COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Balances of Unused Commitments to Extend Financing

The balances of unused commitments to extend financing as of September 30, 2025 and December 31, 2024 were as follows:


Portfolio Company(1) ($ in thousands)	Investment Type	September 30, 2025		December 31, 2024
Accelevation LLC	Delayed Draw Term Loan	$	1,031	$	—
Accelevation LLC	Revolver	793		—
Acclime Holdings HK Limited	Term Loan	1,309		—
Accurus Aerospace Corporation(2)	Revolver	1,671		461
AD Bidco, Inc.	Delayed Draw Term Loan	391		3,522
AD Bidco, Inc.	Revolver	1,303		1,303
Adhefin International(3)	Delayed Draw Term Loan	446		393
AirX Climate Solutions, Inc.(2)	Delayed Draw Term Loan	2,443		2,443
AirX Climate Solutions, Inc.(2)	Revolver	814		814
AlliA Insurance Brokers NV(3)	Delayed Draw Term Loan	—		259
Americo Chemical Products, LLC	Revolver	471		471
Application Boot Camp LLC(2)	Revolver	528		—
Aquavista Watersides 2 LTD(4)	Capex / Acquisition Facility	—		2,182
Arc Education(3)	Delayed Draw Term Loan	1,131		997
Argus Bidco Limited(2)(4)	Capex / Acquisition Facility	—		358
Armstrong Transport Group (Pele Buyer, LLC)(2)	Revolver	898		—
Artemis Bidco Limited(3)	Delayed Draw Term Loan	581		663
ASC Communications, LLC(2)	Revolver	1,089		1,089
Astra Bidco Limited(4)	Delayed Draw Term Loan	—		185
ATL II MRO Holdings Inc.	Revolver	3,289		3,289
Avance Clinical Bidco Pty Ltd(2)(5)	Delayed Draw Term Loan	1,266		1,183
Azalea Buyer, Inc.	Delayed Draw Term Loan	—		644
Azalea Buyer, Inc.	Revolver	481		481
Basin Innovation Group, LLC	Delayed Draw Term Loan	399		2,151
Basin Innovation Group, LLC	Revolver	1,858		1,858
Beyond Risk Management, Inc.	Delayed Draw Term Loan	4,629		4,629
Biolam Group(2)(3)	Delayed Draw Term Loan	709		625
Bishop Street Underwriters, LLC(2)	Delayed Draw Term Loan	1,940		—
BKF Buyer, Inc.	Revolver	2,970		2,970
Brightpay Limited(3)	Delayed Draw Term Loan	—		131
BrightSign LLC	Revolver	687		244
Broadstone Group UK LTD(4)	Delayed Draw Term Loan	2,057		—
CAi Software, LLC	Revolver	—		1,261
Caldwell & Gregory LLC	Delayed Draw Term Loan	708		3,312
Caldwell & Gregory LLC	Revolver	2,500		2,500
Canadian Orthodontic Partners Corp.(2)(6)	Delayed Draw Term Loan	49		63
Cascade Residential Services LLC	Delayed Draw Term Loan	—		629
Cascade Residential Services LLC	Revolver	331		—
CCFF Buyer, LLC	Delayed Draw Term Loan	1,396		1,396
CCFF Buyer, LLC	Revolver	1,047		1,047
Ceres Pharma NV(3)	Delayed Draw Term Loan	431		—


Portfolio Company(1) ($ in thousands)	Investment Type	September 30, 2025	December 31, 2024
CGI Parent, LLC	Revolver	1,653	1,653
CH Buyer, LLC	Term Loan	55	—
CloudOne Digital Corp.(2)	Revolver	2,707	—
Comply365, LLC	Revolver	1,101	1,101
Coyo Uprising GmbH(3)	Delayed Draw Term Loan	462	407
CSL DualCom(4)	Capex / Acquisition Facility	—	148
CW Group Holdings, LLC	Delayed Draw Term Loan	7,446	—
DataServ Integrations, LLC	Revolver	—	481
DAWGS Intermediate Holdings Co.	Revolver	1,888	—
DecksDirect, LLC(2)	Revolver	283	34
DISA Holdings Corp.	Revolver	343	429
Discovery Buyer, L.P.	Delayed Draw Term Loan	7,216	—
Discovery Buyer, L.P.	Revolver	1,793	—
Dune Group(3)	Delayed Draw Term Loan	—	411
Durare Bidco, LLC(2)	Delayed Draw Term Loan	968	—
Durare Bidco, LLC(2)	Revolver	969	—
EB Development(3)	Capex / Acquisition Facility	242	—
EB Development(3)	Delayed Draw Term Loan	627	553
Eclipse Business Capital, LLC	Revolver	15,727	12,636
Electrical Components International, Inc.	Delayed Draw Term Loan	—	585
EMI Porta Holdco LLC(2)	Revolver	2,195	2,254
eShipping, LLC	Revolver	1,387	1,486
Events Software BidCo Pty Ltd(2)	Delayed Draw Term Loan	619	619
Expert Institute Group Inc.	Delayed Draw Term Loan	2,005	—
Expert Institute Group Inc.	Revolver	701	—
Express Wash Acquisition Company, LLC	Revolver	193	115
EZ SMBO Bidco(2)(3)	Delayed Draw Term Loan	704	—
Faraday(3)	Delayed Draw Term Loan	—	928
Footco 40 Limited(4)	Delayed Draw Term Loan	—	515
Forest Buyer, LLC	Revolver	298	298
Fortis Payment Systems, LLC	Delayed Draw Term Loan	—	361
Fortis Payment Systems, LLC	Revolver	—	625
GB Eagle Buyer, Inc.	Delayed Draw Term Loan	2,312	2,312
GB Eagle Buyer, Inc.	Revolver	1,447	2,316
GCDL LLC	Delayed Draw Term Loan	108	108
GCDL LLC	Revolver	108	108
Global Academic Group Limited(2)(7)	Term Loan	13	233
GMES LLC(2)	Delayed Draw Term Loan	1,253	—
GMES LLC(2)	Revolver	1,018	—
GPNZ II GmbH(2)(3)	Delayed Draw Term Loan	66	49
Graphpad Software, LLC	Delayed Draw Term Loan	—	2,093
Graphpad Software, LLC	Revolver	—	872
Greenhill II BV(3)	Capex / Acquisition Facility	—	28
Greenhill II BV(3)	Delayed Draw Term Loan	585	—
Groupe Product Life(3)	Delayed Draw Term Loan	2,705	145
Haystack Holdings LLC	Delayed Draw Term Loan	4,086	—
Haystack Holdings LLC	Revolver	1,416	—


Portfolio Company(1) ($ in thousands)	Investment Type	September 30, 2025	December 31, 2024
HeartHealth Bidco Pty Ltd(2)(5)	Delayed Draw Term Loan	113	164
Heavy Construction Systems Specialists, LLC	Revolver	2,632	2,632
HEKA Invest(3)	Delayed Draw Term Loan	612	539
HemaSource, Inc.	Revolver	1,804	1,804
High Street Buyer Inc.(2)	Delayed Draw Term Loan	1,800	—
HomeX Services Group LLC	Delayed Draw Term Loan	426	650
HomeX Services Group LLC	Revolver	304	338
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	1,952	—
HS Advisory Buyer LLC(2)	Revolver	600	—
HSL Compliance(4)	Delayed Draw Term Loan	2,534	—
HTI Technology & Industries(2)	Delayed Draw Term Loan	2,045	2,045
HTI Technology & Industries(2)	Revolver	1,364	1,364
Hydratech Holdings, Inc.	Delayed Draw Term Loan	162	1,725
Hydratech Holdings, Inc.	Revolver	683	924
Ice House America, L.L.C.(2)	Delayed Draw Term Loan	816	816
Ice House America, L.L.C.(2)	Revolver	63	257
International Fleet Financing No.2 B.V.(3)	Revolver	947	—
Interstellar Group B.V.(3)	Delayed Draw Term Loan	629	582
InvoCare Limited(5)	Delayed Draw Term Loan	294	275
ISTO Technologies II, LLC	Revolver	—	714
ITI Intermodal, Inc.	Revolver	1,031	1,031
Jocassee Partners LLC	Joint Venture	65,000	65,000
Jon Bidco Limited(2)(7)	Capex / Acquisition Facility	—	728
Jon Bidco Limited(2)(7)	Delayed Draw Term Loan	534	—
Jones Fish Hatcheries & Distributors LLC	Revolver	334	418
KAMC Holdings Inc.(2)	Revolver	476	—
Keystone Bidco B.V.(3)	Delayed Draw Term Loan	67	185
Keystone Bidco B.V.(3)	Revolver	42	28
Lambir Bidco Limited(2)(3)	Delayed Draw Term Loan	103	402
Lattice Group Holdings Bidco Limited(2)	Delayed Draw Term Loan	72	237
Lattice Group Holdings Bidco Limited(2)	Revolver	—	35
LeadsOnline, LLC	Revolver	2,603	2,603
LHS Borrower, LLC(2)	Revolver	824	—
Lockmasters Security Intermediate, Inc.(2)	Delayed Draw Term Loan	2,024	—
Lockmasters Security Intermediate, Inc.(2)	Revolver	868	—
Marmoutier Holding B.V.(2)(3)	Delayed Draw Term Loan	—	23
Marmoutier Holding B.V.(2)(3)	Revolver	—	65
Marmoutier Holding B.V.(2)(3)	Term Loan	67	—
MB Purchaser, LLC	Delayed Draw Term Loan	60	773
MB Purchaser, LLC	Revolver	159	309
MC Group Ventures Corporation(2)	Delayed Draw Term Loan	4,837	5,098
Media Recovery, Inc. (SpotSee)	Revolver	594	635
Media Recovery, Inc. (SpotSee)(4)	Revolver	797	742
Megawatt Acquisitionco, Inc.(2)	Revolver	582	475
Mercell Holding AS(2)(8)	Capex / Acquisition Facility	787	691
MIV Buyer, LLC	Delayed Draw Term Loan	1,658	—
MIV Buyer, LLC	Revolver	490	—


Portfolio Company(1) ($ in thousands)	Investment Type	September 30, 2025	December 31, 2024
Modern Star Holdings Bidco Pty Limited(2)(5)	Term Loan	947	884
Momentum Textiles, LLC	Revolver	923	—
Moonlight Bidco Limited(4)	Delayed Draw Term Loan	593	552
MSI Express Inc.	Delayed Draw Term Loan	679	—
MSI Express Inc.	Revolver	1,029	—
Narda Acquisitionco., Inc.	Revolver	—	1,311
NAW Buyer LLC	Delayed Draw Term Loan	5,362	5,729
NAW Buyer LLC	Revolver	1,894	1,894
Next Holdco, LLC	Delayed Draw Term Loan	1,891	1,891
Next Holdco, LLC	Revolver	733	733
NF Holdco, LLC(2)	Revolver	464	829
Northstar Recycling, LLC	Delayed Draw Term Loan	—	4,295
Northstar Recycling, LLC	Revolver	3,527	3,527
NPM Investments 28 B.V.(3)	Delayed Draw Term Loan	509	449
OA Buyer, Inc.	Revolver	—	1,331
OAC Holdings I Corp	Revolver	1,370	1,370
OSP Hamilton Purchaser, LLC	Delayed Draw Term Loan	—	4,276
OSP Hamilton Purchaser, LLC	Revolver	1,145	666
Owl Intermediate Holdings, LLC	Delayed Draw Term Loan	584	—
Owl Intermediate Holdings, LLC	Revolver	1,900	—
Parkview Dental Holdings LLC	Delayed Draw Term Loan	—	328
PDQ.Com Corporation	Delayed Draw Term Loan	1,490	5,226
Polara Enterprises, L.L.C.	Revolver	759	545
PowerGEM Buyer, Inc.	Delayed Draw Term Loan	2,040	4,946
PowerGEM Buyer, Inc.	Revolver	2,579	2,579
Premium Invest(3)	Capex / Acquisition Facility	1,821	1,605
Process Insights Acquisition, Inc.(2)	Delayed Draw Term Loan	—	935
Process Insights Acquisition, Inc.(2)	Revolver	—	104
ProfitOptics, LLC(2)	Revolver	387	242
Pro-Vision Solutions Holdings, LLC	Revolver	1,932	2,077
PSP Intermediate 4, LLC(2)(3)	Delayed Draw Term Loan	—	193
Qima Finance LTD(2)	Capex / Acquisition Facility	655	—
Qualified Industries, LLC(2)	Revolver	242	242
R1 Holdings, LLC	Revolver	219	1,601
Randys Holdings, Inc.	Delayed Draw Term Loan	988	2,399
Randys Holdings, Inc.	Revolver	719	1,231
Rapid Buyer LLC(2)	Delayed Draw Term Loan	2,956	2,956
Rapid Buyer LLC(2)	Revolver	1,478	1,478
Real Chemistry Intermediate III, Inc.(2)	Delayed Draw Term Loan	1,502	—
Real Chemistry Intermediate III, Inc.(2)	Revolver	1,000	—
RKD Group, LLC	Delayed Draw Term Loan	1,645	—
RKD Group, LLC	Revolver	653	—
Rocade Holdings LLC(2)	Preferred Equity	7,000	14,000
Rock Labor LLC	Revolver	1,103	1,103
ROI Solutions LLC	Delayed Draw Term Loan	3,506	3,506
ROI Solutions LLC	Revolver	3,138	3,138
Royal Buyer, LLC	Revolver	—	1,748


Portfolio Company(1) ($ in thousands)	Investment Type	September 30, 2025	December 31, 2024
RPX Corporation	Revolver	3,024	3,024
Ruffalo Noel Levitz, LLC(2)	Revolver	375	—
Saab Purchaser, Inc.(2)	Delayed Draw Term Loan	—	4,787
Saab Purchaser, Inc.(2)	Revolver	2,394	2,394
Sanoptis S.A.R.L.(3)	Term Loan	2,787	2,456
Sansidor BV(3)	Capex / Acquisition Facility	41	396
SBP Holdings LP	Delayed Draw Term Loan	7,905	7,905
SBP Holdings LP	Revolver	3,250	3,250
Scout Bidco B.V.(2)(3)	Revolver	680	999
SCP Medical Products, LLC.(2)	Revolver	213	—
Screenvision, LLC	Revolver	613	—
Security Holdings B.V.(2)(3)	Revolver	823	1,916
Sinari Invest(3)	Delayed Draw Term Loan	509	449
SISU ACQUISITIONCO., INC.(2)	Delayed Draw Term Loan	—	503
Skyvault Holdings LLC(2)	Delayed Draw Term Loan	3,108	15,164
Smartling, Inc.	Revolver	1,176	1,176
SmartShift Group, Inc.	Revolver	1,651	1,651
Solo Buyer, L.P.(2)	Revolver	1,130	1,463
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Delayed Draw Term Loan	—	232
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	156	156
SPATCO Energy Solutions, LLC(2)	Delayed Draw Term Loan	1,182	1,453
SPATCO Energy Solutions, LLC(2)	Revolver	1,188	1,188
Spatial Business Systems LLC	Revolver	1,406	1,406
SSCP Pegasus Midco Limited(4)	Delayed Draw Term Loan	—	2,226
Superjet Buyer, LLC(2)	Delayed Draw Term Loan	3,792	4,085
Superjet Buyer, LLC(2)	Revolver	1,459	2,432
SVI International LLC	Delayed Draw Term Loan	—	74
SVI International LLC	Revolver	74	74
Swoop Intermediate III, Inc.	Delayed Draw Term Loan	3,455	—
Swoop Intermediate III, Inc.	Revolver	818	—
TA KHP Aggregator, L.P.	Delayed Draw Term Loan	1,123	—
TA KHP Aggregator, L.P.	Revolver	448	—
Tank Holding Corp(2)	Delayed Draw Term Loan	—	139
Tank Holding Corp(2)	Revolver	873	873
Tanqueray Bidco Limited(4)	Capex / Acquisition Facility	1,218	1,133
TAPCO Buyer LLC	Delayed Draw Term Loan	—	8,016
TAPCO Buyer LLC	Revolver	1,415	2,915
Technology Service Stream BidCo Pty Ltd(5)	Delayed Draw Term Loan	168	233
Techone B.V.(3)	Revolver	558	492
Tencarva Machinery Company, LLC(2)	Delayed Draw Term Loan	7,932	—
Tencarva Machinery Company, LLC(2)	Revolver	2,103	1,470
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)	Delayed Draw Term Loan	8,811	—
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2)	Revolver	2,261	827
THG Acquisition, LLC	Delayed Draw Term Loan	1,925	2,299
THG Acquisition, LLC	Revolver	1,401	1,401
Trintech, Inc.	Revolver	383	383
TSYL Corporate Buyer, Inc.	Delayed Draw Term Loan	10,359	11,751


Portfolio Company(1) ($ in thousands)	Investment Type	September 30, 2025		December 31, 2024
TSYL Corporate Buyer, Inc.	Revolver	443		443
UBC Ledgers Holding AB(9)	Delayed Draw Term Loan	115		234
UHY Advisors, Inc.	Delayed Draw Term Loan	8,665		13,247
UHY Advisors, Inc.	Revolver	3,234		3,507
Union Bidco Limited(4)	Capex / Acquisition Facility	6		66
United Therapy Holding III GmbH(3)	Capex / Acquisition Facility	—		641
Unither (Uniholding)(3)	Delayed Draw Term Loan	510		449
Unosquare, LLC	Delayed Draw Term Loan	2,106		—
Unosquare, LLC	Revolver	661		—
WEST-NR ACQUISITIONCO, LLC	Delayed Draw Term Loan	12,065		14,420
Whitcraft Holdings, Inc.	Delayed Draw Term Loan	171		2,912
Whitcraft Holdings, Inc.	Revolver	893		893
White Bidco Limited(2)	Delayed Draw Term Loan	—		515
Woodland Foods, LLC(2)	Line of Credit	2,793		1,177
World 50, Inc.	Revolver	973		973
WWEC Holdings III Corp	Revolver	2,484		2,484
ZB Holdco LLC(2)	Delayed Draw Term Loan	1,059		—
ZB Holdco LLC(2)	Revolver	1,091		338
Zelda Luxco S.A.S(3)	Delayed Draw Term Loan	1,250		—


Total unused commitments to extend financing		$	396,202	$	388,772

(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.

(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

Barings BDC, Inc. 10-Q