Barings BDC Inc
Inside Barings BDC Inc’s $2.5B private-credit portfolio — 675 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| Eclipse Business Capital, LLC | Common Equity | $93,052,000 | $139,539,000 | |||
| Rocade Holdings LLC | Preferred Equity | SOFR + 6.00% (PIK 9.70%) | $89,239,000 | $89,239,000 | ||
| Policy Services Company, LLC | Senior Secured Senior Secured | SOFR + 6.00% (PIK 4.00%) | $53,500,000 | $48,567,000 | ||
| VB Spine Intermediary II LLC | Senior Secured Senior Secured | SOFR + 5.00% (PIK 4.40%) | $44,911,000 | $44,912,000 | ||
| Security Holdings B.V. | Common Equity | $35,191,000 | $43,745,000 | |||
| Security Holdings B.V | Common Equity | — | $43,745,000 | |||
| Jocassee Partners LLC | Equity | $35,158,000 | $35,248,000 | |||
| Screenvision, LLC | Senior Secured Senior Secured | SOFR + 8.50% | $32,459,000 | $32,520,000 | ||
| Next Holdco, LLC | Senior Secured Senior Secured | SOFR + 5.25% | $21,890,000 | $22,027,000 | ||
| RPX Corporation | Senior Secured Senior Secured | SOFR + 5.50% | $21,393,000 | $21,449,000 | ||
| TSYL Corporate Buyer, Inc. | Senior Secured Senior Secured | SOFR + 4.50% | $20,009,000 | $20,212,000 | ||
| Coastal Marina Holdings, LLC | Common Equity | $16,495,000 | $20,159,000 | |||
| ATL II MRO Holdings Inc. | Senior Secured Senior Secured | SOFR + 5.25% | $18,837,000 | $18,877,000 | ||
| OSP Hamilton Purchaser, LLC | Senior Secured Senior Secured | SOFR + 4.75% | $18,030,000 | $18,063,000 | ||
| USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | Senior Secured Senior Secured | SOFR + 5.50% | $17,847,000 | $17,769,000 | ||
| Woodland Foods, LLC | Senior Secured Senior Secured | SOFR + 5.25% | $16,989,000 | $16,999,000 | ||
| Discovery Buyer, L.P. | Senior Secured Senior Secured | SOFR + 5.00% | $16,866,000 | $16,926,000 | ||
| Bridger Aerospace Group Holdings, LLC | Preferred Equity | (PIK 7.00%) | $17,978,000 | $16,521,000 | ||
| Skyvault Holdings LLC | Senior Secured Senior Secured | — | $16,143,000 | |||
| Skyvault Holdings LLC | Senior Secured Senior Secured | $16,144,000 | $16,143,000 | |||
| Coastal Marina Holdings, LLC | Subordinated Debt Subordinated | $15,820,000 | $15,971,000 | |||
| Heartland Veterinary Partners, LLC | Subordinated Debt Subordinated | (PIK 11.00%) | $15,947,000 | $15,207,000 | ||
| Solo Buyer, L.P. | Senior Secured Senior Secured | SOFR + 6.25% | $14,904,000 | $14,669,000 | ||
| NAW Buyer LLC | Senior Secured Senior Secured | SOFR + 4.75% | $14,345,000 | $14,553,000 | ||
| Dwyer Instruments, Inc. | Senior Secured Senior Secured | SOFR + 4.75% | $14,256,000 | $14,404,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2022-06-30 | 0 | — | — | $133K |
| 2022-09-30 | 0 | — | — | $120K |
| 2022-12-31 | 0 | — | — | $87K |
| 2023-03-31 | 0 | — | — | $89K |
| 2023-06-30 | 74 | 5.66 | 82.5 | $783M |
| 2023-09-30 | 83 | 6.00 | 85.6 | $817M |
| 2023-12-31 | 83 | 5.98 | 85.3 | $847M |
| 2024-03-31 | 94 | 6.15 | 89.0 | $846M |
| 2024-06-30 | 91 | 6.15 | 87.0 | $859M |
| 2024-09-30 | 97 | 6.12 | 84.3 | $839M |
| 2024-12-31 | 107 | 6.52 | 86.0 | $663M |
| 2025-03-31 | 112 | 6.19 | 87.2 | $673M |
| 2025-06-30 | 118 | 6.27 | 85.7 | $644M |
| 2025-09-30 | 121 | 6.27 | 87.0 | $653M |
| 2025-12-31 | 409 | 5.50 | 94.3 | $2.1B |
| 2026-03-31 | 465 | 5.48 | 94.5 | $2.0B |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About Barings BDC Inc
Barings BDC Inc (BBDC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Barings BDC Inc discloses its full loan portfolio through SEC filings.
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