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(SpotSee), First Lien Senior Secured Term Loan 12025-03-310001811972Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 22025-03-310001811972Media Recovery, Inc. (SpotSee), Revolver 12025-03-310001811972Media Recovery, Inc. 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Holdings II LTD, First Lien Senior Secured Term Loan2025-03-310001811972Amalfi Midco, Second Lien Senior Secured Term Loan2025-03-310001811972Amalfi Midco, Subordinated Loan Notes2025-03-310001811972Astra Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001811972Astra Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001811972Avance Clinical Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001811972Biolam Group, First Lien Senior Secured Term Loan2025-03-310001811972Canadian Orthodontic Partners Corp., First Lien Senior Secured Term Loan2025-03-310001811972Canadian Orthodontic Partners Corp., Super Senior Secured Term Loan2025-03-310001811972Ceres Pharma NV, First Lien Senior Secured Term Loan 12025-03-310001811972Ceres Pharma NV, First Lien Senior Secured Term Loan 22025-03-310001811972Coherus Biosciences, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Dune Group, First Lien Senior Secured Term Loan 12025-03-310001811972Dune Group, 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Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001811972Heartland Veterinary Partners, LLC, Subordinated Term Loan2025-03-310001811972HemaSource, Inc., First Lien Senior Secured Term Loan2025-03-310001811972HemaSource, Inc., Revolver2025-03-310001811972Home Care Assistance, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Hygie 31 Holding, First Lien Senior Secured Term Loan2025-03-310001811972ISTO Technologies II, LLC, First Lien Senior Secured Term Loan2025-03-310001811972ISTO Technologies II, LLC, Revolver2025-03-310001811972Jon Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001811972Keystone Bidco B.V., First Lien Senior Secured Term Loan2025-03-310001811972Keystone Bidco B.V., Revolver2025-03-310001811972Lambir Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001811972Lambir Bidco Limited, Second Lien Senior Secured Term Loan2025-03-310001811972Median B.V., First Lien Senior Secured Term Loan2025-03-310001811972Moonlight Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001811972Napa Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001811972Navia Benefit Solutions, Inc., First Lien Senior Secured Term Loan2025-03-310001811972NPM Investments 28 B.V., First Lien Senior Secured Term Loan2025-03-310001811972OA Buyer, Inc., First Lien Senior Secured Term Loan2025-03-310001811972OA Buyer, Inc., Revolver2025-03-310001811972Ocular Therapeutix, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001811972Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 12025-03-310001811972Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 22025-03-310001811972Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 12025-03-310001811972Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 22025-03-310001811972SSCP Pegasus Midco Limited, First Lien Senior Secured Term Loan2025-03-310001811972SSCP Spring Bidco 3 Limited, First Lien Senior Secured Term Loan2025-03-310001811972Union Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001811972United Therapy Holding III GmbH, First Lien Senior Secured Term Loan2025-03-310001811972Unither (Uniholding), First Lien Senior Secured Term Loan2025-03-310001811972VB Spine Intermediary II LLC, First Lien Senior Secured Term Loan2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-03-310001811972Argus Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001811972Argus Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001811972Argus Bidco Limited, First Lien Senior Secured Term Loan 32025-03-310001811972Argus Bidco Limited, Second Lien Senior Secured Term Loan2025-03-310001811972CAi Software, LLC, First Lien Senior Secured Term Loan2025-03-310001811972CAi Software, LLC, Revolver2025-03-310001811972Contabo Finco S.À R.L, First Lien Senior Secured Term Loan2025-03-310001811972CW Group Holdings, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Discovery Buyer, L.P., First Lien Senior Secured Term Loan2025-03-310001811972Discovery Buyer, L.P., Revolver2025-03-310001811972Dragon Bidco, First Lien Senior Secured Term Loan2025-03-310001811972Dwyer Instruments, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Electrical Components International, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 12025-03-310001811972Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 22025-03-310001811972Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 32025-03-310001811972Eurofins Digital Testing International LUX Holding SARL, Senior Subordinated Term Loan2025-03-310001811972FSS Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001811972Graphpad Software, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Graphpad Software, LLC, Revolver2025-03-310001811972Haystack Holdings LLC, First Lien Senior Secured Term Loan2025-03-310001811972Haystack Holdings LLC, Revolver2025-03-310001811972NAW Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001811972NAW Buyer LLC, Revolver2025-03-310001811972NeoxCo, First Lien Senior Secured Term Loan2025-03-310001811972Next Holdco, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Next Holdco, LLC, Revolver2025-03-310001811972ORTEC INTERNATIONAL NEWCO B.V., First Lien Senior Secured Term Loan2025-03-310001811972OSP Hamilton Purchaser, LLC, First Lien Senior Secured Term Loan2025-03-310001811972OSP Hamilton Purchaser, LLC, Revolver2025-03-310001811972PDQ.Com Corporation, First Lien Senior Secured Term Loan2025-03-310001811972PowerGEM Buyer, Inc., First Lien Senior Secured Term Loan2025-03-310001811972ProfitOptics, LLC, First Lien Senior Secured Term Loan2025-03-310001811972ProfitOptics, LLC, Revolver2025-03-310001811972ProfitOptics, LLC, Senior Subordinated Term Loan2025-03-310001811972Pro-Vision Solutions Holdings, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Pro-Vision Solutions Holdings, LLC, Revolver2025-03-310001811972PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 12025-03-310001811972PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 22025-03-310001811972Saab Purchaser, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Saab Purchaser, Inc., Revolver2025-03-310001811972Scout Bidco B.V., First Lien Senior Secured Term Loan 12025-03-310001811972Scout Bidco B.V., First Lien Senior Secured Term Loan 22025-03-310001811972Scout Bidco B.V., Revolver2025-03-310001811972Sinari Invest, First Lien Senior Secured Term Loan2025-03-310001811972Smartling, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Smartling, Inc., Revolver2025-03-310001811972White Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2025-03-310001811972Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2025-03-310001811972Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HotelGamingLeisureMemberus-gaap:DebtSecuritiesMember2025-03-310001811972ASC Communications, LLC, First Lien Senior Secured Term Loan2025-03-310001811972ASC Communications, LLC, Revolver2025-03-310001811972Superjet Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Superjet Buyer, LLC, Revolver2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaAdvertisingPrintingPublishingMemberus-gaap:DebtSecuritiesMember2025-03-310001811972Music Reports, Inc., First Lien Senior Secured Term Loan2025-03-310001811972The Octave Music Group, Inc., First Lien Senior Secured Term Loan2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaBroadcastingSubscriptionMemberus-gaap:DebtSecuritiesMember2025-03-310001811972BrightSign LLC, First Lien Senior Secured Term Loan2025-03-310001811972BrightSign LLC, Revolver2025-03-310001811972Footco 40 Limited, First Lien Senior Secured Term Loan 12025-03-310001811972Footco 40 Limited, First Lien Senior Secured Term Loan 22025-03-310001811972Learfield Communications, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Murphy Midco Limited, First Lien Senior Secured Term Loan2025-03-310001811972Rock Labor LLC, First Lien Senior Secured Term Loan2025-03-310001811972Rock Labor LLC, Revolver2025-03-310001811972Solo Buyer, L.P., First Lien Senior Secured Term Loan2025-03-310001811972Solo Buyer, L.P., Revolver2025-03-310001811972Vital Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaDiversifiedProductionMemberus-gaap:DebtSecuritiesMember2025-03-310001811972Accelevation LLC, First Lien Senior Secured Term Loan2025-03-310001811972Accelevation LLC, Revolver2025-03-310001811972Acclime Holdings HK Limited, First Lien Senior Secured Term Loan2025-03-310001811972Acogroup, First Lien Senior Secured Term Loan2025-03-310001811972AD Bidco, Inc., First Lien Senior Secured Term Loan2025-03-310001811972AD Bidco, Inc., Revolver2025-03-310001811972Adhefin International, First Lien Senior Secured Term Loan2025-03-310001811972Adhefin International, Subordinated Term Loan2025-03-310001811972AlliA Insurance Brokers NV, First Lien Senior Secured Term Loan2025-03-310001811972Artemis Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001811972Azalea Buyer, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Azalea Buyer, Inc., Revolver2025-03-310001811972Azalea Buyer, Inc., Subordinated Term Loan2025-03-310001811972Basin Innovation Group, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Basin Innovation Group, LLC, Revolver2025-03-310001811972BNI Global, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Bounteous, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Brightpay Limited, First Lien Senior Secured Term Loan 12025-03-310001811972Brightpay Limited, First Lien Senior Secured Term Loan 22025-03-310001811972Brightpay Limited, First Lien Senior Secured Term Loan 32025-03-310001811972British Engineering Services Holdco Limited, First Lien Senior Secured Term Loan2025-03-310001811972Caldwell & Gregory LLC, First Lien Senior Secured Term Loan2025-03-310001811972Caldwell & Gregory LLC, Revolver2025-03-310001811972CGI Parent, LLC, First Lien Senior Secured Term Loan2025-03-310001811972CGI Parent, LLC, Revolver2025-03-310001811972Comply365, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Comply365, LLC, Revolver2025-03-310001811972Coyo Uprising GmbH, First Lien Senior Secured Term Loan2025-03-310001811972DataServ Integrations, LLC, First Lien Senior Secured Term Loan2025-03-310001811972DataServ Integrations, LLC, Revolver2025-03-310001811972DISA Holdings Corp., First Lien Senior Secured Term Loan2025-03-310001811972DISA Holdings Corp., Revolver2025-03-310001811972Dunlipharder B.V., First Lien Senior Secured Term Loan2025-03-310001811972EFC International, Senior Unsecured Term Loan2025-03-310001811972Electric Equipment & Engineering Co., First Lien Senior Secured Term Loan2025-03-310001811972Events Software BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001811972Expert Institute Group Inc., First Lien Senior Secured Term Loan2025-03-310001811972Expert Institute Group Inc., Revolver2025-03-310001811972Greenhill II BV, First Lien Senior Secured Term Loan2025-03-310001811972HEKA Invest, First Lien Senior Secured Term Loan2025-03-310001811972HS Advisory Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001811972HS Advisory Buyer LLC, Revolver2025-03-310001811972HSL Compliance, First Lien Senior Secured Term Loan2025-03-310001811972Hydratech Holdings, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Hydratech Holdings, Inc., Revolver2025-03-310001811972Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan2025-03-310001811972Interstellar Group B.V., First Lien Senior Secured Term Loan2025-03-310001811972Isolstar Holding NV (IPCOM), First Lien Senior Secured Term Loan2025-03-310001811972JF Acquisition, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Jones Fish Hatcheries & Distributors LLC, First Lien Senior Secured Term Loan2025-03-310001811972Jones Fish Hatcheries & Distributors LLC, Revolver2025-03-310001811972LeadsOnline, LLC, First Lien Senior Secured Term Loan2025-03-310001811972LeadsOnline, LLC, Revolver2025-03-310001811972Long Term Care Group, Inc., First Lien Senior Secured Term Loan2025-03-310001811972MB Purchaser, LLC, First Lien Senior Secured Term Loan2025-03-310001811972MB Purchaser, LLC, Revolver2025-03-310001811972MC Group Ventures Corporation, First Lien Senior Secured Term Loan2025-03-310001811972NF Holdco, LLC, First Lien Senior Secured Term Loan2025-03-310001811972NF Holdco, LLC, Revolver2025-03-310001811972Origin Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001811972Origin Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001811972Qualified Industries, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Qualified Industries, LLC, Revolver2025-03-310001811972Recovery Point Systems, Inc., First Lien Senior Secured Term Loan2025-03-310001811972ROI Solutions LLC, First Lien Senior Secured Term Loan2025-03-310001811972ROI Solutions LLC, Revolver2025-03-310001811972Royal Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Royal Buyer, LLC, Revolver2025-03-310001811972RPX Corporation, First Lien Senior Secured Term Loan2025-03-310001811972RPX Corporation, Revolver2025-03-310001811972Sansidor BV, First Lien Senior Secured Term Loan2025-03-310001811972SBP Holdings LP, First Lien Senior Secured Term Loan2025-03-310001811972SBP Holdings LP, Revolver2025-03-310001811972Scaled Agile, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Scaled Agile, Inc., Revolver2025-03-310001811972SmartShift Group, Inc., First Lien Senior Secured Term Loan2025-03-310001811972SmartShift Group, Inc., Revolver2025-03-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), First Lien Senior Secured Term Loan2025-03-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2025-03-310001811972Starnmeer B.V., First Lien Senior Secured Term Loan2025-03-310001811972TA SL Cayman Aggregator Corp., Subordinated Term Loan2025-03-310001811972Tanqueray Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001811972Technology Service Stream BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001811972Techone B.V., First Lien Senior Secured Term Loan2025-03-310001811972Techone B.V., Revolver2025-03-310001811972Trintech, Inc., First Lien Senior Secured Term Loan2025-03-310001811972Trintech, Inc., Revolver2025-03-310001811972TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 12025-03-310001811972TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 22025-03-310001811972TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 32025-03-310001811972TSYL Corporate Buyer, Inc., Revolver2025-03-310001811972Turnberry Solutions, Inc., First Lien Senior Secured Term Loan2025-03-310001811972UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 12025-03-310001811972UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 22025-03-310001811972UHY Advisors, Inc., First Lien Senior Secured Term Loan2025-03-310001811972UHY Advisors, Inc., Revolver2025-03-310001811972Utac Ceram, First Lien Senior Secured Term Loan 12025-03-310001811972Utac Ceram, First Lien Senior Secured Term Loan 22025-03-310001811972W2O Holdings, Inc., First Lien Senior Secured Term Loan2025-03-310001811972World 50, Inc., First Lien Senior Secured Term Loan2025-03-310001811972World 50, Inc., Revolver2025-03-310001811972Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001811972Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001811972Xeinadin Bidco Limited, Subordinated Term Loan2025-03-310001811972Zeppelin Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:ServicesBusinessMemberus-gaap:DebtSecuritiesMember2025-03-310001811972Arc Education, First Lien Senior Secured Term Loan2025-03-310001811972Archimede, First Lien Senior Secured Term Loan2025-03-310001811972Bariacum S.A, First Lien Senior Secured Term Loan2025-03-310001811972Cascade Residential Services LLC, First Lien Senior Secured Term Loan2025-03-310001811972Cascade Residential Services LLC, Revolver2025-03-310001811972Express Wash Acquisition Company, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Express Wash Acquisition Company, LLC, Revolver2025-03-310001811972FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.), First Lien Senior Secured Term Loan2025-03-310001811972Global Academic Group Limited, First Lien Senior Secured Term Loan 12025-03-310001811972Global Academic Group Limited, First Lien Senior Secured Term Loan 22025-03-310001811972HomeX Services Group LLC, First Lien Senior Secured Term Loan2025-03-310001811972HomeX Services Group LLC, Revolver2025-03-310001811972InvoCare Limited, First Lien Senior Secured Term Loan2025-03-310001811972Kid Distro Holdings, LLC, First Lien Senior Secured Term Loan2025-03-310001811972Marmoutier Holding B.V., First Lien Senior Secured Term Loan2025-03-310001811972Marmoutier Holding B.V., Revolver2025-03-310001811972Marmoutier Holding B.V., Super Senior Secured Term Loan2025-03-310001811972Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan2025-03-310001811972QPE7 SPV1 BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001811972Selenium Designated Activity Company, First Lien Senior Secured Term Loan2025-03-310001811972Sereni Capital NV, First Lien Senior Secured Term Loan 12025-03-310001811972Sereni Capital NV, First Lien Senior Secured Term Loan 22025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:ServicesConsumerMemberus-gaap:DebtSecuritiesMember2025-03-310001811972Air Canada 2020-2 Class B Pass Through Trust, Structured Secured Note - Class B2025-03-310001811972British Airways 2020-1 Class B Pass Through Trust, First Lien Senior Secured Bond2025-03-310001811972Flexential Issuer, LLC, Structured Secured Note - Class C2025-03-310001811972JetBlue 2019-1 Class B Pass Through Trust, Structured Secured Note - Class B2025-03-310001811972Perimeter Master Note Business Trust, Structured Secured Note - Class A2025-03-310001811972Perimeter Master Note Business Trust, Structured Secured Note - Class B2025-03-310001811972Perimeter Master Note Business Trust, Structured Secured Note - Class C2025-03-310001811972Perimeter Master Note Business Trust, Structured Secured Note - Class D2025-03-310001811972Perimeter Master Note Business Trust, Structured Secured Note - Class E2025-03-310001811972Vista Global Holding Ltd, Structured Secured Note - Class C2025-03-310001811972VistaJet Pass Through Trust 2021-1B, Structured Secured Note - Class B2025-03-310001811972Willis Engine Structured Trust VI, Structured Secured Note - Series 2021-1 Class C2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:StructuredProductsMemberus-gaap:DebtSecuritiesMember2025-03-310001811972CSL DualCom, First Lien Senior Secured Term Loan2025-03-310001811972Mercell Holding AS, First Lien Senior Secured Term Loan2025-03-310001811972Permaconn BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001811972UKFast Leaders Limited, First Lien Senior Secured Term Loan2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:TelecommunicationsMemberus-gaap:DebtSecuritiesMember2025-03-310001811972Echo Global Logistics, Inc., Second Lien Senior Secured Term Loan2025-03-310001811972eShipping, LLC, First Lien Senior Secured Term Loan2025-03-310001811972eShipping, LLC, Revolver2025-03-310001811972FitzMark Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001811972FragilePak LLC, First Lien Senior Secured Term Loan2025-03-310001811972Honour Lane Logistics Holdings Limited, First Lien Senior Secured Term Loan2025-03-310001811972ITI Intermodal, Inc., First Lien Senior Secured Term Loan 12025-03-310001811972ITI Intermodal, Inc., First Lien Senior Secured Term Loan 22025-03-310001811972ITI Intermodal, Inc., Revolver2025-03-310001811972R1 Holdings, LLC, First Lien Senior Secured Term Loan2025-03-310001811972R1 Holdings, LLC, Revolver2025-03-310001811972REP SEKO MERGER SUB LLC, First Lien Senior Secured Term Loan2025-03-310001811972REP SEKO MERGER SUB LLC, First Out Term Loan2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:TransportationCargoMemberus-gaap:DebtSecuritiesMember2025-03-310001811972Panoche Energy Center LLC, First Lien Senior Secured Bond2025-03-310001811972Spatial Business Systems LLC, First Lien Senior Secured Term Loan2025-03-310001811972Spatial Business Systems LLC, Revolver2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:UtilitiesElectricMemberus-gaap:DebtSecuritiesMember2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-03-310001811972Accurus Aerospace Corporation, Common Stock2025-03-310001811972Compass Precision, LLC, LLC Units2025-03-310001811972GB Eagle Buyer, Inc., Partnership Units2025-03-310001811972Megawatt Acquisitionco, Inc., Common Stock2025-03-310001811972Megawatt Acquisitionco, Inc., Preferred Stock2025-03-310001811972Narda Acquisitionco., Inc., Class A Preferred Stock2025-03-310001811972Narda Acquisitionco., Inc., Class B Common Stock2025-03-310001811972Whitcraft Holdings, Inc., LP Units2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001811972Burgess Point Purchaser Corporation, LP Units2025-03-310001811972Randys Holdings, Inc., Common Stock2025-03-310001811972SPATCO Energy Solutions, LLC, Common Stock2025-03-310001811972SVI International LLC, LLC Units2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AutomotiveSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001811972Accelerant Holdings, Class A Convertible Preferred Equity2025-03-310001811972Accelerant Holdings, Class B Convertible Preferred Equity2025-03-310001811972Accelerant Holdings, Preferred Stock2025-03-310001811972Flywheel Re Segregated Portfolio 2022-4, Preferred Stock2025-03-310001811972ICREDITWORKS LLC, Preferred Stock2025-03-310001811972ICREDITWORKS LLC, Warrants2025-03-310001811972Policy Services Company, LLC, Warrants - Class A2025-03-310001811972Policy Services Company, LLC, Warrants - Class B2025-03-310001811972Policy Services Company, LLC, Warrants - Class CC2025-03-310001811972Policy Services Company, LLC, Warrants - Class D2025-03-310001811972Shelf Bidco Ltd, Common Stock2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:BankingFinanceInsuranceRealEstateMemberus-gaap:EquitySecuritiesMember2025-03-310001811972CTI Foods Holdings Co., LLC, Common Stock2025-03-310001811972Woodland Foods, LLC, Common Stock2025-03-310001811972Woodland Foods, LLC, Preferred Stock 12025-03-310001811972Woodland Foods, LLC, Preferred Stock 22025-03-310001811972ZB Holdco LLC, LLC Units2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:BeverageFoodTobaccoMemberus-gaap:EquitySecuritiesMember2025-03-310001811972DAWGS Intermediate Holdings Co., LLC Units2025-03-310001811972Polara Enterprises, L.L.C., Partnership Units2025-03-310001811972Process Insights Acquisition, Inc., Common Stock2025-03-310001811972Rapid Buyer LLC, LLC Units2025-03-310001811972TAPCO Buyer LLC, LLC Units2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:CapitalEquipmentMemberus-gaap:EquitySecuritiesMember2025-03-310001811972Americo Chemical Products, LLC, Common Stock2025-03-310001811972Aptus 1829. GmbH, Common Stock2025-03-310001811972Aptus 1829. GmbH, Preferred Stock2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001811972BKF Buyer, Inc., Common Stock2025-03-310001811972MNS Buyer, Inc., Partnership Units2025-03-310001811972Ocelot Holdco LLC, Common Stock2025-03-310001811972Ocelot Holdco LLC, Preferred Stock2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001811972DecksDirect, LLC, Class A Units2025-03-310001811972DecksDirect, LLC, Common Stock2025-03-310001811972DecksDirect, LLC, Preferred Stock2025-03-310001811972Renovation Parent Holdings, LLC, Partnership Equity2025-03-310001811972Serta Simmons Bedding LLC, Common Stock2025-03-310001811972Team Air Distributing, LLC, Partnership Equity2025-03-310001811972Terrybear, Inc., Partnership Equity2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:ConsumerGoodsDurableMemberus-gaap:EquitySecuritiesMember2025-03-310001811972CCFF Buyer, LLC, LLC Units2025-03-310001811972Ice House America, L.L.C., LLC Units2025-03-310001811972Safety Products Holdings, LLC, Preferred Stock2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:ConsumerGoodsNonDurableMemberus-gaap:EquitySecuritiesMember2025-03-310001811972Diversified Packaging Holdings LLC, LLC Units2025-03-310001811972Five Star Holding LLC, LLC Units2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2025-03-310001811972Ferrellgas L.P., Opco Preferred Units2025-03-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:EnergyOilGasMemberus-gaap:EquitySecuritiesMember2025-03-310001811972Bridger Aerospace Group Holdings, LLC, Preferred Stock- Series 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Secured Term Loan2024-12-310001811972ATL II MRO Holdings Inc., First Lien Senior Secured Term Loan2024-12-310001811972ATL II MRO Holdings Inc., Revolver2024-12-310001811972Compass Precision, LLC, Senior Subordinated Term Loan2024-12-310001811972GB Eagle Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001811972GB Eagle Buyer, Inc., Revolver2024-12-310001811972M-Personal Protection Management GMBH(f/k/a INOS 19-090 GmbH), First Lien Senior Secured Term Loan2024-12-310001811972Megawatt Acquisitionco, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Megawatt Acquisitionco, Inc., Revolver2024-12-310001811972Narda Acquisitionco., Inc., First Lien Senior Secured Term Loan2024-12-310001811972Narda Acquisitionco., Inc., Revolver2024-12-310001811972Protego Bidco B.V., First Lien Senior Secured Term Loan2024-12-310001811972Protego Bidco B.V., Revolver2024-12-310001811972SISU ACQUISITIONCO., INC., First Lien Senior Secured Term Loan2024-12-310001811972Trident Maritime Systems, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Whitcraft Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Whitcraft Holdings, Inc., Revolver2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Burgess Point Purchaser Corporation, Second Lien Senior Secured Term Loan2024-12-310001811972OAC Holdings I Corp, First Lien Senior Secured Term Loan2024-12-310001811972OAC Holdings I Corp, Revolver2024-12-310001811972Randys Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Randys Holdings, Inc., Revolver2024-12-310001811972SPATCO Energy Solutions, LLC, First Lien Senior Secured Term Loan2024-12-310001811972SPATCO Energy Solutions, LLC, Revolver2024-12-310001811972SVI International LLC, First Lien Senior Secured Term Loan2024-12-310001811972SVI International LLC, 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(aka TA/TCG Holdings, LLC), First Lien Senior Secured Term Loan2024-12-310001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2024-12-310001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Subordinated Term Loan2024-12-310001811972THG Acquisition, LLC, First Lien Senior Secured Term Loan2024-12-310001811972THG Acquisition, LLC, Revolver2024-12-310001811972Turbo Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001811972WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:BankingFinanceInsuranceRealEstateMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Blue Ribbon, LLC, First Lien Senior Secured Term Loan2024-12-310001811972CTI Foods Holdings Co., LLC, 2024 LIFO Term Loan2024-12-310001811972CTI Foods Holdings Co., LLC, First Out Term Loan2024-12-310001811972CTI Foods Holdings Co., LLC, Second Out Term Loan2024-12-310001811972Innovad Group II BV, First Lien Senior Secured Term Loan 12024-12-310001811972Innovad Group II BV, First Lien Senior Secured Term Loan 22024-12-310001811972Riedel Beheer B.V., First Lien Senior Secured Term Loan2024-12-310001811972Woodland Foods, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Woodland Foods, LLC, Revolver2024-12-310001811972ZB Holdco LLC, First Lien Senior Secured Term Loan2024-12-310001811972ZB Holdco LLC, Revolver2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:BeverageFoodTobaccoMemberus-gaap:DebtSecuritiesMember2024-12-310001811972AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 12024-12-310001811972AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 22024-12-310001811972AirX Climate Solutions, Inc., Revolver2024-12-310001811972APC1 Holding, First Lien Senior Secured Term Loan2024-12-310001811972BPG Holdings IV Corp, First Lien Senior Secured Term Loan2024-12-310001811972Cobham Slip Rings SAS, First Lien Senior Secured Term Loan2024-12-310001811972Polara Enterprises, L.L.C., First Lien Senior Secured Term Loan2024-12-310001811972Polara Enterprises, L.L.C., Revolver2024-12-310001811972Process Insights Acquisition, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Process Insights Acquisition, Inc., Revolver2024-12-310001811972Rapid Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001811972TAPCO Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001811972TAPCO Buyer LLC, Revolver2024-12-310001811972Tencarva Machinery Company, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Tencarva Machinery Company, LLC, Revolver2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:CapitalEquipmentMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Americo Chemical Products, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Americo Chemical Products, LLC, Revolver2024-12-310001811972AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 12024-12-310001811972AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 22024-12-310001811972AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 32024-12-310001811972AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 42024-12-310001811972AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 52024-12-310001811972Aptus 1829. GmbH, First Lien Senior Secured Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001811972BKF Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001811972BKF Buyer, Inc., Revolver2024-12-310001811972EMI Porta Holdco LLC, First Lien Senior Secured Term Loan2024-12-310001811972EMI Porta Holdco LLC, Revolver2024-12-310001811972MNS Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Ocelot Holdco LLC, Super Senior Takeback Loan2024-12-310001811972Ocelot Holdco LLC, Takeback Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ConstructionSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001811972DecksDirect, LLC, First Lien Senior Secured Term Loan2024-12-310001811972DecksDirect, LLC, Revolver2024-12-310001811972Gojo Industries, Inc., First Lien Senior Secured Term Loan2024-12-310001811972HTI Technology & Industries, First Lien Senior Secured Term Loan2024-12-310001811972HTI Technology & Industries, Revolver2024-12-310001811972Renovation Parent Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Team Air Distributing, LLC, First Lien Senior Secured Term Loan 12024-12-310001811972Team Air Distributing, LLC, First Lien Senior Secured Term Loan 22024-12-310001811972Team Air Distributing, LLC, Subordinated Term Loan2024-12-310001811972Terrybear, Inc., Subordinated Term Loan2024-12-310001811972Victoria Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:ConsumerGoodsDurableMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Bidwax, First Lien Senior Secured Term Loan2024-12-310001811972CCFF Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001811972CCFF Buyer, LLC, Revolver2024-12-310001811972David Wood Baking UK Ltd, First Lien Senior Secured Term Loan2024-12-310001811972Herbalife Ltd., First Lien Senior Secured Term Loan2024-12-310001811972Ice House America, L.L.C., First Lien Senior Secured Term Loan2024-12-310001811972Ice House America, L.L.C., Revolver2024-12-310001811972Modern Star Holdings Bidco Pty Limited., First Lien Senior Secured Term Loan2024-12-310001811972Safety Products Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:ConsumerGoodsNonDurableMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Diversified Packaging Holdings LLC, Second Lien Senior Secured Term Loan2024-12-310001811972Five Star Holding LLC, Second Lien Senior Secured Term Loan2024-12-310001811972Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 12024-12-310001811972Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 22024-12-310001811972Media Recovery, Inc. (SpotSee), Revolver 12024-12-310001811972Media Recovery, Inc. (SpotSee), Revolver 22024-12-310001811972OG III B.V., First Lien Senior Secured Term Loan2024-12-310001811972Tank Holding Corp, First Lien Senior Secured Term Loan 12024-12-310001811972Tank Holding Corp, First Lien Senior Secured Term Loan 22024-12-310001811972Tank Holding Corp, Revolver2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001811972WWEC Holdings III Corp, First Lien Senior Secured Term Loan2024-12-310001811972WWEC Holdings III Corp, Revolver2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:EnergyElectricityMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Bridger Aerospace Group Holdings, LLC, Municipal Revenue Bond2024-12-310001811972EB Development, First Lien Senior Secured Term Loan2024-12-310001811972Entact Environmental Services, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Northstar Recycling, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Northstar Recycling, LLC, Revolver2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:EnvironmentalIndustriesMemberus-gaap:DebtSecuritiesMember2024-12-310001811972A.T. Holdings II LTD, First Lien Senior Secured Term Loan2024-12-310001811972Amalfi Midco, Second Lien Senior Secured Term Loan2024-12-310001811972Amalfi Midco, Subordinated Loan Notes2024-12-310001811972APOG Bidco Pty Ltd, Second Lien Senior Secured Term Loan2024-12-310001811972Astra Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001811972Astra Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001811972Avance Clinical Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001811972Biolam Group, First Lien Senior Secured Term Loan2024-12-310001811972BVI Medical, Inc., Second Lien Senior Secured Term Loan2024-12-310001811972Canadian Orthodontic Partners Corp., First Lien Senior Secured Term Loan2024-12-310001811972Canadian Orthodontic Partners Corp., Super Senior Secured Term Loan2024-12-310001811972Ceres Pharma NV, First Lien Senior Secured Term Loan 12024-12-310001811972Ceres Pharma NV, First Lien Senior Secured Term Loan 22024-12-310001811972Coherus Biosciences, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Dune Group, First Lien Senior Secured Term Loan 12024-12-310001811972Dune Group, First Lien Senior Secured Term Loan 22024-12-310001811972Dune Group, First Lien Senior Secured Term Loan 32024-12-310001811972Ellkay, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Faraday, First Lien Senior Secured Term Loan2024-12-310001811972Finexvet, First Lien Senior Secured Term Loan2024-12-310001811972Forest Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Forest Buyer, LLC, Revolver2024-12-310001811972GCDL LLC, First Lien Senior Secured Term Loan2024-12-310001811972GCDL LLC, Revolver2024-12-310001811972GPNZ II GmbH, First Lien Senior Secured Term Loan 12024-12-310001811972GPNZ II GmbH, First Lien Senior Secured Term Loan 22024-12-310001811972GPNZ II GmbH, First Lien Senior Secured Term Loan 32024-12-310001811972Groupe Product Life, First Lien Senior Secured Term Loan2024-12-310001811972HeartHealth Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001811972Heartland Veterinary Partners, LLC, Subordinated Term Loan2024-12-310001811972HemaSource, Inc., First Lien Senior Secured Term Loan2024-12-310001811972HemaSource, Inc., Revolver2024-12-310001811972Home Care Assistance, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Hygie 31 Holding, First Lien Senior Secured Term Loan2024-12-310001811972ISTO Technologies II, LLC, First Lien Senior Secured Term Loan2024-12-310001811972ISTO Technologies II, LLC, Revolver2024-12-310001811972Jon Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001811972Keystone Bidco B.V., First Lien Senior Secured Term Loan2024-12-310001811972Keystone Bidco B.V., Revolver2024-12-310001811972Lambir Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001811972Lambir Bidco Limited, Second Lien Senior Secured Term Loan2024-12-310001811972Median B.V., First Lien Senior Secured Term Loan2024-12-310001811972MI OpCo Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Moonlight Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001811972Napa Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001811972Navia Benefit Solutions, Inc., First Lien Senior Secured Term Loan2024-12-310001811972NPM Investments 28 B.V., First Lien Senior Secured Term Loan2024-12-310001811972OA Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001811972OA Buyer, Inc., Revolver2024-12-310001811972Ocular Therapeutix, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001811972Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan2024-12-310001811972Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 12024-12-310001811972Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 22024-12-310001811972SSCP Pegasus Midco Limited, First Lien Senior Secured Term Loan2024-12-310001811972SSCP Spring Bidco 3 Limited, First Lien Senior Secured Term Loan2024-12-310001811972Union Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001811972United Therapy Holding III GmbH, First Lien Senior Secured Term Loan2024-12-310001811972Unither (Uniholding), First Lien Senior Secured Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Argus Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001811972Argus Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001811972Argus Bidco Limited, First Lien Senior Secured Term Loan 32024-12-310001811972Argus Bidco Limited, Second Lien Senior Secured Term Loan2024-12-310001811972CAi Software, LLC, First Lien Senior Secured Term Loan2024-12-310001811972CAi Software, LLC, Revolver2024-12-310001811972Caribou Holding Company, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Contabo FincoS.À R.L, First Lien Senior Secured Term Loan2024-12-310001811972CW Group Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Dragon Bidco, First Lien Senior Secured Term Loan2024-12-310001811972Dwyer Instruments, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Electrical Components International, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 12024-12-310001811972Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 22024-12-310001811972Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 32024-12-310001811972Eurofins Digital Testing International LUX Holding SARL, Senior Subordinated Term Loan2024-12-310001811972FSS Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001811972Graphpad Software, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Graphpad Software, LLC, Revolver2024-12-310001811972NAW Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001811972NAW Buyer LLC, Revolver2024-12-310001811972NeoxCo, First Lien Senior Secured Term Loan2024-12-310001811972Next Holdco, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Next Holdco, LLC, Revolver2024-12-310001811972ORTEC INTERNATIONAL NEWCO B.V., First Lien Senior Secured Term Loan2024-12-310001811972OSP Hamilton Purchaser, LLC, First Lien Senior Secured Term Loan2024-12-310001811972OSP Hamilton Purchaser, LLC, Revolver2024-12-310001811972PDQ.Com Corporation, First Lien Senior Secured Term Loan2024-12-310001811972PowerGEM Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001811972ProfitOptics, LLC, First Lien Senior Secured Term Loan2024-12-310001811972ProfitOptics, LLC, Revolver2024-12-310001811972ProfitOptics, LLC, Senior Subordinated Term Loan2024-12-310001811972Pro-Vision Solutions Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Pro-Vision Solutions Holdings, LLC, Revolver2024-12-310001811972PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 12024-12-310001811972PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 22024-12-310001811972Saab Purchaser, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Saab Purchaser, Inc., Revolver2024-12-310001811972Scout Bidco B.V., First Lien Senior Secured Term Loan 12024-12-310001811972Scout Bidco B.V., First Lien Senior Secured Term Loan 22024-12-310001811972Scout Bidco B.V., Revolver2024-12-310001811972Sinari Invest, First Lien Senior Secured Term Loan2024-12-310001811972Smartling, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Smartling, Inc., Revolver2024-12-310001811972White Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2024-12-310001811972Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HotelGamingLeisureMemberus-gaap:DebtSecuritiesMember2024-12-310001811972ASC Communications, LLC, First Lien Senior Secured Term Loan2024-12-310001811972ASC Communications, LLC, Revolver2024-12-310001811972Superjet Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Superjet Buyer, LLC, Revolver2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaAdvertisingPrintingPublishingMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Music Reports, Inc., First Lien Senior Secured Term Loan2024-12-310001811972The Octave Music Group, Inc., First Lien Senior Secured Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaBroadcastingSubscriptionMemberus-gaap:DebtSecuritiesMember2024-12-310001811972BrightSign LLC, First Lien Senior Secured Term Loan2024-12-310001811972BrightSign LLC, Revolver2024-12-310001811972Footco 40 Limited, First Lien Senior Secured Term Loan 12024-12-310001811972Footco 40 Limited, First Lien Senior Secured Term Loan 22024-12-310001811972Learfield Communications, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Murphy Midco Limited, First Lien Senior Secured Term Loan2024-12-310001811972Rock Labor LLC, First Lien Senior Secured Term Loan2024-12-310001811972Rock Labor LLC, Revolver2024-12-310001811972Solo Buyer, L.P., First Lien Senior Secured Term Loan2024-12-310001811972Solo Buyer, L.P., Revolver2024-12-310001811972Vital Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaDiversifiedProductionMemberus-gaap:DebtSecuritiesMember2024-12-310001811972Acclime Holdings HK Limited, First Lien Senior Secured Term Loan2024-12-310001811972Acogroup, First Lien Senior Secured Term Loan2024-12-310001811972AD Bidco, Inc., First Lien Senior Secured Term Loan2024-12-310001811972AD Bidco, Inc., Revolver2024-12-310001811972Adhefin International, First Lien Senior Secured Term Loan2024-12-310001811972Adhefin International, Subordinated Term Loan2024-12-310001811972AlliA Insurance Brokers NV, First Lien Senior Secured Term Loan2024-12-310001811972Artemis Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001811972Azalea Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Azalea Buyer, Inc., Revolver2024-12-310001811972Azalea Buyer, Inc., Subordinated Term Loan2024-12-310001811972Basin Innovation Group, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Basin Innovation Group, LLC, Revolver2024-12-310001811972BNI Global, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Bounteous, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Brightpay Limited, First Lien Senior Secured Term Loan 12024-12-310001811972Brightpay Limited, First Lien Senior Secured Term Loan 22024-12-310001811972Brightpay Limited, First Lien Senior Secured Term Loan 32024-12-310001811972British Engineering Services Holdco Limited, First Lien Senior Secured Term Loan2024-12-310001811972Caldwell & Gregory LLC, First Lien Senior Secured Term Loan2024-12-310001811972Caldwell & Gregory LLC, Revolver2024-12-310001811972CGI Parent, LLC, First Lien Senior Secured Term Loan2024-12-310001811972CGI Parent, LLC, Revolver2024-12-310001811972Comply365, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Comply365, LLC, Revolver2024-12-310001811972Coyo Uprising GmbH, First Lien Senior Secured Term Loan2024-12-310001811972DataServ Integrations, LLC, First Lien Senior Secured Term Loan2024-12-310001811972DataServ Integrations, LLC, Revolver2024-12-310001811972DISA Holdings Corp., First Lien Senior Secured Term Loan2024-12-310001811972DISA Holdings Corp., Revolver2024-12-310001811972Dunlipharder B.V., First Lien Senior Secured Term Loan2024-12-310001811972EFC International, Senior Unsecured Term Loan2024-12-310001811972Electric Equipment & Engineering Co., First Lien Senior Secured Term Loan2024-12-310001811972Events Software BidCo Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001811972Fortis Payment Systems, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Fortis Payment Systems, LLC, Revolver2024-12-310001811972Greenhill II BV, First Lien Senior Secured Term Loan2024-12-310001811972HEKA Invest, First Lien Senior Secured Term Loan2024-12-310001811972Hydratech Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Hydratech Holdings, Inc., Revolver2024-12-310001811972Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan2024-12-310001811972Interstellar Group B.V., First Lien Senior Secured Term Loan2024-12-310001811972Isolstar Holding NV (IPCOM), First Lien Senior Secured Term Loan2024-12-310001811972JF Acquisition, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Jones Fish Hatcheries & Distributors LLC, First Lien Senior Secured Term Loan2024-12-310001811972Jones Fish Hatcheries & Distributors LLC, Revolver2024-12-310001811972LeadsOnline, LLC, First Lien Senior Secured Term Loan2024-12-310001811972LeadsOnline, LLC, Revolver2024-12-310001811972Long Term Care Group, Inc., First Lien Senior Secured Term Loan2024-12-310001811972MB Purchaser, LLC, First Lien Senior Secured Term Loan2024-12-310001811972MB Purchaser, LLC, Revolver2024-12-310001811972MC Group Ventures Corporation, First Lien Senior Secured Term Loan2024-12-310001811972NF Holdco, LLC, First Lien Senior Secured Term Loan2024-12-310001811972NF Holdco, LLC, Revolver2024-12-310001811972Origin Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001811972Origin Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001811972Qualified Industries, LLC, First Lien Senior Secured Term Loan 12024-12-310001811972Qualified Industries, LLC, First Lien Senior Secured Term Loan 22024-12-310001811972Qualified Industries, LLC, Revolver2024-12-310001811972Questel Unite, First Lien Senior Secured Term Loan 12024-12-310001811972Questel Unite, First Lien Senior Secured Term Loan 22024-12-310001811972Questel Unite, First Lien Senior Secured Term Loan 32024-12-310001811972Recovery Point Systems, Inc., First Lien Senior Secured Term Loan2024-12-310001811972ROI Solutions LLC, First Lien Senior Secured Term Loan2024-12-310001811972ROI Solutions LLC, Revolver2024-12-310001811972Royal Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001811972Royal Buyer, LLC, Revolver2024-12-310001811972RPX Corporation, First Lien Senior Secured Term Loan2024-12-310001811972RPX Corporation, Revolver2024-12-310001811972Sansidor BV, First Lien Senior Secured Term Loan2024-12-310001811972SBP Holdings LP, First Lien Senior Secured Term Loan2024-12-310001811972SBP Holdings LP, Revolver2024-12-310001811972Scaled Agile, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Scaled Agile, Inc., Revolver2024-12-310001811972SmartShift Group, Inc., First Lien Senior Secured Term Loan2024-12-310001811972SmartShift Group, Inc., Revolver2024-12-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), First Lien Senior Secured Term Loan2024-12-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2024-12-310001811972Starnmeer B.V., First Lien Senior Secured Term Loan2024-12-310001811972TA SL Cayman Aggregator Corp., Subordinated Term Loan2024-12-310001811972Tanqueray Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001811972Technology Service Stream BidCo Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001811972Techone B.V., First Lien Senior Secured Term Loan2024-12-310001811972Techone B.V., Revolver2024-12-310001811972Trintech, Inc., First Lien Senior Secured Term Loan2024-12-310001811972Trintech, Inc., Revolver2024-12-310001811972TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 12024-12-310001811972TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 22024-12-310001811972TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 32024-12-310001811972TSYL Corporate Buyer, Inc., Revolver2024-12-310001811972Turnberry Solutions, Inc., First Lien Senior Secured Term Loan2024-12-310001811972UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 12024-12-310001811972UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 22024-12-310001811972UHY Advisors, Inc., First Lien Senior Secured Term Loan2024-12-310001811972UHY Advisors, Inc., Revolver2024-12-310001811972Utac Ceram, First Lien Senior Secured Term Loan 12024-12-310001811972Utac Ceram, First Lien Senior Secured Term Loan 22024-12-310001811972W2O Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001811972World 50, Inc., First Lien Senior Secured Term Loan2024-12-310001811972World 50, Inc., Revolver2024-12-310001811972Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001811972Xeinadin Bidco 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LLC, Delayed Draw Term Loan2025-03-310001811972Accelevation LLC, Delayed Draw Term Loan2024-12-310001811972Accelevation LLC, Revolver2024-12-310001811972Accurus Aerospace Corporation, Revolver 12025-03-310001811972Accurus Aerospace Corporation, Revolver 12024-12-310001811972Accurus Aerospace Corporation, Revolver 22025-03-310001811972Accurus Aerospace Corporation, Revolver 22024-12-310001811972AD Bidco, Inc., Delayed Draw Term Loan2025-03-310001811972AD Bidco, Inc., Delayed Draw Term Loan2024-12-310001811972Adhefin International, Delayed Draw Term Loan2025-03-310001811972Adhefin International, Delayed Draw Term Loan2024-12-310001811972AirX Climate Solutions, Inc., Delayed Draw Term Loan2025-03-310001811972AirX Climate Solutions, Inc., Delayed Draw Term Loan2024-12-310001811972AlliA Insurance Brokers NV, Delayed Draw Term Loan2025-03-310001811972AlliA Insurance Brokers NV, Delayed Draw Term Loan2024-12-310001811972Aquavista Watersides 2 LTD, Capex / Acquisition Facility2025-03-310001811972Aquavista Watersides 2 LTD, Capex / Acquisition Facility2024-12-310001811972Arc Education, Delayed Draw Term Loan2025-03-310001811972Arc Education, Delayed Draw Term Loan2024-12-310001811972Argus Bidco Limited, Capex / Acquisition Facility2025-03-310001811972Argus Bidco Limited, Capex / Acquisition Facility2024-12-310001811972Artemis Bidco Limited, Delayed Draw Term Loan2025-03-310001811972Artemis Bidco Limited, Delayed Draw Term Loan2024-12-310001811972Astra Bidco Limited, Delayed Draw Term Loan2025-03-310001811972Astra Bidco Limited, Delayed Draw Term Loan2024-12-310001811972Avance Clinical Bidco Pty Ltd, Delayed Draw Term Loan2025-03-310001811972Avance Clinical Bidco Pty Ltd, Delayed Draw Term Loan2024-12-310001811972Azalea Buyer, Inc., Delayed Draw Term Loan2025-03-310001811972Azalea Buyer, Inc., Delayed Draw Term Loan2024-12-310001811972Basin Innovation Group, LLC, Delayed Draw Term Loan2025-03-310001811972Basin Innovation Group, LLC, Delayed Draw Term Loan2024-12-310001811972Biolam Group, Delayed Draw Term Loan2025-03-310001811972Biolam Group, Delayed Draw Term Loan2024-12-310001811972Brightpay Limited, Delayed Draw Term Loan2025-03-310001811972Brightpay Limited, Delayed Draw Term Loan2024-12-310001811972Broadstone Group UK LTD, Delayed Draw Term Loan 12025-03-310001811972Broadstone Group UK LTD, Delayed Draw Term Loan 12024-12-310001811972Broadstone Group UK LTD, Delayed Draw Term Loan 22025-03-310001811972Broadstone Group UK LTD, Delayed Draw Term Loan 22024-12-310001811972Caldwell & Gregory LLC, Delayed Draw Term Loan2025-03-310001811972Caldwell & Gregory LLC, Delayed Draw Term Loan2024-12-310001811972Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2025-03-310001811972Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2024-12-310001811972Cascade Residential Services LLC, Delayed Draw Term Loan2025-03-310001811972Cascade Residential Services LLC, Delayed Draw Term Loan2024-12-310001811972CCFF Buyer, LLC, Delayed Draw Term Loan2025-03-310001811972CCFF Buyer, LLC, Delayed Draw Term Loan2024-12-310001811972Coyo Uprising GmbH, Delayed Draw Term Loan2025-03-310001811972Coyo Uprising GmbH, Delayed Draw Term Loan2024-12-310001811972CSL DualCom, Capex / Acquisition Facility2025-03-310001811972CSL DualCom, Capex / Acquisition Facility2024-12-310001811972DAWGS Intermediate Holding Co., Revolver2025-03-310001811972DAWGS Intermediate Holding Co., Revolver2024-12-310001811972Discovery Buyer, L.P., Delayed Draw Term Loan2025-03-310001811972Discovery Buyer, L.P., Delayed Draw Term Loan2024-12-310001811972Discovery Buyer, L.P., Revolver2024-12-310001811972Dune Group, Delayed Draw Term Loan2025-03-310001811972Dune Group, Delayed Draw Term Loan2024-12-310001811972EB Development, Capex / Acquisition Facility2025-03-310001811972EB Development, Capex / Acquisition Facility2024-12-310001811972EB Development, Delayed Draw Term Loan2025-03-310001811972EB Development, Delayed Draw Term Loan2024-12-310001811972Electrical Components International, Inc., Delayed Draw Term Loan2025-03-310001811972Electrical Components International, Inc., Delayed Draw Term Loan2024-12-310001811972Events Software BidCo Pty Ltd, Delayed Draw Term Loan2025-03-310001811972Events Software BidCo Pty Ltd, Delayed Draw Term Loan2024-12-310001811972Expert Institute Group Inc., Delayed Draw Term Loan2025-03-310001811972Expert Institute Group Inc., Delayed Draw Term Loan2024-12-310001811972Expert Institute Group Inc., Revolver2024-12-310001811972Faraday, Delayed Draw Term Loan2025-03-310001811972Faraday, Delayed Draw Term Loan2024-12-310001811972Finaxy Holding, Delayed Draw Term Loan2025-03-310001811972Finaxy Holding, Delayed Draw Term Loan2024-12-310001811972Footco 40 Limited, Delayed Draw Term Loan2025-03-310001811972Footco 40 Limited, Delayed Draw Term Loan2024-12-310001811972Fortis Payment Systems, LLC, Delayed Draw Term Loan2025-03-310001811972Fortis Payment Systems, LLC, Delayed Draw Term Loan2024-12-310001811972Fortis Payment Systems, LLC, Revolver2025-03-310001811972GB Eagle Buyer, Inc., Delayed Draw Term Loan2025-03-310001811972GB Eagle Buyer, Inc., Delayed Draw Term Loan2024-12-310001811972GCDL LLC, Delayed Draw Term Loan2025-03-310001811972GCDL LLC, Delayed Draw Term Loan2024-12-310001811972Global Academic Group Limited, Term Loan2025-03-310001811972Global Academic Group Limited, Term Loan2024-12-310001811972GPNZ II GmbH, Delayed Draw Term Loan 12025-03-310001811972GPNZ II GmbH, Delayed Draw Term Loan 12024-12-310001811972GPNZ II GmbH, Delayed Draw Term Loan 22025-03-310001811972GPNZ II GmbH, Delayed Draw Term Loan 22024-12-310001811972Graphpad Software, LLC, Delayed Draw Term Loan2025-03-310001811972Graphpad Software, LLC, Delayed Draw Term Loan2024-12-310001811972Greenhill II BV, Capex / Acquisition Facility2025-03-310001811972Greenhill II BV, Capex / Acquisition Facility2024-12-310001811972Groupe Product Life, Delayed Draw Term Loan2025-03-310001811972Groupe Product Life, Delayed Draw Term Loan2024-12-310001811972Haystack Holdings LLC, Delayed Draw Term Loan2025-03-310001811972Haystack Holdings LLC, Delayed Draw Term Loan2024-12-310001811972Haystack Holdings LLC, Revolver2024-12-310001811972HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2025-03-310001811972HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2024-12-310001811972HEKA Invest, Delayed Draw Term Loan2025-03-310001811972HEKA Invest, Delayed Draw Term Loan2024-12-310001811972HomeX Services Group LLC, Delayed Draw Term Loan2025-03-310001811972HomeX Services Group LLC, Delayed Draw Term Loan2024-12-310001811972HS Advisory Buyer LLC, Delayed Draw Term Loan 12025-03-310001811972HS Advisory Buyer LLC, Delayed Draw Term Loan 12024-12-310001811972HS Advisory Buyer LLC, Delayed Draw Term Loan 22025-03-310001811972HS Advisory Buyer LLC, Delayed Draw Term Loan 22024-12-310001811972HS Advisory Buyer LLC, Delayed Draw Term Loan 32025-03-310001811972HS Advisory Buyer LLC, Delayed Draw Term Loan 32024-12-310001811972HS Advisory Buyer LLC, Revolver2024-12-310001811972HSL Compliance, Delayed Draw Term Loan2025-03-310001811972HSL Compliance, Delayed Draw Term Loan2024-12-310001811972HTI Technology & Industries, Delayed Draw Term Loan2025-03-310001811972HTI Technology & Industries, Delayed Draw Term Loan2024-12-310001811972Hydratech Holdings, Inc., Delayed Draw Term Loan2025-03-310001811972Hydratech Holdings, Inc., Delayed Draw Term Loan2024-12-310001811972Interstellar Group B.V., Delayed Draw Term Loan2025-03-310001811972Interstellar Group B.V., Delayed Draw Term Loan2024-12-310001811972InvoCare Limited, Delayed Draw Term Loan2025-03-310001811972InvoCare Limited, Delayed Draw Term Loan2024-12-310001811972Jon Bidco Limited, Capex / Acquisition Facility2025-03-310001811972Jon Bidco Limited, Capex / Acquisition Facility2024-12-310001811972Keystone Bidco B.V., Delayed Draw Term Loan2025-03-310001811972Keystone Bidco B.V., Delayed Draw Term Loan2024-12-310001811972Lambir Bidco Limited, Delayed Draw Term Loan2025-03-310001811972Lambir Bidco Limited, Delayed Draw Term Loan2024-12-310001811972Marmoutier Holding B.V., Delayed Draw Term Loan2025-03-310001811972Marmoutier Holding B.V., Delayed Draw Term Loan2024-12-310001811972MB Purchaser, LLC, Delayed Draw Term Loan2025-03-310001811972MB Purchaser, LLC, Delayed Draw Term Loan2024-12-310001811972MC Group Ventures Corporation, Delayed Draw Term Loan2025-03-310001811972MC Group Ventures Corporation, Delayed Draw Term Loan2024-12-310001811972Mercell Holding AS, Capex / Acquisition Facility2025-03-310001811972Mercell Holding AS, Capex / Acquisition Facility2024-12-310001811972Modern Star Holdings Bidco Pty Limited, Term Loan 12025-03-310001811972Modern Star Holdings Bidco Pty Limited, Term Loan 12024-12-310001811972Modern Star Holdings Bidco Pty Limited, Term Loan 22025-03-310001811972Modern Star Holdings Bidco Pty Limited, Term Loan 22024-12-310001811972Momentum Textiles, LLC, Revolver2024-12-310001811972Moonlight Bidco Limited, Delayed Draw Term Loan2025-03-310001811972Moonlight Bidco Limited, Delayed Draw Term Loan2024-12-310001811972MSI Express Inc., Delayed Draw Term Loan2025-03-310001811972MSI Express Inc., Delayed Draw Term Loan2024-12-310001811972MSI Express Inc., Revolver 12025-03-310001811972MSI Express Inc., Revolver 12024-12-310001811972MSI Express Inc., Revolver 22025-03-310001811972MSI Express Inc., Revolver 22024-12-310001811972NAW Buyer LLC, Delayed Draw Term Loan2025-03-310001811972NAW Buyer LLC, Delayed Draw Term Loan2024-12-310001811972Next Holdco, LLC, Delayed Draw Term Loan2025-03-310001811972Next Holdco, LLC, Delayed Draw Term Loan2024-12-310001811972Northstar Recycling, LLC, Delayed Draw Term Loan2025-03-310001811972Northstar Recycling, LLC, Delayed Draw Term Loan2024-12-310001811972NPM Investments 28 B.V., Delayed Draw Term Loan 12025-03-310001811972NPM Investments 28 B.V., Delayed Draw Term Loan 12024-12-310001811972NPM Investments 28 B.V., Delayed Draw Term Loan 22025-03-310001811972NPM Investments 28 B.V., Delayed Draw Term Loan 22024-12-310001811972Parkview Dental Holdings LLC, Delayed Draw Term Loan2025-03-310001811972Parkview Dental Holdings LLC, Delayed Draw Term Loan2024-12-310001811972Premium Invest, Capex / Acquisition Facility2025-03-310001811972Premium Invest, Capex / Acquisition Facility2024-12-310001811972Process Insights Acquisition, Inc., Delayed Draw Term Loan2025-03-310001811972Process Insights Acquisition, Inc., Delayed Draw Term Loan2024-12-310001811972PSP Intermediate 4, LLC, Delayed Draw Term Loan2025-03-310001811972PSP Intermediate 4, LLC, Delayed Draw Term Loan2024-12-310001811972Randys Holdings, Inc., Delayed Draw Term Loan2025-03-310001811972Randys Holdings, Inc., Delayed Draw Term Loan2024-12-310001811972Rapid Buyer LLC, Delayed Draw Term Loan2025-03-310001811972Rapid Buyer LLC, Delayed Draw Term Loan2024-12-310001811972Rapid Buyer LLC, Revolver2024-12-310001811972Rocade Holdings LLC, Preferred Equity2025-03-310001811972Rocade Holdings LLC, Preferred Equity2024-12-310001811972ROI Solutions LLC, Delayed Draw Term Loan2025-03-310001811972ROI Solutions LLC, Delayed Draw Term Loan2024-12-310001811972Saab Purchaser, Inc., Delayed Draw Term Loan2025-03-310001811972Saab Purchaser, Inc., Delayed Draw Term Loan2024-12-310001811972Sanoptis S.A.R.L., Term Loan2025-03-310001811972Sanoptis S.A.R.L., Term Loan2024-12-310001811972Sansidor BV, Capex / Acquisition Facility2025-03-310001811972Sansidor BV, Capex / Acquisition Facility2024-12-310001811972Sinari Invest, Delayed Draw Term Loan2025-03-310001811972Sinari Invest, Delayed Draw Term Loan2024-12-310001811972SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2025-03-310001811972SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2024-12-310001811972Skyvault Holdings LLC, Delayed Draw Term Loan2025-03-310001811972Skyvault Holdings LLC, Delayed Draw Term Loan2024-12-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2025-03-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2024-12-310001811972SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2025-03-310001811972SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2024-12-310001811972SSCP Pegasus Midco Limited, Delayed Draw Term Loan2025-03-310001811972SSCP Pegasus Midco Limited, Delayed Draw Term Loan2024-12-310001811972SVI International LLC, Delayed Draw Term Loan2025-03-310001811972SVI International LLC, Delayed Draw Term Loan2024-12-310001811972Tank Holding Corp, Delayed Draw Term Loan2025-03-310001811972Tank Holding Corp, Delayed Draw Term Loan2024-12-310001811972Tanqueray Bidco Limited, Capex / Acquisition Facility2025-03-310001811972Tanqueray Bidco Limited, Capex / Acquisition Facility2024-12-310001811972TAPCO Buyer LLC, Delayed Draw Term Loan2025-03-310001811972TAPCO Buyer LLC, Delayed Draw Term Loan2024-12-310001811972Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2025-03-310001811972Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2024-12-310001811972THG Acquisition, LLC, Delayed Draw Term Loan2025-03-310001811972THG Acquisition, LLC, Delayed Draw Term Loan2024-12-310001811972TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2025-03-310001811972TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2024-12-310001811972UBC Ledgers Holding AB, Delayed Draw Term Loan2025-03-310001811972UBC Ledgers Holding AB, Delayed Draw Term Loan2024-12-310001811972UHY Advisors, Inc., Delayed Draw Term Loan2025-03-310001811972UHY Advisors, Inc., Delayed Draw Term Loan2024-12-310001811972Union Bidco Limited, Capex / Acquisition Facility2025-03-310001811972Union Bidco Limited, Capex / Acquisition Facility2024-12-310001811972United Therapy Holding III GmbH, Capex / Acquisition Facility2025-03-310001811972United Therapy Holding III GmbH, Capex / Acquisition Facility2024-12-310001811972Unither (Uniholding), Delayed Draw Term Loan2025-03-310001811972Unither (Uniholding), Delayed Draw Term Loan2024-12-310001811972WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2025-03-310001811972WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2024-12-310001811972White Bidco Limited, Delayed Draw Term Loan2025-03-310001811972White Bidco Limited, Delayed Draw Term Loan2024-12-310001811972Woodland Foods, LLC, Line of Credit2025-03-310001811972Woodland Foods, LLC, Line of Credit2024-12-310001811972us-gaap:SubsequentEventMember2025-05-082025-05-08
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 814-01348 
______________________________________________________________________
Barings Capital Investment Corporation
(Exact name of registrant as specified in its charter)
__________________________________________________________
Maryland 85-0654007
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
 28202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
NoneNoneNone
________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
ý
Smaller reporting company
¨
Emerging growth company
ý
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.
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
The number of shares outstanding of the registrant’s common stock on May 8, 2025 was 31,169,306.



BARINGS CAPITAL INVESTMENT CORPORATION
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
  Page
PART I – FINANCIAL INFORMATION
Item 1.
Unaudited Consolidated Balance Sheet as of March 31, 2025 and Consolidated Balance Sheet as of December 31, 2024
Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024
Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings Capital Investment Corporation
Consolidated Balance Sheets
(in thousands, except share and per share data)
March 31, 2025December 31, 2024
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,194,282 and $1,187,354 as of
March 31, 2025 and December 31, 2024, respectively)
$1,185,535 $1,163,684 
Affiliate investments (cost of $190,740 and $187,935 as of March 31, 2025 and December 31, 2024, respectively)
196,447 193,272 
Total investments at fair value1,381,982 1,356,956 
Cash 31,586 44,490 
Foreign currencies (cost of $15,408 and $9,617 as of March 31, 2025 and December 31, 2024, respectively)
15,743 9,352 
Interest and fees receivable17,411 19,492 
Prepaid expenses and other assets371 135 
Derivative assets1,223 17,791 
Deferred financing fees6,681 7,186 
Receivable from unsettled transactions496 2,577 
Total assets$1,455,493 $1,457,979 
Liabilities:
Accounts payable and accrued liabilities$3,110 $3,782 
Interest payable5,634 3,552 
Administrative fees payable203 259 
Base management fees payable524 525 
Incentive management fees payable2,571 2,581 
Derivative liabilities3,813 3,291 
Payable from unsettled transactions13,235 395 
Borrowings under credit facility620,979 650,124 
Notes payable (net of deferred financing fees)99,905 99,893 
Total liabilities749,974 764,402 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (500,000,000 shares authorized, 31,169,306 and 30,736,412 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)
31 31 
Additional paid-in capital676,573 666,803 
Total distributable earnings 28,915 26,743 
Total net assets705,519 693,577 
Total liabilities and net assets$1,455,493 $1,457,979 
Net asset value per share$22.64 $22.57 
See accompanying notes.

3


Barings Capital Investment Corporation
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share data)
Three Months Ended
Three Months Ended
March 31, 2025March 31, 2024
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$26,384 $29,846 
Affiliate investments514 340 
Total interest income26,898 30,186 
Dividend income:
Non-Control / Non-Affiliate investments658 800 
Affiliate investments3,803 3,150 
Total dividend income4,461 3,950 
Fee and other income:
Non-Control / Non-Affiliate investments1,760 1,574 
Affiliate investments20 22 
Total fee and other income1,780 1,596 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments1,513 1,402 
Affiliate investments29 91 
Total payment-in-kind interest income1,542 1,493 
Interest income from cash5 13 
Total investment income34,686 37,238 
Operating expenses:
Interest and other financing fees11,325 13,540 
Base management fee (Note 2)524 519 
Incentive management fees (Note 2)2,571 3,199 
Other general and administrative expenses (Note 2)1,055 817 
Total operating expenses15,475 18,075 
Net investment income before taxes19,211 19,163 
Income taxes, including excise tax expense400 150 
Net investment income after taxes$18,811 $19,013 
4


Barings Capital Investment Corporation
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months Ended
Three Months Ended
March 31, 2025March 31, 2024
Realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts:
Net realized gains (losses):
Non-Control / Non-Affiliate investments$(3,142)$(3,867)
Net realized gains (losses) on investments(3,142)(3,867)
Foreign currency transactions534 (92)
Forward currency contracts11,418 (6,541)
Net realized gains (losses)8,810 (10,500)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments14,400 5,754 
Affiliate investments368 470 
Net unrealized appreciation (depreciation) on investments14,768 6,224 
Foreign currency transactions(3,456)1,661 
Forward currency contracts(17,090)11,641 
Net unrealized appreciation (depreciation)(5,778)19,526 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts3,032 9,026 
Net increase in net assets resulting from operations$21,843 $28,039 
Net investment income per share — basic and diluted$0.61 $0.65 
Net increase in net assets resulting from operations per share — basic and diluted$0.71 $0.96 
Dividends / distributions per share:
Total dividends / distributions$0.64 $0.64 
Weighted average shares outstanding — basic and diluted30,827,801 29,350,073 
    
See accompanying notes.

5


Barings Capital Investment Corporation
Unaudited Consolidated Statements of Changes in Net Assets
(in thousands, except share amounts)
Three Months Ended March 31, 2025
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings Total
Net
Assets
Number
of Shares
Par
Value
Balance, December 31, 2024
30,736,412 $31 $666,803 $26,743 $693,577 
Net investment income— — — 18,811 18,811 
Net realized gain on investments / foreign currency transactions / forward currency contracts— — — 8,810 8,810 
Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts— — — (5,778)(5,778)
Dividends / distributions432,894 — 9,770 (19,671)(9,901)
Balance, March 31, 2025
31,169,306 $31 $676,573 $28,915 $705,519 
 
Three Months Ended March 31, 2024
Common StockAdditional
Paid-In
Capital
Total Distributable Earnings Total
Net
Assets
Number
of Shares
Par
Value
Balance, December 31, 2023
29,270,679 $29 $635,451 $16,516 $651,996 
Net investment income— — — 19,013 19,013 
Net realized loss on investments / foreign currency transactions / forward currency contracts— — — (10,500)(10,500)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts— — — 19,526 19,526 
Dividends / distributions401,379 — 8,939 (18,733)(9,794)
Balance, March 31, 2024
29,672,058 $29 $644,390 $25,822 $670,241 
See accompanying notes.
6


Barings Capital Investment Corporation
Unaudited Consolidated Statements of Cash Flows 
(in thousands)
Three Months Ended
Three Months Ended
March 31, 2025March 31, 2024
Cash flows from operating activities:
Net increase in net assets resulting from operations$21,843 $28,039 
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(38,917)(51,561)
Repayments received / sales of portfolio investments44,897 43,227 
Loan origination and other fees received1,026 826 
Net realized (gain) loss on investments3,142 3,867 
Net realized (gain) loss on foreign currency transactions(534)92 
Net realized (gain) loss on forward currency contracts(11,418)6,541 
Net unrealized (appreciation) depreciation of investments (14,768)(6,224)
Net unrealized (appreciation) depreciation of foreign currency transactions3,456 (1,661)
Net unrealized (appreciation) depreciation of forward currency contracts17,090 (11,641)
Payment-in-kind interest / dividends(3,646)(3,681)
Amortization of deferred financing fees519 252 
Accretion of loan origination and other fees(1,336)(1,292)
Amortization / accretion of purchased loan premium / discount(541)(198)
Payments for derivative contracts(3,272)(8,116)
Proceeds from derivative contracts14,690 1,575 
Changes in operating assets and liabilities:
Interest and fees receivable3,174 6,528 
Prepaid expenses and other assets(237)52 
Accounts payable and accrued liabilities(1,265)(460)
Interest payable2,081 (1,068)
Net cash provided by (used in) operating activities35,984 5,097 
Cash flows from financing activities:
Borrowings under credit facility21,000  
Repayments of credit facility(53,596) 
Cash dividends / distributions paid(9,901)(9,794)
Net cash provided by (used in) financing activities(42,497)(9,794)
Net increase (decrease) in cash and foreign currencies(6,513)(4,697)
Cash and foreign currencies, beginning of period53,842 36,226 
Cash and foreign currencies, end of period$47,329 $31,529 
Supplemental disclosure of cash flow information:
Cash paid for interest$8,602 $14,275 
Excise taxes paid during the period$1,863 $800 
Summary of non-cash financing transactions:
Dividends / distributions paid through DRIP share issuances$9,770 $8,939 
See accompanying notes.
7

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
04/2204/28$8,681 $8,608 $8,507 1.2 %
(6)(7)(12)
Accurus Aerospace CorporationRevolver
SOFR + 5.75%, 10.2% Cash
04/2204/281,018 1,008 997 0.1 %
(6)(7)(12)(27)
ADB SafegateSecond Lien Senior Secured Term Loan
SOFR + 9.25%, 13.6% Cash
08/2110/277,581 7,514 7,315 1.0 %
(3)(7)(12)
ATL II MRO Holdings Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
11/2211/2810,546 10,374 10,408 1.5 %
(6)(7)(12)
ATL II MRO Holdings Inc.Revolver
SOFR + 5.50%, 9.8% Cash
11/2211/28 (30)(25) %
(6)(7)(12)(27)
Compass Precision, LLCSenior Subordinated Term Loan
11.0% Cash, 1.0% PIK
04/2204/28650 644 644 0.1 %
(6)
GB Eagle Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
12/2212/3010,793 10,554 10,718 1.5 %
(6)(7)(12)(27)
GB Eagle Buyer, Inc.Revolver
SOFR + 4.75%, 9.0% Cash
12/2212/30217 185 207  %
(6)(7)(12)(27)
M-Personal Protection Management GMBHFirst Lien Senior Secured Term Loan
EURIBOR + 5.38%, 8.1% Cash
10/2409/313,241 3,193 3,198 0.5 %
(3)(6)(7)(9)
Megawatt Acquisitionco, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
03/2403/302,075 2,039 1,950 0.3 %
(6)(7)(12)
Megawatt Acquisitionco, Inc.Revolver
SOFR + 5.50%, 9.8% Cash
03/2403/3095 89 75  %
(6)(7)(12)(27)
Narda Acquisitionco., Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/2112/272,640 2,617 2,640 0.4 %
(6)(7)(11)
Narda Acquisitionco., Inc.Revolver
SOFR + 4.75%, 9.2% Cash
12/2112/27 (5)  %
(6)(7)(11)(27)
Protego Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.9% Cash
03/2103/28430 460 419 0.1 %
(3)(6)(7)(10)
Protego Bidco B.V.Revolver
EURIBOR + 6.50%, 8.9% Cash
03/2103/27733 794 718 0.1 %
(3)(6)(7)(10)
SISU ACQUISITIONCO., INC.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
12/2012/264,942 4,909 4,508 0.6 %
(6)(7)(12)
Trident Maritime Systems, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash, 2.0% PIK
02/2102/2717,365 17,292 15,975 2.3 %
(6)(7)(12)
Whitcraft Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
02/2302/296,212 6,031 6,212 0.9 %
(6)(7)(12)
Whitcraft Holdings, Inc.Revolver
SOFR + 6.50%, 10.8% Cash
02/2302/29627 603 627 0.1 %
(6)(7)(12)(27)
Subtotal Aerospace & Defense (10.6%)*
77,846 76,879 75,093 
Automotive
Burgess Point Purchaser CorporationSecond Lien Senior Secured Term Loan
SOFR + 9.00%, 13.4% Cash
07/2207/302,273 2,205 2,109 0.3 %
(6)(7)(12)
OAC Holdings I CorpFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
03/2203/291,656 1,638 1,656 0.2 %
(6)(7)(12)
OAC Holdings I CorpRevolver
SOFR + 5.00%, 9.5% Cash
03/2203/28245 238 245  %
(6)(7)(12)(27)
Randys Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2211/2911,590 11,393 11,513 1.6 %
(6)(7)(12)(27)
Randys Holdings, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
11/2211/28615 590 607 0.1 %
(6)(7)(12)(27)
SPATCO Energy Solutions, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
07/2407/303,552 3,475 3,487 0.5 %
(6)(7)(12)(27)
SPATCO Energy Solutions, LLCRevolver
SOFR + 5.00%, 9.3% Cash
07/2407/30 (11)(9) %
(6)(7)(12)(27)
SVI International LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.0% Cash
03/2403/30588 576 588 0.1 %
(6)(7)(12)(27)
SVI International LLCRevolver
SOFR + 6.75%, 11.0% Cash
03/2403/30 (1)  %
(6)(7)(12)(27)
Subtotal Automotive (2.9%)*
20,519 20,103 20,196 
Banking, Finance, Insurance, & Real Estate
Apus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.2% Cash
02/2103/282,659 2,801 2,659 0.4 %
(3)(6)(7)(16)
Beyond Risk Management, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.9% Cash
10/2110/274,890 4,876 4,890 0.7 %
(6)(7)(12)
8

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Broadstone Group UK LTDFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.0% Cash
03/2503/30$649 $614 $623 0.1 %
(3)(6)(7)(15)(27)
Finaxy HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
11/2311/304,058 3,929 3,985 0.6 %
(3)(6)(7)(10)
Finaxy HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
05/2211/30159 131 139  %
(3)(6)(7)(10)(27)
Groupe GuemasFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.8% Cash
10/2309/302,517 2,412 2,482 0.4 %
(3)(6)(7)(10)
IM SquareFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.8% Cash
05/2105/283,457 3,785 3,389 0.5 %
(3)(6)(7)(9)
Policy Services Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash, 4.0% PIK
12/2106/2621,540 21,365 21,366 3.0 %
(6)(7)(12)
Premium InvestFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.1% Cash
06/2112/302,282 2,222 2,260 0.3 %
(3)(6)(7)(9)(27)
Russell Investments US Institutional Holdco, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 7.8% Cash, 1.5% PIK
04/2405/27522 491 512 0.1 %
(6)(7)(12)
Shelf Bidco LtdSecond Out Term Loan
SOFR + 5.00%, 9.3% Cash
10/2410/3117,226 17,144 17,144 2.4 %
(3)(6)(7)(12)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)First Lien Senior Secured Term Loan
SOFR + 4.25%, 8.6% Cash
10/2112/272,547 2,524 2,547 0.4 %
(6)(7)(11)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Revolver
SOFR + 4.25%, 8.6% Cash
10/2112/27 (6)  %
(6)(7)(11)(27)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Subordinated Term Loan
SOFR + 7.75%, 12.2% PIK
10/2110/283,650 3,613 3,650 0.5 %
(6)(7)(13)
THG Acquisition, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
10/2410/313,665 3,623 3,627 0.5 %
(6)(7)(11)(27)
THG Acquisition, LLCRevolver
SOFR + 4.75%, 9.0% Cash
10/2410/3124 20 20  %
(6)(7)(11)(27)
Turbo Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
11/2112/257,971 7,942 7,517 1.1 %
(6)(7)(12)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
08/2312/271,882 1,850 1,855 0.3 %
(6)(7)(12)(27)
Subtotal Banking, Finance, Insurance, & Real Estate (11.1%)*
79,698 79,336 78,665 
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC2024 LIFO Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/264,370 4,239 4,370 0.6 %
(6)(7)(12)
CTI Foods Holdings Co., LLCFirst Out Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/262,154 2,101 2,154 0.3 %
(6)(7)(12)
CTI Foods Holdings Co., LLCFirst Out Term Loan
SOFR + 7.00%, 11.6% PIK
02/2405/26809 809 809 0.1 %
(6)(7)(12)
CTI Foods Holdings Co., LLCSecond Out Term Loan
SOFR + 9.00%, 13.6% PIK
02/2405/26618 618 618 0.1 %
(6)(7)(12)
Innovad Group II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.4% Cash
04/2104/284,400 4,707 4,400 0.6 %
(3)(6)(7)(9)
Innovad Group II BVFirst Lien Senior Secured Term Loan
SARON + 5.00%, 5.2% Cash
05/2304/28685 673 685 0.1 %
(3)(6)(7)(21)
Riedel Beheer B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.6% Cash
12/2112/282,240 2,267 1,942 0.3 %
(3)(6)(7)(9)
Woodland Foods, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
12/2112/273,603 3,566 3,549 0.5 %
(6)(7)(12)
Woodland Foods, LLCRevolver
SOFR + 5.50%, 10.0% Cash
12/2112/27342 331 326  %
(6)(7)(12)(27)
ZB Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
02/2202/284,582 4,521 4,525 0.6 %
(6)(7)(12)
ZB Holdco LLCRevolver
SOFR + 5.50%, 10.0% Cash
02/2202/28241 237 236  %
(6)(7)(12)(27)
Subtotal Beverage, Food, & Tobacco (3.3%)*
24,044 24,069 23,614 
Capital Equipment
AirX Climate Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2311/29660 651 652 0.1 %
(6)(7)(12)
AirX Climate Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
11/2311/29660 641 654 0.1 %
(6)(7)(12)(27)
AirX Climate Solutions, Inc.Revolver
SOFR + 5.75%, 10.1% Cash
11/2311/29 (3)  %
(6)(7)(12)(27)
9

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
APC1 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.6% Cash
07/2207/29$2,484 $2,327 $2,484 0.4 %
(3)(6)(7)(9)
BPG Holdings IV CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
03/2307/299,384 8,957 8,351 1.2 %
(6)(7)(12)
Cobham Slip Rings SASFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
11/2111/281,995 1,971 1,995 0.3 %
(3)(6)(7)(12)
DAWGS Intermediate Holdings Co.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
03/2503/301,848 1,829 1,829 0.3 %
(6)(7)(12)
DAWGS Intermediate Holdings Co.Revolver
SOFR + 4.50%, 8.8% Cash
03/2503/3023 17 17  %
(6)(7)(12)(27)
Polara Enterprises, L.L.C.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/2112/271,628 1,612 1,628 0.2 %
(6)(7)(11)
Polara Enterprises, L.L.C.Revolver
SOFR + 4.75%, 9.2% Cash
12/2112/27 (2)  %
(6)(7)(11)(27)
Process Insights Acquisition, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
07/2307/293,821 3,751 3,730 0.5 %
(6)(7)(12)(27)
Process Insights Acquisition, Inc.Revolver
SOFR + 6.25%, 10.6% Cash
07/2307/29354 342 339  %
(6)(7)(12)(27)
Rapid Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
10/2410/303,242 3,179 3,179 0.5 %
(6)(7)(12)(27)
Rapid Buyer LLCRevolver
SOFR + 4.75%, 9.0% Cash
10/2410/30 (11)(11) %
(6)(7)(12)(27)
TAPCO Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2411/302,769 2,707 2,712 0.4 %
(6)(7)(12)(27)
TAPCO Buyer LLCRevolver
SOFR + 5.00%, 9.3% Cash
11/2411/30 (8)(8) %
(6)(7)(12)(27)
Tencarva Machinery Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/2112/274,112 4,077 4,051 0.6 %
(6)(7)(12)
Tencarva Machinery Company, LLCRevolver
SOFR + 4.75%, 9.2% Cash
12/2112/27 (6)(11) %
(6)(7)(12)(27)
Subtotal Capital Equipment (4.5%)*
32,980 32,031 31,591 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
04/2304/291,750 1,718 1,718 0.2 %
(6)(7)(11)
Americo Chemical Products, LLCRevolver
SOFR + 5.00%, 9.3% Cash
04/2304/29 (8)(8) %
(6)(7)(11)(27)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
BBSY + 6.08%, 10.2% Cash
11/2110/28803 919 797 0.1 %
(3)(6)(7)(18)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.08%, 8.6% Cash
11/2110/287,077 7,151 7,023 1.0 %
(3)(6)(7)(9)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.83%, 10.1% Cash
01/2310/28977 940 977 0.1 %
(3)(6)(7)(10)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
SOFR + 6.08%, 10.7% Cash
11/2110/281,090 1,090 1,081 0.2 %
(3)(6)(7)(12)
Aptus 1829. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
09/2109/271,524 1,631 1,366 0.2 %
(3)(6)(7)(10)
Subtotal Chemicals, Plastics, & Rubber (1.8%)*
13,221 13,441 12,954 
Construction & Building
BKF Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
08/2408/303,434 3,378 3,379 0.5 %
(6)(7)(11)
BKF Buyer, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
08/2408/30 (20)(20) %
(6)(7)(11)(27)
EMI Porta Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
12/2112/277,924 7,843 7,440 1.1 %
(6)(7)(12)
EMI Porta Holdco LLCRevolver
SOFR + 5.75%, 10.2% Cash
12/2112/27229 217 151  %
(6)(7)(11)(27)
MNS Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
08/2108/27660 654 660 0.1 %
(6)(7)(11)
Ocelot Holdco LLCSuper Senior Takeback Loan
10.0% Cash
10/2310/2796 96 96  %
(6)(7)
Ocelot Holdco LLCTakeback Term loan
10.0% Cash
10/2310/27513 513 513 0.1 %
(6)(7)
Subtotal Construction & Building (1.7%)*
12,856 12,681 12,219 
Consumer goods: Durable
DecksDirect, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 11.0% Cash
12/2112/281,553 1,534 1,295 0.2 %
(6)(7)(12)
10

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
DecksDirect, LLCRevolver
SOFR + 6.50%, 11.0% Cash
12/2112/28$254 $250 $191  %
(6)(7)(12)(27)
Gojo Industries, Inc. First Lien Senior Secured Term Loan
SOFR + 9.50%, 13.8% Cash
10/2310/282,412 2,358 2,361 0.3 %
(6)(7)(11)
HTI Technology & IndustriesFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 13.0% Cash
07/2201/265,545 5,535 5,118 0.7 %
(6)(7)(13)(27)
HTI Technology & IndustriesRevolver
SOFR + 8.50%, 13.0% Cash
07/2201/26 (1)(44) %
(6)(7)(13)(27)
Momentum Textiles, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
03/2503/302,220 2,198 2,198 0.3 %
(6)(7)(11)
Momentum Textiles, LLCRevolver
SOFR + 5.50%, 9.8% Cash
03/2503/30 (3)(3) %
(6)(7)(11)(27)
Renovation Parent Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
11/2111/277,448 7,362 6,920 1.0 %
(6)(7)(12)
Team Air Distributing, LLCSubordinated Term Loan
14.0% Cash
05/2305/28753 740 739 0.1 %
(6)
Terrybear, Inc.Subordinated Term Loan
10.0% Cash, 4.0% PIK
04/2204/28288 285 266  %
(6)
Victoria Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.2% Cash
03/2209/308,330 8,474 8,122 1.2 %
(3)(6)(7)(16)
Subtotal Consumer goods: Durable (3.9%)*
28,803 28,732 27,163 
Consumer goods: Non-durable
BidwaxFirst Lien Senior Secured Term Loan
EURIBOR + 6.40%, 9.2% Cash
02/2102/282,268 2,446 2,264 0.3 %
(3)(6)(7)(10)
CCFF Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
02/2402/303,426 3,355 3,372 0.5 %
(6)(7)(13)(27)
CCFF Buyer, LLCRevolver
SOFR + 5.00%, 9.3% Cash
02/2402/30 (10)(8) %
(6)(7)(13)(27)
David Wood Baking UK Ltd Second Lien Senior Secured Term Loan
SONIA + 10.00%, 14.7% Cash
04/2404/29887 853 849 0.1 %
(3)(6)(7)(16)
Herbalife Ltd.First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.1% Cash
04/2404/293,291 3,092 3,292 0.5 %
(3)(7)(11)
Ice House America, L.L.C.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
01/2401/302,140 2,104 2,107 0.3 %
(6)(7)(12)
Ice House America, L.L.C.Revolver
SOFR + 5.50%, 9.8% Cash
01/2401/30160 156 156  %
(6)(7)(12)(27)
Modern Star Holdings Bidco Pty LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.00%, 10.1% Cash
12/2012/261,927 2,214 1,927 0.3 %
(3)(6)(7)(17)(27)
Safety Products Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/2012/266,296 6,259 6,296 0.9 %
(6)(7)(12)
Subtotal Consumer goods: Non-durable (2.9%)*
20,395 20,469 20,255 
Containers, Packaging, & Glass
Diversified Packaging Holdings LLCSecond Lien Senior Secured Term Loan
11.0% Cash, 1.5% PIK
06/2406/29809 794 792 0.1 %
(6)(7)
Five Star Holding LLCSecond Lien Senior Secured Term Loan
SOFR + 7.25%, 11.6% Cash
05/2205/307,143 7,042 6,921 1.0 %
(6)(7)(12)
Media Recovery, Inc. (SpotSee)First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
09/2409/301,209 1,193 1,194 0.2 %
(6)(7)(12)
Media Recovery, Inc. (SpotSee)First Lien Senior Secured Term Loan
SONIA + 4.50%, 9.0% Cash
09/2409/302,493 2,557 2,462 0.3 %
(6)(7)(14)
Media Recovery, Inc. (SpotSee)Revolver
SOFR + 4.50%, 8.8% Cash
09/2409/3028 22 22  %
(6)(7)(12)(27)
Media Recovery, Inc. (SpotSee)Revolver
SONIA + 4.50%, 9.0% Cash
09/2409/30 (7)(7) %
(6)(7)(14)(27)
MSI Express Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
03/2503/301,458 1,436 1,435 0.2 %
(6)(7)(12)(27)
MSI Express Inc.Revolver
SOFR + 4.75%, 9.1% Cash
03/2503/30172 163 163  %
(6)(7)(12)(27)
OG III B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.8% Cash
06/2106/284,604 5,097 4,561 0.6 %
(3)(6)(7)(9)
OG III B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
06/2106/282,088 2,189 2,069 0.3 %
(3)(6)(7)(9)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/287,143 7,052 7,062 1.0 %
(6)(7)(11)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
05/2303/282,021 1,981 1,998 0.3 %
(6)(7)(11)
11

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Tank Holding CorpRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/28$ $(7)$(7) %
(6)(7)(11)(27)
Subtotal Containers, Packaging, & Glass (4.1%)*
29,168 29,512 28,665 
Energy: Electricity
WWEC Holdings III CorpFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
10/2210/286,419 6,323 6,323 0.9 %
(6)(7)(12)
WWEC Holdings III CorpRevolver
SOFR + 5.00%, 9.3% Cash
10/2210/28 (12)(14) %
(6)(7)(12)(27)
Subtotal Energy: Electricity (0.9%)*
6,419 6,311 6,309 
Environmental Industries
Bridger Aerospace Group Holdings, LLCMunicipal Revenue Bond
11.5% Cash
07/2209/2713,600 13,600 14,001 2.0 %
Entact Environmental Services, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
02/2101/274,003 3,994 3,991 0.6 %
(6)(7)(12)
Northstar Recycling, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.65%, 9.0% Cash
12/2412/303,427 3,376 3,427 0.5 %
(6)(7)(12)(27)
Northstar Recycling, LLCRevolver
SOFR + 4.65%, 9.0% Cash
12/2412/30 (8)  %
(6)(7)(12)(27)
Subtotal Environmental Industries (3.0%)*
21,030 20,962 21,419 
Healthcare & Pharmaceuticals
A.T. Holdings II LTDFirst Lien Senior Secured Term Loan
6.7% Cash, 7.6% PIK
11/2209/297,895 7,125 4,982 0.7 %
(3)(6)(28)
Amalfi MidcoSecond Lien Senior Secured Term Loan
17.5% PIK
09/2210/28149 151 155  %
(3)(6)
Amalfi MidcoSubordinated Loan Notes
2.0% Cash, 9.0% PIK
09/2209/283,063 2,708 2,910 0.4 %
(3)(6)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
11/2111/28322 318 321  %
(3)(6)(7)(9)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.5% Cash
11/2111/281,956 1,971 1,952 0.3 %
(3)(6)(7)(16)(27)
Avance Clinical Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.50%, 8.7% Cash
11/2111/271,325 1,476 1,325 0.2 %
(3)(6)(7)(18)(27)
Biolam GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.25%, 8.2% PIK
12/2212/294,496 4,377 2,140 0.3 %
(3)(6)(7)(10)(25)
(27)
Canadian Orthodontic Partners Corp.First Lien Senior Secured Term Loan
CORRA + 7.0% PIK, 10.3% PIK
06/2112/261,521 1,781 290  %
(3)(6)(7)(19)(25)
Canadian Orthodontic Partners Corp.Super Senior Secured Term Loan
15.0% PIK
04/2412/2680 79 256  %
(3)(6)(27)
Ceres Pharma NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.9% Cash
10/2110/282,952 3,006 2,929 0.4 %
(3)(6)(7)(10)
Ceres Pharma NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.4% Cash
10/2110/282,567 2,486 2,567 0.4 %
(3)(6)(7)(10)
Coherus Biosciences, Inc.First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.3% Cash
05/2405/291,995 1,940 1,952 0.3 %
(6)(7)(12)
Dune GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.6% Cash
09/2109/28196 191 151  %
(3)(6)(7)(10)(27)
Dune GroupFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.3% Cash
09/2109/283,483 3,453 3,306 0.5 %
(3)(6)(7)(12)
EB DevelopmentFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
11/2411/311,901 1,783 1,834 0.3 %
(3)(6)(7)(9)(27)
Ellkay, LLCFirst Lien Senior Secured Term Loan
SOFR + 7.50%, 10.0% Cash, 2.0% PIK
09/2109/273,705 3,671 3,386 0.5 %
(6)(7)(12)
FaradayFirst Lien Senior Secured Term Loan
EURIBOR + 6.10%, 8.5% Cash
01/2301/291,645 1,621 1,633 0.2 %
(3)(6)(7)(9)
FinexvetFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.1% Cash
03/2203/294,887 4,877 4,848 0.7 %
(3)(6)(7)(10)
Forest Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
03/2403/306,107 6,026 6,107 0.9 %
(6)(7)(12)
Forest Buyer, LLCRevolver
SOFR + 5.00%, 9.3% Cash
03/2403/30 (6)  %
(6)(7)(12)(27)
GCDL LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
08/2408/27538 529 529 0.1 %
(6)(7)(12)(27)
GCDL LLCRevolver
SOFR + 6.00%, 10.3% Cash
08/2408/27 (2)(2) %
(6)(7)(12)(27)
12

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
06/2206/29$294 $296 $294  %
(3)(6)(7)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
11/2402/3086 85 86  %
(3)(6)(7)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
03/2506/30    %
(3)(6)(7)(27)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.9% PIK
06/2206/29465 446 24  %
(3)(6)(7)(8)(25)
Groupe Product LifeFirst Lien Senior Secured Term Loan
EURIBOR + 5.70%, 8.1% Cash
10/2210/29814 762 802 0.1 %
(3)(6)(7)(9)(27)
Groupe Product LifeFirst Lien Senior Secured Term Loan
EURIBOR + 5.95%, 8.4% Cash
10/2210/29166 163 166  %
(3)(6)(7)(9)(27)
HeartHealth Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.4% Cash
09/2209/28698 705 601 0.1 %
(3)(6)(7)(18)(27)
Heartland Veterinary Partners, LLCSubordinated Term Loan
11.0% PIK
11/2112/285,142 5,093 4,756 0.7 %
(6)
HemaSource, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
08/2308/293,431 3,362 3,431 0.5 %
(6)(7)(11)
HemaSource, Inc.Revolver
SOFR + 4.75%, 9.1% Cash
08/2308/29 (17)  %
(6)(7)(11)(27)
Home Care Assistance, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
03/2103/274,399 4,366 3,884 0.6 %
(6)(7)(13)
Hygie 31 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.88%, 8.2% Cash
09/2209/29292 255 290  %
(3)(6)(7)(10)
ISTO Technologies II, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
10/2310/282,239 2,196 2,239 0.3 %
(6)(7)(12)
ISTO Technologies II, LLCRevolver
SOFR + 4.75%, 9.0% Cash
10/2310/28 (4)  %
(6)(7)(12)(27)
Jon Bidco LimitedFirst Lien Senior Secured Term Loan
BKBM + 4.50%, 8.7% Cash
03/2203/271,994 2,349 1,994 0.3 %
(3)(6)(7)(20)(27)
Keystone Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
08/2408/31857 857 847 0.1 %
(3)(6)(7)(10)(27)
Keystone Bidco B.V.Revolver
EURIBOR + 5.25%, 7.8% Cash
08/2405/3119 18 19  %
(3)(6)(7)(10)(27)
Lambir Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.6% Cash
12/2112/283,888 3,942 3,664 0.5 %
(3)(6)(7)(10)(27)
Lambir Bidco LimitedSecond Lien Senior Secured Term Loan
12.0% PIK
12/2106/291,359 1,379 1,249 0.2 %
(3)(6)
Median B.V.First Lien Senior Secured Term Loan
SONIA + 5.93%, 10.5% Cash
02/2210/274,001 4,128 3,872 0.5 %
(3)(7)(15)
Moonlight Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.00%, 9.5% Cash
07/2307/301,917 1,886 1,917 0.3 %
(3)(6)(7)(15)(27)
Napa Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.00%, 9.2% Cash
03/2203/286,502 7,400 6,502 0.9 %
(3)(6)(7)(18)
Navia Benefit Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.9% Cash
05/2102/2714,827 14,725 14,826 2.1 %
(6)(7)(11)
NPM Investments 28 B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash
09/2210/291,967 1,743 1,967 0.3 %
(3)(6)(7)(9)(27)
OA Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
12/2112/286,434 6,357 6,434 0.9 %
(6)(7)(11)
OA Buyer, Inc.Revolver
SOFR + 4.50%, 8.8% Cash
12/2112/28 (14)  %
(6)(7)(11)(27)
Ocular Therapeutix, Inc.First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.1% Cash
08/2307/291,965 1,918 2,425 0.3 %
(3)(6)(7)(11)
Oracle Vision Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.00%, 9.7% Cash
06/2106/281,370 1,473 1,344 0.2 %
(3)(6)(7)(16)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 8.25%, 12.6% Cash
10/2310/2923 19 20  %
(6)(7)(11)(27)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 8.30%, 12.7% Cash
10/2310/29476 468 470 0.1 %
(6)(7)(11)
Sanoptis S.A.R.L.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
06/2207/292,427 2,260 2,319 0.3 %
(3)(6)(7)(10)(27)
Sanoptis S.A.R.L.First Lien Senior Secured Term Loan
SARON + 5.75%, 6.2% Cash
06/2207/291,149 1,097 1,124 0.2 %
(3)(6)(7)(22)(27)
SSCP Pegasus Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
12/2011/271,816 1,778 1,816 0.3 %
(3)(6)(7)(15)(27)
SSCP Spring Bidco 3 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.45%, 11.2% Cash
11/2308/30989 936 972 0.1 %
(3)(6)(7)(16)
Union Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.59%, 9.3% Cash
06/2206/29962 893 961 0.1 %
(3)(6)(7)(15)(27)
13

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
United Therapy Holding III GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.2% Cash
04/2203/29$1,934 $1,881 $1,455 0.2 %
(3)(6)(7)(9)(27)
Unither (Uniholding)First Lien Senior Secured Term Loan
EURIBOR + 4.93%, 7.3% Cash
03/2303/302,047 1,968 2,047 0.3 %
(3)(6)(7)(9)(27)
VB Spine Intermediary II LLCFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 12.8% Cash
03/2503/3013,602 13,058 13,058 1.9 %
(6)(7)(12)
Subtotal Healthcare & Pharmaceuticals (18.6%)*
141,334 139,788 131,446 
High Tech Industries
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK
07/2207/29989 938 913 0.1 %
(3)(6)(7)(10)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash, 3.3% PIK
07/2207/2967 66 62  %
(3)(6)(7)(13)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 2.8% PIK
07/2207/29886 799 803 0.1 %
(3)(6)(7)(16)(27)
Argus Bidco LimitedSecond Lien Senior Secured Term Loan
10.5% PIK
07/2207/29435 406 396 0.1 %
(3)(6)
CAi Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
12/2112/284,681 4,628 4,681 0.7 %
(6)(7)(12)
CAi Software, LLCRevolver
SOFR + 5.00%, 9.6% Cash
12/2112/28354 346 354 0.1 %
(6)(7)(12)(27)
Contabo Finco
S.À R.L
First Lien Senior Secured Term Loan
EURIBOR + 5.15%, 7.8% Cash
10/2210/291,006 912 1,006 0.1 %
(3)(6)(7)(9)
CW Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
01/2101/277,779 7,719 7,779 1.1 %
(6)(7)(12)
Discovery Buyer, L.P.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
02/2502/324,360 4,276 4,274 0.6 %
(6)(7)(12)(27)
Discovery Buyer, L.P.Revolver
SOFR + 5.00%, 9.3% Cash
02/2502/32 (8)(8) %
(6)(7)(12)(27)
Dragon BidcoFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.9% Cash
04/2104/284,753 4,821 4,753 0.7 %
(3)(6)(7)(9)
Dwyer Instruments, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
07/2107/2911,215 11,106 11,086 1.6 %
(6)(7)(12)
Electrical Components International, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
05/2405/293,528 3,467 3,465 0.5 %
(6)(7)(12)(27)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.4% PIK
12/2212/291,164 998 556 0.1 %
(3)(6)(7)(10)(25)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 12.4% PIK
12/2212/29609 521 291  %
(3)(6)(7)(12)(25)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 12.4% PIK
12/2212/291,615 1,505 772 0.1 %
(3)(6)(7)(16)(25)
Eurofins Digital Testing International LUX Holding SARLSenior Subordinated Term Loan
11.5% PIK
12/2212/30497 428   %
(3)(6)(25)
FSS Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
08/2108/287,510 7,429 7,510 1.1 %
(6)(7)(11)
Graphpad Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
06/2406/315,692 5,660 5,692 0.8 %
(6)(7)(12)(27)
Graphpad Software, LLCRevolver
SOFR + 4.75%, 9.0% Cash
06/2406/31 (2)  %
(6)(7)(12)(27)
Haystack Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
01/2501/282,888 2,844 2,843 0.4 %
(6)(7)(12)(27)
Haystack Holdings LLCRevolver
SOFR + 4.75%, 9.0% Cash
01/2501/28 (4)(4) %
(6)(7)(12)(27)
NAW Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
09/2309/293,023 2,934 3,023 0.4 %
(6)(7)(12)(27)
NAW Buyer LLCRevolver
SOFR + 5.50%, 9.8% Cash
09/2309/29 (7)  %
(6)(7)(12)(27)
NeoxCoFirst Lien Senior Secured Term Loan
EURIBOR + 6.35%, 8.9% Cash
01/2301/302,583 2,527 2,583 0.4 %
(3)(6)(7)(10)
Next Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/2311/302,232 2,220 2,208 0.3 %
(6)(7)(12)(27)
Next Holdco, LLCRevolver
SOFR + 5.25%, 9.6% Cash
11/2311/29 (1)(1) %
(6)(7)(12)(27)
14

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
ORTEC INTERNATIONAL NEWCO B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
12/2312/30$987 $976 $973 0.1 %
(3)(6)(7)(9)
OSP Hamilton Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/2112/296,785 6,707 6,711 1.0 %
(6)(7)(12)
OSP Hamilton Purchaser, LLCRevolver
SOFR + 5.00%, 9.3% Cash
12/2112/29126 122 123  %
(6)(7)(12)(27)
PDQ.Com CorporationFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
08/2108/2712,486 12,366 12,361 1.8 %
(6)(7)(12)
PowerGEM Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2411/292,776 2,776 2,752 0.4 %
(6)(7)(12)
ProfitOptics, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/28643 636 643 0.1 %
(6)(7)(11)
ProfitOptics, LLCRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/2897 95 97  %
(6)(7)(11)(27)
ProfitOptics, LLCSenior Subordinated Term Loan
8.0% Cash
03/2203/2932 32 31  %
(6)
Pro-Vision Solutions Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
09/2409/307,716 7,610 7,620 1.1 %
(6)(7)(11)
Pro-Vision Solutions Holdings, LLCRevolver
SOFR + 4.50%, 8.8% Cash
09/2409/29351 323 325  %
(6)(7)(11)(27)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
05/2205/29883 847 883 0.1 %
(3)(6)(7)(9)(27)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
05/2205/291,411 1,395 1,411 0.2 %
(3)(6)(7)(12)
Saab Purchaser, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2411/317,128 7,041 7,049 1.0 %
(6)(7)(12)(27)
Saab Purchaser, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
11/2411/31 (9)(8) %
(6)(7)(12)(27)
Scout Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.2% Cash
05/2205/293,924 3,826 3,920 0.6 %
(3)(6)(7)(9)
Scout Bidco B.V.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
08/2305/29508 508 508 0.1 %
(3)(6)(7)(12)
Scout Bidco B.V.Revolver
EURIBOR + 5.75%, 8.2% Cash
05/2205/29 (2)(6) %
(3)(6)(7)(9)(27)
Sinari InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
07/2307/301,974 1,945 1,969 0.3 %
(3)(6)(7)(10)(27)
Smartling, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.9% Cash
11/2111/279,121 9,032 9,121 1.3 %
(6)(7)(13)
Smartling, Inc.Revolver
SOFR + 4.50%, 8.9% Cash
11/2111/27 (5)  %
(6)(7)(13)(27)
White Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
10/2310/30875 848 875 0.1 %
(3)(6)(7)(12)(27)
Subtotal High Tech Industries (17.3%)*
125,689 123,597 122,395 
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTDFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
12/2112/281,947 1,957 1,939 0.3 %
(3)(6)(7)(16)
Aquavista Watersides 2 LTDSecond Lien Senior Secured Term Loan
SONIA + 10.5% PIK, 15.6% PIK
12/2112/28653 655 648 0.1 %
(3)(6)(7)(16)
Subtotal Hotel, Gaming, & Leisure (0.4%)*
2,600 2,612 2,587 
Media: Advertising, Printing & Publishing
ASC Communications, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
07/2207/278,071 8,004 8,071 1.1 %
(6)(7)(11)
ASC Communications, LLCRevolver
SOFR + 4.75%, 9.2% Cash
07/2207/27 (5)  %
(6)(7)(11)(27)
Superjet Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
12/2112/2715,992 15,827 15,765 2.2 %
(6)(7)(12)
Superjet Buyer, LLCRevolver
SOFR + 5.50%, 10.1% Cash
12/2112/27 (14)(21) %
(6)(7)(12)(27)
Subtotal Media: Advertising, Printing & Publishing (3.4%)*
24,063 23,812 23,815 
Media: Broadcasting & Subscription
Music Reports, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
08/2008/265,031 4,998 4,800 0.7 %
(6)(7)(12)
The Octave Music Group, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
06/2403/293,584 3,584 3,504 0.5 %
(7)(12)
Subtotal Media: Broadcasting & Subscription (1.2%)*
8,615 8,582 8,304 
15

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Media: Diversified & Production
BrightSign LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
10/2110/27$3,755 $3,739 $3,755 0.5 %
(6)(7)(11)
BrightSign LLCRevolver
SOFR + 5.50%, 9.9% Cash
10/2110/27584 581 584 0.1 %
(6)(7)(11)(27)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.2% Cash
04/2204/29227 223 226  %
(3)(6)(7)(9)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 10.9% Cash
04/2204/291,648 1,638 1,639 0.2 %
(3)(6)(7)(15)(27)
Learfield Communications, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
10/2406/283,886 3,873 3,884 0.6 %
(7)(11)
Murphy Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.2% Cash
11/2011/271,893 1,866 1,834 0.3 %
(3)(6)(7)(16)
Rock Labor LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
09/2309/293,694 3,604 3,646 0.5 %
(6)(7)(11)
Rock Labor LLCRevolver
SOFR + 5.50%, 9.8% Cash
09/2309/29 (14)(8) %
(6)(7)(12)(27)
Solo Buyer, L.P.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
12/2212/2913,293 13,043 13,279 1.9 %
(6)(7)(12)
Solo Buyer, L.P.Revolver
SOFR + 6.25%, 10.6% Cash
12/2212/28519 500 517 0.1 %
(6)(7)(12)(27)
Vital Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.0% Cash
06/2106/3011,903 11,781 11,784 1.7 %
(6)(7)(12)
Subtotal Media: Diversified & Production (5.8%)*
41,402 40,834 41,140 
Services: Business
Accelevation LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
01/2501/311,789 1,753 1,752 0.2 %
(6)(7)(11)(27)
Accelevation LLCRevolver
SOFR + 5.00%, 9.3% Cash
01/2501/3170 62 62  %
(6)(7)(11)(27)
Acclime Holdings HK LimitedFirst Lien Senior Secured Term Loan
SOFR + 6.38%, 10.7% Cash
08/2108/271,941 1,917 1,917 0.3 %
(3)(6)(7)(13)
AcogroupFirst Lien Senior Secured Term Loan
4.0% Cash, EURIBOR + 2.9% PIK, 6.4% PIK
03/2204/283,080 3,098 2,137 0.3 %
(3)(6)(7)(9)
AD Bidco, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
03/2403/303,358 3,260 3,358 0.5 %
(6)(7)(12)(27)
AD Bidco, Inc.Revolver
SOFR + 5.25%, 9.5% Cash
03/2403/30 (9)  %
(6)(7)(12)(27)
Adhefin InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.1% Cash
05/2305/301,790 1,779 1,784 0.3 %
(3)(6)(7)(9)(27)
Adhefin InternationalSubordinated Term Loan
EURIBOR + 10.5% PIK, 14.4% PIK
05/2311/30345 344 345  %
(3)(6)(7)(9)
AlliA Insurance Brokers NVFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.4% Cash
03/2303/304,797 4,650 4,797 0.7 %
(3)(6)(7)(9)(27)
Artemis Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.5% Cash
11/2411/31296 262 270  %
(3)(6)(7)(9)(27)
Azalea Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.7% Cash
11/2111/273,182 3,151 3,182 0.5 %
(6)(7)(11)
Azalea Buyer, Inc.Revolver
SOFR + 5.25%, 9.7% Cash
11/2111/27 (3)  %
(6)(7)(11)(27)
Azalea Buyer, Inc.Subordinated Term Loan
12.0% PIK
11/2105/281,246 1,236 1,246 0.2 %
(6)
Basin Innovation Group, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/2412/301,945 1,913 1,915 0.3 %
(6)(7)(12)(27)
Basin Innovation Group, LLCRevolver
SOFR + 5.00%, 9.3% Cash
12/2412/30 (4)(3) %
(6)(7)(12)(27)
BNI Global, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.8% Cash
02/2405/272,454 2,422 2,435 0.3 %
(6)(7)(8)
Bounteous, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
08/2108/277,934 7,866 7,902 1.1 %
(6)(7)(11)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.4% Cash, 0.3% PIK
10/2110/281,657 1,751 1,630 0.2 %
(3)(6)(7)(9)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.4% Cash
10/2110/28372 352 366 0.1 %
(3)(6)(7)(9)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.0% Cash
10/2110/28101 98 100  %
(3)(6)(7)(9)
British Engineering Services Holdco LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 11.7% Cash
12/2012/272,418 2,477 2,373 0.3 %
(3)(6)(7)(16)
16

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Caldwell & Gregory LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
09/2409/30$11,605 $11,434 $11,437 1.6 %
(6)(7)(12)(27)
Caldwell & Gregory LLCRevolver
SOFR + 4.75%, 9.0% Cash
09/2409/30 (19)(19) %
(6)(7)(12)(27)
CGI Parent, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
02/2202/286,140 6,062 6,079 0.9 %
(6)(7)(12)
CGI Parent, LLCRevolver
SOFR + 4.50%, 8.8% Cash
02/2202/28551 534 534 0.1 %
(6)(7)(12)(27)
Comply365, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
04/2212/296,594 6,520 6,442 0.9 %
(6)(7)(12)
Comply365, LLCRevolver
SOFR + 5.00%, 9.4% Cash
04/2212/29 (6)(13) %
(6)(7)(12)(27)
Coyo Uprising GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.3% Cash, 0.3% PIK
09/2109/2811,212 11,811 10,891 1.5 %
(3)(6)(7)(10)(27)
DataServ Integrations, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
11/2211/281,871 1,843 1,871 0.3 %
(6)(7)(13)
DataServ Integrations, LLCRevolver
SOFR + 5.50%, 10.0% Cash
11/2211/28 (6)  %
(6)(7)(13)(27)
DISA Holdings Corp.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2209/284,622 4,533 4,622 0.7 %
(6)(7)(12)
DISA Holdings Corp.Revolver
SOFR + 5.00%, 9.3% Cash
11/2209/2857 52 57  %
(6)(7)(12)(27)
Dunlipharder B.V.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
06/2206/281,000 991 999 0.1 %
(3)(6)(7)(12)
EFC InternationalSenior Unsecured Term Loan
11.0% Cash, 2.5% PIK
03/2305/28720 704 714 0.1 %
(6)
Electric Equipment & Engineering Co.First Lien Senior Secured Term Loan
10.5% Cash, 3.0% PIK
12/2412/30316 310 310  %
(6)
Events Software BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
03/2203/281,580 1,854 1,340 0.2 %
(3)(6)(7)(18)(27)
Expert Institute Group Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
03/2503/32985 966 965 0.1 %
(6)(7)(12)(27)
Expert Institute Group Inc.Revolver
SOFR + 4.50%, 8.8% Cash
03/2503/32 (5)(5) %
(6)(7)(12)(27)
Greenhill II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.35%, 8.1% Cash
07/2207/291,006 936 1,006 0.1 %
(3)(6)(7)(9)
HEKA InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.6% Cash
10/2210/295,060 4,501 5,060 0.7 %
(3)(6)(7)(9)(27)
HS Advisory Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
03/2503/30453 419 419 0.1 %
(6)(7)(12)(27)
HS Advisory Buyer LLCRevolver
SOFR + 4.75%, 9.0% Cash
03/2503/30 (3)(3) %
(6)(7)(12)(27)
HSL ComplianceFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 9.7% Cash
03/2503/32515 492 492 0.1 %
(3)(6)(7)(12)(27)
Hydratech Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
09/2412/295,414 5,347 5,348 0.8 %
(6)(7)(12)(27)
Hydratech Holdings, Inc. Revolver
SOFR + 5.25%, 9.6% Cash
09/2412/29503 494 494 0.1 %
(6)(7)(12)(27)
Infoniqa Holdings GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.2% Cash
11/2111/282,627 2,707 2,627 0.4 %
(3)(6)(7)(9)
Interstellar Group B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash
08/2208/291,687 1,625 1,603 0.2 %
(3)(6)(7)(9)(27)
Isolstar Holding NV (IPCOM)First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.8% Cash
10/2210/295,391 4,841 5,359 0.8 %
(3)(6)(7)(9)
JF Acquisition, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
05/2112/293,514 3,489 3,514 0.5 %
(6)(7)(12)
Jones Fish Hatcheries & Distributors LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
02/2202/283,481 3,437 3,481 0.5 %
(6)(7)(13)
Jones Fish Hatcheries & Distributors LLCRevolver
SOFR + 5.50%, 9.8% Cash
02/2202/28251 247 251  %
(6)(7)(13)(27)
LeadsOnline, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
02/2202/2810,680 10,581 10,669 1.5 %
(6)(7)(12)
LeadsOnline, LLCRevolver
SOFR + 4.75%, 9.0% Cash
02/2202/28 (16)(2) %
(6)(7)(12)(27)
Long Term Care Group, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 6.9% Cash, 3.7% PIK
04/2209/275,338 5,286 4,938 0.7 %
(6)(7)(12)
17

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
MB Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
01/2401/30$869 $851 $864 0.1 %
(6)(7)(12)(27)
MB Purchaser, LLCRevolver
SOFR + 4.75%, 9.1% Cash
01/2401/30 (2)(1) %
(6)(7)(12)(27)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
07/2106/274,312 4,271 4,257 0.6 %
(6)(7)(12)(27)
NF Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/2303/294,178 4,085 4,178 0.6 %
(6)(7)(12)
NF Holdco, LLCRevolver
SOFR + 6.50%, 10.8% Cash
03/2303/29184 169 184  %
(6)(7)(12)(27)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
06/2106/28320 355 314  %
(3)(6)(7)(9)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
06/2106/28533 526 524 0.1 %
(3)(6)(7)(12)
Qualified Industries, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/2303/292,612 2,564 2,571 0.4 %
(6)(7)(13)
Qualified Industries, LLCRevolver
SOFR + 6.50%, 10.8% Cash
03/2303/29 (5)(4) %
(6)(7)(13)(27)
Recovery Point Systems, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
08/2007/264,892 4,866 4,892 0.7 %
(6)(7)(12)
ROI Solutions LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
10/2410/2911,319 11,106 11,123 1.6 %
(6)(7)(13)(27)
ROI Solutions LLCRevolver
SOFR + 5.00%, 9.3% Cash
10/2410/29 (31)(28) %
(6)(7)(13)(27)
Royal Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
08/2208/286,492 6,411 6,492 0.9 %
(6)(7)(12)
Royal Buyer, LLCRevolver
SOFR + 5.50%, 9.8% Cash
08/2208/28 (11)  %
(6)(7)(12)(27)
RPX CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
08/2408/308,947 8,824 8,842 1.3 %
(6)(7)(11)
RPX CorporationRevolver
SOFR + 5.25%, 9.6% Cash
08/2408/30 (13)(12) %
(6)(7)(11)(27)
Sansidor BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.6% Cash
09/2409/31710 715 691 0.1 %
(3)(6)(7)(9)(27)
SBP Holdings LPFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
03/2303/286,834 6,680 6,812 1.0 %
(6)(7)(11)
SBP Holdings LPRevolver
SOFR + 5.00%, 9.3% Cash
03/2303/28 (12)(2) %
(6)(7)(11)(27)
Scaled Agile, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
12/2112/281,779 1,762 1,541 0.2 %
(6)(7)(12)
Scaled Agile, Inc.Revolver
SOFR + 5.50%, 9.9% Cash
12/2112/28336 333 291  %
(6)(7)(12)
SmartShift Group, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
09/2309/298,608 8,480 8,608 1.2 %
(6)(7)(13)
SmartShift Group, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
09/2309/29 (21)  %
(6)(7)(13)(27)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2203/272,062 2,037 2,052 0.3 %
(6)(7)(12)(27)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver
SOFR + 5.00%, 9.3% Cash
11/2203/2778 77 77  %
(6)(7)(12)(27)
Starnmeer B.V.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
10/2104/274,640 4,610 4,640 0.7 %
(3)(6)(7)(13)
TA SL Cayman Aggregator Corp.Subordinated Term Loan
7.8% PIK
07/2107/281,376 1,367 1,376 0.2 %
(6)
Tanqueray Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
11/2211/291,751 1,522 1,693 0.2 %
(3)(6)(7)(15)(27)
Technology Service Stream BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.5% Cash
06/2407/30703 726 674 0.1 %
(3)(6)(7)(18)(27)
Techone B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.8% Cash
11/2111/282,941 3,008 2,941 0.4 %
(3)(6)(7)(9)
Techone B.V.Revolver
EURIBOR + 5.40%, 7.8% Cash
11/2105/28 (7)  %
(3)(6)(7)(9)(27)
Trintech, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
07/2307/294,585 4,476 4,530 0.6 %
(6)(7)(11)
Trintech, Inc.Revolver
SOFR + 5.50%, 9.8% Cash
07/2307/29102 94 98  %
(6)(7)(11)(27)
18

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/2409/27$1,052 $1,042 $1,042 0.1 %
(6)(7)(12)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/2212/28960 948 951 0.1 %
(6)(7)(12)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/2412/29144 141 141  %
(6)(7)(12)(27)
TSYL Corporate Buyer, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
12/2212/28 (1)(1) %
(6)(7)(12)(27)
Turnberry Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
07/2109/267,756 7,709 7,756 1.1 %
(6)(7)(11)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
07/2412/30559 556 559 0.1 %
(3)(6)(7)(12)(27)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
STIBOR + 5.25%, 7.6% Cash
12/2312/301,595 1,487 1,595 0.2 %
(3)(6)(7)(24)(27)
UHY Advisors, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
11/2411/316,623 6,506 6,623 0.9 %
(6)(7)(12)(27)
UHY Advisors, Inc.Revolver
SOFR + 4.75%, 9.0% Cash
11/2411/31390 374 390 0.1 %
(6)(7)(12)(27)
Utac CeramFirst Lien Senior Secured Term Loan
EURIBOR + 4.50%, 6.9% Cash, 2.4% PIK
09/2009/27770 845 730 0.1 %
(3)(6)(7)(9)
Utac CeramFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash, 2.4% PIK
02/2109/27370 370 351  %
(3)(6)(7)(12)
W2O Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
10/2006/284,872 4,858 4,848 0.7 %
(6)(11)
World 50, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
03/2403/304,709 4,627 4,709 0.7 %
(6)(7)(12)
World 50, Inc.Revolver
SOFR + 5.75%, 10.0% Cash
03/2403/30 (4)  %
(6)(7)(12)(27)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.4% Cash
05/2205/29231 233 227  %
(3)(6)(7)(10)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.2% Cash
05/2205/298,064 7,718 7,951 1.1 %
(3)(6)(7)(16)
Xeinadin Bidco LimitedSubordinated Term Loan
11.0% PIK
05/2205/292,955 2,810 2,851 0.4 %
(3)(6)
Zeppelin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% PIK
03/2203/293,123 3,131 1,437 0.2 %
(3)(6)(7)(16)(25)
Subtotal Services: Business (35.6%)*
257,284 253,499 251,426 
Services: Consumer
Arc EducationFirst Lien Senior Secured Term Loan
EURIBOR + 5.65%, 8.0% Cash
07/2207/293,994 3,716 3,982 0.6 %
(3)(6)(7)(9)(27)
ArchimedeFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.9% Cash
10/2010/277,777 7,936 7,373 1.0 %
(3)(6)(7)(9)
Bariacum S.AFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.3% Cash
11/2111/282,484 2,541 2,430 0.3 %
(3)(6)(7)(10)
Cascade Residential Services LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
10/2310/292,000 1,955 1,885 0.3 %
(6)(7)(12)(27)
Cascade Residential Services LLCRevolver
SOFR + 6.00%, 10.3% Cash
10/2310/29157 154 149  %
(6)(7)(12)(27)
Express Wash Acquisition Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 11.1% Cash
07/2207/284,258 4,207 4,173 0.6 %
(6)(7)(12)
Express Wash Acquisition Company, LLCRevolver
SOFR + 6.50%, 11.1% Cash
07/2207/2894 92 91  %
(6)(7)(12)(27)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.)First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
10/2402/3012,422 12,392 12,422 1.8 %
(6)(7)(12)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BBSY + 4.91%, 9.2% Cash
07/2207/271,680 1,838 1,680 0.2 %
(3)(6)(7)(18)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BKBM + 4.91%, 8.9% Cash
07/2207/272,696 2,933 2,696 0.4 %
(3)(6)(7)(20)(27)
HomeX Services Group LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
11/2311/29598 584 598 0.1 %
(6)(7)(12)(27)
HomeX Services Group LLCRevolver
SOFR + 4.50%, 8.8% Cash
11/2311/29 (2)  %
(6)(7)(12)(27)
19

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
InvoCare LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.25%, 10.7% Cash
11/2311/29$807 $826 $792 0.1 %
(3)(6)(7)(18)(27)
Kid Distro Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
10/2110/2918,479 18,303 18,479 2.6 %
(6)(7)(12)
Marmoutier Holding B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% PIK
12/2112/282,653 2,415 (24) %
(3)(6)(7)(10)(25)
(27)
Marmoutier Holding B.V.Revolver
EURIBOR + 5.75%, 6.7% PIK
12/2106/27116 104 (13) %
(3)(6)(7)(10)(25)
(27)
Marmoutier Holding B.V.Super Senior Secured Term Loan
6.0% PIK
03/2404/25195 195 195  %
(3)(6)(7)(25)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/2012/2611,545 11,461 11,430 1.6 %
(6)(7)(12)
QPE7 SPV1 BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 3.75%, 7.8% Cash
09/2109/262,634 3,022 2,613 0.4 %
(3)(6)(7)(17)
Selenium Designated Activity CompanyFirst Lien Senior Secured Term Loan
EURIBOR + 5.13%, 7.5% Cash
03/2503/301,030 1,009 1,010 0.1 %
(3)(6)(7)(10)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash
05/2205/29968 927 943 0.1 %
(3)(6)(7)(8)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.1% Cash
05/2205/291,590 1,567 1,588 0.2 %
(3)(6)(7)(8)
Subtotal Services: Consumer (10.6%)*
78,177 78,175 74,492 
Structured Product
Air Canada 2020-2 Class B Pass Through TrustStructured Secured Note - Class B
9.0% Cash
09/2010/25790 790 798 0.1 %
British Airways 2020-1 Class B Pass Through TrustFirst Lien Senior Secured Bond
8.4% Cash
11/2011/28462 462 481 0.1 %
Flexential Issuer, LLCStructured Secured Note - Class C
6.9% Cash
11/2111/5110,000 9,307 9,913 1.4 %
JetBlue 2019-1 Class B Pass Through TrustStructured Secured Note - Class B
8.0% Cash
08/2011/27998 998 996 0.1 %
Perimeter Master Note Business TrustStructured Secured Note - Class A
4.7% Cash
05/2204/27137 137 135  %
(3)(6)
Perimeter Master Note Business TrustStructured Secured Note - Class B
5.4% Cash
05/2204/27137 137 136  %
(3)(6)
Perimeter Master Note Business TrustStructured Secured Note - Class C
5.9% Cash
05/2204/27137 137 136  %
(3)(6)
Perimeter Master Note Business TrustStructured Secured Note - Class D
8.5% Cash
05/2204/27137 137 137  %
(3)(6)
Perimeter Master Note Business TrustStructured Secured Note - Class E
11.4% Cash
05/2204/276,986 6,986 6,978 1.0 %
(3)(6)
Vista Global Holding LtdStructured Secured Note - Class C
9.5% Cash
12/2408/31500 500 499 0.1 %
(3)(6)
VistaJet Pass Through Trust 2021-1BStructured Secured Note - Class B
6.3% Cash
11/2102/295,714 5,714 5,623 0.8 %
(6)
Willis Engine Structured Trust VIStructured Secured Note - Series 2021-1 Class C
7.4% Cash
05/2105/461,373 1,373 1,358 0.2 %
(6)
Subtotal Structured Product (3.9%)*
27,371 26,678 27,190 
Telecommunications
CSL DualComFirst Lien Senior Secured Term Loan
SONIA + 4.75%, 9.2% Cash
09/2009/272,341 2,163 2,341 0.3 %
(3)(6)(7)(14)
Mercell Holding ASFirst Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.0% Cash
08/2208/291,491 1,576 1,486 0.2 %
(3)(6)(7)(23)(27)
Permaconn BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.4% Cash
12/2107/294,488 4,767 4,488 0.6 %
(3)(6)(7)(18)
UKFast Leaders LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.25%, 11.8% Cash
09/2009/271,107 1,089 1,046 0.1 %
(3)(6)(7)(15)
Subtotal Telecommunications (1.3%)*
9,427 9,595 9,361 
Transportation: Cargo
Echo Global Logistics, Inc.Second Lien Senior Secured Term Loan
SOFR + 7.00%, 11.4% Cash
11/2111/297,605 7,516 7,605 1.1 %
(6)(7)(11)
eShipping, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2111/276,359 6,298 6,359 0.9 %
(6)(7)(11)
eShipping, LLCRevolver
SOFR + 5.00%, 9.3% Cash
11/2111/27 (10)  %
(6)(7)(11)(27)
FitzMark Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/2012/262,397 2,382 2,397 0.3 %
(6)(7)(11)
20

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
FragilePak LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
05/2105/27$7,274 $7,193 $7,274 1.0 %
(6)(7)(12)
Honour Lane Logistics Holdings LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
04/2211/287,083 6,959 7,083 1.0 %
(3)(6)(7)(13)
ITI Intermodal, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
12/2112/27799 791 799 0.1 %
(6)(7)(12)
ITI Intermodal, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
12/2112/275,554 5,450 5,554 0.8 %
(6)(7)(12)
ITI Intermodal, Inc.Revolver
SOFR + 6.00%, 10.4% Cash
12/2112/27116 106 116  %
(6)(7)(12)(27)
R1 Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.5% Cash
12/2212/285,498 5,370 5,454 0.8 %
(6)(7)(13)
R1 Holdings, LLCRevolver
SOFR + 6.25%, 10.5% Cash
12/2212/28409 384 400 0.1 %
(6)(7)(13)(27)
REP SEKO MERGER SUB LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.3% Cash
11/2411/291,059 1,039 1,059 0.2 %
(6)(7)(12)
REP SEKO MERGER SUB LLCFirst Out Term Loan
SOFR + 8.00%, 12.3% Cash
11/2411/292,428 2,428 2,428 0.3 %
(6)(7)(12)
Subtotal Transportation: Cargo (6.6%)*
46,581 45,906 46,528 
Utilities: Electric
Panoche Energy Center LLCFirst Lien Senior Secured Bond
6.9% Cash
07/2207/293,405 3,159 3,351 0.5 %
(6)
Spatial Business Systems LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
10/2210/286,691 6,588 6,691 0.9 %
(6)(7)(12)
Spatial Business Systems LLCRevolver
SOFR + 5.00%, 9.3% Cash
10/2210/28 (10)  %
(6)(7)(12)(27)
Subtotal Utilities: Electric (1.4%)*
10,096 9,737 10,042 
Subtotal Debt Investment (156.9%)*
1,139,618 1,127,341 1,106,869 
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace CorporationCommon Stock 04/22175,049.3 $175 $  %
(6)(26)
Compass Precision, LLCLLC Units 04/2246,085.6 125 257  %
(6)(26)
GB Eagle Buyer, Inc.Partnership Units 12/22515 515 1,064 0.2 %
(6)
Megawatt Acquisitionco, Inc.Common Stock 03/24102 10   %
(6)(26)
Megawatt Acquisitionco, Inc.Preferred Stock 03/24921 92 46  %
(6)(26)
Narda Acquisitionco., Inc.Class A Preferred Stock 12/212,392.9 239 307  %
(6)(26)
Narda Acquisitionco., Inc.Class B Common Stock 12/21265.9 27 353 0.1 %
(6)(26)
Whitcraft Holdings, Inc.LP Units 02/2331,543.6 315 485 0.1 %
(6)(26)
Subtotal Aerospace & Defense (0.4%)*
1,498 2,512 
Automotive
Burgess Point Purchaser CorporationLP Units 07/22227 227 225  %
(6)(26)
Randys Holdings, Inc.Common Stock11/224,000 400 503 0.1 %
(6)(26)
SPATCO Energy Solutions, LLCCommon Stock 07/24137,115 137 137  %
(6)(26)
SVI International LLCLLC Units 03/24207,921 208 283  %
(6)
Subtotal Automotive (0.2%)*
972 1,148 
Banking, Finance, Insurance, & Real Estate
Accelerant HoldingsClass A Convertible Preferred Equity 01/222,508.8 2,500 3,236 0.5 %
(6)(26)
Accelerant HoldingsClass B Convertible Preferred Equity 12/221,656.1 1,666 2,374 0.3 %
(6)(26)
Accelerant HoldingsPreferred Stock 12/241,060.8 1,960 2,072 0.3 %
(6)(26)
Flywheel Re Segregated Portfolio 2022-4Preferred Stock 08/221,885,524.1 1,886 2,998 0.4 %
(3)(6)(26)
21

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
ICREDITWORKS LLCPreferred Stock
10.0% Cash
03/2517,838.8 $3,063 $3,063 0.4 %
(6)
ICREDITWORKS LLCWarrants03/257,107.7    %
(6)(26)
Policy Services Company, LLCWarrants - Class A12/211.0710  503 0.1 %
(6)(26)
Policy Services Company, LLCWarrants - Class B 12/210.3614  170  %
(6)(26)
Policy Services Company, LLCWarrants - Class CC12/210.0372    %
(6)(26)
Policy Services Company, LLCWarrants - Class D 12/210.1035  49  %
(6)(26)
Shelf Bidco LtdCommon Stock 12/22600,000 600 2,316 0.3 %
(3)(6)
Subtotal Banking, Finance, Insurance, & Real Estate (2.4%)*
11,675 16,781 
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLCCommon Stock 02/2421,031  800 0.1 %
(6)(26)
Woodland Foods, LLCCommon Stock 12/21777.3 777 727 0.1 %
(6)(26)
Woodland Foods, LLCPreferred Stock
20.0% PIK
04/24170.1 209 209  %
(6)(7)
Woodland Foods, LLCPreferred Stock
20.0% PIK
03/2539.6 52 52  %
(6)
ZB Holdco LLCLLC Units02/2276.3 76 111  %
(6)(26)
Subtotal Beverage, Food, & Tobacco (0.3%)*
1,114 1,899 
Capital Equipment
DAWGS Intermediate Holdings Co.LLC Units03/2594 94 94  %
(6)(26)
Polara Enterprises, L.L.C.Partnership Units 12/213,704.3 370 746 0.1 %
(6)
Process Insights Acquisition, Inc.Common Stock 07/23188 188 132  %
(6)(26)
Rapid Buyer LLCLLC Units 10/24318 318 320  %
(6)(26)
TAPCO Buyer LLCLLC Units 11/2450 50 52  %
(6)(26)
Subtotal Capital Equipment (0.2%)*
1,020 1,344 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCCommon Stock 04/2388,110 88 120  %
(6)(26)
Aptus 1829. GmbHCommon Stock 09/2132 8   %
(3)(6)(26)
Aptus 1829. GmbHPreferred Stock 09/219 79 34  %
(3)(6)(26)
Subtotal Chemicals, Plastics, & Rubber (%)*
175 154 
Construction & Building
BKF Buyer, Inc.Common Stock 08/24423,846 424 449 0.1 %
(6)(26)
MNS Buyer, Inc.Partnership Units 08/2176,923 77 108  %
(6)(26)
Ocelot Holdco LLCCommon Stock 10/2332.7  158  %
(6)(26)
Ocelot Holdco LLCPreferred Stock
15.0% PIK
10/2342.7 350 519 0.1 %
(6)
Subtotal Construction & Building (0.2%)*
851 1,234 
Consumer goods: Durable
DecksDirect, LLCClass A Units 04/241,016.1 47   %
(6)(26)
DecksDirect, LLCCommon Stock 12/211,280.8 55   %
(6)
DecksDirect, LLCPreferred Stock
13.0% PIK
03/259.5 10   %
(6)
Renovation Parent Holdings, LLCPartnership Equity 11/21404,787.3 405 190  %
(6)(26)
Serta Simmons Bedding LLCCommon Stock 06/2359,747 893 496 0.1 %
(26)
Team Air Distributing, LLCPartnership Equity 05/23516,640.2 523 573 0.1 %
(6)(26)
Terrybear, Inc.Partnership Equity 04/2224,358.97 239 79  %
(6)(26)
Subtotal Consumer goods: Durable (0.2%)*
2,172 1,338 
Consumer goods: Non-durable
CCFF Buyer, LLCLLC Units 02/24135 135 138  %
(6)
Ice House America, L.L.C.LLC Units 01/241,415.9 145 140  %
(6)(26)
22

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Safety Products Holdings, LLCPreferred Stock 12/2086.3 $87 $120  %
(6)(26)
Subtotal Consumer goods: Non-durable (0.1%)*
367 398 
Containers, Packaging, & Glass
Diversified Packaging Holdings LLCLLC Units 06/242,769 277 381 0.1 %
(6)
Five Star Holding LLCLLC Units 05/22504.5 504 294  %
(6)(26)
Subtotal Containers, Packaging, & Glass (0.1%)*
781 675 
Energy: Oil & Gas
Ferrellgas L.P.Opco Preferred Units 03/212,886 2,799 2,799 0.4 %
(6)
Subtotal Energy: Oil & Gas (0.4%)*
2,799 2,799 
Environmental Industries
Bridger Aerospace Group Holdings, LLCPreferred Stock-
Series C
7.0% PIK
07/227,309 8,362 7,437 1.1 %
(6)
Subtotal Environmental Industries (1.1%)*
8,362 7,437 
Healthcare & Pharmaceuticals
Amalfi MidcoClass B Common Stock09/2249,453,293 557 1,277 0.2 %
(3)(6)(26)
Amalfi MidcoWarrants09/22190,193 2 538 0.1 %
(3)(6)(26)
Canadian Orthodontic Partners Corp.Class A Equity 05/22500,000 389   %
(3)(6)(26)
Canadian Orthodontic Partners Corp.Class C - Warrants 05/2274,712.64    %
(3)(6)(26)
Canadian Orthodontic Partners Corp.Class X Equity 05/2245,604 35   %
(3)(6)(26)
Canadian Orthodontic Partners Corp.Common Stock 06/2113.8    %
(3)(6)(26)
Forest Buyer, LLCClass A LLC Units 03/24121.7 122 132  %
(6)
Forest Buyer, LLCClass B LLC Units03/24121.7  136  %
(6)(26)
GCDL LLCCommon Stock 08/24243,243.24 243 314  %
(6)(26)
GPNZ II GmbHCommon Stock 10/235,785    %
(3)(6)(26)
HemaSource, Inc.Common Stock 08/2350,540 51 64  %
(6)(26)
Moonlight Bidco LimitedCommon Stock 07/2310,590 138 198  %
(3)(6)(26)
OA Buyer, Inc.Partnership Units 12/21210,920.11 211 827 0.1 %
(6)
Parkview Dental Holdings LLCLLC Units 10/2323,810 238 170  %
(6)(26)
Parkview Dental Holdings LLCPreferred Stock
10.0% PIK
01/25983.3 10 29  %
(6)
Subtotal Healthcare & Pharmaceuticals (0.5%)*
1,996 3,685 
High Tech Industries
Argus Bidco LimitedCommon Stock 07/22232    %
(3)(6)(26)
Argus Bidco LimitedEquity Loan Notes
10.0% PIK
07/2220,780 32 16  %
(3)(6)
Argus Bidco LimitedPreferred Stock
10.0% PIK
07/2220,780 32 16  %
(3)(6)
CW Group Holdings, LLCLLC Units 01/21403,441 403 1,069 0.2 %
(6)
FinThrive Software Intermediate Holdings Inc.Preferred Stock
11.0% PIK
03/223,188.5 4,761 2,879 0.4 %
(6)
FSS Buyer LLCLP Interest 08/211,973.6 20 29  %
(6)
FSS Buyer LLCLP Units08/218,677.3 87 126  %
(6)(26)
NAW Buyer LLCLLC Units 09/2394,502 95 109  %
(6)
OSP Hamilton Purchaser, LLCLP Units 07/22138,399 138 155  %
(6)
PDQ.Com CorporationClass A-2 Partnership Units 08/2186.4 42 77  %
(6)(26)
ProfitOptics, LLCLLC Units 03/2296,774.2 65 127  %
(6)(26)
Pro-Vision Solutions Holdings, LLCLLC Units 09/242,341.7 235 231  %
(6)(26)
Subtotal High Tech Industries (0.7%)*
5,910 4,834 
23

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Media: Advertising, Printing & Publishing
Advantage Software Company (The), LLCClass A1 Partnership Units 12/213,012.9 $97 $201  %
(6)(26)
Advantage Software Company (The), LLCClass A2 Partnership Units 12/21777.1 25 52  %
(6)(26)
Advantage Software Company (The), LLCClass B1 Partnership Units 12/213,012.9 3   %
(6)(26)
Advantage Software Company (The), LLCClass B2 Partnership Units 12/21777.1 1   %
(6)(26)
ASC Communications, LLCClass A Units 07/2215,545.8 326 565 0.1 %
(6)(26)
Subtotal Media: Advertising, Printing & Publishing (0.1%)*
452 818 
Media: Broadcasting & Subscription
The Octave Music Group, Inc.Partnership Equity 04/22409,153.1 409 1,317 0.2 %
(6)(26)
Subtotal Media: Broadcasting & Subscription (0.2%)*
409 1,317 
Media: Diversified & Production
BrightSign LLCLLC units 10/21596,181.5 596 674 0.1 %
(6)
Learfield Communications, LLCCommon Stock 08/2039,268 1,163 2,984 0.4 %
(26)
Rock Labor LLCLLC Units 09/23132,475 709 681 0.1 %
(6)
Solo Buyer, L.P.Common Equity 12/22309,839 310 239  %
(6)(26)
Vital Buyer, LLCPartnership Units06/2116,442.9 164 309  %
(6)
Subtotal Media: Diversified & Production (0.7%)*
2,942 4,887 
Services: Business
Azalea Buyer, Inc.Common Stock 11/21128,205.1 128 201  %
(6)(26)
CGI Parent, LLCPreferred Stock 02/22656.9 722 1,909 0.3 %
(6)(26)
Coyo Uprising GmbHClass A Units 09/21531 248 262  %
(3)(6)(26)
Coyo Uprising GmbHClass B Units 09/21231 538 498 0.1 %
(3)(6)(26)
DataServ Integrations, LLCPreferred Units 11/2296,153.9 96 117  %
(6)(26)
EFC InternationalCommon Stock03/23145.5 205 282  %
(6)(26)
Electric Equipment & Engineering Co.LLC Units 12/24187,500 188 195  %
(6)(26)
Jones Fish Hatcheries & Distributors LLCLLC Units 02/221,017.9 107 421 0.1 %
(6)
LeadsOnline, LLCLLC Units 02/2261,304.4 63 158  %
(6)
MB Purchaser, LLCLLC Units 01/2422 23 26  %
(6)(26)
MC Group Ventures CorporationPartnership Units 06/21373.3 373 340  %
(6)(26)
NF Holdco, LLCLLC Units 03/23426,340 439 298  %
(6)(26)
Qualified Industries, LLCCommon Stock 03/23303,030 3 73  %
(6)(26)
Qualified Industries, LLCPreferred Stock 03/23148 144 180  %
(6)(26)
Recovery Point Systems, Inc.Partnership Equity03/2181,313 81 36  %
(6)(26)
SmartShift Group, Inc.Common Stock 09/23183 183 346  %
(6)(26)
TA SL Cayman Aggregator Corp.Common Stock 07/21736 23 39  %
(6)(26)
TSYL Corporate Buyer, Inc.Partnership Units 12/224,673 5 25  %
(6)
Xeinadin Bidco LimitedCommon Stock 05/2218,266,390 226 236  %
(3)(6)(26)
Subtotal Services: Business (0.8%)*
3,795 5,642 
Services: Consumer
Kid Distro Holdings, LLCLLC Units 10/21850,236.1 851 1,046 0.1 %
(6)(26)
Subtotal Services: Consumer (0.1%)*
851 1,046 
Telecommunications
Mercell Holding ASClass A Units 08/2257.2 56 69  %
(3)(6)(26)
Mercell Holding ASClass B Units 08/2214,471.9  13  %
(3)(6)(26)
24

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Syniverse Holdings, Inc.Series A Preferred Equity
12.5% PIK
05/227,575,758 $10,167 $10,379 1.5 %
(6)
Subtotal Telecommunications (1.5%)*
10,223 10,461 
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.Partnership Units 04/21161.6 162 272  %
(6)(26)
Echo Global Logistics, Inc.Partnership Equity 11/21289.2 289 204  %
(6)(26)
FragilePak LLCPartnership Units 05/21889.3 889 645 0.1 %
(6)(26)
ITI Intermodal, Inc.Common Stock 01/223,750.4 375 489 0.1 %
(6)(26)
REP SEKO MERGER SUB LLCCommon Stock 11/241,159 5,090 3,458 0.5 %
(6)(26)
Subtotal Transportation: Cargo (0.7%)*
6,805 5,068 
Subtotal Equity Investment (10.7%)*
65,169 75,477 
Royalty Rights:
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.Royalty Rights05/241,772 3,189 0.5 %
(6)
Subtotal Healthcare & Pharmaceuticals (0.5%)*
1,772 3,189 
Subtotal Royalty Rights (0.5%)*
1,772 3,189 
Subtotal Non–Control / Non–Affiliate Investments (168.0%)*
1,194,282 1,185,535 
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLCFirst Lien Senior Secured Term Loan
12.0% PIK
11/2411/31$2,428 $2,428 $2,428 0.3 %
(6)(27)
Subtotal Aerospace & Defense (0.3%)*
2,428 2,428 2,428 
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCRevolver
SOFR + 6.50%, 10.9% Cash
07/2107/285,570 5,537 5,570 0.8 %
(6)(11)(27)
Eclipse Business Capital, LLCSecond Lien Senior Secured Term Loan
7.5% Cash
07/2107/282,246 2,233 2,246 0.3 %
(6)
Subtotal Banking, Finance, Insurance, & Real Estate (1.1%)*
7,816 7,770 7,816 
Chemicals, Plastics, & Rubber
Celebration Bidco, LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.3% Cash
12/2312/283,088 3,088 2,986 0.4 %
(6)(7)(12)
Subtotal Chemicals, Plastics, & Rubber (0.4%)*
3,088 3,088 2,986 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCSubordinated Term Loan
8.0% Cash
11/2111/318,310 7,857 7,900 1.1 %
(6)
Coastal Marina Holdings, LLCSubordinated Term Loan
8.0% Cash
11/2111/313,831 3,666 3,642 0.5 %
(6)
Subtotal Hotel, Gaming, & Leisure (1.6%)*
12,141 11,523 11,542 
Subtotal Debt Investments (3.5%)*
25,473 24,809 24,772 
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLCLLC Units 11/24809,265.4 $811 $809 0.1 %
(6)(26)
Subtotal Aerospace & Defense (0.1%)*
811 809 
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCLLC Units07/2144,197,541 45,978 67,622 9.6 %
(6)
Rocade Holdings LLCPreferred LP Units
SOFR + 6.0% PIK, 10.4% PIK
02/2350,500 61,607 61,607 8.7 %
(6)(12)(27)
Rocade Holdings LLCCommon LP Units 02/2315.4  317  %
(6)(26)
Subtotal Banking, Finance, Insurance, & Real Estate (18.4%)*
107,585 129,546 
25

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Chemicals, Plastics, & Rubber
Celebration Bidco, LLCCommon Stock 12/23497,228 $4,871 $3,341 0.5 %
(6)(26)
Subtotal Chemicals, Plastics, & Rubber (0.5%)*
4,871 3,341 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCLLC Units11/211,759,051 8,248 9,992 1.4 %
(6)(26)
Subtotal Hotel, Gaming, & Leisure (1.4%)*
8,248 9,992 
Investment Funds & Vehicles
Banff Partners LP
10% Partnership Interest
03/2114,646 16,767 2.4 %
(3)(29)
Thompson Rivers LLC
6.6% Member Interest
06/208,569 2,592 0.4 %
(26)(29)
Waccamaw River LLC
20% Member Interest
02/2121,201 8,628 1.2 %
(3)(29)
Subtotal Investment Funds & Vehicles (4.0%)*
44,416 27,987 
Subtotal Equity Investments (24.3%)*
165,931 171,675 
Subtotal Affiliate Investments (27.8%)*
190,740 196,447 
Total Investments, March 31, 2025 (195.9%)*
$1,385,022 $1,381,982 
26

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$1,000$627BNP Paribas SA04/07/25$(4)
Foreign currency forward contract (AUD)A$39,748$24,895HSBC Bank USA04/07/25(105)
Foreign currency forward contract (AUD)$25,934A$40,748HSBC Bank USA04/07/25521 
Foreign currency forward contract (AUD)$25,030A$39,937HSBC Bank USA06/30/25105 
Foreign currency forward contract (CAD)C$4,879$3,410HSBC Bank USA04/07/25(16)
Foreign currency forward contract (CAD)$98C$141BNP Paribas SA04/07/25 
Foreign currency forward contract (CAD)$3,362C$4,738HSBC Bank USA04/07/2565 
Foreign currency forward contract (CAD)$1,326C$1,894HSBC Bank USA06/30/253 
Foreign currency forward contract (DKK)4,440kr.$644HSBC Bank USA04/07/25(1)
Foreign currency forward contract (DKK)$6294,440kr.BNP Paribas SA04/07/25(14)
Foreign currency forward contract (DKK)$6484,447kr.HSBC Bank USA06/30/251 
Foreign currency forward contract (EUR)104,240$112,788BNP Paribas SA04/07/25(231)
Foreign currency forward contract (EUR)$2,2342,127BNP Paribas SA04/07/25(62)
Foreign currency forward contract (EUR)$107,673102,113HSBC Bank USA04/07/25(2,587)
Foreign currency forward contract (EUR)$114,001104,871BNP Paribas SA06/30/25224 
Foreign currency forward contract (GBP)£22,528$29,024BNP Paribas SA04/07/2518 
Foreign currency forward contract (GBP)$2,433£1,969BNP Paribas SA04/07/25(105)
Foreign currency forward contract (GBP)$26,184£20,559HSBC Bank USA04/07/25(320)
Foreign currency forward contract (GBP)$28,340£21,968BNP Paribas SA06/30/2523 
Foreign currency forward contract (GBP)$226£175HSBC Bank USA06/30/251 
Foreign currency forward contract (NZD)NZ$11,235$6,438HSBC Bank USA04/07/25(74)
Foreign currency forward contract (NZD)$129NZ$225BNP Paribas SA04/07/251 
Foreign currency forward contract (NZD)$6,376NZ$11,010HSBC Bank USA04/07/25139 
Foreign currency forward contract (NZD)$6,462NZ$11,254HSBC Bank USA06/30/2573 
Foreign currency forward contract (NOK)23,585kr$2,235BNP Paribas SA04/07/255 
Foreign currency forward contract (NOK)$45476krBNP Paribas SA04/07/25 
Foreign currency forward contract (NOK)$2,06923,109krHSBC Bank USA04/07/25(125)
Foreign currency forward contract (NOK)$2,23623,598krBNP Paribas SA06/30/25(5)
Foreign currency forward contract (SEK)18,161kr$1,792BNP Paribas SA04/07/2515 
Foreign currency forward contract (SEK)$41456krBNP Paribas SA04/07/25(4)
Foreign currency forward contract (SEK)$1,62117,705krHSBC Bank USA04/07/25(140)
Foreign currency forward contract (SEK)$1,82818,433krBNP Paribas SA06/30/25(15)
Foreign currency forward contract (CHF)1,865Fr.$2,115HSBC Bank USA04/07/25(5)
Foreign currency forward contract (CHF)$4338Fr.BNP Paribas SA04/07/25 
Foreign currency forward contract (CHF)$2,0911,827Fr.HSBC Bank USA04/07/2524 
Foreign currency forward contract (CHF)$2,1381,867Fr.HSBC Bank USA06/30/255 
Total Foreign Currency Forward Contracts, March 31, 2025$(2,590)
*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. Barings Capital Investment Corporation’s (the “Company”) external investment adviser, Barings LLC (“Barings” or the “Adviser”), determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Overnight Repo Rate Average (“CORRA”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of March 31, 2025 represented 195.9% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 23.9% of total investments at fair value as of March 31, 2025. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any
27

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the three months ended March 31, 2025 were as follows:
December 31, 2024
Value
Gross Additions
(a)
Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)March 31, 2025
Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Banff Partners LP
10% Partnership Interest
$16,494 $ $ $ $273 $16,767 $ 
16,494    273 16,767  
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR+ 8.00%, 12.3% Cash)
2,566 523   (103)2,986 90 
Common Stock (497,228 shares)
4,505    (1,164)3,341  
7,071 523   (1,267)6,327 90 
Coastal Marina Holdings, LLC(d)
Subordinated Term Loan (8.0% Cash)
7,885 12   3 7,900 176 
Subordinated Term Loan (8.0% Cash)
3,635 5   2 3,642 81 
LLC Units (1,759,051 units)
8,426    1,566 9,992  
19,946 17   1,571 21,534 257 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 6.50%, 10.9% Cash)
4,986 631 (45) (2)5,570 145 
Second Lien Senior Secured Term Loan (7.5% Cash)
2,246 1   (1)2,246 43 
LLC Units (44,197,541 units)
67,622 11   (11)67,622 1,971 
74,854 643 (45) (14)75,438 2,159 
Rocade Holdings LLC(d)
Preferred LP Units (50,500 units) (SOFR + 6.0% PIK, 10.4% PIK)
60,085 1,530   (8)61,607 1,530 
Common LP Units
(15.4 units)
157    160 317  
60,242 1,530   152 61,924 1,530 
Skyvault Holdings LLC(d)
First Lien Senior Secured Term Loan
(12.0% PIK)
717 1,711    2,428 29 
LLC Units
(809,265.4 units)
239 572   (2)809  
956 2,283   (2)3,237 29 
Thompson Rivers LLC
6.6% Member Interest
2,979  (396) 9 2,592  
2,979  (396) 9 2,592  
28

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2025
(Amounts in thousands, except unit/share amounts)
December 31, 2024
Value
Gross Additions
(a)
Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)March 31, 2025
Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Waccamaw River LLC
20% Member Interest
10,730  (1,748) (354)8,628 301 
10,730  (1,748) (354)8,628 301 
Total Affiliate Investments$193,272 $4,996 $(2,189)$ $368 $196,447 $4,366 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
(5)Some or all of the investment is or will be encumbered as security for the Company’s senior secured revolving credit facility with ING Capital LLC (as amended, the “ING Credit Facility”).
(6)The fair value of the investment was determined using significant unobservable inputs.
(7)Debt investment includes interest rate floor feature.
(8)The interest rate on these loans is subject to 1 Month EURIBOR, which as of March 31, 2025 was 2.35800%.
(9)The interest rate on these loans is subject to 3 Month EURIBOR, which as of March 31, 2025 was 2.33600%.
(10)The interest rate on these loans is subject to 6 Month EURIBOR, which as of March 31, 2025 was 2.33600%.
(11)The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2025 was 4.31937%.
(12)The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2025 was 4.28788%.
(13)The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2025 was 4.19259%.
(14)The interest rate on these loans is subject to 1 Month SONIA, which as of March 31, 2025 was 4.46580%.
(15)The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2025 was 4.35650%.
(16)The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2025 was 4.27950%.
(17)The interest rate on these loans is subject to 1 Month BBSY, which as of March 31, 2025 was 4.09500%.
(18)The interest rate on these loans is subject to 3 Month BBSY, which as of March 31, 2025 was 4.12540%.
(19)The interest rate on these loans is subject to 3 Month CORRA, which as of March 31, 2025 was 2.77000%.
(20)The interest rate on these loans is subject to 3 Month BKBM, which as of March 31, 2025 was 3.67000%.
(21)The interest rate on these loans is subject to 3 Month SARON, which as of March 31, 2025 was 0.41000%.
(22)The interest rate on these loans is subject to 6 Month SARON, which as of March 31, 2025 was 0.20632%.
(23)The interest rate on these loans is subject to 1 Month NIBOR, which as of March 31, 2025 was 4.49000%.
(24)The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2025 was 2.35700%.
(25)Non-accrual investment.
(26)Investment is non-income producing.
(27)Position or portion thereof is an unfunded loan or equity commitment.
(28)PIK non-accrual investment.
(29)Portfolio company does not issue shares or units, member interest is based on commitments.



See accompanying notes.
29

Barings Capital Investment Corporation
Consolidated Schedule of Investments
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
04/2204/28$8,703 $8,625 $8,416 1.2 %
(6)(7)(12)
Accurus Aerospace CorporationRevolver
SOFR + 5.75%, 10.3% Cash
04/2204/28738 730 707 0.1 %
(6)(7)(12)(27)
ADB SafegateSecond Lien Senior Secured Term Loan
SOFR + 9.25%, 13.7% Cash
08/2110/277,329 7,232 6,523 0.9 %
(3)(6)(7)(12)
ATL II MRO Holdings Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
11/2211/2810,573 10,392 10,415 1.5 %
(6)(7)(12)
ATL II MRO Holdings Inc.Revolver
SOFR + 5.25%, 9.8% Cash
11/2211/28 (31)(29) %
(6)(7)(12)(27)
Compass Precision, LLCSenior Subordinated Term Loan
11.0% Cash, 1.0% PIK
04/2204/28648 641 640 0.1 %
(6)
GB Eagle Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
12/2212/3010,825 10,572 10,699 1.5 %
(6)(7)(12)(27)
GB Eagle Buyer, Inc.Revolver
SOFR + 6.25%, 10.9% Cash
12/2212/30 (34)(17) %
(6)(7)(12)(27)
M-Personal Protection Management GMBH
(f/k/a INOS 19-090 GmbH)
First Lien Senior Secured Term Loan
EURIBOR + 5.38%, 8.1% Cash
10/2410/293,107 3,187 3,029 0.4 %
(3)(6)(7)(9)
Megawatt Acquisitionco, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.7% Cash
03/2403/302,080 2,043 1,824 0.3 %
(6)(7)(12)
Megawatt Acquisitionco, Inc.Revolver
SOFR + 5.25%, 9.7% Cash
03/2403/3095 89 54  %
(6)(7)(12)(27)
Narda Acquisitionco., Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
12/2112/272,647 2,622 2,647 0.4 %
(6)(7)(11)
Narda Acquisitionco., Inc.Revolver
SOFR + 4.75%, 9.4% Cash
12/2112/27 (6)  %
(6)(7)(11)(27)
Protego Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.0% Cash
03/2103/28412 459 401 0.1 %
(3)(6)(7)(10)
Protego Bidco B.V.Revolver
EURIBOR + 6.50%, 9.7% Cash
03/2103/27703 793 684 0.1 %
(3)(6)(7)(10)
SISU ACQUISITIONCO., INC.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
12/2012/264,955 4,916 4,467 0.6 %
(6)(7)(12)(27)
Trident Maritime Systems, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
02/2102/2717,239 17,151 16,240 2.3 %
(6)(7)(12)(27)
Whitcraft Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.1% Cash
02/2302/296,228 6,037 6,228 0.9 %
(6)(7)(11)
Whitcraft Holdings, Inc.Revolver
SOFR + 6.50%, 11.1% Cash
02/2302/29497 471 497 0.1 %
(6)(7)(11)(27)
Subtotal Aerospace & Defense (10.6%)*
76,779 75,889 73,425 
Automotive
Burgess Point Purchaser CorporationSecond Lien Senior Secured Term Loan
SOFR + 9.00%, 14.2% Cash
07/2207/302,273 2,203 2,182 0.3 %
(6)(7)(13)
OAC Holdings I CorpFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
03/2203/291,770 1,749 1,770 0.3 %
(6)(7)(11)
OAC Holdings I CorpRevolver
SOFR + 5.00%, 9.7% Cash
03/2203/28 (8)  %
(6)(7)(11)(27)
Randys Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.2% Cash
11/2211/2810,707 10,499 10,565 1.5 %
(6)(7)(12)(27)
Randys Holdings, Inc.Revolver
SOFR + 6.25%, 11.2% Cash
11/2211/28475 448 460 0.1 %
(6)(7)(12)(27)
SPATCO Energy Solutions, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
07/2407/303,562 3,481 3,495 0.5 %
(6)(7)(12)(27)
SPATCO Energy Solutions, LLCRevolver
SOFR + 5.00%, 9.6% Cash
07/2407/30 (11)(9) %
(6)(7)(12)(27)
SVI International LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.3% Cash
03/2403/30589 577 583 0.1 %
(6)(7)(12)(27)
SVI International LLCRevolver
SOFR + 6.75%, 11.3% Cash
03/2403/30 (1)(1) %
(6)(7)(12)(27)
Subtotal Automotive (2.7%)*
19,376 18,937 19,045 
Banking, Finance, Insurance, & Real Estate
Apus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
02/2103/282,580 2,798 2,580 0.4 %
(3)(6)(7)(16)
Beyond Risk Management, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.2% Cash
10/2110/274,903 4,887 4,903 0.7 %
(6)(7)(12)
30

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Finaxy HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.3% Cash
11/2311/30$3,890 $3,904 $3,842 0.6 %
(3)(6)(7)(10)(27)
Groupe GuemasFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.4% Cash
10/2309/302,413 2,410 2,374 0.3 %
(3)(6)(7)(10)
IM SquareFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.8% Cash
05/2105/283,314 3,782 3,242 0.5 %
(3)(6)(7)(9)
Policy Services Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash, 4.0% PIK
12/2106/2622,382 22,160 22,164 3.2 %
(6)(7)(12)
Premium InvestFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
06/2112/302,188 2,220 2,188 0.3 %
(3)(6)(7)(9)(27)
Preqin MC LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
08/2107/283,147 3,092 3,147 0.5 %
(3)(6)(7)(13)
Russell Investments US Institutional Holdco, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 8.2% Cash, 1.5% PIK
04/2405/27523 491 508 0.1 %
(6)(7)(12)
Shelf Bidco LtdSecond Out Term Loan
SOFR + 5.00%, 9.6% Cash
08/2408/3117,270 17,226 17,184 2.5 %
(3)(6)(7)(12)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)First Lien Senior Secured Term Loan
SOFR + 4.25%, 8.8% Cash
10/2112/272,549 2,524 2,549 0.4 %
(6)(7)(12)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Revolver
SOFR + 4.25%, 8.8% Cash
10/2112/27 (7)  %
(6)(7)(12)(27)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Subordinated Term Loan
SOFR + 7.75%, 9.0% Cash, 3.2% PIK
10/2110/283,650 3,610 3,650 0.5 %
(6)(7)(13)
THG Acquisition, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
10/2410/313,651 3,607 3,606 0.5 %
(6)(7)(11)(27)
THG Acquisition, LLCRevolver
SOFR + 4.75%, 9.3% Cash
10/2410/3140 35 34  %
(6)(7)(11)(27)
Turbo Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.8% Cash
11/2112/257,992 7,952 7,592 1.1 %
(6)(7)(12)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
08/2312/271,882 1,847 1,854 0.3 %
(6)(7)(12)(27)
Subtotal Banking, Finance, Insurance, & Real Estate (11.7%)*
82,374 82,538 81,417 
Beverage, Food, & Tobacco
Blue Ribbon, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash
05/2105/2810,924 10,776 7,319 1.1 %
(7)(12)
CTI Foods Holdings Co., LLC2024 LIFO Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/264,211 4,066 4,211 0.6 %
(6)(7)(12)
CTI Foods Holdings Co., LLCFirst Out Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/262,860 2,797 2,860 0.4 %
(6)(7)(12)
CTI Foods Holdings Co., LLCSecond Out Term Loan
SOFR + 12.00%, 16.7% PIK
02/2405/26597 597 597 0.1 %
(6)(7)(12)
Innovad Group II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.7% Cash
04/2104/284,218 4,703 4,218 0.6 %
(3)(6)(7)(10)
Innovad Group II BVFirst Lien Senior Secured Term Loan
SARON + 5.00%, 6.0% Cash
05/2304/28669 673 669 0.1 %
(3)(6)(7)(22)
Riedel Beheer B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
12/2112/282,147 2,265 1,963 0.3 %
(3)(6)(7)(9)
Woodland Foods, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
12/2112/273,613 3,572 3,576 0.5 %
(6)(7)(12)
Woodland Foods, LLCRevolver
SOFR + 5.25%, 9.9% Cash
12/2112/27498 486 487 0.1 %
(6)(7)(12)(27)
ZB Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
02/2202/284,594 4,528 4,526 0.7 %
(6)(7)(12)
ZB Holdco LLCRevolver
SOFR + 5.50%, 10.3% Cash
02/2202/28254 249 247  %
(6)(7)(12)(27)
Subtotal Beverage, Food & Tobacco (4.4%)*
34,585 34,712 30,673 
Capital Equipment
AirX Climate Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
11/2311/29549 541 542 0.1 %
(6)(7)(12)
AirX Climate Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
11/2311/29773 752 766 0.1 %
(6)(7)(12)(27)
AirX Climate Solutions, Inc.Revolver
SOFR + 5.75%, 10.2% Cash
11/2311/29 (3)  %
(6)(7)(12)(27)
APC1 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.40%, 8.7% Cash
07/2207/292,382 2,324 2,370 0.3 %
(3)(6)(7)(9)
31

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
BPG Holdings IV CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
03/2307/29$9,408 $8,962 $8,373 1.2 %
(6)(7)(12)
Cobham Slip Rings SASFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
11/2111/281,995 1,969 1,995 0.3 %
(3)(6)(7)(13)
Polara Enterprises, L.L.C.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
12/2112/271,633 1,616 1,633 0.2 %
(6)(7)(12)
Polara Enterprises, L.L.C.Revolver
SOFR + 4.75%, 9.5% Cash
12/2112/27 (3)  %
(6)(7)(12)(27)
Process Insights Acquisition, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
07/2307/293,509 3,434 3,422 0.5 %
(6)(7)(12)(27)
Process Insights Acquisition, Inc.Revolver
SOFR + 6.25%, 10.6% Cash
07/2307/29607 594 593 0.1 %
(6)(7)(12)(27)
Rapid Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
10/2410/303,242 3,160 3,154 0.5 %
(6)(7)(13)(27)
TAPCO Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/2411/302,769 2,705 2,703 0.4 %
(6)(7)(12)(27)
TAPCO Buyer LLCRevolver
SOFR + 5.00%, 9.5% Cash
11/2411/30 (8)(9) %
(6)(7)(12)(27)
Tencarva Machinery Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
12/2112/274,123 4,084 4,074 0.6 %
(6)(7)(12)
Tencarva Machinery Company, LLCRevolver
SOFR + 5.00%, 9.8% Cash
12/2112/27 (7)(9) %
(6)(7)(12)(27)
Subtotal Capital Equipment (4.3%)*
30,990 30,120 29,607 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
04/2304/291,794 1,760 1,767 0.3 %
(6)(7)(11)
Americo Chemical Products, LLCRevolver
SOFR + 5.00%, 9.6% Cash
04/2304/29 (9)(7) %
(6)(7)(11)(27)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
BBSY + 6.20%, 10.7% Cash
11/2110/28798 919 790 0.1 %
(3)(6)(7)(18)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.20%, 9.3% Cash
11/2110/284,182 4,445 4,139 0.6 %
(3)(6)(7)(9)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.20%, 9.9% Cash
01/2310/28937 939 929 0.1 %
(3)(6)(7)(10)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.95%, 10.7% Cash
04/2210/282,602 2,701 2,576 0.4 %
(3)(6)(7)(10)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
SOFR + 6.20%, 11.5% Cash
11/2110/281,090 1,090 1,079 0.2 %
(3)(6)(7)(13)
Aptus 1829. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.4% Cash
09/2109/271,461 1,630 1,308 0.2 %
(3)(6)(7)(10)
Subtotal Chemicals, Plastics, & Rubber (1.8%)*
12,864 13,475 12,581 
Construction & Building
BKF Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
08/2408/303,443 3,381 3,382 0.5 %
(6)(7)(11)
BKF Buyer, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
08/2408/30 (22)(22) %
(6)(7)(11)(27)
EMI Porta Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
12/2112/277,959 7,872 7,506 1.1 %
(6)(7)(12)
EMI Porta Holdco LLCRevolver
SOFR + 5.75%, 10.5% Cash
12/2112/27305 293 233  %
(6)(7)(12)(27)
MNS Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
08/2108/27662 656 662 0.1 %
(6)(7)(12)
Ocelot Holdco LLCSuper Senior Takeback Loan
10.0% Cash
10/2310/2796 96 96  %
(6)(7)
Ocelot Holdco LLCTakeback Term Loan
10.0% Cash
10/2310/27513 513 513 0.1 %
(6)(7)
Subtotal Construction & Building (1.8%)*
12,978 12,789 12,370 
Consumer goods: Durable
DecksDirect, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
12/2112/261,573 1,552 1,383 0.2 %
(6)(7)(12)
DecksDirect, LLCRevolver
SOFR + 6.25%, 10.9% Cash
12/2112/26347 343 301  %
(6)(7)(12)(27)
Gojo Industries, Inc. First Lien Senior Secured Term Loan
SOFR + 9.50%, 9.8% Cash, 4.5% PIK
10/2310/282,412 2,355 2,357 0.3 %
(6)(7)(12)
HTI Technology & IndustriesFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 13.5% Cash
07/2207/255,545 5,526 5,210 0.8 %
(6)(7)(12)(27)
32

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
HTI Technology & IndustriesRevolver
SOFR + 8.50%, 13.5% Cash
07/2207/25$ $(2)$(35) %
(6)(7)(12)(27)
Renovation Parent Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
11/2111/277,468 7,372 6,833 1.0 %
(6)(7)(12)
Team Air Distributing, LLCFirst Lien Senior Secured Term Loan
12.0% Cash
05/2308/27117 115 114  %
(6)
Team Air Distributing, LLCFirst Lien Senior Secured Term Loan
12.0% Cash
12/2405/2836 35 35  %
(6)
Team Air Distributing, LLCSubordinated Term Loan
12.0% Cash
05/2305/28600 590 588 0.1 %
(6)
Terrybear, Inc.Subordinated Term Loan
10.0% Cash, 4.0% PIK
04/2204/28285 282 268  %
(6)
Victoria Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.7% Cash
03/2209/308,083 8,466 7,840 1.1 %
(3)(6)(7)(16)
Subtotal Consumer goods: Durable (3.6%)*
26,466 26,634 24,894 
Consumer goods: Non-durable
BidwaxFirst Lien Senior Secured Term Loan
EURIBOR + 6.40%, 9.2% Cash
02/2102/282,175 2,443 2,126 0.3 %
(3)(6)(7)(10)
CCFF Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
02/2402/303,435 3,360 3,374 0.5 %
(6)(7)(12)(27)
CCFF Buyer, LLCRevolver
SOFR + 5.25%, 9.8% Cash
02/2402/30 (10)(9) %
(6)(7)(12)(27)
David Wood Baking UK Ltd First Lien Senior Secured Term Loan
SONIA + 10.00%, 14.7% Cash
04/2404/29861 852 818 0.1 %
(3)(6)(7)(16)
Herbalife Ltd.First Lien Senior Secured Term Loan
SOFR + 6.75%, 12.1% Cash
04/2404/293,333 3,124 3,294 0.5 %
(3)(7)(11)
Ice House America, L.L.C.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
01/2401/302,140 2,102 2,102 0.3 %
(6)(7)(12)
Ice House America, L.L.C.Revolver
SOFR + 5.50%, 10.1% Cash
01/2401/3097 93 93  %
(6)(7)(12)(27)
Modern Star Holdings Bidco Pty Limited.First Lien Senior Secured Term Loan
BBSY + 6.00%, 10.4% Cash
12/2012/261,935 2,235 1,935 0.3 %
(3)(6)(7)(17)(27)
Safety Products Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/2012/266,313 6,271 6,313 0.9 %
(6)(7)(12)
Subtotal Consumer goods: Non-durable (2.9%)*
20,289 20,470 20,046 
Containers, Packaging, & Glass
Diversified Packaging Holdings LLCSecond Lien Senior Secured Term Loan
11.0% Cash, 1.5% PIK
06/2406/29729 715 717 0.1 %
(6)(7)
Five Star Holding LLCSecond Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
05/2205/307,143 7,038 6,886 1.0 %
(6)(7)(12)
Media Recovery, Inc. (SpotSee)First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
09/2409/301,209 1,192 1,192 0.2 %
(6)(7)(12)
Media Recovery, Inc. (SpotSee)First Lien Senior Secured Term Loan
SONIA + 4.75%, 9.6% Cash
09/2409/302,612 2,758 2,576 0.4 %
(6)(7)(14)
Media Recovery, Inc. (SpotSee)Revolver
SOFR + 4.75%, 9.5% Cash
09/2409/30 (6)(6) %
(6)(7)(12)(27)
Media Recovery, Inc. (SpotSee)Revolver
SONIA + 4.75%, 9.6% Cash
09/2409/30 (7)(7) %
(6)(7)(14)(27)
OG III B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.9% Cash
06/2106/286,416 7,280 6,340 0.9 %
(3)(6)(7)(9)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/287,162 7,064 7,062 1.0 %
(6)(7)(13)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
05/2303/281,934 1,890 1,911 0.3 %
(6)(7)(11)(27)
Tank Holding CorpRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/28 (8)(9) %
(6)(7)(13)(27)
Subtotal Containers, Packaging, & Glass (3.8%)*
27,205 27,916 26,662 
Energy: Electricity
WWEC Holdings III CorpFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
10/2210/286,435 6,335 6,345 0.9 %
(6)(7)(12)
WWEC Holdings III CorpRevolver
SOFR + 5.75%, 10.4% Cash
10/2210/28 (13)(13) %
(6)(7)(12)(27)
Subtotal Energy: Electricity (0.9%)*
6,435 6,322 6,332 
Environmental Industries
Bridger Aerospace Group Holdings, LLCMunicipal Revenue Bond
11.5% Cash
07/2209/2713,600 13,600 13,929 2.0 %
33

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
EB DevelopmentFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.3% Cash
11/2411/27$2,036 $1,996 $1,971 0.3 %
(3)(6)(7)(9)(27)
Entact Environmental Services, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
02/2101/274,121 4,108 4,071 0.6 %
(6)(7)(12)
Northstar Recycling, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
12/2412/303,436 3,382 3,382 0.5 %
(6)(7)(12)(27)
Northstar Recycling, LLCRevolver
SOFR + 4.75%, 9.0% Cash
12/2412/30 (9)(9) %
(6)(7)(12)(27)
Subtotal Environmental Industries (3.4%)*
23,193 23,077 23,344 
Healthcare & Pharmaceuticals
A.T. Holdings II LTDFirst Lien Senior Secured Term Loan
6.7% Cash, 7.6% PIK
11/2209/297,732 7,125 5,088 0.7 %
(3)(6)(7)(28)
Amalfi MidcoSecond Lien Senior Secured Term Loan
17.5% PIK
09/2210/28145 151 145  %
(3)(6)(7)
Amalfi MidcoSubordinated Loan Notes
2.0% Cash, 9.0% PIK
09/2209/282,972 2,708 2,746 0.4 %
(3)(6)(7)
APOG Bidco Pty LtdSecond Lien Senior Secured Term Loan
BBSY + 7.30%, 12.0% Cash
04/2203/30387 462 387 0.1 %
(3)(6)(7)(19)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.5% Cash
11/2111/28309 318 309  %
(3)(6)(7)(9)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.5% Cash
11/2111/281,851 1,919 1,851 0.3 %
(3)(6)(7)(16)(27)
Avance Clinical Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.50%, 8.9% Cash
11/2111/271,481 1,659 1,481 0.2 %
(3)(6)(7)(18)(27)
Biolam GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK
12/2212/294,310 4,377 2,571 0.4 %
(3)(6)(7)(10)(25)
(27)
BVI Medical, Inc.Second Lien Senior Secured Term Loan
EURIBOR + 9.50%, 12.8% Cash
06/2206/265,807 5,799 5,731 0.8 %
(6)(7)(9)
Canadian Orthodontic Partners Corp.First Lien Senior Secured Term Loan
CORRA + 7.0% PIK, 10.3% PIK
06/2112/261,522 1,781 345  %
(3)(6)(7)(20)(25)
Canadian Orthodontic Partners Corp.Super Senior Secured Term Loan
15.0% PIK
04/2412/2665 64 185  %
(3)(6)(27)
Ceres Pharma NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.9% Cash
10/2110/282,830 3,003 2,796 0.4 %
(3)(6)(7)(10)
Ceres Pharma NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.4% Cash
10/2110/282,461 2,483 2,461 0.4 %
(3)(6)(7)(10)
Coherus Biosciences, Inc.First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.6% Cash
05/2405/291,995 1,939 1,952 0.3 %
(6)(7)(12)
Dune GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.6% Cash
09/2109/28188 190 142  %
(3)(6)(7)(9)(27)
Dune GroupFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash
09/2109/283,177 3,145 3,006 0.4 %
(3)(6)(7)(12)
Dune GroupFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 6.3% Cash, 2.3% PIK
09/2109/28306 306 289  %
(3)(6)(7)(12)
Ellkay, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 8.0% Cash, 2.0% PIK
09/2109/273,714 3,677 3,279 0.5 %
(6)(7)(12)
FaradayFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
01/2301/301,577 1,600 1,552 0.2 %
(3)(6)(7)(9)(27)
FinexvetFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
03/2203/294,685 4,872 4,613 0.7 %
(3)(6)(7)(10)
Forest Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
03/2403/306,134 6,049 6,091 0.9 %
(6)(7)(12)
Forest Buyer, LLCRevolver
SOFR + 5.00%, 9.6% Cash
03/2403/30 (6)(2) %
(6)(7)(12)(27)
GCDL LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
08/2408/27539 529 529 0.1 %
(6)(7)(12)(27)
GCDL LLCRevolver
SOFR +6.00%, 10.4% Cash
08/2408/27 (2)(2) %
(6)(7)(12)(27)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
06/2206/29271 285 271  %
(3)(6)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
11/2402/3033 34 33  %
(3)(6)(7)(27)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
06/2206/29446 446 189  %
(3)(6)(7)(8)(25)
Groupe Product LifeFirst Lien Senior Secured Term Loan
EURIBOR + 5.45%, 8.5% Cash
10/2210/29888 873 871 0.1 %
(3)(6)(7)(9)(27)
HeartHealth Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
09/2209/28694 704 602 0.1 %
(3)(6)(7)(18)(27)
34

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Heartland Veterinary Partners, LLCSubordinated Term Loan
11.0% PIK
11/2112/28$5,004 $4,952 $4,599 0.7 %
(6)
HemaSource, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
08/2308/293,633 3,558 3,633 0.5 %
(6)(7)(11)
HemaSource, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
08/2308/29 (18)  %
(6)(7)(11)(27)
Home Care Assistance, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
03/2103/274,399 4,363 4,183 0.6 %
(6)(7)(12)
Hygie 31 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.63%, 8.8% Cash
09/2209/29280 255 278  %
(3)(6)(7)(10)
ISTO Technologies II, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2310/282,242 2,197 2,235 0.3 %
(6)(7)(13)
ISTO Technologies II, LLCRevolver
SOFR + 5.00%, 9.6% Cash
10/2310/28 (5)(1) %
(6)(7)(13)(27)
Jon Bidco LimitedFirst Lien Senior Secured Term Loan
BKBM + 4.50%, 9.5% Cash
03/2203/271,972 2,379 1,972 0.3 %
(3)(6)(7)(21)(27)
Keystone Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.1% Cash
08/2408/31695 728 677 0.1 %
(3)(6)(7)(9)(27)
Keystone Bidco B.V.Revolver
EURIBOR + 5.25%, 8.1% Cash
08/2405/3119 18 18  %
(3)(6)(7)(9)(27)
Lambir Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
12/2112/283,727 3,930 3,553 0.5 %
(3)(6)(7)(10)(27)
Lambir Bidco LimitedSecond Lien Senior Secured Term Loan
12.0% PIK
12/2106/291,303 1,378 1,218 0.2 %
(3)(6)
Median B.V.First Lien Senior Secured Term Loan
SONIA + 5.93%, 11.0% Cash
02/2210/273,882 4,122 3,731 0.5 %
(3)(7)(16)
MI OpCo Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
07/2403/284,716 4,292 4,740 0.7 %
(7)(11)
Moonlight Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.7% Cash
07/2307/301,860 1,884 1,841 0.3 %
(3)(6)(7)(15)(27)
Napa Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.00%, 9.5% Cash
03/2203/286,460 7,391 6,460 0.9 %
(3)(6)(7)(18)
Navia Benefit Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.2% Cash
05/2102/2714,865 14,745 14,866 2.1 %
(6)(7)(11)
NPM Investments 28 B.V. First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
09/2210/291,885 1,741 1,869 0.3 %
(3)(6)(7)(9)(27)
OA Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
12/2112/286,450 6,369 6,424 0.9 %
(6)(7)(11)
OA Buyer, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
12/2112/28 (15)(5) %
(6)(7)(11)(27)
Ocular Therapeutix, Inc.First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.2% Cash
08/2307/291,965 1,916 2,425 0.3 %
(3)(6)(7)(11)
Oracle Vision Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
06/2106/281,329 1,472 1,299 0.2 %
(3)(6)(7)(16)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 8.30%, 12.9% Cash
10/2310/29499 487 487 0.1 %
(6)(7)(11)(27)
Sanoptis S.A.R.L.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
06/2207/292,327 2,252 2,212 0.3 %
(3)(6)(7)(10)(27)
Sanoptis S.A.R.L.First Lien Senior Secured Term Loan
SARON + 5.75%, 7.0% Cash
06/2207/291,122 1,097 1,095 0.2 %
(3)(6)(7)(22)
SSCP Pegasus Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.7% Cash
12/2011/271,137 1,154 1,137 0.2 %
(3)(6)(7)(15)(27)
SSCP Spring Bidco 3 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.45%, 11.2% Cash
11/2308/30959 935 941 0.1 %
(3)(6)(7)(16)
Union Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.84%, 9.8% Cash
06/2206/29934 892 930 0.1 %
(3)(6)(7)(16)(27)
United Therapy Holding III GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.0% Cash
04/2203/291,689 1,713 1,204 0.2 %
(3)(6)(7)(9)(27)
Unither (Uniholding)First Lien Senior Secured Term Loan
EURIBOR + 4.93%, 8.3% Cash
03/2303/301,962 1,965 1,962 0.3 %
(3)(6)(7)(9)(27)
Subtotal Healthcare & Pharmaceuticals (18.1%)*
133,834 134,637 125,494 
High Tech Industries
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK
07/2207/29948 938 886 0.1 %
(3)(6)(7)(9)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash, 2.8% PIK
07/2207/2967 66 63  %
(3)(6)(7)(12)
35

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 2.8% PIK
07/2207/29$859 $798 $792 0.1 %
(3)(6)(7)(15)(27)
Argus Bidco LimitedSecond Lien Senior Secured Term Loan
10.5% PIK
07/2207/29421 406 389 0.1 %
(3)(6)
CAi Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
12/2112/284,693 4,636 4,665 0.7 %
(6)(7)(12)
CAi Software, LLCRevolver
SOFR + 5.25%, 10.1% Cash
12/2112/28354 346 349 0.1 %
(6)(7)(12)(27)
Caribou Holding Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 7.64%, 12.5% Cash
04/2204/272,159 2,143 2,118 0.3 %
(3)(6)(7)(12)
Contabo Finco
S.À R.L
First Lien Senior Secured Term Loan
EURIBOR + 5.15%, 8.2% Cash
10/2210/29964 911 964 0.1 %
(3)(6)(7)(9)
CW Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
01/2101/277,799 7,731 7,799 1.1 %
(6)(7)(12)
Dragon BidcoFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.6% Cash
04/2104/284,556 4,816 4,549 0.7 %
(3)(6)(7)(9)
Dwyer Instruments, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
07/2107/2911,241 11,120 11,095 1.6 %
(6)(7)(12)
Electrical Components International, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.3% Cash
05/2405/293,537 3,473 3,470 0.5 %
(6)(7)(13)(27)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.6% PIK
12/2212/291,115 998 553 0.1 %
(3)(6)(7)(10)(25)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 11.3% PIK
12/2212/29609 521 302  %
(3)(6)(7)(12)(25)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 11.5% PIK
12/2212/291,567 1,505 777 0.1 %
(3)(6)(7)(16)(25)
Eurofins Digital Testing International LUX Holding SARLSenior Subordinated Term Loan
11.5% PIK
12/2212/30460 428   %
(3)(6)(25)
FSS Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
08/2108/287,529 7,443 7,529 1.1 %
(6)(7)(11)
Graphpad Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
06/2406/315,707 5,674 5,700 0.8 %
(6)(7)(12)(27)
Graphpad Software, LLCRevolver
SOFR + 4.75%, 9.4% Cash
06/2406/31 (2)(1) %
(6)(7)(12)(27)
NAW Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
09/2309/293,030 2,938 3,030 0.4 %
(6)(7)(12)(27)
NAW Buyer LLCRevolver
SOFR + 5.75%, 10.4% Cash
09/2309/29 (7)  %
(6)(7)(12)(27)
NeoxCoFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
01/2301/302,476 2,525 2,456 0.4 %
(3)(6)(7)(10)
Next Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
11/2311/30732 720 732 0.1 %
(6)(7)(12)(27)
Next Holdco, LLCRevolver
SOFR + 5.75%, 10.5% Cash
11/2311/29 (1)  %
(6)(7)(12)(27)
ORTEC INTERNATIONAL NEWCO B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.5% Cash
12/2312/30947 976 931 0.1 %
(3)(6)(7)(9)
OSP Hamilton Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
12/2112/296,802 6,719 6,717 1.0 %
(6)(7)(12)
OSP Hamilton Purchaser, LLCRevolver
SOFR + 5.25%, 9.8% Cash
12/2112/29126 121 122  %
(6)(7)(12)(27)
PDQ.Com CorporationFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
08/2108/2712,518 12,390 12,370 1.8 %
(6)(7)(12)
PowerGEM Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/2411/292,783 2,783 2,755 0.4 %
(6)(7)(12)
ProfitOptics, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/28645 638 645 0.1 %
(6)(7)(11)
ProfitOptics, LLCRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/2897 95 97  %
(6)(7)(11)(27)
ProfitOptics, LLCSenior Subordinated Term Loan
8.0% Cash
03/2203/2932 32 31  %
(6)
Pro-Vision Solutions Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
09/2409/297,716 7,605 7,611 1.1 %
(6)(7)(12)
Pro-Vision Solutions Holdings, LLCRevolver
SOFR + 4.50%, 8.8% Cash
09/2409/29 (29)(28) %
(6)(7)(12)(27)
36

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
05/2205/29$846 $846 $844 0.1 %
(3)(6)(7)(9)(27)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
05/2205/291,411 1,394 1,408 0.2 %
(3)(6)(7)(12)
Saab Purchaser, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/2411/317,128 7,039 7,037 1.0 %
(6)(7)(12)(27)
Saab Purchaser, Inc. Revolver
SOFR + 5.00%, 9.5% Cash
11/2411/31 (9)(10) %
(6)(7)(12)(27)
Scout Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.4% Cash
05/2205/293,762 3,823 3,750 0.5 %
(3)(6)(7)(9)
Scout Bidco B.V.First Lien Senior Secured Term Loan
SOFR + 5.57%, 10.1% Cash
05/2205/29508 508 507 0.1 %
(3)(6)(7)(12)
Scout Bidco B.V.Revolver
EURIBOR + 5.50%, 8.4% Cash
05/2205/29 (3)(7) %
(3)(6)(7)(9)(27)
Sinari InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
07/2307/301,892 1,943 1,858 0.3 %
(3)(6)(7)(10)(27)
Smartling, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.0% Cash
11/2111/279,144 9,048 9,144 1.3 %
(6)(7)(12)
Smartling, Inc.Revolver
SOFR + 4.50%, 9.0% Cash
11/2111/27 (6)  %
(6)(7)(12)(27)
White Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
10/2310/30875 848 873 0.1 %
(3)(6)(7)(12)(27)
Subtotal High Tech Industries (16.6%)*
118,055 116,887 114,872 
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTDFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
12/2112/281,889 1,942 1,889 0.3 %
(3)(6)(7)(15)(27)
Aquavista Watersides 2 LTDSecond Lien Senior Secured Term Loan
SONIA + 10.5% PIK, 15.1% PIK
12/2112/28634 654 634 0.1 %
(3)(6)(7)(15)
Subtotal Hotel, Gaming, & Leisure (0.4%)*
2,523 2,596 2,523 
Media: Advertising, Printing, & Publishing
ASC Communications, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
07/2207/278,981 8,899 8,981 1.3 %
(6)(7)(11)
ASC Communications, LLCRevolver
SOFR + 4.75%, 9.4% Cash
07/2207/27 (5)  %
(6)(7)(11)(27)
Superjet Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.4% Cash
12/2112/2716,034 15,854 15,781 2.3 %
(6)(7)(12)
Superjet Buyer, LLCRevolver
SOFR + 5.50%, 10.4% Cash
12/2112/27 (15)(23) %
(6)(7)(12)(27)
Subtotal Media: Advertising, Printing & Publishing (3.6%)*
25,015 24,733 24,739 
Media: Broadcasting & Subscription
Music Reports, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
08/2008/265,031 4,992 4,810 0.7 %
(6)(7)(12)
The Octave Music Group, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
06/2403/293,593 3,593 3,595 0.5 %
(7)(12)
Subtotal Media: Broadcasting & Subscription (1.2%)*
8,624 8,585 8,405 
Media: Diversified & Production
BrightSign LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
10/2110/273,765 3,747 3,765 0.5 %
(6)(7)(11)
BrightSign LLCRevolver
SOFR + 5.50%, 10.2% Cash
10/2110/27584 581 584 0.1 %
(6)(7)(11)(27)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
04/2204/29218 223 217  %
(3)(6)(7)(9)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% Cash
04/2204/291,599 1,635 1,588 0.2 %
(3)(6)(7)(15)(27)
Learfield Communications, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2406/283,896 3,882 3,927 0.6 %
(7)(11)
Murphy Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.2% Cash
11/2011/271,837 1,864 1,837 0.3 %
(3)(6)(7)(16)
Rock Labor LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
09/2309/293,703 3,609 3,640 0.5 %
(6)(7)(12)
Rock Labor LLCRevolver
SOFR + 5.50%, 10.7% Cash
09/2309/29 (15)(11) %
(6)(7)(12)(27)
Solo Buyer, L.P.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/2212/2913,326 13,066 12,888 1.9 %
(6)(7)(12)
Solo Buyer, L.P.Revolver
SOFR + 6.25%, 10.7% Cash
12/2212/28319 299 280  %
(6)(7)(12)(27)
37

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Vital Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
06/2106/28$11,970 $11,838 $11,826 1.7 %
(6)(7)(12)
Subtotal Media: Diversified & Production (5.8%)*
41,217 40,729 40,541 
Services: Business
Acclime Holdings HK LimitedFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.8% Cash
08/2108/271,941 1,915 1,892 0.3 %
(3)(6)(7)(13)
AcogroupFirst Lien Senior Secured Term Loan
4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK
03/2210/262,952 3,094 2,173 0.3 %
(3)(6)(7)(10)
AD Bidco, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
03/2403/303,366 3,265 3,366 0.5 %
(6)(7)(12)(27)
AD Bidco, Inc.Revolver
SOFR + 5.25%, 9.6% Cash
03/2403/30 (9)  %
(6)(7)(12)(27)
Adhefin InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
05/2305/301,716 1,777 1,716 0.2 %
(3)(6)(7)(9)(27)
Adhefin InternationalSubordinated Term Loan
EURIBOR + 10.5% PIK, 13.2% PIK
05/2311/30330 343 326  %
(3)(6)(7)(9)
AlliA Insurance Brokers NVFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.9% Cash
03/2303/304,598 4,646 4,569 0.7 %
(3)(6)(7)(10)(27)
Artemis Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.0% Cash
11/2411/31284 261 256  %
(3)(6)(7)(9)(27)
Azalea Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
11/2111/273,190 3,152 3,190 0.5 %
(6)(7)(11)(27)
Azalea Buyer, Inc.Revolver
SOFR + 5.25%, 9.9% Cash
11/2111/27 (3)  %
(6)(7)(11)(27)
Azalea Buyer, Inc.Subordinated Term Loan
12.0% PIK
11/2105/281,210 1,199 1,204 0.2 %
(6)
Basin Innovation Group, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/2412/301,949 1,916 1,916 0.3 %
(6)(7)(11)(27)
Basin Innovation Group, LLCRevolver
SOFR + 5.00%, 9.5% Cash
12/2412/30 (4)(4) %
(6)(7)(11)(27)
BNI Global, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.5% Cash
02/2405/272,359 2,424 2,326 0.3 %
(6)(7)(8)
Bounteous, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
08/2108/277,954 7,879 7,906 1.1 %
(6)(7)(12)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.2% Cash
10/2110/28356 349 348 0.1 %
(3)(6)(7)(9)(27)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.6% Cash, 0.3% PIK
10/2110/281,578 1,739 1,550 0.2 %
(3)(6)(7)(10)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.9% Cash
10/2110/2896 97 95  %
(3)(6)(7)(9)
British Engineering Services Holdco LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 12.7% Cash
12/2012/272,299 2,437 2,272 0.3 %
(3)(6)(7)(16)
Caldwell & Gregory LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
09/2409/3011,484 11,298 11,301 1.6 %
(6)(7)(12)(27)
Caldwell & Gregory LLCRevolver
SOFR + 5.00%, 9.3% Cash
09/2409/30 (21)(21) %
(6)(7)(12)(27)
CGI Parent, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
02/2202/286,158 6,074 6,158 0.9 %
(6)(7)(12)
CGI Parent, LLCRevolver
SOFR + 4.50%, 9.1% Cash
02/2202/28 (18)  %
(6)(7)(12)(27)
Comply365, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
04/2212/296,611 6,532 6,611 1.0 %
(6)(7)(11)
Comply365, LLCRevolver
SOFR + 5.00%, 9.7% Cash
04/2212/29 (6)  %
(6)(7)(11)(27)
Coyo Uprising GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash, 0.3% PIK
09/2109/2810,748 11,802 10,408 1.5 %
(3)(6)(7)(9)(27)
DataServ Integrations, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
11/2211/281,871 1,841 1,871 0.3 %
(6)(7)(13)
DataServ Integrations, LLCRevolver
SOFR + 5.50%, 10.0% Cash
11/2211/28 (6)  %
(6)(7)(13)(27)
DISA Holdings Corp.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/2209/284,633 4,539 4,633 0.7 %
(6)(7)(12)
DISA Holdings Corp.Revolver
SOFR + 5.00%, 9.5% Cash
11/2209/28 (6)  %
(6)(7)(12)(27)
38

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Dunlipharder B.V.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
06/2206/28$1,000 $991 $998 0.1 %
(3)(6)(7)(12)
EFC InternationalSenior Unsecured Term Loan
11.0% Cash, 2.5% PIK
03/2305/28716 699 707 0.1 %
(6)
Electric Equipment & Engineering Co.First Lien Senior Secured Term Loan
10.5% Cash, 3.0% PIK
12/2412/30313 307 307  %
(6)
Events Software BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
03/2203/281,561 1,842 1,336 0.2 %
(3)(6)(7)(18)(27)
Fortis Payment Systems, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.0% Cash
10/2202/262,474 2,457 2,440 0.4 %
(6)(7)(12)(27)
Fortis Payment Systems, LLCRevolver
SOFR + 5.25%, 10.0% Cash
10/2202/26    %
(6)(7)(12)(27)
Greenhill II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.10%, 8.3% Cash
07/2207/29936 907 936 0.1 %
(3)(6)(7)(9)(27)
HEKA InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
10/2210/294,850 4,497 4,850 0.7 %
(3)(6)(7)(9)(27)
Hydratech Holdings, Inc. First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
09/2412/294,493 4,419 4,419 0.6 %
(6)(7)(12)(27)
Hydratech Holdings, Inc. Revolver
SOFR + 5.00%, 9.6% Cash
09/2412/29168 158 158  %
(6)(7)(12)(27)
Infoniqa Holdings GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.1% Cash
11/2111/282,518 2,705 2,518 0.4 %
(3)(6)(7)(10)
Interstellar Group B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.6% Cash
08/2208/291,589 1,594 1,509 0.2 %
(3)(6)(7)(9)(27)
Isolstar Holding NV (IPCOM)First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.2% Cash
10/2210/295,168 4,836 5,075 0.7 %
(3)(6)(7)(9)
JF Acquisition, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
05/2107/263,523 3,492 3,519 0.5 %
(6)(7)(12)
Jones Fish Hatcheries & Distributors LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
02/2202/283,481 3,434 3,481 0.5 %
(6)(7)(12)
Jones Fish Hatcheries & Distributors LLCRevolver
SOFR + 5.50%, 10.0% Cash
02/2202/28 (4)  %
(6)(7)(12)(27)
LeadsOnline, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
02/2202/2810,707 10,601 10,665 1.5 %
(6)(7)(12)
LeadsOnline, LLCRevolver
SOFR + 4.75%, 9.4% Cash
02/2202/28 (18)(8) %
(6)(7)(12)(27)
Long Term Care Group, Inc.First Lien Senior Secured Term Loan
SOFR + 3.27%, 8.1% Cash, 3.7% PIK
04/2209/275,301 5,245 4,739 0.7 %
(6)(7)(12)
MB Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
01/2401/30869 850 864 0.1 %
(6)(7)(11)(27)
MB Purchaser, LLCRevolver
SOFR + 4.75%, 9.4% Cash
01/2401/30 (2)(1) %
(6)(7)(11)(27)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
07/2106/274,323 4,278 4,250 0.6 %
(6)(7)(13)(27)
NF Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/2303/294,189 4,091 4,189 0.6 %
(6)(7)(12)
NF Holdco, LLCRevolver
SOFR + 6.50%, 10.8% Cash
03/2303/29184 168 184  %
(6)(7)(12)(27)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.1% Cash
06/2106/28307 355 301  %
(3)(6)(7)(9)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.0% Cash
06/2106/28533 525 522 0.1 %
(3)(6)(7)(12)
Qualified Industries, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
11/2410/271,903 1,866 1,865 0.3 %
(6)(7)(13)
Qualified Industries, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
03/2303/29716 701 702 0.1 %
(6)(7)(13)
Qualified Industries, LLCRevolver
SOFR + 5.75%, 10.1% Cash
03/2303/29 (5)(5) %
(6)(13)(27)
Questel UniteFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
12/2012/271,899 2,134 1,899 0.3 %
(3)(6)(7)(9)
Questel UniteFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 7.2% Cash, 2.4% PIK
12/2012/27389 446 389 0.1 %
(3)(6)(7)(9)
Questel UniteFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
12/2012/27376 374 376 0.1 %
(3)(6)(7)(12)
Recovery Point Systems, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
08/2007/264,905 4,874 4,905 0.7 %
(6)(7)(12)
ROI Solutions LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2410/2911,348 11,123 11,111 1.6 %
(6)(7)(12)(27)
39

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
ROI Solutions LLCRevolver
SOFR + 5.00%, 9.6% Cash
10/2410/29$ $(32)$(34) %
(6)(7)(12)(27)
Royal Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
08/2208/286,509 6,423 6,502 0.9 %
(6)(7)(12)
Royal Buyer, LLCRevolver
SOFR + 5.50%, 10.0% Cash
08/2208/28 (12)(1) %
(6)(7)(12)(27)
RPX CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
08/2408/308,969 8,842 8,854 1.3 %
(6)(7)(12)
RPX CorporationRevolver
SOFR + 5.50%, 10.6% Cash
08/2408/30 (14)(13) %
(6)(7)(12)(27)
Sansidor BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.6% Cash
09/2409/30554 576 534 0.1 %
(3)(6)(7)(9)(27)
SBP Holdings LPFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
03/2303/286,852 6,685 6,824 1.0 %
(6)(7)(11)
SBP Holdings LPRevolver
SOFR + 5.00%, 9.6% Cash
03/2303/28 (13)(2) %
(6)(7)(12)(27)
Scaled Agile, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
12/2112/281,784 1,765 1,605 0.2 %
(6)(7)(12)
Scaled Agile, Inc.Revolver
SOFR + 5.50%, 10.2% Cash
12/2112/28336 332 302  %
(6)(7)(12)
SmartShift Group, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
09/2309/298,630 8,488 8,630 1.2 %
(6)(7)(12)
SmartShift Group, Inc.Revolver
SOFR + 5.00%, 9.5% Cash
09/2309/29 (22)  %
(6)(7)(12)(27)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.2% Cash
11/2203/272,072 2,044 2,057 0.3 %
(6)(7)(13)(27)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver
SOFR + 5.00%, 9.2% Cash
11/2203/27 (2)(1) %
(6)(7)(13)(27)
Starnmeer B.V.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2104/274,640 4,607 4,640 0.7 %
(3)(6)(7)(13)
TA SL Cayman Aggregator Corp.Subordinated Term Loan
7.8% PIK
07/2107/281,291 1,281 1,291 0.2 %
(6)
Tanqueray Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
11/2211/291,699 1,518 1,643 0.2 %
(3)(6)(7)(15)(27)
Technology Service Stream BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 10.3% Cash
06/2407/30698 725 677 0.1 %
(3)(6)(7)(19)(27)
Techone B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 8.7% Cash
11/2111/282,819 3,005 2,796 0.4 %
(3)(6)(7)(9)
Techone B.V.Revolver
EURIBOR + 5.40%, 8.7% Cash
11/2105/28 (7)(1) %
(3)(6)(7)(9)(27)
Trintech, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
07/2307/294,596 4,483 4,525 0.7 %
(6)(7)(11)
Trintech, Inc.Revolver
SOFR + 5.50%, 10.1% Cash
07/2307/29102 93 96  %
(6)(7)(11)(27)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.0% Cash
12/2409/271,054 1,044 1,044 0.2 %
(6)(7)(12)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
12/2212/28962 949 953 0.1 %
(6)(7)(12)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/2412/29144 141 141  %
(6)(7)(12)(27)
TSYL Corporate Buyer, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
12/2212/28 (2)(1) %
(6)(7)(12)(27)
Turnberry Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
07/2109/267,776 7,721 7,776 1.1 %
(6)(7)(11)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.6% Cash
12/2312/30536 556 536 0.1 %
(3)(6)(7)(9)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
STIBOR + 5.25%, 8.4% Cash
12/2312/301,450 1,486 1,450 0.2 %
(3)(6)(7)(24)(27)
UHY Advisors, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
11/2411/316,623 6,496 6,491 0.9 %
(6)(7)(12)(27)
UHY Advisors, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
11/2411/31 (17)(18) %
(6)(7)(12)(27)
Utac CeramFirst Lien Senior Secured Term Loan
EURIBOR + 4.60%, 4.9% Cash, 2.4% PIK
09/2009/27737 844 700 0.1 %
(3)(6)(7)(9)
Utac CeramFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 9.4% Cash, 1.8% PIK
02/2109/27373 373 354 0.1 %
(3)(6)(7)(12)
40

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
W2O Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
10/2006/28$4,882 $4,861 $4,838 0.7 %
(6)(12)
World 50, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
03/2403/304,721 4,636 4,683 0.7 %
(6)(7)(11)
World 50, Inc.Revolver
SOFR + 5.75%, 10.3% Cash
03/2403/30 (4)(2) %
(6)(7)(11)(27)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.2% Cash
05/2205/29221 233 216  %
(3)(6)(7)(10)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
05/2205/297,824 7,710 7,633 1.1 %
(3)(6)(7)(16)
Xeinadin Bidco LimitedSubordinated Term Loan
11.0% PIK
05/2205/292,657 2,597 2,592 0.4 %
(3)(6)
Zeppelin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
03/2203/293,030 3,128 2,345 0.3 %
(3)(6)(7)(16)
Subtotal Services: Business (35.7%)*
252,963 251,963 247,917 
Services: Consumer
Arc EducationFirst Lien Senior Secured Term Loan
EURIBOR + 5.97%, 9.3% Cash
07/2207/293,829 3,712 3,807 0.5 %
(3)(6)(7)(9)(27)
ArchimedeFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.8% Cash
10/2010/277,456 7,929 6,926 1.0 %
(3)(6)(7)(9)
Bariacum S.AFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.3% Cash
11/2111/282,382 2,539 2,382 0.3 %
(3)(6)(7)(10)
Cascade Residential Services LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
10/2310/292,005 1,958 1,871 0.3 %
(6)(7)(12)(27)
Cascade Residential Services LLCRevolver
SOFR + 6.00%, 10.6% Cash
10/2310/29165 162 156  %
(6)(7)(12)
Express Wash Acquisition Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 11.4% Cash
07/2207/284,260 4,205 3,970 0.6 %
(6)(7)(12)
Express Wash Acquisition Company, LLCRevolver
SOFR + 6.50%, 11.4% Cash
07/2207/2894 92 82  %
(6)(7)(12)(27)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.)First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
10/2402/3012,453 12,421 12,372 1.8 %
(6)(7)(12)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 9.3% Cash
07/2207/271,523 1,686 1,523 0.2 %
(3)(6)(7)(18)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BKBM + 5.50%, 9.3% Cash
07/2207/272,667 2,926 2,667 0.4 %
(3)(6)(7)(21)(27)
HomeX Services Group LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
11/2311/29599 585 591 0.1 %
(6)(7)(12)(27)
HomeX Services Group LLCRevolver
SOFR + 4.50%, 9.1% Cash
11/2311/29 (2)(1) %
(6)(7)(12)(27)
InvoCare LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.25%, 10.7% Cash
11/2311/29802 825 785 0.1 %
(3)(6)(7)(18)(27)
Kid Distro Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
10/2110/2718,527 18,336 18,527 2.7 %
(6)(7)(12)
Marmoutier Holding B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.4% PIK
12/2112/282,543 2,415 146  %
(3)(6)(7)(10)(25)
(27)
Marmoutier Holding B.V.Revolver
EURIBOR + 5.75%, 6.7% PIK
12/2106/27109 104 (53) %
(3)(6)(7)(10)(25)
(27)
Marmoutier Holding B.V.Super Senior Secured Term Loan
6.0% PIK
03/2403/25187 195 187  %
(3)(6)(7)(25)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/2012/2611,575 11,480 11,413 1.6 %
(6)(7)(12)
QPE7 SPV1 BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 3.75%, 8.1% Cash
09/2109/262,617 3,020 2,596 0.4 %
(3)(6)(7)(17)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
05/2205/29928 926 903 0.1 %
(3)(6)(7)(10)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.7% Cash
05/2205/291,524 1,565 1,524 0.2 %
(3)(6)(7)(10)
Subtotal Services: Consumer (10.4%)*
76,245 77,079 72,374 
Structured Product
Air Canada 2020-2 Class B Pass Through TrustStructured Secured Note - Class B
9.0% Cash
09/2010/25790 790 804 0.1 %
British Airways 2020-1 Class B Pass Through TrustFirst Lien Senior Secured Bond
8.4% Cash
11/2011/28489 489 507 0.1 %
41

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Flexential Issuer, LLCStructured Secured Note - Class C
6.9% Cash
11/2111/51$10,000 $9,303 $9,587 1.4 %
JetBlue 2019-1 Class B Pass Through TrustStructured Secured Note - Class B
8.0% Cash
08/2011/27998 998 1,008 0.1 %
Perimeter Master Note Business TrustStructured Secured Note - Class A
4.7% Cash
05/2211/28137 137 134  %
(3)(6)
Perimeter Master Note Business TrustStructured Secured Note - Class B
5.4% Cash
05/2211/28137 137 134  %
(3)(6)
Perimeter Master Note Business TrustStructured Secured Note - Class C
5.9% Cash
05/2211/28137 137 135  %
(3)(6)
Perimeter Master Note Business TrustStructured Secured Note - Class D
8.5% Cash
05/2211/28137 137 134  %
(3)(6)
Perimeter Master Note Business TrustStructured Secured Note - Class E
11.4% Cash
05/2211/286,986 6,986 6,707 1.0 %
(3)(6)
Vista Global Holding LtdStructured Secured Note - Class C
9.5% Cash
11/2408/31500 500 495 0.1 %
(3)(6)
VistaJet Pass Through Trust 2021-1BStructured Secured Note - Class B
6.3% Cash
11/2102/296,429 6,429 6,321 0.9 %
(6)
Willis Engine Structured Trust VIStructured Secured Note - Series 2021-1 Class C
7.4% Cash
05/2105/461,457 1,457 1,431 0.2 %
(6)
Subtotal Structured Product (4.0%)*
28,197 27,500 27,397 
Telecommunications
CSL DualComFirst Lien Senior Secured Term Loan
SONIA + 4.75%, 9.5% Cash
09/2009/272,087 1,972 2,087 0.3 %
(3)(6)(7)(14)(27)
Mercell Holding ASFirst Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.1% Cash
08/2208/291,383 1,575 1,375 0.2 %
(3)(6)(7)(23)(27)
Permaconn BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
12/2107/294,459 4,763 4,459 0.6 %
(3)(6)(7)(18)
UKFast Leaders LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.25%, 12.3% Cash
09/2009/271,074 1,088 1,013 0.1 %
(3)(6)(7)(15)
Subtotal Telecommunications (1.3%)*
9,003 9,398 8,934 
Transportation: Cargo
Echo Global Logistics, Inc.Second Lien Senior Secured Term Loan
SOFR + 7.00%, 11.7% Cash
11/2111/297,605 7,512 7,589 1.1 %
(6)(7)(11)
eShipping, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
11/2111/276,677 6,607 6,677 1.0 %
(6)(7)(11)
eShipping, LLCRevolver
SOFR + 5.00%, 9.7% Cash
11/2111/27 (11)  %
(6)(7)(11)(27)
FitzMark Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
12/2012/262,404 2,386 2,403 0.3 %
(6)(7)(11)
FragilePak LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
05/2105/277,293 7,203 7,293 1.1 %
(6)(7)(12)
Honour Lane Logistics Holdings LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
04/2211/287,083 6,951 7,061 1.0 %
(3)(6)(7)(13)
ITI Intermodal, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
12/2112/27801 792 800 0.1 %
(6)(7)(13)
ITI Intermodal, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
12/2112/275,568 5,456 5,568 0.8 %
(6)(7)(13)
ITI Intermodal, Inc.Revolver
SOFR + 6.50%, 10.8% Cash
12/2112/27116 105 116  %
(6)(7)(13)(27)
R1 Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
12/2212/285,512 5,377 5,534 0.8 %
(6)(7)(11)
R1 Holdings, LLCRevolver
SOFR + 6.25%, 10.8% Cash
12/2212/28236 210 236  %
(6)(7)(11)(27)
REP SEKO MERGER SUB LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.5% Cash
11/2411/291,061 1,048 1,061 0.2 %
(6)(7)(12)
REP SEKO MERGER SUB LLCFirst Out Term Loan
SOFR + 8.00%, 12.5% Cash
11/2411/292,428 2,428 2,428 0.4 %
(6)(7)(12)
Subtotal Transportation: Cargo (6.7%)*
46,784 46,064 46,766 
Utilities: Electric
Panoche Energy Center LLCFirst Lien Senior Secured Bond
6.9% Cash
07/2207/293,740 3,458 3,695 0.5 %
(6)
Spatial Business Systems LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
10/2210/286,715 6,605 6,615 1.0 %
(6)(7)(12)
42

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Spatial Business Systems LLCRevolver
SOFR + 5.50%, 10.0% Cash
10/2210/28$ $(11)$(11) %
(6)(7)(12)(27)
Subtotal Utilities: Electric (1.5%)*
10,455 10,052 10,299 
Subtotal Debt Investment (157.3%)*
$1,126,449 $1,123,102 $1,090,657 
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace CorporationCommon Stock 04/22175,049.3 $175 $  %
(6)(26)
Compass Precision, LLCLLC Units 04/2246,085.6 125 154  %
(6)(26)
GB Eagle Buyer, Inc.Partnership Units 12/22515 515 1,012 0.1 %
(6)
Megawatt Acquisitionco, Inc.Common Stock 03/24102 10   %
(6)(26)
Megawatt Acquisitionco, Inc.Preferred Stock 03/24921 92 23  %
(6)(26)
Narda Acquisitionco., Inc.Class A Preferred Stock 12/212,392.9 239 302  %
(6)(26)
Narda Acquisitionco., Inc.Class B Common Stock 12/21265.9 27 387 0.1 %
(6)(26)
Whitcraft Holdings, Inc.LP Units 02/2331,543.6 315 487 0.1 %
(6)(26)
Subtotal Aerospace & Defense (0.3%)*
1,498 2,365 
Automotive
Burgess Point Purchaser CorporationLP Units 07/22227 227 225  %
(6)(26)
Randys Holdings, Inc.Partnership Units 11/224,000 400 466 0.1 %
(6)(26)
SPATCO Energy Solutions, LLCCommon Stock 07/24137,115 137 140  %
(6)(26)
SVI International LLCLLC Units 03/24207,921 208 277  %
(6)
Subtotal Automotive (0.2%)*
972 1,108 
Banking, Finance, Insurance, & Real Estate
Accelerant HoldingsClass A Convertible Preferred Equity 01/222,508.8 2,500 3,173 0.5 %
(6)(26)
Accelerant HoldingsClass B Convertible Preferred Equity 12/221,656.1 1,666 2,284 0.3 %
(6)(26)
Accelerant HoldingsPreferred Stock 12/241,060.8 1,960 1,960 0.3 %
(6)(26)
Flywheel Re Segregated Portfolio 2022-4Preferred Stock 08/221,885,524.1 1,886 2,583 0.4 %
(3)(6)(26)
Policy Services Company, LLCWarrants - Class A12/211.0710  528 0.1 %
(6)(26)
Policy Services Company, LLCWarrants - Class B 12/210.3614  178  %
(6)(26)
Policy Services Company, LLCWarrants - Class CC12/210.0372    %
(6)(26)
Policy Services Company, LLCWarrants - Class D 12/210.1035  51  %
(6)(26)
Shelf Bidco LtdCommon Stock 12/22600,000 600 2,334 0.3 %
(3)(6)
Subtotal Banking, Finance, Insurance, & Real Estate (1.9%)*
8,612 13,091 
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLCCommon Stock 02/2421,031  695 0.1 %
(6)(26)
Woodland Foods, LLCCommon Stock 12/21777.3 777 594 0.1 %
(6)(26)
Woodland Foods, LLCPreferred Stock
20.0% PIK
04/24170.1 200 199  %
(6)(7)
ZB Holdco LLCLLC Units02/2276.3 76 99  %
(6)(26)
Subtotal Beverage, Food, & Tobacco (0.2%)*
1,053 1,587 
Capital Equipment
Polara Enterprises, L.L.C.Partnership Units 12/213,704.3 370 615 0.1 %
(6)
Process Insights Acquisition, Inc.Common Stock 07/23188 188 158  %
(6)(26)
43

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Rapid Buyer LLCLLC Units 10/24318 $318 $318  %
(6)(26)
TAPCO Buyer LLCLLC Units 11/2450 50 50  %
(6)(26)
Subtotal Capital Equipment (0.2%)*
926 1,141 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCCommon Stock 04/2388,110 88 119  %
(6)(26)
Aptus 1829. GmbHCommon Stock 09/2132 8   %
(3)(6)(26)
Aptus 1829. GmbHPreferred Stock 09/219 79 28  %
(3)(6)(26)
Subtotal Chemicals, Plastics, & Rubber (%)*
175 147 
Construction & Building
BKF Buyer, Inc.Common Stock 08/24423,846 424 441 0.1 %
(6)(26)
MNS Buyer, Inc.Partnership Units 08/2176,923 77 106  %
(6)(26)
Ocelot Holdco LLCCommon Stock 10/2332.7  130  %
(6)(26)
Ocelot Holdco LLCPreferred Stock
15.0% PIK
10/2342.7 273 503 0.1 %
(6)
Subtotal Construction & Building (0.2%)*
774 1,180 
Consumer goods: Durable
DecksDirect, LLCClass A Units 04/241,016.1 47   %
(6)(26)
DecksDirect, LLCCommon Stock 12/211,280.8 55   %
(6)(26)
Renovation Parent Holdings, LLCPartnership Equity 11/21404,787.3 405 170  %
(6)(26)
Serta Simmons Bedding LLCCommon Stock 06/2359,747 893 358 0.1 %
(26)
Team Air Distributing, LLCPartnership Equity 05/23516,640.2 523 625 0.1 %
(6)(26)
Terrybear, Inc.Partnership Equity 04/2224,358.97 239 120  %
(6)(26)
Subtotal Consumer goods: Durable (0.2%)*
2,162 1,273 
Consumer goods: Non-durable
CCFF Buyer, LLCLLC Units 02/24135 135 136  %
(6)
Ice House America, L.L.C.LLC Units 01/241,415.9 142 158  %
(6)(26)
Safety Products Holdings, LLCPreferred Stock 12/2086.3 87 122  %
(6)(26)
Subtotal Consumer goods: Non-durable (0.1%)*
364 416 
Containers, Packaging, & Glass
Diversified Packaging Holdings LLCLLC Units 06/242,769 277 333  %
(6)(26)
Five Star Holding LLCLLC Units 05/22504.5 504 294  %
(6)(26)
Subtotal Containers, Packaging, & Glass (0.1%)*
781 627 
Energy: Oil & Gas
Ferrellgas L.P.Opco Preferred Units 03/212,886 2,799 2,799 0.4 %
(6)
Subtotal Energy: Oil & Gas (0.4%)*
2,799 2,799 
Environmental Industries
Bridger Aerospace Group Holdings, LLCPreferred Stock-
Series C
7.0% PIK
07/227,309 8,362 7,309 1.1 %
(6)
Subtotal Environmental Industries (1.1%)*
8,362 7,309 
Healthcare & Pharmaceuticals
Amalfi MidcoClass B Common Stock 09/2249,453,293 557 619 0.1 %
(3)(6)(26)
Amalfi MidcoWarrants09/22190,193 2 460 0.1 %
(3)(6)(26)
Canadian Orthodontic Partners Corp.Class A Equity 05/22500,000 389   %
(3)(6)(26)
Canadian Orthodontic Partners Corp.Class C - Warrants 05/2274,712.64    %
(3)(6)(26)
Canadian Orthodontic Partners Corp.Class X Equity 05/2245,604 35   %
(3)(6)(26)
Canadian Orthodontic Partners Corp.Common Stock 06/2113.8    %
(3)(6)(26)
Coherus Biosciences, Inc.Royalty Rights05/2408/501,813,382 1,813 2,916 0.4 %
(6)
44

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Forest Buyer, LLCClass A LLC Units 03/24121.7 $122 $253  %
(6)(26)
GCDL LLCCommon Stock 08/24243,243.24 243 243  %
(6)(26)
GPNZ II GmbHCommon Stock 10/235,785    %
(3)(6)(26)
HemaSource, Inc.Common Stock 08/2350,540 51 62  %
(6)(26)
Moonlight Bidco LimitedCommon Stock 07/2310,590 138 182  %
(3)(6)(26)
OA Buyer, Inc.Partnership Units 12/21210,920.11 211 783 0.1 %
(6)
Parkview Dental Holdings LLCLLC Units 10/2323,810 238 210  %
(6)(26)
Subtotal Healthcare & Pharmaceuticals (0.8%)*
3,799 5,728 
High Tech Industries
Argus Bidco LimitedCommon Stock 07/22232    %
(3)(6)(26)
Argus Bidco LimitedEquity Loan Notes
10.0% PIK
07/2220,780 32 16  %
(3)(6)
Argus Bidco LimitedPreferred Stock
10.0% PIK
07/2220,780 32 16  %
(3)(6)
Caribou Holding Company, LLCLLC Units 04/22340,909 341 341  %
(3)(6)(26)
CW Group Holdings, LLCLLC Units 01/21403,441 403 928 0.1 %
(6)
FinThrive Software Intermediate Holdings Inc.Preferred Stock
11.0% PIK
03/223,188.5 4,761 2,717 0.4 %
(6)
FSS Buyer LLCLP Interest 08/211,973.6 20 29  %
(6)
FSS Buyer LLCLP Units08/218,677.3 87 126  %
(6)(26)
NAW Buyer LLCLLC Units 09/2394,502 95 105  %
(6)
OSP Hamilton Purchaser, LLCLP Units 07/22138,399 138 120  %
(6)
PDQ.Com CorporationClass A-2 Partnership Units 08/2186.4 86 126  %
(6)(26)
ProfitOptics, LLCLLC Units 03/2296,774.2 65 79  %
(6)(26)
Pro-Vision Solutions Holdings, LLCLLC Units 09/242,341.7 235 247  %
(6)(26)
Subtotal High Tech Industries (0.7%)*
6,295 4,850 
Media: Advertising, Printing, & Publishing
Advantage Software Company (The), LLCClass A1 Partnership Units 12/213,012.9 97 205  %
(6)(26)
Advantage Software Company (The), LLCClass A2 Partnership Units 12/21777.1 25 53  %
(6)(26)
Advantage Software Company (The), LLCClass B1 Partnership Units 12/213,012.9 3   %
(6)(26)
Advantage Software Company (The), LLCClass B2 Partnership Units 12/21777.1 1   %
(6)(26)
ASC Communications, LLCClass A Units 07/2215,545.8 326 525 0.1 %
(6)
Subtotal Media: Advertising, Printing, & Publishing (0.1%)*
452 783 
Media: Broadcasting & Subscription
The Octave Music Group, Inc.Partnership Equity 04/22409,153.1 409 1,317 0.2 %
(6)
Subtotal Media: Broadcasting & Subscription (0.2%)*
409 1,317 
Media: Diversified & Production
BrightSign LLCLLC units 10/21596,181.5 596 632 0.1 %
(6)
Learfield Communications, LLCCommon Stock 08/2039,268 1,366 2,906 0.4 %
(26)
Rock Labor LLCLLC Units 09/23132,475 709 639 0.1 %
(6)
Solo Buyer, L.P.Common Equity 12/22309,839 310 195  %
(6)(26)
Vital Buyer, LLCPartnership Units06/2116,442.9 164 388 0.1 %
(6)
Subtotal Media: Diversified & Production (0.7%)*
3,145 4,760 
Services: Business
Azalea Buyer, Inc.Common Stock 11/21128,205.1 128 192  %
(6)(26)
CGI Parent, LLCPreferred Stock 02/22656.9 722 1,710 0.2 %
(6)(26)
Coyo Uprising GmbHClass A Units 09/21531.0 248 249  %
(3)(6)(26)
45

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Coyo Uprising GmbHClass B Units 09/21231.0 $538 $461 0.1 %
(3)(6)(26)
DataServ Integrations, LLCPreferred Units 11/2296,153.9 96 103  %
(6)(26)
EFC InternationalCommon Stock03/23145.5 205 338  %
(6)(26)
Electric Equipment & Engineering Co.LLC Units 12/24187,500 188 188  %
(6)(26)
Jones Fish Hatcheries & Distributors LLCLLC Units 02/221,017.9 107 372 0.1 %
(6)
LeadsOnline, LLCLLC Units 02/2261,304.4 63 135  %
(6)
MB Purchaser, LLCLLC Units 01/2422 23 27  %
(6)(26)
MC Group Ventures CorporationPartnership Units 06/21373.3 373 340  %
(6)(26)
NF Holdco, LLCLLC Units 03/23426,340 439 375 0.1 %
(6)(26)
Qualified Industries, LLCCommon Stock 03/23303,030 3 61  %
(6)(26)
Qualified Industries, LLCPreferred Stock
12.5% PIK
03/23148 144 175  %
(6)(26)
Recovery Point Systems, Inc.Partnership Equity03/2181,313 81 35  %
(6)(26)
SmartShift Group, Inc.Common Stock 09/23183 183 322  %
(6)(26)
TA SL Cayman Aggregator Corp.Common Stock 07/21736 23 39  %
(6)(26)
TSYL Corporate Buyer, Inc.Partnership Units 12/224,673 5 25  %
(6)
Xeinadin Bidco LimitedCommon Stock 05/2218,266,390 226 229  %
(3)(6)(26)
Subtotal Services: Business (0.8%)*
3,795 5,376 
Services: Consumer
Kid Distro Holdings, LLCLLC Units 10/21850,236.1 851 1,029 0.1 %
(6)(26)
Subtotal Services: Consumer (0.1%)*
851 1,029 
Telecommunications
Mercell Holding ASClass A Units
9.0% PIK
08/2257.2 56 62  %
(3)(6)(26)
Mercell Holding ASClass B Units 08/2214,471.9  10  %
(3)(6)(26)
Syniverse Holdings, Inc.Series A Preferred Equity
12.5% PIK
05/227,575,758 10,167 10,076 1.5 %
(6)
Subtotal Telecommunications (1.5%)*
10,223 10,148 
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.Partnership Units 04/21161.6 162 255  %
(6)(26)
Echo Global Logistics, Inc.Partnership Equity 11/21289.2 289 227  %
(6)(26)
FragilePak LLCPartnership Units 05/21889.3 889 728 0.1 %
(6)(26)
ITI Intermodal, Inc.Common Stock 01/223,750.4 375 457 0.1 %
(6)(26)
REP SEKO MERGER SUB LLCCommon Stock 11/241,159 5,090 4,326 0.6 %
(6)(26)
Subtotal Transportation: Cargo (0.9%)*
6,805 5,993 
Subtotal Equity Investment (10.5%)*
64,252 73,027 
Subtotal Non–Control / Non–Affiliate Investments (167.8%)*
1,187,354 1,163,684 
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLCFirst Lien Senior Secured Term Loan
12.0% PIK
11/2411/31$717 $717 $717 0.1 %
(6)(27)
Subtotal Aerospace & Defense (0.1%)*
717 717 717 
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCRevolver
SOFR + 7.25%, 11.9% Cash
07/2107/284,986 4,952 4,986 0.7 %
(6)(11)(27)
46

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Eclipse Business Capital, LLCSecond Lien Senior Secured Term Loan
7.5% Cash
07/2107/28$2,246 $2,233 $2,246 0.3 %
(6)
Subtotal Banking, Finance, Insurance, & Real Estate (1.0%)*
7,232 7,185 7,232 
Chemicals, Plastics, & Rubber
Celebration Bidco, LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.6% PIK
12/2312/302,566 2,566 2,566 0.4 %
(6)(12)
Subtotal Chemicals, Plastics, & Rubber (0.4%)*
2,566 2,566 2,566 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCSubordinated Term Loan
8.0% Cash
11/2111/318,310 7,845 7,885 1.1 %
(6)
Coastal Marina Holdings, LLCSubordinated Term Loan
8.0% Cash
11/2111/313,831 3,661 3,635 0.5 %
(6)
Subtotal Hotel, Gaming & Leisure (1.7%)*
12,141 11,506 11,520 
Subtotal Debt Investments (3.2%)*
22,656 21,974 22,035 
Portfolio Company(5)
Investment Type(1)(2)
InterestAcq. DateMaturity DateUnits/SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLCLLC Units 11/24239,089.9 $239 $239  %
(6)(26)
Subtotal Aerospace & Defense (%)*
239 239 
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCLLC Units07/2144,197,541 45,966 67,622 9.7 %
(6)
Rocade Holdings LLCCommon LP Units 02/2315.4  157  %
(6)(26)
Rocade Holdings LLCPreferred LP Units
SOFR + 6.0% PIK, 10.3% PIK
02/2350,500 60,077 60,085 8.7 %
(6)(12)(27)
Subtotal Banking, Finance, Insurance, & Real Estate (18.4%)*
106,043 127,864 
Chemicals, Plastics, & Rubber
Celebration Bidco, LLCCommon Stock 12/23497,228 4,871 4,505 0.6 %
(6)(26)
Subtotal Chemicals, Plastics, & Rubber (0.6%)*
4,871 4,505 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCLLC Units11/211,759,051 8,248 8,426 1.2 %
(6)(26)
Subtotal Hotel, Gaming & Leisure (1.2%)*
8,248 8,426 
Investment Funds & Vehicles
Banff Partners LP
10% Partnership Interest
03/2114,646 16,494 2.4 %
(3)(29)
Thompson Rivers LLC
6.6% Member Interest
06/208,965 2,979 0.4 %
(26)(29)
Waccamaw River LLC
20% Member Interest
02/2122,949 10,730 1.5 %
(3)(29)
Subtotal Investment Funds & Vehicles (4.4%)*
46,560 30,203 
Subtotal Equity Investments (24.7%)*
165,961 171,237 
Subtotal Affiliate Investments (27.9%)*
187,935 193,272 
Total Investments, December 31, 2024 (195.6%)*
$1,375,289 $1,356,956 
47

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$39,181$24,943HSBC Bank USA01/08/25$(715)
Foreign currency forward contract (AUD)A$1,000$627BNP Paribas SA04/07/25(9)
Foreign currency forward contract (AUD)$26,827A$39,181BNP Paribas SA01/08/252,600 
Foreign currency forward contract (AUD)$25,436A$39,950HSBC Bank USA04/07/25728 
Foreign currency forward contract (CAD)C$4,698$3,322HSBC Bank USA01/08/25(60)
Foreign currency forward contract (CAD)C$3,000$2,100HSBC Bank USA04/07/25(10)
Foreign currency forward contract (CAD)$3,487C$4,698BNP Paribas SA01/08/25225 
Foreign currency forward contract (CAD)$47C$67BNP Paribas SA04/07/25 
Foreign currency forward contract (CAD)$3,362C$4,738HSBC Bank USA04/07/2560 
Foreign currency forward contract (DKK)4,319kr.$608BNP Paribas SA01/08/25(9)
Foreign currency forward contract (DKK)$1387kr.BNP Paribas SA01/08/25 
Foreign currency forward contract (DKK)$6354,232kr.HSBC Bank USA01/08/2547 
Foreign currency forward contract (DKK)$6164,349kr.BNP Paribas SA04/07/259 
Foreign currency forward contract (EUR)5,830$6,158BNP Paribas SA01/08/25(123)
Foreign currency forward contract (EUR)105,535$110,836HSBC Bank USA01/08/25(1,580)
Foreign currency forward contract (EUR)$121,765109,064BNP Paribas SA01/08/258,855 
Foreign currency forward contract (EUR)$2,4402,300HSBC Bank USA01/08/2559 
Foreign currency forward contract (EUR)$107,673102,113HSBC Bank USA04/07/251,524 
Foreign currency forward contract (GBP)£21,287$27,118HSBC Bank USA01/08/25(468)
Foreign currency forward contract (GBP)$28,351£21,287BNP Paribas SA01/08/251,701 
Foreign currency forward contract (GBP)$26,184£20,560HSBC Bank USA04/07/25462 
Foreign currency forward contract (NZD)NZ$10,993$6,361HSBC Bank USA01/08/25(211)
Foreign currency forward contract (NZD)$6,742NZ$10,764BNP Paribas SA01/08/25721 
Foreign currency forward contract (NZD)$135NZ$229HSBC Bank USA01/08/257 
Foreign currency forward contract (NZD)$6,376NZ$11,010HSBC Bank USA04/07/25211 
Foreign currency forward contract (NOK)22,748kr$2,037HSBC Bank USA01/08/25(37)
Foreign currency forward contract (NOK)$2,17122,748krHSBC Bank USA01/08/25171 
Foreign currency forward contract (NOK)$2,06923,109krHSBC Bank USA04/07/2538 
Foreign currency forward contract (SEK)17,579kr$1,601HSBC Bank USA01/08/25(13)
Foreign currency forward contract (SEK)$33352krBNP Paribas SA01/08/251 
Foreign currency forward contract (SEK)$1,70017,228krHSBC Bank USA01/08/25143 
Foreign currency forward contract (SEK)$1,62117,705krHSBC Bank USA04/07/2513 
Foreign currency forward contract (CHF)1,814Fr.$2,057HSBC Bank USA01/08/25(56)
Foreign currency forward contract (CHF)$2,1601,814Fr.BNP Paribas SA01/08/25160 
Foreign currency forward contract (CHF)$2,0911,827Fr.HSBC Bank USA04/07/2556 
Total Foreign Currency Forward Contracts, December 31, 2024$14,500 
*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to SOFR, EURIBOR, BBSY, STIBOR, CORRA, SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2024 represented 195.6% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 24.9% of total investments at fair value as of December 31, 2024. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2024 were as follows:
48

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
December 31, 2023
Value
Gross Additions
(a)
Gross Reductions (b)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2024
Value
Amount of Interest or Dividends Credited to Income(c)
Portfolio CompanyType of Investment
Banff Partners LP
10% Partnership Interest
$16,219 $ $ $ $275 $16,494 $1,000 
16,219    275 16,494 1,000 
Celebration Bidco, LLC(d)
First Lien Senior Secured Term Loan (SOFR+ 8.00%, 12.6% Cash)
2,486 80    2,566 335 
Common Stock (497,228 shares)
4,871    (366)4,505  
7,357 80   (366)7,071 335 
Coastal Marina Holdings, LLC(d)
Subordinated Term Loan (8.0% Cash)
7,824 48   13 7,885 714 
Subordinated Term Loan (8.0% Cash)
3,434 201    3,635 355 
LLC Units (1,759,051 units)
6,080 2,776   (430)8,426  
17,338 3,025   (417)19,946 1,069 
Eclipse Business Capital, LLC(d)
Revolver (SOFR + 7.25%, 11.9% Cash)
2,740 13,665 (11,410) (9)4,986 409 
Second Lien Senior Secured Term Loan (7.5% Cash)
2,246 3   (3)2,246 161 
LLC Units (44,197,541 units)
72,041 33   (4,452)67,622 7,359 
77,027 13,701 (11,410) (4,464)74,854 7,929 
Rocade Holdings LLC(d)
Preferred LP Units (50,500 units) (SOFR + 6.0% PIK, 10.3% PIK)
55,258 6,435 (1,616) 8 60,085 6,435 
Common LP Units
(15.4 units)
546    (389)157  
55,804 6,435 (1,616) (381)60,242 6,435 
Skyvault Holdings LLC(d)
First Lien Senior Secured Term Loan
(12.0% PIK)
 717    717 7 
LLC Units
(239,089.9 units)
 239    239  
 956    956 7 
Thompson Rivers LLC
6.6% Member Interest
5,523  (2,476) (68)2,979  
5,523  (2,476) (68)2,979  
Waccamaw River LLC
20% Member Interest
15,470  (2,087) (2,653)10,730 3,534 
15,470  (2,087) (2,653)10,730 3,534 
Total Affiliate Investments$194,738 $24,197 $(17,589)$ $(8,074)$193,272 $20,309 
(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.
(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.
(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(d) The fair value of the investment was determined using significant unobservable inputs.
49

Barings Capital Investment Corporation
Consolidated Schedule of Investments — (Continued)
December 31, 2024
(Amounts in thousands, except unit/share amounts)
(5)Some or all of the investment is or will be encumbered as security for the ING Credit Facility.
(6)The fair value of the investment was determined using significant unobservable inputs.
(7)Debt investment includes interest rate floor feature.
(8)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2024 was 2.84500%.
(9)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2024 was 2.71400%.
(10)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2024 was 2.56800%.
(11)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2024 was 4.33249%.
(12)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2024 was 4.30510%.
(13)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2024 was 4.25001%.
(14)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2024 was 4.71030%.
(15)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2024 was 4.62330%.
(16)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2024 was 4.56370%.
(17)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2024 was 4.32250%.
(18)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2024 was 4.41630%.
(19)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2024 was 4.49250%.
(20)The interest rate on these loans is subject to 3 Month CORRA, which as of December 31, 2024 was 3.15158%.
(21)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2024 was 4.27000%.
(22)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2024 was 1.01720%.
(23)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2024 was 4.61000%.
(24)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2024 was 2.54200%.
(25)Non-accrual investment.
(26)Investment is non-income producing.
(27)Position or portion thereof is an unfunded loan or equity commitment.
(28)PIK non-accrual investment.
(29)Portfolio company does not issue shares or units, member interest is based on commitments.



See accompanying notes.
50

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS, AND BASIS OF PRESENTATION
Organization and Business
Barings Capital Investment Corporation (“BCIC” or the “Company”) was formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, the Company commenced investment operations and made its first portfolio company investment. The Company is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, the Company has elected to be treated and intends to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Description of Business
The Company is a financial services company that primarily lends to and invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. The Company is externally managed by Barings, an investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is a leading global asset management firm.
Basis of Presentation
The financial statements of the Company include the accounts of Barings Capital Investment Corporation and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC Topic 946”). ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3. Investments,” with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.
The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2024. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the Unaudited Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Recently Issued Accounting Standards
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), which updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendment also provides further disclosure comparability. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a significant impact on its consolidated financial statements.
2. AGREEMENTS AND RELATED PARTY TRANSACTIONS
Investment Advisory Agreement
On June 24, 2020, the Company entered into an investment advisory agreement (the “Advisory Agreement”)
51

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.
The Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Advisory Agreement is not adversely affected.
The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited (“BIIL”), as a sub-adviser to manage European investments for the Company. BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London, England.
Under the Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.
Base Management Fee
The Base Management Fee is calculated at an annual rate of 0.15% of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding (i) cash and cash equivalents (as defined below) and (ii) net unsettled purchases and sales of investments. For services rendered under the Advisory Agreement, the Base Management Fee is payable quarterly in arrears. The Base Management Fee is calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters (including the quarter for which such fees are being calculated) and appropriately adjusted for any share issuances or repurchases during the quarter. For the Company’s first quarter, the Base Management Fee was calculated based on the value of the Company’s gross assets as of such quarter-end. The Base Management Fee for any partial quarter is appropriately prorated. For purposes of the Advisory Agreement, “cash equivalents” means U.S. government securities, money market fund investments, commercial paper instruments and other similar cash equivalent investments maturing within one year of purchase.
For both the three months ended March 31, 2025 and 2024, the Base Management Fees determined in accordance with the terms of the Advisory Agreement were approximately $0.5 million. As of March 31, 2025, the Base Management Fee of $0.5 million for the three months ended March 31, 2025 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the Base Management Fee of $0.5 million for the three months ended December 31, 2024 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.
The Incentive Fee
The Incentive Fee consists of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”) and (ii) an incentive fee based on capital gains (the “Capital Gains Fee”), which are described in more detail below.
Income-Based Fee
The Income-Based Fee is payable quarterly in arrears to the extent the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the most recently completed calendar quarter divided by the Company’s net assets as of the end of such calendar quarter (defined as total assets less indebtedness and before taking into account any Income-Based Fees and
52

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Capital Gains Fees payable during the calendar quarter, and appropriately adjusted for any share issuances or repurchases during the calendar quarter) (the “PIFNII Return”) exceeds the Hurdle Rate (as defined below) and is an amount less than or equal to the Incentive Fee Cap (as defined below). The Income-Based Fee is calculated as follows:
(a) No Income-Based Fee in any calendar quarter in which the PIFNII Return does not exceed the Hurdle Rate;
(b) 25% of Pre-Incentive Fee Net Investment Income with respect to that portion of the PIFNII Return that exceeds the Hurdle Rate but is less than or equal to the Catch-Up Hurdle Rate (as defined below) for such calendar quarter, which is referred to as the “Catch-Up”. The Catch-Up is intended to provide the Adviser with an Income-Based Fee equal to 12.5% of all of our Pre-Incentive Fee Net Investment Income if the Company’s PIFNII Return equals or exceeds the quarterly Catch-Up Hurdle Rate in any calendar quarter; plus
(c) 12.5% of all Pre-Incentive Fee Net Investment Income with respect to that portion of the PIFNII Return that exceeds the Catch-Up Hurdle Rate.
The Income-Based Fee paid to the Adviser is subject to the Incentive Fee Cap.
(a) In any quarter that the Incentive Fee Cap is zero or a negative value, the Company pays no Income-Based Fee to the Adviser for such quarter.
(b) In any quarter that the Incentive Fee Cap for such quarter is a positive value but is less than the Income-Based Fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap), the Company pays an Income-Based Fee to the Adviser equal to the Incentive Fee Cap for such quarter.
(c) In any quarter that the Incentive Fee Cap for such quarter is equal to or greater than the Income-Based Fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap), the Company pays an Income-Based Fee to the Adviser equal to the Income-Based Fee calculated as described above for such quarter without regard to the Incentive Fee Cap.
For purposes of the calculation of the Income-Based Fee, the following terms have the following meaning:
• “Hurdle Rate” for any calendar quarter means one fourth of the average daily Floating Rate over the applicable quarter.
• “Floating Rate” means, initially, the three-month London Interbank Offered Rate (“LIBOR”); provided that if a Floating Rate Transition Event and its related Floating Rate Replacement Date have occurred with respect to LIBOR, then “Floating Rate” means the Replacement Rate. In the event that the Floating Rate is a negative value, then the Floating Rate shall be zero. Beginning with the quarter ended June 30, 2023, the Floating Rate means the Replacement Rate following the occurrence of a Floating Rate Transition Event and its related Floating Rate Replacement Date.
• “Floating Rate Transition Event” means the occurrence of one or more of the following events with respect to the Floating Rate:
1. a public statement or publication of information by or on behalf of the administrator of the Floating Rate announcing that the administrator has ceased or will cease to provide the Floating Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating Rate;
2. a public statement or publication of information by the regulatory supervisor for the administrator of the Floating Rate, the central bank for the currency of the Floating Rate, an insolvency official with jurisdiction over the administrator for the Floating Rate, a resolution authority with jurisdiction over the administrator for the Floating Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Floating Rate, which states that the administrator of the Floating Rate has ceased or will cease to provide the Floating Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating Rate; or
3. a public statement or publication of information by the regulatory supervisor for the administrator of the Floating Rate announcing that the Floating Rate is no longer representative.
53

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
• “Floating Rate Replacement Date” means:
1. in the case of clause (1) or (2) of the definition of “Floating Rate Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the relevant Floating Rate permanently or indefinitely ceases to provide such Floating Rate; or
2. in the case of clause (3) of the definition of “Floating Rate Transition Event,” the date of the public statement or publication of information.
• “Replacement Rate” means the first alternative set forth in the order below that can be determined as of the Floating Rate Replacement Date.
1. the sum of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment; and
2. the sum of: (a) Compounded SOFR and (b) the applicable Benchmark Replacement Adjustment.
If a Replacement Rate is selected pursuant to clause (2) above, then each calendar quarter following such selection, if a redetermination of the Replacement Rate on such date would result in the selection of a Replacement Rate under clause (1) above, then (x) the Replacement Rate shall be redetermined on such date utilizing Term SOFR and (y) such redetermined Replacement Rate shall become the Floating Rate on or after such date. If redetermination of the Replacement Rate on such date as described in the preceding sentence would not result in the selection of a Replacement Rate under clause (1), then the Floating Rate shall remain the Replacement Rate as previously determined pursuant to clause (2) above.
• “Term SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body.
• “Compounded SOFR” means the compounded average of SOFR for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which, for example, may be compounded in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable for the applicable calendar quarter or compounded in advance) being established in accordance with the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR.
• “SOFR” means with respect to any day means the Secured Overnight Financing Rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.
• “Corresponding Tenor” with respect to a Replacement Rate means a tenor (or observation period) having approximately the same length (disregarding business day adjustment) as the applicable tenor (or observation period) for the then-current Floating Rate.
• “Benchmark Replacement Adjustment” means the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the transition to the applicable Floating Rate.
• “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
• “Catch-Up Hurdle Rate” for any calendar quarter means a rate that is equal to 200% of the Hurdle Rate.
• “Incentive Fee Cap” means for any calendar quarter an amount equal to (a) 12.5% of the Cumulative Net Return (as defined below) minus (b) the aggregate Income-Based Fee that was paid in respect of the period ending with the calendar quarter immediately preceding the most recently completed calendar quarter (or the portion thereof) included in the period for calculation of the Cumulative Net Return.
• “Cumulative Net Return” means (x) the aggregate Pre-Incentive Fee Net Investment Income in respect of either (i) the trailing twelve calendar quarters ending with the calendar quarter in which the Income-Based Fee is calculated or (ii) prior to the end of the twelfth calendar quarter after the effective date of the Advisory Agreement, the period from the effective date of the Advisory Agreement through the last day of
54

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
the calendar quarter for which the Income-Based Fee is calculated minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant period.
• “Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.
• “Pre-Incentive Fee Net Investment Income” in respect of a period means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management Fee, any expenses payable under the administration agreement between the Company and the Adviser (the “Administration Agreement”), and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, original issue discount (“OID”), debt instruments with payment-in-kind (“PIK”) interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.
For the three months ended March 31, 2025 and 2024, the Income-Based Fees determined in accordance with the terms of the Advisory Agreement were $2.6 million and $2.8 million, respectively. As of March 31, 2025, the Income-Based Fee of $2.6 million for the three months ended March 31, 2025 was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the Income-Based Fee of $2.6 million for the three months ended December 31, 2024 was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.
Capital Gains Fee
The Capital Gains Fee is determined and payable in arrears as of the end of each calendar year (or upon a liquidity event or a termination of the Advisory Agreement), and will equal 12.5% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is zero or negative, then no Capital Gains Fee is payable for such year.
While the Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future.
For the three months ended March 31, 2025 and 2024, the Company accrued nil and $0.4 million, respectively, of Capital Gains Fees.
The Advisory Agreement had an initial term of two years. The Advisory Agreement was most recently re-approved on May 8, 2025 by our Board, including a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”), and will continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the Independent Directors. The Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (i) by the vote of a majority of the outstanding voting securities of the Company or (ii) by the vote of the Board, or (iii) by the Adviser upon 90 days’ written notice. The Advisory Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).
Payment of Expenses
All investment professionals of Barings and its staff, when and to the extent engaged in providing investment advisory and management services under the Advisory Agreement, and the compensation and routine overhead expenses of such
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Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
personnel allocable to such services, are provided and paid for by Barings and not by the Company. The Company bears all other costs and expenses of its operations and transactions, including, without limitation, those relating to:
organizational and offering expenses;
investment advisory and management fees payable under the Advisory Agreement;
all other non-investment advisory expenses incurred by the Company or Barings in connection with administering the Company’s business (including payments under the Administration Agreement based upon the Company’s allocable portion of Barings’ overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs); and
all other expenses of the Company’s operations and transactions, including those listed in the Advisory Agreement.
Administration Agreement
On June 24, 2020, the Company entered into the Administration Agreement with the Adviser. Under the terms of the Administration Agreement, the Adviser also provides the administrative services necessary for the Company to operate (in such capacity, the “Administrator”), including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Administrator, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Administrator also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.
The Company reimburses Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount.
The costs and expenses incurred by the Administrator on behalf of the Company under the Administration Agreement include, but are not limited to:
• the allocable portion of the Administrator’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;
• the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;
• the actual cost of goods and services used for the Company and obtained by the Administrator from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with U.S. GAAP;
• all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and
• costs associated with (a) the monitoring and preparation of regulatory reporting, including filings with the SEC and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.
For both the three months ended March 31, 2025 and 2024, the Company incurred and was invoiced by the Administrator expenses of approximately $0.2 million. As of March 31, 2025, the administrative expenses of $0.2 million incurred during the three months ended March 31, 2025 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the administrative expenses of $0.3 million incurred during
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Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
the three months ended December 31, 2024 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.
The Administration Agreement had an initial term of two years. The Administration Agreement was most recently re-approved on May 8, 2025 by our Board, including a majority of the Independent Directors, and will continue automatically for successive one-year periods so long as such continuance is specifically approved at least annually by the Board, including a majority of the Independent Directors. The Administration Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board, or by the Adviser, upon 90 days’ written notice to the other party. The Administration Agreement may not be assigned by a party without the consent of the other party.
3. INVESTMENTS
Portfolio Composition
The Company predominantly invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured products, bonds and other fixed income securities. Structured products include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC regulated funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.
The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and PIK interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets as of March 31, 2025 and December 31, 2024 are shown in the following tables:
($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
Percentage of
Total
Net Assets
March 31, 2025:
Senior debt and 1st lien notes
$1,050,873 76 %$1,030,540 75 %146 %
Subordinated debt and 2nd lien notes
74,605 5 73,912 5 11 
Structured products26,677 2 27,189 2 4 
Equity shares186,678 14 217,906 16 31 
Equity warrants2  1,259   
Royalty rights1,772  3,189   
Investments in joint ventures44,415 3 27,987 2 4 
$1,385,022 100 %$1,381,982 100 %196 %
($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
Percentage of
Total
Net Assets
December 31, 2024:
Senior debt and 1st lien notes
$1,038,486 76 %$1,007,792 74 %145 %
Subordinated debt and 2nd lien notes
79,093 6 77,500 6 11 
Structured products27,498 2 27,397 2 4 
Equity shares181,837 13 209,930 16 30 
Equity warrants2  1,217   
Royalty rights1,813  2,917  1 
Investments in joint ventures46,560 3 30,203 2 5 
$1,375,289 100 %$1,356,956 100 %196 %
During the three months ended March 31, 2025, the Company made 13 new investments totaling $35.2 million and made investments in existing portfolio companies totaling $16.5 million.
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Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
During the three months ended March 31, 2024, the Company made 10 new investments totaling $27.5 million and made investments in existing portfolio companies totaling $23.7 million.
Banff Partners LP
On February 18, 2021, the Company established a joint venture, Banff Partners LP (“Banff”), with a controlled affiliate of Alberta Investment Management Corporation to invest in senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. During the three months ended March 31, 2025, the Company held a 10.0% partnership interest in Banff. As of March 31, 2025, the cost and fair value of the Company’s investment in Banff was $14.6 million and $16.8 million, respectively. As of December 31, 2024, the cost and fair value of the Company’s investment in Banff was $14.6 million and $16.5 million, respectively.
The total value of Banff’s investment portfolio was $113.6 million as of March 31, 2025, as compared to $116.9 million as of December 31, 2024. As of March 31, 2025, Banff’s investments had an aggregate cost of $122.5 million, as compared to $128.2 million as of December 31, 2024. As of March 31, 2025 and December 31, 2024, the Banff investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
March 31, 2025:
Senior debt and 1st lien notes
$121,567 99 %$112,970 99 %
Equity shares972 1 659 1 
$122,539 100 %$113,629 100 %
December 31, 2024:
Senior debt and 1st lien notes$127,220 99 %$116,036 99 %
Equity shares972 1 825 1 
$128,192 100 %$116,861 100 %
As of March 31, 2025 and December 31, 2024, the weighted average yield on the principal amount of Banff’s outstanding debt investments other than non-accrual debt investments was approximately 9.4% and 9.6%, respectively.
The industry composition of Banff’s investments at fair value at March 31, 2025 and December 31, 2024 was as follows:
($ in thousands)March 31, 2025December 31, 2024
Aerospace & Defense$9,886 9 %$9,884 8 %
Banking, Finance, Insurance, & Real Estate16,478 14 15,911 14 
Beverage, Food, & Tobacco8,006 7 7,694 6 
Construction & Building1,422 1 1,435 1 
Consumer goods: Durable1,807 2 1,784 1 
Consumer goods: Non-durable5,805 5 5,639 5 
Containers, Packaging, & Glass6,605 6 6,316 5 
Healthcare & Pharmaceuticals10,907 10 13,193 11 
High Tech Industries7,700 7 7,716 7 
Media: Advertising, Printing, & Publishing1,917 2 1,919 2 
Media: Diversified & Production2,351 2 4,201 4 
Services: Business19,657 17 20,606 18 
Services: Consumer12,064 10 11,477 10 
Telecommunications3,283 3 3,186 3 
Transportation: Cargo5,741 5 5,900 5 
Total$113,629 100 %$116,861 100 %
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Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
The geographic composition of Banff’s investments at fair value at March 31, 2025 and December 31, 2024 was as follows:
($ in thousands)March 31, 2025December 31, 2024
Australia$2,139 2 %$2,196 2 %
Belgium8,006 7 7,694 7 
Canada508  604 1 
France25,882 23 25,808 22 
Germany4,223 4 4,058 3 
Hong Kong6,297 5 6,248 5 
Netherlands9,332 8 8,924 8 
New Zealand  2,410 2 
Singapore4,000 4 4,000 3 
United Kingdom18,824 17 18,337 16 
USA34,418 30 36,582 31 
Total$113,629 100 %$116,861 100 %
The Company may sell portions of its investments via assignment to Banff. Since inception, as of both March 31, 2025 and December 31, 2024, the Company had sold $187.9 million of its investments to Banff. As of both March 31, 2025 and December 31, 2024, the Company did not have any unsettled receivables due from Banff. The sale of the investments met the criteria set forth in ASC Topic 860, Transfers and Servicing, for treatment as a sale and satisfies the following conditions:
assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;
each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and
the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.
The Company has determined that Banff is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Banff as it is not a substantially wholly owned investment company subsidiary. In addition, Banff is not an operating company and the Company does not control Banff due to the allocation of voting rights among Banff members.
Thompson Rivers LLC
On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. Under Thompson Rivers’ current operating agreement, as amended to date, pursuant to which the Company became a party in June 2021, the Company has a capital commitment of $30.0 million of equity capital to Thompson Rivers, all of which has been funded as of March 31, 2025. As of March 31, 2025, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.
For the three months ended March 31, 2025 and 2024, Thompson Rivers declared $6.0 million and $15.0 million in distributions, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2025 and 2024, the Company recognized $0.4 million and $1.0 million of the distributions, respectively, as a return of capital.
As of March 31, 2025, Thompson Rivers had $169.5 million in Ginnie Mae early buyout loans and $4.5 million in cash. As of December 31, 2024, Thompson Rivers had $193.4 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of March 31, 2025, Thompson Rivers had 1,069 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%. As of December 31, 2024, Thompson Rivers had 1,243 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%.
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Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of March 31, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
March 31, 2025:
Federal Housing Administration (“FHA”) loans$168,675 94 %$158,498 94 %
Veterans Affairs (“VA”) loans11,611 6 10,986 6 
$180,286 100 %$169,484 100 %
December 31, 2024:
Federal Housing Administration (“FHA”) loans$193,265 93 %$179,963 93 %
Veterans Affairs (“VA”) loans14,305 7 13,388 7 
$207,570 100 %$193,351 100 %
Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $38.7 million and $43.5 million outstanding as of March 31, 2025 and December 31, 2024, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $76.9 million and $90.3 million outstanding as of March 31, 2025 and December 31, 2024, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $25.3 million and $28.7 million outstanding as of March 31, 2025 and December 31, 2024, respectively.
The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.
As of March 31, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
 March 31, 2025
As of
December 31, 2024
Total contributed capital by Barings Capital Investment Corporation (1)$32,318 $32,318 
Total contributed capital by all members (2)482,083 482,083 
Total unfunded commitments by Barings Capital Investment Corporation  
Total unfunded commitments by all members  
(1)Includes $2.3 million of dividend re-investments.
(2)Includes dividend re-investments of $32.1 million and total contributed capital by related parties of $209.2 million as of both March 31, 2025 and December 31, 2024, respectively.
Waccamaw River LLC
On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. Under Waccamaw River’s current operating agreement, as amended to date, pursuant to which the Company became a party in May 2021, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded as of March 31, 2025. As of March 31, 2025, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement totaled $125.0 million, all of which has been funded.
For the three months ended March 31, 2025 and 2024, Waccamaw River declared $10.3 million and nil in distributions, respectively, of which $0.3 million and nil, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2025 and 2024, the Company recognized $1.7 million and nil of the distributions, respectively, as a return of capital.
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Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of March 31, 2025, Waccamaw River had $36.7 million in unsecured consumer loans and $4.0 million in cash. As of December 31, 2024, Waccamaw River had $45.5 million in unsecured consumer loans and $4.3 million in cash. As of March 31, 2025, Waccamaw River had 6,758 outstanding loans with an average loan size of $7,745, remaining average life to maturity of 34.5 months and weighted average yield of 12.2%. As of December 31, 2024, Waccamaw River had 8,095 outstanding loans with an average loan size of $7,791, remaining average life to maturity of 35.5 months and weighted average yield of 12.0%.
The Company has determined that Waccamaw River is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.
As of March 31, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2025
As of
December 31, 2024
Total contributed capital by Barings Capital Investment Corporation$26,730 $26,730 
Total contributed capital by all members (1)139,020 139,020 
Total unfunded commitments by Barings Capital Investment Corporation  
Total unfunded commitments by all members  
(1)    Includes $85.6 million of total contributed capital by related parties as of both March 31, 2025 and December 31, 2024.
Eclipse Business Capital Holdings LLC
On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $44.4 million, a second lien senior secured loan of $2.2 million and unfunded revolver of $6.7 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $11.2 million. As of March 31, 2025 and December 31, 2024, $5.6 million and $5.0 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.
The Company has determined that Eclipse is not an investment company under ASC Topic 946. Under ASC Topic 810, Consolidation, Subtopic 10, Consolidation - Overall, Section 15, Scope and Scope Exceptions, paragraph 12, subparagraph d (“ASC 810-10-15-12(d)”), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Eclipse in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.
Rocade Holdings LLC
On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal year ended December 31, 2023 of $5.5 million. The total equity invested in Rocade as of March 31, 2025 was $50.5 million (excluding preferred dividends) and the Company had $4.5 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns
61

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.
The Company has determined that Rocade is not an investment company under ASC Topic 946. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Rocade in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.
Valuation of Investments
The Adviser conducts the valuation of the Company’s investments, upon which the Company’s net asset value (“NAV”) is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company’s current valuation policy and processes were established by the Adviser and were approved by the Board.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.
There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
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Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Investment Valuation Process
The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.
At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

63

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Valuation of Investments in Banff, Thompson Rivers and Waccamaw River
As Banff, Thompson Rivers and Waccamaw River are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using the NAV of each company and the Company’s ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.
Level 3 Unobservable Inputs
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of March 31, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.
March 31, 2025
($ in thousands)
Fair ValueValuation
Model
Level 3
Input
Range of
Inputs
Weighted
Average
Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes$909,119 Yield AnalysisMarket Yield
5.4% – 22.1%
10.3%Decrease
12,282 Market ApproachAdjusted EBITDA Multiple
0.5x – 9.8x
7.2xIncrease
80,586 Recent TransactionTransaction Price
97.5% – 100.0%
98.9%Increase
Subordinated debt and 2nd lien notes50,038 Yield AnalysisMarket Yield
8.6% – 20.0%
12.8%Decrease
15,766 Market ApproachAdjusted EBITDA Multiple
0.9x – 27.7x
18.5xIncrease
793 Recent TransactionTransaction Price98.0%98.0%Increase
Structured products(1)
499 Yield AnalysisMarket Yield9.6%9.6%Decrease
Equity shares(2)
20,695 Yield AnalysisMarket Yield
11.5% – 30.5%
15.7%Decrease
173,177 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
14.5xIncrease
799 Market ApproachRevenue Multiple
5.5x – 8.5x
5.6xIncrease
9,991 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
2,998 Net Asset ApproachLiabilities$(100,714.1)$(100,714.1)Decrease
3,966 Recent TransactionTransaction Price
$1.00 – $1,000.00
$156.47Increase
Equity warrants1,259 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.5x
8.9xIncrease
Royalty rights3,189 Yield AnalysisMarket Yield
15.6% – 30.0%
19.6%Decrease
(1) Excludes investments with an aggregate fair value amounting to $14,502, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(2) Excludes investments with an aggregate fair value amounting to $2,799, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

During the three months ended March 31, 2025, one senior debt and first lien note position with a fair value of $1.4 million transitioned from a yield analysis to a market approach valuation model. In addition, one subordinated debt and second lien note position with a fair value of $3.6 million transitioned from an expected recovery to a yield analysis valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
64

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
December 31, 2024
($ in thousands)
Fair ValueValuation
Model
Level 3
Input
Range of
Inputs
Weighted
Average
Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes$849,648 Yield AnalysisMarket Yield
6.5% – 75.8%
10.4%Decrease
11,289 Market ApproachAdjusted EBITDA Multiple
0.5x – 9.0x
7.2xIncrease
106,320 Recent TransactionTransaction Price
95.0% – 100.0%
98.6%Increase
Subordinated debt and 2nd lien notes(1)
51,725 Yield AnalysisMarket Yield
8.0% – 18.6%
12.7%Decrease
14,900 Market ApproachAdjusted EBITDA Multiple
0.9x – 22.4x
15.8xIncrease
3,650 Expected RecoveryExpected Recovery$3,650.0$3,650.0Increase
702 Recent TransactionTransaction Price98.0%98.0%Increase
Structured products(2)
495 Yield AnalysisMarket Yield9.7%9.7%Decrease
Equity shares(3)
20,101 Yield AnalysisMarket Yield
10.8% – 30.5%
15.4%Decrease
168,912 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
12.6xIncrease
1,090 Market ApproachRevenue Multiple
5.5x – 8.8x
5.8xIncrease
8,426 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
2,583 Net Asset ApproachLiabilities$(96,678.3)$(96,678.3)Decrease
2,755 Recent TransactionTransaction Price
$1.00 – $1,847.58
$1,448.37Increase
Equity warrants1,217 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.8x
8.3xIncrease
Royalty rights2,917 Yield AnalysisMarket Yield
18.6% – 26.4%
21.0%Decrease
(1) Excludes investments with an aggregate fair value amounting to $6,523, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(2) Excludes investments with an aggregate fair value amounting to $14,996, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(3) Excludes investments with an aggregate fair value amounting to $5,705, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
During the year ended December 31, 2024, two equity positions with an aggregate fair value of $10.0 million and one senior debt and first lien note position with a fair value of $4.7 million transitioned from a market approach to a yield analysis valuation model. In addition, four senior debt and first lien note positions with an aggregate fair value of $6.4 million transitioned from a yield analysis to a market approach valuation model. Lastly, one subordinated debt and second lien note position with a fair value of $3.6 million transitioned from a yield analysis to an expected recovery valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.
65

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables present the Company’s investment portfolio at fair value as of March 31, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of March 31, 2025
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$ $28,553 $1,001,987 $1,030,540 
Subordinated debt and 2nd lien notes
 7,315 66,597 73,912 
Structured products 12,188 15,001 27,189 
Equity shares 3,481 214,425 217,906 
Equity warrants  1,259 1,259 
Royalty rights  3,189 3,189 
Investments subject to leveling $ $51,537 $1,302,458 $1,353,995 
Investments in joint ventures (1)27,987 
$1,381,982 
 
Fair Value as of December 31, 2024
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$ $40,535 $967,257 $1,007,792 
Subordinated debt and 2nd lien notes
  77,500 77,500 
Structured products 11,906 15,491 27,397 
Equity shares 358 209,572 209,930 
Equity warrants  1,217 1,217 
Royalty rights  2,917 2,917 
Investments subject to leveling$ $52,799 $1,273,954 $1,326,753 
Investment in joint ventures (1)30,203 
$1,356,956 
(1)The Company’s investments in Banff, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited and Audited Consolidated Balance Sheets.

66

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31, 2025:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity SharesEquity WarrantsRoyalty RightsTotal
Fair value, beginning of period$967,257 $77,500 $15,491 $209,572 $1,217 $2,917 $1,273,954 
New investments47,240 706  3,813   51,759 
Transfers out of Level 3 (6,523) (2,906)  (9,429)
Proceeds from sales of investments / return of capital(111)  (574) (42)(727)
Loan origination fees received(1,025)(2)    (1,027)
Principal repayments received(19,884)(6,267)(798)   (26,949)
Payment-in-kind interest /dividends452 764  1,617   2,833 
Accretion of loan premium /discount61      61 
Accretion of deferred loan origination revenue1,167 168     1,335 
Realized gain (loss)(402)(138) 188   (352)
Unrealized appreciation (depreciation)7,232 389 308 2,715 42 314 11,000 
Fair value, end of period$1,001,987 $66,597 $15,001 $214,425 $1,259 $3,189 $1,302,458 
Three Months Ended
March 31, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity SharesEquity WarrantsTotal
Fair value, beginning of period$949,079 $96,851 $14,915 $192,563 $1,043 $1,254,451 
New investments36,126 12,535  2,599  51,260 
Investment restructuring(13,015)    (13,015)
Transfers into (out of) Level 3, net   (3,305) (3,305)
Proceeds from sales of investments / return of capital(129)    (129)
Loan origination fees received(545)(281)   (826)
Principal repayments received(24,253)(5,480)(799)  (30,532)
Payment-in-kind interest /dividends386 692  1,559  2,637 
Accretion of loan premium /discount95 27    122 
Accretion of deferred loan origination revenue1,205 82    1,287 
Realized gain (loss)(4,217)    (4,217)
Unrealized appreciation (depreciation)1,418 641 1,685 117 59 3,920 
Fair value, end of period$946,150 $105,067 $15,801 $193,533 $1,102 $1,261,653 
All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized appreciation on Level 3 investments of $10.7 million during the three months ended March 31, 2025 was related to portfolio company investments that were still held by the Company as of March 31, 2025. Pre-tax net unrealized depreciation on Level 3 investments of $0.6 million during the three months ended March 31, 2024 was related to portfolio company investments that were still held by the Company as of March 31, 2024.
67

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
During the three months ended March 31, 2025, the Company made investments of approximately $38.2 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2025, the Company made investments of $13.6 million in portfolio companies to which it was previously committed to provide such financing.
During the three months ended March 31, 2024, the Company made investments of approximately $31.0 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2024, the Company made investments of $20.3 million in portfolio companies to which it was previously committed to provide such financing.
Unsettled Purchases and Sales of Investments
Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchase and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments
Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.
Investment Classification
In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. As of March 31, 2025, the Company does not “Control” any of its portfolio companies for the purposes of the 1940 Act. Under the 1940 Act, the Company is deemed to be an Affiliated Person of a company in which the Company has invested if it owns at least 5.0%, but no more than 25.0%, of the outstanding voting securities of such company.
Cash and Foreign Currencies
Cash consists of deposits held at a custodian bank. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.
Investment Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of March 31, 2025 and December 31, 2024, the Company had six portfolio companies and five portfolio companies, respectively, with investments that were on non-accrual.
Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
68

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Payment-in-Kind Income
The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
The Company has certain preferred equity securities in its portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.
PIK interest and dividend income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
PIK interest income$1,542 $1,493 
PIK interest income as a % of investment income4.4 %4.0 %
PIK dividend income$2,170 $2,188 
PIK dividend income as % of investment income6.3 %5.9 %
Total PIK income$3,712 $3,681 
Total PIK income as a % of investment income10.7 %9.9 %
PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of both March 31, 2025 and December 31, 2024, the Company had one portfolio company that was current on interest payments and on partial non-accrual status for PIK purposes only.
Fee and Other Income
Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.
69

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Fee and other income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees$1,042 $996 
Management, valuation and other fees219 229 
Royalty income77  
Total Recurring Fee and Other Income1,338 1,225 
Non-Recurring Fee and Other Income:
Prepayment fees61  
Acceleration of unamortized loan origination fees294 297 
Advisory, loan amendment and other fees87 74 
Total Non-Recurring Fee and Other Income442 371 
Total Fee and Other Income$1,780 $1,596 
General and Administrative Expenses
General and administrative expenses include Board fees, directors’ and officers’ insurance costs, legal and accounting expenses, expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating the Company.
Deferred Financing Fees
Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.
Segments
The Company lends to and invests in portfolio companies in various industries. The Company operates as a single operating and reporting segment: lending and investment. The segment generates revenues through debt investments, and on a limited basis, may acquire equity investments in portfolio companies. The accounting policies of the lending and investment segment are the same as those described herein and in the Company’s most recent Annual Report on Form 10-K. The Company has identified the Chief Executive Officer, its President, and Chief Financial Officer as the chief operating decision maker (the “CODM”), who evaluates the performance of the lending and investment segment. The CODM uses segment net investment income before taxes and net increase in net assets resulting from operations to determine the capital allocation of the Company, the dividend policy, and the Company’s investment strategy, which is outlined in “Business–Investment Criteria” in Part I, Item 1 of the Company’s most recent Annual Report on Form 10-K. As the Company operates as a single reportable segment, the segment assets are presented on the accompanying Unaudited and Audited Consolidated Balance Sheets as “total assets” and the net investment income before taxes, significant segment expenses, and net increase in net assets resulting from operations are presented on the accompanying Unaudited Consolidated Statements of Operations.
Concentration of Credit Risk
As of March 31, 2025 and December 31, 2024, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of both March 31, 2025 and December 31, 2024, the Company’s largest single portfolio company investment represented approximately 5.5% of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.
As of March 31, 2025, all of the Company’s assets were or will be pledged as collateral for the ING Credit Facility.
70

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Investments Denominated in Foreign Currency
As of March 31, 2025 the Company held 11 investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, 63 investments that were denominated in Euros, two investments that were denominated in Swiss francs, one investment that was denominated in Swedish kronor and 25 investments that were denominated in British pounds sterling. As of December 31, 2024, the Company held 12 investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, 64 investments that were denominated in Euros, two investments that were denominated in Swiss francs, one investment that was denominated Swedish kronor and 23 investments that were denominated in British pounds sterling.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rates fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statements of Operations.
In addition, during both the three months ended March 31, 2025 and March 31, 2024, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on the Company’s investments denominated in foreign currencies. Net unrealized appreciation or depreciation on forward currency contracts are included in “Net unrealized appreciation (depreciation) - forward currency contracts” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - forward currency contracts” in the Company’s Unaudited Consolidated Statements of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
4. INCOME TAXES
The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively). The Company has historically met its minimum distribution, source-of-income and asset diversification requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.
Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year (or later if the Company is permitted to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three months ended March 31, 2025 and 2024, the Company recorded net expenses of $0.4 million and $0.2 million, respectively, for U.S. federal excise tax.
Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax
71

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
years (fiscal years 2021-2023), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.
For federal income tax purposes, the cost of investments owned as of March 31, 2025 and December 31, 2024 was approximately $1,386.7 million and $1,391.8 million, respectively. As of March 31, 2025, net unrealized depreciation on the Company’s investments (tax basis) was approximately $2.2 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $65.5 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $67.7 million. As of December 31, 2024, net unrealized depreciation on the Company’s investments (tax basis) was approximately $11.3 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $62.5 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $73.7 million.
In addition, the Company has a wholly-owned taxable subsidiary (the “Taxable Subsidiary”), which holds certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiary is consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit the Company to hold certain portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, their income is taxed to the Taxable Subsidiary and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for income tax purposes and may generate income tax expense or benefit as a result of its ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiary (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiary), is reflected net of applicable federal and state income taxes, if any, in the Company’s Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in “Accounts payable and accrued liabilities” in the Company’s Unaudited and Audited Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, the Company recorded a net deferred tax liability of $1.9 million and $1.4 million, respectively, pertaining to operating losses and tax basis differences related to certain partnership interests.
5. BORROWINGS
The Company had the following borrowings outstanding as of March 31, 2025 and December 31, 2024: 
Issuance Date
($ in thousands)
Maturity Date
Interest Rate as of March 31, 2025
March 31, 2025December 31, 2024
Credit Facility:
January 15, 2021June 30, 20286.245%620,979 $650,124 
Total Credit Facility$620,979 $650,124 
Notes:
February 22, 2022February 22, 20274.750%$100,000 $100,000 
(Less: Deferred financing fees)(95)(107)
Total Notes$99,905 $99,893 
72

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company’s summary information of its borrowings were as follows:
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
Combined weighted average interest rate(1)
6.133 %7.137 %
Combined weighted average debt outstanding$706,132 $742,962 
(1)Excludes unused commitment fees and amortization of financing costs.
The Company is required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of the Company’s total assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities, of at least 150% after each issuance of senior securities. The Company’s asset coverage ratio was 198.2% as of March 31, 2025.
ING Capital Credit Facility
On January 15, 2021, the Company entered into the ING Credit Facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto. The initial commitments under the ING Credit Facility totaled $65.0 million.
On April 30, 2021, the Company amended and restated the credit agreement governing the ING Credit Facility to increase the total commitments under the facility to $325.0 million and include a $25.0 million letter of credit sub-facility. On July 22, 2021, the Company entered into an incremental commitment and assumption agreement to increase the aggregate commitments under the ING Credit Facility to $500.0 million. As amended as of March 31, 2022, the Company had aggregate commitments from lenders of $500.0 million under the ING Credit Facility, the maximum commitment then allowed under the ING Credit Facility. On April 25, 2022, the Company amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million, (ii) upsize the accordion feature under the ING Credit Facility to allow for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants, and (iii) replace the LIBOR benchmark provisions under the ING Credit Facility with SOFR benchmark provisions. On October 13, 2022, the Company amended the ING Credit Facility to increase total commitments from lenders to $710.0 million from $625.0 million.
On November 15, 2024, the Company entered into a second amended and restated senior secured credit agreement (the “Amended ING Credit Agreement”), which amended and restated that certain amended and restated senior secured revolving credit agreement, dated as of April 30, 2021. The Amended ING Credit Agreement, among other changes, (a) extended the revolving period under the ING Credit Facility from April 30, 2025 to a scheduled end date of June 30, 2027 or, if earlier, the date the commitment period is terminated under the Amended ING Credit Agreement; (b) extended the stated maturity date from April 30, 2026 to the earliest of (i) June 30, 2028 or (ii) the date that is one year after the termination of the commitment period under the Amended ING Credit Agreement in connection with a Liquidity Event (as defined below) involving the Company; (c) adjusted the interest rate charged on borrowings under the ING Credit Facility from an applicable spread of either the term SOFR plus 2.15% plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months, or 0.25% for borrowings with an interest period of six months, to an applicable spread of 2.00% plus a credit spread adjustment of 0.10%; and (d) reallocated $300 million from revolving commitments to term loan commitments. For purposes of the Amended ING Credit Agreement, a “Liquidity Event” means a corporate control transaction or similar event (which may include a transaction with an affiliated entity, included an affiliated BDC), such as a strategic sale of the Company or all or substantially all of the Company’s assets to, or a merger with, another entity, for consideration payable to stockholders of the Company of cash or publicly listed securities of such other entity (or a combination of cash and such publicly listed securities).
The Company can borrow foreign currencies directly under the ING Credit Facility. The ING Credit Facility is secured primarily by a material portion of the Company’s present and future property and assets and is guaranteed by certain of the Company’s subsidiaries. The revolving period under the ING Credit Facility terminates on June 30, 2027, and the final maturity date of the ING Credit Facility is scheduled for June 30, 2028.
73

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Borrowings denominated in U.S. Dollars under the ING Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 1.00% or (ii) the term SOFR plus an applicable spread of 2.00% plus a credit spread adjustment of 0.10%. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%. We pay a commitment fee on undrawn amounts under the ING Credit Facility.
The ING Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining a consolidated minimum asset coverage ratio of 150% at any time, (iii) maintaining a borrower’s asset coverage ratio of 200% for us at any time and (iv) maintaining our status as a RIC under the Code, and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for the Company. As of March 31, 2025, the Company was in compliance with all covenants of the ING Credit Facility.
The Company, one of its subsidiaries, BCIC Holdings, Inc., ING, as administrative agent, the financing agents and designated indebtedness holders that become parties thereto and ING, as collateral agent, also entered into a guarantee, pledge and security agreement, dated as of January 15, 2021, pursuant to which the Company’s obligations under the ING Credit Facility are secured by a first-priority security interest (subject to certain exceptions) in substantially all of the Company’s and its subsidiary guarantors’ present and future property and assets.
As of March 31, 2025, the Company had U.S. dollar borrowings of $527.0 million under the ING Credit Facility with an interest rate of 6.424% (with Term SOFR borrowings subject to one month SOFR of 4.304%), borrowings denominated in British pounds sterling of £27.2 million ($35.1 million U.S. dollars) with an interest rate of 6.488% (one month SONIA of 4.456%) and borrowings denominated in Euros of €54.5 million ($58.9 million U.S. dollars) with an interest rate of 4.500% (one month EURIBOR of 2.500%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.
As of December 31, 2024, the Company had U.S. dollar borrowings of $556.0 million under the ING Credit Facility with an interest rate of 6.497% (with Term SOFR borrowings subject to one month SOFR of 4.397%), borrowings denominated in British pounds sterling of £27.2 million ($34.1 million U.S. dollars) with an interest rate of 6.733% (one month SONIA of 4.700%) and borrowings denominated in Euros of €58.0 million ($60.1 million U.S. dollars) with an interest rate of 4.938% (one month EURIBOR of 2.938%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Consolidated Statements of Operations.
As of March 31, 2025 and December 31, 2024, the fair value of the borrowings outstanding under the ING Credit Facility was $621.0 million and $650.1 million, respectively. The fair values of the borrowings outstanding under the ING Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February 2027 Notes
On February 22, 2022, the Company entered into a Note Purchase Agreement (the “February 2022 NPA”) governing the issuance of $100.0 million in aggregate principal amount of senior unsecured notes due February 22, 2027 (the “February 2027 Notes”), in each case, to qualified institutional investors in a private placement. The February 2027 Notes were delivered and paid for on February 22, 2022.
The February 2027 Notes, for which the Company was required to obtain an initial rating by June 30, 2022, have a fixed interest rate of 4.75% per year, subject to a step up of 0.75% per year, to the extent the February 2027 Notes fail to satisfy certain investment grade rating conditions.
74

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
The February 2027 Notes will mature on February 22, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2022 NPA. Interest on the February 2027 Notes will be due semiannually in February and August of each year, beginning in August 2022. In addition, the Company is obligated to offer to repay the February 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2022 NPA, the Company may redeem the February 2027 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 22, 2026, a make-whole premium.
The February 2022 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, liens, restricted payments, and investments. In addition, the February 2022 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to stockholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.
The February 2022 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February 2027 Notes at the time outstanding may declare all February 2027 Notes then outstanding to be immediately due and payable.
The Company’s obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of March 31, 2025, the Company was in compliance with all covenants under the February 2022 NPA.
The February 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The February 2027 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2025 and December 31, 2024, the fair values of the February 2027 Notes were $96.7 million and $95.5 million, respectively. The fair value determinations of the February 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
75

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
6. DERIVATIVE INSTRUMENTS
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.
The following tables present the Company’s foreign currency forward contracts as of March 31, 2025 and December 31, 2024:
As of March 31, 2025
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)A$1,000$62704/07/25$(4)Derivative liabilities
Foreign currency forward contract (AUD)A$39,748$24,89504/07/25(105)Derivative liabilities
Foreign currency forward contract (AUD)$25,934A$40,74804/07/25521 Derivative assets
Foreign currency forward contract (AUD)$25,030A$39,93706/30/25105 Derivative assets
Foreign currency forward contract (CAD)C$4,879$3,41004/07/25(16)Derivative liabilities
Foreign currency forward contract (CAD)$98C$14104/07/25 Derivative liabilities
Foreign currency forward contract (CAD)$3,362C$4,73804/07/2565 Derivative assets
Foreign currency forward contract (CAD)$1,326C$1,89406/30/253 Derivative assets
Foreign currency forward contract (DKK)4,440kr.$64404/07/25(1)Derivative liabilities
Foreign currency forward contract (DKK)$6294,440kr.04/07/25(14)Derivative liabilities
Foreign currency forward contract (DKK)$6484,447kr.06/30/251 Derivative assets
Foreign currency forward contract (EUR)104,240$112,78804/07/25(231)Derivative liabilities
Foreign currency forward contract (EUR)$2,2342,12704/07/25(62)Derivative liabilities
Foreign currency forward contract (EUR)$107,673102,11304/07/25(2,587)Derivative liabilities
Foreign currency forward contract (EUR)$114,001104,87106/30/25224 Derivative assets
Foreign currency forward contract (GBP)£22,528$29,02404/07/2518 Derivative assets
Foreign currency forward contract (GBP)$2,433£1,96904/07/25(105)Derivative liabilities
Foreign currency forward contract (GBP)$26,184£20,55904/07/25(320)Derivative liabilities
Foreign currency forward contract (GBP)$28,340£21,96806/30/2523 Derivative assets
Foreign currency forward contract (GBP)$226£17506/30/251 Derivative assets
Foreign currency forward contract (NZD)NZ$11,235$6,43804/07/25(74)Derivative liabilities
Foreign currency forward contract (NZD)$129NZ$22504/07/251 Derivative assets
Foreign currency forward contract (NZD)$6,376NZ$11,01004/07/25139 Derivative assets
Foreign currency forward contract (NZD)$6,462NZ$11,25406/30/2573 Derivative assets
Foreign currency forward contract (NOK)23,585kr$2,23504/07/255 Derivative assets
Foreign currency forward contract (NOK)$45476kr04/07/25 Derivative liabilities
Foreign currency forward contract (NOK)$2,06923,109kr04/07/25(125)Derivative liabilities
Foreign currency forward contract (NOK)$2,23623,598kr06/30/25(5)Derivative liabilities
Foreign currency forward contract (SEK)18,161kr$1,79204/07/2515 Derivative assets
Foreign currency forward contract (SEK)$41456kr04/07/25(4)Derivative liabilities
Foreign currency forward contract (SEK)$1,62117,705kr04/07/25(140)Derivative liabilities
Foreign currency forward contract (SEK)$1,82818,433kr06/30/25(15)Derivative liabilities
Foreign currency forward contract (CHF)1,865Fr.$2,11504/07/25(5)Derivative liabilities
Foreign currency forward contract (CHF)$4338Fr.04/07/25 Derivative assets
Foreign currency forward contract (CHF)$2,0911,827Fr.04/07/2524 Derivative assets
Foreign currency forward contract (CHF)$2,1381,867Fr.06/30/255 Derivative assets
Total$(2,590)
76

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2024
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)A$39,181$24,94301/08/25$(715)Derivative liabilities
Foreign currency forward contract (AUD)A$1,000$62704/07/25(9)Derivative liabilities
Foreign currency forward contract (AUD)$26,827A$39,18101/08/252,600 Derivative assets
Foreign currency forward contract (AUD)$25,436A$39,95004/07/25728 Derivative assets
Foreign currency forward contract (CAD)C$4,698$3,32201/08/25(60)Derivative liabilities
Foreign currency forward contract (CAD)C$3,000$2,10004/07/25(10)Derivative liabilities
Foreign currency forward contract (CAD)$3,487C$4,69801/08/25225 Derivative assets
Foreign currency forward contract (CAD)$47C$6704/07/25 Derivative liabilities
Foreign currency forward contract (CAD)$3,362C$4,73804/07/2560 Derivative assets
Foreign currency forward contract (DKK)4,319kr.$60801/08/25(9)Derivative liabilities
Foreign currency forward contract (DKK)$1387kr.01/08/25 Derivative assets
Foreign currency forward contract (DKK)$6354,232kr.01/08/2547 Derivative assets
Foreign currency forward contract (DKK)$6164,349kr.04/07/259 Derivative assets
Foreign currency forward contract (EUR)5,830$6,15801/08/25(123)Derivative liabilities
Foreign currency forward contract (EUR)105,535$110,83601/08/25(1,580)Derivative liabilities
Foreign currency forward contract (EUR)$121,765109,06401/08/258,855 Derivative assets
Foreign currency forward contract (EUR)$2,4402,30001/08/2559 Derivative assets
Foreign currency forward contract (EUR)$107,673102,11304/07/251,524 Derivative assets
Foreign currency forward contract (GBP)£21,287$27,11801/08/25(468)Derivative liabilities
Foreign currency forward contract (GBP)$28,351£21,28701/08/251,701 Derivative assets
Foreign currency forward contract (GBP)$26,184£20,56004/07/25462 Derivative assets
Foreign currency forward contract (NZD)NZ$10,993$6,36101/08/25(211)Derivative liabilities
Foreign currency forward contract (NZD)$6,742NZ$10,76401/08/25721 Derivative assets
Foreign currency forward contract (NZD)$135NZ$22901/08/257 Derivative assets
Foreign currency forward contract (NZD)$6,376NZ$11,01004/07/25211 Derivative assets
Foreign currency forward contract (NOK)22,748kr$2,03701/08/25(37)Derivative liabilities
Foreign currency forward contract (NOK)$2,17122,748kr01/08/25171 Derivative assets
Foreign currency forward contract (NOK)$2,06923,109kr04/07/2538 Derivative assets
Foreign currency forward contract (SEK)17,579kr$1,60101/08/25(13)Derivative liabilities
Foreign currency forward contract (SEK)$33352kr01/08/251 Derivative assets
Foreign currency forward contract (SEK)$1,70017,228kr01/08/25143 Derivative assets
Foreign currency forward contract (SEK)$1,62117,705kr04/07/2513 Derivative assets
Foreign currency forward contract (CHF)1,814Fr.$2,05701/08/25(56)Derivative liabilities
Foreign currency forward contract (CHF)$2,1601,814Fr.01/08/25160 Derivative assets
Foreign currency forward contract (CHF)$2,0911,827Fr.04/07/2556 Derivative assets
Total$14,500 
As of March 31, 2025 and December 31, 2024, the total fair value of the Company’s foreign currency forward contracts was $(2.6) million and $14.5 million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
77

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
7. COMMITMENTS AND CONTINGENCIES
As of both March 31, 2025 and December 31, 2024, the Company had $568.7 million in total capital commitments from investors of which $5.0 million was from C.M. Life Insurance Company, an affiliate of MassMutual and the Adviser, and $95.0 million was from MassMutual. As of both March 31, 2025 and December 31, 2024, all commitments have been funded.
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2025 and December 31, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Accelevation LLC(2)Delayed Draw Term Loan$671 $ 
Accelevation LLC(2)Revolver497  
Accurus Aerospace Corporation(2)Revolver64  
Accurus Aerospace Corporation(2)Revolver 184 
AD Bidco, Inc.Delayed Draw Term Loan1,174 1,174 
AD Bidco, Inc.Revolver434 434 
Adhefin International(3)Delayed Draw Term Loan410 393 
AirX Climate Solutions, Inc.Delayed Draw Term Loan489 489 
AirX Climate Solutions, Inc.Revolver163 163 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan271 259 
Americo Chemical Products, LLC(2)Revolver471 471 
Aquavista Watersides 2 LTD(2)(4)Capex / Acquisition Facility 653 
Arc Education(3)Delayed Draw Term Loan1,040 997 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility184 179 
Artemis Bidco Limited(3)Delayed Draw Term Loan692 663 
ASC Communications, LLCRevolver658 658 
Astra Bidco Limited(2)(4)Delayed Draw Term Loan101 144 
ATL II MRO Holdings Inc.Revolver1,912 1,912 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan897 891 
Azalea Buyer, Inc.Delayed Draw Term Loan 429 
Azalea Buyer, Inc.Revolver321 321 
Basin Innovation Group, LLCDelayed Draw Term Loan295 295 
Basin Innovation Group, LLCRevolver255 255 
Biolam Group(2)(3)Delayed Draw Term Loan983 943 
BKF Buyer, Inc.(2)Revolver1,253 1,253 
Brightpay Limited(2)(3)Delayed Draw Term Loan 118 
BrightSign LLCRevolver131 131 
Broadstone Group UK LTD(4)Delayed Draw Term Loan278  
Broadstone Group UK LTD(4)Delayed Draw Term Loan116  
CAi Software, LLCRevolver354 354 
Caldwell & Gregory LLCDelayed Draw Term Loan1,838 1,987 
Caldwell & Gregory LLCRevolver1,500 1,500 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan51 63 
Cascade Residential Services LLC(2)Delayed Draw Term Loan314 314 
Cascade Residential Services LLC(2)Revolver8  
CCFF Buyer, LLCDelayed Draw Term Loan811 811 
CCFF Buyer, LLCRevolver608 608 
78

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
CGI Parent, LLCRevolver1,102 1,653 
Comply365, LLC(2)Revolver556 556 
Coyo Uprising GmbH(2)(3)Delayed Draw Term Loan511 490 
CSL DualCom(4)Capex / Acquisition Facility 184 
DataServ Integrations, LLCRevolver481 481 
DAWGS Intermediate Holding Co.Revolver558  
DecksDirect, LLC(2)Revolver127 34 
DISA Holdings Corp.Revolver229 286 
Discovery Buyer, L.P.(2)Delayed Draw Term Loan2,515  
Discovery Buyer, L.P.(2)Revolver625  
Dune Group(2)(3)Delayed Draw Term Loan688 660 
EB Development(3)Capex / Acquisition Facility223  
EB Development(3)Delayed Draw Term Loan577 553 
Eclipse Business Capital, LLCRevolver5,660 6,244 
Electrical Components International, Inc.(2)Delayed Draw Term Loan195 195 
EMI Porta Holdco LLC(2)Revolver1,042 966 
eShipping, LLCRevolver1,122 1,122 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan620 620 
Expert Institute Group Inc.(2)Delayed Draw Term Loan985  
Expert Institute Group Inc.(2)Revolver530  
Express Wash Acquisition Company, LLC(2)Revolver77 77 
Faraday(3)Delayed Draw Term Loan 928 
Finaxy Holding(3)Delayed Draw Term Loan950 1,064 
Footco 40 Limited(4)Delayed Draw Term Loan531 515 
Forest Buyer, LLCRevolver298 298 
Fortis Payment Systems, LLC(2)Delayed Draw Term Loan 1 
Fortis Payment Systems, LLC(2)Revolver 2 
GB Eagle Buyer, Inc.Delayed Draw Term Loan1,734 1,734 
GB Eagle Buyer, Inc.Revolver1,520 1,737 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Global Academic Group Limited(2)(7)Term Loan9 155 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan43  
GPNZ II GmbH(2)(3)Delayed Draw Term Loan 49 
Graphpad Software, LLCDelayed Draw Term Loan1,256 1,256 
Graphpad Software, LLCRevolver523 523 
Greenhill II BV(3)Capex / Acquisition Facility 28 
Groupe Product Life(3)Delayed Draw Term Loan99 145 
Haystack Holdings LLC(2)Delayed Draw Term Loan1,699  
Haystack Holdings LLC(2)Revolver412  
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan165 164 
HEKA Invest(3)Delayed Draw Term Loan562 539 
HemaSource, Inc.Revolver902 902 
HomeX Services Group LLCDelayed Draw Term Loan260 260 
HomeX Services Group LLCRevolver135 135 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan1,200  
HS Advisory Buyer LLC(2)Delayed Draw Term Loan427  
79

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
HS Advisory Buyer LLC(2)Delayed Draw Term Loan220  
HS Advisory Buyer LLC(2)Revolver200  
HSL Compliance(4)Delayed Draw Term Loan484  
HTI Technology & Industries(2)Delayed Draw Term Loan1,023 1,023 
HTI Technology & Industries(2)Revolver682 682 
Hydratech Holdings, Inc. Delayed Draw Term Loan96 1,029 
Hydratech Holdings, Inc. Revolver215 551 
Ice House America, L.L.C.(2)Revolver65 128 
Interstellar Group B.V.(2)(3)Delayed Draw Term Loan578 582 
InvoCare Limited(2)(5)Delayed Draw Term Loan111 110 
ISTO Technologies II, LLCRevolver238 238 
ITI Intermodal, Inc.Revolver530 530 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility219 216 
Jones Fish Hatcheries & Distributors LLCRevolver167 418 
Keystone Bidco B.V.(2)(3)Delayed Draw Term Loan61 185 
Keystone Bidco B.V.(2)(3)Revolver29 28 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan337 719 
LeadsOnline, LLCRevolver1,952 1,952 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan24 23 
Marmoutier Holding B.V.(2)(3)Revolver68 65 
MB Purchaser, LLCDelayed Draw Term Loan258 258 
MB Purchaser, LLCRevolver103 103 
MC Group Ventures Corporation(2)Delayed Draw Term Loan290 290 
Media Recovery, Inc. (SpotSee)(2)Revolver406 434 
Media Recovery, Inc. (SpotSee)(2)(4)Revolver522 506 
Megawatt Acquisitionco, Inc.(2)Revolver238 238 
Mercell Holding AS(2)(8)Capex / Acquisition Facility373 346 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan308 306 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan70 69 
Momentum Textiles, LLCRevolver280  
Moonlight Bidco Limited(4)Delayed Draw Term Loan569 552 
MSI Express Inc.(2)Delayed Draw Term Loan375  
MSI Express Inc.(2)Revolver375  
MSI Express Inc.(2)Revolver120  
Narda Acquisitionco., Inc.Revolver684 684 
NAW Buyer LLCDelayed Draw Term Loan1,477 1,477 
NAW Buyer LLCRevolver379 379 
Next Holdco, LLC(2)Delayed Draw Term Loan189 189 
Next Holdco, LLC(2)Revolver73 73 
NF Holdco, LLC(2)Revolver552 552 
Northstar Recycling, LLCDelayed Draw Term Loan859 859 
Northstar Recycling, LLCRevolver705 706 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan468  
NPM Investments 28 B.V.(3)Delayed Draw Term Loan 449 
OA Buyer, Inc.Revolver1,331 1,331 
OAC Holdings I CorpRevolver440 685 
OSP Hamilton Purchaser, LLCRevolver189 189 
80

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Parkview Dental Holdings LLC(2)Delayed Draw Term Loan262 262 
Polara Enterprises, L.L.C.Revolver273 273 
Premium Invest(3)Capex / Acquisition Facility419 401 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan312 623 
Process Insights Acquisition, Inc.(2)Revolver322 69 
ProfitOptics, LLC(2)Revolver97 97 
Pro-Vision Solutions Holdings, LLC(2)Revolver1,713 2,063 
PSP Intermediate 4, LLC(3)Delayed Draw Term Loan202 193 
Qualified Industries, LLCRevolver242 242 
R1 Holdings, LLCRevolver628 801 
Randys Holdings, Inc.Delayed Draw Term Loan1,416 2,327 
Randys Holdings, Inc.Revolver784 924 
Rapid Buyer LLCDelayed Draw Term Loan1,762 1,762 
Rapid Buyer LLCRevolver881 881 
Rocade Holdings LLC(2)Preferred Equity4,500 4,500 
Rock Labor LLC(2)Revolver625 625 
ROI Solutions LLCDelayed Draw Term Loan2,168 2,168 
ROI Solutions LLCRevolver1,940 1,940 
Royal Buyer, LLCRevolver874 874 
RPX CorporationRevolver1,008 1,008 
Saab Purchaser, Inc.Delayed Draw Term Loan1,915 1,915 
Saab Purchaser, Inc.Revolver957 958 
Sanoptis S.A.R.L.(3)Term Loan2,562 2,456 
Sansidor BV(2)(3)Capex / Acquisition Facility281 396 
SBP Holdings LPRevolver532 532 
Scout Bidco B.V.(2)(3)Revolver521 500 
Sinari Invest(3)Delayed Draw Term Loan468 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan 156 
Skyvault Holdings LLC(2)Delayed Draw Term Loan1,322 3,033 
Smartling, Inc.Revolver588 588 
SmartShift Group, Inc.Revolver1,101 1,101 
Solo Buyer, L.P.(2)Revolver678 878 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan231 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver78 156 
SPATCO Energy Solutions, LLCDelayed Draw Term Loan727 727 
SPATCO Energy Solutions, LLCRevolver594 594 
Spatial Business Systems LLCRevolver703 703 
SSCP Pegasus Midco Limited(4)Delayed Draw Term Loan184 803 
Superjet Buyer, LLC(2)Revolver1,460 1,460 
SVI International LLCDelayed Draw Term Loan74 74 
SVI International LLCRevolver74 74 
Tank Holding Corp(2)Delayed Draw Term Loan 92 
Tank Holding CorpRevolver655 655 
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,168 1,133 
TAPCO Buyer LLCDelayed Draw Term Loan1,603 1,603 
TAPCO Buyer LLCRevolver583 583 
Technology Service Stream BidCo Pty Ltd(2)(5)Delayed Draw Term Loan234 233 
81

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Techone B.V.(2)(3)Revolver154 147 
Tencarva Machinery Company, LLC(2)Revolver752 752 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Revolver796 796 
THG Acquisition, LLCDelayed Draw Term Loan799 814 
THG Acquisition, LLCRevolver511 496 
Trintech, Inc.Revolver255 255 
TSYL Corporate Buyer, Inc.(2)Delayed Draw Term Loan211 211 
TSYL Corporate Buyer, Inc.(2)Revolver122 122 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan258 234 
UHY Advisors, Inc.Delayed Draw Term Loan6,623 6,623 
UHY Advisors, Inc.Revolver1,364 1,753 
Union Bidco Limited(4)Capex / Acquisition Facility68 66 
United Therapy Holding III GmbH(2)(3)Capex / Acquisition Facility668 641 
Unither (Uniholding)(3)Delayed Draw Term Loan468 449 
WEST-NR ACQUISITIONCO, LLCDelayed Draw Term Loan599 599 
Whitcraft Holdings, Inc.Revolver316 446 
White Bidco LimitedDelayed Draw Term Loan257 257 
Woodland Foods, LLC(2)Line of Credit706 550 
World 50, Inc.Revolver243 243 
WWEC Holdings III Corp(2)Revolver932 932 
ZB Holdco LLC(2)Revolver181 169 
Total unused commitments to extend financing$125,544 $123,644 
(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Neither the Company, the Adviser, nor the Company’s subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to their respective businesses. The Company, the Adviser, and the Company’s subsidiaries may from time to time, however, be involved in litigation arising out of operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on the Company in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, the Company does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on the Company’s financial condition or results of operations in any future reporting period.
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Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
($ in thousands, except share and per share amounts)20252024
Per share data:
Net asset value at beginning of period$22.57 $22.27 
Net investment income (1)0.61 0.65 
Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1)0.29 (0.36)
Net unrealized appreciation (depreciation) on investments / foreign currency transactions / forward currency contracts (1)(0.19)0.67 
Total increase from investment operations (1)0.71 0.96 
Dividends paid to stockholders from net investment income(0.64)(0.64)
Net asset value at end of period$22.64 $22.59 
Shares outstanding at end of period31,169,306 29,672,058
Net assets at end of period$705,519 $670,241
Average net assets$699,122 $658,852
Ratio of total expenses to average net assets (annualized) (2)9.08 %11.07 %
Ratio of net investment income to average net assets (annualized) (2)10.76 %11.54 %
Portfolio turnover ratio (annualized)3.15 %3.22 %
Total return (3)3.15 %4.35 %
(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)Does not include expenses of underlying investment companies, including joint ventures.
(3)Total return is calculated as the change in NAV per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period.
9. SUBSEQUENT EVENTS
On May 8, 2025, the Board declared a quarterly dividend of $0.64 per share payable on June 11, 2025 to holders of record as of May 28, 2025.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three months ended March 31, 2025, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.
Forward-Looking Statements
Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024 and in Item 1A titled “Risk Factors” in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (the “SEC”) from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, disruptions related to tariffs and other trade or sanction issues, and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises, on our or our portfolio companies’ business and the U.S. and global economies; our, or our portfolio companies’, future business, operations, operating results or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview of Our Business
We were formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, we commenced investment operations and made our first portfolio company investment. We are externally managed by Barings LLC (“Barings” or the “Adviser”), an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). An externally-managed business development company (“BDC”) generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and an administration agreement. Instead of directly compensating employees, we pay Barings for investment and management services pursuant to the terms of an investment advisory agreement (the “Advisory Agreement”) and an administration agreement (the “Administration Agreement”).
Our primary investment objective is to provide consistently attractive returns. Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality (i.e., the risk of business cycles or other economic cycles adversely affecting them) and operating risk. The hold size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and seeks to enhance our returns through the use of leverage
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with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We focus on investing primarily in senior secured private debt instruments in well-established middle-market businesses that operate across a wide range of industries. To a lesser extent, we will invest in equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities, high-yield investments and/or mortgage securities. Syndicated senior secured loans are either (i) marketed by investment banks, which are mandated to bring lenders together and underwrite the deal, to institutional investors or (ii) bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market. On the other hand, senior secured private debt investments are negotiated directly with the borrower, rather than marketed by a third party or bought and sold in the secondary market. We believe senior secured private debt investments may offer higher returns and certain more favorable protections than syndicated senior secured loans. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. We currently intend to invest primarily in senior secured private debt investments that have terms of between five and seven years and bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 450 basis points and SOFR plus 650 basis points per annum.
As of March 31, 2025 and December 31, 2024, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 9.8% and 10.1%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 9.6% and 10.0% as of March 31, 2025 and December 31, 2024, respectively.
Relationship with Our Adviser, Barings
Our Adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is a leading global asset management firm and is registered with the SEC as an investment adviser under the Advisers Act. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our board of directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $353.3 billion Global Fixed Income Platform (as of March 31, 2025) that invests in liquid, private and structured credit. Barings GPFG manages private funds and separately managed accounts, along with multiple public vehicles. The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited (“BIIL”), as a sub-adviser to manage European investments for us. BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London, England.
Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
Under the terms of the Administration Agreement, Barings (in its capacity as our Administrator) performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.
Included in Barings GPFG is Barings North American Private Finance Team (the “U.S. Investment Team”), which consists of 52 investment professionals (as of March 31, 2025) located in three offices in the United States. The U.S. Investment Team provides a full set of solutions to the North American middle market, including first and second lien senior
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secured loans, unitranche structures, revolvers, mezzanine debt and equity co-investments. The U.S. Investment Team averages over 20 years of industry experience at the Managing Director and Director level. Also included in Barings GPFG are its Europe and Asia-Pacific Investment Committees and Private Finance Teams, which are responsible for our investment origination and portfolio monitoring activities for middle-market companies in Europe and Asia-Pacific geographies. In addition, Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.
Portfolio Composition
The total value of our investment portfolio was $1,382.0 million as of March 31, 2025, as compared to $1,357.0 million as of December 31, 2024. As of March 31, 2025, we had investments in 278 portfolio companies with an aggregate cost of $1,385.0 million. As of December 31, 2024, we had investments in 273 portfolio companies with an aggregate cost of $1,375.3 million. As of both March 31, 2025 and December 31, 2024, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
As of March 31, 2025 and December 31, 2024, our investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio
Fair ValuePercentage of
Total
Portfolio
March 31, 2025:
Senior debt and 1st lien notes
$1,050,873 76 %$1,030,540 75 %
Subordinated debt and 2nd lien notes
74,605 73,912 
Structured products26,677 27,189 
Equity shares186,678 14 217,906 16 
Equity warrants— 1,259 — 
Royalty rights1,772 — 3,189 — 
Investments in joint ventures44,415 27,987 
$1,385,022 100 %$1,381,982 100 %
($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
December 31, 2024:
Senior debt and 1st lien notes
$1,038,486 76 %$1,007,792 74 %
Subordinated debt and 2nd lien notes
79,093 77,500 
Structured products27,498 27,397 
Equity shares181,837 13 209,930 16 
Equity warrants— 1,217 — 
Royalty rights1,813 — 2,917 — 
Investments in joint ventures46,560 30,203 
$1,375,289 100 %$1,356,956 100 %
Investment Activity
During the three months ended March 31, 2025, we made 13 new investments totaling $35.2 million and made investments in existing portfolio companies totaling $16.5 million. We had seven loans repaid totaling $21.4 million and recognized a net realized loss on these transactions of $0.4 million. We also received $18.6 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $2.8 million. We received $2.2 million of return of capital from our joint venture and royalty rights investments. Lastly, we received proceeds related to the sale of equity investments totaling $0.6 million and recognized a net realized loss on such sales totaling $15.0 thousand.
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During the three months ended March 31, 2024, we made 10 new investments totaling $27.5 million and made investments in existing portfolio companies totaling $23.7 million. We had four loans repaid totaling $24.5 million and received $13.9 million of portfolio company principal payments and sales proceeds and recognized a net realized gain on these transactions of $0.1 million. We received $1.0 million of return of capital from one of our joint ventures. In addition, one of our debt investments was restructured, which resulted in a loss of $4.5 million. Lastly, we received proceeds related to the sale of equity investments totaling $3.8 million and recognized a net realized gain on such sales totaling $0.5 million.
Total portfolio investment activity for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended
March 31, 2025:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares
Equity
Warrants
Royalty RightsInvestments in Joint VenturesTotal
Fair value, beginning of period$1,007,792 $77,500 $27,397 $209,930 $1,217 $2,917 $30,203 $1,356,956 
New investments47,239 706 — 3,813 — — — 51,758 
Proceeds from sales of investments / return of capital(7,872)— — (574)— (42)(2,145)(10,633)
Loan origination fees received(1,025)(1)— — — — — (1,026)
Principal repayments received(25,093)(6,267)(825)— — — — (32,185)
Payment-in-kind interest /dividends452 1,015 — 1,617 — — — 3,084 
Accretion of loan premium /discount507 30 — — — — 541 
Accretion of deferred loan origination revenue1,168 168 — — — — — 1,336 
Realized gain (loss) (2,989)(139)— (14)— — — (3,142)
Unrealized appreciation (depreciation)10,361 900 613 3,134 42 314 (71)15,293 
Fair value, end of period$1,030,540 $73,912 $27,189 $217,906 $1,259 $3,189 $27,987 $1,381,982 
Three Months Ended
March 31, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares
Equity
Warrants
Investments in Joint VenturesTotal
Fair value, beginning of period$985,158 $106,894 $26,173 $192,641 $1,043 $37,212 $1,349,121 
New investments36,126 12,535 — 2,600 — — 51,261 
Investment restructuring(13,015)— — 12,984 31 — — 
Proceeds from sales of investments /return of capital(129)— — (3,797)— (990)(4,916)
Loan origination fees received(545)(281)— — — — (826)
Principal repayments received(24,426)(12,991)(826)— — — (38,243)
Payment-in-kind interest / dividends604 692 — 1,559 — — 2,855 
Accretion of loan premium / discount114 80 — — — 198 
Accretion of deferred loan origination revenue1,210 82 — — — — 1,292 
Realized gain (loss)(4,217)— — 350 — — (3,867)
Unrealized appreciation (depreciation)1,454 902 2,393 848 73 503 6,173 
Fair value, end of period$982,334 $107,913 $27,744 $207,185 $1,147 $36,725 $1,363,048 

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Portfolio Risk Monitoring
The Adviser monitors our portfolio companies on an ongoing basis. As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, rates each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk ratings may not be comparable to ones used by other companies. For additional information regarding the Adviser’s portfolio management and investment monitoring, see “Item 1. Business – Portfolio Management and Investment Monitoring” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Our risk assessment is based on the following risk rating categories:

Risk Rating 1:    In the opinion of the Adviser, the issuer is performing materially above expectations at the time of underwriting and the business trends and/or risk factors are favorable.
Risk Rating 2:    In the opinion of the Adviser, the issuer is performing in a manner consistent with expectations at the time of underwriting and the current risk is believed to be similar to that at the time the asset was originated.
Risk Rating 3:    In the opinion of the Adviser, the issuer is performing below expectations at the time of underwriting and the investment risk has increased since underwriting.
Risk Rating 4:    In the opinion of the Adviser, the issuer is performing materially below expectations at the time of underwriting and the investment risk has increased materially since underwriting. Issuers with a risk rating of 4 are typically in violation of one or more debt covenants.
Risk Rating 5:    In the opinion of the Adviser, the issuer is performing substantially below expectations at the time of underwriting and indicates the investment risk has increased substantially since underwriting. Loans with a risk rating of 5 are not anticipated to be repaid in full or have a possibility to not be repaid in full, and the fair market value reflects the Adviser’s current estimate of recoverable value.

The following table shows the classification of our investments by risk rating as of March 31, 2025 and December 31, 2024. Investment risk ratings are accurate only as of those dates and may change due to subsequent developments to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

($ in thousands)March 31, 2025December 31, 2024
Risk Rating Category
Fair Value (1)
Percentage of
Total
Portfolio
Fair Value (1)
Percentage of
Total
Portfolio
Category 1$137,37910 %$125,396%
Category 2895,32965 868,36365 
Category 3243,62218 220,43616 
Category 477,147115,663
Category 511,73810,604
Total$1,365,215100 %$1,340,462100 %

(1)Excludes 10% member interest in Banff Partners LP.
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Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of March 31, 2025, we had six portfolio companies with their debt investments on non-accrual, the aggregate fair value of which was $5.7 million, which comprised 0.4% of the total fair value our portfolio, and the aggregate cost of which was $15.9 million, which comprised 1.1% of the total cost of our portfolio. As of December 31, 2024, we had five portfolio companies with their debt investments on non-accrual, the aggregate fair value of which was $5.0 million, which comprised 0.4% of the total fair value of our portfolio, and the aggregate cost of which was $12.8 million, which comprised 0.9% of the total cost of our portfolio.
A summary of our non-accrual assets as of March 31, 2025 is provided below.
Biolam Group
During the quarter ended September 30, 2024, we placed our debt investment in Biolam Group, or Biolam, on non-accrual status. As a result, under U.S. generally accepted accounting principles (“U.S. GAAP”), we will not recognize interest income on our debt investment in Biolam for financial reporting purposes. As of March 31, 2025, the cost of our debt investment in Biolam was $4.4 million and the fair value of such investment was $2.1 million.
Canadian Orthodontic Partners Corp.
During the quarter ended March 31, 2024, we placed our first lien senior secured debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien senior secured debt investment in Canadian Orthodontics for financial reporting purposes. As of March 31, 2025, the cost of our first lien senior secured debt investment in Canadian Orthodontics was $1.8 million and the fair value of such investment was $0.3 million.
Eurofins Digital Testing International LUX Holdings SARL
During the quarter ended June 30, 2024, we placed our debt investments in Eurofins Digital Testing International LUX Holdings SARL, or Eurofins, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Eurofins for financial reporting purposes. As of March 31, 2025, the cost of our debt investments in Eurofins was $3.5 million and the fair value of such investment was $1.6 million.
GPNZ II GmbH
During the quarter ended March 31, 2024, we placed our first lien EURIBOR + 6.00% debt investment in GPNZ II GmbH., or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 6.00% debt investment in GPNZ for financial reporting purposes. As of March 31, 2025, the cost of our first lien EURIBOR + 6.00% debt investment in GPNZ was $0.4 million and the fair value of such investments was $24.5 thousand.
Marmoutier Holding B.V.
During the quarter ended March 31, 2024, we placed our debt investments in Marmoutier Holding B.V., or Marmoutier, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Marmoutier for financial reporting purposes. As of March 31, 2025, the cost of our debt investments in Marmoutier was $2.7 million and the fair value of such investments was $0.2 million.
Zeppelin Bidco Limited
During the quarter ended March 31, 2025, we placed our debt investment in Zeppelin Bidco Limited, or Zeppelin, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Zeppelin for financial reporting purposes. As of March 31, 2025, the cost of our debt investment in Zeppelin was $3.1 million and the fair value of such investment was $1.4 million.
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PIK Non-Accrual Assets
In addition to our non-accrual assets, during the quarter ended September 30, 2024, we placed our first lien senior secured debt investment in A.T. Holdings II LTD, or A.T. Holdings, on non-accrual status only with respect to the PIK interest component of the loan. As of March 31, 2025, the cost of our debt investment in A.T. Holdings was $7.1 million, or 0.5% of the total cost of our portfolio, and the fair value of such investment was $5.0 million, or 0.4% of the total fair value of our portfolio.
Results of Operations
Comparison of the three and three months ended March 31, 2025 and 2024
Operating results for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
Total investment income$34,686 $37,238 
Total operating expenses15,475 18,075 
Net investment income before taxes19,211 19,163 
Income taxes, including excise tax expense400 150 
Net investment income after taxes18,811 19,013 
Net realized gains (losses)8,810 (10,500)
Net unrealized appreciation (depreciation)(5,778)19,526 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts3,032 9,026 
Net increase in net assets resulting from operations$21,843 $28,039 
Net increases (decreases) in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.
Investment Income
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
Investment income:
Interest income$26,898 $30,186 
Dividend income4,461 3,950 
Fee and other income1,780 1,596 
Payment-in-kind interest income1,542 1,493 
Interest income from cash13 
Total investment income$34,686 $37,238 
The change in total investment income for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, was primarily due to a decrease in the weighted average yield on the portfolio from lower base rates, partially offset by increased dividends from portfolio companies and joint venture investments. The weighted average yield on the principal amount of our outstanding debt investments, other than non-accrual debt investments, was 9.8% as of March 31, 2025, as compared to 11.0% as of March 31, 2024. For the three months ended March 31, 2025, dividends from portfolio companies and joint venture investments were $4.5 million, as compared to 4.0 million for the three months ended March 31, 2024.
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Operating Expenses
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
Operating expenses:
Interest and other financing fees$11,325 $13,540 
Base management fee524 519 
Incentive management fees2,571 3,199 
Other general and administrative expenses 1,055 817 
Total operating expenses$15,475 $18,075 
Interest and Other Financing Fees
Interest and other financing fees during both three months ended March 31, 2025 and 2024 were attributable to borrowings under the February 2027 Notes and the ING Credit Facility (each as defined below under “Financial Condition, Liquidity and Capital Resources”). The decrease in interest and other financing fees for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, was primarily attributable to a lower weighted average interest rate on the ING Credit Facility and lower weighted average borrowings outstanding on the ING Credit Facility. The weighted average interest rate on the ING Credit Facility was 6.4% for the three months ended March 31, 2025, as compared to 7.5% for the three months ended March 31, 2024. For the three months ended March 31, 2025, weighted average borrowings under the ING Credit Facility were $606.1 million, as compared to $643.0 million for the three months ended March 31, 2024.
Base Management Fee
Under the Advisory Agreement, we pay Barings a base management fee (the “Base Management Fee”), quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of our gross assets at the end of the two most recently completed calendar quarters (including the quarter for which such fees are being calculated) and appropriately adjusted for any share issuances or repurchases during the quarter. The Base Management Fee for any partial quarter is appropriately pro-rated. See “Note 2. Agreement and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Advisory Agreement and the fee arrangement thereunder. For both the three months ended March 31, 2025 and 2024, the amount of Base Management Fees incurred was $0.5 million.
Incentive Fee
Under the Advisory Agreement, we pay Barings an incentive fee (the “Incentive Fee”). The Incentive Fee consists of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”) and (ii) an incentive fee based on the net capital gains received on our portfolio of securities on a cumulative basis through the end of each calendar year, net of all realized capital losses and all unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee on capital gains (the “Capital Gains Fee”). The Income-Based Fee is subject to a floating “hurdle rate” based on SOFR, a “catch-up” feature and a cap. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2025 and 2024, the amount of Income-Based Fees incurred was $2.6 million and $2.8 million, respectively. The decrease in the Income-Based Fees for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, relates predominantly to the incentive fee cap and increased net capital losses as of March 31, 2025, for the trailing 12 quarters.
For the three months ended March 31, 2025 and 2024, the net Capital Gains Fees accrual was nil and $0.4 million, respectively. As required by U.S. GAAP, we accrue the Capital Gains Fee on unrealized gains. This accrual reflects the Incentive Fees that would be payable to the Adviser if our entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an Incentive Fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future.
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Other General and Administrative Expenses
We have entered into the Administration Agreement with Barings. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. For both the three months ended March 31, 2025 and 2024, the amount of administration expense incurred and invoiced by Barings for expenses was approximately $0.2 million. In addition to expenses incurred under the Administration Agreement, other general and administrative expenses include Board fees, directors’ and officers’ insurance costs, legal and accounting expenses and other costs related to our operations.
Net Realized Gains (Losses)
Net realized gains (losses) during the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
Net realized gains (losses):
Non-Control / Non-Affiliate investments$(3,142)$(3,867)
Net realized gains (losses) on investments(3,142)(3,867)
Foreign currency transactions534 $(92)
Forward currency contracts11,418 (6,541)
Net realized gains (losses)$8,810 $(10,500)
During the three months ended March 31, 2025, we recognized net realized gains totaling $8.8 million, which consisted primarily of a net gain on our forward currency contracts of $11.4 million and a net gain on foreign currency transactions of $0.5 million, partially offset by a net loss on our investment portfolio of $3.1 million. The net loss on our investment portfolio predominantly related to a $2.6 million loss on the sale of one investment, which was reclassified from unrealized appreciation during the three months ended March 31, 2025.
During the three months ended March 31, 2024, we recognized net realized losses totaling $10.5 million, which consisted primarily of a net loss on our forward currency contracts of $6.5 million, a net loss on our loan portfolio of $3.9 million and a net loss on foreign currency transactions of $0.1 million. The net loss on our investment portfolio predominantly related to the restructuring of one investment which was primarily reclassified from unrealized depreciation during the three months ended March 31, 2024.
Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation (depreciation) during the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
Net unrealized appreciation (depreciation)
Non-Control / Non-Affiliate investments$14,400 $5,754 
Affiliate investments368 470 
Net unrealized appreciation (depreciation) on investments14,768 6,224 
Foreign currency transactions(3,456)1,661 
Forward currency contracts(17,090)11,641 
Net unrealized appreciation (depreciation)$(5,778)$19,526 
During the three months ended March 31, 2025, we recorded net unrealized depreciation totaling $5.8 million, consisting of net unrealized depreciation related to forward currency contracts of $17.1 million, net unrealized depreciation related to foreign currency transactions of $3.5 million and deferred taxes of $0.5 million, partially offset by net unrealized appreciation on our current portfolio of $11.7 million and net unrealized appreciation reclassification adjustments of $3.5 million related to the net realized gains on the sales / repayments of certain investments. The net unrealized appreciation on our current portfolio
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of $11.7 million was driven primarily by the impact of foreign currency exchange rates on investments of $8.6 million and broad market moves for investments of $4.3 million, partially offset by the credit or fundamental performance of investments of $1.2 million.
During the three months ended March 31, 2024, we recorded net unrealized appreciation totaling $19.5 million, consisting of net unrealized appreciation related to forward currency contracts of $11.6 million, net unrealized appreciation reclassification adjustments of $4.9 million related to the net realized losses on the sales / repayments and restructures of certain investments, net unrealized appreciation related to foreign currency transactions of $1.7 million and net unrealized appreciation on our current portfolio of $1.2 million. The net unrealized appreciation on our current portfolio of $1.2 million was driven primarily by broad market moves for investments of $7.3 million and the credit or fundamental performance of investments of $45.7 thousand, partially offset by the impact of foreign currency exchange rates on investments of $6.1 million.
Financial Condition, Liquidity and Capital Resources
We believe that our current cash and foreign currencies on hand, our available borrowing capacity under the ING Credit Facility (as defined below under “Financing Transactions”), and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
On June 24, 2020, our sole stockholder approved a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the Investment Company Act of 1940, as amended (the “1940 Act”). As a result of stockholder approval, effective June 25, 2020, our applicable minimum asset coverage ratio under the 1940 Act was decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. Our asset coverage ratio was 198.2% as of March 31, 2025.
Cash Flows
For the three months ended March 31, 2025, we experienced a net decrease in cash in the amount of $6.5 million. During that period, our operating activities provided $36.0 million in cash, with proceeds from sales or repayments of portfolio investments totaling $44.9 million and other cash collections from investments exceeding purchases of portfolio investments of $38.9 million. In addition, our financing activities used $42.5 million of cash, consisting of net repayments of $32.6 million under the ING Credit Facility and dividends paid in the amount of $9.9 million. As of March 31, 2025, we had $47.3 million of cash on hand, including foreign currencies.
For the three months ended March 31, 2024, we experienced a net decrease in cash in the amount of $4.7 million. During that period, our operating activities provided $5.1 million in cash, with proceeds from sales or repayments of portfolio investments totaling $43.2 million and other cash collections from investments exceeding purchases of portfolio investments of $51.6 million. In addition, our financing activities, consisting of dividends paid, used $9.8 million of cash. As of March 31, 2024, we had $31.5 million of cash on hand, including foreign currencies.
Financing Transactions
ING Capital Credit Facility
On January 15, 2021, we entered into a senior secured revolving credit facility (as subsequently amended and restated, the “ING Credit Facility”) with ING Capital LLC (“ING”) as administrative agent, and the lenders party thereto. The initial commitments under the ING Credit Facility totaled $65.0 million.
On April 30, 2021, we amended and restated the credit agreement governing the ING Credit Facility to increase the total commitments under the facility to $325.0 million and include a $25.0 million letter of credit sub-facility. On July 22, 2021, we entered into an incremental commitment and assumption agreement to increase the aggregate commitments under the ING Credit Facility to $500.0 million. As amended as of March 31, 2022, we had aggregate commitments from lenders of $500.0 million under the ING Credit Facility, the maximum commitment then allowed under the ING Credit Facility. On April 25, 2022, we amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million, (ii) upsize the accordion feature under the ING Credit Facility to allow for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants, and (iii) replace the London Interbank Offered Rate (“LIBOR”) benchmark provisions under the ING Credit Facility with SOFR benchmark
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provisions. On October 13, 2022, we amended the ING Credit Facility to increase total commitments from lenders to $710.0 million from $625.0 million.
On November 15, 2024, we entered into a second amended and restated senior secured credit agreement (the “Amended ING Credit Agreement”), which amended and restated that certain amended and restated senior secured revolving credit agreement, dated as of April 30, 2021. The Amended ING Credit Agreement, among other changes, (a) extended the revolving period under the ING Credit Facility from April 30, 2025 to a scheduled end date of June 30, 2027 or, if earlier, the date the commitment period is terminated under the Amended ING Credit Agreement; (b) extended the stated maturity date from April 30, 2026 to the earliest of (i) June 30, 2028 or (ii) the date that is one year after the termination of the commitment period under the Amended ING Credit Agreement in connection with a Liquidity Event (as defined below) involving us; (c) adjusted the interest rate charged on borrowings under the ING Credit Facility from an applicable spread of either the term SOFR plus 2.15% plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with an interest period of three months, or 0.25% for borrowings with an interest period of six months, to an applicable spread of 2.00% plus a credit spread adjustment of 0.10%; and (d) reallocated $300 million from revolving commitments to term loan commitments. For purposes of the Amended ING Credit Agreement, a “Liquidity Event” means a corporate control transaction or similar event (which may include a transaction with an affiliated entity, included an affiliated BDC), such as a strategic sale of the Company or all or substantially all of our assets to, or a merger with, another entity, for consideration payable to our stockholders of cash or publicly listed securities of such other entity (or a combination of cash and such publicly listed securities).
We can borrow foreign currencies directly under the ING Credit Facility. The ING Credit Facility is secured primarily by a material portion of our present and future property and assets and is guaranteed by certain of our subsidiaries. The revolving period under the ING Credit Facility terminates on June 30, 2027, and the final maturity date of the ING Credit Facility is scheduled for June 30, 2028.
Borrowings denominated in U.S. Dollars under the ING Credit Facility bear interest, subject to our election, on a per annum basis equal to (i) the alternate base rate plus 1.00% or (ii) the term SOFR plus an applicable spread of 2.00% plus a credit spread adjustment of 0.10%. Borrowings denominated in certain foreign currencies, other than Australian dollars, bear interest on a per annum basis equal to the applicable currency rate for the foreign currency as defined in the credit agreement plus 2.00% or for borrowings denominated in Australian dollars, the applicable Australian dollars Screen Rate, plus 2.20%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.5%, (iii) the Overnight Bank Funding Rate plus 0.5%, (iv) one-month term SOFR plus 1.0% plus a credit spread adjustment of 0.10% and (v) 1.0%. We pay a commitment fee on undrawn amounts under the ING Credit Facility.
The ING Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining a consolidated minimum asset coverage ratio of 150% at any time, (iii) maintaining a borrower’s asset coverage ratio of 200% for us at any time and (iv) maintaining our status as a RIC under the Code, and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions.
ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for us. As of March 31, 2025, we were in compliance with all covenants of the ING Credit Facility.
We, one of our subsidiaries, BCIC Holdings, Inc., ING, as administrative agent, the financing agents and designated indebtedness holders that become parties thereto and ING, as collateral agent, also entered into a guarantee, pledge and security agreement, dated as of January 15, 2021, pursuant to which our obligations under the ING Credit Facility are secured by a first-priority security interest (subject to certain exceptions) in substantially all of our and our subsidiary guarantors’ present and future property and assets.
As of March 31, 2025, we had U.S. dollar borrowings of $527.0 million under the ING Credit Facility with an interest rate of 6.424% (with Term SOFR borrowings subject to one month SOFR of 4.304%), borrowings denominated in British pounds sterling of £27.2 million ($35.1 million U.S. dollars) with an interest rate of 6.488% (one month SONIA of 4.456%) and borrowings denominated in Euros of €54.5 million ($58.9 million U.S. dollars) with an interest rate of 4.500% (one month EURIBOR of 2.500%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited
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Consolidated Statements of Operations.
The fair values of the borrowings outstanding under the ING Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2025, the total fair value of the borrowings outstanding under the ING Credit Facility was $621.0 million. See “Note 5. Borrowings — ING Capital Credit Facility” to our Unaudited Consolidated Financial Statements for additional information regarding the ING Credit Facility.
February 2027 Notes
On February 22, 2022, we entered into a Note Purchase Agreement (the “February 2022 NPA”) governing the issuance of $100.0 million in aggregate principal amount of senior unsecured notes due February 22, 2027 (the “February 2027 Notes”), in each case, to qualified institutional investors in a private placement. The February 2027 Notes were delivered and paid for on February 22, 2022.
The February 2027 Notes, for which we were required to obtain an initial rating by June 30, 2022, have a fixed interest rate of 4.75% per year, subject to a step up of 0.75% per year, to the extent the February 2027 Notes fail to satisfy certain investment grade rating conditions.
The February 2027 Notes will mature on February 22, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the February 2022 NPA. Interest on the February 2027 Notes will be due semiannually in February and August of each year, beginning in August 2022. In addition, we are obligated to offer to repay the February 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2022 NPA, we may redeem the February 2027 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 22, 2026, a make-whole premium.
The February 2022 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, liens, restricted payments, and investments. In addition, the February 2022 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to stockholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.
The February 2022 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February 2027 Notes at the time outstanding may declare all February 2027 Notes then outstanding to be immediately due and payable.
Our obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of March 31, 2025, we were in compliance with all covenants under the February 2022 NPA.
The February 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The February 2027 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable. See “Note 5. Borrowings — February 2027 Notes” to our Unaudited Consolidated Financial Statements for additional information regarding the February 2022 NPA and the February 2027 Notes issued thereunder.
As of March 31, 2025, the fair value of the outstanding February 2027 Notes was $96.7 million. The fair value determination of the February 2027 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
Distributions to Stockholders
We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders,
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unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.
We have elected for federal income tax purposes to be treated, and intend to qualify annually, as a RIC under the Code, and intend to make the required distributions to our stockholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively). We monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend under published guidance from the IRS) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. A stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though a portion of the dividend was paid in shares of our common stock.
The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income (“ICTI”), as defined by the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward income in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover income must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such income.
ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (“OID”) (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any OID or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.
Recent Developments
Subsequent to March 31, 2025, we made approximately $44.3 million of new commitments, of which $38.8 million closed and funded. The $38.8 million of investments consists of $33.6 million of first lien senior secured debt investments, $4.8 million of second lien senior secured debt investments, $0.2 million of subordinated debt investments and $0.2 million of equity investments. The weighted average yield of the debt investments was 10.3%. In addition, we funded $3.3 million of previously committed revolvers and delayed draw term loans.
On May 8, 2025, the Board declared a quarterly dividend of $0.64 per share payable on June 11, 2025 to holders of record as of May 28, 2025.
Critical Accounting Policies and Use of Estimates
The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.
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Valuation of Investments
The Adviser conducts the valuation of our investments, upon which our net asset value (“NAV”) is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). Our current valuation policy and processes were established by the Adviser and were approved by the Board.
As of both March 31, 2025 and December 31, 2024, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 196% of our total net assets.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.
There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by us for which market quotations are not readily available. Barings has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.
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At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings’ pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.
Valuation Inputs
The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of Investments in Banff Partners LP, Thompson Rivers LLC and Waccamaw River LLC
As Banff Partners LP, Thompson Rivers LLC and Waccamaw River LLC are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using the NAV of each company and our ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.
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Revenue Recognition
Interest and Dividend Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.
We may have to include interest income in our ICTI, including OID income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.
Fee and Other Income
Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.
Fee and other income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees$1,042 $996 
Management, valuation and other fees219 229 
Royalty income77 — 
Total Recurring Fee and Other Income1,338 1,225 
Non-Recurring Fee and Other Income:
Prepayment fees61 — 
Acceleration of unamortized loan origination fees294 297 
Advisory, loan amendment and other fees87 74 
Total Non-Recurring Fee and Other Income442 371 
Total Fee and Other Income$1,780 $1,596 
Payment-in-Kind (PIK) Income
We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
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We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.
PIK interest and dividend income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
PIK interest income$1,542 $1,493 
PIK interest income as a % of investment income4.4 %4.0 %
PIK dividend income$2,170 $2,188 
PIK dividend income as % of investment income6.3 %5.9 %
Total PIK income$3,712 $3,681 
Total PIK income as a % of investment income10.7 %9.9 %
PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.
Unused Commitments
In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2025 and December 31, 2024, we believe we have adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2025 and December 31, 2024 were as follows:
Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Accelevation LLC(2)Delayed Draw Term Loan$671 $— 
Accelevation LLC(2)Revolver497 — 
Accurus Aerospace Corporation(2)Revolver64 — 
Accurus Aerospace Corporation(2)Revolver— 184 
AD Bidco, Inc.Delayed Draw Term Loan1,174 1,174 
AD Bidco, Inc.Revolver434 434 
Adhefin International(3)Delayed Draw Term Loan410 393 
AirX Climate Solutions, Inc.Delayed Draw Term Loan489 489 
AirX Climate Solutions, Inc.Revolver163 163 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan271 259 
Americo Chemical Products, LLC(2)Revolver471 471 
Aquavista Watersides 2 LTD(2)(4)Capex / Acquisition Facility— 653 
Arc Education(3)Delayed Draw Term Loan1,040 997 
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Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Argus Bidco Limited(2)(4)Capex / Acquisition Facility184 179 
Artemis Bidco Limited(3)Delayed Draw Term Loan692 663 
ASC Communications, LLCRevolver658 658 
Astra Bidco Limited(2)(4)Delayed Draw Term Loan101 144 
ATL II MRO Holdings Inc.Revolver1,912 1,912 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan897 891 
Azalea Buyer, Inc.Delayed Draw Term Loan— 429 
Azalea Buyer, Inc.Revolver321 321 
Basin Innovation Group, LLCDelayed Draw Term Loan295 295 
Basin Innovation Group, LLCRevolver255 255 
Biolam Group(2)(3)Delayed Draw Term Loan983 943 
BKF Buyer, Inc.(2)Revolver1,253 1,253 
Brightpay Limited(2)(3)Delayed Draw Term Loan— 118 
BrightSign LLCRevolver131 131 
Broadstone Group UK LTD(4)Delayed Draw Term Loan278 — 
Broadstone Group UK LTD(4)Delayed Draw Term Loan116 — 
CAi Software, LLCRevolver354 354 
Caldwell & Gregory LLCDelayed Draw Term Loan1,838 1,987 
Caldwell & Gregory LLCRevolver1,500 1,500 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan51 63 
Cascade Residential Services LLC(2)Delayed Draw Term Loan314 314 
Cascade Residential Services LLC(2)Revolver— 
CCFF Buyer, LLCDelayed Draw Term Loan811 811 
CCFF Buyer, LLCRevolver608 608 
CGI Parent, LLCRevolver1,102 1,653 
Comply365, LLC(2)Revolver556 556 
Coyo Uprising GmbH(2)(3)Delayed Draw Term Loan511 490 
CSL DualCom(4)Capex / Acquisition Facility— 184 
DataServ Integrations, LLCRevolver481 481 
DAWGS Intermediate Holding Co.Revolver558 — 
DecksDirect, LLC(2)Revolver127 34 
DISA Holdings Corp.Revolver229 286 
Discovery Buyer, L.P.(2)Delayed Draw Term Loan2,515 — 
Discovery Buyer, L.P.(2)Revolver625 — 
Dune Group(2)(3)Delayed Draw Term Loan688 660 
EB Development(3)Capex / Acquisition Facility223 — 
EB Development(3)Delayed Draw Term Loan577 553 
Eclipse Business Capital, LLCRevolver5,660 6,244 
Electrical Components International, Inc.(2)Delayed Draw Term Loan195 195 
EMI Porta Holdco LLC(2)Revolver1,042 966 
eShipping, LLCRevolver1,122 1,122 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan620 620 
Expert Institute Group Inc.(2)Delayed Draw Term Loan985 — 
Expert Institute Group Inc.(2)Revolver530 — 
Express Wash Acquisition Company, LLC(2)Revolver77 77 
Faraday(3)Delayed Draw Term Loan— 928 
Finaxy Holding(3)Delayed Draw Term Loan950 1,064 
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Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Footco 40 Limited(4)Delayed Draw Term Loan531 515 
Forest Buyer, LLCRevolver298 298 
Fortis Payment Systems, LLC(2)Delayed Draw Term Loan— 
Fortis Payment Systems, LLC(2)Revolver— 
GB Eagle Buyer, Inc.Delayed Draw Term Loan1,734 1,734 
GB Eagle Buyer, Inc.Revolver1,520 1,737 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Global Academic Group Limited(2)(7)Term Loan155 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan43 — 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan— 49 
Graphpad Software, LLCDelayed Draw Term Loan1,256 1,256 
Graphpad Software, LLCRevolver523 523 
Greenhill II BV(3)Capex / Acquisition Facility— 28 
Groupe Product Life(3)Delayed Draw Term Loan99 145 
Haystack Holdings LLC(2)Delayed Draw Term Loan1,699 — 
Haystack Holdings LLC(2)Revolver412 — 
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan165 164 
HEKA Invest(3)Delayed Draw Term Loan562 539 
HemaSource, Inc.Revolver902 902 
HomeX Services Group LLCDelayed Draw Term Loan260 260 
HomeX Services Group LLCRevolver135 135 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan1,200 — 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan427 — 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan220 — 
HS Advisory Buyer LLC(2)Revolver200 — 
HSL Compliance(4)Delayed Draw Term Loan484 — 
HTI Technology & Industries(2)Delayed Draw Term Loan1,023 1,023 
HTI Technology & Industries(2)Revolver682 682 
Hydratech Holdings, Inc. Delayed Draw Term Loan96 1,029 
Hydratech Holdings, Inc. Revolver215 551 
Ice House America, L.L.C.(2)Revolver65 128 
Interstellar Group B.V.(2)(3)Delayed Draw Term Loan578 582 
InvoCare Limited(2)(5)Delayed Draw Term Loan111 110 
ISTO Technologies II, LLCRevolver238 238 
ITI Intermodal, Inc.Revolver530 530 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility219 216 
Jones Fish Hatcheries & Distributors LLCRevolver167 418 
Keystone Bidco B.V.(2)(3)Delayed Draw Term Loan61 185 
Keystone Bidco B.V.(2)(3)Revolver29 28 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan337 719 
LeadsOnline, LLCRevolver1,952 1,952 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan24 23 
Marmoutier Holding B.V.(2)(3)Revolver68 65 
MB Purchaser, LLCDelayed Draw Term Loan258 258 
MB Purchaser, LLCRevolver103 103 
MC Group Ventures Corporation(2)Delayed Draw Term Loan290 290 
102


Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Media Recovery, Inc. (SpotSee)(2)Revolver406 434 
Media Recovery, Inc. (SpotSee)(2)(4)Revolver522 506 
Megawatt Acquisitionco, Inc.(2)Revolver238 238 
Mercell Holding AS(2)(8)Capex / Acquisition Facility373 346 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan308 306 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan70 69 
Momentum Textiles, LLCRevolver280 — 
Moonlight Bidco Limited(4)Delayed Draw Term Loan569 552 
MSI Express Inc.(2)Delayed Draw Term Loan375 — 
MSI Express Inc.(2)Revolver375 — 
MSI Express Inc.(2)Revolver120 — 
Narda Acquisitionco., Inc.Revolver684 684 
NAW Buyer LLCDelayed Draw Term Loan1,477 1,477 
NAW Buyer LLCRevolver379 379 
Next Holdco, LLC(2)Delayed Draw Term Loan189 189 
Next Holdco, LLC(2)Revolver73 73 
NF Holdco, LLC(2)Revolver552 552 
Northstar Recycling, LLCDelayed Draw Term Loan859 859 
Northstar Recycling, LLCRevolver705 706 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan468 — 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan— 449 
OA Buyer, Inc.Revolver1,331 1,331 
OAC Holdings I CorpRevolver440 685 
OSP Hamilton Purchaser, LLCRevolver189 189 
Parkview Dental Holdings LLC(2)Delayed Draw Term Loan262 262 
Polara Enterprises, L.L.C.Revolver273 273 
Premium Invest(3)Capex / Acquisition Facility419 401 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan312 623 
Process Insights Acquisition, Inc.(2)Revolver322 69 
ProfitOptics, LLC(2)Revolver97 97 
Pro-Vision Solutions Holdings, LLC(2)Revolver1,713 2,063 
PSP Intermediate 4, LLC(3)Delayed Draw Term Loan202 193 
Qualified Industries, LLCRevolver242 242 
R1 Holdings, LLCRevolver628 801 
Randys Holdings, Inc.Delayed Draw Term Loan1,416 2,327 
Randys Holdings, Inc.Revolver784 924 
Rapid Buyer LLCDelayed Draw Term Loan1,762 1,762 
Rapid Buyer LLCRevolver881 881 
Rocade Holdings LLC(2)Preferred Equity4,500 4,500 
Rock Labor LLC(2)Revolver625 625 
ROI Solutions LLCDelayed Draw Term Loan2,168 2,168 
ROI Solutions LLCRevolver1,940 1,940 
Royal Buyer, LLCRevolver874 874 
RPX CorporationRevolver1,008 1,008 
Saab Purchaser, Inc.Delayed Draw Term Loan1,915 1,915 
Saab Purchaser, Inc.Revolver957 958 
Sanoptis S.A.R.L.(3)Term Loan2,562 2,456 
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Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Sansidor BV(2)(3)Capex / Acquisition Facility281 396 
SBP Holdings LPRevolver532 532 
Scout Bidco B.V.(2)(3)Revolver521 500 
Sinari Invest(3)Delayed Draw Term Loan468 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan— 156 
Skyvault Holdings LLC(2)Delayed Draw Term Loan1,322 3,033 
Smartling, Inc.Revolver588 588 
SmartShift Group, Inc.Revolver1,101 1,101 
Solo Buyer, L.P.(2)Revolver678 878 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan231 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver78 156 
SPATCO Energy Solutions, LLCDelayed Draw Term Loan727 727 
SPATCO Energy Solutions, LLCRevolver594 594 
Spatial Business Systems LLCRevolver703 703 
SSCP Pegasus Midco Limited(4)Delayed Draw Term Loan184 803 
Superjet Buyer, LLC(2)Revolver1,460 1,460 
SVI International LLCDelayed Draw Term Loan74 74 
SVI International LLCRevolver74 74 
Tank Holding Corp(2)Delayed Draw Term Loan— 92 
Tank Holding CorpRevolver655 655 
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,168 1,133 
TAPCO Buyer LLCDelayed Draw Term Loan1,603 1,603 
TAPCO Buyer LLCRevolver583 583 
Technology Service Stream BidCo Pty Ltd(2)(5)Delayed Draw Term Loan234 233 
Techone B.V.(2)(3)Revolver154 147 
Tencarva Machinery Company, LLC(2)Revolver752 752 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Revolver796 796 
THG Acquisition, LLCDelayed Draw Term Loan799 814 
THG Acquisition, LLCRevolver511 496 
Trintech, Inc.Revolver255 255 
TSYL Corporate Buyer, Inc.(2)Delayed Draw Term Loan211 211 
TSYL Corporate Buyer, Inc.(2)Revolver122 122 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan258 234 
UHY Advisors, Inc.Delayed Draw Term Loan6,623 6,623 
UHY Advisors, Inc.Revolver1,364 1,753 
Union Bidco Limited(4)Capex / Acquisition Facility68 66 
United Therapy Holding III GmbH(2)(3)Capex / Acquisition Facility668 641 
Unither (Uniholding)(3)Delayed Draw Term Loan468 449 
WEST-NR ACQUISITIONCO, LLCDelayed Draw Term Loan599 599 
Whitcraft Holdings, Inc.Revolver316 446 
White Bidco LimitedDelayed Draw Term Loan257 257 
Woodland Foods, LLC(2)Line of Credit706 550 
World 50, Inc.Revolver243 243 
WWEC Holdings III Corp(2)Revolver932 932 
ZB Holdco LLC(2)Revolver181 169 
Total unused commitments to extend financing$125,544 $123,644 
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(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The fair value of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.
In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including EURIBOR, BBSY, STIBOR, CORRA, SOFR, SONIA, SARON, NIBOR and BKBM. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of March 31, 2025, we were not a party to any interest rate hedging arrangements.
Following a campaign by the U.S. Federal Reserve of raising interest rates to address significant and persistent inflation in order to slow economic growth and reduce price pressure, in September 2024 and December 2024, the U.S. Federal Reserve announced a benchmark rate cuts. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.
As of March 31, 2025, approximately $1,075.0 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of March 31, 2025, approximately $621.0 million (principal amount) of our borrowings bore interest at variable rates (approximately 86.1% of our total borrowings as of March 31, 2025) under the ING Credit Facility. See “Note 5. Borrowings ING Capital Credit Facility” to our Unconsolidated Consolidated Financial Statements for information about the variable interest rates and spreads applicable to borrowings under the ING Credit Facility.
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Based on our March 31, 2025 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:
(in thousands)
Basis Point Change(1)
Interest IncomeInterest Expense
Net Income(2)
Up 300 basis points$32,249 $18,629 $13,620 
Up 200 basis points21,499 12,420 9,079 
Up 100 basis points10,750 6,210 4,540 
Down 25 basis points(2,687)(1,552)(1,135)
Down 50 basis points(5,375)(3,105)(2,270)
(1) Excludes the impact of foreign currency exchange.
(2) Excludes the impact of income based fees. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for more information on the income based fees.
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the ING Credit Facility to finance such investments. As of March 31, 2025, we had U.S. dollar borrowings of $527.0 million outstanding under the ING Credit Facility with an interest rate of 6.424% (with Term SOFR borrowings subject to one month SOFR of 4.304%), borrowings denominated in British pounds sterling of £27.2 million ($35.1 million U.S. dollars) with an interest rate of 6.488% (one month SONIA of 4.456%) and borrowings denominated in Euros of €54.5 million ($58.9 million U.S. dollars) with an interest rate of 4.500% (one month EURIBOR of 2.500%).
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2025. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors.
You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the value of our securities.
There have been no material changes during the three months ended March 31, 2025 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, which you should carefully consider before transacting in our securities. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
We did not repurchase any of our equity securities during the three months ended March 31, 2025.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Rule 10b5-1 Trading Plans
During the fiscal quarter ended March 31, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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Item 6. Exhibits.
NumberExhibit
3.1
3.2
31.1
31.2
32.1
32.2
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because
XBRL tags are embedded within the Inline XBRL document.*
101.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document*
104Cover Page Interactive Data File (embedded within the Inline XBRL document)*
*    Filed Herewith.
**    Furnished Herewith.


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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BARINGS CAPITAL INVESTMENT CORPORATION
Date: May 8, 2025/s/    Bryan High
Bryan High
Chief Executive Officer
(Principal Executive Officer)
Date: May 8, 2025/s/    Elizabeth A. Murray
Elizabeth A. Murray
Chief Financial Officer and
Chief Operating Officer
(Principal Accounting & Financial Officer)
109