Barings BDC, Inc.
US ˙ NYSE ˙ US06759L1035

SecurityBBDC / Barings BDC, Inc.
InstitutionCliffwater LLC
Latest Disclosed Ownership126,753 shares
Latest Disclosed Value $ 1,043,177
Cliffwater LLC ownership in BBDC / Barings BDC, Inc.

On May 13, 2026 - Cliffwater LLC filed a 13F-HR form disclosing ownership of 126,753 shares of Barings BDC, Inc. (US:BBDC) valued at $1,043,177 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 12, 2026 disclosing 126,753 shares of Barings BDC, Inc.. This represents a change in shares of 0.00% during the quarter. The current value of the position is $1,040,642 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-13 2026-03-31 13F BARINGS BDC COM 06759L103 126,753 0 0.00 1,043 -10.32 0.2764
2026-02-12 2025-12-31 13F BARINGS BDC COM 06759L103 126,753 0 0.00 1,164 4.77 0.2443
2025-11-13 2025-09-30 13F BARINGS BDC COM 06759L103 126,753 0 0.00 1,110 -4.15 0.2339
2025-08-13 2025-06-30 13F BARINGS BDC COM 06759L103 126,753 0 0.00 1,159 -4.22 0.2382
2025-05-14 2025-03-31 13F BARINGS BDC COM 06759L103 126,753 7,146 5.97 1,209 5.68 0.3161
2025-02-14 2024-12-31 13F BARINGS BDC COM 06759L103 119,607 0 0.00 1,145 -2.39 0.2801
2024-11-13 2024-09-30 13F BARINGS BDC COM 06759L103 119,607 3,117 2.68 1,172 3.44 0.2711
2024-08-14 2024-06-30 13F BARINGS BDC COM 06759L103 116,490 3,192 2.82 1,133 7.60 0.2425
2024-05-10 2024-03-31 13F BARINGS BDC COM 06759L103 113,298 0 0.00 1,054 8.33 0.2840
2024-02-13 2023-12-31 13F BARINGS BDC COM 06759L103 113,298 3,235 2.94 972 -0.82 0.2779
2023-11-14 2023-09-30 13F BARINGS BDC COM 06759L103 110,063 -810,665 -88.05 981 -86.42 0.3212
2023-08-14 2023-06-30 13F BARINGS BDC COM 06759L103 920,728 -345,695 -27.30 7,219 -28.21 2.3699
2023-05-12 2023-03-31 13F BARINGS BDC COM 06759L103 1,266,423 -444,135 -25.96 10,055 -27.87 3.2174
2023-02-10 2022-12-31 13F BARINGS BDC COM 06759L103 1,710,558 101,750 6.32 13,941 4.78 3.9274
2022-11-10 2022-09-30 13F BARINGS BDC COM 06759L103 1,608,808 39,492 2.52 13,305 -8.93 4.4938
2022-08-12 2022-06-30 13F BARINGS BDC COM 06759L103 1,569,316 155,423 10.99 14,610 -0.07 4.7182
2022-05-13 2022-03-31 13F BARINGS BDC COM 06759L103 1,413,893 103,274 7.88 14,620 1.23 3.8349
2022-02-11 2021-12-31 13F BARINGS BDC COM 06759L103 1,310,619 178,132 15.73 14,443 15.73 3.7528
2021-11-15 2021-09-30 13F BARINGS BDC COM 06759L103 1,132,487 18,250 1.64 12,480 6.07 3.2750
2021-08-13 2021-06-30 13F BARINGS BDC COM 06759L103 1,114,237 -165,727 -12.95 11,766 -7.89 3.0998
2021-05-14 2021-03-31 13F BARINGS BDC COM 06759L103 1,279,964 409,991 47.13 12,774 59.60 3.0426
2021-02-12 2020-12-31 13F BARINGS BDC COM 06759L103 869,973 94,329 12.16 8,004 28.99 1.7273
2020-11-13 2020-09-30 13F BARINGS BDC COM 06759L103 775,644 139,632 21.95 6,205 22.87 1.8495
2020-08-12 2020-06-30 13F BARINGS BDC COM 06759L103 636,012 344,572 118.23 5,050 131.65 1.7185
2020-05-13 2020-03-31 13F BARINGS BDC COM 06759L103 291,440 8,610 3.04 2,180 -25.01 0.9633
2020-02-13 2019-12-31 13F BARINGS BDC COM 06759L103 282,830 40,063 16.50 2,907 17.98 0.9588
2019-11-13 2019-09-30 13F BARINGS BDC COM 06759L103 242,767 14,811 6.50 2,464 9.85 0.9625
2019-08-13 2019-06-30 13F BARINGS BDC COM 06759L103 227,956 227,956 2,243 0.7784
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.