þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the fiscal year ended December 31, |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to |
Maryland | 06-1798488 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
300 South Tryon Street, Suite 2500 Charlotte, North Carolina | 28202 (Zip Code) | |||||||
(Address of principal executive offices) |
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 |
Large accelerated filer ¨ | 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. ¨ |
Page | ||||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Item 9C. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Assumed Return on our Portfolio (Net of Expenses) | |||||||||||||||||
(10.0) | % | (5.0) | % | 0.0 | % | 5.0 | % | 10.0 | % | ||||||||
Corresponding return to common stockholder assuming actual asset coverage as of December 31, 2021(1) | (35.6) | % | (21.0) | % | (6.5) | % | 8.1 | % | 22.7 | % | |||||||
Corresponding return to common stockholder assuming 150% asset coverage as of December 31, 2021(2) | (37.3) | % | (22.1) | % | (6.8) | % | 8.4 | % | 23.7 | % |
Assumed Return on our Portfolio (Net of Expenses) | ||||||||||
(10.0 | )% | (5.0 | )% | 0.0 | % | 5.0 | % | 10.0 | % | |
Corresponding return to common stockholder assuming actual asset coverage as of December 31, 2019(1) | (25.9 | )% | (14.9 | )% | (3.9 | )% | 7.1 | % | 18.0 | % |
Corresponding return to common stockholder assuming 150% asset coverage as of December 31, 2019(2) | (36.8 | )% | (21.7 | )% | (6.6 | )% | 8.5 | % | 23.6 | % |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||||||||||||||||||||
Ordinary income | $ | 0.54 | 100.0 | % | $ | 0.41 | 95.3 | % | Ordinary income | $ | 0.79 | 96.3 | % | $ | 0.65 | 100.0 | % | |||||||||||||||||||||||
Long-term capital gains | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Tax return of capital | — | — | 0.02 | 4.7 | Tax return of capital | 0.03 | 3.7 | — | — | |||||||||||||||||||||||||||||||
Total reported on IRS Form 1099-DIV | $ | 0.54 | 100.0 | % | $ | 0.43 | 100.0 | % | Total reported on IRS Form 1099-DIV | $ | 0.82 | 100.0 | % | $ | 0.65 | 100.0 | % |
Period | Total number of shares purchased(1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs | ||||||||||
October 1 through October 31, 2019 | 142,313 | $ | 10.14 | 142,313 | $ | 3,404,967 | (3) | |||||||
November 1 through November 30, 2019 | 251,226 | $ | 10.34 | 251,226 | $ | 836,121 | (4) | |||||||
December 1 through December 31, 2019 | 82,707 | (2) | $ | 10.40 | 74,200 | $ | — |
12/31/16 | 3/31/17 | 6/30/17 | 9/30/17 | 12/31/17 | 3/31/18 | 6/30/18 | 9/30/18 | 12/31/18 | ||||||||||||||||||||||||||||||||||||||||||||||||
Barings BDC, Inc. | 100.00 | 107.01 | 101.71 | 85.67 | 59.06 | 71.33 | 73.70 | 88.01 | 80.03 | |||||||||||||||||||||||||||||||||||||||||||||||
NASDAQ Composite Index | 100.00 | 110.13 | 114.71 | 121.67 | 129.64 | 132.99 | 141.79 | 152.29 | 125.96 | |||||||||||||||||||||||||||||||||||||||||||||||
NYSE Composite Index | 100.00 | 104.58 | 107.78 | 112.54 | 118.73 | 116.09 | 117.41 | 123.58 | 108.10 | |||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Business Development Company Index | 100.00 | 106.09 | 102.97 | 103.43 | 102.56 | 101.32 | 106.45 | 113.61 | 98.42 |
3/31/19 | 6/30/19 | 9/30/19 | 12/31/19 | 3/31/20 | 6/30/20 | 9/30/20 | 12/31/20 | |||||||||||||||||||||||||||||||||||||||||||||||||
Barings BDC, Inc. | 88.20 | 89.64 | 93.76 | 96.35 | 71.31 | 77.19 | 79.30 | 92.97 | ||||||||||||||||||||||||||||||||||||||||||||||||
NASDAQ Composite Index | 147.13 | 152.82 | 153.09 | 172.17 | 148.15 | 193.99 | 215.80 | 249.51 | ||||||||||||||||||||||||||||||||||||||||||||||||
NYSE Composite Index | 121.47 | 125.72 | 126.09 | 135.68 | 101.15 | 117.55 | 126.26 | 145.16�� | ||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Business Development Company Index | 115.57 | 121.56 | 125.62 | 139.16 | 87.93 | 111.79 | 116.58 | 137.01 |
3/31/21 | 6/30/21 | 9/30/21 | 12/31/21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Barings BDC, Inc. | 102.80 | 110.86 | 117.96 | 120.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NASDAQ Composite Index | 256.88 | 281.74 | 281.10 | 304.85 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NYSE Composite Index | 156.84 | 167.21 | 164.00 | 175.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wells Fargo Business Development Company Index | 162.68 | 179.72 | 190.81 | 203.45 |
12/31/14 | 3/31/15 | 6/30/15 | 9/30/15 | 12/31/15 | 3/31/16 | 6/30/16 | 9/30/16 | 12/31/16 | |||||||||||||||||||
Barings BDC, Inc. | 100.00 | 115.19 | 121.31 | 87.99 | 104.98 | 116.24 | 112.11 | 116.54 | 111.13 | ||||||||||||||||||
NASDAQ Composite Index | 100.00 | 103.79 | 105.90 | 98.39 | 106.96 | 104.36 | 104.12 | 114.55 | 116.45 | ||||||||||||||||||
NYSE Composite Index | 100.00 | 101.14 | 100.94 | 92.12 | 95.91 | 97.18 | 100.61 | 103.50 | 107.36 | ||||||||||||||||||
Wells Fargo Business Development Company Index | 100.00 | 106.03 | 104.16 | 94.75 | 97.43 | 101.07 | 105.08 | 114.72 | 121.34 |
Class and Year(1) | Total Amount Outstanding Exclusive of Treasury Securities(2) | Asset Coverage per Unit(3) | Involuntary Liquidating Preference per Unit(4) | Average Market Value per Unit(5) | ||||||||||||||||||||||
2019 Notes | ||||||||||||||||||||||||||
2012 | $ | 69,000 | $ | 1,580 | — | $ | 25.92 | |||||||||||||||||||
2013 | 69,000 | 2,259 | — | 25.99 | ||||||||||||||||||||||
2014 | 69,000 | 2,215 | — | 25.74 | ||||||||||||||||||||||
December 2022 Notes | ||||||||||||||||||||||||||
2012 | 80,500 | 1,580 | — | 25.03 | ||||||||||||||||||||||
2013 | 80,500 | 2,259 | — | 24.94 | ||||||||||||||||||||||
2014 | 80,500 | 2,215 | — | 25.05 | ||||||||||||||||||||||
2015 | 80,500 | 1,972 | — | 25.23 | ||||||||||||||||||||||
2016 | 80,500 | 2,124 | — | 25.15 | ||||||||||||||||||||||
2017 | 80,500 | 2,120 | — | 25.51 | ||||||||||||||||||||||
March 2022 Notes | ||||||||||||||||||||||||||
2015 | 86,250 | 1,972 | — | 25.46 | ||||||||||||||||||||||
2016 | 86,250 | 2,124 | — | 25.58 | ||||||||||||||||||||||
2017 | 86,250 | 2,120 | — | 25.85 | ||||||||||||||||||||||
SBA-guaranteed debentures payable(6) | ||||||||||||||||||||||||||
2012 | 213,605 | 1,580 | — | N/A | ||||||||||||||||||||||
2013 | 193,285 | 2,259 | — | N/A | ||||||||||||||||||||||
2014 | 224,780 | 2,215 | — | N/A | ||||||||||||||||||||||
2015 | 224,968 | 1,972 | — | N/A | ||||||||||||||||||||||
2016 | 250,000 | 2,124 | — | N/A | ||||||||||||||||||||||
2017 | 250,000 | 2,120 | — | N/A | ||||||||||||||||||||||
May 2011 Credit Facility | ||||||||||||||||||||||||||
2012 | — | 1,580 | — | N/A | ||||||||||||||||||||||
2013 | 11,221 | 2,259 | — | N/A | ||||||||||||||||||||||
2014 | 62,620 | 2,215 | — | N/A | ||||||||||||||||||||||
2015 | 131,257 | 1,972 | — | N/A | ||||||||||||||||||||||
2016 | 127,011 | 2,124 | — | N/A | ||||||||||||||||||||||
2017 | 125,315 | 2,120 | — | N/A | ||||||||||||||||||||||
August 2018 Credit Facility(7) | ||||||||||||||||||||||||||
2018 | 570,000 | 1,988 | — | N/A | ||||||||||||||||||||||
2019 | 107,200 | 1,851 | — | N/A | ||||||||||||||||||||||
February 2019 Credit Facility(8) | ||||||||||||||||||||||||||
2019 | 245,288 | 1,851 | — | N/A | ||||||||||||||||||||||
2020 | 719,661 | 1,760 | — | N/A | ||||||||||||||||||||||
2021 | 655,189 | 1,538 | — | N/A | ||||||||||||||||||||||
Debt Securitization | ||||||||||||||||||||||||||
2019 | 318,210 | 1,851 | — | N/A | ||||||||||||||||||||||
August 2025 Notes | ||||||||||||||||||||||||||
2020 | 50,000 | 1,760 | — | N/A | ||||||||||||||||||||||
2021 | 50,000 | 1,538 | — | N/A |
3/31/17 | 6/30/17 | 9/30/17 | 12/31/17 | 3/31/18 | 6/30/18 | 9/30/18 | 12/31/18 | |||||||||||||||||||
Barings BDC, Inc. | 118.45 | 112.11 | 93.91 | 64.40 | 77.46 | 80.03 | 81.76 | 74.35 | ||||||||||||||||||
NASDAQ Composite Index | 128.24 | 133.58 | 141.68 | 150.96 | 154.87 | 165.11 | 177.34 | 146.67 | ||||||||||||||||||
NYSE Composite Index | 112.28 | 115.72 | 120.82 | 127.46 | 124.64 | 126.05 | 132.68 | 116.06 | ||||||||||||||||||
Wells Fargo Business Development Company Index | 130.07 | 126.37 | 126.37 | 123.07 | 120.84 | 128.01 | 134.86 | 119.43 |
3/31/19 | 6/30/19 | 9/30/19 | 12/31/19 | |||||||||||||||||||
Barings BDC, Inc. | 81.94 | 83.27 | 87.10 | 89.51 | ||||||||||||||||||
NASDAQ Composite Index | 171.32 | 177.95 | 178.27 | 200.49 | ||||||||||||||||||
NYSE Composite Index | 130.40 | 134.97 | 135.37 | 145.66 | ||||||||||||||||||
Wells Fargo Business Development Company Index | 136.79 | 142.36 | 147.80 | 155.33 |
Class and Year(1) | Total Amount Outstanding Exclusive of Treasury Securities(2) | Asset Coverage per Unit(3) | Involuntary Liquidating Preference per Unit(4) | Average Market Value per Unit(5) | ||||||||||||||||||||||
Series B Notes | ||||||||||||||||||||||||||
2020 | 62,500 | 1,760 | — | N/A | ||||||||||||||||||||||
2021 | 62,500 | 1,538 | — | N/A | ||||||||||||||||||||||
Series C Notes | ||||||||||||||||||||||||||
2020 | 112,500 | 1,760 | — | N/A | ||||||||||||||||||||||
2021 | 112,500 | 1,538 | — | N/A | ||||||||||||||||||||||
Series D Notes | ||||||||||||||||||||||||||
2021 | 80,000 | 1,538 | — | N/A | ||||||||||||||||||||||
Series E Notes | ||||||||||||||||||||||||||
2021 | 70,000 | 1,538 | — | N/A | ||||||||||||||||||||||
November 2026 Notes | ||||||||||||||||||||||||||
2021 | 350,000 | 1,538 | — | N/A | ||||||||||||||||||||||
Total Senior Securities | ||||||||||||||||||||||||||
2012 | 363,105 | 1,580 | — | N/A | ||||||||||||||||||||||
2013 | 354,006 | 2,259 | — | N/A | ||||||||||||||||||||||
2014 | 436,900 | 2,215 | — | N/A | ||||||||||||||||||||||
2015 | 522,975 | 1,972 | — | N/A | ||||||||||||||||||||||
2016 | 543,761 | 2,124 | — | N/A | ||||||||||||||||||||||
2017 | 572,820 | 2,120 | — | N/A | ||||||||||||||||||||||
2018 | 570,000 | 1,988 | — | N/A | ||||||||||||||||||||||
2019 | 670,698 | 1,851 | — | N/A | ||||||||||||||||||||||
2020 | 944,661 | 1,760 | — | N/A | ||||||||||||||||||||||
2021 | 1,380,189 | 1,538 | — | N/A |
Year Ended December 31, | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
(Dollars and share amounts in thousands, except per share data) | ||||||||||||||||||||
Income statement data: | ||||||||||||||||||||
Investment income: | ||||||||||||||||||||
Total loan interest, fee and dividend income | $ | 121,062 | $ | 113,332 | $ | 122,290 | $ | 78,238 | $ | 75,638 | ||||||||||
Interest income from cash | 225 | 348 | 715 | 1,985 | 10 | |||||||||||||||
Total investment income | 121,287 | 113,680 | 123,005 | 80,223 | 75,648 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Interest and other financing fees | 26,754 | 26,721 | 29,261 | 23,887 | 26,101 | |||||||||||||||
Base management fee | — | �� | — | — | 4,219 | 12,112 | ||||||||||||||
Compensation expenses | 19,009 | 23,676 | 16,136 | 37,487 | 442 | |||||||||||||||
General and administrative expenses | 3,895 | 4,406 | 5,370 | 16,178 | 6,441 | |||||||||||||||
Total operating expenses | 49,658 | 54,803 | 50,767 | 81,771 | 45,096 | |||||||||||||||
Base management fee waived | — | — | — | (1,487 | ) | — | ||||||||||||||
Net operating expenses | 49,658 | 54,803 | 50,767 | 80,284 | 45,096 | |||||||||||||||
Net investment income (loss) | 71,629 | 58,877 | 72,238 | (61 | ) | 30,552 | ||||||||||||||
Net realized gains (losses): | ||||||||||||||||||||
Non-Control / Non-Affiliate investments | 9,003 | (2,414 | ) | (3,683 | ) | (130,870 | ) | (3,798 | ) | |||||||||||
Affiliate investments | 2,315 | 4,399 | (3,980 | ) | 9,939 | — | ||||||||||||||
Control investments | (38,807 | ) | — | (45,206 | ) | (38,542 | ) | — | ||||||||||||
Net realized gains (losses) on investments | (27,489 | ) | 1,985 | (52,869 | ) | (159,473 | ) | (3,798 | ) | |||||||||||
Foreign currency transactions | — | — | 1,269 | 1,081 | (12 | ) | ||||||||||||||
Net realized gains (losses) | (27,489 | ) | 1,985 | (51,600 | ) | (158,392 | ) | (3,810 | ) | |||||||||||
Net unrealized appreciation (depreciation): | ||||||||||||||||||||
Non-Control / Non-Affiliate investments | (23,583 | ) | (9,080 | ) | (65,786 | ) | 27,025 | 33,021 | ||||||||||||
Affiliate investments | 2,839 | (5,473 | ) | (7,356 | ) | 3,198 | 72 | |||||||||||||
Control investments | 23,876 | (11,464 | ) | 27,547 | 24,387 | — | ||||||||||||||
Net unrealized appreciation (depreciation) on investments | 3,132 | (26,017 | ) | (45,595 | ) | 54,610 | 33,093 | |||||||||||||
Foreign currency transactions | 2,363 | (153 | ) | (2,822 | ) | (864 | ) | (1,005 | ) | |||||||||||
Net unrealized appreciation (depreciation) | 5,495 | (26,170 | ) | (48,417 | ) | 53,746 | 32,088 | |||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | (21,994 | ) | (24,185 | ) | (100,017 | ) | (104,646 | ) | 28,278 | |||||||||||
Loss on extinguishment of debt | (1,394 | ) | — | — | (10,507 | ) | (297 | ) | ||||||||||||
Benefit from (provision for) taxes | (384 | ) | (436 | ) | (871 | ) | 932 | (341 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 47,857 | $ | 34,256 | $ | (28,650 | ) | $ | (114,282 | ) | $ | 58,192 | ||||||||
Net investment income (loss) per share — basic and diluted | $ | 2.16 | $ | 1.62 | $ | 1.55 | $ | — | $ | 0.61 | ||||||||||
Net increase (decrease) in net assets resulting from operations per share — basic and diluted | $ | 1.44 | $ | 0.94 | $ | (0.62 | ) | $ | (2.29 | ) | $ | 1.16 | ||||||||
Net asset value per common share | $ | 15.23 | $ | 15.13 | $ | 13.43 | $ | 10.98 | $ | 11.66 | ||||||||||
Quarterly dividends / distributions per share | $ | 2.16 | $ | 1.89 | $ | 1.65 | $ | 0.43 | $ | 0.54 | ||||||||||
Supplemental dividends / distributions per share | 0.20 | — | — | — | — | |||||||||||||||
Total dividends/distributions declared per share | $ | 2.36 | $1.89 | $1.65 | $0.43 | $0.54 | ||||||||||||||
Weighted average number of shares outstanding — basic and diluted | 33,234 | 36,405 | 46,498 | 49,897 | 50,185 |
Year Ended December 31, | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance sheet data: | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Investments at fair value | $ | 977,277 | $ | 1,037,907 | $ | 1,016,284 | $ | 1,121,856 | $ | 1,173,644 | ||||||||||
Cash | 52,615 | 107,088 | 191,850 | 12,427 | 21,992 | |||||||||||||||
Interest and fees receivable | 4,892 | 10,190 | 7,807 | 6,009 | 5,266 | |||||||||||||||
Prepaid expenses and other current assets | 947 | 1,660 | 1,855 | 2,732 | 1,112 | |||||||||||||||
Deferred income taxes | — | — | — | 1,391 | — | |||||||||||||||
Deferred financing fees | 3,480 | 2,700 | 5,186 | 252 | 5,366 | |||||||||||||||
Receivable from unsettled transactions | — | — | — | 22,910 | 45,255 | |||||||||||||||
Property and equipment, net | 106 | 106 | 81 | — | — | |||||||||||||||
Total assets | $ | 1,039,317 | $ | 1,159,651 | $ | 1,223,063 | $ | 1,167,577 | $ | 1,252,635 | ||||||||||
Liabilities: | ||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 7,464 | $ | 6,797 | $ | 9,863 | $ | 5,026 | $ | 5,192 | ||||||||||
Interest payable | 3,714 | 3,997 | 3,997 | 750 | 2,492 | |||||||||||||||
Taxes payable | 735 | 490 | 796 | 301 | — | |||||||||||||||
Deferred income taxes | 4,988 | 2,054 | 1,332 | — | — | |||||||||||||||
Payable from unsettled transactions | — | — | — | 28,533 | 4,924 | |||||||||||||||
Borrowings under credit facilities | 131,257 | 127,012 | 156,071 | 570,000 | 352,488 | |||||||||||||||
Debt securitization | — | — | — | — | 316,664 | |||||||||||||||
Notes | 162,142 | 162,755 | 163,408 | — | — | |||||||||||||||
SBA-guaranteed debentures payable | 220,649 | 245,390 | 246,321 | — | — | |||||||||||||||
Total liabilities | 530,949 | 548,495 | 581,788 | 604,610 | 681,760 | |||||||||||||||
Net assets | 508,368 | 611,156 | 641,275 | 562,967 | 570,875 | |||||||||||||||
Total liabilities and net assets | $ | 1,039,317 | $ | 1,159,651 | $ | 1,223,063 | $ | 1,167,577 | $ | 1,252,635 | ||||||||||
Other data: | ||||||||||||||||||||
Weighted average yield on total investments(1)(2) | 10.6 | % | 10.2 | % | 9.6 | % | 6.2 | % | 6.2 | % | ||||||||||
Number of portfolio companies | 92 | 88 | 89 | 139 | 147 | |||||||||||||||
Expense ratios (as percentage of average net assets): | ||||||||||||||||||||
Base management fee (net), compensation and general and administrative expenses | 4.4 | % | 5.0 | % | 3.2 | % | 9.0 | % | 3.3 | % | ||||||||||
Interest and other financing fees | 5.1 | 4.8 | 4.4 | 3.8 | 4.5 | |||||||||||||||
Total expenses, net of base management fee waived | 9.5 | % | 9.8 | % | 7.6 | % | 12.8 | % | 7.8 | % | ||||||||||
Ratio of total expenses, net of base management fee waived, including loss on extinguishment of debt and (provision for) benefit from taxes, to average net assets | 9.8 | % | 9.9 | % | 7.7 | % | 14.3 | % | 7.9 | % |
Cost | Percentage of Total Portfolio | Fair Value | Percentage of Total Portfolio | |||||||||||||||||||||||
December 31, 2021: | ||||||||||||||||||||||||||
Senior debt and 1st lien notes | $ | 1,217,899,217 | 68 | % | $ | 1,221,597,953 | 68 | % | ||||||||||||||||||
Subordinated debt and 2nd lien notes | 253,550,848 | 14 | 240,036,808 | 13 | ||||||||||||||||||||||
Structured products | 37,054,829 | 2 | 40,270,659 | 2 | ||||||||||||||||||||||
Equity shares | 145,790,765 | 8 | 154,476,657 | 9 | ||||||||||||||||||||||
Equity warrants | 1,111,602 | — | 1,107,543 | — | ||||||||||||||||||||||
Investments in joint ventures/PE fund | 132,416,803 | 8 | 143,104,332 | 8 | ||||||||||||||||||||||
Short-term investments | — | — | — | — | ||||||||||||||||||||||
$ | 1,787,824,064 | 100 | % | $ | 1,800,593,952 | 100 | % | |||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||
Senior debt and 1st lien notes | $ | 1,167,436,742 | 79 | % | $ | 1,171,250,512 | 79 | % | ||||||||||||||||||
Subordinated debt and 2nd lien notes | 137,776,808 | 9 | 138,767,120 | 9 | ||||||||||||||||||||||
Structured products | 30,071,808 | 2 | 32,508,845 | 2 | ||||||||||||||||||||||
Equity shares | 44,693,645 | 3 | 44,651,114 | 3 | ||||||||||||||||||||||
Equity warrants | 1,235,383 | — | 1,300,197 | — | ||||||||||||||||||||||
Investments in joint ventures/PE fund | 39,282,532 | 3 | 41,759,922 | 3 | ||||||||||||||||||||||
Short-term investments | 65,558,227 | 4 | 65,558,227 | 4 | ||||||||||||||||||||||
$ | 1,486,055,145 | 100 | % | $ | 1,495,795,937 | 100 | % |
Cost | Percentage of Total Portfolio | Fair Value | Percentage of Total Portfolio | |||||||||||
December 31, 2019: | ||||||||||||||
Senior debt and 1st lien notes | $ | 1,070,031,715 | 90 | % | $ | 1,050,863,369 | 90 | % | ||||||
Subordinated debt and 2nd lien notes | 15,339,180 | 1 | $15,220,969 | 1 | ||||||||||
Equity shares | 515,825 | — | $760,716 | — | ||||||||||
Investment in joint venture | 10,158,270 | 1 | $10,229,813 | 1 | ||||||||||
Short-term investments | 96,568,940 | 8 | $96,568,940 | 8 | ||||||||||
$ | 1,192,613,930 | 100 | % | $ | 1,173,643,807 | 100 | % | |||||||
December 31, 2018: | ||||||||||||||
Senior debt and 1st lien notes | $ | 1,120,401,043 | 95 | % | $ | 1,068,436,847 | 95 | % | ||||||
Subordinated debt and 2nd lien notes | 7,777,847 | 1 | 7,679,132 | 1 | ||||||||||
Equity shares | 515,825 | — | 515,825 | — | ||||||||||
Short-term investments | 45,223,941 | 4 | 45,223,941 | 4 | ||||||||||
$ | 1,173,918,656 | 100 | % | $ | 1,121,855,745 | 100 | % |
December 31, 2021 | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Structured Products | Equity Shares | Equity Warrants | Investments in Joint Ventures/ PE Fund | Short-term Investments | Total | |||||||||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,171,250,512 | $ | 138,767,120 | $ | 32,508,845 | $ | 44,651,114 | $ | 1,300,197 | $ | 41,759,922 | $ | 65,558,227 | $ | 1,495,795,937 | |||||||||||||||||||||||||||||||
New investments | 1,104,331,866 | 160,737,734 | 19,815,398 | 108,111,475 | 163,000 | 93,134,271 | 297,560,982 | 1,783,854,726 | |||||||||||||||||||||||||||||||||||||||
Proceeds from sales of investments | (765,417,430) | (13,683,500) | (10,068,420) | (8,269,168) | (450,000) | — | (363,118,408) | (1,161,006,926) | |||||||||||||||||||||||||||||||||||||||
Loan origination fees received | (26,844,600) | (3,659,741) | — | — | — | — | — | (30,504,341) | |||||||||||||||||||||||||||||||||||||||
Principal repayments received | (275,645,832) | (39,272,993) | (4,007,677) | — | — | — | — | (318,926,502) | |||||||||||||||||||||||||||||||||||||||
Payment in kind interest | 3,112,247 | 8,503,991 | — | — | — | — | — | 11,616,238 | |||||||||||||||||||||||||||||||||||||||
Accretion of loan premium/discount | 2,032,636 | 2,582,431 | 31,218 | — | — | — | — | 4,646,285 | |||||||||||||||||||||||||||||||||||||||
Accretion of deferred loan origination revenue | 8,841,329 | 602,604 | — | — | — | — | — | 9,443,933 | |||||||||||||||||||||||||||||||||||||||
Realized gain (loss) | 52,258 | (36,487) | 1,212,504 | 1,254,812 | 163,219 | — | (801) | 2,645,505 | |||||||||||||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) | (115,033) | (14,504,351) | 778,791 | 8,728,424 | (68,873) | 8,210,139 | — | 3,029,097 | |||||||||||||||||||||||||||||||||||||||
Fair value, end of period | $ | 1,221,597,953 | $ | 240,036,808 | $ | 40,270,659 | $ | 154,476,657 | $ | 1,107,543 | $ | 143,104,332 | $ | — | $ | 1,800,593,952 |
December 31, 2019 | Senior Debt and 1st Lien Notes | Subordinated debt and 2nd Lien Notes | Equity Shares | Investment in Joint Venture | Short-term Investments | Total | |||||||||||||||||
Fair value, beginning of period | $ | 1,068,436,847 | $ | 7,679,132 | $ | 515,825 | $ | — | $ | 45,223,941 | $ | 1,121,855,745 | |||||||||||
New investments | 429,318,922 | 10,615,730 | — | 10,158,270 | 913,641,727 | 1,363,734,649 | |||||||||||||||||
Proceeds from sales of investments | (359,386,754 | ) | — | 49,854 | — | (862,296,728 | ) | (1,221,633,628 | ) | ||||||||||||||
Loan origination fees received | (8,457,796 | ) | (148,551 | ) | — | — | — | (8,606,347 | ) | ||||||||||||||
Principal repayments received | (109,909,128 | ) | (2,980,874 | ) | — | — | — | (112,890,002 | ) | ||||||||||||||
Accretion of loan premium/discount | 278,897 | 797 | — | — | — | 279,694 | |||||||||||||||||
Accretion of deferred loan origination revenue | 1,534,936 | 74,231 | 1,609,167 | ||||||||||||||||||||
Realized loss | (3,748,409 | ) | — | (49,854 | ) | — | (3,798,263 | ) | |||||||||||||||
Unrealized appreciation (depreciation) | 32,795,854 | (19,496 | ) | 244,891 | 71,543 | — | 33,092,792 | ||||||||||||||||
Fair value, end of period | $ | 1,050,863,369 | $ | 15,220,969 | $ | 760,716 | $ | 10,229,813 | $ | 96,568,940 | $ | 1,173,643,807 |
December 31, 2018 | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Equity Shares | Equity Warrants | Short-term Investments | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2020 | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Structured Products | Equity Shares | Equity Warrants | Investment in Joint Venture | Short-term Investments | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 262,803,297 | $ | 589,548,358 | $ | 162,543,691 | $ | 1,389,000 | $ | — | $ | 1,016,284,346 | Fair value, beginning of period | $ | 1,050,863,369 | $ | 15,220,969 | $ | — | $ | 760,716 | $ | — | $ | 10,229,813 | $ | 96,568,940 | $ | 1,173,643,807 | |||||||||||||||||||||||||||||||||||||||||
New investments | 1,563,590,508 | 15,793,789 | 3,086,424 | — | 1,363,333,538 | 2,945,804,259 | New investments | 815,145,050 | 8,244,226 | 33,018,233 | 1,286,365 | 101,602 | 20,000,000 | 1,182,185,606 | 2,059,981,082 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment reclass | 8,617,000 | (8,617,000 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments acquired in MVC merger | Investments acquired in MVC merger | 9,720,000 | 122,082,933 | — | 42,980,466 | 1,133,781 | 9,124,262 | — | 185,041,442 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of investments | (405,187,718 | ) | — | (36,265,416 | ) | (708 | ) | (1,318,109,597 | ) | (1,759,563,439 | ) | Proceeds from sales of investments | (588,450,883) | (2,940,255) | (3,000,000) | 221,094 | — | — | (1,213,197,945) | (1,807,367,989) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of portfolio to Asset Buyer | (234,603,624 | ) | (418,521,991 | ) | (132,723,128 | ) | (1,202,274 | ) | — | (787,051,017 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan origination fees received | (3,937,106 | ) | (168,690 | ) | — | — | — | (4,105,796 | ) | Loan origination fees received | (19,013,021) | (180,224) | — | — | — | — | — | (19,193,245) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal repayments received | (43,281,056 | ) | (143,419,588 | ) | — | — | — | (186,700,644 | ) | Principal repayments received | (86,295,211) | (5,104,857) | (336,069) | — | — | — | — | (91,736,137) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PIK interest earned | 259,414 | 3,517,139 | — | — | — | 3,776,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PIK interest payments received | (1,403,097 | ) | (2,494,389 | ) | — | — | — | (3,897,486 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment in kind interest | Payment in kind interest | 453,896 | 41,753 | — | — | — | — | — | 495,649 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of loan premium/discount | 183,527 | 14,188 | — | — | — | 197,715 | Accretion of loan premium/discount | 1,635,917 | 111,923 | 58,132 | — | — | — | — | 1,805,972 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of deferred loan origination revenue | 609,362 | 2,697,059 | — | — | — | 3,306,421 | Accretion of deferred loan origination revenue | 2,672,194 | 44,571 | — | — | — | — | — | 2,716,765 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized gain (loss) | (43,212,056 | ) | (147,889,422 | ) | 32,116,354 | (488,635 | ) | — | (159,473,759 | ) | Realized gain (loss) | (38,462,897) | 137,542 | 331,511 | (310,105) | — | — | 1,626 | (38,302,323) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) | (36,001,604 | ) | 117,219,679 | (28,242,100 | ) | 302,617 | — | 53,278,592 | Unrealized appreciation (depreciation) | 22,982,098 | 1,108,539 | 2,437,038 | (287,422) | 64,814 | 2,405,847 | — | 28,710,914 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, end of period | $ | 1,068,436,847 | $ | 7,679,132 | $ | 515,825 | $ | — | $ | 45,223,941 | $ | 1,121,855,745 | Fair value, end of period | $ | 1,171,250,512 | $ | 138,767,120 | $ | 32,508,845 | $ | 44,651,114 | $ | 1,300,197 | $ | 41,759,922 | $ | 65,558,227 | $ | 1,495,795,937 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | ||||||||||||||||||||||||||||
Total investment income | $ | 75,648,345 | $ | 80,223,625 | $ | 123,004,632 | Total investment income | $ | 135,335,374 | $ | 71,031,068 | |||||||||||||||||||||
Net operating expenses | 45,096,749 | 80,284,347 | 50,766,815 | Net operating expenses | 76,367,540 | 39,972,665 | ||||||||||||||||||||||||||
Net investment income (loss) | 30,551,596 | (60,722 | ) | 72,237,817 | ||||||||||||||||||||||||||||
Net investment income before taxes | Net investment income before taxes | 58,967,834 | 31,058,403 | |||||||||||||||||||||||||||||
Income taxes, including excise tax expense | Income taxes, including excise tax expense | 7,495 | 70,599 | |||||||||||||||||||||||||||||
Net investment income after taxes | Net investment income after taxes | 58,960,339 | 30,987,804 | |||||||||||||||||||||||||||||
Net realized losses | (3,810,448 | ) | (158,392,548 | ) | (51,599,927 | ) | Net realized losses | (3,379,062) | (38,289,580) | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) | 32,088,004 | 53,746,145 | (48,416,941 | ) | ||||||||||||||||||||||||||||
Net unrealized appreciation | Net unrealized appreciation | 22,104,996 | 18,549,588 | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | (297,188 | ) | (10,507,183 | ) | — | Loss on extinguishment of debt | — | (3,088,728) | ||||||||||||||||||||||||
Benefit from (provision for) taxes | (340,330 | ) | 932,172 | (871,410 | ) | |||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 58,191,634 | $ | (114,282,136 | ) | $ | (28,650,461 | ) | ||||||||||||||||||||||||
Benefit from (provision) for taxes | Benefit from (provision) for taxes | (844) | 17,709 | |||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | Net increase in net assets resulting from operations | $ | 77,685,429 | $ | 8,176,793 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | ||||||||||||||||||||||
Total interest income | $ | 73,471,393 | $ | 68,398,617 | $ | 98,039,869 | Total interest income | $ | 102,439,082 | $ | 65,620,891 | |||||||||||||||
Total dividend income | 44,744 | 894,556 | 2,684,188 | Total dividend income | 8,879,156 | 2,603 | ||||||||||||||||||||
Total fee and other income | 2,116,820 | 5,168,901 | 10,648,016 | Total fee and other income | 13,020,244 | 4,080,636 | ||||||||||||||||||||
Total payment-in-kind interest income | 5,413 | 3,776,554 | 10,917,531 | Total payment-in-kind interest income | 10,996,305 | 1,326,307 | ||||||||||||||||||||
Interest income from cash | 9,975 | 1,984,997 | 715,028 | Interest income from cash | 587 | 631 | ||||||||||||||||||||
Total investment income | $ | 75,648,345 | $ | 80,223,625 | $ | 123,004,632 | Total investment income | $ | 135,335,374 | $ | 71,031,068 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | ||||||||||||||||||||||
Interest and other financing fees | $ | 26,100,941 | $ | 23,887,331 | $ | 29,261,030 | Interest and other financing fees | $ | 33,013,665 | $ | 19,812,711 | |||||||||||||||
Base Management Fee | 12,112,475 | 4,218,628 | — | |||||||||||||||||||||||
Base management fee | Base management fee | 19,516,741 | 14,317,693 | |||||||||||||||||||||||
Incentive management fees | Incentive management fees | 14,741,949 | — | |||||||||||||||||||||||
Compensation expenses | 442,238 | 37,487,461 | 16,135,739 | Compensation expenses | — | 48,381 | ||||||||||||||||||||
General and administrative expenses | 6,441,095 | 16,177,534 | 5,370,046 | General and administrative expenses | 9,095,185 | 5,793,880 | ||||||||||||||||||||
Total operating expenses | 45,096,749 | 81,770,954 | 50,766,815 | Total operating expenses | $ | 76,367,540 | $ | 39,972,665 | ||||||||||||||||||
Base management fee waived | — | (1,486,607 | ) | — | ||||||||||||||||||||||
Net operating expenses | $ | 45,096,749 | $ | 80,284,347 | $ | 50,766,815 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | ||||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | (3,798,263 | ) | $ | (130,870,385 | ) | $ | (3,683,168 | ) | Non-Control / Non-Affiliate investments | $ | 2,746,436 | $ | (38,302,323) | ||||||||||||
Affiliate investments | — | 9,939,330 | (3,979,667 | ) | Affiliate investments | (100,931) | — | |||||||||||||||||||
Control investments | — | (38,542,704 | ) | (45,205,868 | ) | |||||||||||||||||||||
Net realized losses on investments | (3,798,263 | ) | (159,473,759 | ) | (52,868,703 | ) | ||||||||||||||||||||
Net realized gains (losses) on investments | Net realized gains (losses) on investments | 2,645,505 | (38,302,323) | |||||||||||||||||||||||
Foreign currency transactions | (12,185 | ) | 1,081,211 | 1,268,776 | Foreign currency transactions | (6,024,567) | 12,743 | |||||||||||||||||||
Net realized losses | $ | (3,810,448 | ) | $ | (158,392,548 | ) | $ | (51,599,927 | ) | Net realized losses | $ | (3,379,062) | $ | (38,289,580) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | ||||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | 33,021,249 | $ | 27,025,025 | $ | (65,786,245 | ) | Non-Control / Non-Affiliate investments | $ | (11,086,729) | $ | 26,210,329 | ||||||||||||||
Affiliate investments | 71,543 | 3,197,568 | (7,356,046 | ) | Affiliate investments | 17,584,892 | 2,471,217 | |||||||||||||||||||
Control investments | — | 24,387,532 | 27,547,274 | Control investments | (3,469,066) | 29,368 | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 33,092,792 | 54,610,125 | (45,595,017 | ) | ||||||||||||||||||||||
Net unrealized appreciation on investments | Net unrealized appreciation on investments | 3,029,097 | 28,710,914 | |||||||||||||||||||||||
Credit support agreement | Credit support agreement | 1,800,000 | — | |||||||||||||||||||||||
Foreign currency transactions | (1,004,788 | ) | (863,980 | ) | (2,821,924 | ) | Foreign currency transactions | 17,275,899 | (10,161,326) | |||||||||||||||||
Net unrealized appreciation (depreciation) | $ | 32,088,004 | $ | 53,746,145 | $ | (48,416,941 | ) | |||||||||||||||||||
Net unrealized appreciation | Net unrealized appreciation | $ | 22,104,996 | $ | 18,549,588 |
January 1, 2018 through August 2, 2018 | August 3, 2018 through December 31, 2018 | Year Ended Ended December 31, 2018(1) | ||||||||||
Investment income: | ||||||||||||
Interest income | $ | 48,166,613 | $ | 20,232,004 | $ | 68,398,617 | ||||||
Dividend income | 693,779 | 200,777 | 894,556 | |||||||||
Fee and other income | 4,926,632 | 242,269 | 5,168,901 | |||||||||
Payment-in-kind interest income | 3,776,554 | — | 3,776,554 | |||||||||
Interest income from cash | 1,650,663 | 334,334 | 1,984,997 | |||||||||
Total investment income | 59,214,241 | 21,009,384 | 80,223,625 | |||||||||
Operating expenses: | ||||||||||||
Interest and other financing fees | 19,144,380 | 4,742,951 | 23,887,331 | |||||||||
Base management fee | — | 4,218,628 | 4,218,628 | |||||||||
Compensation expenses | 37,282,803 | 204,658 | 37,487,461 | |||||||||
General and administrative expenses | 14,333,177 | 1,844,357 | 16,177,534 | |||||||||
Total operating expenses | 70,760,360 | 11,010,594 | 81,770,954 | |||||||||
Base management fee waived | — | (1,486,607 | ) | (1,486,607 | ) | |||||||
Net operating expenses | 70,760,360 | 9,523,987 | 80,284,347 | |||||||||
Net investment income (loss) | (11,546,119 | ) | 11,485,397 | (60,722 | ) | |||||||
Realized and unrealized gains (losses) on investments and foreign currency transactions: | ||||||||||||
Net realized gains (losses)(2) | (162,288,479 | ) | 3,895,931 | (158,392,548 | ) | |||||||
Net unrealized appreciation (depreciation)(3) | 109,442,320 | (55,696,175 | ) | 53,746,145 | ||||||||
Net realized and unrealized losses | (52,846,159 | ) | (51,800,244 | ) | (104,646,403 | ) | ||||||
Loss on extinguishment of debt | (10,507,183 | ) | — | (10,507,183 | ) | |||||||
Benefit from (provision for) taxes | (612,990 | ) | 1,545,162 | 932,172 | ||||||||
Net decrease in net assets resulting from operations | $ | (75,512,451 | ) | $ | (38,769,685 | ) | $ | (114,282,136 | ) | |||
Net investment income (loss) per share—basic and diluted | $ | (0.24 | ) | $ | 0.22 | $ | — | |||||
Net decrease in net assets resulting from operations per share—basic and diluted | $ | (1.57 | ) | $ | (0.74 | ) | $ | (2.29 | ) | |||
Weighted average shares outstanding—basic and diluted | $ | 47,979,262 | $ | 52,615,060 | $ | 49,897,085 |
For the quarter ended: | Total companies | Percent of total investments at fair value(1) | ||
September 30, 2018(2) | — | —% | ||
December 31, 2018 | 5 | 100% | ||
March 31, 2019 | 18 | 100% | ||
June 30, 2019 | 22 | 100% | ||
September 30, 2019 | 28 | 100% | ||
December 31, 2019 | 38 | 100% |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Recurring Fee Income: | Recurring Fee Income: | |||||||||||||||||||||||||||
Amortization of loan origination fees | $ | 914,197 | $ | 1,374,049 | $ | 2,445,485 | Amortization of loan origination fees | $ | 4,620,259 | $ | 2,179,859 | $ | 914,197 | |||||||||||||||
Management, valuation and other fees | 275,510 | 427,628 | 940,361 | Management, valuation and other fees | 2,185,600 | 867,465 | 275,510 | |||||||||||||||||||||
Total Recurring Fee Income | 1,189,707 | 1,801,677 | 3,385,846 | Total Recurring Fee Income | 6,805,859 | 3,047,324 | 1,189,707 | |||||||||||||||||||||
Non-Recurring Fee Income: | Non-Recurring Fee Income: | |||||||||||||||||||||||||||
Prepayment fees | 59,617 | 1,191,943 | 2,688,814 | Prepayment fees | 474,499 | 84,151 | 59,617 | |||||||||||||||||||||
Acceleration of unamortized loan origination fees | 694,971 | 1,932,367 | 4,202,078 | Acceleration of unamortized loan origination fees | 4,823,674 | 536,906 | 694,971 | |||||||||||||||||||||
Advisory, loan amendment and other fees | 172,525 | 242,914 | 371,278 | Advisory, loan amendment and other fees | 916,212 | 412,255 | 172,525 | |||||||||||||||||||||
Total Non-Recurring Fee Income | 927,113 | 3,367,224 | 7,262,170 | Total Non-Recurring Fee Income | 6,214,385 | 1,033,312 | 927,113 | |||||||||||||||||||||
Total Fee Income | $ | 2,116,820 | $ | 5,168,901 | $ | 10,648,016 | Total Fee Income | $ | 13,020,244 | $ | 4,080,636 | $ | 2,116,820 |
Portfolio Company | Investment Type | December 31, 2019 | ||
Anju Software, Inc.(1) | Delayed Draw Term Loan | $ | 1,981,371 | |
Arch Global Precision, LLC | Delayed Draw Term Loan | 1,012,661 | ||
Armstrong Transport Group (Pele Buyer, LLC)(1) | Delayed Draw Term Loan | 712,567 | ||
Campaign Monitor (UK) Limited(1) | Delayed Draw Term Loan | 1,859,111 | ||
Contabo Finco S.À R.L (2) | EUR Capex Term Loan | 1,013,849 | ||
Dart Buyer, Inc. | Delayed Draw Term Loan | 4,294,503 | ||
Heartland, LLC | Delayed Draw Term Loan | 8,729,695 | ||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(3) | Accordion Facility | 2,605,531 | ||
Jocassee Partners LLC | Joint Venture | 40,000,000 | ||
Kene Acquisition, Inc. | Delayed Draw Term Loan | 1,076,427 | ||
LAC Intermediate, LLC(1) | Delayed Draw Term Loan | 4,367,284 | ||
Options Technology Ltd. | Delayed Draw Term Loan | 2,918,447 | ||
Premier Technical Services Group(4) | Acquisition Facility | 1,297,915 | ||
Process Equipment, Inc.(1) | Delayed Draw Term Loan | 654,493 | ||
Professional Datasolutions, Inc. (PDI)(1) | Delayed Draw Term Loan | 1,666,994 | ||
PSC UK Pty Ltd.(5) | GBP Acquisition Facility | 1,010,706 | ||
Smile Brands Group, Inc.(1) | Delayed Draw Term Loan | 927,046 | ||
Springbrook Software (SBRK Intermediate, Inc.) | Delayed Draw Term Loan | 3,896,663 | ||
The Hilb Group, LLC | Delayed Draw Term Loan | 2,904,066 | ||
Transportation Insight, LLC | Delayed Draw Term Loan | 2,464,230 | ||
Truck-Lite Co., LLC | Delayed Draw Term Loan | 3,205,128 | ||
Validity Inc.(1) | Delayed Draw Term Loan | 898,298 | ||
Total unused commitments to extend financing | $ | 89,496,985 |
December 31, 2021 | ||||||||
$ | 1,178,571 | |||||||
110,119 | ||||||||
Air Comm Corporation, LLC(1) | Delayed Draw Term Loan | 10,801 | ||||||||||||
Air Comm Corporation, LLC(1) | Delayed Draw Term Loan | 1,448,107 | ||||||||||||
Amtech Software(1)(2) | Delayed Draw Term Loan | 2,727,273 | ||||||||||||
Amtech Software(1)(2) | Revolver | 681,818 | ||||||||||||
AnalytiChem Holding GmbH(1)(2)(3) | Delayed Draw Term Loan | 6,207,333 | ||||||||||||
Aquavista Watersides 2 LTD(1)(4) | Bridge Revolver | 503,472 | ||||||||||||
Aquavista Watersides 2 LTD(1)(4) | Acquisition Facility | 3,146,698 | ||||||||||||
Arch Global Precision, LLC(1) | Delayed Draw Term Loan | — | ||||||||||||
Astra Bidco Limited(1)(2)(4) | Delayed Draw Term Loan | 2,571,405 | ||||||||||||
Avance Clinical Bidco Pty Ltd(1)(5) | 3,497,352 | |||||||||||||
Azalea Buyer, Inc.(1)(2) | Delayed Draw Term Loan | 961,538 | ||||||||||||
Azalea Buyer, Inc.(1)(2) | Revolver | 480,769 | ||||||||||||
Bariacum S.A(1)(3) | Acquisition Facility | 2,160,679 | ||||||||||||
Portfolio Company | Investment Type | December 31, | ||||||||||||
Beyond Risk Management, Inc.(1)(2) | Delayed Draw Term Loan | 2,573,333 | ||||||||||||
BigHand UK Bidco Limited(1)(2)(4) | Acquisition Facility | 378,348 | ||||||||||||
Bounteous, Inc.(1) | Delayed Draw Term Loan | 2,840,367 | ||||||||||||
Brightpay Limited(1)(2)(3) | Delayed Draw Term Loan | 431,799 | ||||||||||||
Brightpay Limited(1)(2)(3) | Delayed Draw Term Loan | 143,933 | ||||||||||||
BrightSign LLC(1) | Revolver | 1,328,991 | ||||||||||||
British Engineering Services Holdco Limited(1)(4) | Bridge Revolver | 612,525 | ||||||||||||
CAi Software, LLC(1)(2) | Revolver | 942,986 | ||||||||||||
Canadian Orthodontic Partners Corp.(1)(2)(6) | Acquisition Facility | 166,685 | ||||||||||||
Centralis Finco S.a.r.l.(1)(3) | Acquisition Facility | 460,949 | ||||||||||||
Ceres Pharma NV(1)(3) | Delayed Draw Term Loan | 2,148,974 | ||||||||||||
Classic Collision (Summit Buyer, LLC)(1) | Delayed Draw Term Loan | 392,619 | ||||||||||||
Coastal Marina Holdings, LLC(1) | PIK Tranche B Term Loan | 1,311,220 | ||||||||||||
Coastal Marina Holdings, LLC(1) | Tranche A Term Loan | 3,575,892 | ||||||||||||
Command Alkon (Project Potter Buyer, LLC)(1) | Delayed Draw Term Loan | 6,018,078 | ||||||||||||
Coyo Uprising GmbH(1)(3) | Delayed Draw Term Loan | 893,523 | ||||||||||||
Crash Champions, LLC(1)(2) | Delayed Draw Term Loan | 5,420,303 | ||||||||||||
CSL Dualcom(1)(4) | Acquisition Term Loan | 997,972 | ||||||||||||
Dart Buyer, Inc.(1)(2) | Delayed Draw Term Loan | 2,430,569 | ||||||||||||
DecksDirect, LLC(1)(2) | Revolver | 218,182 | ||||||||||||
DreamStart Bidco SAS(1)(3) | Acquisition Facility | 616,916 | ||||||||||||
Dune Group(1)(3) | Delayed Draw Term Loan | 664,587 | ||||||||||||
Dwyer Instruments, Inc.(1) | Delayed Draw Term Loan | 691,712 | ||||||||||||
Eclipse Business Capital, LLC(1) | Revolver | 11,818,182 | ||||||||||||
EMI Porta Holdco LLC(1)(2) | Delayed Draw Term Loan | 12,457,627 | ||||||||||||
EMI Porta Holdco LLC(1)(2) | Revolver | 2,966,102 | ||||||||||||
EPS NASS Parent, Inc.(1) | Delayed Draw Term Loan | 583,051 | ||||||||||||
eShipping, LLC(1)(2) | Delayed Draw Term Loan | 2,548,131 | ||||||||||||
eShipping, LLC(1)(2) | Revolver | 1,231,597 | ||||||||||||
F24 (Stairway BidCo GmbH)(1)(2)(3) | Delayed Draw Term Loan | 405,130 | ||||||||||||
Fineline Technologies, Inc.(1) | Delayed Draw Term Loan | 180,000 | ||||||||||||
FragilePak LLC(1) | Delayed Draw Term Loan | 2,354,167 | ||||||||||||
Heartland Veterinary Partners, LLC(1)(2) | Delayed Draw Term Loan | 657,143 | ||||||||||||
Heavy Construction Systems Specialists, LLC(1) | Revolver | 2,631,772 | ||||||||||||
HW Holdco, LLC (Hanley Wood LLC)(1)(2) | Delayed Draw Term Loan | 1,563,022 | ||||||||||||
IGL Holdings III Corp.(1) | Delayed Draw Term Loan | 1,217,221 | ||||||||||||
Innovad Group II BV(1)(2)(3) | Delayed Draw Term Loan | 1,824,551 | ||||||||||||
INOS 19-090 GmbH(1)(2)(3) | Acquisition Facility | 2,535,457 | ||||||||||||
Jocassee Partners LLC | Joint Venture | 20,000,000 | ||||||||||||
ITI Intermodal, Inc.(1)(2) | Delayed Draw Term Loan | 103,058 | ||||||||||||
ITI Intermodal, Inc.(1)(2) | Revolver | 124,006 | ||||||||||||
Jaguar Merger Sub Inc.(1)(2) | Delayed Draw Term Loan | 1,960,784 | ||||||||||||
Jaguar Merger Sub Inc.(1)(2) | Revolver | 490,196 | ||||||||||||
Kano Laboratories LLC(1)(2) | Delayed Draw Term Loan | 153,064 |
Portfolio Company | Investment Type | December 31, 2021 | ||||||||||||
Kano Laboratories LLC(1)(2) | Delayed Draw Term Loan | 4,543,950 | ||||||||||||
LAF International(1)(2)(3) | Acquisition Facility | 341,160 | ||||||||||||
Lambir Bidco Limited(1)(3) | Bridge Revolver | 940,651 | ||||||||||||
Lambir Bidco Limited(1)(3) | Delayed Draw Term Loan | 1,881,303 | ||||||||||||
LivTech Purchaser, Inc.(1) | Delayed Draw Term Loan | 81,977 | ||||||||||||
Marmoutier Holding B.V.(1)(3) | Delayed Draw Term Loan | 405,082 | ||||||||||||
Marmoutier Holding B.V.(1)(3) | Revolver | 162,033 | ||||||||||||
MC Group Ventures Corporation(1) | Delayed Draw Term Loan | 817,250 | ||||||||||||
Modern Star Holdings Bidco Pty Limited(1)(5) | Capex Term Loan | 1,038,302 | ||||||||||||
Murphy Midco Limited(1)(4) | Delayed Draw Term Loan | 2,617,027 | ||||||||||||
Narda Acquisitionco., Inc.(1)(2) | Revolver | 1,310,680 | ||||||||||||
Navia Benefit Solutions, Inc.(1) | Delayed Draw Term Loan | 1,260,800 | ||||||||||||
Nexus Underwriting Management Limited(1)(4) | Revolver | 103,483 | ||||||||||||
Nexus Underwriting Management Limited(1)(4) | Acquisition Facility | 540,919 | ||||||||||||
OA Buyer, Inc.(1)(2) | Revolver | 1,331,244 | ||||||||||||
OG III B.V.(1)(2)(3) | Acquisition CapEx Facility | 686,294 | ||||||||||||
Omni Intermediate Holdings, LLC(1) | Delayed Draw Term Loan | 816,892 | ||||||||||||
Omni Intermediate Holdings, LLC(1) | Delayed Draw Term Loan | 4,356,757 | ||||||||||||
OSP Hamilton Purchaser, LLC(1)(2) | Revolver | 186,567 | ||||||||||||
Pacific Health Supplies Bidco Pty Limited(1)(2)(5) | CapEx Term Loan | 1,282,566 | ||||||||||||
PDQ.Com Corporation(1)(2) | Delayed Draw Term Loan | 289,389 | ||||||||||||
PDQ.Com Corporation(1)(2) | Delayed Draw Term Loan | 10,947,692 | ||||||||||||
Polara Enterprises, L.L.C.(1)(2) | Revolver | 545,234 | ||||||||||||
Policy Services Company, LLC(1)(2) | Delayed Draw Term Loan | 6,944,079 | ||||||||||||
Premium Invest(1)(2)(3) | Acquisition Facility | 1,933,240 | ||||||||||||
Protego Bidco B.V.(1)(2)(3) | Delayed Draw Term Loan | 844,265 | ||||||||||||
QPE7 SPV1 BidCo Pty Ltd(1)(5) | Acquisition Term Loan | 373,449 | ||||||||||||
Rep Seko Merger Sub LLC(1) | Delayed Draw Term Loan | 1,454,545 | ||||||||||||
Reward Gateway (UK) Ltd(1)(2)(4) | Acquisition Facility | 1,061,336 | ||||||||||||
Riedel Beheer B.V.(1)(3) | Revolver | 229,711 | ||||||||||||
Riedel Beheer B.V.(1)(3) | Delayed Draw Term Loan | 153,141 | ||||||||||||
Scaled Agile, Inc.(1)(2) | Delayed Draw Term Loan | 416,188 | ||||||||||||
Scaled Agile, Inc.(1)(2) | Revolver | 335,821 | ||||||||||||
Security Holdings B.V.(1)(3) | Delayed Draw Term Loan | 2,274,399 | ||||||||||||
Security Holdings B.V.(1)(3) | Revolver | 1,137,200 | ||||||||||||
Smartling, Inc.(1)(2) | Delayed Draw Term Loan | 2,352,941 | ||||||||||||
Smartling, Inc.(1)(2) | Revolver | 1,176,471 | ||||||||||||
Smile Brands Group, Inc.(1)(2) | Delayed Draw Term Loan | 654,691 | ||||||||||||
Springbrook Software (SBRK Intermediate, Inc.)(1) | Delayed Draw Term Loan | 2,372,538 | ||||||||||||
SSCP Pegasus Midco Limited(1)(4) | Delayed Draw Term Loan | 5,251,478 | ||||||||||||
Superjet Buyer, LLC(1) | Revolver | 1,825,293 | ||||||||||||
Syntax Systems Ltd(1)(2) | Revolver | 568,965 | ||||||||||||
Syntax Systems Ltd(1)(2) | Delayed Draw Term Loan | 1,933,077 | ||||||||||||
Techone B.V.(1)(3) | Delayed Draw Term Loan | 1,620,901 |
Portfolio Company | Investment Type | December 31, 2021 | ||||||||||||
Techone B.V.(1)(3) | Revolver | 432,240 | ||||||||||||
Tencarva Machinery Company, LLC(1)(2) | Delayed Draw Term Loan | 885,903 | ||||||||||||
Tencarva Machinery Company, LLC(1)(2) | Revolver | 1,128,585 | ||||||||||||
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Delayed Draw Term Loan | 2,811,186 | ||||||||||||
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Revolver | 826,620 | ||||||||||||
The Hilb Group, LLC(1)(2) | Delayed Draw Term Loan | 2,773,208 | ||||||||||||
Transit Technologies LLC(1)(2) | Delayed Draw Term Loan | 1,857,017 | ||||||||||||
Truck-Lite Co., LLC(1)(2) | Delayed Draw Term Loan | 4,539,745 | ||||||||||||
Turbo Buyer, Inc.(1)(2) | Delayed Draw Term Loan | 2,070,000 | ||||||||||||
Waccamaw River(2) | Joint Venture | 11,280,000 | ||||||||||||
W2O Holdings, Inc.(1) | Delayed Draw Term Loan | 3,831,517 | ||||||||||||
Woodland Foods, Inc.(1)(2) | Revolver | 2,069,868 | ||||||||||||
Total unused commitments to extend financing | $ | 234,657,529 |
Total | 2020 | 2021-2022 | 2023-2024 | 2025-Future | ||||||||||||||||
August 2018 Credit Facility borrowings | $ | 107,200,000 | $ | 107,200,000 | $ | — | $ | — | $ | — | ||||||||||
Interest and fees on August 2018 Credit Facility(1) | 2,017,971 | 2,017,971 | — | — | — | |||||||||||||||
February 2019 Credit Facility borrowings | 245,288,419 | — | — | 245,288,419 | — | |||||||||||||||
Interest and fees on February 2019 Credit Facility(2) | 47,236,592 | 12,117,617 | 24,170,435 | 10,948,540 | — | |||||||||||||||
Debt Securitization | 318,210,176 | — | — | — | 318,210,176 | |||||||||||||||
Interest on Debt Securitization(3) | 73,452,452 | 10,102,818 | 20,150,428 | 20,178,032 | 23,021,174 | |||||||||||||||
Unused commitments to extend financing | 89,496,985 | 89,496,985 | — | — | — | |||||||||||||||
Total | $ | 882,902,595 | $ | 220,935,391 | $ | 44,320,863 | $ | 276,414,991 | $ | 341,231,350 |
Number | Exhibit | |||||||
2.1 | ||||||||
2.2 | ||||||||
2.3 | Agreement and Plan of Merger, by and among the Registrant, MVC Capital, Inc., Mustang Acquisition Sub, Inc., and Barings LLC, dated as of August 10, 2020 (Filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 11, 2020 and incorporated herein by reference). | |||||||
2.4 | Agreement and Plan of Merger, by and among the Registrant, Mercury Acquisition Sub, Inc., Sierra Income Corporation and Barings LLC, dated as of September 21, 2021 (Filed as Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 22, 2021 and incorporated herein by reference). | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 |
Number | Exhibit | |||||||
3.4 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | Form of 3.300% Notes due 2026 (incorporated by reference to Exhibit 4.6 hereto). | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
Number | Exhibit | |||||||
99.2 |
† | Management contract or compensatory plan or arrangement. | ||||
* | Filed herewith. | ||||
** | Furnished herewith. | ||||
^ | Exhibits and/or schedules to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and/or schedules to the SEC upon its request. |
BARINGS BDC, INC. | ||||||||||||||
By: | /s/ Eric Lloyd | |||||||||||||
Name: Eric Lloyd | ||||||||||||||
Title: Chief Executive Officer and Chairman |
Signature | Title | Date | |||||||||||||
/s/ Eric Lloyd | Chief Executive Officer and Chairman of the Board (Principal Executive Officer) | February | |||||||||||||
Eric Lloyd | |||||||||||||||
/s/ Ian Fowler | President | February | |||||||||||||
Ian Fowler | |||||||||||||||
/s/ Jonathan Bock | Chief Financial Officer (Principal Financial Officer) | February | |||||||||||||
Jonathan Bock | |||||||||||||||
/s/ Elizabeth A. Murray | Controller (Principal Accounting Officer) | February | |||||||||||||
Elizabeth A. Murray | |||||||||||||||
/s/ | |||||||||||||||
Director | February | ||||||||||||||
/s/ Robert C. Knapp | Director | February 23, 2022 | |||||||||||||
Robert C. Knapp | |||||||||||||||
/s/ David Mihalick | Director | February 23, 2022 | |||||||||||||
David Mihalick | |||||||||||||||
/s/ Mark F. Mulhern | Director | February | |||||||||||||
Mark F. Mulhern | |||||||||||||||
/s/ Thomas W. Okel | Director | February | |||||||||||||
Thomas W. Okel | |||||||||||||||
/s/ Jill Olmstead | Director | February | |||||||||||||
Jill Olmstead | |||||||||||||||
/s/ John A. Switzer | Director | February | |||||||||||||
John A. Switzer |
December 31, | ||||||||
2019 | 2018 | |||||||
Assets: | ||||||||
Investments at fair value: | ||||||||
Non-Control / Non-Affiliate investments (cost of $1,085,886,720 and $1,128,694,715 at December 31, 2019 and 2018, respectively) | $ | 1,066,845,054 | $ | 1,076,631,804 | ||||
Affiliate investments (cost of $10,158,270 at December 31, 2019) | 10,229,813 | — | ||||||
Short-term investments (cost of $96,568,940 and $45,223,941 at December 31, 2019 and 2018, respectively) | 96,568,940 | 45,223,941 | ||||||
Total investments at fair value | 1,173,643,807 | 1,121,855,745 | ||||||
Cash | 21,991,565 | 12,426,982 | ||||||
Interest and fees receivable | 5,265,980 | 6,008,700 | ||||||
Prepaid expenses and other assets | 1,112,559 | 4,123,742 | ||||||
Deferred financing fees | 5,366,119 | 251,908 | ||||||
Receivable from unsettled transactions | 45,254,808 | 22,909,998 | ||||||
Total assets | $ | 1,252,634,838 | $ | 1,167,577,075 | ||||
Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 5,191,552 | $ | 5,327,249 | ||||
Interest payable | 2,491,534 | 749,525 | ||||||
Payable from unsettled transactions | 4,924,150 | 28,533,014 | ||||||
Borrowings under credit facilities | 352,488,419 | 570,000,000 | ||||||
Debt securitization | 316,664,474 | — | ||||||
Total liabilities | 681,760,129 | 604,609,788 | ||||||
Commitments and contingencies (Note 10) | ||||||||
Net Assets: | ||||||||
Common stock, $0.001 par value per share (150,000,000 shares authorized, 48,950,803 and 51,284,064 shares issued and outstanding as of December 31, 2019 and 2018, respectively) | 48,951 | 51,284 | ||||||
Additional paid-in capital | 853,766,370 | 884,894,249 | ||||||
Total distributable earnings (loss) | (282,940,612 | ) | (321,978,246 | ) | ||||
Total net assets | 570,874,709 | 562,967,287 | ||||||
Total liabilities and net assets | $ | 1,252,634,838 | $ | 1,167,577,075 | ||||
Net asset value per share | $ | 11.66 | $ | 10.98 |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Assets: | ||||||||||||||
Investments at fair value: | ||||||||||||||
Non-Control / Non-Affiliate investments (cost of $1,494,030,725 and $1,318,614,617 as of December 31, 2021 and 2020, respectively) | $ | 1,490,112,663 | $ | 1,325,783,281 | ||||||||||
Affiliate investments (cost of $267,966,911 and $76,055,873 as of December 31, 2021 and December 31, 2020, respectively) | 288,068,788 | 78,598,633 | ||||||||||||
Control investments (cost of $25,826,428 and $25,826,428 as of December 31, 2021 and 2020, respectively) | 22,412,501 | 25,855,796 | ||||||||||||
Short-term investments (cost of $0 and $65,558,227 as of December 31, 2021 and 2020, respectively) | — | 65,558,227 | ||||||||||||
Total investments at fair value | 1,800,593,952 | 1,495,795,937 | ||||||||||||
Cash (restricted cash of $0 and $3,488,336 at December 31, 2021 and 2020, respectively) | 49,987,222 | 62,651,340 | ||||||||||||
Foreign currencies (cost of $34,068,609 and $29,555,465 as of December 31, 2021 and December 31, 2020, respectively) | 34,266,378 | 29,836,121 | ||||||||||||
Interest and fees receivable | 33,644,942 | 21,617,843 | ||||||||||||
Prepaid expenses and other assets | 4,297,383 | 2,014,558 | ||||||||||||
Credit support agreement (cost of $13,600,000 as of both December 31, 2021 and December 31, 2020) | 15,400,000 | 13,600,000 | ||||||||||||
Deferred financing fees | 2,984,872 | 4,110,564 | ||||||||||||
Receivable from unsettled transactions | 219,731,592 | 47,412,382 | ||||||||||||
Total assets | $ | 2,160,906,341 | $ | 1,677,038,745 | ||||||||||
Liabilities: | ||||||||||||||
Accounts payable and accrued liabilities | $ | 2,340,624 | $ | 6,045,443 | ||||||||||
Interest payable | 5,704,470 | 2,219,274 | ||||||||||||
Administrative fees payable | 750,000 | 675,000 | ||||||||||||
Base management fees payable | 5,422,322 | 3,413,270 | ||||||||||||
Incentive management fees payable | 4,067,256 | — | ||||||||||||
Derivatives liabilities | 1,159,788 | 1,336,283 | ||||||||||||
Payable from unsettled transactions | 26,785,566 | 1,548,578 | ||||||||||||
Borrowings under credit facilities | 655,189,256 | 719,660,707 | ||||||||||||
Notes payable (net of deferred financing fees) | 717,556,296 | 224,335,666 | ||||||||||||
Total liabilities | 1,418,975,578 | 959,234,221 | ||||||||||||
Commitments and contingencies (Note 8) | ||||||||||||||
Net Assets: | ||||||||||||||
Common stock, $0.001 par value per share (150,000,000 shares authorized, 65,316,085 shares issued and outstanding as of both December 31, 2021 and 2020) | 65,316 | 65,316 | ||||||||||||
Additional paid-in capital | 1,027,686,768 | 1,027,707,047 | ||||||||||||
Total distributable loss | (285,821,321) | (309,967,839) | ||||||||||||
Total net assets | 741,930,763 | 717,804,524 | ||||||||||||
Total liabilities and net assets | $ | 2,160,906,341 | $ | 1,677,038,745 | ||||||||||
Net asset value per share | $ | 11.36 | $ | 10.99 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Investment income: | ||||||||||||||||||||
Interest income: | ||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | 101,467,891 | $ | 65,267,782 | $ | 72,486,107 | ||||||||||||||
Affiliate investments | 519,518 | — | — | |||||||||||||||||
Control investments | 434,908 | — | — | |||||||||||||||||
Short-term investments | 16,765 | 353,109 | 985,286 | |||||||||||||||||
Total interest income | 102,439,082 | 65,620,891 | 73,471,393 | |||||||||||||||||
Dividend income: | ||||||||||||||||||||
Non-Control / Non-Affiliate investments | 169,687 | 2,603 | 44,744 | |||||||||||||||||
Affiliate investments | 8,709,469 | — | — | |||||||||||||||||
Total dividend income | 8,879,156 | 2,603 | 44,744 | |||||||||||||||||
Fee and other income: | ||||||||||||||||||||
Non-Control / Non-Affiliate investments | 12,337,365 | 4,075,344 | 2,116,820 | |||||||||||||||||
Affiliate investments | 40,270 | — | — | |||||||||||||||||
Control investments | 642,609 | 5,292 | — | |||||||||||||||||
Total fee and other income | 13,020,244 | 4,080,636 | 2,116,820 | |||||||||||||||||
Payment-in-kind interest income: | ||||||||||||||||||||
Non-Control / Non-Affiliate investments | 9,951,959 | 1,304,986 | 5,413 | |||||||||||||||||
Affiliate investments | 1,044,346 | 11,789 | — | |||||||||||||||||
Control investments | — | 9,532 | — | |||||||||||||||||
Total payment-in-kind interest income | 10,996,305 | 1,326,307 | 5,413 | |||||||||||||||||
Interest income from cash | 587 | 631 | 9,975 | |||||||||||||||||
Total investment income | 135,335,374 | 71,031,068 | 75,648,345 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Interest and other financing fees | 33,013,665 | 19,812,711 | 26,100,941 | |||||||||||||||||
Base management fee (Note 2) | 19,516,741 | 14,317,693 | 12,112,475 | |||||||||||||||||
Incentive management fees (Note 2) | 14,741,949 | — | — | |||||||||||||||||
Compensation expenses | — | 48,381 | 442,238 | |||||||||||||||||
General and administrative expenses (Note 2) | 9,095,185 | 5,793,880 | 6,441,095 | |||||||||||||||||
Total operating expenses | 76,367,540 | 39,972,665 | 45,096,749 | |||||||||||||||||
Net investment income before taxes | 58,967,834 | 31,058,403 | 30,551,596 | |||||||||||||||||
Income taxes, including excise tax expense | 7,495 | 70,599 | — | |||||||||||||||||
Net investment income after taxes | $ | 58,960,339 | $ | 30,987,804 | $ | 30,551,596 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Investment income: | ||||||||||||
Interest income: | ||||||||||||
Non-Control / Non-Affiliate investments | $ | 72,486,107 | $ | 61,223,025 | $ | 83,421,527 | ||||||
Affiliate investments | — | 5,580,051 | 13,462,551 | |||||||||
Control investments | — | 644,805 | 1,155,791 | |||||||||
Short-term investments | 985,286 | 950,736 | — | |||||||||
Total interest income | 73,471,393 | 68,398,617 | 98,039,869 | |||||||||
Dividend income: | ||||||||||||
Non-Control / Non-Affiliate investments | 44,744 | 252,369 | 2,364,569 | |||||||||
Affiliate investments | — | 642,187 | 319,619 | |||||||||
Total dividend income | 44,744 | 894,556 | 2,684,188 | |||||||||
Fee and other income: | ||||||||||||
Non-Control / Non-Affiliate investments | 2,116,820 | 4,459,511 | 9,134,573 | |||||||||
Affiliate investments | — | 601,571 | 1,106,151 | |||||||||
Control investments | — | 107,819 | 407,292 | |||||||||
Total fee and other income | 2,116,820 | 5,168,901 | 10,648,016 | |||||||||
Payment-in-kind interest income: | ||||||||||||
Non-Control / Non-Affiliate investments | 5,413 | 2,814,474 | 8,367,457 | |||||||||
Affiliate investments | — | 962,080 | 2,550,074 | |||||||||
Total payment-in-kind interest income | 5,413 | 3,776,554 | 10,917,531 | |||||||||
Interest income from cash | 9,975 | 1,984,997 | 715,028 | |||||||||
Total investment income | 75,648,345 | 80,223,625 | 123,004,632 | |||||||||
Operating expenses: | ||||||||||||
Interest and other financing fees | 26,100,941 | 23,887,331 | 29,261,030 | |||||||||
Base management fee (Note 2) | 12,112,475 | 4,218,628 | — | |||||||||
Compensation expenses | 442,238 | 37,487,461 | 16,135,739 | |||||||||
General and administrative expenses (Note 2) | 6,441,095 | 16,177,534 | 5,370,046 | |||||||||
Total operating expenses | 45,096,749 | 81,770,954 | 50,766,815 | |||||||||
Base management fee waived (Note 2) | — | (1,486,607 | ) | — | ||||||||
Net operating expenses | 45,096,749 | 80,284,347 | 50,766,815 | |||||||||
Net investment income (loss) | 30,551,596 | (60,722 | ) | 72,237,817 |
Barings BDC, Inc. Consolidated Statements of Operations - (Continued) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions: | ||||||||||||||||||||
Net realized gains (losses): | ||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | 2,746,436 | $ | (38,302,323) | $ | (3,798,263) | ||||||||||||||
Affiliate investments | (100,931) | — | — | |||||||||||||||||
Net realized gains (losses) on investments | 2,645,505 | (38,302,323) | (3,798,263) | |||||||||||||||||
Foreign currency transactions | (6,024,567) | 12,743 | (12,185) | |||||||||||||||||
Net realized losses | (3,379,062) | (38,289,580) | (3,810,448) | |||||||||||||||||
Net unrealized appreciation (depreciation): | ||||||||||||||||||||
Non-Control / Non-Affiliate investments | (11,086,729) | 26,210,329 | 33,021,249 | |||||||||||||||||
Affiliate investments | 17,584,892 | 2,471,217 | 71,543 | |||||||||||||||||
Control investments | (3,469,066) | 29,368 | — | |||||||||||||||||
Net unrealized appreciation on investments | 3,029,097 | 28,710,914 | 33,092,792 | |||||||||||||||||
Credit support agreement | 1,800,000 | — | — | |||||||||||||||||
Foreign currency transactions | 17,275,899 | (10,161,326) | (1,004,788) | |||||||||||||||||
Net unrealized appreciation | 22,104,996 | 18,549,588 | 32,088,004 | |||||||||||||||||
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions | 18,725,934 | (19,739,992) | 28,277,556 | |||||||||||||||||
Loss on extinguishment of debt | — | (3,088,728) | (297,188) | |||||||||||||||||
Benefit from (provision for) taxes | (844) | 17,709 | (340,330) | |||||||||||||||||
Net increase in net assets resulting from operations | $ | 77,685,429 | $ | 8,176,793 | $ | 58,191,634 | ||||||||||||||
Net investment income per share — basic and diluted | $ | 0.90 | $ | 0.64 | $ | 0.61 | ||||||||||||||
Net increase in net assets resulting from operations per share — basic and diluted | $ | 1.19 | $ | 0.17 | $ | 1.16 | ||||||||||||||
Dividends / distributions per share: | ||||||||||||||||||||
Total dividends / distributions | $ | 0.82 | $ | 0.65 | $ | 0.54 | ||||||||||||||
Weighted average number of shares outstanding — basic and diluted | 65,316,085 | 48,575,139 | 50,185,300 |
Barings BDC, Inc. Consolidated Statements of Operations - (Continued) | ||||||||||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions: | ||||||||||||
Net realized gains (losses): | ||||||||||||
Non-Control / Non-Affiliate investments | $ | (3,798,263 | ) | $ | (130,870,385 | ) | $ | (3,683,168 | ) | |||
Affiliate investments | — | 9,939,330 | (3,979,667 | ) | ||||||||
Control investments | — | (38,542,704 | ) | (45,205,868 | ) | |||||||
Net realized losses on investments | (3,798,263 | ) | (159,473,759 | ) | (52,868,703 | ) | ||||||
Foreign currency transactions | (12,185 | ) | 1,081,211 | 1,268,776 | ||||||||
Net realized losses | (3,810,448 | ) | (158,392,548 | ) | (51,599,927 | ) | ||||||
Net unrealized appreciation (depreciation): | ||||||||||||
Non-Control / Non-Affiliate investments | 33,021,249 | 27,025,025 | (65,786,245 | ) | ||||||||
Affiliate investments | 71,543 | 3,197,568 | (7,356,046 | ) | ||||||||
Control investments | — | 24,387,532 | 27,547,274 | |||||||||
Net unrealized appreciation (depreciation) on investments | 33,092,792 | 54,610,125 | (45,595,017 | ) | ||||||||
Foreign currency transactions | (1,004,788 | ) | (863,980 | ) | (2,821,924 | ) | ||||||
Net unrealized appreciation (depreciation) | 32,088,004 | 53,746,145 | (48,416,941 | ) | ||||||||
Net realized losses and unrealized appreciation (depreciation) on investments and foreign currency transactions | 28,277,556 | (104,646,403 | ) | (100,016,868 | ) | |||||||
Loss on extinguishment of debt | (297,188 | ) | (10,507,183 | ) | — | |||||||
Benefit from (provision for) taxes | (340,330 | ) | 932,172 | (871,410 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | $ | 58,191,634 | $ | (114,282,136 | ) | $ | (28,650,461 | ) | ||||
Net investment income (loss) per share — basic and diluted | $ | 0.61 | $ | — | $ | 1.55 | ||||||
Net increase (decrease) in net assets resulting from operations per share — basic and diluted | $ | 1.16 | $ | (2.29 | ) | $ | (0.62 | ) | ||||
Dividends / distributions per share: | ||||||||||||
Total dividends / distributions | $ | 0.54 | $ | 0.43 | $ | 1.65 | ||||||
Weighted average number of shares outstanding — basic and diluted | 50,185,300 | 49,897,085 | 46,497,977 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | ||||||||||||||||||||||||||||||
Number of Shares | Par Value | Total Net Assets | ||||||||||||||||||||||||||||||
Balance, January 1, 2019 | 51,284,064 | $ | 51,284 | $ | 884,894,249 | $ | (321,978,246) | $ | 562,967,287 | |||||||||||||||||||||||
Net investment income | — | — | — | 30,551,596 | 30,551,596 | |||||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (3,810,448) | (3,810,448) | |||||||||||||||||||||||||||
Net unrealized appreciation on investments / foreign currency transactions | — | — | — | 32,088,004 | 32,088,004 | |||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (297,188) | (297,188) | |||||||||||||||||||||||||||
Provision for taxes | — | — | — | (340,330) | (340,330) | |||||||||||||||||||||||||||
Return of capital and other tax related adjustments | — | — | (7,773,706) | 7,773,706 | — | |||||||||||||||||||||||||||
Distributions of net investment income | — | — | (26,927,706) | (26,927,706) | ||||||||||||||||||||||||||||
Purchases of shares in repurchase plan | (2,333,261) | (2,333) | (23,354,173) | — | (23,356,506) | |||||||||||||||||||||||||||
Balance, December 31, 2019 | 48,950,803 | $ | 48,951 | $ | 853,766,370 | $ | (282,940,612) | $ | 570,874,709 | |||||||||||||||||||||||
Net investment income | — | — | — | 30,987,804 | 30,987,804 | |||||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (38,289,580) | (38,289,580) | |||||||||||||||||||||||||||
Net unrealized appreciation on investments / foreign currency transactions | — | — | — | 18,549,588 | 18,549,588 | |||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (3,088,728) | (3,088,728) | |||||||||||||||||||||||||||
Provision for taxes | — | — | — | 17,709 | 17,709 | |||||||||||||||||||||||||||
Return of capital and other tax related adjustments | — | — | 3,878,798 | (3,878,798) | — | |||||||||||||||||||||||||||
Distributions of net investment income | — | (31,325,222) | (31,325,222) | |||||||||||||||||||||||||||||
Deemed contribution - CSA (See Note 2) | — | — | 13,600,000 | — | 13,600,000 | |||||||||||||||||||||||||||
Deemed contribution - from Adviser (See Note 10) | — | — | 3,254,849 | — | 3,254,849 | |||||||||||||||||||||||||||
Issuance of common stock in connection with acquisition of MVC Capital | 17,354,332 | 17,354 | 160,336,673 | — | 160,354,027 | |||||||||||||||||||||||||||
Purchase of shares in repurchase plan | (989,050) | (989) | (7,129,643) | — | (7,130,632) | |||||||||||||||||||||||||||
Balance, December 31, 2020 | 65,316,085 | $ | 65,316 | $ | 1,027,707,047 | $ | (309,967,839) | $ | 717,804,524 | |||||||||||||||||||||||
Net investment income | — | — | — | 58,960,339 | 58,960,339 | |||||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (3,379,062) | (3,379,062) | |||||||||||||||||||||||||||
Net unrealized appreciation on investments / CSA / foreign currency transactions | — | — | — | 22,104,996 | 22,104,996 | |||||||||||||||||||||||||||
Provision for taxes | — | — | — | (844) | (844) | |||||||||||||||||||||||||||
Return of capital and other tax related adjustments | — | — | 1,628,875 | (1,628,875) | — | |||||||||||||||||||||||||||
Distributions of net investment income | — | — | — | (51,910,036) | (51,910,036) | |||||||||||||||||||||||||||
Return of capital distributions | — | — | (1,649,154) | — | (1,649,154) | |||||||||||||||||||||||||||
Balance, December 31, 2021 | 65,316,085 | $ | 65,316 | $ | 1,027,686,768 | $ | (285,821,321) | $ | 741,930,763 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | |||||||||||||||||
Number of Shares | Par Value | Total Net Assets | |||||||||||||||||
Balance, January 1, 2017 | 40,401,292 | $ | 40,401 | $ | 686,835,054 | $ | (75,719,197 | ) | $ | 611,156,258 | |||||||||
Net investment income | — | — | — | 72,237,817 | 72,237,817 | ||||||||||||||
Stock-based compensation | — | — | 6,022,861 | — | 6,022,861 | ||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (51,599,927 | ) | (51,599,927 | ) | ||||||||||||
Net unrealized depreciation on investments / foreign currency transactions | — | — | — | (48,416,941 | ) | (48,416,941 | ) | ||||||||||||
Provision for taxes | — | — | — | (871,410 | ) | (871,410 | ) | ||||||||||||
Return of capital and other tax related adjustments | — | — | (689,101 | ) | 689,101 | — | |||||||||||||
Distributions of net investment income | 91,366 | 91 | 1,637,467 | (78,706,691 | ) | (77,069,133 | ) | ||||||||||||
Public offering of common stock | 7,000,000 | 7,000 | 131,989,144 | — | 131,996,144 | ||||||||||||||
Issuance of restricted stock | 360,470 | 361 | (361 | ) | — | — | |||||||||||||
Common stock withheld for payroll taxes upon vesting of restricted stock | (112,296 | ) | (112 | ) | (2,180,183 | ) | — | (2,180,295 | ) | ||||||||||
Balance, December 31, 2017 | 47,740,832 | $ | 47,741 | $ | 823,614,881 | $ | (182,387,248 | ) | $ | 641,275,374 | |||||||||
Net investment loss | — | — | — | (60,722 | ) | (60,722 | ) | ||||||||||||
Stock-based compensation | — | — | 14,229,633 | — | 14,229,633 | ||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (158,392,548 | ) | (158,392,548 | ) | ||||||||||||
Net unrealized appreciation on investments / foreign currency transactions | — | — | — | 53,746,145 | 53,746,145 | ||||||||||||||
Loss on extinguishment of debt | — | — | — | (10,507,183 | ) | (10,507,183 | ) | ||||||||||||
Income tax benefit | — | — | — | 932,172 | 932,172 | ||||||||||||||
Return of capital and other tax related adjustments | — | — | 5,085,295 | (5,085,295 | ) | — | |||||||||||||
Distributions of net investment income | — | — | (20,223,567 | ) | (20,223,567 | ) | |||||||||||||
Return of capital distributions | — | — | (850,745 | ) | — | (850,745 | ) | ||||||||||||
Issuance of shares to Adviser | 8,529,917 | 8,530 | 99,831,315 | — | 99,839,845 | ||||||||||||||
Purchase of shares in tender offer | (4,901,961 | ) | (4,902 | ) | (50,997,387 | ) | — | (51,002,289 | ) | ||||||||||
Issuance of restricted stock | 435,106 | 435 | (435 | ) | — | — | |||||||||||||
Common stock withheld for payroll taxes upon vesting of restricted stock | (519,830 | ) | (520 | ) | (6,018,308 | ) | — | (6,018,828 | ) | ||||||||||
Balance, December 31, 2018 | 51,284,064 | $ | 51,284 | $ | 884,894,249 | $ | (321,978,246 | ) | $ | 562,967,287 | |||||||||
Net investment income | — | — | — | 30,551,596 | 30,551,596 | ||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (3,810,448 | ) | (3,810,448 | ) | ||||||||||||
Net unrealized appreciation on investments / foreign currency transactions | — | — | — | 32,088,004 | 32,088,004 | ||||||||||||||
Loss on extinguishment of debt | — | — | — | (297,188 | ) | (297,188 | ) | ||||||||||||
Provision for taxes | — | — | — | (340,330 | ) | (340,330 | ) | ||||||||||||
Return of capital and other tax related adjustments | — | — | (7,773,706 | ) | 7,773,706 | — | |||||||||||||
Distributions of net investment income | — | — | — | (26,927,706 | ) | (26,927,706 | ) | ||||||||||||
Purchase of shares in repurchase plan | (2,333,261 | ) | (2,333 | ) | (23,354,173 | ) | — | (23,356,506 | ) | ||||||||||
Balance, December 31, 2019 | 48,950,803 | $ | 48,951 | $ | 853,766,370 | $ | (282,940,612 | ) | $ | 570,874,709 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net increase in net assets resulting from operations | $ | 77,685,429 | $ | 8,176,793 | $ | 58,191,634 | ||||||||||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Purchases of portfolio investments | (1,461,056,755) | (881,171,047) | (473,701,786) | |||||||||||||||||
Acquisition of MVC Capital, net of cash acquired (See Note 10) | — | (96,719,967) | — | |||||||||||||||||
Repayments received / sales of portfolio investments | 943,867,143 | 684,530,539 | 449,882,092 | |||||||||||||||||
Purchases of short-term investments | (297,560,982) | (1,182,185,606) | (913,641,727) | |||||||||||||||||
Sales of short-term investments | 363,118,408 | 1,213,197,945 | 862,296,728 | |||||||||||||||||
Loan origination and other fees received | 30,504,341 | 19,193,244 | 8,606,347 | |||||||||||||||||
Net realized (gain) loss on investments | (2,645,505) | 38,302,323 | 3,798,263 | |||||||||||||||||
Net realized (gain) loss on foreign currency transactions | 6,024,567 | (12,743) | 12,185 | |||||||||||||||||
Net unrealized appreciation on investments | (3,029,097) | (28,710,914) | (33,092,792) | |||||||||||||||||
Net unrealized appreciation of CSA | (1,800,000) | — | — | |||||||||||||||||
Net unrealized (appreciation) depreciation on foreign currency transactions | (17,275,899) | 10,161,326 | 1,004,788 | |||||||||||||||||
Payment-in-kind interest | (10,795,470) | (1,348,204) | (5,413) | |||||||||||||||||
Amortization of deferred financing fees | 1,620,170 | 1,478,364 | 1,336,181 | |||||||||||||||||
Loss on extinguishment of debt | — | 3,088,728 | 297,188 | |||||||||||||||||
Accretion of loan origination and other fees | (9,443,933) | (2,716,765) | (1,609,167) | |||||||||||||||||
Amortization / accretion of purchased loan premium / discount | (4,646,285) | (1,805,972) | (279,694) | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||
Interest and fees receivable | (14,472,228) | (4,022,690) | 747,340 | |||||||||||||||||
Prepaid expenses and other assets | (214,259) | (44,607) | 3,007,347 | |||||||||||||||||
Accounts payable and accrued liabilities | 84,463 | 3,890,759 | (159,256) | |||||||||||||||||
Interest payable | 3,483,456 | (1,411,993) | 1,805,266 | |||||||||||||||||
Net cash used in operating activities | (396,552,436) | (218,130,487) | (31,504,476) | |||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Borrowings under credit facilities | 455,731,649 | 636,707,505 | 320,777,502 | |||||||||||||||||
Repayments of credit facilities | (506,580,035) | (280,523,363) | (539,341,125) | |||||||||||||||||
Proceeds from debt securitization | — | — | 348,250,000 | |||||||||||||||||
Repayments of debt securitization | — | (318,210,176) | (30,039,824) | |||||||||||||||||
Proceeds from notes | 500,000,000 | 225,000,000 | — | |||||||||||||||||
Redemption of notes | — | (95,471,804) | — | |||||||||||||||||
Financing fees paid | (7,273,849) | (773,952) | (8,293,282) | |||||||||||||||||
Net proceeds related to issuance of common stock for MVC acquisition | — | 160,354,027 | — | |||||||||||||||||
Purchases of shares in repurchase plan | — | (7,130,632) | (23,356,506) | |||||||||||||||||
Cash dividends / distributions paid | (53,559,190) | (31,325,222) | (26,927,706) | |||||||||||||||||
Net cash provided by financing activities | 388,318,575 | 288,626,383 | 41,069,059 | |||||||||||||||||
Net increase (decrease) in cash and foreign currencies | (8,233,861) | 70,495,896 | 9,564,583 | |||||||||||||||||
Cash and foreign currencies, beginning of year | 92,487,461 | 21,991,565 | 12,426,982 | |||||||||||||||||
Cash and foreign currencies, end of year | $ | 84,253,600 | $ | 92,487,461 | $ | 21,991,565 | ||||||||||||||
Supplemental Information: | ||||||||||||||||||||
Cash paid for interest | $ | 27,203,144 | $ | 16,697,097 | $ | 20,063,847 | ||||||||||||||
Excise taxes paid during the period | $ | 70,533 | $ | 85,505 | $ | — |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 58,191,634 | $ | (114,282,136 | ) | $ | (28,650,461 | ) | ||||
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 | (473,701,786 | ) | (1,553,937,707 | ) | (483,743,398 | ) | ||||||
Repayments received / sales of portfolio investments | 449,882,092 | 606,803,725 | 403,678,672 | |||||||||
Proceeds from sale of portfolio to Asset Buyer | — | 793,281,722 | — | |||||||||
Purchases of short-term investments | (913,641,727 | ) | (1,363,333,538 | ) | — | |||||||
Sales of short-term investments | 862,296,728 | 1,318,109,597 | — | |||||||||
Loan origination and other fees received | 8,606,347 | 4,105,796 | 7,294,015 | |||||||||
Net realized loss on investments | 3,798,263 | 159,473,759 | 52,868,703 | |||||||||
Net realized gain (loss) on foreign currency transactions | 12,185 | (1,081,211 | ) | (1,268,776 | ) | |||||||
Net unrealized (appreciation) depreciation on investments | (33,092,792 | ) | (53,278,592 | ) | 46,317,189 | |||||||
Net unrealized depreciation on foreign currency transactions | 1,004,788 | 863,980 | 2,821,924 | |||||||||
Payment-in-kind interest accrued, net of payments received | (5,413 | ) | 120,933 | 2,021,987 | ||||||||
Amortization of deferred financing fees | 1,336,181 | 1,758,226 | 2,514,459 | |||||||||
Loss on extinguishment of debt | 297,188 | 10,507,183 | — | |||||||||
Loss on disposal of property and equipment | — | 22,236 | — | |||||||||
Accretion of loan origination and other fees | (1,609,167 | ) | (3,306,421 | ) | (6,337,441 | ) | ||||||
Amortization / accretion of purchased loan premium / discount | (279,694 | ) | (197,715 | ) | (476,892 | ) | ||||||
Depreciation expense | — | 27,414 | 65,857 | |||||||||
Stock-based compensation | — | 14,229,633 | 6,022,861 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Interest and fees receivable | 747,340 | (5,991,755 | ) | 2,382,901 | ||||||||
Prepaid expenses and other assets | 3,007,347 | (2,268,881 | ) | (195,291 | ) | |||||||
Accounts payable and accrued liabilities | (159,256 | ) | (6,665,600 | ) | 2,650,212 | |||||||
Interest payable | 1,805,266 | (3,247,955 | ) | 540 | ||||||||
Net cash provided by (used in) operating activities | (31,504,476 | ) | (198,287,307 | ) | 7,967,061 | |||||||
Cash flows from investing activities: | ||||||||||||
Purchases of property and equipment | — | — | (40,512 | ) | ||||||||
Proceeds from sales of property and equipment | — | 31,499 | — | |||||||||
Net cash provided by (used in) investing activities | — | 31,499 | (40,512 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||
Repayments of SBA-guaranteed debentures payable | — | (250,000,000 | ) | — | ||||||||
Borrowings under credit facilities | 320,777,502 | 574,100,000 | 141,700,000 | |||||||||
Repayments of credit facilities | (539,341,125 | ) | (159,953,253 | ) | (114,194,139 | ) | ||||||
Proceeds from debt securitization | 348,250,000 | — | — | |||||||||
Repayments of debt securitization | (30,039,824 | ) | — | — | ||||||||
Redemption of notes | — | (166,750,000 | ) | — | ||||||||
Financing fees paid | (8,293,282 | ) | (308,070 | ) | (3,417,092 | ) | ||||||
Net proceeds related to issuance of common stock | — | 99,839,845 | 131,996,144 | |||||||||
Purchases of shares in repurchase plan | (23,356,506 | ) | — | — | ||||||||
Common stock withheld for taxes upon vesting of restricted stock | — | (6,018,828 | ) | (2,180,295 | ) | |||||||
Cash dividends / distributions paid | (26,927,706 | ) | (21,074,312 | ) | (77,069,133 | ) | ||||||
Purchase of common stock in tender offer | — | (51,002,289 | ) | — | ||||||||
Net cash provided by financing activities | 41,069,059 | 18,833,093 | 76,835,485 | |||||||||
Net increase (decrease) in cash | 9,564,583 | (179,422,715 | ) | 84,762,034 | ||||||||
Cash, beginning of year | 12,426,982 | 191,849,697 | 107,087,663 | |||||||||
Cash, end of year | $ | 21,991,565 | $ | 12,426,982 | $ | 191,849,697 | ||||||
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for interest | $ | 20,063,847 | $ | 23,630,783 | $ | 25,587,590 | ||||||
Summary of non-cash financing transactions: | ||||||||||||
Dividends paid through DRIP share issuances | $ | — | $ | — | $ | 1,637,558 |
Barings BDC, Inc. Consolidated Schedule of Investments December 31, 2019 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Non–Control / Non–Affiliate Investments: | ||||||||||||||||
1WorldSync, Inc. (3.9%)*(5) (7) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 7.25%, 9.2% Cash, Acquired 07/19, Due 07/25) | $ | 22,445,913 | $ | 22,024,832 | $ | 22,000,839 | ||||||||
22,445,913 | 22,024,832 | 22,000,839 | ||||||||||||||
24 Hour Fitness Worldwide, Inc. (0.6%)*(4) (6) | Leisure Facilities | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 05/25) | 4,612,441 | 4,652,772 | 3,475,889 | |||||||||||
4,612,441 | 4,652,772 | 3,475,889 | ||||||||||||||
Accelerate Learning, Inc. (1.3%)*(5) (7) | Education Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 12/18, Due 12/24) | 7,567,964 | 7,438,417 | 7,271,525 | |||||||||||
7,567,964 | 7,438,417 | 7,271,525 | ||||||||||||||
Accurus Aerospace Corporation (4.1%)*(5) (7) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 10/18, Due 10/24) | 24,750,000 | 24,442,153 | 23,423,629 | |||||||||||
24,750,000 | 24,442,153 | 23,423,629 | ||||||||||||||
Acrisure, LLC (0.9%)*(6) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.2% Cash, Acquired 08/18, Due 11/23) | 4,961,929 | 4,986,542 | 4,968,131 | |||||||||||
4,961,929 | 4,986,542 | 4,968,131 | ||||||||||||||
ADMI Corp. (0.6%)*(6) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 08/18, Due 04/25) | 3,447,500 | 3,458,266 | 3,449,672 | |||||||||||
3,447,500 | 3,458,266 | 3,449,672 | ||||||||||||||
Aftermath Bidco Corporation (2.1%)*(5) (7) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.8% Cash, Acquired 04/19, Due 04/25) | 12,259,030 | 12,010,502 | 12,016,813 | |||||||||||
12,259,030 | 12,010,502 | 12,016,813 | ||||||||||||||
AlixPartners LLP (0.9%)*(6) | Investment Banking & Brokerage | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 04/24) | 4,961,735 | 4,980,608 | 4,985,005 | |||||||||||
4,961,735 | 4,980,608 | 4,985,005 | ||||||||||||||
Alliant Holdings LP (0.9%)*(6) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 05/25) | 4,922,531 | 4,929,349 | 4,919,775 | |||||||||||
4,922,531 | 4,929,349 | 4,919,775 | ||||||||||||||
American Dental Partners, Inc. (1.7%)*(5) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.2% Cash, Acquired 11/18, Due 03/23) | 9,900,000 | 9,880,958 | 9,751,500 | |||||||||||
9,900,000 | 9,880,958 | 9,751,500 | ||||||||||||||
American Scaffold, Inc. (1.7%)*(5) (7) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 09/19, Due 09/25) | 9,784,844 | 9,574,185 | 9,576,821 | |||||||||||
9,784,844 | 9,574,185 | 9,576,821 | ||||||||||||||
�� | ||||||||||||||||
Anju Software, Inc. (2.4%)*(5) (7) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.4% Cash, Acquired 02/19, Due 02/25) | 13,820,065 | 13,505,384 | 13,485,435 | |||||||||||
13,820,065 | 13,505,384 | 13,485,435 | ||||||||||||||
Apex Tool Group, LLC (1.2%)*(4) (6) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 08/18, Due 08/24) | 7,145,435 | 7,014,166 | 7,032,680 | |||||||||||
7,145,435 | 7,014,166 | 7,032,680 | ||||||||||||||
Applied Systems Inc. (0.9%)*(6) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 09/19, Due 09/24) | 4,963,321 | 4,993,617 | 4,978,360 | |||||||||||
4,963,321 | 4,993,617 | 4,978,360 | ||||||||||||||
AQA Acquisition Holding, Inc. (f/k/a SmartBear) (0.9%)*(5) (7) | High Tech Industries | Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 10.1% Cash, Acquired 10/18, Due 05/24) | 4,959,088 | 4,857,998 | 4,859,316 | |||||||||||
4,959,088 | 4,857,998 | 4,859,316 | ||||||||||||||
Arch Global Precision LLC (1.4%)*(5) (7) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.6% Cash, Acquired 04/19, Due 04/26) | 8,285,058 | 8,160,532 | 8,202,739 | |||||||||||
8,285,058 | 8,160,532 | 8,202,739 | ||||||||||||||
Armstrong Transport Group (Pele Buyer, LLC ) (0.8%)*(5) (7) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.5% Cash, Acquired 06/19, Due 06/24) | 4,679,427 | 4,581,840 | 4,575,617 | |||||||||||
4,679,427 | 4,581,840 | 4,575,617 | ||||||||||||||
Ascend Learning, LLC (0.9%)*(6) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 07/24) | 4,961,928 | 4,971,130 | 4,989,864 | |||||||||||
4,961,928 | 4,971,130 | 4,989,864 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Non–Control / Non–Affiliate Investments: | |||||||||||||||||||||||||||||||||||
1WorldSync, Inc. (2.2%)*(7) (8) (10) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25) | $ | 16,434,014 | $ | 16,184,672 | $ | 16,434,014 | |||||||||||||||||||||||||||
16,434,014 | 16,184,672 | 16,434,014 | |||||||||||||||||||||||||||||||||
Accelerate Learning, Inc. (1.0%)*(7) (8) (10) | Education Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24) | 7,567,965 | 7,485,604 | 7,429,314 | ||||||||||||||||||||||||||||||
7,567,965 | 7,485,604 | 7,429,314 | |||||||||||||||||||||||||||||||||
Acclime Holdings HK Limited (0.2%)*(3) (7) (8) (10) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27) | 1,211,310 | 1,137,872 | 1,146,517 | ||||||||||||||||||||||||||||||
1,211,310 | 1,137,872 | 1,146,517 | |||||||||||||||||||||||||||||||||
Accurus Aerospace Corporation (3.2%)*(7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.50% PIK, Acquired 10/18, Due 10/24) | 24,873,702 | 24,684,100 | 24,015,559 | ||||||||||||||||||||||||||||||
24,873,702 | 24,684,100 | 24,015,559 | |||||||||||||||||||||||||||||||||
ADB Safegate (0.7%)*(3) (8) (10) | Aerospace & Defense | Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 07/25) | 5,500,000 | 5,091,328 | 5,105,815 | ||||||||||||||||||||||||||||||
5,500,000 | 5,091,328 | 5,105,815 | |||||||||||||||||||||||||||||||||
Advantage Software Company (The), LLC (0.0%)*(7) | Advertising, Printing & Publishing | Class A1 Partnership Units (8,717.76 units, Acquired 12/21) | 280,379 | 280,379 | |||||||||||||||||||||||||||||||
Class A2 Partnership Units (2,248.46 units, Acquired 12/21) | 72,350 | 72,350 | |||||||||||||||||||||||||||||||||
Class B1 Partnership Units (8,717.76 units, Acquired 12/21) | 9,006 | 9,006 | |||||||||||||||||||||||||||||||||
Class B2 Partnership Units (2,248.46 units, Acquired 12/21) | 2,322 | 2,322 | |||||||||||||||||||||||||||||||||
364,057 | 364,057 | ||||||||||||||||||||||||||||||||||
Aftermath Bidco Corporation (1.3%)* (7) (8) (10) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25) | 9,425,284 | 9,298,664 | 9,302,756 | ||||||||||||||||||||||||||||||
9,425,284 | 9,298,664 | 9,302,756 | |||||||||||||||||||||||||||||||||
Air Canada 2020-2 Class B Pass Through Trust (0.9%)* | Airlines | Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25) | 6,170,321 | 6,170,321 | 6,822,282 | ||||||||||||||||||||||||||||||
6,170,321 | 6,170,321 | 6,822,282 | |||||||||||||||||||||||||||||||||
Air Comm Corporation, LLC (1.5%)* (7) (8) (10) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27) | 11,539,605 | 11,265,477 | 11,279,635 | ||||||||||||||||||||||||||||||
11,539,605 | 11,265,477 | 11,279,635 | |||||||||||||||||||||||||||||||||
AIT Worldwide Logistics Holdings, Inc. (1.0%)*(7) | Transportation Services | Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/29)(8) (10) | 6,460,345 | 6,324,652 | 6,460,345 | ||||||||||||||||||||||||||||||
Partnership Units (348.68 units, Acquired 04/21) | 348,678 | 688,918 | |||||||||||||||||||||||||||||||||
6,460,345 | 6,673,330 | 7,149,263 | |||||||||||||||||||||||||||||||||
Alpine US Bidco LLC (2.4%)*(7) (8) (10) | Agricultural Products | Second Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29) | 18,156,509 | 17,642,081 | 17,974,944 | ||||||||||||||||||||||||||||||
18,156,509 | 17,642,081 | 17,974,944 | |||||||||||||||||||||||||||||||||
Amtech LLC (0.5%)*(7) (8) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(9) | 4,090,909 | 3,957,893 | 3,954,545 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(10) | (13,268) | (13,636) | |||||||||||||||||||||||||||||||||
4,090,909 | 3,944,625 | 3,940,909 | |||||||||||||||||||||||||||||||||
Anagram Holdings, LLC (2.2%)*(3) | Chemicals, Plastics, & Rubber | First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25) | 14,395,213 | 13,459,291 | 16,050,670 | ||||||||||||||||||||||||||||||
14,395,213 | 13,459,291 | 16,050,670 | |||||||||||||||||||||||||||||||||
AnalytiChem Holding Gmbh (0.3%)* (3) (7) (8) (14) | Chemicals | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28) | 2,800,958 | 2,580,095 | 2,575,751 | ||||||||||||||||||||||||||||||
2,800,958 | 2,580,095 | 2,575,751 | |||||||||||||||||||||||||||||||||
Anju Software, Inc. (1.8%)*(7) (8) (9) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 02/19, Due 02/25) | 13,527,812 | 13,355,243 | 13,284,312 | ||||||||||||||||||||||||||||||
13,527,812 | 13,355,243 | 13,284,312 | |||||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2019 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Ascensus Specialties, LLC (1.4%)*(5) (7) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.4% Cash, Acquired 09/19, Due 09/26) | $ | 8,092,810 | $ | 8,014,212 | $ | 8,023,386 | ||||||||
8,092,810 | 8,014,212 | 8,023,386 | ||||||||||||||
ASPEQ Heating Group LLC (1.8%)*(5) (7) | Building Products, Air and Heating | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 11/19, Due 11/25) | 10,535,858 | 10,381,002 | 10,403,101 | |||||||||||
10,535,858 | 10,381,002 | 10,403,101 | ||||||||||||||
AssuredPartners Capital, Inc. (0.9%)*(6) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 10/24) | 4,957,568 | 4,966,915 | 4,968,722 | |||||||||||
4,957,568 | 4,966,915 | 4,968,722 | ||||||||||||||
Auxi International (1.0%)*(3) (5) (7) | Commercial Finance | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/19, Due 12/26) | 5,578,822 | 5,359,131 | 5,429,359 | |||||||||||
5,578,822 | 5,359,131 | 5,429,359 | ||||||||||||||
Avantor, Inc. (0.3%)*(3) (6) | Health Care Equipment | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 11/24) | 1,477,017 | 1,494,467 | 1,489,320 | |||||||||||
1,477,017 | 1,494,467 | 1,489,320 | ||||||||||||||
Aveanna Healthcare Holdings, Inc. (0.8%)*(6) | Health Care Facilities | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 10/18, Due 03/24) | 1,473,559 | 1,457,678 | 1,415,545 | |||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 10/18, Due 03/24) | 3,529,748 | 3,530,607 | 3,400,700 | |||||||||||||
5,003,307 | 4,988,285 | 4,816,245 | ||||||||||||||
AVSC Holding Corp. (1.4%)*(4) (5) (6) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.1% Cash, Acquired 08/18, Due 03/25) | 7,879,699 | 7,843,898 | 7,840,301 | |||||||||||
7,879,699 | 7,843,898 | 7,840,301 | ||||||||||||||
Bausch Health Companies Inc. (0.8%)*(3) (6) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.7% Cash, Acquired 08/18, Due 05/25) | 4,581,718 | 4,600,701 | 4,604,627 | |||||||||||
4,581,718 | 4,600,701 | 4,604,627 | ||||||||||||||
BDP International, Inc. (f/k/a BDP Buyer, LLC) (4.3%)*(5) (7) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 12/18, Due 12/24) | 24,750,000 | 24,326,180 | 24,449,263 | |||||||||||
24,750,000 | 24,326,180 | 24,449,263 | ||||||||||||||
Benify (Bennevis AB) (0.2%)*(3) (5) (7) | High Tech Industries | First Lien Senior Secured Term Loan (STIBOR + 5.75%, 5.85% Cash, Acquired 07/19, Due 07/26) | 1,394,029 | 1,363,957 | 1,373,219 | |||||||||||
1,394,029 | 1,363,957 | 1,373,219 | ||||||||||||||
Berlin Packaging LLC (1.5%)*(4) (5) (6) | Forest Products /Containers | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.7% Cash, Acquired 08/18, Due 11/25) | 8,372,500 | 8,389,597 | 8,297,734 | |||||||||||
8,372,500 | 8,389,597 | 8,297,734 | ||||||||||||||
Blackhawk Network Holdings Inc. (0.9%)*(6) | Data Processing & Outsourced Services | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 11/18, Due 06/25) | 4,962,217 | 4,962,217 | 4,957,056 | |||||||||||
4,962,217 | 4,962,217 | 4,957,056 | ||||||||||||||
Brown Machine Group Holdings, LLC (0.9%)*(5) (7) | Industrial Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 10/18, Due 10/24) | 5,286,022 | 5,231,847 | 5,016,305 | |||||||||||
5,286,022 | 5,231,847 | 5,016,305 | ||||||||||||||
Cadent, LLC (f/k/a Cross MediaWorks) (1.4%)*(5) (7) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 09/18, Due 09/23) | 7,866,556 | 7,806,344 | 7,827,224 | |||||||||||
7,866,556 | 7,806,344 | 7,827,224 | ||||||||||||||
Capital Automotive LLC (0.9%)*(6) | Automotive Retail | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 09/18, Due 03/24) | 4,987,277 | 4,999,916 | 4,998,199 | |||||||||||
4,987,277 | 4,999,916 | 4,998,199 | ||||||||||||||
CM Acquisitions Holdings Inc. (f/k/a Campaign Monitor (UK) Limited) (3.5%)*(5) (7) | Internet & Direct Marketing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.5% Cash, Acquired 05/19, Due 05/25) | 20,537,685 | 20,188,267 | 20,161,398 | |||||||||||
20,537,685 | 20,188,267 | 20,161,398 | ||||||||||||||
Confie Seguros Holding II Co. (0.4%)*(5) (7) | Insurance Brokerage Services | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 10.4% Cash, Acquired 10/19, Due 11/25) | 2,500,000 | 2,350,797 | 2,312,500 | |||||||||||
2,500,000 | 2,350,797 | 2,312,500 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
AP Aristotle Holdings, LLC (0.2)*(7) | Oil Field Services | Subordinated Term Loan (19.8% Cash, Acquired 12/21, Due 06/25) | $ | 1,883,461 | $ | 1,890,302 | $ | 1,853,945 | |||||||||||||||||||||||||||
1,883,461 | 1,890,302 | 1,853,945 | |||||||||||||||||||||||||||||||||
Apex Bidco Limited (0.3%)*(3) (7) | Business Equipment & Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 01/20, Due 01/27)(8) (12) | 1,973,818 | 1,868,706 | 1,969,871 | ||||||||||||||||||||||||||||||
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27) | 277,738 | 264,032 | 277,738 | ||||||||||||||||||||||||||||||||
2,251,556 | 2,132,738 | 2,247,609 | |||||||||||||||||||||||||||||||||
Aptus 1829. GmbH (0.6%)*(3) (7) | Chemicals, Plastics, & Rubber | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27)(8) (14) | 4,655,991 | 4,716,681 | 4,552,419 | ||||||||||||||||||||||||||||||
Preferred Stock (13 shares, Acquired 09/21) | 119,828 | 111,378 | |||||||||||||||||||||||||||||||||
Common Stock (48 shares, Acquired 09/21) | 11,983 | 11,434 | |||||||||||||||||||||||||||||||||
4,655,991 | 4,848,492 | 4,675,231 | |||||||||||||||||||||||||||||||||
Apus Bidco Limited (0.5%)*(3) (7) (8) (17) | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28) | 3,901,705 | 3,873,560 | 3,822,621 | ||||||||||||||||||||||||||||||
3,901,705 | 3,873,560 | 3,822,621 | |||||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. (2.7%)*(7) (8) (10) | High Tech Industries | Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29) | 20,000,000 | 19,510,261 | 20,000,000 | ||||||||||||||||||||||||||||||
20,000,000 | 19,510,261 | 20,000,000 | |||||||||||||||||||||||||||||||||
Aquavista Watersides 2 LTD (1.0%)*(3) (7) (8) (17) | Transportation Services | First Lien Senior Secured Term Loan (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28) | 6,041,660 | 5,696,275 | 5,766,009 | ||||||||||||||||||||||||||||||
Second Lien Senior Secured Term Loan (SONIA + 10.5% PIK, Acquired 12/21, Due 12/28) | 1,510,415 | 1,446,466 | 1,465,103 | ||||||||||||||||||||||||||||||||
Revolver (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/22) | (4,252) | (5,035) | |||||||||||||||||||||||||||||||||
7,552,075 | 7,138,489 | 7,226,077 | |||||||||||||||||||||||||||||||||
Arch Global Precision LLC (1.2%)*(7) (8) (10) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26) | 9,247,611 | 9,243,613 | 9,247,611 | ||||||||||||||||||||||||||||||
9,247,611 | 9,243,613 | 9,247,611 | |||||||||||||||||||||||||||||||||
Archimede (1.1%)*(3) (7) (8) (14) | Consumer Services | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27) | 8,415,278 | 8,760,514 | 8,254,959 | ||||||||||||||||||||||||||||||
8,415,278 | 8,760,514 | 8,254,959 | |||||||||||||||||||||||||||||||||
Argus Bidco Limited (0.5%)*(3) (7) (8) | High Tech Industries | First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(16) | 2,682,222 | 2,559,483 | 2,682,222 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(10) | 671,922 | 653,387 | 671,922 | ||||||||||||||||||||||||||||||||
3,354,144 | 3,212,870 | 3,354,144 | |||||||||||||||||||||||||||||||||
Armstrong Transport Group (Pele Buyer, LLC ) (0.5%)*(7) (8) (10) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) | 4,019,862 | 3,961,175 | 3,939,465 | ||||||||||||||||||||||||||||||
4,019,862 | 3,961,175 | 3,939,465 | |||||||||||||||||||||||||||||||||
ASPEQ Heating Group LLC (1.1%)* (7) (8) (9) | Building Products, Air & Heating | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25) | 8,463,895 | 8,377,060 | 8,463,895 | ||||||||||||||||||||||||||||||
8,463,895 | 8,377,060 | 8,463,895 | |||||||||||||||||||||||||||||||||
Astra Bidco Limited (0.7%)*(3) (7) (8) (16) | Healthcare | First Lien Senior Secured Term Loan (SONIA + 5.75%, 5.8% Cash, Acquired 11/21, Due 11/28) | 5,785,660 | 5,478,502 | 5,534,948 | ||||||||||||||||||||||||||||||
5,785,660 | 5,478,502 | 5,534,948 | |||||||||||||||||||||||||||||||||
Auxi International (0.3%)*(3) (7) (8) | Commercial Finance | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/19, Due 12/26)(15) | 1,592,080 | 1,520,648 | 1,439,240 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26)(17) | 907,482 | 897,284 | 820,363 | ||||||||||||||||||||||||||||||||
2,499,562 | 2,417,932 | 2,259,603 | |||||||||||||||||||||||||||||||||
Avance Clinical Bidco Pty Ltd (0.8%)*(3) (7) (8) (20) | Healthcare | First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 11/21, Due 11/27) | 6,456,649 | 6,039,823 | 6,158,029 | ||||||||||||||||||||||||||||||
6,456,649 | 6,039,823 | 6,158,029 | |||||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2019 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Contabo Finco S.À R.L (0.9%)*(3) (5) (7) | Internet Software and Services | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.75% Cash, Acquired 10/19, Due 10/26) | $ | 5,069,246 | $ | 4,853,087 | $ | 4,900,448 | ||||||||
5,069,246 | 4,853,087 | 4,900,448 | ||||||||||||||
Container Store Group, Inc., (The) (0.5%)*(6) (7) | Retail | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.8% Cash, Acquired 09/18, Due 09/23) | 2,929,197 | 2,931,249 | 2,753,445 | |||||||||||
2,929,197 | 2,931,249 | 2,753,445 | ||||||||||||||
Core & Main LP (0.7%)*(6) | Building Products | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 08/24) | 3,979,695 | 3,995,692 | 3,978,024 | |||||||||||
3,979,695 | 3,995,692 | 3,978,024 | ||||||||||||||
CPG Intermediate LLC (0.4%)*(6) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 11/24) | 2,110,623 | 2,112,734 | 2,122,506 | |||||||||||
2,110,623 | 2,112,734 | 2,122,506 | ||||||||||||||
CPI International Inc. (0.8%)*(6) | Electronic Components | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 07/24) | 4,747,070 | 4,753,808 | 4,557,187 | |||||||||||
4,747,070 | 4,753,808 | 4,557,187 | ||||||||||||||
Dart Buyer, Inc. (1.8%)*(3) (5) (7) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 04/19, Due 04/25) | 10,571,782 | 10,307,197 | 10,315,912 | |||||||||||
10,571,782 | 10,307,197 | 10,315,912 | ||||||||||||||
Dimora Brands, Inc. (0.5%)*(6) | Building Products | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 08/24) | 2,941,442 | 2,944,373 | 2,919,381 | |||||||||||
2,941,442 | 2,944,373 | 2,919,381 | ||||||||||||||
Distinct Holdings, Inc. (1.3%)*(5) (7) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 04/19, Due 12/23) | 7,592,719 | 7,509,950 | 7,519,228 | |||||||||||
7,592,719 | 7,509,950 | 7,519,228 | ||||||||||||||
Duff & Phelps Corporation (1.2%)*(4) (6) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 09/18, Due 02/25) | 6,754,286 | 6,769,081 | 6,725,310 | |||||||||||
6,754,286 | 6,769,081 | 6,725,310 | ||||||||||||||
Edelman Financial Center, LLC, The (f/k/a Edelman Financial Group, Inc.) (0.9%)*(6) | Investment Banking & Brokerage | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 09/18, Due 07/25) | 4,962,406 | 4,999,143 | 4,986,176 | |||||||||||
4,962,406 | 4,999,143 | 4,986,176 | ||||||||||||||
Endo International PLC (1.3%)*(3) (4) (6) | Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.1% Cash, Acquired 09/18, Due 04/24) | 7,878,788 | 7,939,415 | 7,524,242 | |||||||||||
7,878,788 | 7,939,415 | 7,524,242 | ||||||||||||||
Exeter Property Group, LLC (2.2%)*(5) (7) | Real Estate | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.2% Cash, Acquired 02/19, Due 08/24) | 12,437,500 | 12,276,532 | 12,351,037 | |||||||||||
12,437,500 | 12,276,532 | 12,351,037 | ||||||||||||||
ExGen Renewables IV, LLC (f/k/a Exelon Corp.) (0.5%)*(3) (6) | Electric Utilities | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.9% Cash, Acquired 09/18, Due 11/24) | 2,865,257 | 2,888,576 | 2,822,278 | |||||||||||
2,865,257 | 2,888,576 | 2,822,278 | ||||||||||||||
Eyemart Express (0.6%)*(6) | Retail | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 08/24) | 3,452,217 | 3,462,081 | 3,456,463 | |||||||||||
3,452,217 | 3,462,081 | 3,456,463 | ||||||||||||||
Fieldwood Energy LLC (1.5%)*(4) (5) (6) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.2% Cash, Acquired 08/18, Due 04/22) | 10,000,000 | 10,065,208 | 8,322,200 | |||||||||||
10,000,000 | 10,065,208 | 8,322,200 | ||||||||||||||
Filtration Group Corporation (0.8%)*(6) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 03/25) | 4,774,230 | 4,804,208 | 4,788,840 | |||||||||||
4,774,230 | 4,804,208 | 4,788,840 | ||||||||||||||
Flex Acquisition Holdings, Inc. (1.7%)*(4) (5) (6) | Paper Packaging | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.3% Cash, Acquired 08/18, Due 06/25) | 9,782,731 | 9,800,160 | 9,695,077 | |||||||||||
9,782,731 | 9,800,160 | 9,695,077 | ||||||||||||||
Frazer Consultants, LLC (d/b/a Tribute Technology) (1.3%)*(5) (7) | Software Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.7% Cash, Acquired 11/19, Due 08/23) | 7,742,985 | 7,667,700 | 7,684,869 | |||||||||||
7,742,985 | 7,667,700 | 7,684,869 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
AVSC Holding Corp. (1.6%)* | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 03/25)(8) (10) | $ | 4,866,634 | $ | 4,405,273 | $ | 4,457,837 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 10/26)(8) (10) | 748,248 | 692,634 | 692,930 | ||||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26) | 5,513,525 | 5,399,114 | 6,403,959 | ||||||||||||||||||||||||||||||||
11,128,407 | 10,497,021 | 11,554,726 | |||||||||||||||||||||||||||||||||
Azalea Buyer, Inc. (0.8%)*(7) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(10) | 4,605,769 | 4,495,830 | 4,494,423 | ||||||||||||||||||||||||||||||
Subordinated Term Loan (12.0% PIK, Acquired 11/21, Due 05/28) | 1,259,615 | 1,234,657 | 1,234,423 | ||||||||||||||||||||||||||||||||
Common Stock (192,307.7 shares, Acquired 11/21) | 192,308 | 192,308 | |||||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(10) | (9,476) | (9,615) | |||||||||||||||||||||||||||||||||
5,865,384 | 5,913,319 | 5,911,539 | |||||||||||||||||||||||||||||||||
Bariacum S.A. (0.8%)*(3) (7) (8) (14) | Consumer Products | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28) | 6,482,038 | 6,236,161 | 6,244,364 | ||||||||||||||||||||||||||||||
6,482,038 | 6,236,161 | 6,244,364 | |||||||||||||||||||||||||||||||||
BDP International, Inc. (f/k/a BDP Buyer, LLC) (2.0%)*(7) (8) (9) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24) | 14,849,238 | 14,642,747 | 14,626,499 | ||||||||||||||||||||||||||||||
14,849,238 | 14,642,747 | 14,626,499 | |||||||||||||||||||||||||||||||||
Benify (Bennevis AB) (0.2%)*(3) (7) (8) (18) | High Tech Industries | First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26) | 1,286,109 | 1,222,031 | 1,286,109 | ||||||||||||||||||||||||||||||
1,286,109 | 1,222,031 | 1,286,109 | |||||||||||||||||||||||||||||||||
Beyond Risk Management, Inc. (0.3%)*(7) (8) (10) | Other Financial | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/21, Due 09/27) | 2,426,667 | 2,335,532 | 2,326,667 | ||||||||||||||||||||||||||||||
2,426,667 | 2,335,532 | 2,326,667 | |||||||||||||||||||||||||||||||||
Bidwax (1.0%)*(3) (7) (8) (14) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28) | 7,960,398 | 8,062,475 | 7,741,487 | ||||||||||||||||||||||||||||||
7,960,398 | 8,062,475 | 7,741,487 | |||||||||||||||||||||||||||||||||
BigHand UK Bidco Limited (0.1%)*(3) (7) (8) (13) | High Tech Industries | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.4% Cash, Acquired 01/21, Due 01/28) | 908,791 | 879,693 | 878,365 | ||||||||||||||||||||||||||||||
908,791 | 879,693 | 878,365 | |||||||||||||||||||||||||||||||||
Black Diamond Equipment Rentals LLC (1.5%)*(7) (25) | Equipment Rental | Second Lien Loan (12.5% Cash, Acquired 12/20, Due 06/22) | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||||||||
Warrant (4.17 units, Acquired 12/20) | 1,010,000 | 863,949 | |||||||||||||||||||||||||||||||||
10,000,000 | 11,010,000 | 10,863,949 | |||||||||||||||||||||||||||||||||
Bounteous, Inc. (0.6%)*(7) (8) (10) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27) | 4,911,434 | 4,751,788 | 4,756,398 | ||||||||||||||||||||||||||||||
4,911,434 | 4,751,788 | 4,756,398 | |||||||||||||||||||||||||||||||||
Brightline Trains Florida LLC (0.7%)*(7) | Transportation | Senior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28) | 5,000,000 | 5,000,000 | 5,005,000 | ||||||||||||||||||||||||||||||
5,000,000 | 5,000,000 | 5,005,000 | |||||||||||||||||||||||||||||||||
Brightpay Limited (0.3%)*(3) (7) (8) (14) | Technology | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28) | 1,917,970 | 1,883,003 | 1,861,862 | ||||||||||||||||||||||||||||||
1,917,970 | 1,883,003 | 1,861,862 | |||||||||||||||||||||||||||||||||
BrightSign LLC (1.9%)*(7) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27)(8) (10) | 12,811,105 | 12,686,575 | 12,682,994 | ||||||||||||||||||||||||||||||
LLC units (1,107,492.71 units, Acquired 10/21) | 1,107,493 | 1,135,180 | |||||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27)(8) (10) | (12,847) | (13,290) | |||||||||||||||||||||||||||||||||
12,811,105 | 13,781,221 | 13,804,884 | |||||||||||||||||||||||||||||||||
British Airways 2020-1 Class B Pass Through Trust (0.1%)* | Airlines | Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28) | 809,722 | 809,722 | 915,587 | ||||||||||||||||||||||||||||||
809,722 | 809,722 | 915,587 | |||||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2019 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Graftech International Ltd. (1.6%)*(3) (4) (6) (7) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 02/25) | $ | 9,013,889 | $ | 9,081,525 | $ | 8,980,087 | ||||||||
9,013,889 | 9,081,525 | 8,980,087 | ||||||||||||||
Gulf Finance, LLC (0.1%)*(4) | Oil & Gas Exploration & Production | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 10/18, Due 08/23) | 1,058,979 | 920,988 | 826,003 | |||||||||||
1,058,979 | 920,988 | 826,003 | ||||||||||||||
Harbor Freight Tools USA Inc.(1.0%)*(6) | Specialty Stores | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 08/18, Due 08/23) | 5,979,675 | 5,931,148 | 5,951,870 | |||||||||||
5,979,675 | 5,931,148 | 5,951,870 | ||||||||||||||
Hayward Industries, Inc. (1.4%)*(4) (6) | Leisure Products | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 08/24) | 8,221,922 | 8,247,578 | 8,147,924 | |||||||||||
8,221,922 | 8,247,578 | 8,147,924 | ||||||||||||||
Heartland, LLC (0.9%)*(5) (7) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 08/19, Due 08/25) | 5,504,030 | 5,260,931 | 5,280,431 | |||||||||||
5,504,030 | 5,260,931 | 5,280,431 | ||||||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (1.2%)*(3) (5) (7) | Insurance | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26) | 6,948,082 | 6,633,562 | 6,713,253 | |||||||||||
6,948,082 | 6,633,562 | 6,713,253 | ||||||||||||||
Hertz Corporation (The) (1.0%)*(3) (6) | Rental & Leasing Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.6% Cash, Acquired 09/18, Due 06/23) | 5,814,910 | 5,806,679 | 5,845,206 | |||||||||||
5,814,910 | 5,806,679 | 5,845,206 | ||||||||||||||
Holley Performance Products (Holley Purchaser, Inc.) (3.9%)*(5) (7) | Packaging | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 10/18, Due 10/25) | 22,309,650 | 22,020,784 | 22,015,260 | |||||||||||
22,309,650 | 22,020,784 | 22,015,260 | ||||||||||||||
Hub International Limited (0.9%)*(6) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.7% Cash, Acquired 08/18, Due 04/25) | 4,962,217 | 4,966,855 | 4,955,666 | |||||||||||
4,962,217 | 4,966,855 | 4,955,666 | ||||||||||||||
HW Holdco, LLC (f/k/a Hanley Wood LLC) (1.3%)*(5) (7) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 8.1% Cash, Acquired 12/18, Due 12/24) | 7,584,677 | 7,422,931 | 7,447,061 | |||||||||||
7,584,677 | 7,422,931 | 7,447,061 | ||||||||||||||
Hyland Software Inc. (0.9%)*(6) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 07/24) | 4,962,312 | 5,001,673 | 4,984,046 | |||||||||||
4,962,312 | 5,001,673 | 4,984,046 | ||||||||||||||
Hyperion Materials & Technologies, Inc. (2.4%)*(5) (7) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.3% Cash, Acquired 08/19, Due 08/26) | 13,995,753 | 13,751,206 | 13,873,283 | |||||||||||
13,995,753 | 13,751,206 | 13,873,283 | ||||||||||||||
IM Analytics Holding, LLC (d/b/a NVT) (1.6%)*(5) (7) | Electronic Instruments and Components | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 8.4% Cash, Acquired 11/19, Due 11/23) | 9,292,112 | 9,201,220 | 9,222,019 | |||||||||||
Warrant (77,265 units, Acquired 11/19) | — | — | ||||||||||||||
9,292,112 | 9,201,220 | 9,222,019 | ||||||||||||||
Immucor Inc. (0.4%)*(4) | Healthcare | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 09/18, Due 06/21) | 2,466,061 | 2,486,174 | 2,454,496 | |||||||||||
2,466,061 | 2,486,174 | 2,454,496 | ||||||||||||||
Infor Software Parent, LLC (0.9%)*(6) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.7% Cash, Acquired 08/18, Due 02/22) | 4,970,073 | 4,976,381 | 4,989,606 | |||||||||||
4,970,073 | 4,976,381 | 4,989,606 | ||||||||||||||
Institutional Shareholder Services, Inc. (0.8%)*(5) (7) | Diversified Support Services | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 10.4% Cash, Acquired 03/19, Due 03/27) | 4,951,685 | 4,816,340 | 4,840,149 | |||||||||||
4,951,685 | 4,816,340 | 4,840,149 | ||||||||||||||
Internet Brands, Inc.(f/k/a Micro Holding Corp.) (0.7%)*(6) | Entertainment | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 5.5% Cash, Acquired 08/18, Due 09/24) | 3,969,543 | 3,992,088 | 3,973,949 | |||||||||||
3,969,543 | 3,992,088 | 3,973,949 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
British Engineering Services Holdco Limited (2.1%)*(3) (7) (8) (17) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (SONIA + 6.75%, 7.0% Cash, Acquired 12/20, Due 12/27) | $ | 15,530,143 | $ | 15,080,745 | $ | 15,405,902 | |||||||||||||||||||||||||||
Revolver (SONIA + 6.75%, 7.0% Cash, Acquired 12/20, Due 06/22) | (1,565) | (4,900) | |||||||||||||||||||||||||||||||||
15,530,143 | 15,079,180 | 15,401,002 | |||||||||||||||||||||||||||||||||
Brown Machine Group Holdings, LLC (0.9%)*(7) (8) (9) | Industrial Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24) | 6,633,915 | 6,587,022 | 6,633,915 | ||||||||||||||||||||||||||||||
6,633,915 | 6,587,022 | 6,633,915 | |||||||||||||||||||||||||||||||||
Cadent, LLC (f/k/a Cross MediaWorks) (0.9%)*(7) (8) (9) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23) | 6,913,258 | 6,888,254 | 6,913,258 | ||||||||||||||||||||||||||||||
6,913,258 | 6,888,254 | 6,913,258 | |||||||||||||||||||||||||||||||||
CAi Software, LLC (1.2%)*(7) (8) (10) | Technology | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28) | 9,057,014 | 8,876,923 | 8,875,874 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28) | — | (18,723) | (18,860) | ||||||||||||||||||||||||||||||||
9,057,014 | 8,858,200 | 8,857,014 | |||||||||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp.(0.2%)*(3) (7) (8) (21) | Healthcare | First Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26) | 1,640,011 | 1,696,743 | 1,625,340 | ||||||||||||||||||||||||||||||
1,640,011 | 1,696,743 | 1,625,340 | |||||||||||||||||||||||||||||||||
Carlson Travel, Inc (1.2%)* | Business Travel Management | First Lien Senior Secured Note (8.5% Cash, Acquired 11/21, Due 11/26) | 6,050,181 | 5,654,462 | 6,161,383 | ||||||||||||||||||||||||||||||
Common Stock (94,155 shares, Acquired 11/21) | 1,655,434 | 3,083,576 | |||||||||||||||||||||||||||||||||
6,050,181 | 7,309,896 | 9,244,959 | |||||||||||||||||||||||||||||||||
Centralis Finco S.a.r.l. (0.1%)*(3) (7) (8) (14) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27) | 806,661 | 738,691 | 806,661 | ||||||||||||||||||||||||||||||
806,661 | 738,691 | 806,661 | |||||||||||||||||||||||||||||||||
Ceres Pharma NV (0.6%)*(3) (7) (8) (15) | Pharmaceuticals | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 10/21, Due 10/28) | 4,555,832 | 4,443,959 | 4,354,688 | ||||||||||||||||||||||||||||||
4,555,832 | 4,443,959 | 4,354,688 | |||||||||||||||||||||||||||||||||
Cineworld Group PLC (0.5%)*(3) | Leisure Products | Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24) | 1,786,456 | 1,591,243 | 2,127,562 | ||||||||||||||||||||||||||||||
Super Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 07/21, Due 05/24)(8) (11) | 993,503 | 960,951 | 1,054,356 | ||||||||||||||||||||||||||||||||
Warrants (553,375 units, Acquired 12/20) | 101,602 | 243,594 | |||||||||||||||||||||||||||||||||
2,779,959 | 2,653,796 | 3,425,512 | |||||||||||||||||||||||||||||||||
Classic Collision (Summit Buyer, LLC) (1.7%)*(7) (8) (10) | Auto Collision Repair Centers | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/26) | 12,586,816 | 12,383,725 | 12,448,217 | ||||||||||||||||||||||||||||||
12,586,816 | 12,383,725 | 12,448,217 | |||||||||||||||||||||||||||||||||
CM Acquisitions Holdings Inc. (2.6%)*(7) (8) (10) | Internet & Direct Marketing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25) | 19,105,620 | 18,896,879 | 19,105,620 | ||||||||||||||||||||||||||||||
19,105,620 | 18,896,879 | 19,105,620 | |||||||||||||||||||||||||||||||||
CMT Opco Holding, LLC (Concept Machine) (0.6%)*(7) | Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25)(8) (10) | 4,144,368 | 4,090,219 | 3,999,315 | ||||||||||||||||||||||||||||||
LLC Units (8,782 units, Acquired 01/20) | 351,709 | 227,366 | |||||||||||||||||||||||||||||||||
4,144,368 | 4,441,928 | 4,226,681 | |||||||||||||||||||||||||||||||||
Coastal Marina Holdings, LLC (2.4%)*(7) | Other Financial | Subordinated Term Loan (10.0% PIK, Acquired 11/21, Due 11/31) | 17,607,836 | 15,965,060 | 15,965,704 | ||||||||||||||||||||||||||||||
LLC Units (547,591 units, Acquired 11/21) | 1,642,774 | 1,642,773 | |||||||||||||||||||||||||||||||||
17,607,836 | 17,607,834 | 17,608,477 | |||||||||||||||||||||||||||||||||
Cobham Slip Rings SAS (0.6%)*(3) (7) (8) (10) | Diversified Manufacturing | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.4% Cash, Acquired 11/21, Due 11/28) | 4,303,474 | 4,199,148 | 4,195,887 | ||||||||||||||||||||||||||||||
4,303,474 | 4,199,148 | 4,195,887 | |||||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2019 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
ION Trading Technologies Ltd. (2.5%)*(3) (4) (6) | Electrical Components & Equipment | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 6.1% Cash, Acquired 08/18, Due 11/24) | $ | 14,773,869 | $ | 14,745,732 | $ | 14,145,980 | ||||||||
14,773,869 | 14,745,732 | 14,145,980 | ||||||||||||||
IRB Holding Corporation (0.7%)*(6) | Food Retail | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 08/18, Due 02/25) | 3,969,697 | 3,984,302 | 3,990,657 | |||||||||||
3,969,697 | 3,984,302 | 3,990,657 | ||||||||||||||
Jade Bidco Limited (4.2%)*(3) (5) (7) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 11/19, Due 12/26) | 20,933,517 | 20,363,170 | 20,377,010 | |||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 11/19, Due 12/26) | 3,748,582 | 3,581,938 | 3,648,928 | |||||||||||||
24,682,099 | 23,945,108 | 24,025,938 | ||||||||||||||
Jaguar Holding Company I (0.9%)*(6) | Life Sciences Tools & Services | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 08/18, Due 08/22) | 4,922,680 | 4,923,566 | 4,945,620 | |||||||||||
4,922,680 | 4,923,566 | 4,945,620 | ||||||||||||||
Kenan Advantage Group Inc. (1.1%)*(4) (5) (6) | Trucking | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 07/22) | 6,203,297 | 6,200,149 | 6,145,172 | |||||||||||
6,203,297 | 6,200,149 | 6,145,172 | ||||||||||||||
Kene Acquisition, Inc. (1.1%)*(5) (7) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.2% Cash, Acquired 08/19, Due 08/26) | 6,635,895 | 6,488,912 | 6,490,475 | |||||||||||
6,635,895 | 6,488,912 | 6,490,475 | ||||||||||||||
K-Mac Holdings Corp. (0.2%)*(6) | Restaurants | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 03/25) | 994,342 | 997,356 | 979,925 | |||||||||||
994,342 | 997,356 | 979,925 | ||||||||||||||
Kronos Inc. (1.1%)*(6) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.9% Cash, Acquired 08/18, Due 11/23) | 5,998,096 | 6,018,120 | 6,024,727 | |||||||||||
5,998,096 | 6,018,120 | 6,024,727 | ||||||||||||||
LAC Intermediate, LLC (f/k/a Lighthouse Autism Center) (1.4%)*(5) (7) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 10/18, Due 10/24) | 7,887,705 | 7,666,906 | 7,550,895 | |||||||||||
Class A LLC Units (154,320 units, Acquired 10/18) | 154,320 | 163,135 | ||||||||||||||
7,887,705 | 7,821,226 | 7,714,030 | ||||||||||||||
LTI Holdings, Inc. (1.9%)*(4) (6) | Industrial Conglomerates | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 09/18, Due 09/25) | 11,850,000 | 11,906,192 | 10,610,016 | |||||||||||
11,850,000 | 11,906,192 | 10,610,016 | ||||||||||||||
Mallinckrodt Plc (0.5%)*(3) (4) (5) (6) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.9% Cash, Acquired 08/18, Due 09/24) | 3,254,149 | 3,243,401 | 2,648,519 | |||||||||||
3,254,149 | 3,243,401 | 2,648,519 | ||||||||||||||
MB2 Dental Solutions, LLC (0.8%)*(5) (7) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 09/19, Due 09/23) | 4,723,425 | 4,670,058 | 4,671,419 | |||||||||||
4,723,425 | 4,670,058 | 4,671,419 | ||||||||||||||
Media Recovery, Inc. (0.6%)*(5) (7) | Containers, Packaging and Glass | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 11/19, Due 11/25) | 3,233,126 | 3,169,337 | 3,176,175 | |||||||||||
3,233,126 | 3,169,337 | 3,176,175 | ||||||||||||||
Men's Wearhouse, Inc. (The) (1.4%)*(4) (6) | Apparel Retail | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.9% Cash, Acquired 08/18, Due 04/25) | 9,845,114 | 9,928,392 | 7,843,307 | |||||||||||
9,845,114 | 9,928,392 | 7,843,307 | ||||||||||||||
Nautilus Power, LLC (0.6%)*(6) | Independent Power Producers & Energy Traders | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 09/18, Due 05/24) | 3,220,650 | 3,234,041 | 3,206,157 | |||||||||||
3,220,650 | 3,234,041 | 3,206,157 | ||||||||||||||
NFP Corp. (1.5%)*(4) (6) | Specialized Finance | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 01/24) | 8,564,081 | 8,562,584 | 8,521,261 | |||||||||||
8,564,081 | 8,562,584 | 8,521,261 | ||||||||||||||
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (2.1%)*(5) (7) | Energy Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 10/18, Due 10/25) | 11,994,231 | 11,943,470 | 11,870,574 | |||||||||||
11,994,231 | 11,943,470 | 11,870,574 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Command Alkon (Project Potter Buyer, LLC) (1.9%)*(7) | Software | First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27)(8) (9) | $ | 13,778,715 | $ | 13,290,020 | $ | 13,658,353 | |||||||||||||||||||||||||||
Class A Units (90.384 units, Acquired 04/20) | 90,384 | 100,961 | |||||||||||||||||||||||||||||||||
Class B Units (33,324.69 units, Acquired 04/20) | — | 185,852 | |||||||||||||||||||||||||||||||||
13,778,715 | 13,380,404 | 13,945,166 | |||||||||||||||||||||||||||||||||
Contabo Finco S.À R.L (0.8%)*(3) (7) (8) (16) | Internet Software & Services | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 11/21, Due 10/26) | 5,949,094 | 5,818,536 | 5,830,113 | ||||||||||||||||||||||||||||||
5,949,094 | 5,818,536 | 5,830,113 | |||||||||||||||||||||||||||||||||
Coyo Uprising GmbH (0.6%)*(3) (7) | Technology | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/28)(8) (14) | 4,061,503 | 4,050,409 | 3,937,732 | ||||||||||||||||||||||||||||||
Class A Units (440.0 units, Acquired 09/21) | 205,333 | 586,704 | |||||||||||||||||||||||||||||||||
Class B Units (191.0 units, Acquired 09/21) | 445,883 | 252,276 | |||||||||||||||||||||||||||||||||
4,061,503 | 4,701,625 | 4,776,712 | |||||||||||||||||||||||||||||||||
Crash Champions (1.9%)*(7) (8) (10) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25) | 14,567,197 | 14,040,003 | 13,967,572 | ||||||||||||||||||||||||||||||
14,567,197 | 14,040,003 | 13,967,572 | |||||||||||||||||||||||||||||||||
CSL DualCom (0.2%)*(3) (7) (8) (13) | Tele-communications | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27) | 1,341,450 | 1,203,183 | 1,300,964 | ||||||||||||||||||||||||||||||
1,341,450 | 1,203,183 | 1,300,964 | |||||||||||||||||||||||||||||||||
Custom Alloy Corporation (4.0%)*(7) (24) (25) | Manufacturer of Pipe Fittings & Forgings | Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22) | 45,000,185 | 37,043,142 | 27,450,113 | ||||||||||||||||||||||||||||||
Revolver (15.0% PIK, Acquired 12/20, Due 04/22) | 4,255,152 | 3,737,652 | 2,595,643 | ||||||||||||||||||||||||||||||||
49,255,337 | 40,780,794 | 30,045,756 | |||||||||||||||||||||||||||||||||
CVL 3 (1.3%)*(3) (7) (8) | Capital Equipment | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(14) | 5,913,439 | 5,724,352 | 5,765,603 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(22) | 3,382,200 | 3,297,974 | 3,297,645 | ||||||||||||||||||||||||||||||||
6-Month Bridge Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/22)(14) | 796,040 | 771,808 | 788,079 | ||||||||||||||||||||||||||||||||
10,091,679 | 9,794,134 | 9,851,327 | |||||||||||||||||||||||||||||||||
CW Group Holdings, LLC (0.4%)*(7) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(8) (10) | 2,817,419 | 2,762,181 | 2,773,516 | ||||||||||||||||||||||||||||||
LLC Units (161,290.32 units, Acquired 01/21) | 161,290 | 112,097 | |||||||||||||||||||||||||||||||||
2,817,419 | 2,923,471 | 2,885,613 | |||||||||||||||||||||||||||||||||
Dart Buyer, Inc. (1.6%)*(3) (7) (8) (10) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 04/19, Due 04/25) | 12,217,300 | 12,047,482 | 11,733,921 | ||||||||||||||||||||||||||||||
12,217,300 | 12,047,482 | 11,733,921 | |||||||||||||||||||||||||||||||||
DecksDirect, LLC (0.1%)*(7) | Building Materials | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(8) (9) | 727,273 | 712,749 | 712,727 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(8) (10) | (4,357) | (4,364) | |||||||||||||||||||||||||||||||||
LLC Units (1,280.8 units, Acquired 12/21) | 54,545 | 54,549 | |||||||||||||||||||||||||||||||||
727,273 | 762,937 | 762,912 | |||||||||||||||||||||||||||||||||
Discovery Education, Inc. (1.6%)*(7) (8) (10) | Publishing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26) | 11,815,226 | 11,625,619 | 11,815,226 | ||||||||||||||||||||||||||||||
11,815,226 | 11,625,619 | 11,815,226 | |||||||||||||||||||||||||||||||||
Distinct Holdings, Inc. (0.9%)*(7) (8) (9) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23) | 6,880,088 | 6,840,597 | 6,714,966 | ||||||||||||||||||||||||||||||
6,880,088 | 6,840,597 | 6,714,966 | |||||||||||||||||||||||||||||||||
Dragon Bidco (0.4%)*(3) (7) (8) (15) | Technology | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28) | 2,729,279 | 2,811,548 | 2,676,462 | ||||||||||||||||||||||||||||||
2,729,279 | 2,811,548 | 2,676,462 | |||||||||||||||||||||||||||||||||
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (8) (15) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/20, Due 03/27) | 2,418,426 | 2,294,573 | 2,385,347 | ||||||||||||||||||||||||||||||
2,418,426 | 2,294,573 | 2,385,347 | |||||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2019 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
NVA Holdings, Inc. (0.7%)*(6) | Health Care Facilities | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 6.5% Cash, Acquired 08/18, Due 02/25) | $ | 3,979,900 | $ | 3,973,472 | $ | 3,975,761 | ||||||||
3,979,900 | 3,973,472 | 3,975,761 | ||||||||||||||
Omaha Holdings LLC (0.9%)*(6) | Auto Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 03/24) | 4,961,929 | 4,991,732 | 4,961,929 | |||||||||||
4,961,929 | 4,991,732 | 4,961,929 | ||||||||||||||
Omnitracs, LLC (0.8%)*(6) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.7% Cash, Acquired 08/18, Due 03/25) | 4,619,141 | 4,606,867 | 4,600,387 | |||||||||||
4,619,141 | 4,606,867 | 4,600,387 | ||||||||||||||
Options Technology Ltd. (1.9%)*(3) (5) (7) | Computer Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.5% Cash, Acquired 12/19, Due 12/25) | 11,090,100 | 10,810,546 | 10,838,484 | |||||||||||
11,090,100 | 10,810,546 | 10,838,484 | ||||||||||||||
Ortho-Clinical Diagnostics Bermuda Co. Ltd. (2.0%)*(4) (6) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.3% Cash, Acquired 08/18, Due 06/25) | 11,286,170 | 11,289,852 | 11,142,722 | |||||||||||
11,286,170 | 11,289,852 | 11,142,722 | ||||||||||||||
Pare SAS (SAS Maurice MARLE) (2.4%)*(3) (5) (7) | Health Care Equipment | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 5.75% Cash, 1.0% PIK, Acquired 12/19, Due 12/26) | 13,918,994 | 13,521,804 | 13,640,614 | |||||||||||
13,918,994 | 13,521,804 | 13,640,614 | ||||||||||||||
PAREXEL International Corp. (1.1%)*(4) (6) | Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.6% Cash, Acquired 09/18, Due 09/24) | 6,680,843 | 6,655,192 | 6,544,821 | |||||||||||
6,680,843 | 6,655,192 | 6,544,821 | ||||||||||||||
Penn Engineering & Manufacturing Corp. (0.3%)*(6) | Industrial Conglomerates | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 06/24) | 1,684,725 | 1,696,539 | 1,682,619 | |||||||||||
1,684,725 | 1,696,539 | 1,682,619 | ||||||||||||||
PeroxyChem Holdings, L.P. (1.5%)*(5) (7) | Diversified Chemicals | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.1% Cash, Acquired 10/19, Due 09/24) | 8,415,118 | 8,374,666 | 8,384,879 | |||||||||||
8,415,118 | 8,374,666 | 8,384,879 | ||||||||||||||
Phoenix Services International LLC (0.5%)*(6) | Steel | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 5.5% Cash, Acquired 08/18, Due 03/25) | 2,954,887 | 2,964,982 | 2,757,885 | |||||||||||
2,954,887 | 2,964,982 | 2,757,885 | ||||||||||||||
PODS Enterprises, Inc. (0.9%)*(6) | Packaging | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 12/24) | 4,961,943 | 4,975,275 | 4,982,088 | |||||||||||
4,961,943 | 4,975,275 | 4,982,088 | ||||||||||||||
Premier Technical Services Group (0.5%)*(3) (5) (7) | Construction & Engineering | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.5% Cash, Acquired 08/19, Due 08/26) | 2,875,549 | 2,533,643 | 2,752,808 | |||||||||||
2,875,549 | 2,533,643 | 2,752,808 | ||||||||||||||
Pro Mach Inc. (1.0%)*(5) (6) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 08/18, Due 03/25) | 5,909,774 | 5,893,603 | 5,847,013 | |||||||||||
5,909,774 | 5,893,603 | 5,847,013 | ||||||||||||||
ProAmpac Intermediate Inc. (1.7%)*(4) (6) | Packaged Foods & Meats | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.4% Cash, Acquired 08/18, Due 11/23) | 9,846,482 | 9,857,895 | 9,680,372 | |||||||||||
9,846,482 | 9,857,895 | 9,680,372 | ||||||||||||||
Process Equipment, Inc. (1.1%)*(5) (7) | Industrial Air & Material Handling Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.9% Cash, Acquired 03/19, Due 03/25) | 6,762,500 | 6,635,562 | 6,546,325 | |||||||||||
6,762,500 | 6,635,562 | 6,546,325 | ||||||||||||||
Professional Datasolutions, Inc. (PDI) (4.0%)*(5) (7) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.4% Cash, Acquired 03/19, Due 10/24) | 23,158,008 | 23,120,723 | 22,879,936 | |||||||||||
23,158,008 | 23,120,723 | 22,879,936 | ||||||||||||||
PSC UK Pty Ltd. (0.6%)*(3) (5) (7) | Insurance Services | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 6.3% Cash, Acquired 11/19, Due 11/24) | 3,625,921 | 3,396,509 | 3,494,295 | |||||||||||
3,625,921 | 3,396,509 | 3,494,295 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Dune Group (0.2%)*(3) (7) (8) | Health Care Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.0% Cash, Acquired 09/21, Due 09/28)(10) | $ | 1,230,280 | $ | 1,204,767 | $ | 1,202,086 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(14) | 131,453 | 104,801 | 113,210 | ||||||||||||||||||||||||||||||||
1,361,733 | 1,309,568 | 1,315,296 | |||||||||||||||||||||||||||||||||
Dwyer Instruments, Inc. (0.6%)*(7) (8) (10) | Electric | First Lien Senior Secured Term Loan (LIBOR + 5.50%, 6.3% Cash, Acquired 07/21, Due 07/27) | 4,562,902 | 4,451,732 | 4,515,611 | ||||||||||||||||||||||||||||||
4,562,902 | 4,451,732 | 4,515,611 | |||||||||||||||||||||||||||||||||
Echo Global Logistics, Inc. (2.0%)*(7) | Air Transportation | Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 11/21, Due 11/29)(8) (10) | 14,469,027 | 14,210,471 | 14,215,819 | ||||||||||||||||||||||||||||||
Partnership Equity (530.92 units, Acquired 11/21) | 530,973 | 530,970 | |||||||||||||||||||||||||||||||||
14,469,027 | 14,741,444 | 14,746,789 | |||||||||||||||||||||||||||||||||
Ellkay, LLC (0.7%)*(7) (8) (10) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27) | 4,987,500 | 4,891,525 | 4,897,630 | ||||||||||||||||||||||||||||||
4,987,500 | 4,891,525 | 4,897,630 | |||||||||||||||||||||||||||||||||
EMI Porta Holdco LLC (1.2%)*(7) (8) (10) | Diversified Manufacturing | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) | 9,576,271 | 9,140,733 | 9,135,593 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) | (58,526) | (59,322) | |||||||||||||||||||||||||||||||||
9,576,271 | 9,082,207 | 9,076,271 | |||||||||||||||||||||||||||||||||
Entact Environmental Services, Inc. (0.8%)*(7) (8) (10) | Environmental Industries | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25) | 5,704,863 | 5,656,971 | 5,630,699 | ||||||||||||||||||||||||||||||
5,704,863 | 5,656,971 | 5,630,699 | |||||||||||||||||||||||||||||||||
EPS NASS Parent, Inc. (0.8%)*(7) (8) (10) | Electrical Components & Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28) | 5,812,941 | 5,695,455 | 5,714,871 | ||||||||||||||||||||||||||||||
5,812,941 | 5,695,455 | 5,714,871 | |||||||||||||||||||||||||||||||||
Eshipping, LLC (0.8%)*(7) (8) | Transportation Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(9) | 5,965,459 | 5,799,040 | 5,795,187 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 12/27)(10) | 254,813 | 225,848 | 225,085 | ||||||||||||||||||||||||||||||||
6,220,272 | 6,024,888 | 6,020,272 | |||||||||||||||||||||||||||||||||
F24 (Stairway BidCo Gmbh) (0.2%)*(3) (7) (8) (14) | Software Services | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 08/20, Due 08/27) | 1,620,521 | 1,648,879 | 1,620,521 | ||||||||||||||||||||||||||||||
1,620,521 | 1,648,879 | 1,620,521 | |||||||||||||||||||||||||||||||||
Ferrellgas L.P. (0.4%)*(3) (7) | Oil & Gas Equipment & Services | OpCo Preferred Units (2,886 units, Acquired 03/21) | 2,799,420 | 3,145,740 | |||||||||||||||||||||||||||||||
2,799,420 | 3,145,740 | ||||||||||||||||||||||||||||||||||
Fineline Technologies, Inc. (0.2%)*(7) (8) (10) | Consumer Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28) | 1,305,719 | 1,282,956 | 1,305,719 | ||||||||||||||||||||||||||||||
1,305,719 | 1,282,956 | 1,305,719 | |||||||||||||||||||||||||||||||||
FitzMark Buyer, LLC (0.6%)*(7) (8) (10) | Cargo & Transportation | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/20, Due 12/26) | 4,269,265 | 4,196,714 | 4,183,880 | ||||||||||||||||||||||||||||||
4,269,265 | 4,196,714 | 4,183,880 | |||||||||||||||||||||||||||||||||
Flexential Issuer, LLC (2.1%)* | Information Technology | Structured Secured Note - Class C (6.9% Cash, Acquired 11/21, Due 11/51) | 16,000,000 | 14,817,114 | 15,608,750 | ||||||||||||||||||||||||||||||
16,000,000 | 14,817,114 | 15,608,750 | |||||||||||||||||||||||||||||||||
FragilePak LLC (0.7%)*(7) | Transportation Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(8) (9) | 4,696,562 | 4,519,341 | 4,540,910 | ||||||||||||||||||||||||||||||
Partnership Units (937.5 units, Acquired 05/21) | 937,500 | 925,895 | |||||||||||||||||||||||||||||||||
4,696,562 | 5,456,841 | 5,466,805 | |||||||||||||||||||||||||||||||||
Front Line Power Construction LLC (0.5%)* | Construction Machinery | First Lien Senior Secured Term Loan (LIBOR + 12.5%, 13.5% Cash, Acquired 11/21, Due 11/28)(7) (8) (10) | 4,000,000 | 3,872,045 | 3,880,000 | ||||||||||||||||||||||||||||||
Common Stock (50,848 shares, Acquired 11/21) | 130,171 | 111,357 | |||||||||||||||||||||||||||||||||
4,000,000 | 4,002,216 | 3,991,357 | |||||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2019 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Qlik Technologies Inc. (Alpha Intermediate Holding, Inc.) (0.9%)*(6) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.5% Cash, Acquired 08/18, Due 04/24) | $ | 4,974,555 | $ | 4,974,727 | $ | 4,977,689 | ||||||||
4,974,555 | 4,974,727 | 4,977,689 | ||||||||||||||
Red Ventures, LLC (1.0%)*(6) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 11/24) | 5,954,774 | 5,985,039 | 5,990,919 | |||||||||||
5,954,774 | 5,985,039 | 5,990,919 | ||||||||||||||
RedPrairie Holding, Inc. (0.9%)*(6) | Computer Storage & Peripherals | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.6% Cash, Acquired 09/18, Due 10/23) | 4,961,637 | 4,990,946 | 4,989,571 | |||||||||||
4,961,637 | 4,990,946 | 4,989,571 | ||||||||||||||
Renaissance Learning, Inc. (0.9%)*(6) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 08/18, Due 05/25) | 5,391,318 | 5,387,730 | 5,354,711 | |||||||||||
5,391,318 | 5,387,730 | 5,354,711 | ||||||||||||||
Reynolds Group Holdings Ltd. (0.9%)*(6) | Packaging | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 02/23) | 4,961,637 | 4,979,527 | 4,973,297 | |||||||||||
4,961,637 | 4,979,527 | 4,973,297 | ||||||||||||||
Ruffalo Noel Levitz, LLC (1.7%)*(5) (7) | Media Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 01/19, Due 05/22) | 9,714,617 | 9,607,656 | 9,641,334 | |||||||||||
9,714,617 | 9,607,656 | 9,641,334 | ||||||||||||||
Scaled Agile, Inc. (0.9%)*(5) (7) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.0% Cash, Acquired 06/19, Due 06/24) | 4,986,980 | 4,940,603 | 4,941,809 | |||||||||||
4,986,980 | 4,940,603 | 4,941,809 | ||||||||||||||
SCI Packaging Inc. (0.9%)*(6) | Metal & Glass Containers | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 08/18, Due 04/24) | 4,961,832 | 4,952,139 | 4,940,149 | |||||||||||
4,961,832 | 4,952,139 | 4,940,149 | ||||||||||||||
Seadrill Ltd. (0.9%)*(3) (4) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 09/18, Due 02/21) | 9,809,097 | 9,508,856 | 4,883,066 | |||||||||||
9,809,097 | 9,508,856 | 4,883,066 | ||||||||||||||
Seaworld Entertainment, Inc. (1.0%)*(3) (6) | Leisure Facilities | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 03/24) | 5,954,081 | 5,945,241 | 5,978,910 | |||||||||||
5,954,081 | 5,945,241 | 5,978,910 | ||||||||||||||
Serta Simmons Bedding LLC (0.6%)*(4) (5) | Home Furnishings | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.2% Cash, Acquired 10/19, Due 11/23) | 4,961,929 | 3,927,986 | 3,184,963 | |||||||||||
4,961,929 | 3,927,986 | 3,184,963 | ||||||||||||||
SIWF Holdings, Inc. (1.6%)*(4) (6) | Home Furnishings | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.0% Cash, Acquired 08/18, Due 06/25) | 9,350,501 | 9,403,797 | 9,303,749 | |||||||||||
9,350,501 | 9,403,797 | 9,303,749 | ||||||||||||||
SK Blue Holdings, LP (0.7%)*(6) (7) | Commodity Chemicals | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.8% Cash, Acquired 09/18, Due 10/25) | 4,160,612 | 4,158,472 | 4,129,407 | |||||||||||
4,160,612 | 4,158,472 | 4,129,407 | ||||||||||||||
Smile Brands Group Inc. (0.9%)*(5) (7) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.6% Cash, Acquired 10/18, Due 10/24) | 5,390,141 | 5,339,191 | 5,293,980 | |||||||||||
5,390,141 | 5,339,191 | 5,293,980 | ||||||||||||||
Solenis International, LLC (f/k/a Solenis Holdings, L.P.) (1.4%)*(5) (6) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.9% Cash, Acquired 08/18, Due 06/25) | 7,880,000 | 7,922,706 | 7,781,500 | |||||||||||
7,880,000 | 7,922,706 | 7,781,500 | ||||||||||||||
SonicWALL, Inc. (0.8%)*(6) | Internet Software & Services | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.4% Cash, Acquired 08/18, Due 05/25) | 4,455,000 | 4,457,031 | 4,336,185 | |||||||||||
4,455,000 | 4,457,031 | 4,336,185 | ||||||||||||||
Springbrook Software (SBRK Intermediate, Inc.) (1.8%)*(5) (7) | Enterprise Software and Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 12/19, Due 12/26) | 10,520,990 | 10,269,533 | 10,294,130 | |||||||||||
10,520,990 | 10,269,533 | 10,294,130 | ||||||||||||||
SRS Distribution, Inc. (0.9%)*(6) | Building Products | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 09/18, Due 05/25) | 4,974,811 | 4,899,772 | 4,930,038 | |||||||||||
4,974,811 | 4,899,772 | 4,930,038 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
FSS Buyer LLC (0.9%)*(7) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(8) (10) | $ | 6,912,504 | $ | 6,772,675 | $ | 6,789,614 | |||||||||||||||||||||||||||
LP Interest (1,160.9 units, Acquired 08/21) | 11,609 | 29,998 | |||||||||||||||||||||||||||||||||
LP Units (5,104.32 units, Acquired 08/21) | 51,043 | 131,891 | |||||||||||||||||||||||||||||||||
6,912,504 | 6,835,327 | 6,951,503 | |||||||||||||||||||||||||||||||||
GTM Intermediate Holdings, Inc. (2.0%)*(7) (25) | Medical Equipment Manufacturer | Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24) | 11,500,057 | 11,448,900 | 11,500,057 | ||||||||||||||||||||||||||||||
Series A Preferred Units (1,434,472.41 units) | 2,166,331 | 2,290,223 | |||||||||||||||||||||||||||||||||
Series C Preferred Units (715,649.59 units) | 1,080,770 | 1,184,037 | |||||||||||||||||||||||||||||||||
11,500,057 | 14,696,001 | 14,974,317 | |||||||||||||||||||||||||||||||||
Gulf Finance, LLC (0.1%)*(8) (9) | Oil & Gas Exploration & Production | First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 11/21, Due 08/26) | 831,512 | 798,761 | 774,345 | ||||||||||||||||||||||||||||||
831,512 | 798,761 | 774,345 | |||||||||||||||||||||||||||||||||
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (1.0%)* | Airlines | Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25) | 6,092,593 | 6,092,593 | 7,213,140 | ||||||||||||||||||||||||||||||
6,092,593 | 6,092,593 | 7,213,140 | |||||||||||||||||||||||||||||||||
Heartland Veterinary Partners, LLC (1.2%)*(7) | Healthcare | Subordinated Term Loan (11.0% PIK, Acquired 11/21, Due 11/28) | 9,342,857 | 9,096,286 | 9,092,857 | ||||||||||||||||||||||||||||||
9,342,857 | 9,096,286 | 9,092,857 | |||||||||||||||||||||||||||||||||
Heartland, LLC (1.9%)*(7) (8) (10) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25) | 14,075,213 | 13,976,486 | 13,793,708 | ||||||||||||||||||||||||||||||
14,075,213 | 13,976,486 | 13,793,708 | |||||||||||||||||||||||||||||||||
Heavy Construction Systems Specialists, LLC (1.0%)*(7) (8) (10) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27) | 7,368,228 | 7,198,830 | 7,220,864 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 11/21, Due 11/27) | (54,310) | (52,635) | |||||||||||||||||||||||||||||||||
7,368,228 | 7,144,520 | 7,168,229 | |||||||||||||||||||||||||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (1.2%)*(3) (7) (8) (15) | Insurance | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 09/19, Due 09/26) | 8,789,013 | 9,380,255 | 8,611,809 | ||||||||||||||||||||||||||||||
8,789,013 | 9,380,255 | 8,611,809 | |||||||||||||||||||||||||||||||||
Highpoint Global LLC (0.7%)*(7) (25) | Government Services | Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22) | 5,416,251 | 5,395,020 | 5,416,251 | ||||||||||||||||||||||||||||||
5,416,251 | 5,395,020 | 5,416,251 | |||||||||||||||||||||||||||||||||
Home Care Assistance, LLC (0.5%)*(7) (8) (10) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 03/21, Due 03/27) | 3,829,723 | 3,761,710 | 3,753,128 | ||||||||||||||||||||||||||||||
3,829,723 | 3,761,710 | 3,753,128 | |||||||||||||||||||||||||||||||||
HTI Technology & Industries (3.0%)* (7) (25) | Electronic Component Manufacturing | Second Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24) | 22,746,455 | 22,095,749 | 22,215,294 | ||||||||||||||||||||||||||||||
22,746,455 | 22,095,749 | 22,215,294 | |||||||||||||||||||||||||||||||||
HW Holdco, LLC (Hanley Wood LLC) (1.8%)*(7) (8) (9) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/18, Due 12/24) | 13,436,978 | 13,189,273 | 13,136,978 | ||||||||||||||||||||||||||||||
13,436,978 | 13,189,273 | 13,136,978 | |||||||||||||||||||||||||||||||||
IGL Holdings III Corp. (0.6%)*(7) (8) (10) | Commercial Printing | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26) | 4,323,538 | 4,230,531 | 4,268,131 | ||||||||||||||||||||||||||||||
4,323,538 | 4,230,531 | 4,268,131 | |||||||||||||||||||||||||||||||||
IM Analytics Holding, LLC (d/b/a NVT) (0.9%)*(7) (8) | Electronic Instruments & Components | First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23)(10) | 8,126,270 | 8,084,935 | 6,602,594 | ||||||||||||||||||||||||||||||
Warrant (68,950 units, Acquired 11/19) | — | — | |||||||||||||||||||||||||||||||||
8,126,270 | 8,084,935 | 6,602,594 | |||||||||||||||||||||||||||||||||
IM Square (0.9%)*(3) (7) (8) (15) | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/28) | 7,050,638 | 7,231,653 | 6,937,828 | ||||||||||||||||||||||||||||||
7,050,638 | 7,231,653 | 6,937,828 | |||||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2019 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
SS&C Technologies, Inc. (0.3%)*(3) (6) | Computer & Electronics Retail | First Lien Senior Secured Term Loan (LIBOR + 2.25%, 4.0% Cash, Acquired 10/18, Due 04/25) | $ | 1,742,327 | $ | 1,738,643 | $ | 1,753,042 | ||||||||
1,742,327 | 1,738,643 | 1,753,042 | ||||||||||||||
Syniverse Holdings, Inc. (1.7%)*(4) (6) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.8% Cash, Acquired 08/18, Due 03/23) | 10,342,105 | 10,306,230 | 9,612,573 | |||||||||||
10,342,105 | 10,306,230 | 9,612,573 | ||||||||||||||
Tahoe Subco 1 Ltd. (2.6%)*(3) (4) (6) | Internet Software & Services | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.7% Cash, Acquired 09/18, Due 06/24) | 14,800,754 | 14,806,789 | 14,677,463 | |||||||||||
14,800,754 | 14,806,789 | 14,677,463 | ||||||||||||||
Team Health Holdings, Inc. (1.0%)*(4) (6) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 02/24) | 6,893,671 | 6,679,490 | 5,560,159 | |||||||||||
6,893,671 | 6,679,490 | 5,560,159 | ||||||||||||||
Tempo Acquisition LLC (1.0%)*(6) | Investment Banking & Brokerage | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 4.5% Cash, Acquired 09/18, Due 05/24) | 5,589,753 | 5,606,977 | 5,618,876 | |||||||||||
5,589,753 | 5,606,977 | 5,618,876 | ||||||||||||||
The Hilb Group, LLC (1.8%)*(5) (7) | Insurance Brokerage | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.4% Cash, Acquired 12/19, Due 12/26) | 10,357,834 | 10,029,427 | 10,049,762 | |||||||||||
10,357,834 | 10,029,427 | 10,049,762 | ||||||||||||||
Total Safety U.S. Inc. (0.8%)*(5) | Diversified Support Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.9% Cash, Acquired 11/19, Due 08/25) | 4,937,500 | 4,668,972 | 4,650,533 | |||||||||||
4,937,500 | 4,668,972 | 4,650,533 | ||||||||||||||
Transportation Insight, LLC (3.9%)*(5) (7) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.3% Cash, Acquired 08/18, Due 12/24) | 22,286,485 | 22,088,329 | 22,245,067 | |||||||||||
22,286,485 | 22,088,329 | 22,245,067 | ||||||||||||||
Truck-Lite Co., LLC (3.7%)*(5) (7) | Automotive Parts and Equipment | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 8.1% Cash, Acquired 12/19, Due 12/24) | 21,794,872 | 21,298,442 | 21,337,947 | |||||||||||
21,794,872 | 21,298,442 | 21,337,947 | ||||||||||||||
Trystar, LLC (2.9%)*(5) (7) | Power Distribution Solutions | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 09/18, Due 09/23) | 15,999,318 | 15,782,579 | 15,963,771 | |||||||||||
LLC Units (361.5 units, Acquired 09/18) | 361,505 | 597,581 | ||||||||||||||
15,999,318 | 16,144,084 | 16,561,352 | ||||||||||||||
U.S. Anesthesia Partners, Inc. (2.4%)*(4) (6) | Managed Health Care | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 06/24) | 13,585,533 | 13,637,823 | 13,534,587 | |||||||||||
13,585,533 | 13,637,823 | 13,534,587 | ||||||||||||||
U.S. Silica Company (0.2%)*(3) (4) (5) | Metal & Glass Containers | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.8% Cash, Acquired 08/18, Due 05/25) | 1,502,945 | 1,506,348 | 1,324,200 | |||||||||||
1,502,945 | 1,506,348 | 1,324,200 | ||||||||||||||
USF Holdings LLC (0.5%)*(6) (7) | Auto Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.3% Cash, Acquired 08/18, Due 12/21) | 3,224,841 | 3,233,041 | 2,902,357 | |||||||||||
3,224,841 | 3,233,041 | 2,902,357 | ||||||||||||||
USIC Holdings, Inc. (1.2%)*(5) (6) | Packaged Foods & Meats | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 08/18, Due 12/23) | 6,896,886 | 6,925,717 | 6,866,746 | |||||||||||
6,896,886 | 6,925,717 | 6,866,746 | ||||||||||||||
USI Holdings Corp. (0.9%)*(6) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.9% Cash, Acquired 08/18, Due 05/24) | 4,961,929 | 4,956,994 | 4,956,967 | |||||||||||
4,961,929 | 4,956,994 | 4,956,967 | ||||||||||||||
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) (2.8%)*(5) (7) | Legal Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 7.7% Cash, Acquired 11/18, Due 11/24) | 16,513,432 | 16,260,417 | 16,107,839 | |||||||||||
16,513,432 | 16,260,417 | 16,107,839 | ||||||||||||||
Validity, Inc. (0.7%)*(5) (7) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 6.7% Cash, Acquired 07/19, Due 05/25) | 4,178,543 | 3,989,821 | 3,977,081 | |||||||||||
4,178,543 | 3,989,821 | 3,977,081 | ||||||||||||||
Venator Materials LLC (0.3%)*(3) (6) | Commodity Chemicals | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 09/18, Due 08/24) | 1,562,199 | 1,566,972 | 1,547,873 | |||||||||||
1,562,199 | 1,566,972 | 1,547,873 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Infoniqa Holdings GmbH (1.2%)*(3) (7) (8) (14) | Technology | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 11/21, Due 11/28) | $ | 9,243,120 | $ | 8,946,900 | $ | 8,988,934 | |||||||||||||||||||||||||||
9,243,120 | 8,946,900 | 8,988,934 | |||||||||||||||||||||||||||||||||
Innovad Group II BV (0.8%)*(3) (7) (8) (14) | Beverage, Food & Tobacco | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28) | 6,255,611 | 6,320,818 | 5,875,843 | ||||||||||||||||||||||||||||||
6,255,611 | 6,320,818 | 5,875,843 | |||||||||||||||||||||||||||||||||
INOS 19-090 GmbH (0.7%)*(3) (7) (8) (14) | Aerospace & Defense | First Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27) | 5,271,103 | 5,495,469 | 5,263,297 | ||||||||||||||||||||||||||||||
5,271,103 | 5,495,469 | 5,263,297 | |||||||||||||||||||||||||||||||||
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.9%)*(7) (8) (10) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26) | 6,736,785 | 6,639,355 | 6,406,683 | ||||||||||||||||||||||||||||||
6,736,785 | 6,639,355 | 6,406,683 | |||||||||||||||||||||||||||||||||
ITI Intermodal, Inc. (0.1%)*(7) (8) | Transportation Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(9) | 721,407 | 704,989 | 704,918 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(10) | (2,468) | (2,480) | |||||||||||||||||||||||||||||||||
721,407 | 702,521 | 702,438 | |||||||||||||||||||||||||||||||||
Jade Bidco Limited (Jane's) (0.3%)*(3) (7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 11/19, Due 12/26) | 2,315,363 | 2,257,104 | 2,315,363 | ||||||||||||||||||||||||||||||
2,315,363 | 2,257,104 | 2,315,363 | |||||||||||||||||||||||||||||||||
Jaguar Merger Sub Inc. (0.3%)*(7) (8) (10) | Other Financial | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24) | 2,542,556 | 2,486,904 | 2,486,264 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 09/24) | (6,055) | (6,127) | |||||||||||||||||||||||||||||||||
2,542,556 | 2,480,849 | 2,480,137 | |||||||||||||||||||||||||||||||||
Jedson Engineering, Inc. (0.4%)*(7) (25) | Engineering & Construction Management | First Lien Loan (12.0% Cash, Acquired 12/20, Due 06/24) | 2,650,000 | 2,650,000 | 2,650,000 | ||||||||||||||||||||||||||||||
2,650,000 | 2,650,000 | 2,650,000 | |||||||||||||||||||||||||||||||||
JetBlue 2019-1 Class B Pass Through Trust (0.6%)* | Airlines | Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27) | 4,165,079 | 4,165,079 | 4,805,415 | ||||||||||||||||||||||||||||||
4,165,079 | 4,165,079 | 4,805,415 | |||||||||||||||||||||||||||||||||
JF Acquisition, LLC (0.5%)*(7) (8) (10) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24) | 3,865,876 | 3,763,334 | 3,711,241 | ||||||||||||||||||||||||||||||
3,865,876 | 3,763,334 | 3,711,241 | |||||||||||||||||||||||||||||||||
Kano Laboratories LLC (1.2%)*(7) | Chemicals, Plastics & Rubber | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 11/26)(8) (11) | 9,001,571 | 8,773,232 | 8,727,599 | ||||||||||||||||||||||||||||||
Partnership Equity (203.2 units, Acquired 11/20) | 203,198 | 205,053 | |||||||||||||||||||||||||||||||||
9,001,571 | 8,976,430 | 8,932,652 | |||||||||||||||||||||||||||||||||
Kene Acquisition, Inc. (En Engineering) (1.0%)*(7) (8) (9) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26) | 7,224,659 | 7,124,765 | 7,080,166 | ||||||||||||||||||||||||||||||
7,224,659 | 7,124,765 | 7,080,166 | |||||||||||||||||||||||||||||||||
Kid Distro Holdings, LLC (1.3%)*(7) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/21, Due 10/27)(8) (10) | 9,361,702 | 9,167,507 | 9,174,468 | ||||||||||||||||||||||||||||||
Partnership Equity (637,677.11 units, Acquired 10/21) | 638,298 | 637,677 | |||||||||||||||||||||||||||||||||
9,361,702 | 9,805,805 | 9,812,145 | |||||||||||||||||||||||||||||||||
Kona Buyer, LLC (1.2%)*(7) (8) (10) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27) | 8,993,949 | 8,785,068 | 8,993,949 | ||||||||||||||||||||||||||||||
8,993,949 | 8,785,068 | 8,993,949 | |||||||||||||||||||||||||||||||||
LAF International (0.2%)*(3) (7) (8) (15) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28) | 1,478,360 | 1,543,254 | 1,446,412 | ||||||||||||||||||||||||||||||
1,478,360 | 1,543,254 | 1,446,412 | |||||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2019 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Veritas Bermuda Intermediate Holdings Ltd. (0.8%)*(6) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 6.3% Cash, Acquired 09/18, Due 01/23) | $ | 4,961,735 | $ | 4,784,696 | $ | 4,767,235 | ||||||||
4,961,735 | 4,784,696 | 4,767,235 | ||||||||||||||
VF Holding Corp. (2.1%)*(4) (5) (6) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.0% Cash, Acquired 08/18, Due 07/25) | 11,880,000 | 11,885,248 | 11,728,768 | |||||||||||
11,880,000 | 11,885,248 | 11,728,768 | ||||||||||||||
Wilsonart, LLC (0.9%)*(6) | Building Products | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.2% Cash, Acquired 11/18, Due 12/23) | 4,961,832 | 4,961,832 | 4,970,118 | |||||||||||
4,961,832 | 4,961,832 | 4,970,118 | ||||||||||||||
Winebow Group, LLC, (The) (1.7%)*(4) (5) | Consumer Goods | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 5.5% Cash, Acquired 11/19, Due 07/21) | 7,088,420 | 6,425,336 | 6,361,857 | |||||||||||
Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 9.3% Cash, Acquired 10/19, Due 01/22) | 4,911,766 | 3,314,045 | 3,209,004 | |||||||||||||
12,000,186 | 9,739,381 | 9,570,861 | ||||||||||||||
Wink Holdco, Inc. (0.7%)*(6) | Managed Health Care | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.8% Cash, Acquired 08/18, Due 12/24) | 3,969,620 | 3,967,724 | 3,972,121 | |||||||||||
3,969,620 | 3,967,724 | 3,972,121 | ||||||||||||||
Xperi Corp. (0.4%)*(3) (6) | Semiconductor Equipment | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 4.3% Cash, Acquired 08/18, Due 12/23) | 2,049,364 | 2,042,322 | 2,048,729 | |||||||||||
2,049,364 | 2,042,322 | 2,048,729 | ||||||||||||||
Subtotal Non–Control / Non–Affiliate Investments | 1,099,631,654 | 1,085,886,720 | 1,066,845,054 | |||||||||||||
Affiliate Investment: | ||||||||||||||||
Jocassee Partners LLC (1.8%)*(3) (5) | Investment Funds & Vehicles | 9.1% Member Interest, Acquired 06/19 | 10,158,270 | 10,229,813 | ||||||||||||
10,158,270 | 10,229,813 | |||||||||||||||
Subtotal Affiliate Investment | 10,158,270 | 10,229,813 | ||||||||||||||
Short-Term Investments: | ||||||||||||||||
BNY Mellon Investment Advisor, Inc. (12.6%)*(4) (5) | Money Market Fund | Dreyfus Government Cash Management Fund (1.5% yield) | 71,963,994 | 71,963,994 | 71,963,994 | |||||||||||
71,963,994 | 71,963,994 | 71,963,994 | ||||||||||||||
Federated Investment Management Company (4.3%)*(6) | Money Market Fund | Federated Government Obligation Fund (1.5% yield) | 24,604,946 | 24,604,946 | 24,604,946 | |||||||||||
24,604,946 | 24,604,946 | 24,604,946 | ||||||||||||||
Subtotal Short-Term Investments | 96,568,940 | 96,568,940 | 96,568,940 | |||||||||||||
Total Investments, December 31, 2019 (205.6%)* | $ | 1,196,200,594 | $ | 1,192,613,930 | $ | 1,173,643,807 | ||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Lambir Bidco Limited (0.9%)*(3) (7) | Healthcare | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/28)(8) (14) | $ | 5,016,807 | $ | 4,770,361 | $ | 4,809,863 | |||||||||||||||||||||||||||
Second Lien Senior Secured Term Loan (12.0% PIK, Acquired 12/21, Due 06/29) | 1,417,248 | 1,363,346 | 1,374,730 | ||||||||||||||||||||||||||||||||
Revolver (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/24)(8) (14) | 313,550 | 292,375 | 294,737 | ||||||||||||||||||||||||||||||||
6,747,605 | 6,426,082 | 6,479,330 | |||||||||||||||||||||||||||||||||
Learfield Communications, LLC (1.1%)* | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(8) (9) | 135,377 | 95,441 | 127,861 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(10) | 7,953,923 | 7,909,077 | 7,958,934 | ||||||||||||||||||||||||||||||||
8,089,300 | 8,004,518 | 8,086,795 | |||||||||||||||||||||||||||||||||
Legal Solutions Holdings (0.8%)*(7) (24) (25) | Business Services | Senior Subordinated Loan (16.0% PIK, Acquired 12/20, Due 03/22) | 11,835,622 | 10,129,207 | 5,917,811 | ||||||||||||||||||||||||||||||
11,835,622 | 10,129,207 | 5,917,811 | |||||||||||||||||||||||||||||||||
LivTech Purchaser, Inc. (0.1%)*(7) (8) (10) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/21, Due 12/25) | 918,023 | 907,776 | 910,023 | ||||||||||||||||||||||||||||||
918,023 | 907,776 | 910,023 | |||||||||||||||||||||||||||||||||
Marmoutier Holding B.V. (0.3%)*(3) (7) (8) (14) | Consumer Products | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/21, Due 12/28) | 1,944,392 | 1,872,008 | 1,879,782 | ||||||||||||||||||||||||||||||
Revolver (EURIBOR + 5.0%, 5.0% Cash, Acquired 12/21, Due 06/27) | (4,417) | (4,456) | |||||||||||||||||||||||||||||||||
1,944,392 | 1,867,591 | 1,875,326 | |||||||||||||||||||||||||||||||||
MC Group Ventures Corporation (0.6%)*(7) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27)(8) (10) | 3,687,290 | 3,598,064 | 3,655,758 | ||||||||||||||||||||||||||||||
Partnership Units (746.66 units, Acquired 06/21) | 746,662 | 761,119 | |||||||||||||||||||||||||||||||||
3,687,290 | 4,344,726 | 4,416,877 | |||||||||||||||||||||||||||||||||
Media Recovery, Inc. (SpotSee) (1.0%)*(7) (8) | Containers, Packaging & Glass | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 11/25)(10) | 2,933,019 | 2,892,443 | 2,933,019 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 11/25)(12) | 4,442,371 | 4,302,804 | 4,442,371 | ||||||||||||||||||||||||||||||||
7,375,390 | 7,195,247 | 7,375,390 | |||||||||||||||||||||||||||||||||
Medical Solutions Parent Holdings, Inc. (0.6%)*(8) (10) | Healthcare | Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.5% Cash, Acquired 11/21, Due 11/29) | 4,421,053 | 4,377,383 | 4,362,120 | ||||||||||||||||||||||||||||||
4,421,053 | 4,377,383 | 4,362,120 | |||||||||||||||||||||||||||||||||
MNS Buyer, Inc. (0.1%)*(7) | Construction & Building | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27)(8) (9) | 920,769 | 903,330 | 904,707 | ||||||||||||||||||||||||||||||
Partnership Units (76.92 Units, Acquired 08/21) | — | 76,923 | 78,462 | ||||||||||||||||||||||||||||||||
920,769 | 980,253 | 983,169 | |||||||||||||||||||||||||||||||||
Modern Star Holdings Bidco Pty Limited. (1.1%)*(3) (7) (8) (19) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26) | 8,368,295 | 8,280,623 | 8,299,196 | ||||||||||||||||||||||||||||||
8,368,295 | 8,280,623 | 8,299,196 | |||||||||||||||||||||||||||||||||
MSG National Properties (0.3%)*(3) (7) (8) (10) | Hotel, Gaming, & Leisure | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25) | 2,437,141 | 2,378,186 | 2,485,884 | ||||||||||||||||||||||||||||||
2,437,141 | 2,378,186 | 2,485,884 | |||||||||||||||||||||||||||||||||
Murphy Midco Limited (0.7%)*(3) (7) (8) (13) | Media, Diversified & Production | First Lien Senior Secured Term Loan (GBP LIBOR + 4.75%, 4.8% Cash, Acquired 11/20, Due 11/27) | 5,252,188 | 4,951,281 | 5,104,200 | ||||||||||||||||||||||||||||||
5,252,188 | 4,951,281 | 5,104,200 | |||||||||||||||||||||||||||||||||
Music Reports, Inc. (1.0%)*(7) (8) (10) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 08/20, Due 08/26) | 7,462,000 | 7,287,999 | 7,312,760 | ||||||||||||||||||||||||||||||
7,462,000 | 7,287,999 | 7,312,760 | |||||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2019 | ||||||||||
Foreign Currency Forward Contracts: | ||||||||||
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||
Foreign currency forward contract (EUR) | $158,244 | €142,781 | 01/02/20 | $ | (2,028 | ) | ||||
Foreign currency forward contract (EUR) | €142,781 | $158,547 | 01/02/20 | 1,724 | ||||||
Foreign currency forward contract (EUR) | $506,967 | €453,920 | 04/20/20 | (5,440 | ) | |||||
Foreign currency forward contract (GBP) | $165,691 | £132,253 | 01/02/20 | (9,511 | ) | |||||
Foreign currency forward contract (GBP) | $180,277 | £140,000 | 01/02/20 | (5,188 | ) | |||||
Foreign currency forward contract (GBP) | $272,560 | £210,000 | 01/02/20 | (5,638 | ) | |||||
Foreign currency forward contract (GBP) | £350,000 | $460,824 | 01/02/20 | 2,839 | ||||||
Foreign currency forward contract (GBP) | $89,436 | £67,000 | 01/02/20 | 678 | ||||||
Foreign currency forward contract (GBP) | £199,253 | $258,037 | 01/02/20 | 5,924 | ||||||
Foreign currency forward contract (GBP) | $227,890 | £175,529 | 04/02/20 | (5,216 | ) | |||||
Foreign currency forward contract (SEK) | $95,654 | 920,569kr | 01/02/20 | (2,687 | ) | |||||
Foreign currency forward contract (SEK) | 322,233kr | $33,265 | 01/02/20 | 1,158 | ||||||
Foreign currency forward contract (SEK) | 598,336kr | $63,581 | 01/02/20 | 337 | ||||||
Foreign currency forward contract (SEK) | $97,360 | 912,212kr | 04/02/20 | (511 | ) | |||||
Total Foreign Currency Forward Contracts, December 31, 2019 | $ | (23,559 | ) |
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Narda Acquisitionco., Inc. (0.8%)*(7) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(8) (10) | $ | 5,679,612 | $ | 5,581,205 | $ | 5,580,218 | |||||||||||||||||||||||||||
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(8) (10) | (22,669) | (22,937) | |||||||||||||||||||||||||||||||||
Class A Preferred Stock (4,587.38 shares, Acquired 12/21) | 458,738 | 458,738 | |||||||||||||||||||||||||||||||||
Class B Common Stock (509.71 shares, Acquired 12/21) | 50,971 | 50,971 | |||||||||||||||||||||||||||||||||
5,679,612 | 6,068,245 | 6,066,990 | |||||||||||||||||||||||||||||||||
Navia Benefit Solutions, Inc. (0.4%)* (7) (8) (10) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27) | 2,727,200 | 2,668,002 | 2,703,272 | ||||||||||||||||||||||||||||||
2,727,200 | 2,668,002 | 2,703,272 | |||||||||||||||||||||||||||||||||
Nexus Underwriting Management Limited (0.2%)*(3) (7) (8) (17) | Other Financial | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 12/21, Due 10/28) | 1,691,418 | 1,619,658 | 1,630,029 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 12/21, Due 04/22) | 103,483 | 102,210 | 100,896 | ||||||||||||||||||||||||||||||||
1,794,901 | 1,721,868 | 1,730,925 | |||||||||||||||||||||||||||||||||
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (0.6%)*(7) (8) (9) | Energy Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25) | 4,752,671 | 4,734,086 | 4,676,629 | ||||||||||||||||||||||||||||||
4,752,671 | 4,734,086 | 4,676,629 | |||||||||||||||||||||||||||||||||
Northstar Recycling, LLC (0.3%)*(7) (8) (10) | Environmental Industries | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/21, Due 09/27) | 2,500,000 | 2,451,774 | 2,450,000 | ||||||||||||||||||||||||||||||
2,500,000 | 2,451,774 | 2,450,000 | |||||||||||||||||||||||||||||||||
OA Buyer, Inc. (1.1%)*(7) | Healthcare | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(8) (10) | 8,500,512 | 8,331,137 | 8,330,502 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(8) (10) | (26,502) | (26,625) | |||||||||||||||||||||||||||||||||
Partnership Units (210,920.11 units, Acquired 12/21) | 210,920 | 210,920 | |||||||||||||||||||||||||||||||||
8,500,512 | 8,515,555 | 8,514,797 | |||||||||||||||||||||||||||||||||
Odeon Cinemas Group Limited (0.5%)*(3) (7) | Hotel, Gaming, & Leisure | First Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23) | 3,953,779 | 4,054,629 | 4,032,855 | ||||||||||||||||||||||||||||||
3,953,779 | 4,054,629 | 4,032,855 | |||||||||||||||||||||||||||||||||
OG III B.V. (0.4%)*(3) (7) (8) (14) | Containers & Glass Products | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28) | 2,916,043 | 2,996,732 | 2,842,746 | ||||||||||||||||||||||||||||||
2,916,043 | 2,996,732 | 2,842,746 | |||||||||||||||||||||||||||||||||
Omni Intermediate Holdings, LLC (1.5%)*(7) (8) (9) | Transportation | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) | 11,831,351 | 11,460,888 | 11,491,251 | ||||||||||||||||||||||||||||||
11,831,351 | 11,460,888 | 11,491,251 | |||||||||||||||||||||||||||||||||
Options Technology Ltd. (0.3%)*(3) (7) (8) (10) | Computer Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25) | 2,313,396 | 2,281,827 | 2,267,128 | ||||||||||||||||||||||||||||||
2,313,396 | 2,281,827 | 2,267,128 | |||||||||||||||||||||||||||||||||
Oracle Vision Bidco Limited (0.4%)*(3) (7) (8) (17) | Healthcare | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28) | 3,100,064 | 3,140,808 | 3,027,730 | ||||||||||||||||||||||||||||||
3,100,064 | 3,140,808 | 3,027,730 | |||||||||||||||||||||||||||||||||
Origin Bidco Limited (0.1%)*(3) (7) (8) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(10) | 597,094 | 581,734 | 583,730 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(14) | 377,231 | 393,795 | 368,788 | ||||||||||||||||||||||||||||||||
974,325 | 975,529 | 952,518 | |||||||||||||||||||||||||||||||||
OSP Hamilton Purchaser, LLC (0.3%)*(7) (8) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27)(9) | 2,280,849 | 2,235,301 | 2,235,232 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27)(10) | (3,725) | (3,731) | |||||||||||||||||||||||||||||||||
2,280,849 | 2,231,576 | 2,231,501 | |||||||||||||||||||||||||||||||||
Pacific Health Supplies Bidco Pty Limited (1.1%)*(3) (7) (8) (20) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25) | 8,778,969 | 8,730,244 | 8,529,382 | ||||||||||||||||||||||||||||||
8,778,969 | 8,730,244 | 8,529,382 | |||||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Pare SAS (SAS Maurice MARLE) (0.6%)*(3) (7) (14) | Health Care Equipment | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 12/19, Due 12/26) | $ | 4,637,501 | $ | 4,477,701 | $ | 4,637,501 | |||||||||||||||||||||||||||
4,637,501 | 4,477,701 | 4,637,501 | |||||||||||||||||||||||||||||||||
Patriot New Midco 1 Limited (Forensic Risk Alliance) (0.9%)*(3) (7) (8) | Diversified Financial Services | First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 02/20, Due 02/27)(10) | 3,764,151 | 3,685,238 | 3,591,000 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 02/20, Due 02/27)(14) | 3,215,992 | 3,016,760 | 3,068,057 | ||||||||||||||||||||||||||||||||
6,980,143 | 6,701,998 | 6,659,057 | |||||||||||||||||||||||||||||||||
PDQ.Com Corporation (1.2%)*(7) | Business Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)(8) (10) | 9,061,874 | 8,710,392 | 8,706,642 | ||||||||||||||||||||||||||||||
Class A-2 Partnership Units (26.32 units, Acquired 08/21) | 28,795 | 29,003 | |||||||||||||||||||||||||||||||||
9,061,874 | 8,739,187 | 8,735,645 | |||||||||||||||||||||||||||||||||
Permaconn Bidco Ltd (2.0%)*(3) (7) (8) (19) | Tele-communications | First Lien Senior Secured Term Loan (BBSY + 6.5%, 6.5% Cash, Acquired 12/21, Due 12/27) | 15,011,565 | 14,385,637 | 14,598,747 | ||||||||||||||||||||||||||||||
15,011,565 | 14,385,637 | 14,598,747 | |||||||||||||||||||||||||||||||||
Polara Enterprises, LLC (0.6%)*(7) | Capital Equipment | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(8) (10) | 4,242,634 | 4,158,730 | 4,157,781 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(8) (10) | (10,763) | (10,905) | |||||||||||||||||||||||||||||||||
Partnership Units (3,820.44 units, Acquired 12/21) | 382,044 | 382,044 | |||||||||||||||||||||||||||||||||
4,242,634 | 4,530,011 | 4,528,920 | |||||||||||||||||||||||||||||||||
Policy Services Company, LLC (5.9%)*(7) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, 4.0% PIK, Acquired 12/21, Due 06/26)(8) (10) | 45,830,921 | 44,017,961 | 44,007,782 | ||||||||||||||||||||||||||||||
Warrants - Class A (28,260 units, Acquired 12/21) | — | — | |||||||||||||||||||||||||||||||||
Warrants - Class B (9,537 units, Acquired 12/21) | — | — | |||||||||||||||||||||||||||||||||
Warrants - Class CC (980 units, Acquired 12/21) | — | — | |||||||||||||||||||||||||||||||||
Warrants - Class D (2,520 units, Acquired 12/21) | — | — | |||||||||||||||||||||||||||||||||
45,830,921 | 44,017,961 | 44,007,782 | |||||||||||||||||||||||||||||||||
Premium Franchise Brands, LLC (2.0%)*(7) (8) (10) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26) | 14,852,588 | 14,597,414 | 14,555,536 | ||||||||||||||||||||||||||||||
14,852,588 | 14,597,414 | 14,555,536 | |||||||||||||||||||||||||||||||||
Premium Invest (0.5%)*(3) (7) (8) (14) | Brokerage, Asset Managers & Exchanges | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28) | 4,093,919 | 4,113,303 | 4,009,539 | ||||||||||||||||||||||||||||||
4,093,919 | 4,113,303 | 4,009,539 | |||||||||||||||||||||||||||||||||
Preqin MC Limited (0.4%)*(3) (7) (8) (23) | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28) | 2,789,005 | 2,695,392 | 2,763,904 | ||||||||||||||||||||||||||||||
2,789,005 | 2,695,392 | 2,763,904 | |||||||||||||||||||||||||||||||||
Process Equipment, Inc. (ProcessBarron) (0.8%)*(7) (8) (10) | Industrial Air & Material Handling Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25) | 6,173,594 | 6,115,253 | 5,945,171 | ||||||||||||||||||||||||||||||
6,173,594 | 6,115,253 | 5,945,171 | |||||||||||||||||||||||||||||||||
Professional Datasolutions, Inc. (PDI) (0.2%)*(7) (8) (10) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24) | 1,836,485 | 1,833,488 | 1,808,938 | ||||||||||||||||||||||||||||||
1,836,485 | 1,833,488 | 1,808,938 | |||||||||||||||||||||||||||||||||
Protego Bidco B.V. (0.5%)*(3) (7) (8) (14) | Aerospace & Defense | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27) | 2,227,493 | 2,268,899 | 2,194,658 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28) | 1,547,820 | 1,560,666 | 1,494,928 | ||||||||||||||||||||||||||||||||
3,775,313 | 3,829,565 | 3,689,586 | |||||||||||||||||||||||||||||||||
QPE7 SPV1 BidCo Pty Ltd (0.2%)*(3) (7) (8) (20) | Consumer Cyclical | First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26) | 1,631,514 | 1,563,925 | 1,604,782 | ||||||||||||||||||||||||||||||
1,631,514 | 1,563,925 | 1,604,782 | |||||||||||||||||||||||||||||||||
Questel Unite (0.9%)*(3) (7) (8) (10) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27) | 6,892,270 | 6,802,056 | 6,850,916 | ||||||||||||||||||||||||||||||
6,892,270 | 6,802,056 | 6,850,916 | |||||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Recovery Point Systems, Inc. (1.6%)*(7) | Technology | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 08/26)(8) (10) | $ | 11,648,329 | $ | 11,460,318 | $ | 11,648,329 | |||||||||||||||||||||||||||
Partnership Equity (187,235 units, Acquired 03/21) | 187,235 | 149,788 | |||||||||||||||||||||||||||||||||
11,648,329 | 11,647,553 | 11,798,117 | |||||||||||||||||||||||||||||||||
Renovation Parent Holdings, LLC (0.7%)*(7) | Home Furnishings | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 11/21, Due 11/27)(8) (11) | 4,854,369 | 4,735,241 | 4,733,010 | ||||||||||||||||||||||||||||||
Partnership Equity (197,368.42 units, Acquired 11/21) | 197,368 | 203,289 | |||||||||||||||||||||||||||||||||
4,854,369 | 4,932,609 | 4,936,299 | |||||||||||||||||||||||||||||||||
REP SEKO MERGER SUB LLC (1.0%)* (7) (8) (10) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) | 7,614,000 | 7,416,155 | 7,477,972 | ||||||||||||||||||||||||||||||
7,614,000 | 7,416,155 | 7,477,972 | |||||||||||||||||||||||||||||||||
Resonetics, LLC (0.5%)*(7) (8) (10) | Health Care Equipment | Second Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 04/21, Due 04/29) | 4,010,677 | 3,933,633 | 3,930,463 | ||||||||||||||||||||||||||||||
4,010,677 | 3,933,633 | 3,930,463 | |||||||||||||||||||||||||||||||||
Reward Gateway (UK) Ltd (0.4%)*(3) (7) (8) (17) | Precious Metals & Minerals | First Lien Senior Secured Term Loan (SONIA + 6.75%, 6.8% Cash, Acquired 08/21, Due 06/28) | 2,869,039 | 2,806,803 | 2,775,848 | ||||||||||||||||||||||||||||||
2,869,039 | 2,806,803 | 2,775,848 | |||||||||||||||||||||||||||||||||
Riedel Beheer B.V. (0.3%)*(3) (7) (8) (14) | Food & Beverage | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28) | 1,898,944 | 1,834,819 | 1,842,512 | ||||||||||||||||||||||||||||||
Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/28) | (4,558) | (4,594) | |||||||||||||||||||||||||||||||||
Super Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28) | 229,711 | 222,459 | 223,394 | ||||||||||||||||||||||||||||||||
2,128,655 | 2,052,720 | 2,061,312 | |||||||||||||||||||||||||||||||||
RPX Corporation (1.0%)*(7) (8) (10) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25) | 7,611,875 | 7,425,686 | 7,455,360 | ||||||||||||||||||||||||||||||
7,611,875 | 7,425,686 | 7,455,360 | |||||||||||||||||||||||||||||||||
Ruffalo Noel Levitz, LLC (1.3%)*(7) (8) (10) | Media Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/19, Due 05/24) | 9,543,326 | 9,524,259 | 9,543,326 | ||||||||||||||||||||||||||||||
9,543,326 | 9,524,259 | 9,543,326 | |||||||||||||||||||||||||||||||||
Safety Products Holdings, LLC (1.6%)*(7) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(8) (9) | 12,025,850 | 11,797,759 | 11,755,269 | ||||||||||||||||||||||||||||||
Preferred Stock (372.1 shares, Acquired 12/20) | 372,088 | 509,836 | |||||||||||||||||||||||||||||||||
12,025,850 | 12,169,847 | 12,265,105 | |||||||||||||||||||||||||||||||||
Scaled Agile, Inc. (0.2%)*(7) (8) (10) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28) | 1,747,991 | 1,705,099 | 1,704,707 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28) | (6,668) | (6,716) | |||||||||||||||||||||||||||||||||
1,747,991 | 1,698,431 | 1,697,991 | |||||||||||||||||||||||||||||||||
Serta Simmons Bedding LLC (1.4%)*(8) (9) | Home Furnishings | Super Priority First Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) | 7,350,068 | 7,228,566 | 7,409,162 | ||||||||||||||||||||||||||||||
Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) | 3,607,287 | 3,374,478 | 3,364,805 | ||||||||||||||||||||||||||||||||
10,957,355 | 10,603,044 | 10,773,967 | |||||||||||||||||||||||||||||||||
SISU ACQUISITIONCO., INC. (0.9%)*(7) (8) (10) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26) | 7,009,139 | 6,869,135 | 6,770,828 | ||||||||||||||||||||||||||||||
7,009,139 | 6,869,135 | 6,770,828 | |||||||||||||||||||||||||||||||||
Smartling, Inc. (2.2%)*(7) (8) (10) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27) | 16,470,588 | 16,102,057 | 16,094,118 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27) | (22,958) | (23,529) | |||||||||||||||||||||||||||||||||
16,470,588 | 16,079,099 | 16,070,589 | |||||||||||||||||||||||||||||||||
Smile Brands Group Inc. (0.6%)*(7) (8) (10) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/18, Due 10/25) | 4,593,488 | 4,570,887 | 4,553,465 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 12/20, Due 10/25) | (11,854) | (5,704) | |||||||||||||||||||||||||||||||||
4,593,488 | 4,559,033 | 4,547,761 |
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
SN BUYER, LLC (2.5%)*(7) (8) (9) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/20, Due 12/26) | $ | 18,394,134 | $ | 18,079,537 | $ | 18,394,134 | |||||||||||||||||||||||||||
18,394,134 | 18,079,537 | 18,394,134 | |||||||||||||||||||||||||||||||||
Springbrook Software (SBRK Intermediate, Inc.) (1.4%)*(7) (8) (10) | Enterprise Software & Services | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/19, Due 12/26) | 10,345,662 | 10,179,244 | 10,345,662 | ||||||||||||||||||||||||||||||
10,345,662 | 10,179,244 | 10,345,662 | |||||||||||||||||||||||||||||||||
SPT Acquico Limited (0.1%)*(3) (7) (8) (10) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/27) | 658,312 | 643,744 | 658,312 | ||||||||||||||||||||||||||||||
658,312 | 643,744 | 658,312 | |||||||||||||||||||||||||||||||||
SSCP Pegasus Midco Limited (0.4%)*(3) (7) (8) (12) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27) | 2,754,170 | 2,487,755 | 2,722,148 | ||||||||||||||||||||||||||||||
2,754,170 | 2,487,755 | 2,722,148 | |||||||||||||||||||||||||||||||||
Starnmeer B.V. (1.0%)*(3) (7) (8) (10) | Technology | First Lien Senior Secured Term Loan (LIBOR + 6.4%, 6.9% Cash, Acquired 10/21, Due 04/27) | 7,500,000 | 7,390,652 | 7,387,500 | ||||||||||||||||||||||||||||||
7,500,000 | 7,390,652 | 7,387,500 | |||||||||||||||||||||||||||||||||
Superjet Buyer, LLC (3.0%)*(7) (8) (10) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) | 23,174,707 | 22,711,214 | 22,711,213 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27) | (36,506) | (36,506) | |||||||||||||||||||||||||||||||||
23,174,707 | 22,674,708 | 22,674,707 | |||||||||||||||||||||||||||||||||
Syniverse Holdings, Inc. (2.3%)*(8) (10) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/18, Due 03/23) | 17,314,396 | 16,493,137 | 17,191,810 | ||||||||||||||||||||||||||||||
17,314,396 | 16,493,137 | 17,191,810 | |||||||||||||||||||||||||||||||||
Syntax Systems Ltd (0.3%)*(3) (7) (8) (9) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/28) | 2,055,730 | 2,018,017 | 2,015,842 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/26) | 442,229 | 432,475 | 432,117 | ||||||||||||||||||||||||||||||||
2,497,959 | 2,450,492 | 2,447,959 | |||||||||||||||||||||||||||||||||
TA SL Cayman Aggregator Corp. (0.3%)*(7) | Technology | Subordinated Term Loan (8.8% PIK, Acquired 07/21, Due 07/28) | 1,994,681 | 1,957,088 | 1,960,329 | ||||||||||||||||||||||||||||||
Common Stock (1,227.79 shares, Acquired 07/21) | 49,876 | 64,911 | |||||||||||||||||||||||||||||||||
1,994,681 | 2,006,964 | 2,025,240 | |||||||||||||||||||||||||||||||||
Techone B.V. (1.1%)*(3) (7) (8) (14) | Technology | First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28) | 8,725,849 | 8,427,621 | 8,441,314 | ||||||||||||||||||||||||||||||
Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 05/28) | 108,060 | 96,551 | 97,254 | ||||||||||||||||||||||||||||||||
8,833,909 | 8,524,172 | 8,538,568 | |||||||||||||||||||||||||||||||||
Tencarva Machinery Company, LLC (0.7%)*(7) (8) (10) | Capital Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) | 5,485,512 | 5,374,529 | 5,374,012 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27) | (19,644) | (19,750) | |||||||||||||||||||||||||||||||||
5,485,512 | 5,354,885 | 5,354,262 | |||||||||||||||||||||||||||||||||
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) (0.5%)*(7) | Brokerage, Asset Managers & Exchanges | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(8) (10) | 847,007 | 776,281 | 775,960 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(8) (10) | (14,394) | (14,466) | |||||||||||||||||||||||||||||||||
Subordinated Term Loan (7.8% PIK, Acquired 10/21, Due 10/28) | 3,333,333 | 3,267,904 | 3,266,667 | ||||||||||||||||||||||||||||||||
4,180,340 | 4,029,791 | 4,028,161 | |||||||||||||||||||||||||||||||||
The Hilb Group, LLC (2.7%)*(7) (8) (10) | Insurance Brokerage | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26) | 20,279,107 | 19,879,692 | 19,873,525 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/19, Due 12/26) | 54,535 | (1,347) | (2,020) | ||||||||||||||||||||||||||||||||
20,333,642 | 19,878,345 | 19,871,505 | |||||||||||||||||||||||||||||||||
Total Safety U.S. Inc. (0.9%)*(8) (11) | Diversified Support Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 08/25) | 6,583,183 | 6,393,013 | 6,482,394 | ||||||||||||||||||||||||||||||
6,583,183 | 6,393,013 | 6,482,394 |
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
Transit Technologies LLC (0.8%)*(7) (8) (10) | Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/20, Due 02/25) | $ | 6,035,305 | $ | 5,945,913 | $ | 5,845,889 | |||||||||||||||||||||||||||
6,035,305 | 5,945,913 | 5,845,889 | |||||||||||||||||||||||||||||||||
Transportation Insight, LLC (1.5%)*(7) (8) (9) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.6% Cash, Acquired 08/18, Due 12/24) | 11,329,748 | 11,260,323 | 11,159,802 | ||||||||||||||||||||||||||||||
11,329,748 | 11,260,323 | 11,159,802 | |||||||||||||||||||||||||||||||||
Trident Maritime Systems, Inc. (2.0%)*(7) (8) (10) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/21, Due 02/27) | 14,887,500 | 14,665,396 | 14,887,500 | ||||||||||||||||||||||||||||||
14,887,500 | 14,665,396 | 14,887,500 | |||||||||||||||||||||||||||||||||
Truck-Lite Co., LLC (2.0%)*(7) (8) (10) | Automotive Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26) | 15,001,601 | 14,622,710 | 14,610,774 | ||||||||||||||||||||||||||||||
15,001,601 | 14,622,710 | 14,610,774 | |||||||||||||||||||||||||||||||||
Trystar, LLC (1.6%)*(7) | Power Distribution Solutions | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/18, Due 09/23)(8) (10) | 11,987,848 | 11,777,295 | 11,778,060 | ||||||||||||||||||||||||||||||
Class A LLC Units (440.97 units, Acquired 09/18) | 480,874 | 412,027 | |||||||||||||||||||||||||||||||||
11,987,848 | 12,258,169 | 12,190,087 | |||||||||||||||||||||||||||||||||
Turbo Buyer, Inc. (1.1%)*(7) (8) (10) | Finance Companies | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/21, Due 12/25) | 8,430,000 | 8,226,186 | 8,220,000 | ||||||||||||||||||||||||||||||
8,430,000 | 8,226,186 | 8,220,000 | |||||||||||||||||||||||||||||||||
Turf Products, LLC (1.2%)*(7) (25) | Landscaping & Irrigation Equipment Distributor | Senior Subordinated Debt (10.0% Cash, Acquired 12/20, Due 10/23) | 8,697,056 | 8,383,962 | 8,627,480 | ||||||||||||||||||||||||||||||
8,697,056 | 8,383,962 | 8,627,480 | |||||||||||||||||||||||||||||||||
Turnberry Solutions, Inc. (0.6%)*(7) (8) (10) | Consumer Cyclical | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/21, Due 09/26) | 4,500,000 | 4,406,122 | 4,422,501 | ||||||||||||||||||||||||||||||
4,500,000 | 4,406,122 | 4,422,501 | |||||||||||||||||||||||||||||||||
U.S. Gas & Electric, Inc. (0.2%)*(7) (25) | Energy Services | Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25) | 2,285,250 | 1,785,250 | 1,785,250 | ||||||||||||||||||||||||||||||
Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25)(26) | 2,485,469 | — | — | ||||||||||||||||||||||||||||||||
4,770,719 | 1,785,250 | 1,785,250 | |||||||||||||||||||||||||||||||||
U.S. Silica Company (0.2%)*(3) (8) (9) | Metal & Glass Containers | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25) | 1,472,106 | 1,474,267 | 1,436,687 | ||||||||||||||||||||||||||||||
1,472,106 | 1,474,267 | 1,436,687 | |||||||||||||||||||||||||||||||||
UKFast Leaders Limited (1.6%)*(3) (7) (8) (16) | Technology | First Lien Senior Secured Term Loan (SONIA + 7.0%, 7.1% Cash, Acquired 09/20, Due 9/27) | 12,311,660 | 11,399,095 | 12,090,050 | ||||||||||||||||||||||||||||||
12,311,660 | 11,399,095 | 12,090,050 | |||||||||||||||||||||||||||||||||
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) (2.2%)*(7) (8) (10) | Legal Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/18, Due 11/24) | 16,221,755 | 16,065,447 | 16,221,755 | ||||||||||||||||||||||||||||||
16,221,755 | 16,065,447 | 16,221,755 | |||||||||||||||||||||||||||||||||
Utac Ceram (0.7%)*(3) (7) (8) | Business Services | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/20, Due 09/27)(14) | 1,705,800 | 1,706,086 | 1,673,224 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.25%, 5.5% Cash, Acquired 02/21, Due 09/27)(10) | 3,517,700 | 3,455,739 | 3,450,522 | ||||||||||||||||||||||||||||||||
5,223,500 | 5,161,825 | 5,123,746 | |||||||||||||||||||||||||||||||||
Validity, Inc. (0.6%)*(7) (8) (9) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 07/19, Due 05/25) | 4,783,146 | 4,686,773 | 4,764,014 | ||||||||||||||||||||||||||||||
4,783,146 | 4,686,773 | 4,764,014 | |||||||||||||||||||||||||||||||||
VistaJet Pass Through Trust 2021-1B (0.7%)* | Airlines | Structured Secured Note - Class B (6.3% Cash, Acquired 11/21, Due 02/29) | 5,000,000 | 5,000,000 | 4,905,485 | ||||||||||||||||||||||||||||||
5,000,000 | 5,000,000 | 4,905,485 | |||||||||||||||||||||||||||||||||
Vital Buyer, LLC (1.1%)*(7) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 06/28)(8) (10) | 7,802,143 | 7,656,443 | 7,676,443 | ||||||||||||||||||||||||||||||
Partnership Units (16,442.9 units, Acquired 06/21) | 164,429 | 170,924 | |||||||||||||||||||||||||||||||||
7,802,143 | 7,820,872 | 7,847,367 | |||||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | ||||||||||||||||||||||||||||||
W2O Holdings, Inc. (0.3%)*(7) (8) (10) | Healthcare Technology | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 06/25) | $ | 2,152,276 | $ | 2,090,468 | $ | 2,152,276 | |||||||||||||||||||||||||||
2,152,276 | 2,090,468 | 2,152,276 | |||||||||||||||||||||||||||||||||
Woodland Foods, LLC (1.8%)*(7) | Food & Beverage | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)(8) (10) | 11,512,234 | 11,284,684 | 11,281,989 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)(8) (10) | 172,203 | 127,886 | 127,362 | ||||||||||||||||||||||||||||||||
Common Stock (1,663,307.18 shares, Acquired 12/21) | 1,663,307 | 1,663,307 | |||||||||||||||||||||||||||||||||
11,684,437 | 13,075,877 | 13,072,658 | |||||||||||||||||||||||||||||||||
World 50, Inc. (1.6%)*(7) (8) (9) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26) | 3,279,976 | 3,202,135 | 3,279,976 | ||||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 09/20, Due 01/26) | 9,008,913 | 8,849,217 | 8,873,780 | ||||||||||||||||||||||||||||||||
12,288,889 | 12,051,352 | 12,153,756 | |||||||||||||||||||||||||||||||||
Subtotal Non–Control / Non–Affiliate Investments (200.9%) | 1,518,707,323 | 1,494,030,725 | 1,490,112,663 | ||||||||||||||||||||||||||||||||
Affiliate Investments: (4) | |||||||||||||||||||||||||||||||||||
Eclipse Business Capital, LLC (13.4%)*(7) | Banking, Finance, Insurance, & Real Estate | Second Lien Senior Secured Term Loan (7.5% Cash, Acquired 07/21, Due 07/28) | 4,545,455 | 4,502,418 | 4,738,230 | ||||||||||||||||||||||||||||||
Revolver (LIBOR + 7.25%, Acquired 07/21, Due 07/28)(10) | 1,818,182 | 1,690,996 | 1,818,182 | ||||||||||||||||||||||||||||||||
LLC Units (89,447,396 units, Acquired 07/21) | 89,849,519 | 92,667,503 | |||||||||||||||||||||||||||||||||
6,363,637 | 96,042,933 | 99,223,915 | |||||||||||||||||||||||||||||||||
Jocassee Partners LLC (5.1%)*(3) | Investment Funds & Vehicles | 9.1% Member Interest, Acquired 06/19 | 30,158,270 | 37,601,490 | |||||||||||||||||||||||||||||||
30,158,270 | 37,601,490 | ||||||||||||||||||||||||||||||||||
JSC Tekers Holdings (0.8%)*(3) (7) (25) | Real Estate Management | Preferred Stock (9,159,085 shares, Acquired 12/20) | 4,753,000 | 6,197,037 | |||||||||||||||||||||||||||||||
Common Stock (3,201 shares, Acquired 12/20) | — | — | |||||||||||||||||||||||||||||||||
4,753,000 | 6,197,037 | ||||||||||||||||||||||||||||||||||
Security Holdings B.V. (6.3%)*(3) (7) (25) | Electrical Engineering | Bridge Loan (5.0% PIK, Acquired 12/20, Due 02/27) | 5,451,205 | 5,451,207 | 5,451,205 | ||||||||||||||||||||||||||||||
Senior Subordinated Loan (3.1% PIK, Acquired 12/20, Due 05/22) | 9,524,617 | 9,524,617 | 9,524,617 | ||||||||||||||||||||||||||||||||
Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK, Acquired 04/21, Due 04/25) | 7,306,508 | 7,638,612 | 7,306,507 | ||||||||||||||||||||||||||||||||
Common Stock (900 shares, Acquired 12/20) | 21,264,000 | 24,825,075 | |||||||||||||||||||||||||||||||||
22,282,330 | 43,878,436 | 47,107,404 | |||||||||||||||||||||||||||||||||
Thompson Rivers LLC (11.3%)*(3) | Investment Funds & Vehicles | 15.90% Member Interest, Acquired 06/20 | 79,414,272 | 84,438,256 | |||||||||||||||||||||||||||||||
79,414,272 | 84,438,256 | ||||||||||||||||||||||||||||||||||
Waccamaw River LLC (1.8%)*(3) | Investment Funds & Vehicles | 20% Member Interest, Acquired 02/21 | 13,720,000 | 13,500,686 | |||||||||||||||||||||||||||||||
13,720,000 | 13,500,686 | ||||||||||||||||||||||||||||||||||
Subtotal Affiliate Investments (38.8%) | 28,645,967 | 267,966,911 | 288,068,788 | ||||||||||||||||||||||||||||||||
Control Investments:(5) | |||||||||||||||||||||||||||||||||||
MVC Automotive Group Gmbh (2.0%)*(3) (7) (25) | Automotive | Bridge Loan (6.0% Cash, Acquired 12/20, Due 06/26) | 7,149,166 | 7,149,166 | 7,149,166 | ||||||||||||||||||||||||||||||
Common Equity Interest (18,000 shares, Acquired 12/20) | 9,553,000 | 7,699,434 | |||||||||||||||||||||||||||||||||
7,149,166 | 16,702,166 | 14,848,600 | |||||||||||||||||||||||||||||||||
MVC Private Equity Fund LP (1.0%)*(3) (25) | Investment Funds & Vehicles | General Partnership Interest | 224,978 | 187,513 | |||||||||||||||||||||||||||||||
Limited Partnership Interest | 8,899,284 | 7,376,388 | |||||||||||||||||||||||||||||||||
9,124,262 | 7,563,901 | ||||||||||||||||||||||||||||||||||
Subtotal Control Investments (3.0%) | 7,149,166 | 25,826,428 | 22,412,501 | ||||||||||||||||||||||||||||||||
Total Investments, December 31, 2021 (242.7%)* | $ | 1,554,502,456 | $ | 1,787,824,064 | $ | 1,800,593,952 | |||||||||||||||||||||||||||||
Credit Support Agreement(a)(b)(d) | |||||||||||||||||||||||||||||||||||||||||
Description | Counter Party | Settlement Date(c) | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||
Credit Support Agreement | Barings LLC | 01/01/31 | $ | 23,000,000 | $ | 15,400,000 | $ | 1,800,000 | |||||||||||||||||||||||||||||||||
Total Credit Support Agreement, December 31, 2021 | $ | 1,800,000 |
Foreign Currency Forward Contracts: | ||||||||||||||||||||||||||||||||
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$31,601,341 | $22,849,503 | Bank of America, N.A. | 01/06/22 | $ | 126,319 | ||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$2,098,659 | $1,507,742 | HSBC Bank USA | 01/06/22 | 18,092 | |||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $20,727,370 | A$28,700,000 | Citibank N.A. | 01/06/22 | (139,026) | |||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $3,579,961 | A$5,000,000 | HSBC Bank USA | 04/08/22 | (55,300) | |||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $18,247,151 | A$25,385,697 | Bank of America, N.A. | 04/08/22 | (214,805) | |||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | C$3,229,673 | $2,527,527 | Bank of America, N.A. | 01/06/22 | 29,309 | |||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | C$3,000,000 | $2,425,209 | HSBC Bank USA | 01/06/22 | (50,198) | |||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | $4,881,155 | C$6,229,673 | HSBC Bank USA | 01/06/22 | (50,693) | |||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | $2,506,088 | C$3,203,161 | Bank of America, N.A. | 04/08/22 | (28,983) | |||||||||||||||||||||||||||
Foreign currency forward contract (DKK) | 2,142,838kr. | $326,309 | Bank of America, N.A. | 01/06/22 | 1,343 | |||||||||||||||||||||||||||
Foreign currency forward contract (DKK) | $335,107 | 2,142,838kr. | Bank of America, N.A. | 01/06/22 | 7,455 | |||||||||||||||||||||||||||
Foreign currency forward contract (DKK) | $322,726 | 2,115,990kr. | Bank of America, N.A. | 04/08/22 | (1,490) | |||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €52,582,593 | $59,524,358 | Bank of America, N.A. | 01/06/22 | 274,882 | |||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €5,019,529 | $5,701,273.9 | HSBC Bank USA | 04/08/22 | 18,430 | |||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $24,721,638 | €21,500,000 | Bank of America, N.A. | 01/06/22 | 270,891 | |||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $14,562,667 | €12,900,000 | HSBC Bank USA | 01/06/22 | (107,781) | |||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $20,655,383 | €18,182,593 | BNP Paribas SA | 01/06/22 | (22,663) | |||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $60,413,175 | €53,264,857 | Bank of America, N.A. | 04/08/22 | (281,606) | |||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $1,129,597 | €1,000,000 | HSBC Bank USA | 04/08/22 | (9,893) | |||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $8,513,639 | €7,500,000 | BNP Paribas SA | 04/08/22 | (32,537) | |||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | £9,900,000 | $13,219,519 | Bank of America, N.A. | 01/06/22 | 189,513 | |||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,348,815 | £9,900,000 | BNP Paribas SA | 01/06/22 | (60,217) | |||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $6,121,622 | £4,598,707 | Bank of America, N.A. | 04/08/22 | (104,366) | |||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | 1,791,942kr | $198,154 | HSBC Bank USA | 01/07/22 | (230) | |||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $203,853 | 1,791,942kr | Bank of America, N.A. | 01/07/22 | 5,928 | |||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $207,483 | 1,874,724kr | HSBC Bank USA | 04/08/22 | 244 | |||||||||||||||||||||||||||
Total Foreign Currency Forward Contracts, December 31, 2021 | $ | (217,382) |
December 31, 2020 Value | Gross Additions (b) | Gross Reductions (c) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | December 31, 2021 Value | Amount of Interest or Dividends Credited to Income(d) | ||||||||||||||||||||
Portfolio Company | Type of Investment(a) | |||||||||||||||||||||||||
Advantage Insurance, Inc.(e) | Preferred Stock (587,001 shares) | $ | 5,946,641 | $ | — | $ | (5,870,010) | $ | (76,631) | $ | — | $ | — | $ | 71,500 | |||||||||||
5,946,641 | — | (5,870,010) | (76,631) | — | — | 71,500 | ||||||||||||||||||||
Eclipse Business Capital, LLC (e) | Second Lien Senior Secured Term Loan (7.5% Cash) | — | 4,502,420 | — | — | 235,810 | 4,738,230 | 169,899 | ||||||||||||||||||
Revolver (LIBOR + 7.25%) | — | 1,690,997 | — | — | 127,185 | 1,818,182 | 52,983 | |||||||||||||||||||
LLC units (89,447,396 units) | — | 89,849,519 | — | — | 2,817,984 | 92,667,503 | 3,581,825 | |||||||||||||||||||
— | 96,042,936 | — | — | 3,180,979 | 99,223,915 | 3,804,707 | ||||||||||||||||||||
Jocassee Partners LLC | 9.1% Member Interest | 22,623,820 | 10,000,000 | — | — | 4,977,670 | 37,601,490 | — | ||||||||||||||||||
22,623,820 | 10,000,000 | — | — | 4,977,670 | 37,601,490 | — | ||||||||||||||||||||
JSC Tekers Holdings(e) | Preferred Stock (9,159,085 shares) | 4,753,000 | — | (4) | — | 1,444,041 | 6,197,037 | — | ||||||||||||||||||
Common Stock (3,201 shares) | — | — | — | — | — | — | — | |||||||||||||||||||
4,753,000 | — | (4) | — | 1,444,041 | 6,197,037 | — | ||||||||||||||||||||
Security Holdings B.V(e) | Bridge Loan (5.0% PIK 5/31/2021) | 5,187,508 | 263,697 | — | — | — | 5,451,205 | 276,345 | ||||||||||||||||||
Senior Subordinated Loan (3.1% PIK) | 8,746,454 | 778,163 | — | — | — | 9,524,617 | 285,318 | |||||||||||||||||||
Senior Unsecured Term Loan (9.0% PIK) | — | 8,831,162 | (1,168,250) | (24,300) | (332,105) | 7,306,507 | 819,588 | |||||||||||||||||||
Common Equity Interest | 21,329,370 | — | — | — | 3,495,705 | 24,825,075 | — | |||||||||||||||||||
35,263,332 | 9,873,022 | (1,168,250) | (24,300) | 3,163,600 | 47,107,404 | 1,381,251 | ||||||||||||||||||||
Thompson Rivers LLC | 15.90% Member Interest | 10,011,840 | 69,414,271 | — | — | 5,012,145 | 84,438,256 | 4,776,145 | ||||||||||||||||||
10,011,840 | 69,414,271 | — | — | 5,012,145 | 84,438,256 | 4,776,145 | ||||||||||||||||||||
Waccamaw River LLC | 20% Member Interest | — | 13,762,417 | (68,188) | — | (193,543) | 13,500,686 | 280,000 | ||||||||||||||||||
— | 13,762,417 | (68,188) | — | (193,543) | 13,500,686 | 280,000 | ||||||||||||||||||||
Total Affiliate Investments | $ | 78,598,633 | $ | 199,092,646 | $ | (7,106,452) | $ | (100,931) | $ | 17,584,892 | $ | 288,068,788 | $ | 10,313,603 |
December 31, 2020 Value | Gross Additions (b) | Gross Reductions (c) | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | December 31, 2021 Value | Amount of Interest or Dividends Credited to Income(d) | ||||||||||||||||||||
Portfolio Company | Type of Investment(a) | |||||||||||||||||||||||||
MVC Automotive Group GmbH(e) | Common Equity Interest | $ | 9,582,368 | $ | — | $ | — | $ | — | $ | (1,882,934) | $ | 7,699,434 | $ | — | |||||||||||
Bridge Loan (6.0% Cash 12/31/2021) | 7,149,166 | — | — | — | — | 7,149,166 | 434,908 | |||||||||||||||||||
16,731,534 | — | — | — | (1,882,934) | 14,848,600 | 434,908 | ||||||||||||||||||||
MVC Private Equity Fund LP | Limited Partnership Interest | 8,899,284 | — | — | — | (1,522,896) | 7,376,388 | — | ||||||||||||||||||
General Partnership Interest | 224,978 | — | — | (37,465) | 187,513 | 642,609 | ||||||||||||||||||||
9,124,262 | — | — | — | (1,560,361) | 7,563,901 | 642,609 | ||||||||||||||||||||
Waccamaw River LLC | 50% Member Interest | — | 4,500,000 | (4,474,229) | — | (25,771) | — | — | ||||||||||||||||||
Total Control Investments | $ | 25,855,796 | $ | 4,500,000 | $ | (4,474,229) | $ | — | $ | (3,469,066) | $ | 22,412,501 | $ | 1,077,517 |
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Non–Control / Non–Affiliate Investments: | ||||||||||||||||||||||||||||||||
1WorldSync, Inc. (4.0%)*(7) (9) (12) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25) | $ | 29,000,000 | $ | 28,490,102 | $ | 28,420,000 | ||||||||||||||||||||||||
29,000,000 | 28,490,102 | 28,420,000 | ||||||||||||||||||||||||||||||
Accelerate Learning, Inc. (1.0%)*(7) (9) (12) | Education Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/18, Due 12/24) | 7,567,965 | 7,461,410 | 7,258,435 | |||||||||||||||||||||||||||
7,567,965 | 7,461,410 | 7,258,435 | ||||||||||||||||||||||||||||||
Accurus Aerospace Corporation (2.9%)*(7) (9) (12) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 10/18, Due 10/24) | 24,500,000 | 24,251,575 | 20,506,500 | |||||||||||||||||||||||||||
24,500,000 | 24,251,575 | 20,506,500 | ||||||||||||||||||||||||||||||
ADE Holding (d/b/a AD Education) (0.8%)*(3) (7) (9) (19) | Education Services | First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 5.0% Cash, Acquired 01/20, Due 01/27) | 5,459,746 | 4,977,557 | 5,459,746 | |||||||||||||||||||||||||||
5,459,746 | 4,977,557 | 5,459,746 | ||||||||||||||||||||||||||||||
AEP Holdings, Inc. (1.8%)*(7) (9) | Wholesale | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (18) | 4,362,794 | 4,143,810 | 4,275,538 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25) (12) | 8,902,516 | 8,727,725 | 8,724,466 | |||||||||||||||||||||||||||||
13,265,310 | 12,871,535 | 13,000,004 | ||||||||||||||||||||||||||||||
Aftermath Bidco Corporation (1.3%)* (7) (9) (12) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/19, Due 04/25) | 9,425,284 | 9,265,301 | 9,335,155 | |||||||||||||||||||||||||||
9,425,284 | 9,265,301 | 9,335,155 | ||||||||||||||||||||||||||||||
Ahead DB Borrower, LLC. (0.3%)*(7) (9) (12) | Technology Distributors | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 10/20, Due 10/28) | 2,139,295 | 2,076,161 | 2,075,117 | |||||||||||||||||||||||||||
2,139,295 | 2,076,161 | 2,075,117 | ||||||||||||||||||||||||||||||
Air Canada 2020-2 Class B Pass Through Trust (1.1%)* | Airlines | Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25) | 7,500,000 | 7,500,000 | 8,077,169 | |||||||||||||||||||||||||||
7,500,000 | 7,500,000 | 8,077,169 | ||||||||||||||||||||||||||||||
American Dental Partners, Inc. (1.3%)*(7) (9) (12) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 11/18, Due 03/23) | 9,800,000 | 9,786,672 | 9,396,240 | |||||||||||||||||||||||||||
9,800,000 | 9,786,672 | 9,396,240 | ||||||||||||||||||||||||||||||
American Scaffold, Inc. (1.3%)*(7) (9) (12) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 09/19, Due 09/25) | 9,686,750 | 9,509,443 | 9,686,750 | |||||||||||||||||||||||||||
9,686,750 | 9,509,443 | 9,686,750 | ||||||||||||||||||||||||||||||
Anagram Holdings, LLC (2.2%)*(3) | Chemicals, Plastics, & Rubber | First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25) | 13,673,780 | 12,565,289 | 15,588,108 | |||||||||||||||||||||||||||
13,673,780 | 12,565,289 | 15,588,108 | ||||||||||||||||||||||||||||||
Anchorage Capital CLO Ltd: Series 2013-1A (0.3%)*(3) (9) (12) | Structured Finance | Structured Secured Note - Class DR (LIBOR + 6.8%, 7.0% Cash, Acquired 03/20, Due 10/30) | 2,000,000 | 1,743,066 | 2,000,156 | |||||||||||||||||||||||||||
2,000,000 | 1,743,066 | 2,000,156 | ||||||||||||||||||||||||||||||
Anju Software, Inc. (1.9%)*(7) (12) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.4% Cash, Acquired 02/19, Due 02/25) | 13,701,182 | 13,442,543 | 13,385,963 | |||||||||||||||||||||||||||
13,701,182 | 13,442,543 | 13,385,963 | ||||||||||||||||||||||||||||||
Apex Bidco Limited (0.3%)*(3) (7) | Business Equipment & Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.50%, 7.0% Cash, Acquired 01/20, Due 01/27) (9) (15) | 1,992,033 | 1,851,359 | 1,950,974 | |||||||||||||||||||||||||||
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27) | 258,955 | 241,837 | 253,618 | |||||||||||||||||||||||||||||
2,250,988 | 2,093,196 | 2,204,592 | ||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. (f/k/a SmartBear) (0.7%)*(7) (9) (12) | High Tech Industries | Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 9.0% Cash, Acquired 10/18, Due 05/24) | 4,959,088 | 4,877,581 | 4,959,088 | |||||||||||||||||||||||||||
4,959,088 | 4,877,581 | 4,959,088 | ||||||||||||||||||||||||||||||
Arch Global Precision LLC (2.3%)*(7) (12) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.0% Cash, Acquired 04/19, Due 04/26) | 16,649,218 | 16,496,045 | 16,557,510 | |||||||||||||||||||||||||||
16,649,218 | 16,496,045 | 16,557,510 | ||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments December 31, 2018 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Non–Control / Non–Affiliate Investments: | ||||||||||||||||
24 Hour Fitness Worldwide, Inc. (1.6%)*(4) | Leisure Facilities | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.0% Cash, Due 05/25) | $ | 9,452,500 | $ | 9,543,878 | $ | 9,224,033 | ||||||||
9,452,500 | 9,543,878 | 9,224,033 | ||||||||||||||
Accelerate Learning (1.5%)*(5) | Education Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 7.0% Cash, Due 12/24) | 8,455,827 | 8,287,632 | 8,234,888 | |||||||||||
8,455,827 | 8,287,632 | 8,234,888 | ||||||||||||||
Accurus Aerospace (4.3%)*(5) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 7.0% Cash, Due 10/24) | 25,000,000 | 24,636,436 | 24,312,943 | |||||||||||
25,000,000 | 24,636,436 | 24,312,943 | ||||||||||||||
Acrisure, LLC (1.7%)*(4) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.8% Cash, Due 11/23) | 9,949,622 | 10,011,600 | 9,620,091 | |||||||||||
9,949,622 | 10,011,600 | 9,620,091 | ||||||||||||||
ADMI Corp. (0.6%)*(4) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 04/25) | 3,482,500 | 3,495,133 | 3,302,559 | |||||||||||
3,482,500 | 3,495,133 | 3,302,559 | ||||||||||||||
AlixPartners LLP (1.4%)*(4) | Investment Banking & Brokerage | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 04/24) | 8,058,987 | 8,103,759 | 7,725,104 | |||||||||||
8,058,987 | 8,103,759 | 7,725,104 | ||||||||||||||
Alliant Holdings LP (0.8%)*(4) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.2% Cash, Due 05/25) | 4,972,506 | 4,980,447 | 4,689,372 | |||||||||||
4,972,506 | 4,980,447 | 4,689,372 | ||||||||||||||
American Airlines Group Inc. (2.3%)*(3) (4) | Airport Services | First Lien Senior Secured Term Loan (LIBOR + 1.75%, 4.3% Cash, Due 06/25) | 13,985,519 | 13,734,123 | 13,058,978 | |||||||||||
13,985,519 | 13,734,123 | 13,058,978 | ||||||||||||||
American Dental Partners, Inc. (1.7%)* | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 7.1% Cash, Due 03/23) | 10,000,000 | 9,975,555 | 9,850,000 | |||||||||||
10,000,000 | 9,975,555 | 9,850,000 | ||||||||||||||
Amscan Holdings Inc. (0.4%)*(3) (4) | Specialty Stores | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.0% Cash, Due 08/22) | 2,411,098 | 2,428,340 | 2,321,694 | |||||||||||
2,411,098 | 2,428,340 | 2,321,694 | ||||||||||||||
Apex Tool Group, LLC (1.3%)*(4) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 6.3% Cash, Due 02/22) | 7,335,300 | 7,364,994 | 7,056,558 | |||||||||||
7,335,300 | 7,364,994 | 7,056,558 | ||||||||||||||
Applied Systems Inc. (1.6%)*(4) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 09/24) | 9,313,068 | 9,380,593 | 8,855,144 | |||||||||||
9,313,068 | 9,380,593 | 8,855,144 | ||||||||||||||
Ascend Learning, LLC (1.3%)*(4) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 07/24) | 7,959,698 | 7,981,529 | 7,502,015 | |||||||||||
7,959,698 | 7,981,529 | 7,502,015 | ||||||||||||||
AssuredPartners Capital, Inc. (2.0%)*(4) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.8% Cash, Due 10/24) | 11,951,703 | 11,975,322 | 11,257,070 | |||||||||||
11,951,703 | 11,975,322 | 11,257,070 | ||||||||||||||
Aveanna Healthcare Holdings, Inc. (f/k/a BCPE Eagle Buyer LLC) (0.7%)*(4) (5) | Health Care Facilities | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.8% Cash, Due 03/24) | 1,488,712 | 1,469,694 | 1,384,502 | |||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 8.0% Cash, Due 03/24) | 2,751,801 | 2,752,766 | 2,641,729 | |||||||||||||
4,240,513 | 4,222,460 | 4,026,231 | ||||||||||||||
AVSC Holding Corp. (1.3%)*(4) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.9% Cash, Due 03/25) | 7,959,900 | 7,917,296 | 7,522,105 | |||||||||||
7,959,900 | 7,917,296 | 7,522,105 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Archimede (0.4%)*(3) (7) (9) (17) | Consumer Services | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27) | $ | 2,677,354 | $ | 2,510,391 | $ | 2,610,420 | ||||||||||||||||||||||||
2,677,354 | 2,510,391 | 2,610,420 | ||||||||||||||||||||||||||||||
Argus Bidco Limited (0.8%)*(3) (7) (9) (15) | High Tech Industries | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27) | 5,715,005 | 5,383,300 | 5,543,555 | |||||||||||||||||||||||||||
5,715,005 | 5,383,300 | 5,543,555 | ||||||||||||||||||||||||||||||
Armstrong Transport Group (Pele Buyer, LLC ) (1.0%)*(7) (9) (12) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) | 5,354,941 | 5,277,976 | 5,302,778 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 06/24) | 2,000,318 | 1,964,493 | 2,000,318 | |||||||||||||||||||||||||||||
7,355,259 | 7,242,469 | 7,303,096 | ||||||||||||||||||||||||||||||
Ascensus Specialties, LLC (1.0%)*(7) (9) (10) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 09/19, Due 09/26) | 7,019,401 | 6,959,939 | 6,978,909 | |||||||||||||||||||||||||||
7,019,401 | 6,959,939 | 6,978,909 | ||||||||||||||||||||||||||||||
ASPEQ Heating Group LLC (1.2%)* (7) (9) (12) | Building Products, Air & Heating | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25) | 8,945,499 | 8,833,249 | 8,862,629 | |||||||||||||||||||||||||||
8,945,499 | 8,833,249 | 8,862,629 | ||||||||||||||||||||||||||||||
Auxi International (0.2%)*(3) (7) (9) (19) | Commercial Finance | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/19, Due 12/26) | 1,712,970 | 1,514,901 | 1,682,438 | |||||||||||||||||||||||||||
1,712,970 | 1,514,901 | 1,682,438 | ||||||||||||||||||||||||||||||
AVSC Holding Corp. (1.4%)*(9) (12) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 03/25) | 4,904,496 | 4,313,104 | 4,165,780 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.50%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25) | 748,116 | 682,722 | 665,823 | |||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26) | 4,951,086 | 4,816,560 | 5,668,994 | |||||||||||||||||||||||||||||
10,603,698 | 9,812,386 | 10,500,597 | ||||||||||||||||||||||||||||||
Bass Pro Group, LLC (0.3%)*(9) (12) | General Merchandise Stores | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.8% Cash, Acquired 03/20, Due 09/24) | 1,979,540 | 1,793,950 | 1,983,083 | |||||||||||||||||||||||||||
1,979,540 | 1,793,950 | 1,983,083 | ||||||||||||||||||||||||||||||
BDP International, Inc. (f/k/a BDP Buyer, LLC) (4.8%)*(7) (9) (12) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/18, Due 12/24) | 34,937,500 | 34,387,459 | 34,238,750 | |||||||||||||||||||||||||||
34,937,500 | 34,387,459 | 34,238,750 | ||||||||||||||||||||||||||||||
Beacon Pointe Advisors, LLC (0.1%)*(7) (9) (12) | Asset Manager & Custody Bank | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/20, Due 03/26) | 631,591 | 611,703 | 631,591 | |||||||||||||||||||||||||||
631,591 | 611,703 | 631,591 | ||||||||||||||||||||||||||||||
Benify (Bennevis AB) (0.2%)*(3) (7) (9) (20) | High Tech Industries | First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26) | 1,588,980 | 1,366,586 | 1,576,555 | |||||||||||||||||||||||||||
1,588,980 | 1,366,586 | 1,576,555 | ||||||||||||||||||||||||||||||
Black Diamond Equipment Rentals LLC (1.2%)*(7) (23) | Equipment Rental | Second Lien Loan (12.5% Cash, Acquired 12/20, Due 06/22) | 7,500,000 | 7,500,000 | 7,500,000 | |||||||||||||||||||||||||||
Warrant (1.0 unit, Acquired 12/20) | 847,000 | 847,000 | ||||||||||||||||||||||||||||||
7,500,000 | 8,347,000 | 8,347,000 | ||||||||||||||||||||||||||||||
British Airways 2020-1 Class B Pass Through Trust (0.2%)* | Airlines | Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28) | 1,500,000 | 1,500,000 | 1,661,827 | |||||||||||||||||||||||||||
1,500,000 | 1,500,000 | 1,661,827 | ||||||||||||||||||||||||||||||
British Engineering Services Holdco Limited (1.1%)*(3) (7) (9) (15) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.5% Cash, Acquired 12/20, Due 12/27) | 8,667,451 | 7,989,566 | 8,191,066 | |||||||||||||||||||||||||||
8,667,451 | 7,989,566 | 8,191,066 | ||||||||||||||||||||||||||||||
Brown Machine Group Holdings, LLC (0.7%)*(7) (9) (12) | Industrial Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24) | 5,286,022 | 5,241,933 | 5,286,022 | |||||||||||||||||||||||||||
5,286,022 | 5,241,933 | 5,286,022 | ||||||||||||||||||||||||||||||
Cadent, LLC (f/k/a Cross MediaWorks) (1.0%)*(7) (9) (12) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 09/18, Due 09/23) | 7,532,846 | 7,490,785 | 7,361,851 | |||||||||||||||||||||||||||
7,532,846 | 7,490,785 | 7,361,851 | ||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2018 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Bausch Health Companies Inc. (1.5%)*(3) (4) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.4% Cash, Due 05/25) | $ | 8,820,910 | $ | 8,866,316 | $ | 8,406,856 | ||||||||
8,820,910 | 8,866,316 | 8,406,856 | ||||||||||||||
BDP International, Inc. (4.3%)*(5) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 8.1% Cash, Due 12/24) | 25,000,000 | 24,502,972 | 24,347,685 | |||||||||||
25,000,000 | 24,502,972 | 24,347,685 | ||||||||||||||
Berlin Packaging LLC (1.4%)*(4) | Forest Products /Containers | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.4% Cash, Due 11/25) | 8,457,500 | 8,477,268 | 7,944,045 | |||||||||||
8,457,500 | 8,477,268 | 7,944,045 | ||||||||||||||
Blackhawk Network Holdings Inc. (1.7%)*(4) | Data Processing & Outsourced Services | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 06/25) | 9,974,937 | 9,974,937 | 9,470,006 | |||||||||||
9,974,937 | 9,974,937 | 9,470,006 | ||||||||||||||
Brookfield WEC Holdings Inc. (0.1%)*(4) | Construction & Engineering | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 6.3% Cash, Due 08/25) | 500,000 | 504,904 | 483,305 | |||||||||||
500,000 | 504,904 | 483,305 | ||||||||||||||
Brown Machine LLC (1.0%)*(5) | Industrial Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.8% Cash, Due 10/24) | 5,568,910 | 5,502,125 | 5,431,063 | |||||||||||
5,568,910 | 5,502,125 | 5,431,063 | ||||||||||||||
Cadent (f/k/a Cross MediaWorks) (1.4%)*(5) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 7.7% Cash, Due 09/23) | 7,966,133 | 7,891,122 | 7,793,161 | |||||||||||
7,966,133 | 7,891,122 | 7,793,161 | ||||||||||||||
Caesars Entertainment Corp. (0.5%)*(3) (4) | Casinos & Gaming | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 12/24) | 3,134,171 | 3,153,038 | 3,004,322 | |||||||||||
3,134,171 | 3,153,038 | 3,004,322 | ||||||||||||||
Callaway Golf Co. (0.6%)*(3) (4) | Leisure Products | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 7.3% Cash, Due 12/25) | 3,266,060 | 3,200,739 | 3,225,234 | |||||||||||
3,266,060 | 3,200,739 | 3,225,234 | ||||||||||||||
Calpine Corp. (0.8%)*(4) | Independent Power Producers & Energy Traders | First Lien Senior Secured Term Loan7 (LIBOR + 2.5%, 5.3% Cash, Due 05/23) | 129,118 | 129,583 | 122,379 | |||||||||||
First Lien Senior Secured Term Loan5 (LIBOR + 2.5%, 5.3% Cash, Due 01/24) | 4,497,510 | 4,513,817 | 4,264,899 | |||||||||||||
4,626,628 | 4,643,400 | 4,387,278 | ||||||||||||||
Capital Automotive LLC (2.0%)*(4) | Automotive Retail | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 5.0% Cash, Due 03/24) | 11,939,394 | 11,966,567 | 11,443,909 | |||||||||||
11,939,394 | 11,966,567 | 11,443,909 | ||||||||||||||
Carlyle Group L.P., (The) (f/k/a Nautilus Power, LLC) (0.6%)*(4) | Independent Power Producers & Energy Traders | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.8% Cash, Due 05/24) | 3,487,410 | 3,504,691 | 3,434,227 | |||||||||||
3,487,410 | 3,504,691 | 3,434,227 | ||||||||||||||
Charter Communications Inc. (0.8%)*(3) (4) | Cable & Satellite | First Lien Senior Secured Term Loan (LIBOR + 2.0%, 4.5% Cash, Due 04/25) | 4,585,127 | 4,493,899 | 4,385,124 | |||||||||||
4,585,127 | 4,493,899 | 4,385,124 | ||||||||||||||
Concentra Inc. (0.5%)*(4) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.1% Cash, Due 06/22) | 3,000,000 | 3,028,601 | 2,865,000 | |||||||||||
3,000,000 | 3,028,601 | 2,865,000 | ||||||||||||||
Consolidated Container Co. LLC (1.3%)*(4) | Metal & Glass Containers | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 05/24) | 7,462,312 | 7,485,496 | 7,114,045 | |||||||||||
7,462,312 | 7,485,496 | 7,114,045 | ||||||||||||||
Container Store Group, Inc., (The) (0.5%)*(3) (4) (5) | Retail | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.5% Cash, Due 09/23) | 3,124,404 | 3,126,010 | 2,858,830 | |||||||||||
3,124,404 | 3,126,010 | 2,858,830 | ||||||||||||||
Core & Main LP (1.7%)*(4) | Building Products | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.7% Cash, Due 08/24) | 9,974,811 | 10,022,554 | 9,617,414 | |||||||||||
9,974,811 | 10,022,554 | 9,617,414 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Carlson Travel, Inc (1.0%)* | Business Travel Management | First Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25) | $ | 3,000,000 | $ | 2,362,500 | $ | 2,471,250 | ||||||||||||||||||||||||
Super Senior Senior Secured Term Loan (10.5% Cash, Acquired 12/20, Due 3/25) | 4,239,000 | 4,149,608 | 4,376,768 | |||||||||||||||||||||||||||||
Common Stock (1,962 units, Acquired 11/20)(7) | 88,290 | 68,670 | ||||||||||||||||||||||||||||||
7,239,000 | 6,600,398 | 6,916,688 | ||||||||||||||||||||||||||||||
Carlyle Aviation Partners Ltd. (0.2%)* | Structured Finance | Structured Secured Note, Series 2019-2 - Class A (3.4% Cash, Acquired 3/20, Due 11/39) | 912,844 | 826,343 | 863,003 | |||||||||||||||||||||||||||
Structured Secured Note, Series 2018-2 - Class A (4.5% Cash, Acquired 3/20, Due 11/38) | 432,194 | 391,920 | 408,302 | |||||||||||||||||||||||||||||
1,345,038 | 1,218,263 | 1,271,305 | ||||||||||||||||||||||||||||||
Centralis Finco S.a.r.l. (0.1%)*(3) (7) (9) (18) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27) | 867,913 | 732,995 | 867,913 | |||||||||||||||||||||||||||
867,913 | 732,995 | 867,913 | ||||||||||||||||||||||||||||||
Cineworld Group PLC (1.1%)*(3) (9) (13) | Leisure Products | First Lien Senior Secured Term Loan (LIBOR + 2.50%, 2.8% Cash, Acquired 04/20, Due 02/25) | 9,070,729 | 5,915,501 | 6,121,290 | |||||||||||||||||||||||||||
Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24) | 1,618,242 | 1,446,976 | 1,920,318 | |||||||||||||||||||||||||||||
Warrants (553,375 units, Acquired 12/20) | 101,602 | 166,416 | ||||||||||||||||||||||||||||||
10,688,971 | 7,464,079 | 8,208,024 | ||||||||||||||||||||||||||||||
Classic Collision (Summit Buyer, LLC) (1.6%)*(7) (9) (12) | Auto Collision Repair Centers | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/20, Due 01/26) | 12,006,341 | 11,774,075 | 11,820,664 | |||||||||||||||||||||||||||
12,006,341 | 11,774,075 | 11,820,664 | ||||||||||||||||||||||||||||||
CM Acquisitions Holdings Inc. (3.4%)*(7) (9) (13) | Internet & Direct Marketing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25) | 24,655,278 | 24,287,477 | 24,196,657 | |||||||||||||||||||||||||||
24,655,278 | 24,287,477 | 24,196,657 | ||||||||||||||||||||||||||||||
CMT Opco Holding, LLC (Concept Machine) (0.6%)*(7) (9) (12) | Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25) | 4,425,935 | 4,351,646 | 4,097,088 | |||||||||||||||||||||||||||
LLC Units (8,309 units, Acquired 01/20) | 332,904 | 230,492 | ||||||||||||||||||||||||||||||
4,425,935 | 4,684,550 | 4,327,580 | ||||||||||||||||||||||||||||||
Command Alkon (Project Potter Buyer, LLC) (3.0%)*(7) (9) (10) | Software | First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27) | 22,166,804 | 21,527,201 | 21,501,800 | |||||||||||||||||||||||||||
Class A Units (90.384 units, Acquired 04/20) | 90,384 | 93,510 | ||||||||||||||||||||||||||||||
Class B Units (33,324.69 units, Acquired 04/20) | — | 8,165 | ||||||||||||||||||||||||||||||
22,166,804 | 21,617,585 | 21,603,475 | ||||||||||||||||||||||||||||||
Confie Seguros Holding II Co. (0.3%)*(9) (12) | Insurance Brokerage Services | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.7% Cash, Acquired 10/19, Due 11/25) | 2,500,000 | 2,370,563 | 2,233,600 | |||||||||||||||||||||||||||
2,500,000 | 2,370,563 | 2,233,600 | ||||||||||||||||||||||||||||||
Contabo Finco S.À R.L (0.2%)*(3) (7) (9) (18) | Internet Software & Services | First Lien Senior Secured Term Loan (EURIBOR + 4.75%, 4.8% Cash, Acquired 10/19, Due 10/26) | 1,483,377 | 1,310,386 | 1,454,918 | |||||||||||||||||||||||||||
1,483,377 | 1,310,386 | 1,454,918 | ||||||||||||||||||||||||||||||
CSL DualCom (0.5%)*(3) (7) (9) (15) | Tele-communications | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 09/20, Due 09/27) | 3,776,936 | 3,339,563 | 3,646,170 | |||||||||||||||||||||||||||
3,776,936 | 3,339,563 | 3,646,170 | ||||||||||||||||||||||||||||||
Custom Alloy Corporation (4.8%)*(7) (23) | Manufacturer of Pipe Fittings & Forgings | Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22) | 39,391,300 | 31,434,257 | 31,434,257 | |||||||||||||||||||||||||||
Revolver (15.0% PIK, Acquired 12/20, Due 04/21) | 3,745,808 | 3,228,308 | 3,228,308 | |||||||||||||||||||||||||||||
43,137,108 | 34,662,565 | 34,662,565 | ||||||||||||||||||||||||||||||
Dart Buyer, Inc. (1.7%)*(3) (7) (9) (12) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 04/25) | 12,310,907 | 12,092,929 | 12,188,061 | |||||||||||||||||||||||||||
12,310,907 | 12,092,929 | 12,188,061 | ||||||||||||||||||||||||||||||
Diamond Sports Group, LLC (0.1%)*(9) (10) | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 3.4% Cash, Acquired 03/20, Due 08/26) | 989,975 | 790,536 | 872,208 | |||||||||||||||||||||||||||
989,975 | 790,536 | 872,208 | ||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2018 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Covia Holdings Corporation (Unimin Corporation) (0.3%)*(3) (4) | Diversified Metals & Mining | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 6.6% Cash, Due 06/25) | $ | 2,435,500 | $ | 2,444,146 | $ | 1,753,560 | ||||||||
2,435,500 | 2,444,146 | 1,753,560 | ||||||||||||||
CPG Intermediate LLC (f/k/a Encapsys, LLC) (0.4%)* | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 6.0% Cash, Due 11/24) | 2,172,331 | 2,174,889 | 2,108,964 | |||||||||||
2,172,331 | 2,174,889 | 2,108,964 | ||||||||||||||
CPI International Inc. (0.8%)*(4) | Electronic Components | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.0% Cash, Due 07/24) | 4,795,633 | 4,803,762 | 4,631,766 | |||||||||||
4,795,633 | 4,803,762 | 4,631,766 | ||||||||||||||
CVS Holdings I, LP (MyEyeDr) (0.3%)*(4) | Health Care Supplies | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.3% Cash, Due 02/25) | 1,953,701 | 1,952,568 | 1,846,248 | |||||||||||
1,953,701 | 1,952,568 | 1,846,248 | ||||||||||||||
Dimora Brands, Inc. (0.5%)* | Building Products | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.0% Cash, Due 08/24) | 2,984,887 | 2,988,439 | 2,839,373 | |||||||||||
2,984,887 | 2,988,439 | 2,839,373 | ||||||||||||||
Dole Food Co. Inc. (2.4%)*(4) | Packaged Foods & Meats | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 04/24) | 13,919,794 | 13,927,211 | 13,484,800 | |||||||||||
13,919,794 | 13,927,211 | 13,484,800 | ||||||||||||||
Dresser Natural Gas Solutions (2.1%)*(5) | Natural Gas | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.8% Cash, Due 10/25) | 12,115,385 | 12,056,896 | 11,903,574 | |||||||||||
12,115,385 | 12,056,896 | 11,903,574 | ||||||||||||||
Duff & Phelps Corporation (2.2%)*(4) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.8% Cash, Due 02/25) | 13,341,288 | 13,378,119 | 12,593,642 | |||||||||||
13,341,288 | 13,378,119 | 12,593,642 | ||||||||||||||
Edelman Financial Group, Inc. (1.8%)*(4) | Investment Banking & Brokerage | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.7% Cash, Due 07/25) | 10,486,000 | 10,569,223 | 10,074,005 | |||||||||||
10,486,000 | 10,569,223 | 10,074,005 | ||||||||||||||
Endo International PLC (1.3%)*(3) (4) | Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.8% Cash, Due 04/24) | 7,959,596 | 8,032,969 | 7,521,818 | |||||||||||
7,959,596 | 8,032,969 | 7,521,818 | ||||||||||||||
Equian Buyer Corp. (0.6%)*(4) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.8% Cash, Due 05/24) | 3,482,323 | 3,488,194 | 3,358,701 | |||||||||||
3,482,323 | 3,488,194 | 3,358,701 | ||||||||||||||
Exelon Corp. (0.5%)*(3) (4) | Electric Utilities | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.7% Cash, Due 11/24) | 3,000,000 | 3,028,710 | 2,835,000 | |||||||||||
3,000,000 | 3,028,710 | 2,835,000 | ||||||||||||||
Eyemart Express (0.6%)*(4) | Retail | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 08/24) | 3,478,637 | 3,490,449 | 3,365,581 | |||||||||||
3,478,637 | 3,490,449 | 3,365,581 | ||||||||||||||
Fieldwood Energy LLC (1.7%)*(4) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.8% Cash, Due 04/22) | 10,000,000 | 10,091,054 | 9,318,800 | |||||||||||
10,000,000 | 10,091,054 | 9,318,800 | ||||||||||||||
Filtration Group Corporation (1.9%)*(4) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 03/25) | 10,944,862 | 11,032,278 | 10,525,346 | |||||||||||
10,944,862 | 11,032,278 | 10,525,346 | ||||||||||||||
Flex Acquisition Holdings, Inc. (1.7%)*(4) | Paper Packaging | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.6% Cash, Due 06/25) | 9,972,500 | 9,993,054 | 9,419,026 | |||||||||||
9,972,500 | 9,993,054 | 9,419,026 | ||||||||||||||
Gardner Denver Inc. (0.3%)*(3) (4) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 07/24) | 1,682,557 | 1,694,790 | 1,621,043 | |||||||||||
1,682,557 | 1,694,790 | 1,621,043 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Discovery Education, Inc. (3.7%)*(7) (9) (10) | Publishing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26) | $ | 27,000,000 | $ | 26,538,991 | $ | 26,527,500 | ||||||||||||||||||||||||
27,000,000 | 26,538,991 | 26,527,500 | ||||||||||||||||||||||||||||||
Distinct Holdings, Inc. (1.0%)*(7) (9) (10) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23) | 7,516,792 | 7,453,665 | 7,475,638 | |||||||||||||||||||||||||||
7,516,792 | 7,453,665 | 7,475,638 | ||||||||||||||||||||||||||||||
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (9) (19) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 1.8% PIK, Acquired 03/20, Due 03/27) | 2,232,173 | 1,939,189 | 2,176,655 | |||||||||||||||||||||||||||
2,232,173 | 1,939,189 | 2,176,655 | ||||||||||||||||||||||||||||||
Dukane IAS, LLC (0.6%)*(7) (23) | Welding Equipment Manufacturer | Second Lien Note (10.5% Cash, 2.5% PIK, Acquired 12/20, Due 12/24) | 4,604,374 | 4,604,374 | 4,604,374 | |||||||||||||||||||||||||||
4,604,374 | 4,604,374 | 4,604,374 | ||||||||||||||||||||||||||||||
Envision Healthcare Corp. (0.4%)*(9) (10) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.9% Cash, Acquired 03/20, Due 10/25) | 3,156,772 | 2,259,339 | 2,623,688 | |||||||||||||||||||||||||||
3,156,772 | 2,259,339 | 2,623,688 | ||||||||||||||||||||||||||||||
Exeter Property Group, LLC (2.6%)*(7) (9) (10) | Real Estate | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.7% Cash, Acquired 02/19, Due 08/24) | 19,363,647 | 19,100,177 | 18,976,374 | |||||||||||||||||||||||||||
19,363,647 | 19,100,177 | 18,976,374 | ||||||||||||||||||||||||||||||
F24 (Stairway BidCo Gmbh) (0.3%)*(3) (7) (9) (18) | Software Services | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 08/20, Due 08/27) | 1,855,625 | 1,734,062 | 1,805,715 | |||||||||||||||||||||||||||
1,855,625 | 1,734,062 | 1,805,715 | ||||||||||||||||||||||||||||||
FitzMark Buyer, LLC (0.5%)*(7) (9) (10) | Cargo & Transportation | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26) | 3,529,412 | 3,429,854 | 3,429,412 | |||||||||||||||||||||||||||
3,529,412 | 3,429,854 | 3,429,412 | ||||||||||||||||||||||||||||||
Foundation Risk Partners, Corp. (1.4%)*(7) (9) (12) | Financial Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23) | 8,789,777 | 8,575,855 | 8,576,718 | |||||||||||||||||||||||||||
Second Lien Senior Secured Term Loan (LIBOR + 8.50%, 9.5% Cash, Acquired 09/20, Due 11/24) | 1,722,222 | 1,588,593 | 1,602,355 | |||||||||||||||||||||||||||||
10,511,999 | 10,164,448 | 10,179,073 | ||||||||||||||||||||||||||||||
GoldenTree Loan Opportunities IX, Limited: Series 2014-9A (0.2%)*(3) (9) (12) | Structured Finance | Structured Secured Note - Class DR2 (LIBOR + 3.0%, 3.2% Cash, Acquired 03/20, Due 10/29) | 1,250,000 | 916,935 | 1,231,963 | |||||||||||||||||||||||||||
1,250,000 | 916,935 | 1,231,963 | ||||||||||||||||||||||||||||||
GTM Intermediate Holdings, Inc. (0.9%)*(7) (23) | Medical Equipment Manufacturer | Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 11/24) | 5,115,750 | 5,064,593 | 5,064,593 | |||||||||||||||||||||||||||
Common Stock (2 shares, Acquired 12/20) | 1,078,778 | 1,078,778 | ||||||||||||||||||||||||||||||
5,115,750 | 6,143,371 | 6,143,371 | ||||||||||||||||||||||||||||||
Gulf Finance, LLC (0.1%)*(9) (10) | Oil & Gas Exploration & Production | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 08/23) | 1,048,305 | 944,246 | 788,105 | |||||||||||||||||||||||||||
1,048,305 | 944,246 | 788,105 | ||||||||||||||||||||||||||||||
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (1.1%)* | Airlines | Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25) | 7,500,000 | 7,500,000 | 7,738,286 | |||||||||||||||||||||||||||
7,500,000 | 7,500,000 | 7,738,286 | ||||||||||||||||||||||||||||||
Heartland, LLC (1.2%)*(7) (9) (12) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25) | 8,831,018 | 8,667,194 | 8,582,892 | |||||||||||||||||||||||||||
8,831,018 | 8,667,194 | 8,582,892 | ||||||||||||||||||||||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (1.6%)*(3) (7) (9) | Insurance | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/19, Due 09/26)(19) | 10,413,655 | 9,216,174 | 10,266,128 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 07/20, Due 09/26) (18) | 1,092,757 | 820,169 | 1,092,757 | |||||||||||||||||||||||||||||
11,506,412 | 10,036,343 | 11,358,885 | ||||||||||||||||||||||||||||||
Highbridge Loan Management Ltd: Series 2014A-19 (0.1%)*(3) (9) (12) | Structured Finance | Structured Secured Note - Class E (LIBOR + 6.75%, 7.0% Cash, Acquired 03/20, Due 07/30) | 1,000,000 | 833,749 | 978,180 | |||||||||||||||||||||||||||
1,000,000 | 833,749 | 978,180 | ||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2018 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
GlobalTranz (0.5%)*(5) | Transportation Services | Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 10.5% Cash, Due 10/26) | $ | 2,980,874 | $ | 2,937,205 | $ | 2,900,969 | ||||||||
2,980,874 | 2,937,205 | 2,900,969 | ||||||||||||||
GMS Inc. (1.2%)*(3) (4) | Construction & Engineering | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 06/25) | 7,481,203 | 7,440,285 | 7,032,331 | |||||||||||
7,481,203 | 7,440,285 | 7,032,331 | ||||||||||||||
Graftech International Ltd. (1.8%)*(3) (4) (5) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.0% Cash, Due 02/25) | 10,725,000 | 10,812,431 | 10,135,125 | |||||||||||
10,725,000 | 10,812,431 | 10,135,125 | ||||||||||||||
Gray Television Inc. (0.1)*(3) (4) | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 2.25%, 4.6% Cash, Due 02/24) | 655,812 | 641,096 | 627,940 | |||||||||||
655,812 | 641,096 | 627,940 | ||||||||||||||
Gulf Finance, LLC (0.1)*(4) | Oil & Gas Exploration & Production | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 7.9% Cash, Due 08/23) | 1,069,652 | 900,943 | 811,598 | |||||||||||
1,069,652 | 900,943 | 811,598 | ||||||||||||||
Hanley Wood LLC (2.2%)*(5) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 9.0% Cash, Due 12/24) | 12,500,000 | 12,190,695 | 12,375,000 | |||||||||||
12,500,000 | 12,190,695 | 12,375,000 | ||||||||||||||
Harbor Freight Tools USA Inc.(1.0%)*(4) | Specialty Stores | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 5.0% Cash, Due 08/23) | 5,994,942 | 5,934,386 | 5,640,880 | |||||||||||
5,994,942 | 5,934,386 | 5,640,880 | ||||||||||||||
Hayward Industries, Inc. (1.4%)*(4) | Leisure Products | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.0% Cash, Due 08/24) | 8,457,179 | 8,488,506 | 8,115,340 | |||||||||||
8,457,179 | 8,488,506 | 8,115,340 | ||||||||||||||
Healthline Media, Inc. (2.2%)*(5) | Healthcare | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 7.6% Cash, Due 11/24) | 12,840,895 | 12,588,998 | 12,434,145 | |||||||||||
12,840,895 | 12,588,998 | 12,434,145 | ||||||||||||||
Hertz Corporation (The) (1.0%)*(3) (4) | Rental & Leasing Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 06/23) | 5,938,303 | 5,927,654 | 5,696,555 | |||||||||||
5,938,303 | 5,927,654 | 5,696,555 | ||||||||||||||
Holley Performance Products (Holley Purchaser, Inc.) (3.9%)*(5) | Packaging | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.5% Cash, Due 10/25) | 22,535,000 | 22,204,286 | 21,971,625 | |||||||||||
22,535,000 | 22,204,286 | 21,971,625 | ||||||||||||||
Hub International Limited (1.7%)*(4) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.2% Cash, Due 04/25) | 10,333,075 | 10,347,614 | 9,735,720 | |||||||||||
10,333,075 | 10,347,614 | 9,735,720 | ||||||||||||||
Husky Injection Molding Systems Ltd. (1.7%)*(3) (4) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 03/25) | 10,790,581 | 10,369,552 | 9,841,873 | |||||||||||
10,790,581 | 10,369,552 | 9,841,873 | ||||||||||||||
Hyland Software Inc. (1.5%)*(4) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.0% Cash, Due 07/24) | 8,715,134 | 8,776,016 | 8,427,535 | |||||||||||
8,715,134 | 8,776,016 | 8,427,535 | ||||||||||||||
Immucor Inc. (0.4%)*(4) | Healthcare | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.8% Cash, Due 06/21) | 2,491,354 | 2,524,676 | 2,444,641 | |||||||||||
2,491,354 | 2,524,676 | 2,444,641 | ||||||||||||||
Infor Software Parent, LLC (1.4%)*(4) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 02/22) | 8,000,000 | 8,012,613 | 7,653,760 | |||||||||||
8,000,000 | 8,012,613 | 7,653,760 | ||||||||||||||
Intelsat S.A. (2.2%)*(3) (4) | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 6.3% Cash, Due 11/23) | 13,000,000 | 13,079,847 | 12,558,910 | |||||||||||
13,000,000 | 13,079,847 | 12,558,910 | ||||||||||||||
ION Trading Technologies Ltd. (2.5%)*(4) (5) | Electrical Components & Equipment | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 6.5% Cash, Due 11/24) | 14,819,339 | 14,786,308 | 13,967,227 | |||||||||||
14,819,339 | 14,786,308 | 13,967,227 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Highpoint Global LLC (0.7%)*(7) (23) | Government Services | Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22) | $ | 5,307,799 | $ | 5,286,568 | $ | 5,286,568 | ||||||||||||||||||||||||
5,307,799 | 5,286,568 | 5,286,568 | ||||||||||||||||||||||||||||||
Holley Performance Products (Holley Purchaser, Inc.) (2.4%)*(7) (9) (12) | Automotive Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.2% Cash, Acquired 10/18, Due 10/25) | 16,936,387 | 16,754,221 | 16,936,387 | |||||||||||||||||||||||||||
16,936,387 | 16,754,221 | 16,936,387 | ||||||||||||||||||||||||||||||
HTI Technology & Industries (1.70%)* (7) (23) | Electronic Component Manufacturing | Second Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24) | 12,619,964 | 12,115,165 | 12,115,165 | |||||||||||||||||||||||||||
12,619,964 | 12,115,165 | 12,115,165 | ||||||||||||||||||||||||||||||
HW Holdco, LLC (Hanley Wood LLC) (1.0%)*(7) (9) (12) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/18, Due 12/24) | 7,527,218 | 7,396,115 | 7,527,218 | |||||||||||||||||||||||||||
7,527,218 | 7,396,115 | 7,527,218 | ||||||||||||||||||||||||||||||
Hyperion Materials & Technologies, Inc. (1.9%)*(7) (9) (12) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/19, Due 08/26) | 13,855,795 | 13,643,767 | 13,700,560 | |||||||||||||||||||||||||||
13,855,795 | 13,643,767 | 13,700,560 | ||||||||||||||||||||||||||||||
IGL Holdings III Corp. (1.9%)*(7) (9) (12) | Commercial Printing | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26) | 14,025,147 | 13,635,887 | 13,626,360 | |||||||||||||||||||||||||||
14,025,147 | 13,635,887 | 13,626,360 | ||||||||||||||||||||||||||||||
IM Analytics Holding, LLC (d/b/a NVT) (1.0%)*(7) (9) (12) | Electronic Instruments & Components | First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23) | 8,209,191 | 8,147,872 | 6,982,738 | |||||||||||||||||||||||||||
Warrant (68,950 units, Acquired 11/19) | — | — | ||||||||||||||||||||||||||||||
8,209,191 | 8,147,872 | 6,982,738 | ||||||||||||||||||||||||||||||
INOS 19-090 GmbH (1.7%)*(3) (7) (9) (18) | Aerospace & Defense | First Lien Senior Secured Term Loan (EURIBOR + 6.1%, 6.1% Cash, Acquired 12/20, Due 10/27) | 12,275,911 | 11,888,699 | 11,934,913 | |||||||||||||||||||||||||||
12,275,911 | 11,888,699 | 11,934,913 | ||||||||||||||||||||||||||||||
Institutional Shareholder Services, Inc. (0.7%)*(7) (9) (12) | Diversified Support Services | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 8.7% Cash, Acquired 03/19, Due 03/27) | 4,951,685 | 4,830,132 | 4,951,685 | |||||||||||||||||||||||||||
4,951,685 | 4,830,132 | 4,951,685 | ||||||||||||||||||||||||||||||
International Precision Components (1.0%)*(7) (23) | Plastic Injection Molding | Second Lien Loan (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 10/24) | 7,000,000 | 6,895,000 | 6,895,000 | |||||||||||||||||||||||||||
7,000,000 | 6,895,000 | 6,895,000 | ||||||||||||||||||||||||||||||
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.9%)*(7) (9) (12) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26) | 6,819,551 | 6,700,432 | 6,300,583 | |||||||||||||||||||||||||||
6,819,551 | 6,700,432 | 6,300,583 | ||||||||||||||||||||||||||||||
Jade Bidco Limited (Jane's) (1.7%)*(3) (7) (9) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.8% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(13) | 10,538,414 | 10,291,098 | 10,353,797 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 4.5%, 4.5% Cash, 2.0% PIK, Acquired 11/19, Due 12/26)(19) | 2,057,007 | 1,813,166 | 2,020,971 | |||||||||||||||||||||||||||||
12,595,421 | 12,104,264 | 12,374,768 | ||||||||||||||||||||||||||||||
Jedson Engineering, Inc. (0.4%)*(7) (8) (23) | Engineering & Construction Management | First Lien Loan (12.0% Cash, 3.0% PIK, Acquired 12/20, Due 06/22) | 9,560,423 | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||
9,560,423 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||
JetBlue 2019-1 Class B Pass Through Trust (0.7%)* | Airlines | Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27) | 4,721,693 | 4,721,693 | 5,048,044 | |||||||||||||||||||||||||||
4,721,693 | 4,721,693 | 5,048,044 | ||||||||||||||||||||||||||||||
Kano Laboratories LLC (1.4%)*(7) (9) (12) | Chemicals, Plastics & Rubber | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26) | 9,873,095 | 9,589,856 | 9,584,754 | |||||||||||||||||||||||||||
Partnership Equity (227.2 units, Acquired 11/20) | 227,198 | 227,200 | ||||||||||||||||||||||||||||||
9,873,095 | 9,817,054 | 9,811,954 | ||||||||||||||||||||||||||||||
Kenan Advantage Group Inc. (0.6%)* (9) (10) | Trucking | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 4.0% Cash, Acquired 08/18, Due 07/22) | 4,265,453 | 4,263,951 | 4,217,125 | |||||||||||||||||||||||||||
4,265,453 | 4,263,951 | 4,217,125 | ||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2018 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
IRB Holding Corporation (1.3%)*(4) | Food Retail | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.7% Cash, Due 02/25) | $ | 7,969,854 | $ | 7,989,532 | $ | 7,583,316 | ||||||||
7,969,854 | 7,989,532 | 7,583,316 | ||||||||||||||
Jaguar Holding Company I (0.8%)*(4) | Life Sciences Tools & Services | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 5.0% Cash, Due 08/22) | 4,974,227 | 4,975,425 | 4,713,080 | |||||||||||
4,974,227 | 4,975,425 | 4,713,080 | ||||||||||||||
JS Held, LLC (3.1%)*(5) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 7.3% Cash, Due 09/24) | 17,593,912 | 17,403,946 | 17,179,827 | |||||||||||
17,593,912 | 17,403,946 | 17,179,827 | ||||||||||||||
Kenan Advantage Group Inc. (1.4%)*(4) | Trucking | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 07/22) | 8,449,929 | 8,442,949 | 8,138,380 | |||||||||||
8,449,929 | 8,442,949 | 8,138,380 | ||||||||||||||
K-Mac Holdings Corp. (0.6%)*(4) | Restaurants | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.8% Cash, Due 03/25) | 3,482,456 | 3,492,379 | 3,310,527 | |||||||||||
3,482,456 | 3,492,379 | 3,310,527 | ||||||||||||||
Kronos Inc. (1.9%)*(4) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 11/23) | 11,505,463 | 11,551,608 | 10,910,976 | |||||||||||
11,505,463 | 11,551,608 | 10,910,976 | ||||||||||||||
Lighthouse Autism Center (1.1%)*(5) | Healthcare and Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 8.1% Cash, Due 09/24) | 6,157,408 | 5,891,621 | 5,817,408 | |||||||||||
Class A LLC Units (154,320 units) | 154,320 | 154,320 | ||||||||||||||
6,157,408 | 6,045,941 | 5,971,728 | ||||||||||||||
Lindstrom (Metric Enterprises, Inc.) (1.2%)*(5) | Capital Equipment | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 7.0% Cash, Due 09/24) | 7,023,012 | 6,972,814 | 6,885,353 | |||||||||||
7,023,012 | 6,972,814 | 6,885,353 | ||||||||||||||
LTI Holdings, Inc. (2.0%)*(4) | Industrial Conglomerates | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.0% Cash, Due 09/25) | 11,970,000 | 12,035,076 | 11,241,865 | |||||||||||
11,970,000 | 12,035,076 | 11,241,865 | ||||||||||||||
Mallinckrodt Plc (1.9%)*(3) (4) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.6% Cash, Due 09/24) | 11,753,810 | 11,679,642 | 10,754,736 | |||||||||||
11,753,810 | 11,679,642 | 10,754,736 | ||||||||||||||
Men's Wearhouse, Inc. (The) (1.7%)*(3) (4) | Apparel Retail | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.6% Cash, Due 04/25) | 9,974,874 | 10,073,027 | 9,588,348 | |||||||||||
9,974,874 | 10,073,027 | 9,588,348 | ||||||||||||||
Micro Holding Corp. (1.8%)* | Internet Software & Services | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.8% Cash, Due 12/24)(5) | 2,712,876 | 2,725,787 | 2,590,796 | |||||||||||
First Lien Senior Secured Term Loan (LIBOR + 3.75%, 6.3% Cash, Due 09/24)(4) | 7,959,698 | 8,017,449 | 7,531,864 | |||||||||||||
10,672,574 | 10,743,236 | 10,122,660 | ||||||||||||||
NFP Corp. (1.4%)*(4) | Specialized Finance | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 01/24) | 8,630,128 | 8,628,301 | 8,144,684 | |||||||||||
8,630,128 | 8,628,301 | 8,144,684 | ||||||||||||||
NVA Holdings, Inc. (1.3%)*(4) | Health Care Facilities | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 02/25) | 7,916,170 | 7,900,214 | 7,441,200 | |||||||||||
7,916,170 | 7,900,214 | 7,441,200 | ||||||||||||||
Omaha Holdings LLC (1.7%)*(4) | Auto Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 03/24) | 9,949,622 | 10,021,886 | 9,430,351 | |||||||||||
9,949,622 | 10,021,886 | 9,430,351 | ||||||||||||||
Omnitracs, LLC (1.4%)*(4) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.6% Cash, Due 03/25) | 8,435,312 | 8,407,343 | 7,933,411 | |||||||||||
8,435,312 | 8,407,343 | 7,933,411 | ||||||||||||||
Ortho-Clinical Diagnostics Bermuda Co. Ltd. (1.9%)*(4) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.8% Cash, Due 06/25) | 11,520,080 | 11,524,382 | 10,659,645 | |||||||||||
11,520,080 | 11,524,382 | 10,659,645 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Kene Acquisition, Inc. (En Engineering) (1.0%)*(7) (9) (12) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26) | $ | 7,298,712 | $ | 7,173,784 | $ | 7,202,679 | ||||||||||||||||||||||||
7,298,712 | 7,173,784 | 7,202,679 | ||||||||||||||||||||||||||||||
Kona Buyer, LLC (4.8%)*(7) (9) (12) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27) | 35,000,000 | 34,132,135 | 34,125,000 | |||||||||||||||||||||||||||
35,000,000 | 34,132,135 | 34,125,000 | ||||||||||||||||||||||||||||||
LAC Intermediate, LLC (f/k/a Lighthouse Autism Center) (1.3%)*(7) (9) (12) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/18, Due 10/24) | 9,218,032 | 9,083,136 | 8,987,581 | |||||||||||||||||||||||||||
Class A LLC Units (154,320 units, Acquired 10/18) | 154,320 | 184,312 | ||||||||||||||||||||||||||||||
9,218,032 | 9,237,456 | 9,171,893 | ||||||||||||||||||||||||||||||
Learfield Communications, LLC (1.0%)* | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(9)(10) | 136,803 | 96,446 | 123,073 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 3.00%, 3.2% Cash, 10.0% PIK, Acquired 08/20, Due 12/23)(12) | 7,181,368 | 7,117,163 | 7,133,468 | |||||||||||||||||||||||||||||
7,318,171 | 7,213,609 | 7,256,541 | ||||||||||||||||||||||||||||||
Legal Solutions Holdings (1.3%)*(7) (23) | Business Services | Senior Subordinated Loan (6.0% Cash, 10.0% PIK, Acquired 12/20, Due 03/22) | 10,398,126 | 9,597,471 | 9,597,471 | |||||||||||||||||||||||||||
10,398,126 | 9,597,471 | 9,597,471 | ||||||||||||||||||||||||||||||
MB2 Dental Solutions, LLC (1.0%)*(7) (9) (12) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 6.7% Cash, Acquired 09/19, Due 09/23) | 7,443,622 | 7,381,819 | 7,443,622 | |||||||||||||||||||||||||||
7,443,622 | 7,381,819 | 7,443,622 | ||||||||||||||||||||||||||||||
Media Recovery, Inc. (SpotSee) (1.3%)*(7) (9) (12) | Containers, Packaging & Glass | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 11/25) | 9,179,626 | 8,873,020 | 9,018,983 | |||||||||||||||||||||||||||
9,179,626 | 8,873,020 | 9,018,983 | ||||||||||||||||||||||||||||||
Modern Star Holdings Bidco Pty Limited. (1.4%)*(3) (7) (9) (22) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26) | 10,482,797 | 9,973,821 | 10,101,881 | |||||||||||||||||||||||||||
10,482,797 | 9,973,821 | 10,101,881 | ||||||||||||||||||||||||||||||
MSG National Properties (0.3%)*(3) (7) (9) (12) | Hotel, Gaming, & Leisure | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25) | 2,461,759 | 2,389,417 | 2,474,068 | |||||||||||||||||||||||||||
2,461,759 | 2,389,417 | 2,474,068 | ||||||||||||||||||||||||||||||
Murphy Midco Limited (1.3%)*(3) (7) (9) (16) | Media, Diversified & Production | First Lien Senior Secured Term Loan (GBP LIBOR + 5.50%, 5.5% Cash, Acquired 11/20, Due 11/27) | 9,904,416 | 9,228,222 | 9,508,239 | |||||||||||||||||||||||||||
9,904,416 | 9,228,222 | 9,508,239 | ||||||||||||||||||||||||||||||
Music Reports, Inc. (0.8%)*(7) (9) (10) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 08/20, Due 08/26) | 5,592,972 | 5,459,912 | 5,469,461 | |||||||||||||||||||||||||||
5,592,972 | 5,459,912 | 5,469,461 | ||||||||||||||||||||||||||||||
Neuberger Berman CLO Ltd: Series 2020-36A (0.3%)*(3) (9) (12) | Structured Finance | Structured Secured Note - Class E (LIBOR + 7.81%, 8.0% Cash, Acquired 03/20, Due 04/33) | 2,500,000 | 2,476,562 | 2,501,790 | |||||||||||||||||||||||||||
2,500,000 | 2,476,562 | 2,501,790 | ||||||||||||||||||||||||||||||
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (1.6%)*(7) (9) (10) | Energy Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25) | 11,855,804 | 11,813,315 | 11,645,956 | |||||||||||||||||||||||||||
11,855,804 | 11,813,315 | 11,645,956 | ||||||||||||||||||||||||||||||
Omni Intermediate Holdings, LLC (1.4%)*(7) (9) (10) | Transportation | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) | 10,000,000 | 9,700,263 | 9,700,000 | |||||||||||||||||||||||||||
10,000,000 | 9,700,263 | 9,700,000 | ||||||||||||||||||||||||||||||
Options Technology Ltd. (1.3%)*(3) (7) (9) (12) | Computer Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25) | 9,796,552 | 9,583,342 | 9,633,049 | |||||||||||||||||||||||||||
9,796,552 | 9,583,342 | 9,633,049 | ||||||||||||||||||||||||||||||
Pacific Health Supplies Bidco Pty Limited (2.5%)*(3) (7) (9) (21) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25) | 18,489,367 | 17,237,355 | 17,919,335 | |||||||||||||||||||||||||||
18,489,367 | 17,237,355 | 17,919,335 | ||||||||||||||||||||||||||||||
Pare SAS (SAS Maurice MARLE) (0.7%)*(3) (7) (9) (19) | Health Care Equipment | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, 1.5% PIK, Acquired 12/19, Due 12/26) | 4,817,430 | 4,305,403 | 4,683,024 | |||||||||||||||||||||||||||
4,817,430 | 4,305,403 | 4,683,024 | ||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2018 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
PAREXEL International Corp. (1.2%)*(4) | Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 09/24) | $ | 7,470,248 | $ | 7,436,079 | $ | 6,732,561 | ||||||||
7,470,248 | 7,436,079 | 6,732,561 | ||||||||||||||
Penn Engineering & Manufacturing Corp. (0.3%)*(4) | Industrial Conglomerates | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 06/24) | 1,989,899 | 2,006,604 | 1,916,929 | |||||||||||
1,989,899 | 2,006,604 | 1,916,929 | ||||||||||||||
Phoenix Services International LLC (0.5%)*(4) | Steel | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 6.1% Cash, Due 03/25) | 2,984,962 | 2,996,845 | 2,868,042 | |||||||||||
2,984,962 | 2,996,845 | 2,868,042 | ||||||||||||||
PMHC II, Inc. (0.1%)* | Diversified Chemicals | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.2% Cash, Due 03/25) | 621,867 | 625,543 | 565,899 | |||||||||||
621,867 | 625,543 | 565,899 | ||||||||||||||
PODS Enterprises, Inc. (1.4%)*(4) | Packaging | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.2% Cash, Due 12/24) | 7,959,712 | 7,985,095 | 7,608,132 | |||||||||||
7,959,712 | 7,985,095 | 7,608,132 | ||||||||||||||
Prime Security Services Borrower, LLC (2.1%)*(3) (4) | Security & Alarm Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 05/22) | 12,593,945 | 12,633,406 | 11,976,842 | |||||||||||
12,593,945 | 12,633,406 | 11,976,842 | ||||||||||||||
Pro Mach Inc. (1.0%)*(4) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.4% Cash, Due 03/25) | 5,969,925 | 5,950,852 | 5,659,011 | |||||||||||
5,969,925 | 5,950,852 | 5,659,011 | ||||||||||||||
ProAmpac Intermediate Inc. (1.7%)*(4) | Packaged Foods & Meats | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.0% Cash, Due 11/23) | 9,947,995 | 9,962,292 | 9,475,466 | |||||||||||
9,947,995 | 9,962,292 | 9,475,466 | ||||||||||||||
Qlik Technologies Inc. (Alpha Intermediate Holding, Inc.) (1.3%)*(4) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.9% Cash, Due 04/24) | 7,436,794 | 7,443,394 | 7,139,322 | |||||||||||
7,436,794 | 7,443,394 | 7,139,322 | ||||||||||||||
Red Ventures, LLC (1.9%)*(4) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 11/24) | 10,966,554 | 11,103,689 | 10,418,227 | |||||||||||
10,966,554 | 11,103,689 | 10,418,227 | ||||||||||||||
RedPrairie Holding, Inc. (1.7%)*(4) | Computer Storage & Peripherals | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 10/23) | 9,949,239 | 10,022,004 | 9,564,203 | |||||||||||
9,949,239 | 10,022,004 | 9,564,203 | ||||||||||||||
Renaissance Learning, Inc. (0.9%)*(4) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.8% Cash, Due 05/25) | 5,446,052 | 5,441,904 | 5,041,029 | |||||||||||
5,446,052 | 5,441,904 | 5,041,029 | ||||||||||||||
Reynolds Group Holdings Ltd. (2.6%)*(4) | Packaging | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 02/23) | 15,421,320 | 15,498,970 | 14,650,254 | |||||||||||
15,421,320 | 15,498,970 | 14,650,254 | ||||||||||||||
Sabre Holdings Corp. (0.2%)*(4) | Data Processing & Outsourced Services | First Lien Senior Secured Term Loan (LIBOR + 2.0%, 4.5% Cash, Due 02/24) | 914,018 | 895,738 | 882,786 | |||||||||||
914,018 | 895,738 | 882,786 | ||||||||||||||
SCI Packaging Inc. (f/k/a BWAY Holding Company) (2.3%)*(4) | Metal & Glass Containers | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.7% Cash, Due 04/24) | 13,929,293 | 13,906,708 | 13,070,274 | |||||||||||
13,929,293 | 13,906,708 | 13,070,274 | ||||||||||||||
Seadrill Ltd. (1.4%)*(4) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 8.8% Cash, Due 02/21) | 9,918,283 | 9,372,499 | 7,742,509 | |||||||||||
9,918,283 | 9,372,499 | 7,742,509 | ||||||||||||||
Seaworld Entertainment, Inc. (1.4%)*(3) (4) | Leisure Facilities | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 03/24) | 8,456,962 | 8,446,134 | 8,055,256 | |||||||||||
8,456,962 | 8,446,134 | 8,055,256 | ||||||||||||||
Serta Simmons Bedding LLC (0.4%)*(4) | Home Furnishings | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 5.9% Cash, Due 11/23) | 2,992,386 | 2,704,234 | 2,493,645 | |||||||||||
2,992,386 | 2,704,234 | 2,493,645 |
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Patriot New Midco 1 Limited (Forensic Risk Alliance) (1.2%)*(3) (7) (9) | Diversified Financial Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/20, Due 02/27)(12) | $ | 4,489,471 | $ | 4,372,581 | $ | 4,388,907 | ||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 02/20, Due 02/27) (18) | 4,126,940 | 3,579,755 | 4,034,496 | |||||||||||||||||||||||||||||
8,616,411 | 7,952,336 | 8,423,403 | ||||||||||||||||||||||||||||||
PerTronix, LLC (1.1%)*(7) (9) (13) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26) | 8,308,515 | 8,186,879 | 8,183,887 | |||||||||||||||||||||||||||
8,308,515 | 8,186,879 | 8,183,887 | ||||||||||||||||||||||||||||||
Playtika Holding Corp. (0.5%)*(9) (12) | Leisure, Amusement & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 03/20, Due 12/24) | 3,800,000 | 3,536,230 | 3,818,582 | |||||||||||||||||||||||||||
3,800,000 | 3,536,230 | 3,818,582 | ||||||||||||||||||||||||||||||
Premier Technical Services Group (Project Graphite) (0.4%)*(3) (7) (9) (15) | Construction & Engineering | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.3% Cash, Acquired 08/19, Due 06/26) | 3,108,900 | 2,681,906 | 3,039,998 | |||||||||||||||||||||||||||
3,108,900 | 2,681,906 | 3,039,998 | ||||||||||||||||||||||||||||||
Premium Franchise Brands, LLC (3.4%)*(7) (9) (12) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26) | 25,000,000 | 24,501,666 | 24,500,000 | |||||||||||||||||||||||||||
25,000,000 | 24,501,666 | 24,500,000 | ||||||||||||||||||||||||||||||
Process Equipment, Inc. (ProcessBarron) (0.8%)*(7) (9) (12) | Industrial Air & Material Handling Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25) | 6,173,594 | 6,090,812 | 5,612,414 | |||||||||||||||||||||||||||
6,173,594 | 6,090,812 | 5,612,414 | ||||||||||||||||||||||||||||||
Professional Datasolutions, Inc. (PDI) (2.3%)*(7) (9) (12) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24) | 16,924,678 | 16,905,254 | 16,628,496 | |||||||||||||||||||||||||||
16,924,678 | 16,905,254 | 16,628,496 | ||||||||||||||||||||||||||||||
PSC UK Pty Ltd. (0.4%)*(3) (7) (9) (15) | Insurance Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 10/24) | 2,684,817 | 2,439,292 | 2,614,299 | |||||||||||||||||||||||||||
2,684,817 | 2,439,292 | 2,614,299 | ||||||||||||||||||||||||||||||
Questel Unite (3.1%)*(3) (7) (9) (18) | Business Services | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/27) | 22,451,369 | 21,728,443 | 21,905,058 | |||||||||||||||||||||||||||
22,451,369 | 21,728,443 | 21,905,058 | ||||||||||||||||||||||||||||||
Radwell International, LLC (1.9%)*(7) (9) (12) | Wholesale | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26) | 14,264,053 | 13,916,962 | 13,914,053 | |||||||||||||||||||||||||||
14,264,053 | 13,916,962 | 13,914,053 | ||||||||||||||||||||||||||||||
Recovery Point Systems, Inc. (1.6%)*(7) (9) (10) | Technology | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 03/20, Due 07/26) | 11,795,776 | 11,572,084 | 11,766,287 | |||||||||||||||||||||||||||
11,795,776 | 11,572,084 | 11,766,287 | ||||||||||||||||||||||||||||||
REP SEKO MERGER SUB LLC (1.2%)* (7) (9) (10) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) | 8,545,455 | 8,290,487 | 8,345,456 | |||||||||||||||||||||||||||
8,545,455 | 8,290,487 | 8,345,456 | ||||||||||||||||||||||||||||||
RPX Corporation (2.4%)*(7) (9) (12) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25) | 17,500,000 | 17,110,715 | 17,106,250 | |||||||||||||||||||||||||||
17,500,000 | 17,110,715 | 17,106,250 | ||||||||||||||||||||||||||||||
RR Ltd: Series 2019-6A (0.3%)*(3) (12) | Structured Finance | Structured Secured Note - Class D (LIBOR + 6.75%, 7.0% Cash, Acquired 03/20, Due 04/30) | 2,000,000 | 1,661,539 | 2,000,124 | |||||||||||||||||||||||||||
2,000,000 | 1,661,539 | 2,000,124 | ||||||||||||||||||||||||||||||
Ruffalo Noel Levitz, LLC (1.3%)*(7) (9) (12) | Media Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/19, Due 05/22) | 9,616,736 | 9,552,719 | 9,567,718 | |||||||||||||||||||||||||||
9,616,736 | 9,552,719 | 9,567,718 | ||||||||||||||||||||||||||||||
Safety Products Holdings, LLC (2.5%)* (9) (12) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(7) | 18,108,567 | 17,559,056 | 17,555,609 | |||||||||||||||||||||||||||
Common Stock (424.1 units, Acquired 12/20) | 424,088 | 424,090 | ||||||||||||||||||||||||||||||
18,108,567 | 17,983,144 | 17,979,699 | ||||||||||||||||||||||||||||||
Scaled Agile, Inc. (0.7%)*(7) (9) (10) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24) | 4,845,720 | 4,807,839 | 4,797,263 | |||||||||||||||||||||||||||
4,845,720 | 4,807,839 | 4,797,263 | ||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2018 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
SIWF Holdings, Inc. (f/k/a Springs Industries Inc.) (1.6%)*(4) | Home Furnishings | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 6.7% Cash, Due 06/25) | $ | 9,445,430 | $ | 9,507,419 | $ | 9,156,211 | ||||||||
9,445,430 | 9,507,419 | 9,156,211 | ||||||||||||||
SK Blue Holdings, LP (0.7%)*(4) (5) | Commodity Chemicals | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 7.2% Cash, Due 10/25) | 4,202,638 | 4,200,204 | 4,034,533 | |||||||||||
4,202,638 | 4,200,204 | 4,034,533 | ||||||||||||||
SmartBear (0.8%)*(5) | High Tech Industries | Second Lien Senior Secured Term Loan (LIBOR + 8.0%, 10.4% Cash, Due 05/24) | 4,959,088 | 4,840,642 | 4,778,162 | |||||||||||
4,959,088 | 4,840,642 | 4,778,162 | ||||||||||||||
Smile Brands Group Inc. (0.9%)*(5) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 7.1% Cash, Due 10/24) | 5,043,318 | 4,981,982 | 4,912,691 | |||||||||||
5,043,318 | 4,981,982 | 4,912,691 | ||||||||||||||
Solenis Holdings, L.P. (1.4%)*(4) | Specialty Chemicals | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 6.7% Cash, Due 12/23) | 7,960,000 | 8,010,373 | 7,681,400 | |||||||||||
7,960,000 | 8,010,373 | 7,681,400 | ||||||||||||||
SonicWALL, Inc. (0.8%)*(4) | Internet Software & Services | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.1% Cash, Due 05/25) | 4,500,000 | 4,502,358 | 4,289,985 | |||||||||||
4,500,000 | 4,502,358 | 4,289,985 | ||||||||||||||
Sophia Holding Finance, L.P . (2.7%)*(4) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 6.1% Cash, Due 09/22) | 15,925,386 | 15,975,609 | 15,305,411 | |||||||||||
15,925,386 | 15,975,609 | 15,305,411 | ||||||||||||||
SRS Distribution, Inc. (1.6%)*(4) | Building Products | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.8% Cash, Due 05/25) | 9,975,000 | 9,787,668 | 9,283,034 | |||||||||||
9,975,000 | 9,787,668 | 9,283,034 | ||||||||||||||
SS&C Technologies, Inc. (0.3%)*(3) (4) | Computer & Electronics Retail | First Lien Senior Secured Term Loan (LIBOR + 2.25%, 4.8% Cash, Due 04/25) | 1,760,188 | 1,755,852 | 1,657,886 | |||||||||||
1,760,188 | 1,755,852 | 1,657,886 | ||||||||||||||
Staples Inc. (2.4%)*(4) | Retail | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 6.5% Cash, Due 09/24) | 13,964,736 | 13,944,087 | 13,359,644 | |||||||||||
13,964,736 | 13,944,087 | 13,359,644 | ||||||||||||||
Syniverse Holdings, Inc. (1.7%)*(4) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.5% Cash, Due 03/23) | 10,447,368 | 10,401,186 | 9,315,605 | |||||||||||
10,447,368 | 10,401,186 | 9,315,605 | ||||||||||||||
Tahoe Subco 1 Ltd. (2.5%)*(3) (4) | Internet Software & Services | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.3% Cash, Due 06/24) | 14,960,151 | 14,967,158 | 13,902,319 | |||||||||||
14,960,151 | 14,967,158 | 13,902,319 | ||||||||||||||
Team Health Holdings, Inc. (1.1%)*(4) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 02/24) | 6,964,557 | 6,701,992 | 6,207,162 | |||||||||||
6,964,557 | 6,701,992 | 6,207,162 | ||||||||||||||
Tempo Acquisition LLC (2.0%)*(4) | Investment Banking & Brokerage | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 05/24) | 11,616,035 | 11,663,099 | 11,093,314 | |||||||||||
11,616,035 | 11,663,099 | 11,093,314 | ||||||||||||||
Transportation Insight, LLC (3.4%)*(5) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 7.0% Cash, Due 12/24) | 19,483,068 | 19,245,141 | 19,007,740 | |||||||||||
19,483,068 | 19,245,141 | 19,007,740 | ||||||||||||||
TransUnion (0.1%)*(3) (4) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 2.0%, 4.5% Cash, Due 04/23) | 634,147 | 619,996 | 608,781 | |||||||||||
634,147 | 619,996 | 608,781 | ||||||||||||||
Travelport Ltd. (0.3%)*(3) (4) | Data Processing & Outsourced Services | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 5.1% Cash, Due 03/25) | 1,989,228 | 1,987,991 | 1,951,691 | |||||||||||
1,989,228 | 1,987,991 | 1,951,691 | ||||||||||||||
Tronox Ltd. (1.2%)*(3) (4) | Commodity Chemicals | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 09/24) | 6,964,824 | 7,001,035 | 6,745,920 | |||||||||||
6,964,824 | 7,001,035 | 6,745,920 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Serta Simmons Bedding LLC (1.5%)*(9) (10) | Home Furnishings | Super Priority First Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) | $ | 7,424,499 | $ | 7,234,063 | $ | 7,498,744 | ||||||||||||||||||||||||
Super Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 6/20, Due 08/23) | 3,643,817 | 3,379,870 | 3,272,913 | |||||||||||||||||||||||||||||
11,068,316 | 10,613,933 | 10,771,657 | ||||||||||||||||||||||||||||||
SISU ACQUISITIONCO., INC. (2.2%)*(7) (9) (12) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26) | 16,132,835 | 15,811,282 | 15,810,178 | |||||||||||||||||||||||||||
16,132,835 | 15,811,282 | 15,810,178 | ||||||||||||||||||||||||||||||
SMA Holdings, Inc. (1.0%)*(7) (23) | Consulting | First Lien Loan (11.0% Cash, Acquired 12/20, Due 06/24) | 7,000,000 | 6,720,000 | 6,720,000 | |||||||||||||||||||||||||||
Warrants (2.0 units, Acquired 12/20) | 286,781 | 286,781 | ||||||||||||||||||||||||||||||
7,000,000 | 7,006,781 | 7,006,781 | ||||||||||||||||||||||||||||||
Smile Brands Group Inc. (2.1%)*(7) (9) (12) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 5.17%, 5.4% Cash, Acquired 10/18, Due 10/24) | 5,880,607 | 5,842,184 | 5,824,154 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 10/24) | 9,310,993 | 9,030,258 | 9,024,500 | |||||||||||||||||||||||||||||
15,191,600 | 14,872,442 | 14,848,654 | ||||||||||||||||||||||||||||||
SN BUYER, LLC (4.8%)*(7) (9) (12) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 11/26) | 35,000,000 | 34,304,393 | 34,300,000 | |||||||||||||||||||||||||||
35,000,000 | 34,304,393 | 34,300,000 | ||||||||||||||||||||||||||||||
Springbrook Software (SBRK Intermediate, Inc.) (1.3%)*(7) (9) (12) | Enterprise Software & Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26) | 9,349,719 | 9,152,983 | 9,201,599 | |||||||||||||||||||||||||||
9,349,719 | 9,152,983 | 9,201,599 | ||||||||||||||||||||||||||||||
SSCP Pegasus Midco Limited (2.3%)*(3) (7) (9) (16) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27) | 17,664,989 | 16,498,614 | 16,733,353 | |||||||||||||||||||||||||||
17,664,989 | 16,498,614 | 16,733,353 | ||||||||||||||||||||||||||||||
Syniverse Holdings, Inc. (2.2%)*(9) (12) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/18, Due 03/23) | 17,480,454 | 16,048,735 | 15,749,365 | |||||||||||||||||||||||||||
17,480,454 | 16,048,735 | 15,749,365 | ||||||||||||||||||||||||||||||
Team Health Holdings, Inc. (0.8%)*(9) (10) | Health Care Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 3.8% Cash, Acquired 09/18, Due 02/24) | 6,822,785 | 6,659,174 | 6,058,906 | |||||||||||||||||||||||||||
6,822,785 | 6,659,174 | 6,058,906 | ||||||||||||||||||||||||||||||
The Hilb Group, LLC (2.1%)*(7) (9) | Insurance Brokerage | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/19, Due 12/26)(11) | 11,667,719 | 11,413,365 | 11,541,707 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/19, Due 12/26)(12) | 3,602,001 | 3,374,934 | 3,373,303 | |||||||||||||||||||||||||||||
15,269,720 | 14,788,299 | 14,915,010 | ||||||||||||||||||||||||||||||
Total Safety U.S. Inc. (0.9%)* (12) | Diversified Support Services | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 08/25) | 6,857,482 | 6,611,003 | 6,576,325 | |||||||||||||||||||||||||||
6,857,482 | 6,611,003 | 6,576,325 | ||||||||||||||||||||||||||||||
Transit Technologies LLC (0.7%)*(7) (9) (12) | Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.0% Cash, Acquired 02/20, Due 02/25) | 6,035,305 | 5,859,123 | 5,221,746 | |||||||||||||||||||||||||||
6,035,305 | 5,859,123 | 5,221,746 | ||||||||||||||||||||||||||||||
Transportation Insight, LLC (3.3%)*(7) (9) (12) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 4.6% Cash, Acquired 08/18, Due 12/24) | 24,506,875 | 24,346,335 | 23,899,105 | |||||||||||||||||||||||||||
24,506,875 | 24,346,335 | 23,899,105 | ||||||||||||||||||||||||||||||
Truck-Lite Co., LLC (3.0%)*(7) (9) (12) | Automotive Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/19, Due 12/26) | 22,352,885 | 21,960,470 | 21,791,827 | |||||||||||||||||||||||||||
22,352,885 | 21,960,470 | 21,791,827 | ||||||||||||||||||||||||||||||
Trystar, LLC (2.5%)*(7) (9) (12) | Power Distribution Solutions | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/18, Due 09/23) | 17,596,398 | 17,384,658 | 17,288,461 | |||||||||||||||||||||||||||
Class A LLC Units (384.5 units, Acquired 09/18) | 395,995 | 339,474 | ||||||||||||||||||||||||||||||
17,596,398 | 17,780,653 | 17,627,935 | ||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2018 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Trystar, Inc. (3.1%)*(5) | Power Distribution Solutions | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 7.4% Cash, Due 09/23) | $ | 17,850,676 | $ | 17,554,515 | $ | 17,320,845 | ||||||||
LLC Units (361.5 units) | 361,505 | 361,505 | ||||||||||||||
17,850,676 | 17,916,020 | 17,682,350 | ||||||||||||||
U.S. Anesthesia Partners, Inc. (2.3%)*(4) | Managed Health Care | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 06/24) | 13,724,874 | 13,787,932 | 13,086,668 | |||||||||||
13,724,874 | 13,787,932 | 13,086,668 | ||||||||||||||
U.S. Silica Company (0.2%)*(3) (4) | Metal & Glass Containers | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 6.6% Cash, Due 05/25) | 1,518,304 | 1,522,294 | 1,322,822 | |||||||||||
1,518,304 | 1,522,294 | 1,322,822 | ||||||||||||||
Univision Communications Inc. (0.9%)*(4) | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 03/24) | 5,470,018 | 5,279,013 | 4,938,989 | |||||||||||
5,470,018 | 5,279,013 | 4,938,989 | ||||||||||||||
US Legal Support, Inc. (2.3%)*(5) | Legal Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 8.5% Cash, Due 11/24) | 13,513,994 | 13,216,624 | 13,065,980 | |||||||||||
13,513,994 | 13,216,624 | 13,065,980 | ||||||||||||||
USF Holdings LLC (0.8%)*(4) (5) | Auto Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 6.3% Cash, Due 12/21) | 4,870,130 | 4,887,672 | 4,650,974 | |||||||||||
4,870,130 | 4,887,672 | 4,650,974 | ||||||||||||||
USI, Inc. (1.4%)*(4) | Property & Casualty Insurance | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.8% Cash, Due 05/24) | 8,457,179 | 8,449,689 | 7,960,320 | |||||||||||
8,457,179 | 8,449,689 | 7,960,320 | ||||||||||||||
USIC Holdings, Inc. (1.2%)*(4) | Packaged Foods & Meats | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 5.8% Cash, Due 12/23) | 6,965,629 | 7,001,297 | 6,599,933 | |||||||||||
6,965,629 | 7,001,297 | 6,599,933 | ||||||||||||||
Vail Holdco Corp. (f/k/a Avantor, Inc.) (2.4%)*(4) | Health Care Equipment | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 6.6% Cash, Due 11/24) | 14,193,506 | 14,381,790 | 13,720,436 | |||||||||||
14,193,506 | 14,381,790 | 13,720,436 | ||||||||||||||
Venator Materials LLC (0.5%)*(3) (4) | Commodity Chemicals | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 08/24) | 2,984,887 | 2,995,737 | 2,846,836 | |||||||||||
2,984,887 | 2,995,737 | 2,846,836 | ||||||||||||||
Veritas Bermuda Intermediate Holdings Ltd. (1.4%)*(4) | Technology Distributors | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 7.1% Cash, Due 01/23) | 9,451,899 | 9,033,056 | 8,027,403 | |||||||||||
9,451,899 | 9,033,056 | 8,027,403 | ||||||||||||||
Verscend Holding Corp. (0.4%)*(4) | Health Care Technology | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 7.0% Cash, Due 08/25) | 2,493,750 | 2,523,202 | 2,406,469 | |||||||||||
2,493,750 | 2,523,202 | 2,406,469 | ||||||||||||||
VF Holding Corp. (2.0%)*(4) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 6.1% Cash, Due 07/25) | 12,000,000 | 12,006,052 | 11,373,720 | |||||||||||
12,000,000 | 12,006,052 | 11,373,720 | ||||||||||||||
Wilsonart, LLC (1.7%)*(4) | Building Products | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 6.1% Cash, Due 12/23) | 9,974,683 | 9,974,683 | 9,519,638 | |||||||||||
9,974,683 | 9,974,683 | 9,519,638 | ||||||||||||||
Winebow Group, LLC, (The) (0.2%)*(4) | Consumer Goods | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 6.3% Cash, Due 07/21) | 1,572,129 | 1,483,331 | 1,353,335 | |||||||||||
1,572,129 | 1,483,331 | 1,353,335 | ||||||||||||||
Wink Holdco, Inc. (1.3%)*(4) | Managed Health Care | First Lien Senior Secured Term Loan (LIBOR + 3.0%, 5.5% Cash, Due 12/24) | 7,571,614 | 7,570,011 | 7,158,961 | |||||||||||
7,571,614 | 7,570,011 | 7,158,961 | ||||||||||||||
WME Entertainment Parent, LLC (f/k/a IMG Worldwide, Inc.) (2.3%)*(4) | Business Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 2.75%, 5.3% Cash, Due 05/25) | 13,841,944 | 13,829,823 | 12,682,681 | |||||||||||
13,841,944 | 13,829,823 | 12,682,681 | ||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Tuf-Tug, Inc. (0.1%)*(7) (23) | Safety Equipment Manufacturer | Common Stock (24.6 shares, Acquired 12/20) | $ | 385,047 | $ | 385,047 | ||||||||||||||||||||||||||
385,047 | 385,047 | |||||||||||||||||||||||||||||||
Turf Products, LLC (1.2%)*(7) (23) | Landscaping & Irrigation Equipment Distributor | Senior Subordinated Debt (10.0% Cash, Acquired 12/20, Due 10/23) | $ | 8,697,056 | 8,383,962 | 8,383,962 | ||||||||||||||||||||||||||
8,697,056 | 8,383,962 | 8,383,962 | ||||||||||||||||||||||||||||||
U.S. Gas & Electric, Inc. (0.2%)*(7) (23) | Energy Services | Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25) | 2,285,250 | 1,785,250 | 1,785,250 | |||||||||||||||||||||||||||
Second Lien Loan (9.5% Cash, Acquired 12/20, Due 07/25)(24) | 2,485,469 | — | — | |||||||||||||||||||||||||||||
4,770,719 | 1,785,250 | 1,785,250 | ||||||||||||||||||||||||||||||
U.S. Silica Company (0.2%)*(3) (9) (10) | Metal & Glass Containers | First Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 08/18, Due 05/25) | 1,487,525 | 1,490,312 | 1,299,724 | |||||||||||||||||||||||||||
1,487,525 | 1,490,312 | 1,299,724 | ||||||||||||||||||||||||||||||
UKFast Leaders Limited (3.3%)*(3) (7) (9) (14) | Technology | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 09/20, Due 9/27) | 24,226,278 | 22,140,865 | 23,625,466 | |||||||||||||||||||||||||||
24,226,278 | 22,140,865 | 23,625,466 | ||||||||||||||||||||||||||||||
USF Holdings LLC (U.S. Farathane, LLC) (0.4%)*(9) (12) | Auto Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 3.5%, 4.5% Cash, Acquired 08/18, Due 12/21) | 3,088,580 | 3,092,541 | 2,849,214 | |||||||||||||||||||||||||||
3,088,580 | 3,092,541 | 2,849,214 | ||||||||||||||||||||||||||||||
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) (2.1%)*(7) (9) (12) | Legal Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/18, Due 11/24) | 16,388,428 | 16,165,710 | 15,226,488 | |||||||||||||||||||||||||||
16,388,428 | 16,165,710 | 15,226,488 | ||||||||||||||||||||||||||||||
Utac Ceram (0.2%)*(3) (7) (9) (18) | Business Services | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/20, Due 09/27) | 1,713,064 | 1,524,242 | 1,651,143 | |||||||||||||||||||||||||||
1,713,064 | 1,524,242 | 1,651,143 | ||||||||||||||||||||||||||||||
Validity, Inc. (0.6%)*(7) (9) (10) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.9% Cash, Acquired 07/19, Due 05/25) | 5,025,862 | 4,896,882 | 4,586,098 | |||||||||||||||||||||||||||
5,025,862 | 4,896,882 | 4,586,098 | ||||||||||||||||||||||||||||||
W2O Holdings, Inc. (0.0%)* (7) (9) | Healthcare Technology | Undrawn Delayed Draw Term Loan (LIBOR + 5.0%, 5.0% Cash, Acquired 10/20, Due 06/25) | — | (115,981) | (104,214) | |||||||||||||||||||||||||||
— | (115,981) | (104,214) | ||||||||||||||||||||||||||||||
Winebow Group, LLC, (The) (2.1%)*(9) (10) | Consumer Goods | First Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 11/19, Due 07/21) | 10,599,445 | 10,113,510 | 9,690,543 | |||||||||||||||||||||||||||
Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.5% Cash, Acquired 10/19, Due 01/22) | 7,141,980 | 4,813,864 | 5,713,584 | |||||||||||||||||||||||||||||
17,741,425 | 14,927,374 | 15,404,127 | ||||||||||||||||||||||||||||||
World 50, Inc. (1.7%)*(7) (9) (10) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26) | 3,313,191 | 3,218,141 | 3,313,191 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 01/26) | 9,100,607 | 8,905,025 | 8,940,436 | |||||||||||||||||||||||||||||
12,413,798 | 12,123,166 | 12,253,627 | ||||||||||||||||||||||||||||||
Subtotal Non–Control / Non–Affiliate Investments (184.7%) | 1,378,776,392 | 1,318,614,617 | 1,325,783,281 | |||||||||||||||||||||||||||||
Affiliate Investments:(4) | ||||||||||||||||||||||||||||||||
Advantage Insurance, Inc. (0.8%)*(7) (23) | Banking, Finance, Insurance, & Real Estate | Preferred Stock (587,001 shares, Acquired 12/20) | 5,946,641 | 5,946,641 | ||||||||||||||||||||||||||||
5,946,641 | 5,946,641 | |||||||||||||||||||||||||||||||
Jocassee Partners LLC (3.2%)*(3) | Investment Funds & Vehicles | 9.1% Member Interest, Acquired 06/19 | 20,158,270 | 22,623,820 | ||||||||||||||||||||||||||||
20,158,270 | 22,623,820 | |||||||||||||||||||||||||||||||
JSC Tekers Holdings (0.7%)*(3) (7) (23) | Real Estate Management | Preferred Stock (9,159,085 shares, Acquired 12/20) | 4,753,000 | 4,753,000 | ||||||||||||||||||||||||||||
Common Stock (3,201 shares, Acquired 12/20) | — | — | ||||||||||||||||||||||||||||||
4,753,000 | 4,753,000 | |||||||||||||||||||||||||||||||
Barings BDC, Inc. Consolidated Schedule of Investments — (Continued) December 31, 2018 | ||||||||||||||||
Portfolio Company | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||
Xperi Corp. (0.5%)*(3) (4) (5) | Semiconductor Equipment | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 5.0% Cash, Due 12/23) | $ | 2,942,982 | $ | 2,929,408 | $ | 2,729,616 | ||||||||
2,942,982 | 2,929,408 | 2,729,616 | ||||||||||||||
Subtotal Non–Control / Non–Affiliate Investments | 1,132,612,430 | 1,128,694,715 | 1,076,631,804 | |||||||||||||
Short-Term Investments | ||||||||||||||||
The Dreyfus Corporation (8.0%)*(4) | Money Market Fund | Dreyfus Government Cash Management Fund (2.5% yield) | 45,223,941 | 45,223,941 | 45,223,941 | |||||||||||
45,223,941 | 45,223,941 | 45,223,941 | ||||||||||||||
Subtotal Short-Term Investments | 45,223,941 | 45,223,941 | 45,223,941 | |||||||||||||
Total Investments, December 31, 2018 (199.3%)* | $ | 1,177,836,371 | $ | 1,173,918,656 | $ | 1,121,855,745 |
Portfolio Company(6) | Industry | Type of Investment(1) (2) (6) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Security Holdings B.V. (4.9%)*(3) (7) (23) | Electrical Engineering | Bridge Loan (5.0% PIK, Acquired 12/20, Due 05/22) | $ | 5,187,506 | $ | 5,187,508 | $ | 5,187,508 | ||||||||||||||||||||||||
Senior Subordinated Loan (3.1% PIK, Acquired 12/20, Due 05/22) | 8,746,454 | 8,746,454 | 8,746,454 | |||||||||||||||||||||||||||||
Common Stock (1,099.5 shares, Acquired 12/20) | 21,264,000 | 21,329,370 | ||||||||||||||||||||||||||||||
13,933,960 | 35,197,962 | 35,263,332 | ||||||||||||||||||||||||||||||
Thompson Rivers LLC (1.4%)*(3) | Investment Funds & Vehicles | 10% Member Interest, Acquired 06/20 | 10,000,000 | 10,011,840 | ||||||||||||||||||||||||||||
10,000,000 | 10,011,840 | |||||||||||||||||||||||||||||||
Subtotal Affiliate Investments (11.0%) | 13,933,960 | 76,055,873 | 78,598,633 | |||||||||||||||||||||||||||||
Control Investments:(5) | ||||||||||||||||||||||||||||||||
MVC Automotive Group Gmbh (2.3%)*(3) (7) (23) | Other Diversified Financial Services | Bridge Loan (6.0% Cash, Acquired 12/20, Due 12/21) | 7,149,166 | 7,149,166 | 7,149,166 | |||||||||||||||||||||||||||
Common Equity Interest (18,000 shares, Acquired 12/20) | 9,553,000 | 9,582,368 | ||||||||||||||||||||||||||||||
7,149,166 | 16,702,166 | 16,731,534 | ||||||||||||||||||||||||||||||
MVC Private Equity Fund LP (1.3%)*(3) (23) | Investment Funds & Vehicles | General Partnership Interest | 224,978 | 224,978 | ||||||||||||||||||||||||||||
Limited Partnership Interest | 8,899,284 | 8,899,284 | ||||||||||||||||||||||||||||||
9,124,262 | 9,124,262 | |||||||||||||||||||||||||||||||
Subtotal Control Investments (3.6%) | 7,149,166 | 25,826,428 | 25,855,796 | |||||||||||||||||||||||||||||
Short-Term Investments: | ||||||||||||||||||||||||||||||||
BlackRock, Inc. (4.2%)* | Money Market Fund | BlackRock Liquidity Temporary Fund (0.08% yield) | 30,000,000 | 30,000,000 | ||||||||||||||||||||||||||||
30,000,000 | 30,000,000 | |||||||||||||||||||||||||||||||
JPMorgan Chase & Co. (5.0%)* | Money Market Fund | JPMorgan Prime Money Market Fund (0.09% yield) | 35,558,227 | 35,558,227 | ||||||||||||||||||||||||||||
35,558,227 | 35,558,227 | |||||||||||||||||||||||||||||||
Subtotal Short-Term Investments (9.1%) | 65,558,227 | 65,558,227 | ||||||||||||||||||||||||||||||
Total Investments, December 31, 2020 (208.4%)* | $ | 1,399,859,518 | $ | 1,486,055,145 | $ | 1,495,795,937 | ||||||||||||||||||||||||||
Credit Support Agreement(a)(b)(d) | |||||||||||||||||||||||||||||||||||||||||
Description | Counter Party | Settlement Date(c) | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||
Credit Support Agreement | Barings LLC | 01/01/31 | $ | 23,000,000 | $ | 13,600,000 | $ | — | |||||||||||||||||||||||||||||||||
Total Credit Support Agreement, December 31, 2020 | $ | — |
Foreign Currency Forward Contracts: | ||||||||||||||||||||||||||||||||
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $8,471,304 | A$11,378,670 | 01/05/21 | $ | (309,049) | |||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$11,378,670 | $8,610,504 | 01/05/21 | 169,849 | ||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $148,019 | A$193,882 | 04/06/21 | (1,698) | ||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $13,472,749 | €11,406,604 | 01/05/21 | (483,801) | ||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €11,406,604 | $13,518,023 | 01/05/21 | 438,526 | ||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $561,754 | €456,604 | 04/06/21 | 1,944 | ||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,554,607 | £10,215,299 | 01/05/21 | (409,190) | ||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | £10,215,299 | $13,717,678 | 01/05/21 | 246,118 | ||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,109,849 | £9,672,758 | 04/06/21 | (119,769) | ||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $141,603 | 1,259,406kr | 01/05/21 | (11,748) | ||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | 1,259,406kr | $152,396 | 01/05/21 | 955 | ||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $164,325 | 1,356,628kr | 04/06/21 | (1,028) | ||||||||||||||||||||||||||||
Total Foreign Currency Forward Contracts, December 31, 2020 | $ | (478,891) |
Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(b) | December 31, 2019 Value | Gross Additions (c) | Gross Reductions (d) | December 31, 2020 Value | ||||||||||||||||||||
Portfolio Company | Type of Investment(a) | |||||||||||||||||||||||||
Advantage Insurance, Inc.(e) | Preferred Stock (587,001 shares) | $ | — | $ | — | $ | — | $ | — | $ | 5,946,641 | $ | — | $ | 5,946,641 | |||||||||||
— | — | — | — | 5,946,641 | — | 5,946,641 | ||||||||||||||||||||
Jocassee Partners LLC | 9.1% Member Interest | — | 2,394,007 | — | 10,229,813 | 12,394,007 | — | 22,623,820 | ||||||||||||||||||
— | 2,394,007 | — | 10,229,813 | 12,394,007 | — | 22,623,820 | ||||||||||||||||||||
JSC Tekers Holdings(e) | Common Stock (3,201 shares) | — | — | — | — | — | — | — | ||||||||||||||||||
Preferred Stock (9,159,085 shares) | — | — | — | — | 4,753,000 | — | 4,753,000 | |||||||||||||||||||
— | — | — | — | 4,753,000 | — | 4,753,000 | ||||||||||||||||||||
Security Holdings B.V(e) | Bridge Loan (5.0% PIK) | — | — | — | — | 5,187,508 | — | 5,187,508 | ||||||||||||||||||
Senior Subordinated Loan (3.1% PIK) | — | — | — | — | 8,746,454 | — | 8,746,454 | |||||||||||||||||||
Common Stock (1,099.5 shares) | — | 65,370 | — | — | 21,329,370 | — | 21,329,370 | |||||||||||||||||||
— | 65,370 | — | — | 35,263,332 | — | 35,263,332 | ||||||||||||||||||||
Thompson Rivers LLC | 10% Member Interest | — | 11,840 | — | — | 10,011,840 | — | 10,011,840 | ||||||||||||||||||
— | 11,840 | — | — | 10,011,840 | — | 10,011,840 | ||||||||||||||||||||
Total Affiliate Investments | $ | — | $ | 2,471,217 | $ | — | $ | 10,229,813 | $ | 68,368,820 | $ | — | $ | 78,598,633 |
Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(b) | December 31, 2019 Value | Gross Additions (c) | Gross Reductions (d) | December 31, 2020 Value | ||||||||||||||||||||
Portfolio Company | Type of Investment(a) | |||||||||||||||||||||||||
MVC Automotive Group GmbH(e) | Common Equity Interest (18,000 shares) | $ | — | $ | 29,368 | $ | — | $ | — | $ | 9,582,368 | $ | — | $ | 9,582,368 | |||||||||||
Bridge Loan (6.0% PIK) | — | — | 9,532 | — | 7,149,166 | — | 7,149,166 | |||||||||||||||||||
— | 29,368 | 9,532 | — | 16,731,534 | — | 16,731,534 | ||||||||||||||||||||
MVC Private Equity Fund LP(e) | Limited Partnership Interest | — | — | — | — | 8,899,284 | — | 8,899,284 | ||||||||||||||||||
General Partnership Interest | — | — | 5,292 | — | 224,978 | — | 224,978 | |||||||||||||||||||
— | — | 5,292 | — | 9,124,262 | — | 9,124,262 | ||||||||||||||||||||
Total Control Investments | $ | — | $ | 29,368 | $ | 14,824 | $ | — | $ | 25,855,796 | $ | — | $ | 25,855,796 |
For the quarter ended: | Total companies | Percent of total investments at fair value(1) | ||
September 30, 2018(2) | — | —% | ||
December 31, 2018 | 5 | 100% | ||
March 31, 2019 | 18 | 100% | ||
June 30, 2019 | 22 | 100% | ||
September 30, 2019 | 28 | 100% | ||
December 31, 2019 | 38 | 100% |
December 31, 2021: | Fair Value | Valuation Model | Level 3 Input | Range of Inputs | Weighted Average | Impact to Valuation from an Increase in Input | |||||||||||||||||||||||||||||
Senior debt and 1st lien notes(1) | $ | 717,374,281 | Yield Analysis | Market Yield | 5.2% – 33.5% | 7.7% | Decrease | ||||||||||||||||||||||||||||
416,010,236 | Recent Transaction | Transaction Price | 96.5% – 99.0% | 97.7% | Increase | ||||||||||||||||||||||||||||||
Subordinated debt and 2nd lien notes(2) | 107,345,323 | Yield Analysis | Market Yield | 5.3% – 19.0% | 11.5% | Decrease | |||||||||||||||||||||||||||||
64,895,063 | Market Approach | Adjusted EBITDA Multiple | 0.6x – 9.0x | 5.67x | Increase | ||||||||||||||||||||||||||||||
40,353,543 | Recent Transaction | Transaction Price | 97.0% – 100.0% | 98.0% | Increase | ||||||||||||||||||||||||||||||
Equity shares(3) | 137,393,404 | Market Approach | Adjusted EBITDA Multiple | 5.5x – 54.0x | 13.1x | Increase | |||||||||||||||||||||||||||||
6,197,037 | Expected Transaction(4) | Transaction Price | $6,197,037 | $6,197,037 | Increase | ||||||||||||||||||||||||||||||
4,545,542 | Recent Transaction | Transaction Price | $1.0 – $1,000 | $140.03 | Increase | ||||||||||||||||||||||||||||||
Equity warrants | 863,949 | Market Approach | Adjusted EBITDA Multiple | 5.0x-6.0x | 6.0x | Increase |
December 31, 2019: | Fair Value | Valuation Model | Level 3 Input | Range of Inputs | Weighted Average | ||||||
Senior debt and 1st lien notes | $ | 528,907,788 | Income Approach | Implied Spread | 4.6% – 8.0% | 5.7% | |||||
26,592,519 | Market Approach | Pricing Service Quotes | 90.0% – 99.6% | 97.9% | |||||||
Subordinated debt and 2nd lien notes | 9,699,465 | Income Approach | Implied Spread | 8.8% – 9.4% | 9.1% | ||||||
2,312,500 | Market Approach | Pricing Service Quotes | 92.5% – 92.5% | 92.5% | |||||||
Equity shares | 760,716 | Enterprise Value Waterfall Approach | Adjusted EBITDA Multiple | 10.0x – 12.3x | 10.5x |
December 31, 2020: | Fair Value | Valuation Model | Level 3 Input | Range of Inputs | Weighted Average | Impact to Valuation from an Increase in Input | |||||||||||||||||||||||||||||
Senior debt and 1st lien notes(1) | $ | 650,550,710 | Yield Analysis | Market Yield | 4.7% – 16.2% | 7.4% | Decrease | ||||||||||||||||||||||||||||
3,000,000 | Liquidation Analysis | Adjusted EBITDA Multiple | 0.05x – 0.15x | 0.10x | Increase | ||||||||||||||||||||||||||||||
399,692,333 | Recent Transaction | Transaction Price | 96.0% – 100.0% | 97.8% | Increase | ||||||||||||||||||||||||||||||
Subordinated debt and 2nd lien notes(2) | 109,851,771 | Yield Analysis | Market Yield | 6.0% – 26.0% | 16.7% | Decrease | |||||||||||||||||||||||||||||
13,933,960 | Market Approach | Adjusted EBITDA Multiple | 5.0x – 6.0x | 5.50x | Increase | ||||||||||||||||||||||||||||||
4,959,088 | Recent Transaction | Transaction Price | 100% | 100% | Increase | ||||||||||||||||||||||||||||||
Equity shares(3) | 39,178,157 | Market Approach | Adjusted EBITDA Multiple | 0.8x – 11.8x | 4.80x | Increase | |||||||||||||||||||||||||||||
4,752,997 | Real Estate - Cost Approach | Replacement Cost (CZK/m2) | 1,237 to 1,892 | 1,892 | Increase | ||||||||||||||||||||||||||||||
Real Estate - Cost Approach | Depreciation Factor | 0.50 to 1.00 | 0.81 | Increase | |||||||||||||||||||||||||||||||
Real Estate - Income Approach | Market Rent CZK/Year | CZK5,011,718 to CZK8,700,000 | CZK5,011,718 | Increase | |||||||||||||||||||||||||||||||
Real Estate - Income Approach | Cap Rate | 6.0% to 7.0% | 6.5% | Decrease | |||||||||||||||||||||||||||||||
Real Estate - Income Approach | Adj. Factor for Development Zone | n/a | 1.15 | Increase | |||||||||||||||||||||||||||||||
227,200 | Recent Transaction | Transaction Price | $1,000 | $1,000 | Increase | ||||||||||||||||||||||||||||||
Equity warrants | 1,133,781 | Market Approach | Adjusted EBITDA Multiple | 4.8x-9.0x | 6.0x | Increase |
December 31, 2018: | Fair Value(1) | Valuation Model | Level 3 Input | Range of Inputs | Weighted Average | ||||||
Senior debt and 1st lien notes | $ | 178,647,302 | Income Approach | Implied Spread | 4.9% – 7.0% | 5.8% | |||||
66,964,957 | Market Approach | Pricing Service Quotes | 91.5% – 97.5% | 95.4% | |||||||
Subordinated debt and 2nd lien notes | 7,679,132 | Income Approach | Implied Spread | 9.0% – 9.4% | 9.3% | ||||||
Equity shares | 515,825 | Enterprise Value Waterfall Approach | Adjusted EBITDA Multiple | 9.1x – 10.3x | 9.5x |
(3)Excludes investments with an aggregate fair value amounting to $68,670, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. |
Year Ended December 31 | Year Ended December 31 | |||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Recurring Fee Income: | Recurring Fee Income: | |||||||||||||||||||||||||||
Amortization of loan origination fees | $ | 914,197 | $ | 1,374,049 | $ | 2,445,485 | Amortization of loan origination fees | $ | 4,620,259 | $ | 2,179,859 | $ | 914,197 | |||||||||||||||
Management, valuation and other fees | 275,510 | 427,628 | 940,361 | Management, valuation and other fees | 2,185,600 | 867,465 | 275,510 | |||||||||||||||||||||
Total Recurring Fee Income | 1,189,707 | 1,801,677 | 3,385,846 | Total Recurring Fee Income | 6,805,859 | 3,047,324 | 1,189,707 | |||||||||||||||||||||
Non-Recurring Fee Income: | Non-Recurring Fee Income: | |||||||||||||||||||||||||||
Prepayment fees | 59,617 | 1,191,943 | 2,688,814 | Prepayment fees | 474,499 | 84,151 | 59,617 | |||||||||||||||||||||
Acceleration of unamortized loan origination fees | 694,971 | 1,932,367 | 4,202,078 | Acceleration of unamortized loan origination fees | 4,823,674 | 536,906 | 694,971 | |||||||||||||||||||||
Advisory, loan amendment and other fees | 172,525 | 242,914 | 371,278 | Advisory, loan amendment and other fees | 916,212 | 412,255 | 172,525 | |||||||||||||||||||||
Total Non-Recurring Fee Income | 927,113 | 3,367,224 | 7,262,170 | Total Non-Recurring Fee Income | 6,214,385 | 1,033,312 | 927,113 | |||||||||||||||||||||
Total Fee Income | $ | 2,116,820 | $ | 5,168,901 | $ | 10,648,016 | Total Fee Income | $ | 13,020,244 | $ | 4,080,636 | $ | 2,116,820 |
Declared | Record | Payable | Per Share Amount | Amount Paid in Cash | Amount Settled via Newly Issued Shares | Total | ||||||||||||||
February 22, 2017 | March 8, 2017 | March 22, 2017 | $ | 0.45 | $ | 20,688,000 | $ | 750,000 | $ | 21,438,000 | ||||||||||
May 3, 2017 | June 7, 2017 | June 21, 2017 | 0.45 | 20,575,000 | 888,000 | 21,463,000 | ||||||||||||||
August 2, 2017 | September 6, 2017 | September 20, 2017 | 0.45 | 21,484,000 | — | 21,484,000 | ||||||||||||||
November 1, 2017 | December 6, 2017 | December 20, 2017 | 0.30 | 14,322,000 | — | 14,322,000 | ||||||||||||||
Total 2017 dividends and distributions | $ | 1.65 | $ | 77,069,000 | $ | 1,638,000 | $ | 78,707,000 | ||||||||||||
February 28, 2018 | March 14, 2018 | March 28, 2018 | $ | 0.30 | $ | 14,407,000 | $ | — | $ | 14,407,000 | ||||||||||
August 29, 2018 | September 20, 2018 | September 27, 2018 | 0.03 | 1,539,000 | — | 1,539,000 | ||||||||||||||
October 11, 2018 | December 14, 2018 | December 21, 2018 | 0.10 | 5,128,000 | — | 5,128,000 | ||||||||||||||
Total 2018 dividends and distributions | $ | 0.43 | $ | 21,074,000 | $ | — | $ | 21,074,000 | ||||||||||||
February 27, 2019 | March 13, 2019 | March 20, 2019 | $ | 0.12 | $ | 6,107,000 | $ | — | $ | 6,107,000 | ||||||||||
May 9, 2019 | June 12, 2019 | June 19, 2019 | 0.13 | 6,541,000 | — | 6,541,000 | ||||||||||||||
July 26, 2019 | September 11, 2019 | September 18, 2019 | 0.14 | 6,935,000 | — | 6,935,000 | ||||||||||||||
October 29, 2019 | December 11, 2019 | December 18, 2019 | 0.15 | 7,345,000 | — | 7,345,000 | ||||||||||||||
Total 2019 dividends and distributions | $ | 0.54 | $ | 26,928,000 | $ | — | $ | 26,928,000 |
Declared | Record | Payable | Per Share Amount | Amount Paid in Cash | Amount Settled via Newly Issued Shares | Total | ||||||||||||||||||||||||||||||||
February 27, 2019 | March 13, 2019 | March 20, 2019 | $ | 0.12 | $ | 6,107,000 | $ | — | $ | 6,107,000 | ||||||||||||||||||||||||||||
May 9, 2019 | June 12, 2019 | June 19, 2019 | 0.13 | 6,541,000 | — | 6,541,000 | ||||||||||||||||||||||||||||||||
July 26, 2019 | September 11, 2019 | September 18, 2019 | 0.14 | 6,935,000 | — | 6,935,000 | ||||||||||||||||||||||||||||||||
October 29, 2019 | December 11, 2019 | December 18, 2019 | 0.15 | 7,345,000 | — | 7,345,000 | ||||||||||||||||||||||||||||||||
Total 2019 dividends and distributions | $ | 0.54 | $ | 26,928,000 | $ | — | $ | 26,928,000 | ||||||||||||||||||||||||||||||
February 27, 2020 | March 11, 2020 | March 18, 2020 | $ | 0.16 | $ | 7,824,000 | $ | — | $ | 7,824,000 | ||||||||||||||||||||||||||||
April 30, 2020 | June 10, 2020 | June 17, 2020 | 0.16 | 7,674,000 | — | 7,674,000 | ||||||||||||||||||||||||||||||||
August 5, 2020 | September 9, 2020 | September 16, 2020 | 0.16 | 7,674,000 | — | 7,674,000 | ||||||||||||||||||||||||||||||||
November 9, 2020 | November 25, 2020 | December 2, 2020 | 0.17 | 8,153,000 | — | 8,153,000 | ||||||||||||||||||||||||||||||||
Total 2020 dividends and distributions | $ | 0.65 | $ | 31,325,000 | $ | — | $ | 31,325,000 | ||||||||||||||||||||||||||||||
February 7, 2021 | March 10, 2021 | March 17, 2021 | $ | 0.19 | $ | 12,410,056 | $ | — | $ | 12,410,056 | ||||||||||||||||||||||||||||
May 6, 2021 | June 9, 2021 | June 16, 2021 | 0.20 | 13,063,217 | — | 13,063,217 | ||||||||||||||||||||||||||||||||
August 5, 2021 | September 8, 2021 | September 15, 2021 | 0.21 | 13,716,378 | — | 13,716,378 | ||||||||||||||||||||||||||||||||
November 9, 2021 | November 24, 2021 | December 1, 2021 | 0.22 | 14,369,539 | — | 14,369,539 | ||||||||||||||||||||||||||||||||
Total 2021 dividends and distributions | $ | 0.82 | $ | 53,559,190 | $ | — | $ | 53,559,190 |
(i)For each quarter from and after August 2, 2018 through December 31, 2019 (the "Pre-2020 Period"), the Pre-2021 Income-Based Fee was calculated and payable quarterly in arrears based on the Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter for which such fees were being calculated. In respect of the Pre-2020 Period, "Pre-Incentive Fee Net Investment Income" meant interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that the Company receives from portfolio companies) accrued during the relevant calendar quarter, minus |
Cost | Percent of Total Portfolio | Fair Value | Percent of Total Portfolio | Percent of Total Net Assets | ||||||||||||||||||||||||||||
December 31, 2021: | ||||||||||||||||||||||||||||||||
Senior debt and 1st lien notes | $ | 1,217,899,217 | 68 | % | $ | 1,221,597,953 | 68 | % | 165 | % | ||||||||||||||||||||||
Subordinated debt and 2nd lien notes | 253,550,848 | 14 | 240,036,808 | 13 | 32 | |||||||||||||||||||||||||||
Structured products | 37,054,829 | 2 | 40,270,659 | 2 | 6 | |||||||||||||||||||||||||||
Equity shares | 145,790,765 | 8 | 154,476,657 | 9 | 21 | |||||||||||||||||||||||||||
Equity warrants | 1,111,602 | — | 1,107,543 | — | — | |||||||||||||||||||||||||||
Investments in joint ventures / PE fund | 132,416,803 | 8 | 143,104,332 | 8 | 19 | |||||||||||||||||||||||||||
$ | 1,787,824,064 | 100 | % | $ | 1,800,593,952 | 100 | % | 243 | % | |||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||
Senior debt and 1st lien notes | $ | 1,167,436,742 | 79 | % | $ | 1,171,250,512 | 79 | % | 163 | % | ||||||||||||||||||||||
Subordinated debt and 2nd lien notes | 137,776,808 | 9 | 138,767,120 | 9 | 19 | |||||||||||||||||||||||||||
Structured products | 30,071,808 | 2 | 32,508,845 | 2 | 5 | |||||||||||||||||||||||||||
Equity shares | 44,693,645 | 3 | 44,651,114 | 3 | 6 | |||||||||||||||||||||||||||
Equity warrants | 1,235,383 | — | 1,300,197 | — | — | |||||||||||||||||||||||||||
Investment in joint venture | 39,282,532 | 3 | 41,759,922 | 3 | 6 | |||||||||||||||||||||||||||
Short-term investments | 65,558,227 | 4 | 65,558,227 | 4 | 9 | |||||||||||||||||||||||||||
$ | 1,486,055,145 | 100 | % | $ | 1,495,795,937 | 100 | % | 208 | % |
Cost | Percent of Total Portfolio | Fair Value | Percent of Total Portfolio | Percent of Total Net Assets | |||||||||||||
December 31, 2019: | |||||||||||||||||
Senior debt and 1st lien notes | $ | 1,070,031,715 | 90 | % | $ | 1,050,863,369 | 90 | % | 184 | % | |||||||
Subordinated debt and 2nd lien notes | 15,339,180 | 1 | 15,220,969 | 1 | 3 | % | |||||||||||
Equity shares | 515,825 | — | 760,716 | — | — | % | |||||||||||
Investment in joint venture | 10,158,270 | 1 | 10,229,813 | 1 | 2 | % | |||||||||||
Short-term investments | 96,568,940 | 8 | 96,568,940 | 8 | 17 | % | |||||||||||
$ | 1,192,613,930 | 100 | % | $ | 1,173,643,807 | 100 | % | 206 | % | ||||||||
December 31, 2018: | |||||||||||||||||
Senior debt and 1st lien notes | $ | 1,120,401,043 | 95 | % | $ | 1,068,436,847 | 95 | % | 190 | % | |||||||
Subordinated debt and 2nd lien notes | 7,777,847 | 1 | 7,679,132 | 1 | 1 | ||||||||||||
Equity shares | 515,825 | — | 515,825 | — | — | ||||||||||||
Short-term investments | 45,223,941 | 4 | 45,223,941 | 4 | 8 | ||||||||||||
$ | 1,173,918,656 | 100 | % | $ | 1,121,855,745 | 100 | % | 199 | % |
December 31, 2021 | Percent of Portfolio | December 31, 2020 | Percent of Portfolio | ||||||||||||||
Aerospace and Defense | $ | 91,128,494 | 5.1 | % | $ | 82,501,170 | 5.8 | % | |||||||||
Automotive | 55,875,164 | 3.1 | 61,581,980 | 4.3 | |||||||||||||
Banking, Finance, Insurance and Real Estate | 208,397,175 | 11.6 | 99,099,552 | 6.9 | |||||||||||||
Beverage, Food and Tobacco | 38,984,756 | 2.2 | 15,404,126 | 1.1 | |||||||||||||
Capital Equipment | 42,916,165 | 2.4 | 30,899,579 | 2.2 | |||||||||||||
Chemicals, Plastics, and Rubber | 32,234,304 | 1.8 | 32,378,972 | 2.3 | |||||||||||||
Construction and Building | 62,083,040 | 3.4 | 59,861,616 | 4.2 | |||||||||||||
Consumer goods: Durable | 47,315,953 | 2.6 | 38,165,784 | 2.7 | |||||||||||||
Consumer goods: Non-durable | 28,305,788 | 1.6 | 28,081,580 | 2.0 | |||||||||||||
Containers, Packaging and Glass | 10,218,137 | 0.6 | 9,018,983 | 0.6 | |||||||||||||
Energy: Electricity | 12,190,087 | 0.7 | 17,627,935 | 1.2 | |||||||||||||
Energy: Oil and Gas | 5,774,031 | 0.3 | 788,105 | 0.1 | |||||||||||||
Environmental Industries | 8,080,699 | 0.4 | — | — | |||||||||||||
Healthcare and Pharmaceuticals | 134,285,598 | 7.5 | 142,708,050 | 10.0 | |||||||||||||
High Tech Industries | 139,590,064 | 7.7 | 152,413,985 | 10.6 | |||||||||||||
Hotel, Gaming and Leisure | 27,552,728 | 1.5 | 10,682,093 | 0.7 | |||||||||||||
Investment Funds and Vehicles | 143,104,333 | 7.9 | 41,759,922 | 2.9 | |||||||||||||
Media: Advertising, Printing and Publishing | 46,414,314 | 2.6 | 54,123,033 | 3.8 | |||||||||||||
Media: Broadcasting and Subscription | 7,440,621 | 0.4 | 6,464,741 | 0.4 | |||||||||||||
Media: Diversified and Production | 52,886,896 | 2.9 | 48,200,216 | 3.4 | |||||||||||||
Metals and Mining | 10,684,298 | 0.6 | 17,857,236 | 1.2 | |||||||||||||
Retail | — | — | 1,983,083 | 0.1 | |||||||||||||
Services: Business | 342,757,761 | 19.0 | 209,974,914 | 14.7 | |||||||||||||
Services: Consumer | 65,801,151 | 3.7 | 54,450,324 | 3.8 | |||||||||||||
Structured Products | 24,661,909 | 1.4 | 32,508,845 | 2.3 | |||||||||||||
Telecommunications | 45,181,572 | 2.5 | 43,021,001 | 3.0 | |||||||||||||
Transportation: Cargo | 86,964,435 | 4.8 | 91,132,943 | 6.4 | |||||||||||||
Transportation: Consumer | 12,231,077 | 0.7 | — | — | |||||||||||||
Utilities: Electric | 12,856,773 | 0.7 | 8,987,929 | 0.6 | |||||||||||||
Utilities: Oil and Gas | 4,676,629 | 0.3 | 11,645,956 | 0.8 | |||||||||||||
Wholesale | — | — | 26,914,057 | 1.9 | |||||||||||||
Total | $ | 1,800,593,952 | 100.0 | % | $ | 1,430,237,710 | 100.0 | % |
Fair Value at December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Senior debt and 1st lien notes | $ | — | $ | 84,275,024 | $ | 1,137,322,929 | $ | 1,221,597,953 | |||||||||||||||
Subordinated debt and 2nd lien notes | — | 9,467,935 | 230,568,873 | 240,036,808 | |||||||||||||||||||
Structured products | — | 40,270,659 | — | 40,270,659 | |||||||||||||||||||
Equity shares | 111,357 | 3,083,577 | 151,281,723 | 154,476,657 | |||||||||||||||||||
Equity warrants | — | 243,594 | 863,949 | 1,107,543 | |||||||||||||||||||
Short-term investments | — | — | — | — | |||||||||||||||||||
Investments subject to leveling | $ | 111,357 | $ | 137,340,789 | $ | 1,520,037,474 | $ | 1,657,489,620 | |||||||||||||||
Investments in joint ventures / PE fund(1) | 143,104,332 | ||||||||||||||||||||||
$ | 1,800,593,952 | ||||||||||||||||||||||
Fair Value at December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Senior debt and 1st lien notes | $ | — | $ | 115,533,401 | $ | 1,055,717,111 | $ | 1,171,250,512 | |||||||||||||||
Subordinated debt and 2nd lien notes | — | 7,947,184 | 130,819,936 | 138,767,120 | |||||||||||||||||||
Structured products | — | 32,508,845 | — | 32,508,845 | |||||||||||||||||||
Equity shares | — | 424,090 | 44,227,024 | 44,651,114 | |||||||||||||||||||
Equity warrants | — | 166,416 | 1,133,781 | 1,300,197 | |||||||||||||||||||
Short-term investments | 65,558,227 | — | — | 65,558,227 | |||||||||||||||||||
Investments subject to leveling | $ | 65,558,227 | $ | 156,579,936 | $ | 1,231,897,852 | $ | 1,454,036,015 | |||||||||||||||
Investments in joint ventures / PE fund(1) | 41,759,922 | ||||||||||||||||||||||
$ | 1,495,795,937 |
Year Ended December 31, 2021: | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Equity Shares | Equity Warrants | Total | ||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 1,055,717,111 | $ | 130,819,936 | $ | 44,227,024 | $ | 1,133,781 | $ | 1,231,897,852 | |||||||||||||||||||||||||
New investments | 1,096,052,639 | 151,300,891 | 103,526,450 | 163,000.00 | 1,351,042,980 | ||||||||||||||||||||||||||||||
Transfers into (out of) Level 3, net | (2,629,679) | 2,233,600 | 3,223,510.00 | — | 2,827,431 | ||||||||||||||||||||||||||||||
Proceeds from sales of investments | (736,674,890) | (13,683,500) | (7,964,049) | (450,000) | (758,772,439) | ||||||||||||||||||||||||||||||
Loan origination fees received | (26,844,600) | (3,659,741) | — | — | (30,504,341) | ||||||||||||||||||||||||||||||
Principal repayments received | (255,215,358) | (32,131,013) | — | — | (287,346,371) | ||||||||||||||||||||||||||||||
Payment-in-kind interest | 865,462 | 8,503,991 | — | — | 9,369,453 | ||||||||||||||||||||||||||||||
Accretion of loan premium/discount | 15,607 | 222,447 | — | — | 238,054 | ||||||||||||||||||||||||||||||
Accretion of deferred loan origination revenue | 8,584,545 | 602,604 | — | — | 9,187,149 | ||||||||||||||||||||||||||||||
Realized gain (loss) | (575,227) | (36,487) | 949,693 | 163,219 | 501,198 | ||||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) | (1,972,681) | (13,603,855) | 7,319,095 | (146,051) | (8,403,492) | ||||||||||||||||||||||||||||||
Fair value, end of period | $ | 1,137,322,929 | $ | 230,568,873 | $ | 151,281,723 | $ | 863,949 | $ | 1,520,037,474 |
Year Ended December 31, 2020: | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Equity Shares | Equity Warrants | Total | ||||||||||||||||||||||||||||||
Fair value, beginning of period | $ | 555,500,307 | $ | 12,011,965 | $ | 760,716 | $ | — | $ | 568,272,988 | |||||||||||||||||||||||||
New investments | 735,177,116 | 4,027,048 | 862,277 | — | 740,066,441 | ||||||||||||||||||||||||||||||
Investments acquired in MVC merger | 9,720,000 | 122,082,933 | 42,980,466 | 1,133,781 | 175,917,180 | ||||||||||||||||||||||||||||||
Transfers into (out of) Level 3, net | 19,074,284 | (2,677,220) | — | — | 16,397,064 | ||||||||||||||||||||||||||||||
Proceeds from sales of investments | (209,685,651) | (444,978) | (78,992) | — | (210,209,621) | ||||||||||||||||||||||||||||||
Loan origination fees received | (17,726,770) | (19,808) | — | — | (17,746,578) | ||||||||||||||||||||||||||||||
Principal repayments received | (37,416,476) | (5,104,857) | — | — | (42,521,333) | ||||||||||||||||||||||||||||||
Payment-in-kind interest | 249,907 | 41,753 | — | — | 291,660 | ||||||||||||||||||||||||||||||
Accretion of loan premium/discount | 17,936 | 1,045 | — | — | 18,981 | ||||||||||||||||||||||||||||||
Accretion of deferred loan origination revenue | 2,631,269 | 44,571 | — | — | 2,675,840 | ||||||||||||||||||||||||||||||
Realized gain (loss) | 1,544,794 | (35,357) | (10,019) | — | 1,499,418 | ||||||||||||||||||||||||||||||
Unrealized appreciation (depreciation) | (3,369,605) | 892,841 | (287,424) | — | (2,764,188) | ||||||||||||||||||||||||||||||
Fair value, end of period | $ | 1,055,717,111 | $ | 130,819,936 | $ | 44,227,024 | $ | 1,133,781 | $ | 1,231,897,852 |
Cost | Percentage of Total Portfolio | Fair Value | Percentage of Total Portfolio | ||||||||||||||||||||
December 31, 2021: | |||||||||||||||||||||||
Senior debt and 1st lien notes | $ | 1,084,501,574 | 87 | % | $ | 1,085,171,923 | 86 | % | |||||||||||||||
Subordinated debt and 2nd lien notes | 23,607,437 | 2 | % | 24,010,554 | 2 | % | |||||||||||||||||
Structured products | 4,568,790 | — | % | 5,409,080 | 1 | % | |||||||||||||||||
Equity shares | 5,447,983 | 1 | % | 3,887,352 | — | % | |||||||||||||||||
Equity warrants | 31,451 | — | % | 75,406 | — | % | |||||||||||||||||
Investment in joint ventures | 111,489,807 | 9 | % | 127,092,288 | 10 | % | |||||||||||||||||
Short-term investments | 12,571,932 | 1 | % | 12,571,932 | 1 | % | |||||||||||||||||
$ | 1,242,218,974 | 100 | % | $ | 1,258,218,535 | 100 | % | ||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||
Senior debt and 1st lien notes | $ | 686,341,760 | 81 | % | $ | 714,747,405 | 82 | % | |||||||||||||||
Subordinated debt and 2nd lien notes | 10,079,164 | 1 | 10,170,127 | 1 | |||||||||||||||||||
Structured products | 22,981,004 | 3 | 25,626,147 | 3 | |||||||||||||||||||
Equity shares | 6,964,845 | 1 | 5,829,554 | 1 | |||||||||||||||||||
Equity warrants | 31,451 | — | 51,515 | — | |||||||||||||||||||
Investment in joint ventures | 90,000,000 | 11 | 90,106,560 | 10 | |||||||||||||||||||
Short-term investments | 23,093,064 | 3 | 23,093,055 | 3 | |||||||||||||||||||
$ | 839,491,288 | 100 | % | $ | 869,624,363 | 100 | % |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Aerospace and Defense | $ | 71,856,682 | 5.8 | % | $ | 21,044,217 | 2.5 | % | |||||||||||||||
Automotive | 18,625,991 | 1.5 | 15,520,985 | 1.8 | |||||||||||||||||||
Banking, Finance, Insurance and Real Estate | 109,961,068 | 8.8 | 80,759,836 | 9.6 | |||||||||||||||||||
Beverage, Food and Tobacco | 30,351,648 | 2.5 | 24,931,070 | 2.9 | |||||||||||||||||||
Capital Equipment | 17,006,354 | 1.4 | 19,953,788 | 2.4 | |||||||||||||||||||
Chemicals, Plastics, and Rubber | 24,665,132 | 2.0 | 26,419,508 | 3.1 | |||||||||||||||||||
Construction and Building | 14,505,666 | 1.2 | 14,979,023 | 1.8 | |||||||||||||||||||
Consumer goods: Durable | 10,293,735 | 0.8 | 14,256,411 | 1.7 | |||||||||||||||||||
Consumer goods: Non-durable | 23,886,104 | 1.9 | 4,749,797 | 0.6 | |||||||||||||||||||
Containers, Packaging and Glass | 25,276,979 | 2.0 | 16,742,506 | 2.0 | |||||||||||||||||||
Energy: Electricity | 10,570,961 | 0.8 | 5,897,687 | 0.7 | |||||||||||||||||||
Energy: Oil and Gas | 5,091,154 | 0.4 | 4,602,739 | 0.5 | |||||||||||||||||||
Environmental Industries | 7,562,679 | 0.6 | 2,697,765 | 0.3 | |||||||||||||||||||
Forest Products & Paper | 474,674 | — | — | — | |||||||||||||||||||
Healthcare and Pharmaceuticals | 128,494,962 | 10.3 | 84,624,495 | 10.0 | |||||||||||||||||||
High Tech Industries | 171,959,733 | 13.8 | 75,759,051 | 8.9 | |||||||||||||||||||
Hotel, Gaming and Leisure | 35,382,908 | 2.8 | 49,013,967 | 5.8 | |||||||||||||||||||
Investment Funds and Vehicles | 127,092,288 | 10.2 | 90,106,560 | 10.6 | |||||||||||||||||||
Media: Advertising, Printing and Publishing | 18,422,570 | 1.5 | 9,761,091 | 1.2 | |||||||||||||||||||
Media: Broadcasting and Subscription | 37,839,637 | 3.0 | 40,885,203 | 4.8 | |||||||||||||||||||
Media: Diversified and Production | 21,059,457 | 1.7 | 12,950,796 | 1.5 | |||||||||||||||||||
Metals and Mining | 5,791,736 | 0.5 | 1,645,763 | 0.2 | |||||||||||||||||||
Retail | 14,420,299 | 1.2 | 15,962,027 | 1.9 | |||||||||||||||||||
Services: Business | 151,722,574 | 12.2 | 87,474,340 | 10.3 | |||||||||||||||||||
Services: Consumer | 55,156,390 | 4.4 | 40,177,219 | 4.7 | |||||||||||||||||||
Structured Product | 5,409,080 | 0.4 | 17,515,085 | 2.1 | |||||||||||||||||||
Telecommunications | 36,036,221 | 2.9 | 48,768,364 | 5.8 | |||||||||||||||||||
Transportation: Cargo | 49,102,935 | 3.9 | 4,927,508 | 0.6 | |||||||||||||||||||
Transportation: Consumer | 6,546,191 | 0.5 | 7,730,907 | 0.9 | |||||||||||||||||||
Utilities: Electric | 3,265,429 | 0.3 | 5,720,376 | 0.7 | |||||||||||||||||||
Utilities: Oil and Gas | 6,870,267 | 0.6 | — | — | |||||||||||||||||||
Wholesale | 945,099 | 0.1 | 953,224 | 0.1 | |||||||||||||||||||
Total | $ | 1,245,646,603 | 100.0 | % | $ | 846,531,308 | 100.0 | % |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Australia | $ | 16,509,299 | 1.3 | % | $ | — | — | % | |||||||||||||||
Austria | 1,115,024 | 0.1 | 1,181,240 | 0.1 | |||||||||||||||||||
Belgium | 14,813,432 | 1.2 | 3,940,942 | 0.5 | |||||||||||||||||||
Canada | 8,506,813 | 0.7 | 5,691,085 | 0.7 | |||||||||||||||||||
Denmark | 6,959,844 | 0.6 | 4,839,238 | 0.6 | |||||||||||||||||||
Finland | 47,992,207 | 3.9 | 2,328,122 | 0.3 | |||||||||||||||||||
France | 3,391,221 | 0.3 | 77,599,427 | 9.1 | |||||||||||||||||||
Germany | 6,356,605 | 0.5 | 41,184,179 | 4.9 | |||||||||||||||||||
Hong Kong | 2,272,125 | 0.2 | — | — | |||||||||||||||||||
Ireland | 123,816,362 | 9.9 | 2,440,052 | 0.3 | |||||||||||||||||||
Italy | 113,895,808 | 9.1 | 607,762 | 0.1 | |||||||||||||||||||
Luxembourg | 4,766,248 | 0.4 | 2,512,059 | 0.3 | |||||||||||||||||||
Netherlands | 3,743,457 | 0.3 | 26,905,224 | 3.2 | |||||||||||||||||||
Panama | — | — | 965,149 | 0.1 | |||||||||||||||||||
Spain | 1,224,851 | 0.1 | 11,163,151 | 1.3 | |||||||||||||||||||
Sweden | 32,149,538 | 2.6 | 13,169,200 | 1.6 | |||||||||||||||||||
Switzerland | 965,247 | 0.1 | 13,208,446 | 1.6 | |||||||||||||||||||
United Kingdom | 5,305,027 | 0.4 | 76,748,680 | 9.0 | |||||||||||||||||||
USA | 851,863,495 | 68.4 | 562,047,352 | 66.3 | |||||||||||||||||||
Total | $ | 1,245,646,603 | 100.0 | % | $ | 846,531,308 | 100.0 | % |
As of December 31, 2021 | As of December 31, 2020 | |||||||||||||
Total contributed capital by Barings BDC, Inc. | $ | 30,000,000 | $ | 20,000,000 | ||||||||||
Total contributed capital by all members | $ | 330,000,000 | $ | 220,000,000 | ||||||||||
Total unfunded commitments by Barings BDC, Inc. | $ | 20,000,000 | $ | 30,000,000 | ||||||||||
Total unfunded commitments by all members | $ | 220,000,000 | $ | 330,000,000 |
As of December 31, 2019 | ||||||||||||||||
Member | Total Commitments | Contributed Capital | Return of Capital (not recallable) | Unfunded Commitments | ||||||||||||
Barings BDC, Inc. | $ | 50,000,000 | $ | 10,000,000 | $ | — | $ | 40,000,000 | ||||||||
South Carolina Retirement Systems Group Trust | 500,000,000 | 100,000,000 | — | 400,000,000 | ||||||||||||
Total | $ | 550,000,000 | $ | 110,000,000 | $ | — | $ | 440,000,000 |
Cost | Percentage of Total Portfolio | Fair Value | Percentage of Total Portfolio | ||||||||||||||||||||
December 31, 2021: | |||||||||||||||||||||||
Federal Housing Administration (“FHA”) loans | $ | 2,799,868,603 | 93 | % | $ | 2,839,495,339 | 93 | % | |||||||||||||||
Veterans Affairs (“VA”) loans | 224,659,875 | 7 | % | 223,540,415 | 7 | % | |||||||||||||||||
$ | 3,024,528,478 | 100 | % | $ | 3,063,035,754 | 100 | % | ||||||||||||||||
December 31, 2020: | |||||||||||||||||||||||
Federal Housing Administration (“FHA”) loans | $ | 712,854,085 | 100 | % | $ | 712,854,085 | 100 | % | |||||||||||||||
$ | 712,854,085 | 100 | % | $ | 712,854,085 | 100 | % |
As of December 31, 2021 | As of December 31, 2020 | ||||||||||||||||
Total contributed capital by Barings BDC, Inc. | $ | 79,414,272 | (1) | $ | 10,000,000 | ||||||||||||
Total contributed capital by all members | $ | 482,120,173 | (2) | $ | 100,000,000 | (3) | |||||||||||
Total unfunded commitments by Barings BDC, Inc. | $ | — | $ | — | |||||||||||||
Total unfunded commitments by all members | $ | — | $ | — |
December 31, 2019 | Percent of Portfolio | December 31, 2018 | Percent of Portfolio | ||||||||
Aerospace and Defense | $ | 71,899,486 | 6.7 | % | $ | 28,944,709 | 2.7 | % | |||
Automotive | 29,879,546 | 2.8 | % | 36,052,950 | 3.3 | % | |||||
Banking, Finance, Insurance and Real Estate | 83,826,677 | 7.8 | % | 97,220,907 | 9.0 | % | |||||
Beverage, Food and Tobacco | 11,837,328 | 1.1 | % | 30,978,576 | 2.9 | % | |||||
Capital Equipment | 62,694,548 | 5.8 | % | 46,630,026 | 4.3 | % | |||||
Chemicals, Plastics, and Rubber | 31,989,552 | 3.0 | % | 23,983,552 | 2.2 | % | |||||
Construction and Building | 23,222,638 | 2.2 | % | 29,157,682 | 2.7 | % | |||||
Consumer goods: Durable | 30,207,496 | 2.8 | % | 21,118,531 | 2.0 | % | |||||
Consumer goods: Non-durable | 13,958,377 | 1.3 | % | 25,025,317 | 2.3 | % | |||||
Containers, Packaging and Glass | 32,465,070 | 3.0 | % | 53,729,065 | 5.0 | % | |||||
Energy: Electricity | 16,561,352 | 1.5 | % | 17,682,349 | 1.6 | % | |||||
Energy: Oil and Gas | 14,031,270 | 1.3 | % | 17,872,908 | 1.7 | % | |||||
Healthcare and Pharmaceuticals | 106,336,903 | 9.9 | % | 143,160,276 | 13.3 | % | |||||
High Tech Industries | 124,598,066 | 11.6 | % | 93,740,806 | 8.7 | % | |||||
Hotel, Gaming and Leisure | 5,978,910 | 0.6 | % | 23,742,260 | 2.2 | % | |||||
Investment Funds and Vehicles | 10,229,813 | 0.9 | % | — | — | % | |||||
Media: Advertising, Printing and Publishing | 30,919,615 | 2.9 | % | 30,315,332 | 2.8 | % | |||||
Media: Broadcasting and Subscription | — | — | % | 22,510,963 | 2.1 | % | |||||
Media: Diversified and Production | 31,962,571 | 3.0 | % | 15,325,025 | 1.4 | % | |||||
Metals and Mining | 12,284,823 | 1.1 | % | 5,944,424 | 0.6 | % | |||||
Retail | 28,438,030 | 2.6 | % | 53,507,322 | 5.0 | % | |||||
Services: Business | 127,261,336 | 11.8 | % | 107,136,887 | 10.0 | % | |||||
Services: Consumer | 35,667,981 | 3.3 | % | 31,122,421 | 2.9 | % | |||||
Telecommunications | 33,725,812 | 3.1 | % | 26,019,130 | 2.4 | % | |||||
Transportation: Cargo | 83,353,452 | 7.7 | % | 54,394,774 | 5.1 | % | |||||
Transportation: Consumer | 5,845,206 | 0.5 | % | 18,755,533 | 1.7 | % | |||||
Utilities: Electric | 6,028,435 | 0.6 | % | 10,656,505 | 1.0 | % | |||||
Utilities: Oil and Gas | 11,870,574 | 1.1 | % | 11,903,574 | 1.1 | % | |||||
Total | $ | 1,077,074,867 | 100.0 | % | $ | 1,076,631,804 | 100.0 | % |
Fair Value at December 31, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Senior debt and 1st lien notes | $ | — | $ | 495,363,062 | $ | 555,500,307 | $ | 1,050,863,369 | |||||||
Subordinated debt and 2nd lien notes | — | 3,209,004 | 12,011,965 | 15,220,969 | |||||||||||
Equity shares | — | — | 760,716 | 760,716 | |||||||||||
Short-term investments | 96,568,940 | — | — | 96,568,940 | |||||||||||
Investments subject to leveling | $ | 96,568,940 | $ | 498,572,066 | $ | 568,272,988 | $ | 1,163,413,994 | |||||||
Investment in joint venture(1) | 10,229,813 | ||||||||||||||
$ | 1,173,643,807 | ||||||||||||||
Fair Value at December 31, 2018 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Senior debt and 1st lien notes | $ | — | $ | 810,449,588 | $ | 257,987,259 | $ | 1,068,436,847 | |||||||
Subordinated debt and 2nd lien notes | — | — | 7,679,132 | 7,679,132 | |||||||||||
Equity shares | — | — | 515,825 | 515,825 | |||||||||||
Short-term investments | 45,223,941 | — | — | 45,223,941 | |||||||||||
$ | 45,223,941 | $ | 810,449,588 | $ | 266,182,216 | $ | 1,121,855,745 |
As of December 31, 2021 | |||||||||||
Total contributed capital by Barings BDC, Inc. | $ | 19,000,000 | |||||||||
Total contributed capital by all members | $ | 82,620,000 | (1) | ||||||||
Total return of capital (recallable) by Barings BDC, Inc. | $ | (5,280,000) | |||||||||
Total return of capital (recallable) by all members | $ | (14,020,000) | (2) | ||||||||
Total unfunded commitments by Barings BDC, Inc. | $ | 11,280,000 | |||||||||
Total unfunded commitments by all members | $ | 56,400,000 | (3) |
Year Ended December 31, 2019: | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Equity Shares | Total | |||||||||||
Fair value, beginning of period | $ | 257,987,259 | $ | 7,679,132 | $ | 515,825 | $ | 266,182,216 | |||||||
New investments | 414,676,673 | 7,301,685 | — | 421,978,358 | |||||||||||
Transfers out of Level 3, net | (20,602,230 | ) | — | — | (20,602,230 | ) | |||||||||
Proceeds from sales of investments | (39,665,684 | ) | — | — | (39,665,684 | ) | |||||||||
Loan origination fees received | (8,427,797 | ) | (148,551 | ) | — | (8,576,348 | ) | ||||||||
Principal repayments received | (52,423,326 | ) | (2,980,874 | ) | — | (55,404,200 | ) | ||||||||
Accretion of loan premium/discount | (18,682 | ) | 797 | — | (17,885 | ) | |||||||||
Accretion of deferred loan origination revenue | 1,506,175 | 74,231 | — | 1,580,406 | |||||||||||
Realized gain | 197,877 | — | — | 197,877 | |||||||||||
Unrealized appreciation | 2,270,042 | 85,545 | 244,891 | 2,600,478 | |||||||||||
Fair value, end of period | $ | 555,500,307 | $ | 12,011,965 | $ | 760,716 | $ | 568,272,988 |
Year Ended December 31, 2018: | Senior Debt and 1st Lien Notes | Subordinated Debt and 2nd Lien Notes | Equity Shares | Equity Warrants | Total | ||||||||||||||
Fair value, beginning of period | $ | 262,803,297 | $ | 589,548,358 | $ | 162,543,691 | $ | 1,389,000 | $ | 1,016,284,346 | |||||||||
New investments | 301,886,586 | 15,793,789 | 3,086,424 | — | 320,766,799 | ||||||||||||||
Investment reclass | 8,617,000 | (8,617,000 | ) | — | — | — | |||||||||||||
Proceeds from sales of investments | (14,776,133 | ) | — | (36,265,416 | ) | (708 | ) | (51,042,257 | ) | ||||||||||
Proceeds from sales of investments to BSP | (234,603,624 | ) | (418,521,991 | ) | (132,723,128 | ) | (1,202,274 | ) | (787,051,017 | ) | |||||||||
Loan origination fees received | (3,912,105 | ) | (168,690 | ) | — | — | (4,080,795 | ) | |||||||||||
Principal repayments received | (29,738,476 | ) | (143,419,588 | ) | — | — | (173,158,064 | ) | |||||||||||
PIK interest earned | 259,414 | 3,517,139 | — | — | 3,776,553 | ||||||||||||||
PIK interest payments received | (1,403,097 | ) | (2,494,389 | ) | — | — | (3,897,486 | ) | |||||||||||
Accretion of loan premium/discount | 3,060 | 14,188 | — | — | 17,248 | ||||||||||||||
Accretion of deferred loan origination revenue | 608,807 | 2,697,059 | — | — | 3,305,866 | ||||||||||||||
Realized gain (loss) | (42,949,422 | ) | (147,889,422 | ) | 32,116,354 | (488,635 | ) | (159,211,125 | ) | ||||||||||
Unrealized appreciation (depreciation) | 11,191,952 | 117,219,679 | (28,242,100 | ) | 302,617 | 100,472,148 | |||||||||||||
Fair value, end of period | $ | 257,987,259 | $ | 7,679,132 | $ | 515,825 | $ | — | $ | 266,182,216 |
Year Ended December 31, 2019: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2018 Value | Gross Additions (3) | Gross Reductions (4) | December 31, 2019 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
Affiliate Investments: | ||||||||||||||||||||||
Jocassee Partners LLC | 9.1% Member Interest | $ | — | $ | 71,543 | $ | — | $ | — | $ | 10,229,813 | $ | — | $ | 10,229,813 | |||||||
Total Affiliate Investments | $ | — | $ | 71,543 | $ | — | $ | — | $ | 10,229,813 | $ | — | $ | 10,229,813 |
Year Ended December 31, 2018: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2017 Value | Gross Additions (3) | Gross Reductions (4) | December 31, 2018 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
Control Investments: | ||||||||||||||||||||||
CRS-SPV, Inc. | Common Stock (1,100 shares) | $ | (8,775,003 | ) | $ | (1,855,000 | ) | $ | 100,000 | $ | 20,283,000 | $ | — | $ | 20,283,000 | $ | — | |||||
(8,775,003 | ) | (1,855,000 | ) | 100,000 | 20,283,000 | — | 20,283,000 | — | ||||||||||||||
Frank Entertainment Group, LLC | Senior Note (6% Cash)(5) | (4,472,966 | ) | 4,205,494 | — | 6,541,000 | 5,214,278 | 11,755,278 | — | |||||||||||||
Second Lien Term Note (2.5% Cash)(5) | (3,150,520 | ) | 2,879,479 | — | — | 3,183,307 | 3,183,307 | — | ||||||||||||||
Redeemable Preferred Units (2,800,000 units) | (2,800,000 | ) | 2,800,000 | — | — | 2,800,000 | 2,800,000 | — | ||||||||||||||
Redeemable Class B Preferred Units (2,800,000 units) | (2,800,000 | ) | 2,800,000 | — | — | 2,800,000 | 2,800,000 | — | ||||||||||||||
Class A Common Units (606,552 units) | (1,000,000 | ) | 1,000,000 | — | 1,000,000 | 1,000,000 | — | |||||||||||||||
(14,223,486 | ) | 13,684,973 | — | 6,541,000 | 14,997,585 | 21,538,585 | — | |||||||||||||||
FrontStream Holdings, LLC | Subordinate Note (LIBOR + 6.0% Cash)(5)(6) | (6,650,730 | ) | 6,609,389 | — | 7,414,000 | 9,709,389 | 17,123,389 | — | |||||||||||||
Common Stock (1,000 shares) | (500,000 | ) | 500,000 | — | — | 500,000 | 500,000 | — | ||||||||||||||
(7,150,730 | ) | 7,109,389 | — | 7,414,000 | 10,209,389 | 17,623,389 | — | |||||||||||||||
Frontstreet Facility Solutions, Inc. | Subordinated Note (13% Cash) | (7,566,670 | ) | 4,697,172 | 652,624 | 3,750,000 | 4,712,628 | 8,462,628 | — | |||||||||||||
Series A Convertible Preferred Stock (60,000 shares) | (250,575 | ) | 250,575 | — | — | 250,575 | 250,575 | — | ||||||||||||||
Series B Convertible Preferred Stock (20,000 shares) | (500,144 | ) | 500,144 | — | — | 500,144 | 500,144 | — | ||||||||||||||
Common Stock (27,890 shares) | (279 | ) | 279 | — | — | 279 | 279 | — | ||||||||||||||
(8,317,668 | ) | 5,448,170 | 652,624 | 3,750,000 | 5,463,626 | 9,213,626 | — | |||||||||||||||
Investments not held at the end of the period | (75,817 | ) | — | — | — | 75,817 | 75,817 | — | ||||||||||||||
Total Control Investments | (38,542,704 | ) | 24,387,532 | 752,624 | 37,988,000 | 30,746,417 | 68,734,417 | — | ||||||||||||||
Year Ended December 31, 2018: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2017 Value | Gross Additions (3) | Gross Reductions (4) | December 31, 2018 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
Affiliate Investments: | ||||||||||||||||||||||
All Metals Holding, LLC | Subordinated Note (12% Cash, 1% PIK) | $ | 101,129 | $ | (155,098 | ) | $ | 149,598 | $ | 6,434,000 | $ | 162,778 | $ | 6,596,778 | $ | — | ||||||
Units (318,977 units) | (535,011 | ) | 527,331 | — | 266,000 | 527,331 | 793,331 | — | ||||||||||||||
(433,882 | ) | 372,233 | 149,598 | 6,700,000 | 690,109 | 7,390,109 | — | |||||||||||||||
Consolidated Lumber Holdings, LLC | Class A Units (15,000 units) | 1,000,000 | (3,000,000 | ) | 339,893 | 4,500,000 | 1,000,000 | 5,500,000 | — | |||||||||||||
1,000,000 | (3,000,000 | ) | 339,893 | 4,500,000 | 1,000,000 | 5,500,000 | — | |||||||||||||||
FCL Holding SPV, LLC | Class A Interest (24,873 units) | 413,760 | (278,000 | ) | 302,294 | 570,000 | 413,760 | 983,760 | — | |||||||||||||
Class B Interest (48,427 units) | — | — | — | — | — | — | — | |||||||||||||||
Class B Interest (3,746 units) | — | — | — | — | — | — | — | |||||||||||||||
413,760 | (278,000 | ) | 302,294 | 570,000 | 413,760 | 983,760 | — | |||||||||||||||
Mac Land Holdings, Inc. | Common Stock (139 shares) | (369,000 | ) | 369,000 | — | — | 369,000 | 369,000 | — | |||||||||||||
(369,000 | ) | 369,000 | — | — | 369,000 | 369,000 | — | |||||||||||||||
NB Products, Inc. | Subordinated Note (12% Cash, 2% PIK) | 1,040,327 | — | 2,125,986 | 23,308,085 | 1,374,840 | 24,682,925 | — | ||||||||||||||
Jr. Subordinated Note (10% PIK) | 282,473 | — | 325,662 | 5,114,592 | 609,514 | 5,724,106 | — | |||||||||||||||
Jr. Subordinated Bridge Note (20% PIK) | 72,836 | — | 297,881 | 2,412,295 | 371,461 | 2,783,756 | — | |||||||||||||||
Series A Redeemable Senior Preferred Stock (7,839 shares) | 3,478,355 | (2,768,352 | ) | — | 10,390,000 | 3,478,355 | 13,868,355 | — | ||||||||||||||
Common Stock (1,668,691 shares) | 34,666,262 | (15,710,262 | ) | — | 16,044,000 | 34,666,262 | 50,710,262 | — | ||||||||||||||
39,540,253 | (18,478,614 | ) | 2,749,529 | 57,268,972 | 40,500,432 | 97,769,404 | — | |||||||||||||||
Passport Food Group, LLC | Senior Notes (LIBOR + 9.0% Cash)(6) | (7,234,021 | ) | 2,976,160 | 1,346,145 | 16,672,000 | 3,016,086 | 19,688,086 | — | |||||||||||||
Common Stock (20,000 shares) | (2,000,000 | ) | 1,643,000 | — | 357,000 | 1,643,000 | 2,000,000 | — | ||||||||||||||
(9,234,021 | ) | 4,619,160 | 1,346,145 | 17,029,000 | 4,659,086 | 21,688,086 | — | |||||||||||||||
Year Ended December 31, 2018: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2017 Value | Gross Additions (3) | Gross Reductions (4) | December 31, 2018 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
PCX Aerostructures, LLC | Subordinated Note (6% Cash) | $ | (8,589,777 | ) | $ | 8,670,000 | $ | 1,353,746 | $ | 22,574,000 | $ | 9,495,146 | $ | 32,069,146 | $ | — | ||||||
Subordinated Note (6% PIK) | — | 211,286 | 5,068 | 548,000 | 216,354 | 764,354 | — | |||||||||||||||
Series A Preferred Stock (6,066 shares) | (6,065,621 | ) | 6,065,621 | — | — | 6,065,621 | 6,065,621 | — | ||||||||||||||
Series B Preferred Stock (1,411 shares) | (1,410,514 | ) | 410,514 | — | — | 1,410,514 | 1,410,514 | — | ||||||||||||||
Class A Common Stock (121,922 shares) | (30,480 | ) | 30,480 | — | — | 30,480 | 30,480 | — | ||||||||||||||
(16,096,392 | ) | 15,387,901 | 1,358,814 | 23,122,000 | 17,218,115 | 40,340,115 | — | |||||||||||||||
Team Waste, LLC | Subordinated Note (10% Cash, 2% PIK) | — | — | 297,923 | 4,930,962 | 113,713 | 5,044,675 | — | ||||||||||||||
Preferred Units (500,000 units) | 3,475,467 | — | — | 10,000,000 | 3,475,467 | 13,475,467 | — | |||||||||||||||
3,475,467 | — | 297,923 | 14,930,962 | 3,589,180 | 18,520,142 | — | ||||||||||||||||
Technology Crops, LLC | Senior Notes (12% Cash)(5) | (8,493,169 | ) | 3,677,102 | 592,861 | 8,617,000 | 3,677,102 | 12,294,102 | — | |||||||||||||
Common Units (50 units) | (500,000 | ) | 500,000 | — | — | 500,000 | 500,000 | — | ||||||||||||||
(8,993,169 | ) | 4,177,102 | 592,861 | 8,617,000 | 4,177,102 | 12,794,102 | — | |||||||||||||||
TGaS Advisors, LLC | Senior Note (10% Cash, 1% PIK) | (282,587 | ) | — | 648,832 | 9,431,015 | 91,895 | 9,522,910 | — | |||||||||||||
Preferred Units (1,685,357 units) | 206,638 | 32,069 | — | 1,524,000 | 238,707 | 1,762,707 | — | |||||||||||||||
(75,949 | ) | 32,069 | 648,832 | 10,955,015 | 330,602 | 11,285,617 | — | |||||||||||||||
Tulcan Fund IV, L.P. | Common Units (1,000,000 units) | (950,000 | ) | 1,000,000 | — | — | 1,000,000 | 1,000,000 | — | |||||||||||||
(950,000 | ) | 1,000,000 | — | — | 1,000,000 | 1,000,000 | — | |||||||||||||||
United Retirement Plan Consultants, Inc. | Series A Preferred Shares (9,400 shares) | 169,252 | (96,252 | ) | — | 302,000 | 169,252 | 471,252 | — | |||||||||||||
Common Shares (100,000 shares) | (175,000 | ) | 581,000 | — | 419,000 | 581,000 | 1,000,000 | — | ||||||||||||||
(5,748 | ) | 484,748 | — | 721,000 | 750,252 | 1,471,252 | — | |||||||||||||||
Wythe Will Tzetzo, LLC | Series A Preferred Units (99,829 units) | 1,312,617 | (2,688,000 | ) | — | 2,688,000 | 1,312,617 | 4,000,617 | — | |||||||||||||
1,312,617 | (2,688,000 | ) | — | 2,688,000 | 1,312,617 | 4,000,617 | — | |||||||||||||||
Year Ended December 31, 2018: | Amount of Realized Gain (Loss) | Amount of Unrealized Gain (Loss) | Amount of Interest or Dividends Credited to Income(2) | December 31, 2017 Value | Gross Additions (3) | Gross Reductions (4) | December 31, 2018 Value | |||||||||||||||
Portfolio Company | Type of Investment(1) | |||||||||||||||||||||
Investments not held at the end of the period | $ | 355,394 | $ | — | $ | — | $ | — | $ | 473,234 | $ | 473,234 | $ | — | ||||||||
Deferred taxes | — | 1,199,969 | — | — | — | — | — | |||||||||||||||
Total Affiliate Investments | $ | 9,939,330 | $ | 3,197,568 | $ | 7,785,889 | $ | 147,101,949 | $ | 76,483,489 | $ | 223,585,438 | $ | — |
Issuance/Pooling Date | Maturity Date | Interest Rate as of December 31, 2019 | December 31, 2019 | December 31, 2018 | ||||||||
Credit Facilities: | ||||||||||||
August 3, 2018 - Class A | — | — | $ | — | $ | 190,000,000 | ||||||
August 3, 2018 - Class A-1 | August 3, 2020 | 2.940% | 107,200,000 | 380,000,000 | ||||||||
February 21, 2019 | February 21, 2024 | 3.704% | 245,288,419 | — | ||||||||
Total Credit Facilities | $ | 352,488,419 | $ | 570,000,000 | ||||||||
Debt Securitization: | ||||||||||||
May 9, 2019 - Class A-1 2019 Notes | April 15, 2027 | 3.021% | $ | 266,710,176 | $ | — | ||||||
May 9, 2019 - Class A-2 2019 Notes | April 15, 2027 | 3.651% | 51,500,000 | — | ||||||||
Less: Deferred financing fees | (1,545,702 | ) | — | |||||||||
Total Debt Securitization | $ | 316,664,474 | $ | — |
Issuance Date | Maturity Date | Interest Rate as of December 31, 2021 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Credit Facilities: | |||||||||||||||||||||||
February 21, 2019 | February 21, 2024 | 2.100% | $ | 655,189,256 | $ | 719,660,707 | |||||||||||||||||
Total Credit Facilities | $ | 655,189,256 | $ | 719,660,707 | |||||||||||||||||||
Notes: | |||||||||||||||||||||||
September 24, 2020 - August 2025 Notes | August 4, 2025 | 4.660% | $ | 25,000,000 | $ | 25,000,000 | |||||||||||||||||
September 29, 2020 - August 2025 Notes | August 4, 2025 | 4.660% | 25,000,000 | 25,000,000 | |||||||||||||||||||
November 5, 2020 - Series B Notes | November 4, 2025 | 4.250% | 62,500,000 | 62,500,000 | |||||||||||||||||||
November 5, 2020 - Series C Notes | November 4, 2027 | 4.750% | 112,500,000 | 112,500,000 | |||||||||||||||||||
February 25, 2021 Series D Notes | February 26, 2026 | 3.410% | 80,000,000 | — | |||||||||||||||||||
February 25, 2021 Series E Notes | February 26, 2028 | 4.060% | 70,000,000 | — | |||||||||||||||||||
November 23, 2021 - November 2026 Notes | November 23, 2026 | 3.300% | 350,000,000 | — | |||||||||||||||||||
Less: Deferred financing fees | (7,443,704) | (664,334) | |||||||||||||||||||||
Total Notes | $ | 717,556,296 | $ | 224,335,666 |
December 31, | December 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Additional paid-in capital | $ | (7,773,706 | ) | $ | 5,085,295 | $ | (689,101 | ) | Additional paid-in capital | $ | 1,628,875 | $ | 3,878,798 | $ | (7,773,706) | |||||||||||||||||
Total distributable earnings (loss) | $ | 7,773,706 | $ | (5,085,295 | ) | $ | 689,101 | Total distributable earnings (loss) | $ | (1,628,875) | $ | (3,878,798) | $ | 7,773,706 |
Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Ordinary income | $ | 51,910,038 | $ | 31,325,222 | $ | 26,927,706 | ||||||||||||||
Tax return of capital | 1,649,152 | — | — | |||||||||||||||||
Distributions on a tax basis | $ | 53,559,190 | $ | 31,325,222 | $ | 26,927,706 |
December 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Undistributed net investment income | $ | — | $ | 1,712,779 | $ | 2,537,913 | ||||||||||||||
Accumulated capital losses | (304,240,560) | (312,322,988) | (267,368,444) | |||||||||||||||||
Other permanent differences relating to the Company's formation | 1,975,543 | 1,975,543 | 1,975,543 | |||||||||||||||||
Other temporary differences | 67,837 | (4) | (4) | |||||||||||||||||
Unrealized depreciation | 16,375,859 | (1,333,169) | (20,085,620) | |||||||||||||||||
Components of distributable earnings at year end | $ | (285,821,321) | $ | (309,967,839) | $ | (282,940,612) |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Ordinary income | $ | 26,927,706 | $ | 19,960,181 | $ | 77,484,420 | ||||||
Tax return of capital | — | 850,745 | — | |||||||||
Distributions on a tax basis | $ | 26,927,706 | $ | 20,810,926 | $ | 77,484,420 |
December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Undistributed net investment income | $ | 2,537,913 | $ | — | $ | 18,384,766 | ||||||
Accumulated capital losses | (267,368,444 | ) | (272,527,795 | ) | (87,489,121 | ) | ||||||
Other permanent differences relating to the Company's formation | 1,975,543 | 1,975,543 | 1,975,543 | |||||||||
Other temporary differences | (4 | ) | (12,896 | ) | (7,410,910 | ) | ||||||
Unrealized depreciation | (20,085,620 | ) | (51,413,098 | ) | (107,847,526 | ) | ||||||
Components of distributable earnings at year end | $ | (282,940,612 | ) | $ | (321,978,246 | ) | $ | (182,387,248 | ) |
As of December 31, 2021: Description | Counter Party | Settlement Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||
MVC Credit Support Agreement | Barings LLC | 01/01/31 | $ | 23,000,000 | $ | 15,400,000 | $ | 1,800,000 | |||||||||||||||||||||||||||||||||
Total MVC Credit Support Agreement | $ | 1,800,000 |
As of December 31, 2020: Description | Counter Party | Settlement Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||||||
MVC Credit Support Agreement | Barings LLC | 01/01/31 | $ | 23,000,000 | $ | 13,600,000 | $ | — | |||||||||||||||||||||||||||||||||
Total MVC Credit Support Agreement | $ | — |
Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets | Balance Sheet Location of Net Amounts | |||||||
Foreign currency forward contract (EUR) | $158,244 | €142,781 | 01/02/20 | $ | (2,028 | ) | Accounts payable and accrued liabilities | |||||
Foreign currency forward contract (EUR) | €142,781 | $158,547 | 01/02/20 | 1,724 | Accounts payable and accrued liabilities | |||||||
Foreign currency forward contract (EUR) | $506,967 | €453,920 | 04/20/20 | (5,440 | ) | Accounts payable and accrued liabilities | ||||||
Foreign currency forward contract (GBP) | $165,691 | £132,253 | 01/02/20 | (9,511 | ) | Accounts payable and accrued liabilities | ||||||
Foreign currency forward contract (GBP) | $180,277 | £140,000 | 01/02/20 | (5,188 | ) | Accounts payable and accrued liabilities | ||||||
Foreign currency forward contract (GBP) | $272,560 | £210,000 | 01/02/20 | (5,638 | ) | Accounts payable and accrued liabilities | ||||||
Foreign currency forward contract (GBP) | £350,000 | $460,824 | 01/02/20 | 2,839 | Accounts payable and accrued liabilities | |||||||
Foreign currency forward contract (GBP) | $89,436 | £67,000 | 01/02/20 | 678 | Accounts payable and accrued liabilities | |||||||
Foreign currency forward contract (GBP) | £199,253 | $258,037 | 01/02/20 | 5,924 | Accounts payable and accrued liabilities | |||||||
Foreign currency forward contract (GBP) | $227,890 | £175,529 | 04/02/20 | (5,216 | ) | Accounts payable and accrued liabilities | ||||||
Foreign currency forward contract (SEK) | $95,654 | 920,569kr | 01/02/20 | (2,687 | ) | Accounts payable and accrued liabilities | ||||||
Foreign currency forward contract (SEK) | 322,233kr | $33,265 | 01/02/20 | 1,158 | Accounts payable and accrued liabilities | |||||||
Foreign currency forward contract (SEK) | 598,336kr | $63,581 | 01/02/20 | 337 | Accounts payable and accrued liabilities | |||||||
Foreign currency forward contract (SEK) | $97,360 | 912,212kr | 04/02/20 | (511 | ) | Accounts payable and accrued liabilities | ||||||
Total | $ | (23,559 | ) |
As of December 31, 2021: Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets (Liabilities) | Balance Sheet Location of Net Amounts | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$31,601,341 | $22,849,503 | 01/06/22 | $ | 126,319 | Prepaid expenses and other assets | ||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$2,098,659 | $1,507,742 | 01/06/22 | 18,092 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $20,727,370 | A$28,700,000 | 01/06/22 | (139,026) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $3,579,961 | A$5,000,000 | 04/08/22 | (55,300) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $18,247,151 | A$25,385,697 | 04/08/22 | (214,805) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | C$3,229,673 | $2,527,527 | 01/06/22 | 29,309 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | C$3,000,000 | $2,425,209 | 01/06/22 | (50,198) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | $4,881,155 | C$6,229,673 | 01/06/22 | (50,693) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (CAD) | $2,506,088 | C$3,203,161 | 04/08/22 | (28,983) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (DKK) | 2,142,838kr. | $326,309 | 01/06/22 | 1,343 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (DKK) | $335,107 | 2,142,838kr. | 01/06/22 | 7,455 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (DKK) | $322,726 | 2,115,990kr. | 04/08/22 | (1,490) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €52,582,593 | $59,524,358 | 01/06/22 | 274,882 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €5,019,529 | $5,701,273.9 | 04/08/22 | 18,430 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $24,721,638 | €21,500,000 | 01/06/22 | 270,891 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $14,562,667 | €12,900,000 | 01/06/22 | (107,781) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $20,655,383 | €18,182,593 | 01/06/22 | (22,663) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $60,413,175 | €53,264,857 | 04/08/22 | (281,606) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $1,129,597 | €1,000,000 | 04/08/22 | (9,893) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $8,513,639 | €7,500,000 | 04/08/22 | (32,537) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | £9,900,000 | $13,219,519 | 01/06/22 | 189,513 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,348,815 | £9,900,000 | 01/06/22 | (60,217) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $6,121,622 | £4,598,707 | 04/08/22 | (104,366) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | 1,791,942kr | $198,154 | 01/07/22 | (230) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $203,853 | 1,791,942kr | 01/07/22 | 5,928 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $207,483 | 1,874,724kr | 04/08/22 | 244 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Total | $ | (217,382) |
As of December 31, 2020: Description | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date | Gross Amount of Recognized Assets (Liabilities) | Balance Sheet Location of Net Amounts | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $8,471,304 | A$11,378,670 | 01/05/21 | $ | (309,049) | Derivative liability | ||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | A$11,378,670 | $8,610,504 | 01/05/21 | 169,849 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (AUD) | $148,019 | A$193,882 | 04/06/21 | (1,698) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $13,472,749 | €11,406,604 | 01/05/21 | (483,801) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | €11,406,604 | $13,518,023 | 01/05/21 | 438,526 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (EUR) | $561,754 | €456,604 | 04/06/21 | 1,944 | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,554,607 | £10,215,299 | 01/05/21 | (409,190) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | £10,215,299 | $13,717,678 | 01/05/21 | 246,118 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (GBP) | $13,109,849 | £9,672,758 | 04/06/21 | (119,769) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $141,603 | 1,259,406kr | 01/05/21 | (11,748) | Derivative liability | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | 1,259,406kr | $152,396 | 01/05/21 | 955 | Prepaid expenses and other assets | |||||||||||||||||||||||||||||||||
Foreign currency forward contract (SEK) | $164,325 | 1,356,628kr | 04/06/21 | (1,028) | Derivative liability | |||||||||||||||||||||||||||||||||
Total | $ | (478,891) |
Year Ended December 31, | ||||||||||||||
2018 | 2017 | |||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value per Share | Number of Shares | Weighted Average Grant Date Fair Value per Share | |||||||||||
Unvested shares, beginning of period | 748,674 | $ | 19.79 | 631,622 | $ | 21.23 | ||||||||
Shares granted during the period | 435,106 | $ | 10.73 | 360,470 | $ | 19.22 | ||||||||
Shares vested during the period | (1,183,780 | ) | $ | 16.46 | (243,418 | ) | $ | 22.69 | ||||||
Unvested shares, end of period | — | N/A | 748,674 | $ | 19.79 |
Portfolio Company | Investment Type | December 31, 2021 | December 31, 2020 | |||||||||||
Acclime Holdings HK Limited(1) | Delayed Draw Term Loan | $ | 1,178,571 | $ | — | |||||||||
Acclime Holdings HK Limited(1) | Delayed Draw Term Loan | 110,119 | — | |||||||||||
ADE Holding(1)(3) | Committed Capex Line | — | 91,814 | |||||||||||
Air Comm Corporation, LLC(1) | Delayed Draw Term Loan | 10,801 | — | |||||||||||
Air Comm Corporation, LLC(1) | Delayed Draw Term Loan | 1,448,107 | — | |||||||||||
Amtech Software(1)(2) | Delayed Draw Term Loan | 2,727,273 | — | |||||||||||
Amtech Software(1)(2) | Revolver | 681,818 | — | |||||||||||
AnalytiChem Holding GmbH(1)(2)(3) | Delayed Draw Term Loan | 6,207,333 | — | |||||||||||
Anju Software, Inc.(1) | Delayed Draw Term Loan | — | 1,981,371 | |||||||||||
Aquavista Watersides 2 LTD(1)(4) | Bridge Revolver | 503,472 | — | |||||||||||
Aquavista Watersides 2 LTD(1)(4) | Acquisition Facility | 3,146,698 | — | |||||||||||
Arch Global Precision, LLC(1) | Delayed Draw Term Loan | — | 4,193,475 | |||||||||||
Astra Bidco Limited(1)(2)(4) | Delayed Draw Term Loan | 2,571,405 | — | |||||||||||
Avance Clinical Bidco Pty Ltd(1)(5) | Delayed Draw Term Loan | 3,497,352 | — | |||||||||||
Azalea Buyer, Inc.(1)(2) | Delayed Draw Term Loan | 961,538 | — | |||||||||||
Azalea Buyer, Inc.(1)(2) | Revolver | 480,769 | — | |||||||||||
Bariacum S.A(1)(3) | Acquisition Facility | 2,160,679 | — | |||||||||||
Beacon Pointe Advisors, LLC(1) | Delayed Draw Term Loan | — | 363,636 | |||||||||||
Beyond Risk Management, Inc.(1)(2) | Delayed Draw Term Loan | 2,573,333 | — | |||||||||||
BigHand UK Bidco Limited(1)(2)(4) | Acquisition Facility | 378,348 | — | |||||||||||
Bounteous, Inc.(1) | Delayed Draw Term Loan | 2,840,367 | — | |||||||||||
Brightpay Limited(1)(2)(3) | Delayed Draw Term Loan | 431,799 | — | |||||||||||
Brightpay Limited(1)(2)(3) | Delayed Draw Term Loan | 143,933 | — | |||||||||||
BrightSign LLC(1) | Revolver | 1,328,991 | — | |||||||||||
British Engineering Services Holdco Limited(1)(4) | Acquisition Facility | — | 7,006,008 | |||||||||||
British Engineering Services Holdco Limited(1)(4) | Bridge Revolver | 612,525 | 618,177 | |||||||||||
CAi Software, LLC(1)(2) | Revolver | 942,986 | — | |||||||||||
Canadian Orthodontic Partners Corp.(1)(2)(6) | Acquisition Facility | 166,685 | — |
Portfolio Company | Investment Type | December 31, 2019 | December 31, 2018 | |||||
Anju Software, Inc.(1) | Delayed Draw Term Loan | $ | 1,981,371 | $ | — | |||
Arch Global Precision, LLC | Delayed Draw Term Loan | 1,012,661 | — | |||||
Armstrong Transport Group (Pele Buyer, LLC)(1) | Delayed Draw Term Loan | 712,567 | — | |||||
Aveanna Healthcare Holdings, Inc.(1) | Delayed Draw Term Loan | — | 804,620 | |||||
Campaign Monitor (UK) Limited(1) | Delayed Draw Term Loan | 1,859,111 | — | |||||
Contabo Finco S.À R.L (2) | EUR Capex Term Loan | 1,013,849 | — | |||||
Dart Buyer, Inc. | Delayed Draw Term Loan | 4,294,503 | — | |||||
Heartland, LLC | Delayed Draw Term Loan | 8,729,695 | — | |||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(3) | Accordion Facility | 2,605,531 | — | |||||
Jocassee Partners LLC | Joint Venture | 40,000,000 | — | |||||
JS Held, LLC | Delayed Draw Term Loan | — | 2,275,039 | |||||
Kene Acquisition, Inc. | Delayed Draw Term Loan | 1,076,427 | — | |||||
LAC Intermediate, LLC(1) | Delayed Draw Term Loan | 4,367,284 | 6,172,840 | |||||
Options Technology Ltd. | Delayed Draw Term Loan | 2,918,447 | — | |||||
Premier Technical Services Group(4) | Acquisition Facility | 1,297,915 | — | |||||
Process Equipment, Inc.(1) | Delayed Draw Term Loan | 654,493 | — | |||||
Professional Datasolutions, Inc. (PDI)(1) | Delayed Draw Term Loan | 1,666,994 | — | |||||
PSC UK Pty Ltd.(5) | GBP Acquisition Facility | 1,010,706 | — | |||||
Smile Brands Group, Inc.(1) | Delayed Draw Term Loan | 927,046 | 1,325,699 | |||||
Springbrook Software (SBRK Intermediate, Inc.) | Delayed Draw Term Loan | 3,896,663 | — | |||||
The Hilb Group, LLC | Delayed Draw Term Loan | 2,904,066 | — | |||||
Transportation Insight, LLC | Delayed Draw Term Loan | 2,464,230 | 5,516,932 | |||||
Truck-Lite Co., LLC | Delayed Draw Term Loan | 3,205,128 | — | |||||
USLS Acquisition, Inc.(1) | Delayed Draw Term Loan | — | 3,153,265 | |||||
Validity Inc.(1) | Delayed Draw Term Loan | 898,298 | — | |||||
Total unused commitments to extend financing | $ | 89,496,985 | $ | 19,248,395 |
Portfolio Company | Investment Type | December 31, 2021 | December 31, 2020 | |||||||||||
Centralis Finco S.a.r.l.(1)(3) | Acquisition Facility | $ | 460,949 | $ | 495,950 | |||||||||
Ceres Pharma NV(1)(3) | Delayed Draw Term Loan | 2,148,974 | — | |||||||||||
Classic Collision (Summit Buyer, LLC)(1) | Delayed Draw Term Loan | 392,619 | 1,672,446 | |||||||||||
CM Acquisitions Holdings Inc.(1) | Delayed Draw Term Loan | — | 1,551,602 | |||||||||||
Coastal Marina Holdings, LLC(1) | PIK Tranche B Term Loan | 1,311,220 | — | |||||||||||
Coastal Marina Holdings, LLC(1) | Tranche A Term Loan | 3,575,892 | — | |||||||||||
Command Alkon (Project Potter Buyer, LLC)(1) | Delayed Draw Term Loan | 6,018,078 | — | |||||||||||
Contabo Finco S.À R.L(1)(3) | Delayed Draw Term Loan | — | 228,211 | |||||||||||
Coyo Uprising GmbH(1)(3) | Delayed Draw Term Loan | 893,523 | — | |||||||||||
Crash Champions, LLC(1)(2) | Delayed Draw Term Loan | 5,420,303 | — | |||||||||||
CSL Dualcom(1)(4) | Acquisition Term Loan | 997,972 | 1,007,182 | |||||||||||
Dart Buyer, Inc.(1)(2) | Delayed Draw Term Loan | 2,430,569 | 2,430,569 | |||||||||||
DecksDirect, LLC(1)(2) | Revolver | 218,182 | — | |||||||||||
DreamStart Bidco SAS(1)(3) | Acquisition Facility | 616,916 | 995,640 | |||||||||||
Dune Group(1)(3) | Delayed Draw Term Loan | 664,587 | — | |||||||||||
Dwyer Instruments, Inc.(1) | Delayed Draw Term Loan | 691,712 | — | |||||||||||
Eclipse Business Capital, LLC(1) | Revolver | 11,818,182 | — | |||||||||||
EMI Porta Holdco LLC(1)(2) | Delayed Draw Term Loan | 12,457,627 | — | |||||||||||
EMI Porta Holdco LLC(1)(2) | Revolver | 2,966,102 | — | |||||||||||
EPS NASS Parent, Inc.(1) | Delayed Draw Term Loan | 583,051 | — | |||||||||||
eShipping, LLC(1)(2) | Delayed Draw Term Loan | 2,548,131 | — | |||||||||||
eShipping, LLC(1)(2) | Revolver | 1,231,597 | — | |||||||||||
F24 (Stairway BidCo GmbH)(1)(2)(3) | Delayed Draw Term Loan | 405,130 | 323,840 | |||||||||||
FitzMark Buyer, Inc.(1)(2) | Delayed Draw Term Loan | — | 1,470,588 | |||||||||||
Foundation Risk Partners, Corp.(1) | Delayed Draw Term Loan | — | 4,984,771 | |||||||||||
Fineline Technologies, Inc.(1) | Delayed Draw Term Loan | 180,000 | — | |||||||||||
FragilePak LLC(1) | Delayed Draw Term Loan | 2,354,167 | — | |||||||||||
Heartland, LLC(1)(2) | Delayed Draw Term Loan | — | 5,347,666 | |||||||||||
Heartland Veterinary Partners, LLC(1)(2) | Delayed Draw Term Loan | 657,143 | — | |||||||||||
Heavy Construction Systems Specialists, LLC(1) | Revolver | 2,631,772 | — | |||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(2)(3) | Accordion Facility | — | 10,225,081 | |||||||||||
HW Holdco, LLC (Hanley Wood LLC)(1)(2) | Delayed Draw Term Loan | 1,563,022 | — | |||||||||||
IGL Holdings III Corp.(1) | Delayed Draw Term Loan | 1,217,221 | 5,914,219 | |||||||||||
Innovad Group II BV(1)(2)(3) | Delayed Draw Term Loan | 1,824,551 | — | |||||||||||
INOS 19-090 GmbH(1)(2)(3) | Acquisition Facility | 2,535,457 | 2,727,980 | |||||||||||
Jocassee Partners LLC | Joint Venture | 20,000,000 | 30,000,000 | |||||||||||
ITI Intermodal, Inc.(1)(2) | Delayed Draw Term Loan | 103,058 | — | |||||||||||
ITI Intermodal, Inc.(1)(2) | Revolver | 124,006 | — | |||||||||||
Jaguar Merger Sub Inc.(1)(2) | Delayed Draw Term Loan | 1,960,784 | — | |||||||||||
Jaguar Merger Sub Inc.(1)(2) | Revolver | 490,196 | — | |||||||||||
Kano Laboratories LLC(1)(2) | Delayed Draw Term Loan | 153,064 | — | |||||||||||
Kano Laboratories LLC(1)(2) | Delayed Draw Term Loan | 4,543,950 | 4,543,950 | |||||||||||
Kene Acquisition, Inc.(1)(2) | Delayed Draw Term Loan | — | 322,928 | |||||||||||
LAF International(1)(2)(3) | Acquisition Facility | 341,160 | — |
Portfolio Company | Investment Type | December 31, 2021 | December 31, 2020 | |||||||||||
Lambir Bidco Limited(1)(3) | Bridge Revolver | $ | 940,651 | $ | — | |||||||||
Lambir Bidco Limited(1)(3) | Delayed Draw Term Loan | 1,881,303 | — | |||||||||||
LivTech Purchaser, Inc.(1) | Delayed Draw Term Loan | 81,977 | — | |||||||||||
Marmoutier Holding B.V.(1)(3) | Delayed Draw Term Loan | 405,082 | — | |||||||||||
Marmoutier Holding B.V.(1)(3) | Revolver | 162,033 | — | |||||||||||
MC Group Ventures Corporation(1) | Delayed Draw Term Loan | 817,250 | — | |||||||||||
Modern Star Holdings Bidco Pty Limited(1)(5) | Capex Term Loan | 1,038,302 | 2,315,967 | |||||||||||
Murphy Midco Limited(1)(4) | Delayed Draw Term Loan | 2,617,027 | 3,301,472 | |||||||||||
Narda Acquisitionco., Inc.(1)(2) | Revolver | 1,310,680 | — | |||||||||||
Navia Benefit Solutions, Inc.(1) | Delayed Draw Term Loan | 1,260,800 | — | |||||||||||
Nexus Underwriting Management Limited(1)(4) | Revolver | 103,483 | — | |||||||||||
Nexus Underwriting Management Limited(1)(4) | Acquisition Facility | 540,919 | — | |||||||||||
OA Buyer, Inc.(1)(2) | Revolver | 1,331,244 | — | |||||||||||
OG III B.V.(1)(2)(3) | Acquisition CapEx Facility | 686,294 | — | |||||||||||
Omni Intermediate Holdings, LLC(1) | Delayed Draw Term Loan | 816,892 | — | |||||||||||
Omni Intermediate Holdings, LLC(1) | Delayed Draw Term Loan | 4,356,757 | — | |||||||||||
Options Technology Ltd.(1)(2) | Delayed Draw Term Loan | — | 2,604,080 | |||||||||||
OSP Hamilton Purchaser, LLC(1)(2) | Revolver | 186,567 | — | |||||||||||
Pacific Health Supplies Bidco Pty Limited(1)(2)(5) | CapEx Term Loan | 1,282,566 | 1,535,025 | |||||||||||
PDQ.Com Corporation(1)(2) | Delayed Draw Term Loan | 289,389 | — | |||||||||||
PDQ.Com Corporation(1)(2) | Delayed Draw Term Loan | 10,947,692 | — | |||||||||||
Polara Enterprises, L.L.C.(1)(2) | Revolver | 545,234 | — | |||||||||||
Policy Services Company, LLC(1)(2) | Delayed Draw Term Loan | 6,944,079 | — | |||||||||||
Premier Technical Services Group(1)(4) | Acquisition Facility | — | 1,197,505 | |||||||||||
Premium Invest(1)(2)(3) | Acquisition Facility | 1,933,240 | — | |||||||||||
Protego Bidco B.V.(1)(2)(3) | Delayed Draw Term Loan | 844,265 | — | |||||||||||
PSC UK Pty Ltd.(1)(4) | GBP Acquisition Facility | — | 535,157 | |||||||||||
QPE7 SPV1 BidCo Pty Ltd(1)(5) | Acquisition Term Loan | 373,449 | — | |||||||||||
Questel Unite(1)(3) | Cap Acquisition Facility | — | 10,300,913 | |||||||||||
Radwell International, LLC(1) | Delayed Draw Term Loan | — | 3,235,947 | |||||||||||
Rep Seko Merger Sub LLC(1) | Delayed Draw Term Loan | 1,454,545 | 1,454,546 | |||||||||||
Reward Gateway (UK) Ltd(1)(2)(4) | Acquisition Facility | 1,061,336 | — | |||||||||||
Riedel Beheer B.V.(1)(3) | Revolver | 229,711 | — | |||||||||||
Riedel Beheer B.V.(1)(3) | Delayed Draw Term Loan | 153,141 | — | |||||||||||
Safety Products Holdings, LLC(1) | Delayed Draw Term Loan | — | 6,467,345 | |||||||||||
Scaled Agile, Inc.(1)(2) | Delayed Draw Term Loan | 416,188 | — | |||||||||||
Scaled Agile, Inc.(1)(2) | Revolver | 335,821 | — | |||||||||||
Security Holdings B.V.(1)(3) | Delayed Draw Term Loan | 2,274,399 | — | |||||||||||
Security Holdings B.V.(1)(3) | Revolver | 1,137,200 | — | |||||||||||
Smartling, Inc.(1)(2) | Delayed Draw Term Loan | 2,352,941 | — | |||||||||||
Smartling, Inc.(1)(2) | Revolver | 1,176,471 | — | |||||||||||
Smile Brands Group, Inc.(1)(2) | Delayed Draw Term Loan | 654,691 | 2,148,691 | |||||||||||
Springbrook Software (SBRK Intermediate, Inc.)(1) | Delayed Draw Term Loan | 2,372,538 | 3,489,026 | |||||||||||
SSCP Pegasus Midco Limited(1)(4) | Delayed Draw Term Loan | 5,251,478 | 13,389,546 |
Portfolio Company | Investment Type | December 31, 2021 | December 31, 2020 | |||||||||||
Superjet Buyer, LLC(1) | Revolver | $ | 1,825,293 | $ | — | |||||||||
Syntax Systems Ltd(1)(2) | Revolver | 568,965 | — | |||||||||||
Syntax Systems Ltd(1)(2) | Delayed Draw Term Loan | 1,933,077 | — | |||||||||||
Techone B.V.(1)(3) | Delayed Draw Term Loan | 1,620,901 | — | |||||||||||
Techone B.V.(1)(3) | Revolver | 432,240 | — | |||||||||||
Tencarva Machinery Company, LLC(1)(2) | Delayed Draw Term Loan | 885,903 | — | |||||||||||
Tencarva Machinery Company, LLC(1)(2) | Revolver | 1,128,585 | — | |||||||||||
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Delayed Draw Term Loan | 2,811,186 | — | |||||||||||
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)(2) | Revolver | 826,620 | — | |||||||||||
The Hilb Group, LLC(1)(2) | Delayed Draw Term Loan | 2,773,208 | 5,545,939 | |||||||||||
Transit Technologies LLC(1)(2) | Delayed Draw Term Loan | 1,857,017 | 6,035,305 | |||||||||||
Truck-Lite Co., LLC(1)(2) | Delayed Draw Term Loan | 4,539,745 | — | |||||||||||
Turbo Buyer, Inc.(1)(2) | Delayed Draw Term Loan | 2,070,000 | — | |||||||||||
USLS Acquisition, Inc.(1) | Delayed Draw Term Loan | — | 450,466 | |||||||||||
Utac Ceram(1)(2)(3) | Delayed Draw Term Loan | — | 743,327 | |||||||||||
Waccamaw River(2) | Joint Venture | 11,280,000 | — | |||||||||||
W2O Holdings, Inc.(1) | Delayed Draw Term Loan | 3,831,517 | ||||||||||||
Woodland Foods, Inc.(1)(2) | Revolver | 2,069,868 | 5,989,298 | |||||||||||
Total unused commitments to extend financing | $ | 234,657,529 | $ | 159,236,659 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Per share data: | ||||||||||||||||||||||||||||||||
Net asset value at beginning of period | $ | 10.99 | $ | 11.66 | $ | 10.98 | $ | 13.43 | $ | 15.13 | ||||||||||||||||||||||
Net investment income(1) | 0.90 | 0.64 | 0.61 | — | 1.55 | |||||||||||||||||||||||||||
Net realized loss on investments / foreign currency(1) | (0.05) | (0.79) | (0.08) | (3.17) | (1.11) | |||||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments / foreign currency(1) | 0.34 | 0.38 | 0.64 | 1.08 | (1.04) | |||||||||||||||||||||||||||
Total increase (decrease) from investment operations(1) | 1.19 | 0.23 | 1.17 | (2.09) | (0.60) | |||||||||||||||||||||||||||
Dividends paid to stockholders from net investment income | (0.79) | (0.65) | (0.54) | (0.41) | (1.65) | |||||||||||||||||||||||||||
Tax return of capital to stockholders | (0.03) | — | — | (0.02) | — | |||||||||||||||||||||||||||
Total dividends and distributions paid | (0.82) | (0.65) | (0.54) | (0.43) | (1.65) | |||||||||||||||||||||||||||
Common stock offerings | — | (0.63) | — | — | 0.61 | |||||||||||||||||||||||||||
Deemed contribution - CSA | — | 0.28 | — | — | — | |||||||||||||||||||||||||||
Deemed contribution - Barings LLC | — | 0.07 | — | — | — | |||||||||||||||||||||||||||
Purchase of shares in tender offer | — | — | — | 0.13 | — | |||||||||||||||||||||||||||
Purchases of shares in share repurchase plan | — | 0.05 | 0.07 | — | — | |||||||||||||||||||||||||||
Stock-based compensation(1) | — | — | — | 0.17 | (0.01) | |||||||||||||||||||||||||||
Shares issued pursuant to Dividend Reinvestment Plan | — | — | — | — | 0.01 | |||||||||||||||||||||||||||
Loss on extinguishment of debt(1) | — | (0.06) | (0.01) | (0.21) | — | |||||||||||||||||||||||||||
Benefit from (provision for) taxes(1) | — | — | (0.01) | 0.02 | (0.02) | |||||||||||||||||||||||||||
Other | — | 0.04 | — | (0.04) | (0.04) | |||||||||||||||||||||||||||
Net asset value at end of period | $ | 11.36 | $ | 10.99 | $ | 11.66 | $ | 10.98 | $ | 13.43 | ||||||||||||||||||||||
Market value at end of period(2) | $ | 11.02 | $ | 9.20 | $ | 10.28 | $ | 9.01 | $ | 9.49 | ||||||||||||||||||||||
Shares outstanding at end of period | 65,316,085 | 65,316,085 | 48,950,803 | 51,284,064 | 47,740,832 | |||||||||||||||||||||||||||
Net assets at end of period | $ | 741,930,763 | $ | 717,804,524 | $ | 570,874,709 | $ | 562,967,287 | $ | 641,275,374 | ||||||||||||||||||||||
Average net assets | $ | 739,250,121 | $ | 517,740,268 | $ | 579,198,975 | $ | 628,154,942 | $ | 667,188,287 | ||||||||||||||||||||||
Ratio of total expenses, prior to waiver of base management fee, including loss on extinguishment of debt and benefit from (provision for) taxes, to average net assets (3) | 10.33 | % | 8.33 | % | 7.90 | % | 14.54 | % | 7.74 | % | ||||||||||||||||||||||
Ratio of total expenses, net of base management fee waived, including loss on extinguishment of debt and benefit from (provision for) taxes, to average net assets(3) | 10.33 | % | 8.33 | % | 7.90 | % | 14.31 | % | 7.74 | % | ||||||||||||||||||||||
Ratio of net investment income to average net assets | 7.98 | % | 5.99 | % | 5.27 | % | (0.01) | % | 10.83 | % | ||||||||||||||||||||||
Portfolio turnover ratio(4) | 68.63 | % | 67.80 | % | 113.99 | % | 228.49 | % | 37.02 | % | ||||||||||||||||||||||
Total return(5) | 29.34 | % | (2.17) | % | 20.27 | % | 18.18 | % | (42.15) | % | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
Per share data: | ||||||||||||||||||||
Net asset value at beginning of period | $ | 10.98 | $ | 13.43 | $ | 15.13 | $ | 15.23 | $ | 16.11 | ||||||||||
Net investment income (loss)(1) | 0.61 | — | 1.55 | 1.62 | 2.16 | |||||||||||||||
Net realized gain (loss) on investments / foreign currency(1) | (0.08 | ) | (3.17 | ) | (1.11 | ) | 0.05 | (0.83 | ) | |||||||||||
Net unrealized appreciation (depreciation) on investments / foreign currency(1) | 0.64 | 1.08 | (1.04 | ) | (0.72 | ) | 0.17 | |||||||||||||
Total increase (decrease) from investment operations(1) | 1.17 | (2.09 | ) | (0.60 | ) | 0.95 | 1.50 | |||||||||||||
Dividends paid to stockholders from net investment income | (0.54 | ) | (0.41 | ) | (1.65 | ) | (1.89 | ) | (2.11 | ) | ||||||||||
Dividends paid to stockholders from realized gains | — | — | — | — | (0.25 | ) | ||||||||||||||
Tax return of capital to stockholders | — | (0.02 | ) | — | — | — | ||||||||||||||
Total dividends and distributions paid | (0.54 | ) | (0.43 | ) | (1.65 | ) | (1.89 | ) | (2.36 | ) | ||||||||||
Common stock offerings | — | — | 0.61 | 0.72 | — | |||||||||||||||
Purchase of shares in tender offer | — | 0.13 | — | — | — | |||||||||||||||
Purchases of shares in share repurchase plan | 0.07 | — | — | — | — | |||||||||||||||
Stock-based compensation(1) | — | 0.17 | (0.01 | ) | 0.09 | 0.01 | ||||||||||||||
Shares issued pursuant to Dividend Reinvestment Plan | — | — | 0.01 | 0.04 | 0.03 | |||||||||||||||
Loss on extinguishment of debt(1) | (0.01 | ) | (0.21 | ) | — | — | (0.04 | ) | ||||||||||||
Benefit from (provision for) taxes(1) | (0.01 | ) | 0.02 | (0.02 | ) | (0.01 | ) | (0.01 | ) | |||||||||||
Other(2) | — | (0.04 | ) | (0.04 | ) | — | (0.01 | ) | ||||||||||||
Net asset value at end of period | $ | 11.66 | $ | 10.98 | $ | 13.43 | $ | 15.13 | $ | 15.23 | ||||||||||
Market value at end of period(3) | $ | 10.28 | $ | 9.01 | $ | 9.49 | $ | 18.34 | $ | 19.11 | ||||||||||
Shares outstanding at end of period | 48,950,803 | 51,284,064 | 47,740,832 | 40,401,292 | 33,375,126 | |||||||||||||||
Net assets at end of period | $ | 570,874,709 | $ | 562,967,287 | $ | 641,275,374 | $ | 611,156,258 | $ | 508,367,755 | ||||||||||
Average net assets | $ | 579,198,975 | $ | 628,154,942 | $ | 667,188,287 | $ | 556,549,060 | $ | 524,579,829 | ||||||||||
Ratio of total expenses, prior to waiver of base management fee, including loss on extinguishment of debt and benefit from (provision for) taxes, to average net assets | 7.90 | % | 14.54 | % | 7.74 | % | 9.93 | % | 9.81 | % | ||||||||||
Ratio of total expenses, net of base management fee waived, including loss on extinguishment of debt and benefit from (provision for) taxes, to average net assets | 7.90 | % | 14.31 | % | 7.74 | % | 9.93 | % | 9.81 | % | ||||||||||
Ratio of net investment income to average net assets | 5.27 | % | (0.01 | )% | 10.83 | % | 10.58 | % | 13.65 | % | ||||||||||
Portfolio turnover ratio | 113.99 | % | 228.49 | % | 37.02 | % | 24.61 | % | 37.62 | % | ||||||||||
Total return(4) | 20.27 | % | 18.18 | % | (42.15 | )% | 5.86 | % | 5.82 | % |
Common stock issued by the Company | $ | 160,354,027 | ||||||
Cash consideration paid by the Company(1) | 7,633,267 | |||||||
Deemed contribution from Barings LLC(2) | 3,254,849 | |||||||
Total purchase price | $ | 171,242,143 | ||||||
Assets acquired: | ||||||||
Investments(3) | $ | 185,041,442 | ||||||
Cash | 71,267,327 | |||||||
Other assets(4) | 10,961,944 | |||||||
Total assets acquired | $ | 267,270,713 | ||||||
Liabilities assumed(5) | (96,028,570) | |||||||
Net assets acquired | $ | 171,242,143 |
Interest receivable | $ | 9,530,086 | ||||||
Fees receivable | 927,889 | |||||||
Escrow receivable | 500,000 | |||||||
Other assets | 3,969 | |||||||
Total | $ | 10,961,944 |
Notes payable(a) | $ | 93,815,587 | ||||||
Accrued interest payable | 1,138,023 | |||||||
Other liabilities | 1,074,960 | |||||||
Total | $ | 96,028,570 |
Quarter Ended | ||||||||||||||||||||||||||
March 31, 2021 | June 30, 2021 | September 30, 2021 | December 31, 2021 | |||||||||||||||||||||||
Total investment income | $ | 30,593,231 | $ | 33,153,488 | $ | 34,983,825 | $ | 36,604,830 | ||||||||||||||||||
Net investment income | 14,374,134 | 14,557,658 | 14,857,019 | 15,171,528 | ||||||||||||||||||||||
Net increase in net assets resulting from operations | 22,488,279 | 29,308,031 | 14,410,382 | 11,478,737 | ||||||||||||||||||||||
Net investment income per share | $ | 0.22 | $ | 0.22 | $ | 0.23 | $ | 0.23 | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||
March 31, 2020 | June 30, 2020 | September 30, 2020 | December 31, 2020 | |||||||||||||||||||||||
Total investment income | $ | 18,679,598 | $ | 16,139,764 | $ | 16,329,142 | $ | 19,882,564 | ||||||||||||||||||
Net investment income | 7,294,069 | 6,529,129 | 7,952,605 | 9,212,001 | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (112,521,747) | 54,748,708 | 43,177,627 | 22,772,205 | ||||||||||||||||||||||
Net investment income per share | $ | 0.15 | $ | 0.14 | $ | 0.17 | $ | 0.19 |
Quarter Ended | ||||||||||||||||
March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019 | |||||||||||||
Total investment income | $ | 18,339,758 | $ | 19,601,688 | $ | 19,304,107 | $ | 18,402,792 | ||||||||
Net investment income | 7,957,287 | 7,412,882 | 7,987,175 | 7,194,252 | ||||||||||||
Net increase in net assets resulting from operations | 33,162,313 | 9,247,050 | 5,195,491 | 10,586,780 | ||||||||||||
Net investment income per share | $ | 0.16 | $ | 0.15 | $ | 0.16 | $ | 0.15 | ||||||||
Quarter Ended | ||||||||||||||||
March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018 | |||||||||||||
Total investment income | $ | 26,076,087 | $ | 25,473,491 | $ | 12,072,396 | $ | 16,601,651 | ||||||||
Net investment income (loss) | 12,724,178 | 10,061,869 | (31,053,306 | ) | 8,206,537 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 14,471,653 | 15,316,880 | (101,390,384 | ) | (42,680,285 | ) | ||||||||||
Net investment income (loss) per share | $ | 0.27 | $ | 0.21 | $ | (0.59 | ) | $ | 0.16 |