25	04/32	—		(22)		(20)		—	%	(7)(8)(13)(30)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash, 4.0% PIK	12/21	06/26	52,866		52,230		47,578		4.1	%	(7)(8)(13)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	06/21	12/30	9,929		8,908		9,802		0.8	%	(3)(7)(8)(10)(30)
Russell Investments US Institutional Holdco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 7.8% Cash, 1.5% PIK	04/24	05/27	524		496		516		—	%	(7)(8)(13)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 9.3% Cash	10/24	10/31	12,122		12,068		12,070		1.0	%	(3)(7)(8)(13)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	10/21	12/28	13,882		13,676		13,682		1.2	%	(7)(8)(13)(30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	SOFR + 4.75%, 8.9% Cash	10/21	12/28	—		(18)		(20)		—	%	(7)(8)(13)(30)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	10/24	10/31	5,163		5,099		5,114		0.4	%	(7)(8)(12)(30)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 8.9% Cash	10/24	10/31	112		99		102		—	%	(7)(8)(12)(30)
Turbo Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.2% Cash	11/21	06/26	8,123		8,114		7,782		0.7	%	(7)(8)(13)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/23	12/27	10,933		10,712		10,795		0.9	%	(7)(8)(13)(30)
Subtotal Banking, Finance, Insurance, & Real Estate (13.0%)*					159,346		155,393		151,772
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	First Lien Senior Secured Term Loan	SOFR + 7.86%, 12.2% Cash	04/25	03/29	11,173		10,971		11,173		1.0	%	(7)(8)(13)
CTI Foods Holdings Co., LLC	Last In First Out Term Loan	SOFR + 10.00%, 14.5% PIK	02/24	05/26	4,696		4,596		4,696		0.4	%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 7.00%, 11.5% Cash	02/24	05/26	856		856		856		0.1	%	(7)(8)(13)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 9.00%, 13.5% PIK	02/24	05/26	661		661		661		0.1	%	(7)(8)(13)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 14.5% PIK	02/24	05/26	2,315		2,285		2,315		0.2	%	(7)(8)(13)
Innovad Group II BV	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.8% Cash	04/21	04/28	7,243		7,135		7,243		0.6	%	(3)(7)(8)(10)
Innovad Group II BV	First Lien Senior Secured Term Loan	SARON + 4.75%, 4.8% Cash	05/23	04/28	1,152		1,019		1,152		0.1	%	(3)(7)(8)(23)
Riedel Beheer B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.3% Cash	12/21	12/28	2,437		2,271		2,215		0.2	%	(3)(7)(8)(10)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2025

(Amounts in thousands, except unit/share amounts)


Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	12/21	12/27	$	17,252	$	17,049	$	17,078	1.5	%	(7)(8)(13)
Woodland Foods, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	12/21	12/27	—		(25)		(28)		—	%	(7)(8)(13)(30)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.9% Cash	02/22	02/28	11,652		11,510		11,511		1.0	%	(7)(8)(13)(30)
ZB Holdco LLC	Revolver	SOFR + 5.75%, 9.9% Cash	02/22	02/28	929		910		907		0.1	%	(7)(8)(13)(30)
Subtotal Beverage, Food, & Tobacco (5.1%)*					60,366		59,238		59,779
Capital Equipment
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	11/23	11/29	3,280		3,240		3,194		0.3	%	(7)(8)(13)
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	11/23	11/29	3,281		3,191		3,211		0.3	%	(7)(8)(13)(30)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 10.0% Cash	11/23	11/29	—		(13)		(7)		—	%	(7)(8)(13)(30)
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.4% Cash	07/22	07/29	2,702		2,333		2,702		0.2	%	(3)(7)(8)(10)
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 2.00%, 6.0% Cash, 5.0% PIK	03/23	07/29	14,182		13,605		11,699		1.0	%	(7)(8)(13)
Brown Machine Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.4% Cash	10/18	10/26	6,088		6,088		5,698		0.5	%	(7)(8)(13)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.3% Cash	11/21	11/28	1,303		1,291		1,292		0.1	%	(3)(7)(8)(13)
DAWGS Intermediate Holdings Co.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	03/25	03/31	1,799		1,782		1,784		0.2	%	(7)(8)(13)
DAWGS Intermediate Holdings Co.	Revolver	SOFR + 4.50%, 8.5% Cash	03/25	03/31	257		238		240		—	%	(7)(8)(13)(30)
Polara Enterprises, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	12/21	12/27	948		940		948		0.1	%	(7)(8)(12)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.75%, 8.9% Cash	12/21	12/27	506		496		506		—	%	(7)(8)(12)(30)
Process Equipment, Inc. (ProcessBarron)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.4% Cash	03/19	09/26	5,304		5,288		5,251		0.5	%	(7)(8)(14)
Process Insights Acquisition, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.4% Cash	07/23	07/29	5,702		5,610		5,144		0.4	%	(7)(8)(13)
Process Insights Acquisition, Inc.	Revolver	SOFR + 6.25%, 10.4% Cash	07/23	07/29	1,014		998		915		0.1	%	(7)(8)(13)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	10/24	10/30	5,425		5,337		5,224		0.4	%	(7)(8)(13)(30)
Rapid Buyer LLC	Revolver	SOFR + 4.75%, 9.1% Cash	10/24	10/30	—		(15)		(35)		—	%	(7)(8)(13)(30)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	11/24	11/30	9,611		9,485		9,491		0.8	%	(7)(8)(12)
TAPCO Buyer LLC	Revolver	SOFR + 4.75%, 8.9% Cash	11/24	11/30	—		(18)		(18)		—	%	(7)(8)(12)(30)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	12/21	12/27	6,855		6,674		6,688		0.6	%	(7)(8)(13)(30)
Tencarva Machinery Company, LLC	Revolver	SOFR + 4.75%, 8.9% Cash	12/21	12/27	—		(19)		(24)		—	%	(7)(8)(13)(30)
Subtotal Capital Equipment (5.5%)*					68,257		66,531		63,903
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	04/23	04/29	2,517		2,479		2,489		0.2	%	(7)(8)(12)
Americo Chemical Products, LLC	Revolver	SOFR + 5.00%, 9.2% Cash	04/23	04/29	—		(7)		(5)		—	%	(7)(8)(12)(30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.08%, 7.1% Cash	11/21	10/28	6,271		5,747		6,227		0.5	%	(3)(7)(8)(10)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 5.08%, 9.7% Cash	06/22	10/28	1,019		1,019		1,012		0.1	%	(3)(7)(8)(13)
Aptus 1829. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	09/21	09/27	3,869		3,745		3,614		0.3	%	(3)(7)(8)(11)
Polymer Solutions Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% PIK	02/22	10/25	994		994		363		—	%	(7)(8)(12)(26)(28)
Subtotal Chemicals, Plastics, & Rubber (1.2%)*					14,670		13,977		13,700

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2025

(Amounts in thousands, except unit/share amounts)


Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Construction & Building
BKF Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	08/24	08/30	$	8,097	$	7,991	$	7,995	0.7	%	(7)(8)(12)
BKF Buyer, Inc.	Revolver	SOFR + 5.00%, 9.2% Cash	08/24	08/30	—		(37)		(37)		—	%	(7)(8)(12)(30)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.9% Cash	12/21	12/27	12,063		11,962		11,147		1.0	%	(7)(8)(13)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 9.9% Cash	12/21	12/27	771		749		546		—	%	(7)(8)(12)(30)
GMES LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.4% Cash	09/25	09/31	7,729		7,618		7,617		0.7	%	(7)(8)(13)(30)
GMES LLC	Revolver	SOFR + 5.25%, 9.4% Cash	09/25	09/31	—		(13)		(13)		—	%	(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	05/25	09/27	9,386		9,310		9,312		0.8	%	(7)(8)(13)(30)
Lockmasters Security Intermediate, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	05/25	09/27	—		(5)		(6)		—	%	(7)(8)(12)(30)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/21	08/27	348		345		348		—	%	(7)(8)(12)
Ocelot Holdco LLC	Takeback Term Loan	10.0% Cash	10/23	10/27	2,933		2,933		2,933		0.3	%	(7)
Subtotal Construction & Building (3.4%)*					41,327		40,853		39,842
Consumer goods: Durable
DecksDirect, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash, 0.3% PIK	12/21	12/28	1,511		1,498		1,070		0.1	%	(7)(8)(13)
DecksDirect, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	12/21	12/28	97		95		(14)		—	%	(7)(8)(13)(30)
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.75%, 12.9% Cash	10/23	10/28	12,677		12,425		12,677		1.1	%	(7)(8)(12)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.9% Cash	07/22	01/26	11,091		11,071		10,342		0.9	%	(7)(8)(13)(30)
HTI Technology & Industries	Revolver	SOFR + 8.50%, 12.9% Cash	07/22	01/26	—		(2)		(78)		—	%	(7)(8)(13)(30)
Lifestyle Intermediate II, LLC	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.6% Cash	02/22	01/26	2,903		2,903		2,535		0.2	%	(7)(8)(13)(28)
Momentum Textiles, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.5% Cash	03/25	03/29	7,291		7,227		7,233		0.6	%	(7)(8)(13)
Momentum Textiles, LLC	Revolver	SOFR + 5.50%, 9.5% Cash	03/25	03/29	—		(8)		(7)		—	%	(7)(8)(13)(30)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/21	11/27	4,672		4,629		4,439		0.4	%	(7)(8)(13)
Team Air Distributing, LLC	Subordinated Term Loan	14.0% Cash	05/23	05/28	752		741		741		0.1	%	(7)
Terrybear, Inc.	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	291		289		265		—	%	(7)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 10.7% Cash	03/22	09/30	4,197		4,094		4,016		0.3	%	(3)(7)(8)(17)
Subtotal Consumer goods: Durable (3.7%)*					45,482		44,962		43,219
Consumer goods: Non-durable
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.40%, 8.3% Cash	02/21	02/28	8,225		8,173		8,192		0.7	%	(3)(7)(8)(11)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.1% Cash	02/24	02/30	5,875		5,766		5,807		0.5	%	(7)(8)(14)(30)
CCFF Buyer, LLC	Revolver	SOFR + 5.00%, 9.1% Cash	02/24	02/30	—		(16)		(10)		—	%	(7)(8)(14)(30)
David Wood Baking UK Ltd	First Lien Senior Secured Term Loan	SONIA + 10.00%, 14.2% Cash	04/24	04/29	926		825		871		0.1	%	(3)(7)(8)(17)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 10.9% Cash	04/24	04/29	3,205		3,041		3,252		0.3	%	(3)(8)(12)
Ice House America, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.8% Cash	01/24	01/30	4,577		4,495		4,388		0.4	%	(7)(8)(13)(30)
Ice House America, L.L.C.	Revolver	SOFR + 5.75%, 9.8% Cash	01/24	01/30	387		381		372		—	%	(7)(8)(13)(30)

Modern Star Holdings Bidco Pty Limited	First Lien Senior Secured Term Loan	BBSY + 6.00%, 9.6% Cash	12/20	12/26	7,374		8,158		7,374		0.6	%	(3)(7)(8)(18)(30)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2025

(Amounts in thousands, except unit/share amounts)


Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Safety Products Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	12/20	12/28	$	14,697	$	14,636	$	14,697	1.3	%	(7)(8)(13)
Subtotal Consumer goods: Non-durable (3.9%)*					45,266		45,459		44,943
Containers, Packaging, & Glass
Brook & Whittle Holding Corp.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.7% Cash	02/22	12/30	3,362		3,328		2,726		0.2	%	(8)(13)(28)
Diversified Packaging Holdings LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29	815		802		802		0.1	%	(7)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.4% Cash	05/22	05/30	13,692		13,513		13,692		1.2	%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	09/24	09/30	1,771		1,749		1,753		0.2	%	(7)(8)(13)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SONIA + 4.50%, 8.6% Cash	09/24	09/30	3,697		3,636		3,660		0.3	%	(7)(8)(15)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.50%, 8.5% Cash	09/24	09/30	41		33		34		—	%	(7)(8)(13)(30)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.50%, 8.6% Cash	09/24	09/30	—		(10)		(8)		—	%	(7)(8)(15)(30)
MSI Express Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	03/25	03/31	1,558		1,532		1,540		0.1	%	(7)(8)(13)(30)
MSI Express Inc.	Revolver	SOFR + 3.75%, 7.8% Cash	03/25	03/31	1,011		988		990		0.1	%	(7)(8)(13)(30)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.6% Cash	06/21	06/28	3,721		3,704		3,613		0.3	%	(3)(7)(8)(10)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	03/22	03/28	7,841		7,756		7,763		0.7	%	(7)(8)(12)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	05/23	03/28	3,017		2,965		2,996		0.3	%	(7)(8)(12)
Tank Holding Corp	Revolver	SOFR + 5.75%, 10.0% Cash	03/22	03/28	—		(8)		(9)		—	%	(7)(8)(12)(30)
Subtotal Containers, Packaging, & Glass (3.4%)*					40,526		39,988		39,552
Energy: Electricity
WWEC Holdings III Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	10/22	10/28	12,127		11,971		12,055		1.0	%	(7)(8)(13)
WWEC Holdings III Corp	Revolver	SOFR + 5.00%, 9.0% Cash	10/22	10/28	—		(32)		(15)		—	%	(7)(8)(13)(30)
Subtotal Energy: Electricity (1.0%)*					12,127		11,939		12,040
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Municipal Revenue Bond	11.5% Cash	07/22	09/27	27,200		27,200		28,014		2.4	%
Entact Environmental Services, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.8% Cash	02/21	01/27	6,325		6,311		6,294		0.5	%	(7)(8)(13)
Northstar Recycling, LLC	First Lien Senior Secured Term Loan	SOFR + 4.65%, 8.7% Cash	12/24	12/30	12,638		12,503		12,511		1.1	%	(7)(8)(13)
Northstar Recycling, LLC	Revolver	SOFR + 4.65%, 8.7% Cash	12/24	12/30	—		(37)		(35)		—	%	(7)(8)(13)(30)
Subtotal Environmental Industries (4.0%)*					46,163		45,977		46,784
Healthcare & Pharmaceuticals
A.T. Holdings II LTD	First Lien Senior Secured Term Loan	6.7% Cash, 7.6% PIK	11/22	09/29	13,742		11,875		7,805		0.7	%	(3)(7)(31)
Aldinger Company	Second Lien Senior Secured Term Loan	13.5% PIK	04/25	06/31	6,795		6,664		6,795		0.6	%	(7)
Amalfi Midco	Second Lien Senior Secured Term Loan	15.5% Cash	09/22	10/28	336		325		348		—	%	(3)(7)
Amalfi Midco	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28	6,679		5,695		6,411		0.5	%	(3)(7)
Astra Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.5% Cash	11/21	11/28	449		408		449		—	%	(3)(7)(8)(10)
Astra Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.0% Cash	11/21	11/28	2,606		2,525		2,606		0.2	%	(3)(7)(8)(17)
Avance Clinical Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.1% Cash	11/21	11/27	1,599		1,679		1,599		0.1	%	(3)(7)(8)(19)(30)
Canadian Orthodontic Partners Corp.	First Lien Senior Secured Term Loan	CORRA + 7.00%, 10.3% PIK	06/21	12/26	1,638		1,850		228		—	%	(3)(7)(8)(20)(26)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2025

(Amounts in thousands, except unit/share amounts)


Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Canadian Orthodontic Partners Corp.	Super Senior Secured Term Loan	15.0% PIK	04/24	12/26	$	89	$	87	$	257	—	%	(3)(7)(30)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.1% Cash	10/21	10/28	3,638		3,303		3,572		0.3	%	(3)(7)(8)(11)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 8.9% Cash	05/25	05/30	399		382		399		—	%	(3)(7)(8)(10)(30)
Coherus Biosciences, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.0% Cash	05/24	05/29	3,991		3,897		3,963		0.3	%	(7)(8)(13)
EB Development	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.5% Cash	11/24	11/31	2,068		1,790		2,014		0.2	%	(3)(7)(8)(10)(30)
Faraday	First Lien Senior Secured Term Loan	EURIBOR + 5.85%, 7.9% Cash	01/23	01/29	1,790		1,630		1,784		0.2	%	(3)(7)(8)(10)
Finexvet	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.0% Cash, 3.3% PIK	03/22	03/29	5,316		4,888		4,907		0.4	%	(3)(7)(8)(11)
Forest Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	03/24	03/30	6,092		6,017		6,031		0.5	%	(7)(8)(13)
Forest Buyer, LLC	Revolver	SOFR + 5.00%, 9.0% Cash	03/24	03/30	—		(6)		(3)		—	%	(7)(8)(13)(30)
GCDL LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.0% Cash	08/24	08/30	509		502		503		—	%	(7)(8)(13)(30)
GCDL LLC	Revolver	SOFR + 6.00%, 10.0% Cash	08/24	08/30	—		(1)		(1)		—	%	(7)(8)(13)(30)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	391		366		214		—	%	(3)(7)(30)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	11/24	02/30	101		92		62		—	%	(3)(7)
GPNZ II GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% PIK	06/22	06/29	506		444		—		—	%	(3)(7)(8)(9)(26)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.5% Cash	10/22	10/29	555		458		496		—	%	(3)(7)(8)(10)(30)
HeartHealth Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 8.9% Cash	09/22	09/28	806		770		700		0.1	%	(3)(7)(8)(19)(30)
Heartland Veterinary Partners, LLC	Subordinated Term Loan	11.0% PIK	11/21	12/28	15,201		15,070		14,167		1.2	%	(7)
HemaSource, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	08/23	08/29	6,699		6,577		6,699		0.6	%	(7)(8)(12)
HemaSource, Inc.	Revolver	SOFR + 4.75%, 8.9% Cash	08/23	08/29	—		(30)		—		—	%	(7)(8)(12)(30)
Home Care Assistance, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash, 1.0% PIK	03/21	09/27	3,781		3,723		3,240		0.3	%	(7)(8)(13)
Jon Bidco Limited	First Lien Senior Secured Term Loan	BKBM + 4.25%, 7.1% Cash	07/25	03/27	4,075		4,696		4,023		0.3	%	(3)(7)(8)(22)(30)
Keystone Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	08/24	08/31	932		861		918		0.1	%	(3)(7)(8)(11)(30)
Keystone Bidco B.V.	Revolver	EURIBOR + 5.25%, 7.3% Cash	08/24	05/31	11		8		10		—	%	(3)(7)(8)(11)(30)
Lambir Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.3% Cash	12/21	12/28	2,426		2,272		2,282		0.2	%	(3)(7)(8)(11)(30)
Lambir Bidco Limited	Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	2,216		2,076		1,988		0.2	%	(3)(7)
Median B.V.	First Lien Senior Secured Term Loan	SONIA + 5.93%, 10.0% Cash	02/22	10/27	10,030		9,954		9,829		0.8	%	(3)(8)(16)
Medical Solutions Parent Holdings, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% Cash	11/21	11/29	4,421		4,397		892		0.1	%	(8)(13)
Moonlight Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.2% Cash	07/23	07/30	2,000		1,891		2,000		0.2	%	(3)(7)(8)(16)(30)
Napa Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 8.6% Cash	03/22	03/28	13,337		14,309		13,337		1.1	%	(3)(7)(8)(19)
Navia Benefit Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	02/21	02/29	5,528		5,494		5,528		0.5	%	(7)(8)(12)
NPM Investments 28 B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.18%, 7.2% Cash	09/22	10/29	2,139		1,748		2,139		0.2	%	(3)(7)(8)(10)(30)
Ocular Therapeutix, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 10.9% Cash	08/23	07/29	3,930		3,845		4,837		0.4	%	(3)(7)(8)(12)
Oracle Vision Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.2% Cash	06/21	06/28	3,081		3,184		2,955		0.3	%	(3)(7)(8)(17)

Barings BDC, Inc.

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2025

(Amounts in thousands, except unit/share amounts)


Portfolio Company(6)	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	12/19	12/26	$	2,780	$	2,625	$	2,780	0.2	%	(3)(7)(8)(10)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/22	12/26	1,400		1,400		1,400		0.1	%	(3)(7)(8)(13)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.25%, 12.5% Cash	10/23	10/29	29		29		29		—	%	(7)(8)(12)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.30%, 12.6% Cash	10/23	10/29	595		586		593		0.1	%	(7)(8)(12)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.3% Cash	06/22	07/29	4,361		3,742		4,250		0.4	%	(3)(7)(8)(11)(30)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 5.00%, 5.0% Cash	06/22	07/29	3,308		2,785		3,256		0.3	%	(3)(7)(8)(24)
SCP Medical Products, LLC.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.8% Cash	06/25	06/31	2,039		2,015		2,016		0.4	%	(7)(8)(13)
SCP Medical Products, LLC.	Revolver	SOFR + 4.75%, 8.8% Cash	06/25	06/31	—		(3)		(2)		0.4	%	(7)(8)(13)(30)
Smile Brands Group Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	10/18	10/27	5,340		5,314		4,592		0.4	%	(7)(8)(13)
SSCP Pegasus Midco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.1% Cash	12/20	11/27	7,087		6,768		7,087		0.6	%	(3)(7)(8)(16)
SSCP Spring Bidco 3 Limited	First Lien Senior Secured Term Loan	SONIA + 6.45%, 10.6% Cash	11/23	08/30	1,031		938		1,019		0.1	%	(3)(7)(8)(17)
Swoop Intermediate III, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	04/25	04/32	1,977		1,960		1,977		0.1	%	(7)(8)(12)(30)
Swoop Intermediate III, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	04/25	04/32	—		(4)		—		0.1	%	(7)(8)(12)(30)
TA KHP Aggregator, L.P.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.5% Cash	06/25	06/32	1,033		1,012		1,013		0.1	%	(7)(8)(13)(30)
TA KHP Aggregator, L.P.	Revolver	SOFR + 4.50%, 8.5% Cash	06/25	06/32	—		(4)		(4)		—	%	(7)(8)(13)(30)
TA KHP Aggregator, L.P.	Subordinated Term Loan	12.5% Cash	06/25	12/32	2,245		2,217		2,224		0.2	%	(7)
Union Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.30%, 9.0% Cash	06/22	06/29	1,068		957		1,048		0.1	%	(3)(7)(8)(17)(30)
Unither (Uniholding)	First Lien Senior Secured Term Loan	EURIBOR + 4.45%, 6.5% Cash	03/23	03/30	2,227		1,973		2,227		0.2	%	(3)(7)(8)(10)(30)
Unosquare, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 8.9% Cash	06/25	06/31	2,423		2,359		2,363		0.2	%	(7)(8)(12)(30)
Unosquare, LLC	Revolver	SOFR + 4.75%, 8.9% Cash	06/25	06/31	—		(9)		(9)		—	%	(7)(8)(12)(30)
VB Spine Intermediary II LLC	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.5% Cash	03/25	04/30	45,327		43,677		43,695		3.7	%	(7)(8)(13)
Subtotal Healthcare & Pharmaceuticals (17.8%)*					224,172		216,052		207,537
High Tech Industries
Alpine SG, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	02/22	11/27	12,775		12,522		12,743		1.1	%	(7)(8)(13)(28)
Argus Bidco Limited	First Lien Senior Secured Term Loan

Barings BDC, Inc. 10-Q