UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

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 Class	Trading Symbol	Name of Each Exchange on Which Registered
None	None	None

________________________________________________________

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 November 6, 2024 was 30,488,015.

BARINGS CAPITAL INVESTMENT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Consolidated Balance Sheet as of September 30, 2024 and Consolidated Balance Sheet as of December 31, 2023	3
	Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023	4
	Unaudited Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2024 and 2023	6
	Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	8
	Unaudited Consolidated Schedule of Investments as of September 30, 2024	9
	Consolidated Schedule of Investments as of December 31, 2023	36
	Notes to Unaudited Consolidated Financial Statements	60
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	95
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	116
Item 4.	Controls and Procedures	117
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	119
Item 1A.	Risk Factors	119
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	119
Item 3.	Defaults Upon Senior Securities	119
Item 4.	Mine Safety Disclosures	119
Item 5.	Other Information	119
Item 6.	Exhibits	120
Signatures		121

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings Capital Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share data)

	September 30, 2024		December 31, 2023
	(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,183,165 and $1,170,790 as of September 30, 2024 and December 31, 2023, respectively)	$	1,174,497	$	1,154,383
Affiliate investments (cost of $186,690 and $181,326 as of September 30, 2024 and December 31, 2023, respectively)	194,684		194,738
Total investments at fair value	1,369,181		1,349,121
Cash	30,000		27,766
Foreign currencies (cost of $7,197 and $8,229 as of September 30, 2024 and December 31, 2023, respectively)	7,299		8,460
Interest and fees receivable	24,133		26,595
Prepaid expenses and other assets	387		169
Derivative assets	786		—
Deferred financing fees	1,515		2,234
Receivable from unsettled transactions	3,266		504
Total assets	$	1,436,567	$	1,414,849
Liabilities:
Accounts payable and accrued liabilities	$	2,067	$	2,101
Interest payable	2,837		4,224
Administrative fees payable	184		224
Base management fees payable	515		518
Incentive management fees payable	2,540		3,062
Derivative liabilities	5,472		8,116
Payable from unsettled transactions	175		302
Borrowings under credit facility	635,950		644,463
Notes payable (net of deferred financing fees)	99,880		99,843
Total liabilities	749,620		762,853
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (500,000,000 shares authorized, 30,488,015 and 29,270,679 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)	31		29
Additional paid-in capital	662,813		635,451
Total distributable earnings	24,103		16,516
Total net assets	686,947		651,996
Total liabilities and net assets	$	1,436,567	$	1,414,849
Net asset value per share	$	22.53	$	22.27

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		Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Investment income:
Interest income:
Non-Control / Non-Affiliate investments	$	29,829	$	29,964	$	89,113	$	86,449
Affiliate investments	404		235		1,149		436
Total interest income	30,233		30,199		90,262		86,885
Dividend income:
Non-Control / Non-Affiliate investments	755		611		2,476		1,742
Affiliate investments	4,042		2,931		13,302		10,065
Total dividend income	4,797		3,542		15,778		11,807
Fee and other income:
Non-Control / Non-Affiliate investments	1,838		1,502		5,475		5,036
Affiliate investments	24		25		73		43
Total fee and other income	1,862		1,527		5,548		5,079
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	1,681		1,929		5,108		5,689
Affiliate investments	96		86		281		86
Total payment-in-kind interest income	1,777		2,015		5,389		5,775
Interest income from cash	10		31		32		55
Total investment income	38,679		37,314		117,009		109,601
Operating expenses:
Interest and other financing fees	12,753		13,610		39,553		37,765
Base management fee (Note 2)	515		510		1,547		1,501
Incentive management fees (Note 2)	2,540		2,795		8,629		8,478
Other general and administrative expenses (Note 2)	889		835		2,671		2,513
Total operating expenses	16,697		17,750		52,400		50,257
Net investment income before taxes	21,982		19,564		64,609		59,344
Income taxes, including excise tax expense	448		62		724		216
Net investment income after taxes	$	21,534	$	19,502	$	63,885	$	59,128

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		Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
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	$	803	$	(8,107)	$	1,384	$	(10,348)
Net realized gains (losses) on investments	803		(8,107)		1,384		(10,348)
Foreign currency transactions	836		51		1,429		531
Forward currency contracts	(1,233)		(173)		(4,446)		(12,705)
Net realized gains (losses)	406		(8,229)		(1,633)		(22,522)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	7,625		4,473		7,693		10,196
Affiliate investments	(1,026)		(495)		(5,418)		3,359
Net unrealized appreciation (depreciation) on investments	6,599		3,978		2,275		13,555
Foreign currency transactions	(4,861)		3,266		(3,399)		(481)
Forward currency contracts	(5,613)		5,563		3,430		17,444
Net unrealized appreciation (depreciation)	(3,875)		12,807		2,306		30,518
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts	(3,469)		4,578		673		7,996
Net increase in net assets resulting from operations	$	18,065	$	24,080	$	64,558	$	67,124
Net investment income per share — basic and diluted	$	0.71	$	0.68	$	2.15	$	2.10
Net increase in net assets resulting from operations per share — basic and diluted	$	0.60	$	0.84	$	2.17	$	2.38
Dividends / distributions per share:
Total dividends / distributions	$	0.64	$	0.63	$	1.92	$	1.85
Weighted average shares outstanding — basic and diluted	30,159,481		28,576,187		29,755,185		28,215,860

    

See accompanying notes.

5

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)

 

Three Months Ended September 30, 2023	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, June 30, 2023	28,506,055	$	28	$	618,515	$	7,987	$	626,530
Net investment income	—	—		—		19,502		19,502
Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(8,229)		(8,229)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		12,807		12,807
Dividends / distributions	379,536	1		8,342		(17,959)		(9,616)
Balance, September 30, 2023	28,885,591	$	29	$	626,857	$	14,108	$	640,994

Three Months Ended September 30, 2024	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, June 30, 2024	30,073,972	$	30	$	653,469	$	25,285	$	678,784
Net investment income	—	—		—		21,534		21,534
Net realized gain on investments / foreign currency transactions / forward currency contracts	—	—		—		406		406
Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		(3,875)		(3,875)
Dividends / distributions	414,043	1		9,344		(19,247)		(9,902)
Balance, September 30, 2024	30,488,015	$	31	$	662,813	$	24,103	$	686,947

6

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Changes in Net Assets — (Continued)

(in thousands, except share amounts)

Nine Months Ended September 30, 2023	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, December 31, 2022	27,795,215	$	28	$	603,002	$	(931)	$	602,099
Net investment income	—	—		—		59,128		59,128
Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(22,522)		(22,522)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		30,518		30,518
Dividends / distributions	1,090,376	1		23,855		(52,085)		(28,229)
Balance, September 30, 2023	28,885,591	$	29	$	626,857	$	14,108	$	640,994

Nine Months Ended September 30, 2024	Common Stock			Additional 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	—	—		—		63,885		63,885
Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(1,633)		(1,633)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		2,306		2,306
Dividends / distributions	1,217,336	2		27,362		(56,971)		(29,607)
Balance, September 30, 2024	30,488,015	$	31	$	662,813	$	24,103	$	686,947

See accompanying notes.

7

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Cash Flows 

(in thousands)

	Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	64,558	$	67,124
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	(153,302)		(214,827)
Repayments received / sales of portfolio investments	147,167		96,460
Loan origination and other fees received	2,129		2,945
Net realized (gain) loss on investments	(1,384)		10,348
Net realized (gain) loss on foreign currency transactions	(1,429)		(531)
Net realized (gain) loss on forward currency contracts	4,446		12,705
Net unrealized (appreciation) depreciation of investments	(2,275)		(13,555)
Net unrealized (appreciation) depreciation of foreign currency transactions	3,399		481
Net unrealized (appreciation) depreciation of forward currency contracts	(3,430)		(17,444)
Payment-in-kind interest / dividends	(11,101)		(9,642)
Amortization of deferred financing fees	757		738
Accretion of loan origination and other fees	(4,287)		(3,529)
Amortization / accretion of purchased loan premium / discount	(498)		(824)
Payments for derivative contracts	(11,078)		(15,212)
Proceeds from derivative contracts	6,632		2,506
Changes in operating assets and liabilities:
Interest and fees receivable	3,456		(4,608)
Prepaid expenses and other assets	(219)		(160)
Accounts payable and accrued liabilities	(647)		1,889
Interest payable	(1,388)		(53)
Net cash provided by (used in) operating activities	41,506		(85,189)
Cash flows from financing activities:
Borrowings under credit facility	40,000		82,000
Repayments of credit facility	(50,826)		—
Financing fees paid	—		(1)
Cash dividends / distributions paid	(29,607)		(28,229)
Net cash provided by (used in) financing activities	(40,433)		53,770
Net increase (decrease) in cash and foreign currencies	1,073		(31,419)
Cash and foreign currencies, beginning of period	36,226		60,851
Cash and foreign currencies, end of period	$	37,299	$	29,432
Supplemental disclosure of cash flow information:
Cash paid for interest	$	39,876	$	36,760
Excise taxes paid during the period	$	881	$	561
Summary of non-cash financing transactions:
Dividends / distributions paid through DRIP share issuances	$	27,362	$	23,855

See accompanying notes.

8

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Non–Control / Non–Affiliate Investments:
A.T. Holdings II LTD	Other Financial	First Lien Senior Secured Term Loan	7.1% Cash, 7.1% PIK	11/22	09/29	$	7,652	$	7,125	$	5,020	0.7	%	(3) (6) (30)
						7,652		7,125		5,020
Accelerant Holdings	Banking, Finance, Insurance & Real Estate	Class A Convertible Preferred Equity (2,500 shares)	N/A	01/22	N/A			2,500		3,110		0.5	%	(6) (27)
		Class B Convertible Preferred Equity (1,650 shares)	N/A	12/22	N/A			1,666		2,194		0.3	%	(6) (27)
								4,166		5,304
Acclime Holdings HK Limited	Business Services	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.8% Cash	08/21	08/27	1,941		1,913		1,900		0.3	%	(3) (6) (7) (13)
						1,941		1,913		1,900
Accurus Aerospace Corporation	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.3% Cash	04/22	04/28	8,726		8,641		8,638		1.3	%	(6) (7) (12)
		Revolver	SOFR + 5.25%, 10.3% Cash	04/22	04/28	738		729		728		0.1	%	(6) (7) (12) (28)
		Common Stock (175,049.3 shares)	N/A	04/22	N/A			175		165		—	%	(6) (27)
						9,464		9,545		9,531
Acogroup	Business Services	First Lien Senior Secured Term Loan	4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK	03/22	10/26	3,040		2,958		2,575		0.4	%	(3) (6) (7) (10)
						3,040		2,958		2,575
AD Bidco, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR +6.25%, 11.2% Cash	03/24	08/29	3,375		3,296		3,306		0.5	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.2% Cash	03/24	03/30	—		(27)		(24)		—	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.25%, 11.2% Cash	03/24	08/29	—		(10)		(9)		—	%	(6) (7) (12) (28)
						3,375		3,259		3,273
ADB Safegate	Aerospace & Defense	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 14.1% PIK	08/21	10/27	7,074		6,945		6,296		0.9	%	(3) (6) (7) (10) (12)
						7,074		6,945		6,296
Adhefin International	Industrial Other	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	05/23	05/30	1,447		1,396		1,444		0.2	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	05/23	05/30	403		379		401		0.1	%	(3) (6) (7) (9) (28)
		Subordinated Term Loan	EURIBOR + 10.5% PIK, 13.8% PIK	05/23	11/30	356		343		350		0.1	%	(3) (6) (7) (9)
						2,206		2,118		2,195
Advantage Software Company (The), LLC	Advertising, Printing & Publishing	Class A1 Partnership Units (3,012.9 units)	N/A	12/21	N/A			97		194		—	%	(6) (27)
		Class A2 Partnership Units (777.1 units)	N/A	12/21	N/A			25		50		—	%	(6) (27)
		Class B1 Partnership Units (3,012.9 units)	N/A	12/21	N/A			3		—		—	%	(6) (27)
		Class B2 Partnership Units (777.1 units)	N/A	12/21	N/A			1		—		—	%	(6) (27)
								126		244
Air Canada 2020-2 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	9.0% Cash	09/20	10/25	980		980		1,005		0.1	%
						980		980		1,005
Air Comm Corporation, LLC	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	06/21	07/27	11,538		11,423		11,399		1.7	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.9% Cash	06/21	07/27	1,025		1,004		1,025		0.1	%	(6) (7) (12)
						12,563		12,427		12,424

9

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
AirX Climate Solutions, Inc.	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.0% Cash	11/23	11/29	$	663	$	647	$	661	0.1	%	(6) (7) (12) (28)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.2% Cash	11/23	11/29	550		542		542		0.1	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.0% Cash	11/23	06/26	—		(6)		(7)		—	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.75%, 11.0% Cash	11/23	11/29	—		(3)		—		—	%	(6) (7) (11) (28)
						1,213		1,180		1,196
AIT Worldwide Logistics Holdings, Inc.	Transportation Services	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	04/21	04/29	4,849		4,779		4,849		0.7	%	(6) (7) (12)
		Partnership Units (161.64 units)	N/A	04/21	N/A			162		236		—	%	(6) (27)
						4,849		4,941		5,085
AlliA Insurance Brokers NV	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.9% Cash	03/23	03/30	4,588		4,283		4,588		0.7	%	(3) (6) (7) (10) (28)
						4,588		4,283		4,588
Amalfi Midco	Healthcare	Second Lien Senior Secured Term Loan	15.5% Cash	09/22	10/28	155		151		155		—	%	(3) (6)
		Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28	3,045		2,574		2,768		0.4	%	(3) (6)
		Class B Common Stock (49,453,293 shares)	N/A	09/22	N/A			557		663		0.1	%	(3) (6) (27)
		Warrants (190,193 units)	N/A	09/22	N/A			2		406		0.1	%	(3) (6)
						3,200		3,284		3,992
Americo Chemical Products, LLC	Chemicals	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.1% Cash	04/23	04/29	1,706		1,671		1,706		0.2	%	(6) (7) (11)
		Revolver	SOFR + 5.25%, 10.1% Cash	04/23	04/29	—		(9)		—		—	%	(6) (7) (11) (28)
		Common Stock (88,110 shares)	N/A	04/23	N/A			88		113		—	%	(6) (27)
						1,706		1,750		1,819
AnalytiChem Holding Gmbh	Chemicals	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	11/21	10/28	894		919		883		0.1	%	(3) (6) (7) (18)
		First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	11/21	10/28	4,507		4,441		4,450		0.6	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	04/22	10/28	2,805		2,698		2,769		0.4	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 10.7% Cash	01/23	10/28	1,010		938		1,006		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 12.0% Cash	06/22	10/28	476		476		470		0.1	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	11/21	10/28	614		614		606		0.1	%	(3) (6) (7) (12)
						10,306		10,086		10,184
APC1 Holding	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 8.5% Cash	07/22	07/29	2,567		2,322		2,548		0.4	%	(3) (6) (7) (9)
						2,567		2,322		2,548
APOG Bidco Pty Ltd	Healthcare	Second Lien Senior Secured Term Loan	BBSY + 7.30%, 11.8% Cash	04/22	03/30	434		461		434		0.1	%	(3) (6) (7) (19)
						434		461		434
Aptus 1829. GmbH	Chemicals, Plastics, and Rubber	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash, 1.5% PIK	09/21	09/27	1,575		1,628		1,340		0.2	%	(3) (6) (7) (10)
		Preferred Stock (9 shares)	N/A	09/21	N/A			79		11		—	%	(3) (6) (27)
		Common Stock (32 shares)	N/A	09/21	N/A			8		—		—	%	(3) (6) (27)
						1,575		1,715		1,351
Apus Bidco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	02/21	03/28	2,763		2,795		2,763		0.4	%	(3) (6) (7) (16)
						2,763		2,795		2,763
AQA Acquisition Holding, Inc.	High Tech Industries	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	03/21	03/29	21,000		20,661		21,000		3.1	%	(6) (7) (12)
						21,000		20,661		21,000

10

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Aquavista Watersides 2 LTD	Transportation Services	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	12/21	12/28	$	2,023	$	1,954	$	1,923	0.3	%	(3) (6) (7) (16) (28)
		Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.7% PIK	12/21	12/28	627		605		602		0.1	%	(3) (6) (7) (16)
						2,650		2,559		2,525
Arc Education	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.1% Cash	07/22	07/29	3,896		3,483		3,865		0.6	%	(3) (6) (7) (9) (28)
						3,896		3,483		3,865
Archimede	Consumer Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.8% Cash	10/20	10/27	8,036		7,922		7,529		1.1	%	(3) (6) (7) (9)
						8,036		7,922		7,529
Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.7% Cash, 3.4% PIK	07/22	07/29	1,005		921		954		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 4.00% 9.3% Cash, 3.4% PIK	07/22	07/29	66		65		62		—	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.9% Cash, 3.4% PIK	07/22	07/29	906		782		849		0.1	%	(3) (6) (7) (15) (28)
		Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29	413		367		386		0.1	%	(3) (6)
		Preferred Stock (20,780 shares)	10.0% PIK	07/22	N/A			30		20		—	%	(3) (6)
		Equity Loan Notes (20,780 units)	10.0% PIK	07/22	N/A			30		20		—	%	(3) (6)
		Common Stock (232 shares)	N/A	07/22	N/A			—		—		—	%	(3) (6) (27)
						2,390		2,195		2,291
ASC Communications, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	07/22	07/27	9,208		9,117		9,208		1.3	%	(6) (7) (11)
		Revolver	SOFR + 4.75%, 10.1% Cash	07/22	07/27	—		(6)		—		—	%	(6) (7) (11) (28)
		Class A Units (15,545.8 units)	N/A	07/22	N/A			326		520		0.1	%	(6)
						9,208		9,437		9,728
Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.8% Cash	11/21	11/28	67		64		67		—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.8% Cash	11/21	05/31	187		180		187		—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.5% Cash	11/21	11/28	2,032		1,965		2,032		0.3	%	(3) (6) (7) (15) (28)
						2,286		2,209		2,286
ATL II MRO Holdings Inc.	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	11/22	11/28	6,141		6,020		6,085		0.9	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.7% Cash	11/22	11/28	—		(23)		(11)		—	%	(6) (7) (12) (28)
						6,141		5,997		6,074
Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.9% Cash	11/21	11/27	1,659		1,656		1,655		0.2	%	(3) (6) (7) (18) (28)
						1,659		1,656		1,655
AVSC Holding Corp.	Advertising	First Lien Senior Secured Term Loan	5.0% Cash, 10.0% PIK	11/20	10/26	4,744		4,715		4,844		0.7	%
						4,744		4,715		4,844
Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.2% Cash	11/21	11/27	3,198		3,158		3,198		0.5	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.25%, 10.2% Cash	11/21	11/27	—		(3)		—		—	%	(6) (7) (12) (28)
		Subordinated Term Loan	12.0% PIK	11/21	05/28	1,174		1,163		1,166		0.2	%	(6)
		Common Stock (128,205.1 shares)	N/A	11/21	N/A			128		169		—	%	(6) (27)
						4,372		4,446		4,533
Bariacum S.A	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.4% Cash	11/21	11/28	2,567		2,536		2,567		0.4	%	(3) (6) (7) (10)
						2,567		2,536		2,567

11

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Beyond Risk Management, Inc.	Other Financial	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	10/21	10/27	$	4,915	$	4,898	$	4,837	0.7	%	(6) (7) (12)
						4,915		4,898		4,837
Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	02/21	02/28	2,344		2,441		2,286		0.3	%	(3) (6) (7) (10)
						2,344		2,441		2,286
Biolam Group	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK	12/22	12/29	4,645		4,377		3,015		0.4	%	(3) (6) (7) (10) (28) (29)
						4,645		4,377		3,015
BKF Buyer, Inc.		First Lien Senior Secured Term Loan	SOFR + 5.21%, 10.0% Cash	08/24	07/27	3,451		3,384		3,382		0.5	%	(6) (7) (11)
		Revolver	SOFR + 5.21%, 10.0% Cash	08/24	07/27	—		(24)		(25)		—	%	(6) (7) (11) (28)
		Common Stock (423,846 shares)	N/A	08/24	N/A			424		424		0.1	%	(6) (27)
						3,451		3,784		3,781
Blue Ribbon, LLC	Brewers	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	05/21	05/28	11,087		10,927		7,715		1.1	%	(7) (12)
						11,087		10,927		7,715
BNI Global, LLC	Other Industrial	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.9% Cash	02/24	05/27	2,548		2,425		2,502		0.4	%	(6) (7) (8)
						2,548		2,425		2,502
Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.9% Cash	08/21	08/27	7,974		7,893		7,974		1.2	%	(6) (7) (12)
						7,974		7,893		7,974
BPG Holdings IV Corp	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	03/23	07/29	9,432		8,966		8,652		1.3	%	(6) (7) (12)
						9,432		8,966		8,652
Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	07/22	09/27	13,600		13,600		14,174		2.1	%
		Preferred Stock- Series A (7,309 shares)	7.0% PIK	07/22	N/A			8,062		7,215		1.1	%	(6)
						13,600		21,662		21,389
Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.6% Cash	10/21	10/28	2,351		2,328		2,323		0.3	%	(3) (6) (7) (10) (28)
						2,351		2,328		2,323
BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	10/21	10/27	3,775		3,755		3,775		0.5	%	(6) (7) (11)
		Revolver	SOFR + 5.75%, 10.4% Cash	10/21	10/27	548		545		548		0.1	%	(6) (7) (11) (28)
		LLC units (596,181.5 units)	N/A	10/21	N/A			596		632		0.1	%	(6)
						4,323		4,896		4,955
British Airways 2020-1 Class B Pass Through Trust	Structured Products	First Lien Senior Secured Bond	8.4% Cash	11/20	11/28	515		515		539		0.1	%
						515		515		539
British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 6.75%, 12.7% Cash	12/20	12/27	2,463		2,435		2,463		0.4	%	(3) (6) (7) (16)
						2,463		2,435		2,463
Burgess Point Purchaser Corporation	Auto Parts & Equipment	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.2% Cash	07/22	07/30	2,273		2,200		2,273		0.3	%	(6) (7) (13)
		LP Units (227 units)	N/A	07/22	N/A			227		220		—	%	(6)
						2,273		2,427		2,493
BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 12.8% Cash	06/22	06/26	6,259		5,784		6,284		0.9	%	(6) (7) (9)
						6,259		5,784		6,284

12

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CAi Software, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.1% Cash	12/21	12/28	$	3,691	$	3,642	$	3,632	0.5	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.1% Cash	07/22	12/28	1,015		1,002		999		0.1	%	(6) (7) (12)
		Revolver	SOFR + 5.25%, 10.1% Cash	12/21	12/28	354		345		342		—	%	(6) (7) (12) (28)
						5,060		4,989		4,973
Caldwell & Gregory LLC	Services: Business	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	09/24	09/27	11,250		11,048		11,048		1.6	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.00%, 9.6% Cash	09/24	09/27	—		(22)		(22)		—	%	(6) (7) (12) (28)
						11,250		11,026		11,026
Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	CORRA + 7.0% PIK, 11.8% PIK	06/21	12/26	1,620		1,781		319		—	%	(3) (6) (7) (21) (29)
		Super Senior Secured Term Loan	15.0% PIK	04/24	12/26	41		36		157		—	%	(3) (6) (28)
		Class A Equity (500,000 units)	N/A	05/22	N/A			389		—		—	%	(3) (6) (27)
		Class C - Warrants (74,712.64 units)	N/A	05/22	N/A			—		—		—	%	(3) (6) (27)
		Class X Equity (45,604 units)	N/A	05/22	N/A			35		—		—	%	(3) (6) (27)
		Common Stock (13.8 shares)	N/A	08/24	N/A			—		—		—	%	(3) (6) (27)
						1,661		2,241		476
Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 13.1% Cash	04/22	04/27	2,159		2,141		2,133		0.3	%	(3) (6) (7) (12)
		LLC Units (340,909 units)	N/A	04/22	N/A			341		385		0.1	%	(3) (6) (27)
						2,159		2,482		2,518
Cascade Residential Services LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/23	10/29	2,010		1,960		1,971		0.3	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.50%, 10.8% Cash	10/23	10/29	33		30		30		—	%	(6) (7) (12) (28)
						2,043		1,990		2,001
CCFF Buyer, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.8% Cash	02/24	02/30	2,230		2,152		2,187		0.3	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.75%, 10.8% Cash	02/24	02/30	—		(11)		(6)		—	%	(6) (7) (12) (28)
		LLC Units (135 units)	N/A	02/24	N/A			135		166		—	%	(6) (27)
						2,230		2,276		2,347
Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.8% Cash	10/21	10/28	5,702		5,480		5,635		0.8	%	(3) (6) (7) (10)
						5,702		5,480		5,635
CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.4% Cash	02/22	02/28	4,742		4,684		4,742		0.7	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.4% Cash	12/22	02/28	1,571		1,538		1,571		0.2	%	(6) (7) (12)
		Revolver	SOFR + 4.50%, 9.4% Cash	02/22	02/28	—		(20)		—		—	%	(6) (7) (12) (28)
		Preferred Stock (657 shares)	N/A	02/22	N/A			722		1,546		0.2	%	(6) (27)
						6,313		6,924		7,859
Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	11/21	11/28	1,995		1,967		1,995		0.3	%	(3) (6) (7) (12)
						1,995		1,967		1,995
Coherus Biosciences, Inc.	Biotechnology	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.6% Cash	05/24	05/29	1,995		1,938		1,948		0.3	%	(6) (7) (12)
		Royalty Rights	N/A	05/24	08/50			1,895		1,909		0.3	%	(6)
						1,995		3,833		3,857

13

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	$	647	$	639	$	637	0.1	%	(6)
		LLC Units (46,085.6 units)	N/A	04/22	N/A			125		146		—	%	(6) (27)
						647		764		783
Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.0% Cash	04/22	04/28	6,628		6,543		6,628		1.0	%	(6) (7) (11)
		Revolver	SOFR + 5.00%, 10.0% Cash	04/22	04/28	—		(7)		—		—	%	(6) (7) (11) (28)
						6,628		6,536		6,628
Contabo Finco S.À R.L.	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 8.8% Cash	10/22	10/29	1,039		910		1,030		0.1	%	(3) (6) (7) (9)
						1,039		910		1,030
Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.7% Cash, 0.5% PIK	09/21	09/28	11,289		11,518		10,896		1.6	%	(3) (6) (7) (9) (28)
		Class A Units (531 units)	N/A	09/21	N/A			248		266		—	%	(3) (6) (27)
		Class B Units (231 units)	N/A	09/21	N/A			538		483		0.1	%	(3) (6) (27)
						11,289		12,304		11,645
CSL DualCom	Tele-communications	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.7% Cash	09/20	09/27	2,236		1,969		2,236		0.3	%	(3) (6) (7) (14) (28)
						2,236		1,969		2,236
CTI Foods Holdings Co., LLC	Food & Beverage	First Out Term Loan	SOFR + 10.00%, 15.3% PIK	02/24	05/26	2,758		2,684		2,758		0.4	%	(6) (7) (12)
		2024 LIFO Term Loan	SOFR + 10.00%, 15.3% PIK	02/24	05/26	4,051		3,893		4,051		0.6	%	(6) (7) (12)
		Second Out Term Loan	SOFR + 12.00%, 17.3% PIK	02/24	05/26	576		576		576		0.1	%	(6) (7) (12)
		Common Stock (19,376 shares)	N/A	02/24	N/A			—		581		0.1	%	(6) (27)
						7,385		7,153		7,966
CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	01/21	01/27	7,820		7,744		7,820		1.1	%	(6) (7) (12)
		LLC Units (403,441 units)	N/A	01/21	N/A			403		758		0.1	%	(6)
						7,820		8,147		8,578
DataServ Integrations, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/22	11/28	1,866		1,835		1,866		0.3	%	(6) (7) (11)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/22	11/28	—		(7)		—		—	%	(6) (7) (11) (28)
		Partnership Units (96,153.9 units)	N/A	11/22	N/A			96		113		—	%	(6) (27)
						1,866		1,924		1,979
David Wood Baking UK Ltd	Food Products	Second Lien Senior Secured Term Loan	SONIA + 4.00%, 9.1% Cash, 7.0% PIK	04/24	04/29	1,581		1,453		1,491		0.2	%	(3) (6) (7) (15)
						1,581		1,453		1,491
DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.5% Cash	12/21	12/26	1,602		1,578		1,539		0.2	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.5% Cash	12/21	12/26	347		342		332		—	%	(6) (7) (12) (28)
		Class A Units (1,016.1 units)	N/A	04/24	N/A			47		18		—	%	(6) (27)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			55		22		—	%	(6) (27)
						1,949		2,022		1,911
DISA Holdings Corp.	Other Industrial	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.0% Cash	11/22	09/28	4,645		4,545		4,645		0.7	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.0% Cash	11/22	09/28	—		(6)		—		—	%	(6) (7) (12) (28)
						4,645		4,539		4,645

14

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Diversified Packaging Holdings LLC	Business Equipment & Services	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29	$	726	$	712	$	713	0.1	%	(6) (7)
		LLC Units (2,769 units)	N/A	06/24	N/A			277		285		—	%	(6) (27)
						726		989		998
Dragon Bidco	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.1% Cash	04/21	04/28	4,911		4,811		4,911		0.7	%	(3) (6) (7) (9)
						4,911		4,811		4,911
Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.4% Cash	09/21	09/28	203		189		132		—	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.8% Cash	09/21	09/28	3,483		3,449		3,215		0.5	%	(3) (6) (7) (12)
						3,686		3,638		3,347
Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	06/22	06/28	1,000		990		997		0.1	%	(3) (6) (7) (12)
						1,000		990		997
Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	07/21	07/27	11,244		11,123		11,244		1.6	%	(6) (7) (12)
						11,244		11,123		11,244
Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.9% Cash	11/21	11/29	7,605		7,508		7,598		1.1	%	(6) (7) (11)
		Partnership Equity (289.2 units)	N/A	11/21	N/A			289		205		—	%	(6) (27)
						7,605		7,797		7,803
EFC International	Automotive	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	707		689		697		0.1	%	(6)
		Common Stock (145.5 shares)	N/A	03/23	N/A			205		352		0.1	%	(6) (27)
						707		894		1,049
Electrical Components International, Inc.	Electrical Equipment	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.2% Cash	05/24	05/29	3,555		3,485		3,484		0.5	%	(6) (7) (13) (28)
						3,555		3,485		3,484
Ellkay, LLC	Healthcare and Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 7.50%, 12.6% Cash, 2.0% PIK	09/21	09/27	3,695		3,655		3,226		0.5	%	(6) (7) (13)
						3,695		3,655		3,226
EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.9% Cash	12/21	12/27	7,965		7,871		7,439		1.1	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 10.9% Cash	12/21	12/27	153		139		69		—	%	(6) (7) (12) (28)
						8,118		8,010		7,508
Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	02/21	01/27	4,121		4,104		4,068		0.6	%	(6) (7) (12)
						4,121		4,104		4,068
eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.0% Cash	11/21	11/27	6,679		6,604		6,679		1.0	%	(6) (7) (11)
		Revolver	SOFR + 5.00%, 10.0% Cash	11/21	11/27	—		(12)		—		—	%	(6) (7) (11) (28)
						6,679		6,592		6,679
Eurofins Digital Testing International LUX Holding SARL	Technology	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 8.1% Cash, 2.8% PIK	12/22	12/29	1,079		998		528		0.1	%	(3) (6) (7) (10) (29)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 10.9% Cash	12/22	12/29	—		(37)		(940)		(0.1)	%	(3) (6) (7) (10) (28) (29)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.8% Cash, 2.8% PIK	12/22	12/29	533		521		261		—	%	(3) (6) (7) (12) (29)
		First Lien Senior Secured Term Loan	SONIA + 4.50%, 9.7% Cash, 2.8% PIK	12/22	12/29	1,678		1,506		821		0.1	%	(3) (6) (7) (16) (29)
		Senior Subordinated Term Loan	11.5% PIK	12/22	12/30	478		446		—		—	%	(3) (6) (29)
						3,768		3,434		670

15

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Events Software BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 6.50%, 11.0% Cash	03/22	03/28	$	1,739	$	1,830	$	1,550	0.2	%	(3) (6) (7) (18) (28)
						1,739		1,830		1,550
Express Wash Acquisition Company, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.1% Cash	07/22	07/28	4,262		4,204		4,061		0.6	%	(6) (7) (12)
		Revolver	SOFR + 6.50%, 12.1% Cash	07/22	07/28	94		92		86		—	%	(6) (7) (12) (28)
						4,356		4,296		4,147
Faraday	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	01/23	01/30	1,700		1,598		1,667		0.2	%	(3) (6) (7) (9) (28)
						1,700		1,598		1,667
Ferrellgas L.P.	Oil & Gas Equipment & Services	Opco Preferred Units (2,886 units)	N/A	03/21	N/A			2,799		2,857		0.4	%	(6)
								2,799		2,857
Finaxy Holding	Banking	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.9% Cash	11/23	11/30	4,581		4,286		4,554		0.7	%	(3) (6) (7) (10)
		Subordinated Term Loan	10.3% PIK	11/23	05/31	690		649		690		0.1	%	(3) (6)
						5,271		4,935		5,244
Fineline Technologies, Inc.	Consumer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	02/21	02/28	1,688		1,675		1,688		0.2	%	(6) (7) (12)
						1,688		1,675		1,688
Finexvet	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	03/22	03/29	5,050		4,867		4,934		0.7	%	(3) (6) (7) (10)
						5,050		4,867		4,934
FinThrive Software Intermediate Holdings Inc.	Business Equipment & Services	Preferred Stock (3,188.5 shares)	11.0% PIK	03/22	N/A			4,508		2,327		0.3	%	(6)
								4,508		2,327
FitzMark Buyer, LLC	Cargo & Transportation	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.7% Cash	12/20	12/26	2,410		2,390		2,405		0.4	%	(6) (7) (11)
						2,410		2,390		2,405
Five Star Holding LLC	Packaging	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.3% Cash	05/22	05/30	7,143		7,034		6,657		1.0	%	(6) (7) (12)
		LLC Units (504.5 units)	N/A	05/22	N/A			504		287		—	%	(6) (27)
						7,143		7,538		6,944
Flexential Issuer, LLC	Information Technology	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	10,000		9,300		9,585		1.4	%
						10,000		9,300		9,585
Flywheel Re Segregated Portfolio 2022-4	Investment Funds	Preferred Stock (1,885,524 units)	N/A	08/22	N/A			1,886		2,432		0.4	%	(3) (6) (27)
								1,886		2,432
Footco 40 Limited	Media & Entertainment	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	04/22	04/29	235		223		230		—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.5% Cash	04/22	04/29	1,713		1,632		1,665		0.2	%	(3) (6) (7) (15) (28)
						1,948		1,855		1,895
Forest Buyer, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	03/24	03/26	496		485		491		0.1	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	03/24	03/30	5,642		5,565		5,609		0.8	%	(6) (7) (12)
		Revolver	SOFR +5.50%, 10.1% Cash	03/24	03/30	—		(7)		—		—	%	(6) (7) (12) (28)
		Class A LLC Units (121.7 units)	N/A	03/24	N/A			122		224		—	%	(6) (27)
						6,138		6,165		6,324
Fortis Payment Systems, LLC	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	10/22	02/26	2,484		2,463		2,445		0.4	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.75%, 10.0% Cash	10/22	02/26	—		—		—		—	%	(6) (7) (12) (28)
						2,484		2,463		2,445

16

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
FragilePak LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	05/21	05/27	$	7,312	$	7,213	$	7,239	1.1	%	(6) (7) (12)
		Partnership Units (889.3 units)	N/A	05/21	N/A			889		639		0.1	%	(6) (27)
						7,312		8,102		7,878
FSS Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.8% Cash	08/21	08/28	7,548		7,457		7,548		1.1	%	(6) (7) (12)
		LP Interest (1,973.6 units)	N/A	08/21	N/A			20		25		—	%	(6)
		LP Units (8,677.3 units)	N/A	08/21	N/A			87		110		—	%	(6) (27)
						7,548		7,564		7,683
GB Eagle Buyer, Inc.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	12/22	12/28	12,360		12,077		12,237		1.8	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 10.9% Cash	12/22	12/28	—		(41)		(19)		—	%	(6) (7) (12) (28)
		Partnership Units (515 units)	N/A	12/22	N/A			515		916		0.1	%	(6) (27)
						12,360		12,551		13,134
GCDL LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	08/24	08/27	541		530		529		0.1	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.00%, 10.4% Cash	08/24	08/27	—		(2)		(2)		—	%	(6) (7) (12) (28)
		Common Stock (243,243.24 shares)	N/A	08/24	N/A			243		243		—	%	(6) (27)
						541		771		770
Global Academic Group Limited	Industrial Other	First Lien Senior Secured Term Loan	BBSY + 5.50%, 9.4% Cash	07/22	07/27	1,706		1,684		1,692		0.2	%	(3) (6) (7) (18)
		First Lien Senior Secured Term Loan	BKBM + 5.50%, 10.2% Cash	07/22	07/27	2,928		2,832		2,901		0.4	%	(3) (6) (7) (23) (28)
						4,634		4,516		4,593
Gojo Industries, Inc.	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 9.50%, 9.9% Cash, 4.5% PIK	10/23	10/28	2,430		2,370		2,370		0.3	%	(6) (7) (11)
						2,430		2,370		2,370
GPNZ II GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	06/22	06/29	480		446		141		—	%	(3) (6) (7) (8) (29)
		First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	272		266		272		—	%	(3) (6) (28)
		Common Stock (5,785 shares)	N/A	10/23	N/A			—		—		—	%	(3) (6) (27)
						752		712		413
Graphpad Software, LLC	Internet Software & Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	06/24	06/31	5,721		5,687		5,689		0.8	%	(6) (7) (12) (28)
		Revolver	SOFR + 4.75%, 9.4% Cash	06/24	06/31	—		(3)		(2)		—	%	(6) (7) (12) (28)
						5,721		5,684		5,687
Greenhill II BV	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.10%, 8.8% Cash	07/22	07/29	1,009		906		1,009		0.1	%	(3) (6) (7) (9) (28)
						1,009		906		1,009
Groupe Guemas	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.9% Cash	10/23	09/30	2,601		2,408		2,554		0.4	%	(3) (6) (7) (10)
						2,601		2,408		2,554
Groupe Product Life	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	10/22	10/29	952		867		932		0.1	%	(3) (6) (7) (9) (28)
						952		867		932
Gusto Aus BidCo Pty Ltd	Consumer Non-cyclical	First Lien Senior Secured Term Loan	BBSY + 6.50%, 11.0% Cash	10/22	10/28	2,374		2,146		2,316		0.3	%	(3) (6) (7) (18) (28)
						2,374		2,146		2,316
HeartHealth Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.7% Cash	09/22	09/28	722		652		642		0.1	%	(3) (6) (7) (18) (28)
						722		652		642

17

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	12/28	$	4,848	$	4,793	$	4,421	0.6	%	(6)
						4,848		4,793		4,421
HEKA Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	10/22	10/29	5,227		4,492		5,227		0.8	%	(3) (6) (7) (9) (28)
						5,227		4,492		5,227
HemaSource, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.9% Cash	08/23	08/29	3,633		3,555		3,619		0.5	%	(6) (7) (11)
		Revolver	SOFR + 6.00%, 10.9% Cash	08/23	08/29	—		(19)		(4)		—	%	(6) (7) (11) (28)
		Common Stock (50,540 shares)	N/A	08/23	N/A			51		59		—	%	(6) (27)
						3,633		3,587		3,674
Herbalife Ltd.	Food Products	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.6% Cash	04/24	04/29	3,376		3,154		3,188		0.5	%	(3) (7) (11)
						3,376		3,154		3,188
Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	03/21	03/27	4,422		4,381		4,179		0.6	%	(6) (7) (12)
						4,422		4,381		4,179
HomeX Services Group LLC	Home Construction	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	11/23	11/29	601		585		601		0.1	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.50%, 10.1% Cash	11/23	11/29	—		(2)		—		—	%	(6) (7) (12) (28)
						601		583		601
Honour Lane Logistics Holdings Limited	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	04/22	11/28	7,083		6,943		7,043		1.0	%	(3) (6) (7) (13)
						7,083		6,943		7,043
HTI Technology & Industries	Electronic Component Manufacturing	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.5% Cash	07/22	07/25	5,545		5,517		5,217		0.8	%	(6) (7) (12) (28)
		Revolver	SOFR + 8.50%, 13.5% Cash	07/22	07/25	—		(3)		(34)		—	%	(6) (7) (12) (28)
						5,545		5,514		5,183
Hydratech Holdings, Inc.	Distributors	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	09/24	09/27	2,571		2,490		2,488		0.4	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.00%, 9.6% Cash	09/24	09/27	48		37		37		—	%	(6) (7) (12) (28)
						2,619		2,527		2,525
Hygie 31 Holding	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.63%, 8.9% Cash	09/22	09/29	301		254		299		—	%	(3) (6) (7) (10)
						301		254		299
Ice House America, L.L.C.	Consumer Products	First Lien Senior Secured Term Loan	SOFR +5.50%, 10.8% Cash	01/24	01/30	2,057		2,019		2,025		0.3	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.50%, 10.8% Cash	01/24	01/30	74		70		71		—	%	(6) (7) (12) (28)
		LLC Units (1,351 units)	N/A	01/24	N/A			135		143		—	%	(6) (27)
						2,131		2,224		2,239
IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.55%, 8.8% Cash	05/21	05/28	3,571		3,778		3,486		0.5	%	(3) (6) (7) (9)
						3,571		3,778		3,486
Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.1% Cash	11/21	11/28	2,714		2,702		2,714		0.4	%	(3) (6) (7) (10)
						2,714		2,702		2,714
Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.2% Cash	04/21	04/28	4,546		4,699		4,482		0.7	%	(3) (6) (7) (10)
		First Lien Senior Secured Term Loan	SARON + 5.50%, 6.7% Cash	05/23	04/28	718		673		708		0.1	%	(3) (6) (7) (24)
						5,264		5,372		5,190
INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.38%, 8.8% Cash	12/20	12/27	857		923		857		0.1	%	(3) (6) (7) (9)
						857		923		857

18

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Interstellar Group B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	08/22	02/29	$	67	$	62	$	64	—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	08/22	08/29	1,646		1,531		1,549		0.2	%	(3) (6) (7) (9) (28)
						1,713		1,593		1,613
InvoCare Limited	Consumer Cyclical Services	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.6% Cash	11/23	11/29	865		792		843		0.1	%	(3) (6) (7) (18) (28)
						865		792		843
Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	10/22	10/29	5,570		4,831		5,459		0.8	%	(3) (6) (7) (9)
						5,570		4,831		5,459
ISTO Technologies II, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.2% Cash	10/23	10/28	2,245		2,197		2,245		0.3	%	(6) (7) (13)
		Revolver	SOFR + 6.00%, 10.2% Cash	10/23	10/28	—		(5)		—		—	%	(6) (7) (12) (28)
						2,245		2,192		2,245
ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/21	12/27	803		794		785		0.1	%	(6) (7) (13)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	12/21	12/27	5,583		5,462		5,493		0.8	%	(6) (7) (13)
		Revolver	SOFR + 6.50%, 10.8% Cash	12/21	12/27	116		104		101		—	%	(6) (7) (13) (28)
		Common Stock (3,750.4 shares)	N/A	01/22	N/A			375		364		0.1	%	(6) (27)
						6,502		6,735		6,743
JetBlue 2019-1 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	8.0% Cash	08/20	11/27	1,109		1,109		1,130		0.2	%
						1,109		1,109		1,130
JF Acquisition, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	05/21	07/26	3,532		3,495		3,497		0.5	%	(6) (7) (12)
						3,532		3,495		3,497
Jon Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	BKBM + 4.50%, 10.2% Cash	03/22	03/27	2,150		2,295		2,150		0.3	%	(3) (6) (7) (23) (28)
						2,150		2,295		2,150
Jones Fish Hatcheries & Distributors LLC	Consumer Products	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	02/22	02/28	3,481		3,430		3,481		0.5	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	02/22	02/28	—		(5)		—		—	%	(6) (7) (12) (28)
		LLC Units (1,018 units)	N/A	02/22	N/A			107		278		—	%	(6)
						3,481		3,532		3,759
Kano Laboratories LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	11/20	11/26	7,655		7,584		7,538		1.1	%	(6) (7) (12)
		Partnership Equity (78.7 units)	N/A	11/20	N/A			79		82		—	%	(6) (27)
						7,655		7,663		7,620
Keystone Bidco B.V.	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.8% Cash	08/24	09/27	749		730		732		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.8% Cash	08/24	08/31	—		(4)		(4)		—	%	(3) (6) (7) (9) (28)
		Revolver	EURIBOR + 5.25%, 8.8% Cash	08/24	09/27	—		—		—		—	%	(3) (6) (7) (9) (28)
						749		726		728
Kid Distro Holdings, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	10/21	10/29	18,574		18,368		18,574		2.7	%	(6) (7) (12)
		LLC Units (850,236.1 units)	N/A	10/21	N/A			851		961		0.1	%	(6) (27)
						18,574		19,219		19,535
Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.3% Cash	12/21	12/28	3,659		3,590		3,449		0.5	%	(3) (6) (7) (10) (28)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	1,323		1,300		1,216		0.2	%	(3) (6)
						4,982		4,890		4,665

19

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
LeadsOnline, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	02/22	02/28	$	10,735	$	10,620	$	10,688	1.6	%	(6) (7) (12)
		Revolver	SOFR + 6.00%, 11.5% Cash	02/22	02/28	—		(19)		(9)		—	%	(6) (7) (12) (28)
		LLC Units (61,304.4 units)	N/A	02/22	N/A			63		134		—	%	(6)
						10,735		10,664		10,813
Learfield Communications, LLC	Broadcasting	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	08/20	06/28	3,896		3,896		3,881		0.6	%	(7) (11)
		Common Stock (39,268 shares)	N/A	08/20	N/A			1,366		2,641		0.4	%	(27)
						3,896		5,262		6,522
LivTech Purchaser, Inc.	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	01/21	12/25	3,319		3,309		3,319		0.5	%	(6) (7) (12)
						3,319		3,309		3,319
Long Term Care Group, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 1.00%, 6.5% Cash, 6.0% PIK	04/22	09/27	5,219		5,159		4,577		0.7	%	(6) (7) (12)
						5,219		5,159		4,577
Marmoutier Holding B.V.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 3.3% Cash, 6.8% PIK	12/21	12/24	413		374		58		—	%	(3) (6) (7) (10) (28) (29)
		First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 3.3% Cash, 6.8% PIK	12/21	12/28	2,188		2,170		413		0.1	%	(3) (6) (7) (10) (29)
		Super Senior Secured Term Loan	6.0% PIK	03/24	03/25	191		185		191		—	%	(3) (6) (7) (29)
		Revolver	EURIBOR + 5.75%, 2.7% Cash, 6.5% PIK	12/21	06/27	54		49		(80)		—	%	(3) (6) (7) (10) (28) (29)
						2,846		2,778		582
MB Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.9% Cash	01/24	01/30	749		729		732		0.1	%	(6) (7) (11) (28)
		Revolver	SOFR + 4.75%, 9.9% Cash	01/24	01/30	—		(2)		(2)		—	%	(6) (7) (11) (28)
		LLC Units (22 units)	N/A	01/24	N/A			23		23		—	%	(6) (27)
						749		750		753
MC Group Ventures Corporation	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	07/21	06/27	4,335		4,285		4,311		0.6	%	(6) (7) (13) (28)
		Partnership Units (373.3 Units)	N/A	06/21	N/A			373		418		0.1	%	(6) (27)
						4,335		4,658		4,729
Media Recovery, Inc. (SpotSee)	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	09/24	09/27	1,249		1,230		1,230		0.2	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.7% Cash	09/24	09/27	2,797		2,755		2,755		0.4	%	(6) (7) (14)
		Revolver	SOFR + 4.75%, 9.4% Cash	09/24	09/27	—		(6)		(7)		—	%	(6) (7) (12) (28)
		Revolver	SONIA + 4.75%, 9.7% Cash	09/24	09/27	—		(8)		(8)		—	%	(6) (7) (14) (28)
						4,046		3,971		3,970
Median B.V.	Healthcare	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.7% Cash	02/22	10/27	4,158		4,116		3,987		0.6	%	(3) (7) (16)
						4,158		4,116		3,987
Megawatt Acquisitionco, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	03/24	03/30	2,085		2,047		1,950		0.3	%	(6) (7) (12)
		Revolver	SOFR + 5.25%, 9.9% Cash	03/24	03/30	37		31		15		—	%	(6) (7) (12) (28)
		Preferred Stock (921 shares)	N/A	03/24	N/A			92		44		—	%	(6) (27)
		Common Stock (102 shares)	N/A	03/24	N/A			10		—		—	%	(6) (27)
						2,122		2,180		2,009

20

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Mercell Holding AS	Technology	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.1% Cash	08/22	08/29	$	1,491	$	1,573	$	1,478	0.2	%	(3) (6) (7) (26) (28)
		Class A Units (57.2 units)	N/A	08/22	N/A			56		66		—	%	(3) (6) (27)
		Class B Units (14,471.9 units)	N/A	08/22	N/A			—		12		—	%	(3) (6) (27)
						1,491		1,629		1,556
MI OpCo Holdings, Inc.	Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	07/24	03/28	4,777		4,321		4,682		0.7	%	(7) (11)
						4,777		4,321		4,682
MNS Buyer, Inc.	Construction and Building	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	08/21	08/27	895		886		895		0.1	%	(6) (7) (11)
		Partnership Units (76,923 Units)	N/A	08/21	N/A			77		104		—	%	(6) (27)
						895		963		999
Modern Star Holdings Bidco Pty Limited	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	BBSY + 5.75%, 10.5% Cash	12/20	12/26	2,190		2,256		2,190		0.3	%	(3) (6) (7) (18) (28)
						2,190		2,256		2,190
Moonlight Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.7% Cash	07/23	07/30	1,993		1,882		1,987		0.3	%	(3) (6) (7) (15) (28)
		Common Stock (10,590 shares)	N/A	07/23	N/A			138		197		—	%	(3) (6) (27)
						1,993		2,020		2,184
Murphy Midco Limited	Media, Diversified & Production	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.3% Cash	11/20	11/27	1,967		1,862		1,967		0.3	%	(3) (6) (7) (16)
						1,967		1,862		1,967
Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.5% Cash	08/20	08/26	5,031		4,987		4,724		0.7	%	(6) (7) (12)
						5,031		4,987		4,724
Napa Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.50%, 9.9% Cash	03/22	03/28	7,239		7,382		7,207		1.0	%	(3) (6) (7) (18)
						7,239		7,382		7,207
Narda Acquisitionco., Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	12/21	12/27	2,654		2,627		2,654		0.4	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.4% Cash	12/21	12/27	—		(6)		—		—	%	(6) (7) (12) (28)
		Class A Preferred Stock (2,392.9 shares)	N/A	12/21	N/A			239		296		—	%	(6) (27)
		Class B Common Stock (265.9 shares)	N/A	12/21	N/A			27		62		—	%	(6) (27)
						2,654		2,887		3,012
Navia Benefit Solutions, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.4% Cash	11/22	02/27	5,795		5,709		5,795		0.8	%	(6) (7) (11)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.4% Cash	05/21	02/27	9,072		9,023		9,072		1.3	%	(6) (7) (11)
						14,867		14,732		14,867
NAW Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	09/23	09/29	3,038		2,941		3,038		0.4	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.75%, 10.4% Cash	09/23	09/29	—		(8)		—		—	%	(6) (7) (12) (28)
		LLC Units (94,502 units)	N/A	09/23	N/A			95		93		—	%	(6)
						3,038		3,028		3,131
NeoxCo	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.1% Cash	01/23	01/30	2,167		2,048		2,167		0.3	%	(3) (6) (7) (10) (28)
						2,167		2,048		2,167
Next Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.2% Cash	11/23	11/30	734		721		734		0.1	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.00%, 11.2% Cash	11/23	11/29	—		(1)		—		—	%	(6) (7) (12) (28)
						734		720		734

21

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
NF Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.2%	03/23	03/29	$	4,199	$	4,097	$	4,183	0.6	%	(6) (7) (12)
		Revolver	SOFR + 6.00%, 11.2% Cash	03/23	03/29	405		388		402		0.1	%	(6) (7) (12) (28)
		LLC Units (426,340 units)	N/A	03/23	N/A			439		379		0.1	%	(6) (27)
						4,604		4,924		4,964
Northstar Recycling, LLC	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 4.65%, 10.1% Cash	10/21	09/27	3,885		3,842		3,885		0.6	%	(6) (7) (12)
						3,885		3,842		3,885
NPM Investments 28 B.V.	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	09/22	10/29	2,241		1,919		2,216		0.3	%	(3) (6) (7) (9) (28)
						2,241		1,919		2,216
OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.2% Cash	12/21	12/28	6,467		6,382		6,438		0.9	%	(6) (7) (11)
		Revolver	SOFR + 5.25%, 10.2% Cash	12/21	12/28	—		(16)		(6)		—	%	(6) (7) (11) (28)
		Partnership Units (210,920.11 units)	N/A	12/21	N/A			211		567		0.1	%	(6)
						6,467		6,577		6,999
OAC Holdings I Corp	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.9% Cash	03/22	03/29	1,774		1,752		1,774		0.3	%	(6) (7) (11)
		Revolver	SOFR + 5.00%, 9.9% Cash	03/22	03/28	—		(8)		—		—	%	(6) (7) (11) (28)
						1,774		1,744		1,774
Ocelot Holdco LLC	Construction Machinery	Super Senior Takeback Loan	10.0% Cash	10/23	10/27	96		96		96		—	%	(6) (7)
		Takeback Term Loan	10.0% Cash	10/23	10/27	513		513		513		0.1	%	(6) (7)
		Preferred Stock (42.7 shares)	15.0% PIK	10/23	N/A			273		478		0.1	%	(6)
		Common Stock (32.7 shares)	N/A	10/23	N/A			—		—		—	%	(6) (27)
						609		882		1,087
Ocular Therapeutix, Inc.	Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.9% Cash	08/23	07/29	1,965		1,914		2,425		0.4	%	(3) (6) (7) (11)
						1,965		1,914		2,425
OG III B.V.	Containers & Glass Products	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.9% Cash	06/21	06/28	6,915		7,275		6,797		1.0	%	(3) (6) (7) (9)
						6,915		7,275		6,797
Oracle Vision Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 4.75%, 10.0% Cash	06/21	05/28	1,423		1,470		1,423		0.2	%	(3) (6) (7) (16)
						1,423		1,470		1,423
Origin Bidco Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.7% Cash	06/21	06/28	331		355		331		—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	06/21	06/28	533		524		533		0.1	%	(3) (6) (7) (12)
						864		879		864
ORTEC INTERNATIONAL NEWCO B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.2% Cash	12/23	12/30	1,020		975		1,001		0.1	%	(3) (6) (7) (9)
						1,020		975		1,001
OSP Hamilton Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.2% Cash	12/21	12/29	6,819		6,731		6,723		1.0	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.2% Cash	12/21	12/27	—		(5)		(4)		—	%	(6) (7) (12) (28)
		LP Units (138,399 units)	N/A	07/22	N/A			138		129		—	%	(6)
						6,819		6,864		6,848
Panoche Energy Center LLC	Electric	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	3,740		3,445		3,404		0.5	%
						3,740		3,445		3,404

22

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Parkview Dental Holdings LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 8.30%, 13.6% Cash	10/23	10/29	$	499	$	486	$	485	0.1	%	(6) (7) (11) (28)
		LLC Units (23,810 units)	N/A	10/23	N/A			238		200		—	%	(6) (27)
						499		724		685
PDQ.Com Corporation	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.0% Cash	08/21	08/27	12,551		12,415		12,380		1.8	%	(6) (7) (12)
		Class A-2 Partnership Units (86.4 units)	N/A	08/21	N/A			86		151		—	%	(6)
						12,551		12,501		12,531
Perimeter Master Note Business Trust	Credit Card ABS	Structured Secured Note - Class A	4.7% Cash	05/22	11/28	137		137		135		—	%	(3) (6)
		Structured Secured Note - Class B	5.4% Cash	05/22	11/28	137		137		136		—	%	(3) (6)
		Structured Secured Note - Class C	5.9% Cash	05/22	11/28	137		137		136		—	%	(3) (6)
		Structured Secured Note - Class D	8.5% Cash	05/22	11/28	137		137		136		—	%	(3) (6)
		Structured Secured Note - Class E	11.4% Cash	05/22	11/28	6,986		6,986		6,709		1.0	%	(3) (6)
						7,534		7,534		7,252
Permaconn BidCo Pty Ltd	Tele-communications	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.7% Cash	12/21	07/29	4,997		4,759		4,987		0.7	%	(3) (6) (7) (18)
						4,997		4,759		4,987
Polara Enterprises, L.L.C.	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	12/21	12/27	1,639		1,620		1,639		0.2	%	(6) (7) (12)
		Revolver	SOFR + 4.75%, 9.5% Cash	12/21	12/27	—		(3)		—		—	%	(6) (7) (12) (28)
		Partnership Units (3,704.3 units)	N/A	12/21	N/A			370		558		0.1	%	(6)
						1,639		1,987		2,197
Policy Services Company, LLC	Property & Casualty Insurance	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash, 4.0% PIK	12/21	06/26	22,155		21,901		21,901		3.2	%	(6) (7) (12)
		Warrants - Class A (1.0710 units)	N/A	12/21	N/A			—		521		0.1	%	(6) (27)
		Warrants - Class B (0.3614 units)	N/A	12/21	N/A			—		176		—	%	(6) (27)
		Warrants - Class CC (0.0372 units)	N/A	12/21	N/A			—		—		—	%	(6) (27)
		Warrants - Class D (0.1035 units)	N/A	12/21	N/A			—		50		—	%	(6) (27)
						22,155		21,901		22,648
Premium Franchise Brands, LLC	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 6.25%, 12.2% Cash	12/20	12/26	11,605		11,498		11,294		1.6	%	(6) (7) (12)
						11,605		11,498		11,294
Premium Invest	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.1% Cash	06/21	12/30	2,358		2,218		2,330		0.3	%	(3) (6) (7) (9) (28)
						2,358		2,218		2,330
Preqin MC Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SOFR + 5.93%, 11.7% Cash	08/21	07/28	3,147		3,089		3,147		0.5	%	(3) (6) (7) (13)
						3,147		3,089		3,147
Process Insights Acquisition, Inc.	Electronics	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.4% Cash	07/23	07/25	—		(6)		—		—	%	(6) (7) (12) (28)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.4% Cash	07/23	07/29	3,527		3,453		3,527		0.5	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.4% Cash	07/23	07/29	292		279		292		—	%	(6) (7) (12) (28)
		Common Stock (188 shares)	N/A	07/23	N/A			188		217		—	%	(6) (27)
						3,819		3,914		4,036

23

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
ProfitOptics, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.8% Cash	03/22	03/28	$	649	$	641	$	649	0.1	%	(6) (7) (11)
		Revolver	SOFR + 5.75%, 10.8% Cash	03/22	03/28	126		124		126		—	%	(6) (7) (11) (28)
		Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	32		32		29		—	%	(6)
		LLC Units (96,774.2 units)	N/A	03/22	N/A			65		78		—	%	(6) (27)
						807		862		882
Protego Bidco B.V.	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.3% Cash	03/21	03/28	444		459		431		0.1	%	(3) (6) (7) (10)
		Revolver	EURIBOR + 6.50%, 9.7% Cash	03/21	03/27	757		793		733		0.1	%	(3) (6) (7) (10)
						1,201		1,252		1,164
Pro-Vision Solutions Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.3% Cash	09/24	09/29	7,716		7,600		7,600		1.1	%	(6) (7) (12)
		Revolver	SOFR + 4.50%, 9.3% Cash	09/24	09/29	—		(31)		(31)		—	%	(6) (7) (12) (28)
		LLC Units (2,341.7 units)	N/A	09/24	N/A			235		234		—	%	(6) (27)
						7,716		7,804		7,803
PSP Intermediate 4, LLC	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.3% Cash	05/22	05/29	912		845		890		0.1	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	05/22	05/29	1,411		1,393		1,382		0.2	%	(3) (6) (7) (12)
						2,323		2,238		2,272
QPE7 SPV1 BidCo Pty Ltd	Consumer Cyclical	First Lien Senior Secured Term Loan	BBSY + 3.75%, 8.1% Cash	09/21	09/26	2,933		3,018		2,915		0.4	%	(3) (6) (7) (17)
						2,933		3,018		2,915
Qualified Industries, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	03/23	03/29	718		701		704		0.1	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 10.1% Cash	03/23	03/29	—		(5)		(5)		—	%	(6) (7) (12) (28)
		Preferred Stock (148 shares)	10.0% PIK	03/23	N/A			144		171		—	%	(6) (27)
		Common Stock (303,030 shares)	N/A	03/23	N/A			3		88		—	%	(6) (27)
						718		843		958
Questel Unite	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	12/20	12/27	2,466		2,578		2,463		0.4	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.8% Cash	12/20	12/27	376		373		376		0.1	%	(3) (6) (7) (12)
						2,842		2,951		2,839
R1 Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.1% Cash	12/22	12/28	5,526		5,384		5,542		0.8	%	(6) (7) (11)
		Revolver	SOFR + 6.25%, 11.1% Cash	12/22	12/28	63		36		63		—	%	(6) (7) (11) (28)
						5,589		5,420		5,605
Randys Holdings, Inc.	Automobile Manufacturers	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	11/22	11/28	10,723		10,501		10,724		1.6	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.25%, 10.9% Cash	11/22	11/28	323		295		323		—	%	(6) (7) (12) (28)
		Partnership Units (4,000 units)	N/A	11/22	N/A			400		433		0.1	%	(6) (27)
						11,046		11,196		11,480
Recovery Point Systems, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	08/20	07/26	4,918		4,883		4,918		0.7	%	(6) (7) (12)
		Partnership Equity (81,313 units)	N/A	03/21	N/A			81		29		—	%	(6) (27)
						4,918		4,964		4,947

24

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Renovation Parent Holdings, LLC	Home Furnishings	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	11/21	11/27	$	7,487	$	7,383	$	6,723	1.0	%	(6) (7) (12)
		Partnership Equity (404,787.3 units)	N/A	11/21	N/A			405		138		—	%	(6) (27)
						7,487		7,788		6,861
REP SEKO MERGER SUB LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.7% Cash	12/20	12/26	7,203		7,419		4,704		0.7	%	(6) (7) (9) (29)
		First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.7% Cash	06/22	12/26	2,132		1,987		1,392		0.2	%	(6) (7) (9) (29)
		First Lien Senior Secured Term Loan	SOFR + 8.00%, 13.5% Cash	12/20	12/26	1,924		1,903		1,256		0.2	%	(6) (7) (12) (29)
		Priority Revolving Credit Facility	SOFR + 8.00%, 12.7% Cash	06/24	12/26	164		160		164		—	%	(6) (7) (12) (28)
						11,423		11,469		7,516
Riedel Beheer B.V.	Food & Beverage	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	12/21	12/28	2,315		2,263		2,111		0.3	%	(3) (6) (7) (9)
						2,315		2,263		2,111
Rock Labor LLC	Media: Diversified & Production	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	09/23	09/29	3,713		3,615		3,640		0.5	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.7% Cash	09/23	09/29	—		(16)		(12)		—	%	(6) (7) (12) (28)
		LLC Units (132,475 units)	N/A	09/23	N/A			709		877		0.1	%	(6) (27)
						3,713		4,308		4,505
Royal Buyer, LLC	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.6% Cash	08/22	08/28	6,524		6,433		6,492		0.9	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.6% Cash	08/22	08/28	—		(12)		(4)		—	%	(6) (7) (12) (28)
						6,524		6,421		6,488
RPX Corporation	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	08/24	08/27	8,969		8,837		8,835		1.3	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.7% Cash	08/24	08/27	—		(15)		(15)		—	%	(6) (7) (12) (28)
						8,969		8,822		8,820
Russell Investments US Institutional Holdco, Inc.	Capital Markets	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.8% Cash, 1.5% PIK	04/24	05/27	522		489		494		0.1	%	(6) (7) (12)
						522		489		494
Safety Products Holdings, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.3% Cash	12/20	12/26	6,589		6,548		6,524		0.9	%	(6) (7) (12)
		Preferred Stock (86.3 shares)	N/A	12/20	N/A			87		114		—	%	(6) (27)
						6,589		6,635		6,638
Sanoptis S.A.R.L.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.5% Cash	06/22	07/29	2,508		2,243		2,366		0.3	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SARON + 5.75%, 7.2% Cash	06/22	07/29	718		647		698		0.1	%	(3) (6) (7) (25)
		First Lien Senior Secured Term Loan	SARON + 6.75%, 8.2% Cash	06/22	07/29	487		450		473		0.1	%	(3) (6) (7) (25)
						3,713		3,340		3,537
Sansidor BV	Services: Business	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.7% Cash	09/24	09/27	597		574		573		0.1	%	(3) (6) (7) (9) (28)
						597		574		573
SBP Holdings LP	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.8% Cash	03/23	03/28	6,869		6,691		6,801		1.0	%	(6) (7) (11)
		Revolver	SOFR + 5.00%, 9.8% Cash	03/23	03/28	85		71		80		—	%	(6) (7) (12) (28)
						6,954		6,762		6,881
Scaled Agile, Inc.	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/28	1,788		1,768		1,609		0.2	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/28	336		332		302		—	%	(6) (7) (12)
						2,124		2,100		1,911

25

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Scout Bidco B.V.	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.0% Cash	05/22	05/29	$	4,055	$	3,820	$	3,990	0.6	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	05/22	05/29	508		508		500		0.1	%	(3) (6) (7) (12)
		Revolver	EURIBOR + 5.50%, 9.0% Cash	05/22	05/29	—		(3)		(11)		—	%	(3) (6) (7) (9) (28)
						4,563		4,325		4,479
Sereni Capital NV	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.8% Cash	05/22	05/29	1,000		925		978		0.1	%	(3) (6) (7) (10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.5% Cash	05/22	05/29	1,643		1,563		1,643		0.2	%	(3) (6) (7) (10)
						2,643		2,488		2,621
Serta Simmons Bedding LLC	Home Furnishings	Common Stock (59,747 shares)	N/A	06/23	N/A			893		335		—	%	(27)
								893		335
Shelf Bidco Ltd	Other Financial	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	12/22	01/30	17,225		16,791		17,355		2.5	%	(3) (6) (7) (12)
		Common Stock (600,000 shares)	N/A	12/22	N/A			600		2,724		0.4	%	(3) (6) (27)
						17,225		17,391		20,079
Sinari Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	07/23	07/30	1,899		1,810		1,857		0.3	%	(3) (6) (7) (10) (28)
						1,899		1,810		1,857
SISU ACQUISITIONCO., INC.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	12/20	12/26	4,968		4,924		4,477		0.7	%	(6) (7) (12) (28)
						4,968		4,924		4,477
Smartling, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.4% Cash	11/21	11/27	9,168		9,065		9,168		1.3	%	(6) (7) (11)
		Revolver	SOFR + 4.50%, 9.4% Cash	11/21	11/27	—		(6)		—		—	%	(6) (7) (11) (28)
						9,168		9,059		9,168
SmartShift Group, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	09/23	09/29	6,358		6,220		6,358		0.9	%	(6) (7) (13)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	09/23	09/25	2,294		2,275		2,294		0.3	%	(6) (7) (13)
		Revolver	SOFR + 5.75%, 11.1% Cash	09/23	09/29	—		(23)		—		—	%	(6) (7) (13) (28)
		Common Stock (183 shares)	N/A	09/23	N/A			183		287		—	%	(6) (27)
						8,652		8,655		8,939
Solo Buyer, L.P.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.5% Cash	12/22	12/29	13,359		13,091		12,799		1.9	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.5% Cash	12/22	12/28	239		218		189		—	%	(6) (7) (12) (28)
		Partnership Units (309,839 units)	N/A	12/22	N/A			310		195		—	%	(6) (27)
						13,598		13,619		13,183
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Other Utility	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	11/22	03/27	1,644		1,622		1,625		0.2	%	(6) (7) (13)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	11/22	05/25	429		420		421		0.1	%	(6) (7) (13) (28)
		Revolver	SOFR + 5.25%, 9.5% Cash	11/22	03/27	—		(2)		(2)		—	%	(6) (7) (13) (28)
						2,073		2,040		2,044
SPATCO Energy Solutions, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	07/24	03/30	3,480		3,396		3,394		0.5	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.00%, 10.3% Cash	07/24	03/30	—		(12)		(12)		—	%	(6) (7) (12) (28)
		Common Stock (137,115.0 shares)	N/A	07/24	N/A			137		137		—	%	(6) (27)
						3,480		3,521		3,519

26

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Spatial Business Systems LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.1% Cash	10/22	10/28	$	5,786	$	5,668	$	5,557	0.8	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.00%, 11.1% Cash	10/22	10/28	—		(12)		(24)		—	%	(6) (7) (12) (28)
						5,786		5,656		5,533
SSCP Pegasus Midco Limited	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.1% Cash	12/20	11/27	1,218		1,152		1,218		0.2	%	(3) (6) (7) (15) (28)
						1,218		1,152		1,218
SSCP Spring Bidco 3 Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	11/23	08/30	1,027		934		1,005		0.1	%	(3) (6) (7) (16)
						1,027		934		1,005
Starnmeer B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.2% Cash	10/21	10/28	4,640		4,603		4,640		0.7	%	(3) (6) (7) (13)
						4,640		4,603		4,640
Superjet Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	12/21	12/27	16,074		15,884		15,794		2.3	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.1% Cash	12/21	12/27	146		130		120		—	%	(6) (7) (12) (28)
						16,220		16,014		15,914
SVI International LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	03/24	03/30	640		627		627		0.1	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.75%, 12.1% Cash	03/24	03/30	—		(1)		(1)		—	%	(6) (7) (12) (28)
		LLC Units (207,921 units)	N/A	03/24	N/A			208		206		—	%	(6)
						640		834		832
Syniverse Holdings, Inc.	Technology Distributors	Series A Preferred Equity (7,575,758 units)	12.5% PIK	05/22	N/A			9,560		9,773		1.4	%	(6)
								9,560		9,773
TA SL Cayman Aggregator Corp.	Technology	Subordinated Term Loan	7.8% PIK	07/21	07/28	1,291		1,281		1,291		0.2	%	(6)
		Common Stock (736 shares)	N/A	07/21	N/A			23		38		—	%	(6) (27)
						1,291		1,304		1,329
Tank Holding Corp	Metal & Glass Containers	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	7,179		7,077		7,062		1.0	%	(6) (7) (13)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.9% Cash	05/23	03/28	1,692		1,645		1,661		0.2	%	(6) (7) (11) (28)
		Revolver	SOFR + 5.75%, 10.6% Cash	03/22	03/28	464		455		453		0.1	%	(6) (7) (11) (28)
						9,335		9,177		9,176
Tanqueray Bidco Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	11/22	11/29	1,820		1,523		1,820		0.3	%	(3) (6) (7) (15)
		First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	11/22	11/25	—		(9)		—		—	%	(3) (6) (7) (15) (28)
						1,820		1,514		1,820
Team Air Distributing, LLC	Consumer Cyclical	Subordinated Term Loan	12.0% Cash	05/23	05/28	717		704		702		0.1	%	(6)
		Common Stock (79,475.57 units)	N/A	08/24	N/A			78		78		—	%	(6) (27)
		Partnership Equity (400,000 units)	N/A	05/23	N/A			400		392		0.1	%	(6) (27)
						717		1,182		1,172
Technology Service Stream BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 5.50%, 10.3% Cash	06/24	01/30	782		724		756		0.1	%	(3) (6) (7) (19) (28)
						782		724		756
Techone B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 8.7% Cash	11/21	11/28	3,038		3,002		3,002		0.4	%	(3) (6) (7) (9)
		Revolver	EURIBOR + 5.40%, 8.7% Cash	11/21	05/28	—		(7)		(2)		—	%	(3) (6) (7) (9) (28)
						3,038		2,995		3,000

27

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Tencarva Machinery Company, LLC	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.2% Cash	12/21	12/27	$	4,133	$	4,093	$	4,062	0.6	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.2% Cash	12/21	12/27	—		(7)		(13)		—	%	(6) (7) (12) (28)
						4,133		4,086		4,049
Terrybear, Inc.	Consumer Products	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	282		279		266		—	%	(6)
		Partnership Equity (24,358.97 units)	N/A	04/22	N/A			239		137		—	%	(6) (27)
						282		518		403
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.2% Cash	10/21	12/27	2,551		2,525		2,551		0.4	%	(6) (7) (12)
		Revolver	SOFR + 4.25%, 9.2% Cash	10/21	12/27	—		(8)		—		—	%	(6) (7) (12) (28)
		Subordinated Term Loan	SOFR + 7.75%, 6.0% Cash, 7.0% PIK	10/21	10/28	3,589		3,547		3,567		0.5	%	(6) (7) (13)
						6,140		6,064		6,118
The Octave Music Group, Inc.	Media: Diversified & Production	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	06/24	03/29	3,602		3,602		3,595		0.5	%	(7) (12)
		Partnership Equity (409,153.1 units)	N/A	04/22	N/A			409		1,416		0.2	%	(6)
						3,602		4,011		5,011
Trader Corporation	Technology	First Lien Senior Secured Term Loan	CORRA + 5.50%, 10.5% Cash	12/22	12/29	2,273		2,222		2,249		0.3	%	(3) (6) (7) (20)
		Revolver	CORRA + 5.50%, 10.5% Cash	12/22	12/28	—		(3)		(2)		—	%	(3) (6) (7) (20) (28)
						2,273		2,219		2,247
Trident Maritime Systems, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	02/21	02/27	17,538		17,432		16,804		2.4	%	(6) (7) (12)
						17,538		17,432		16,804
Trintech, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	07/23	07/29	4,608		4,490		4,524		0.7	%	(6) (7) (11)
		Revolver	SOFR +5.50%, 10.3% Cash	07/23	07/29	102		93		96		—	%	(6) (7) (11) (28)
						4,710		4,583		4,620
TSYL Corporate Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.8% Cash	12/22	12/28	2,061		2,029		2,036		0.3	%	(6) (7) (12) (28)
		Revolver	SOFR + 4.75%, 9.8% Cash	12/22	12/28	—		(2)		(2)		—	%	(6) (7) (12) (28)
		Partnership Units (4,673 units)	N/A	12/22	N/A			5		13		—	%	(6) (27)
						2,061		2,032		2,047
Turbo Buyer, Inc.	Finance Companies	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	11/21	12/25	8,031		7,981		7,695		1.1	%	(6) (7) (12)
						8,031		7,981		7,695
Turnberry Solutions, Inc.	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.7% Cash	07/21	09/26	7,797		7,733		7,797		1.1	%	(6) (7) (11)
						7,797		7,733		7,797
UBC Ledgers Holding AB	Financial Other	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 8.5% Cash	12/23	12/30	1,581		1,485		1,539		0.2	%	(3) (6) (7) (22) (28)
		First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.4% Cash	12/23	12/30	577		556		564		0.1	%	(3) (6) (7) (9)
						2,158		2,041		2,103
UKFast Leaders Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 7.25%, 12.3% Cash	09/20	09/27	1,150		1,086		1,076		0.2	%	(3) (6) (7) (15)
						1,150		1,086		1,076
Union Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 4.84%, 9.8% Cash	06/22	06/29	1,000		891		995		0.1	%	(3) (6) (7) (14) (28)
						1,000		891		995
United Therapy Holding III GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.0% Cash	04/22	03/29	1,820		1,711		1,398		0.2	%	(3) (6) (7) (9) (28)
						1,820		1,711		1,398

28

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Unither (Uniholding)	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.18%, 8.5% Cash	03/23	03/30	$	2,115	$	1,963	$	2,078	0.3	%	(3) (6) (7) (9) (28)
						2,115		1,963		2,078
Utac Ceram	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.1% Cash, 1.8% PIK	09/20	09/27	795		843		750		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.3% Cash, 1.8% PIK	02/21	09/27	370		370		349		0.1	%	(3) (6) (7) (12)
						1,165		1,213		1,099
Victoria Bidco Limited	Industrial Machinery	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	03/22	01/29	8,657		8,458		7,834		1.1	%	(3) (6) (7) (15)
						8,657		8,458		7,834
VistaJet Pass Through Trust 2021-1B	Airlines	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	6,429		6,429		6,310		0.9	%	(6)
						6,429		6,429		6,310
Vital Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.5% Cash	06/21	06/28	12,034		11,895		12,034		1.8	%	(6) (7) (12)
		Partnership Units (16,442.9 units)	N/A	06/21	N/A			164		296		—	%	(6)
						12,034		12,059		12,330
W2O Holdings, Inc.	Healthcare Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	10/20	06/25	2,367		2,365		2,344		0.3	%	(6) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.3% Cash	10/20	06/25	1,272		1,260		1,260		0.2	%	(6) (7) (12)
						3,639		3,625		3,604
WEST-NR ACQUISITIONCO, LLC	Insurance	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.0% Cash	08/23	02/25	26		7		26		—	%	(6) (7) (12) (28)
		First Lien Senior Secured Term Loan	SOFR +6.25%, 11.0% Cash	08/23	12/27	1,238		1,218		1,238		0.2	%	(6) (7) (12)
						1,264		1,225		1,264
Wheels Up Experience Inc	Transportation Services	First Lien Senior Secured Term Loan	12.0% Cash	09/22	10/24	5,507		5,332		5,231		0.8	%	(6)
						5,507		5,332		5,231
Whitcraft Holdings, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.2% Cash	02/23	02/29	6,244		6,045		6,245		0.9	%	(6) (7) (12)
		Revolver	SOFR + 6.50%, 11.2% Cash	02/23	02/29	484		456		484		0.1	%	(6) (7) (11) (28)
		LP Units (31,543.6 units)	N/A	02/23	N/A			315		426		0.1	%	(6) (27)
						6,728		6,816		7,155
White Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	10/23	10/30	875		847		871		0.1	%	(3) (6) (7) (12) (28)
						875		847		871
Willis Engine Structured Trust VI	Structured Finance	Structured Secured Note - Series 2021-1 Class C	7.4% Cash	05/21	05/46	1,540		1,540		1,500		0.2	%	(6)
						1,540		1,540		1,500
Woodland Foods, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	12/21	12/27	3,622		3,579		3,586		0.5	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.7% Cash	12/21	12/27	550		538		540		0.1	%	(6) (7) (12) (28)
		Preferred Stock (170.1 shares)	20.0% PIK	04/24	N/A			190		187		—	%	(6)
		Common Stock (777.3 shares)	N/A	12/21	N/A			777		484		0.1	%	(6) (27)
						4,172		5,084		4,797
World 50, Inc.	Professional Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.6% Cash	03/24	03/30	4,733		4,644		4,656		0.7	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 10.6% Cash	03/24	03/30	36		32		33		—	%	(6) (7) (12) (28)
						4,769		4,676		4,689