Ares Management Llc ownership in BBDC / Barings BDC, Inc.

Barings BDC, Inc.

US ˙ NYSE ˙ US06759L1035

Security	BBDC / Barings BDC, Inc.
Institution	Ares Management Llc
Latest Disclosed Ownership	5,333,852 shares
Ownership	4.80%

2022-04-14 - Ares Management Llc has filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 5,333,852 shares of Barings BDC, Inc. (US:BBDC). This represents 4.8 percent ownership of the company.

Institutional Ownership: 13D/G Filings

This table shows a history of the 13D/G filings made by the investor and/or investor group. Note that the share values in this table are not directly comparable to any numbers shown in the 13F table (if any).

File Date	Effective Date	Form	Prev Shares	Latest Shares	ΔShares (Percent)	Ownership (Percent)	ΔOwnership (Percent)
2022-04-14	2022-04-14	13G		5,333,852		4.80

Important Note: One of the primary uses of the 13D/G filings is to evaluate the ability of a firm to control a company (ie, the "beneficial ownership"). To that end, firms are required to report not just direct holdings in companies, but indirect holdings that they control. For investment firms, these indirect holdings can include shares in funds they manage, advisory accounts, and in the case of activist campaigns, pledged votes. Therefore, share counts listed in 13D/G filings can differ significantly than share counts listed in 13F filings.

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	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-05-15	2026-03-31	13F	Barings BDC	COM	06759L103	3,630,176	40,000	1.11	29,876	-9.35	1.9692
2026-02-13	2025-12-31	13F	Barings BDC	COM	06759L103	3,590,176	-206,936	-5.45	32,958	-0.92	1.8828
2025-11-14	2025-09-30	13F	Barings BDC	COM	06759L103	3,797,112	0	0.00	33,263	-4.16	1.5101
2025-08-14	2025-06-30	13F	Barings BDC	COM	06759L103	3,797,112	190,016	5.27	34,706	0.85	1.7745
2025-05-15	2025-03-31	13F	Barings BDC	COM	06759L103	3,607,096	0	0.00	34,412	-0.31	2.1114
2025-02-14	2024-12-31	13F	Barings BDC	COM	06759L103	3,607,096	0	0.00	34,520	-2.35	1.2140
2024-11-14	2024-09-30	13F	Barings BDC	COM	06759L103	3,607,096	-382,313	-9.58	35,350	-8.93	0.9802
2024-08-14	2024-06-30	13F	Barings BDC	COM	06759L103	3,989,409	-113,448	-2.77	38,817	1.73	1.1512
2024-05-15	2024-03-31	13F	Barings BDC	COM	06759L103	4,102,857	-244,657	-5.63	38,157	2.29	0.8743
2024-02-14	2023-12-31	13F	Barings BDC	COM	06759L103	4,347,514	25,103	0.58	37,302	-3.14	0.9045
2023-11-14	2023-09-30	13F	Barings BDC	COM	06759L103	4,322,411	-58,000	-1.32	38,513	12.14	1.0003
2023-08-14	2023-06-30	13F	Barings BDC	COM	06759L103	4,380,411	0	0.00	34,342	-1.26	0.7105
2023-05-15	2023-03-31	13F	Barings BDC	COM	06759L103	4,380,411	-424,441	-8.83	34,780	-11.18	1.9416
2023-02-14	2022-12-31	13F	Barings BDC	COM	06759L103	4,804,852	0	0.00	39,160	-1.45	1.9291
2022-11-14	2022-09-30	13F	Barings BDC	COM	06759L103	4,804,852	-35,000	-0.72	39,736	-11.81	1.8476
2022-08-12	2022-06-30	13F	Barings BDC	COM	06759L103	4,839,852	-510,303	-9.54	45,059	-18.55	2.3129
2022-05-13	2022-03-31	13F	Barings BDC	COM	06759L103	5,350,155	619,503	13.10	55,321	6.12	2.0910
2022-02-14	2021-12-31	13F	Barings BDC	COM	06759L103	4,730,652	517,949	12.29	52,132	12.30	1.4766
2021-11-12	2021-09-30	13F	Barings BDC	COM	06759L103	4,212,703	3,748,839	808.18	46,424	1,237.87	1.5411
2021-08-20	2021-08-20	13F/A-1	Barings BDC	COM	06759L103	463,864	-3,322,927	-87.75	3,470	-91.32	0.5029
2021-08-13	2021-06-30	13F	Barings BDC	COM	06759L103	3,786,791	579,217	18.06	39,989	24.92	1.4151
2021-08-20	2021-03-31	13F/A-1	Barings BDC	COM	06759L103	3,207,574	1,040,992	48.05	32,012	60.60	1.4066
2021-05-17	2021-03-31	13F	Barings BDC	COM	06759L103	3,207,574	-579,217		32,012		1.2233
2021-08-20	2020-12-31	13F/A-2	Barings BDC	COM	06759L103	2,166,582	1,373,427	173.16	19,933	214.15	0.8783
2021-02-12	2020-12-31	13F	Barings BDC	COM	06759L103	2,166,582	1,373,427		19,933		0.8848
2021-08-20	2020-09-30	13F/A-1	Barings BDC	COM	06759L103	793,155	0	0.00	6,345	0.75	0.3889
2020-11-13	2020-09-30	13F	Barings BDC	COM	06759L103	793,155	0		6,345		0.3881
2021-08-20	2020-06-30	13F/A-1	Barings BDC	COM	06759L103	793,155	329,291	70.99	6,298	81.50	0.2776
2020-08-14	2020-06-30	13F	Barings BDC	COM	06759L103	793,155	329,291		6,298		0.2772
2020-05-15	2020-03-31	13F	Barings BDC	COM	06759L103	463,864	372,464	407.51	3,470	269.15	0.5012
2021-08-20	2019-12-31	13F/A-1	Barings BDC	COM	06759L103	91,400	0	0.00	940	1.29	0.0839
2020-02-14	2019-12-31	13F	Barings BDC	COM	06759L103	91,400	0		940		0.0837
2019-11-14	2019-09-30	13F	Barings BDC	COM	06759L103	91,400	0	0.00	928	3.23	0.0616
2019-08-14	2019-06-30	13F	Barings BDC	COM	06759L103	91,400	24,425	36.47	899	36.83	0.0669
2019-05-15	2019-03-31	13F	Barings BDC	COM	06759L103	66,975	-815,334	-92.41	657	-91.74	0.0406
2019-05-15	2018-12-31	13F/A-1	Barings BDC	COM	06759L103	882,309	-457,103	-34.13	7,950	-40.71	0.5087
2019-02-14	2018-12-31	13F	Barings BDC	COM	06759L103	882,309	-457,103		7,950
2019-05-15	2018-09-30	13F/A-2	Barings BDC	COM	06759L103	1,339,412	396,642	42.07	13,408	23.67	0.6846
2019-02-14	2018-09-30	13F/A-1	Barings BDC	COM	06759L103	1,339,412	0		13,408		0.7519
2018-11-14	2018-09-30	13F	Barings BDC	COM	06759L103	1,339,412			13,408
2018-08-14	2018-06-30	13F	Triangle Capital	COM	895848109	942,770	0	0.00	10,842	3.33	0.3829
2018-05-14	2018-03-31	13F	Triangle Capital	COM	895848109	942,770	0	0.00	10,493	17.28	0.3338
2018-02-13	2017-12-31	13F	Triangle Capital	COM	895848109	942,770	487,910	107.27	8,947	37.75	0.2850
2017-11-14	2017-09-30	13F	Triangle Capital	COM	895848109	454,860	49,404	12.18	6,495	-99.09	0.2202
2017-08-14	2017-06-30	13F	Triangle Capital	COM	895848109	405,456	83,876	26.08	714,413	11,537.29	17.4251
2017-05-12	2017-03-31	13F	Triangle Capital	COM	895848109	321,580	-110,000	-25.49	6,139	-22.44	0.0251
2017-02-13	2016-12-31	13F	Triangle Capital	COM	895848109	431,580	296,690	219.95	7,915	197.89	0.4520
2016-11-14	2016-09-30	13F	Triangle Capital	COM	895848109	134,890	23,559	21.16	2,657	23.18	0.1702
2016-08-15	2016-06-30	13F	Triangle Capital	COM	895848109	111,331	111,331		2,157		0.1736

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.