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 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 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 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.	Financial Statements
	Unaudited Consolidated Balance Sheet as of March 31, 2025 and Consolidated Balance Sheet as of December 31, 2024	3
	Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024	4
	Unaudited Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024	6
	Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	7
	Unaudited Consolidated Schedule of Investments as of March 31, 2025	8
	Consolidated Schedule of Investments as of December 31, 2024	30
	Notes to Unaudited Consolidated Financial Statements	51
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	84
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	105
Item 4.	Controls and Procedures	106
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	107
Item 1A.	Risk Factors	107
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	107
Item 3.	Defaults Upon Senior Securities	107
Item 4.	Mine Safety Disclosures	107
Item 5.	Other Information	107
Item 6.	Exhibits	108
Signatures		109

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, 2025		December 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 value	1,381,982		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 receivable	17,411		19,492
Prepaid expenses and other assets	371		135
Derivative assets	1,223		17,791
Deferred financing fees	6,681		7,186
Receivable from unsettled transactions	496		2,577
Total assets	$	1,455,493	$	1,457,979
Liabilities:
Accounts payable and accrued liabilities	$	3,110	$	3,782
Interest payable	5,634		3,552
Administrative fees payable	203		259
Base management fees payable	524		525
Incentive management fees payable	2,571		2,581
Derivative liabilities	3,813		3,291
Payable from unsettled transactions	13,235		395
Borrowings under credit facility	620,979		650,124
Notes payable (net of deferred financing fees)	99,905		99,893
Total liabilities	749,974		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 capital	676,573		666,803
Total distributable earnings	28,915		26,743
Total net assets	705,519		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, 2025		March 31, 2024
Investment income:
Interest income:
Non-Control / Non-Affiliate investments	$	26,384	$	29,846
Affiliate investments	514		340
Total interest income	26,898		30,186
Dividend income:
Non-Control / Non-Affiliate investments	658		800
Affiliate investments	3,803		3,150
Total dividend income	4,461		3,950
Fee and other income:
Non-Control / Non-Affiliate investments	1,760		1,574
Affiliate investments	20		22
Total fee and other income	1,780		1,596
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	1,513		1,402
Affiliate investments	29		91
Total payment-in-kind interest income	1,542		1,493
Interest income from cash	5		13
Total investment income	34,686		37,238
Operating expenses:
Interest and other financing fees	11,325		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 expenses	15,475		18,075
Net investment income before taxes	19,211		19,163
Income taxes, including excise tax expense	400		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, 2025		March 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 transactions	534		(92)
Forward currency contracts	11,418		(6,541)
Net realized gains (losses)	8,810		(10,500)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	14,400		5,754
Affiliate investments	368		470
Net unrealized appreciation (depreciation) on investments	14,768		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 contracts	3,032		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 diluted	30,827,801		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 Stock			Additional 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 / distributions	432,894	—		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 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	—	—		—		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 / distributions	401,379	—		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, 2025		March 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 investments	44,897		43,227
Loan origination and other fees received	1,026		826
Net realized (gain) loss on investments	3,142		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 transactions	3,456		(1,661)
Net unrealized (appreciation) depreciation of forward currency contracts	17,090		(11,641)
Payment-in-kind interest / dividends	(3,646)		(3,681)
Amortization of deferred financing fees	519		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 contracts	14,690		1,575
Changes in operating assets and liabilities:
Interest and fees receivable	3,174		6,528
Prepaid expenses and other assets	(237)		52
Accounts payable and accrued liabilities	(1,265)		(460)
Interest payable	2,081		(1,068)
Net cash provided by (used in) operating activities	35,984		5,097
Cash flows from financing activities:
Borrowings under credit facility	21,000		—
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 period	53,842		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace Corporation	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	04/22	04/28	$	8,681	$	8,608	$	8,507	1.2	%	(6)(7)(12)
Accurus Aerospace Corporation	Revolver	SOFR + 5.75%, 10.2% Cash	04/22	04/28	1,018		1,008		997		0.1	%	(6)(7)(12)(27)
ADB Safegate	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 13.6% Cash	08/21	10/27	7,581		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	11/22	11/28	10,546		10,374		10,408		1.5	%	(6)(7)(12)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	11/22	11/28	—		(30)		(25)		—	%	(6)(7)(12)(27)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	650		644		644		0.1	%	(6)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	12/22	12/30	10,793		10,554		10,718		1.5	%	(6)(7)(12)(27)
GB Eagle Buyer, Inc.	Revolver	SOFR + 4.75%, 9.0% Cash	12/22	12/30	217		185		207		—	%	(6)(7)(12)(27)
M-Personal Protection Management GMBH	First Lien Senior Secured Term Loan	EURIBOR + 5.38%, 8.1% Cash	10/24	09/31	3,241		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	03/24	03/30	2,075		2,039		1,950		0.3	%	(6)(7)(12)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	03/24	03/30	95		89		75		—	%	(6)(7)(12)(27)
Narda Acquisitionco., Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27	2,640		2,617		2,640		0.4	%	(6)(7)(11)
Narda Acquisitionco., Inc.	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27	—		(5)		—		—	%	(6)(7)(11)(27)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.9% Cash	03/21	03/28	430		460		419		0.1	%	(3)(6)(7)(10)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 8.9% Cash	03/21	03/27	733		794		718		0.1	%	(3)(6)(7)(10)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	12/20	12/26	4,942		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	02/21	02/27	17,365		17,292		15,975		2.3	%	(6)(7)(12)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	02/23	02/29	6,212		6,031		6,212		0.9	%	(6)(7)(12)
Whitcraft Holdings, Inc.	Revolver	SOFR + 6.50%, 10.8% Cash	02/23	02/29	627		603		627		0.1	%	(6)(7)(12)(27)
Subtotal Aerospace & Defense (10.6%)*					77,846		76,879		75,093
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 13.4% Cash	07/22	07/30	2,273		2,205		2,109		0.3	%	(6)(7)(12)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	03/22	03/29	1,656		1,638		1,656		0.2	%	(6)(7)(12)
OAC Holdings I Corp	Revolver	SOFR + 5.00%, 9.5% Cash	03/22	03/28	245		238		245		—	%	(6)(7)(12)(27)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	11/29	11,590		11,393		11,513		1.6	%	(6)(7)(12)(27)
Randys Holdings, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	11/28	615		590		607		0.1	%	(6)(7)(12)(27)
SPATCO Energy Solutions, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	07/24	07/30	3,552		3,475		3,487		0.5	%	(6)(7)(12)(27)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	07/24	07/30	—		(11)		(9)		—	%	(6)(7)(12)(27)
SVI International LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.0% Cash	03/24	03/30	588		576		588		0.1	%	(6)(7)(12)(27)
SVI International LLC	Revolver	SOFR + 6.75%, 11.0% Cash	03/24	03/30	—		(1)		—		—	%	(6)(7)(12)(27)
Subtotal Automotive (2.9%)*					20,519		20,103		20,196
Banking, Finance, Insurance, & Real Estate
Apus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.2% Cash	02/21	03/28	2,659		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	10/21	10/27	4,890		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Broadstone Group UK LTD	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.0% Cash	03/25	03/30	$	649	$	614	$	623	0.1	%	(3)(6)(7)(15)(27)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	11/23	11/30	4,058		3,929		3,985		0.6	%	(3)(6)(7)(10)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	05/22	11/30	159		131		139		—	%	(3)(6)(7)(10)(27)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.8% Cash	10/23	09/30	2,517		2,412		2,482		0.4	%	(3)(6)(7)(10)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.8% Cash	05/21	05/28	3,457		3,785		3,389		0.5	%	(3)(6)(7)(9)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash, 4.0% PIK	12/21	06/26	21,540		21,365		21,366		3.0	%	(6)(7)(12)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.1% Cash	06/21	12/30	2,282		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	04/24	05/27	522		491		512		0.1	%	(6)(7)(12)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 9.3% Cash	10/24	10/31	17,226		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	10/21	12/27	2,547		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	10/21	12/27	—		(6)		—		—	%	(6)(7)(11)(27)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Subordinated Term Loan	SOFR + 7.75%, 12.2% PIK	10/21	10/28	3,650		3,613		3,650		0.5	%	(6)(7)(13)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/24	10/31	3,665		3,623		3,627		0.5	%	(6)(7)(11)(27)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/24	10/31	24		20		20		—	%	(6)(7)(11)(27)
Turbo Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	11/21	12/25	7,971		7,942		7,517		1.1	%	(6)(7)(12)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/23	12/27	1,882		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., LLC	2024 LIFO Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26	4,370		4,239		4,370		0.6	%	(6)(7)(12)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26	2,154		2,101		2,154		0.3	%	(6)(7)(12)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 7.00%, 11.6% PIK	02/24	05/26	809		809		809		0.1	%	(6)(7)(12)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 9.00%, 13.6% PIK	02/24	05/26	618		618		618		0.1	%	(6)(7)(12)
Innovad Group II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.4% Cash	04/21	04/28	4,400		4,707		4,400		0.6	%	(3)(6)(7)(9)
Innovad Group II BV	First Lien Senior Secured Term Loan	SARON + 5.00%, 5.2% Cash	05/23	04/28	685		673		685		0.1	%	(3)(6)(7)(21)
Riedel Beheer B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	12/21	12/28	2,240		2,267		1,942		0.3	%	(3)(6)(7)(9)
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	12/21	12/27	3,603		3,566		3,549		0.5	%	(6)(7)(12)
Woodland Foods, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	12/21	12/27	342		331		326		—	%	(6)(7)(12)(27)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	02/22	02/28	4,582		4,521		4,525		0.6	%	(6)(7)(12)
ZB Holdco LLC	Revolver	SOFR + 5.50%, 10.0% Cash	02/22	02/28	241		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	11/23	11/29	660		651		652		0.1	%	(6)(7)(12)
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	11/23	11/29	660		641		654		0.1	%	(6)(7)(12)(27)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 10.1% Cash	11/23	11/29	—		(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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.6% Cash	07/22	07/29	$	2,484	$	2,327	$	2,484	0.4	%	(3)(6)(7)(9)
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	03/23	07/29	9,384		8,957		8,351		1.2	%	(6)(7)(12)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	11/21	11/28	1,995		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	03/25	03/30	1,848		1,829		1,829		0.3	%	(6)(7)(12)
DAWGS Intermediate Holdings Co.	Revolver	SOFR + 4.50%, 8.8% Cash	03/25	03/30	23		17		17		—	%	(6)(7)(12)(27)
Polara Enterprises, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27	1,628		1,612		1,628		0.2	%	(6)(7)(11)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27	—		(2)		—		—	%	(6)(7)(11)(27)
Process Insights Acquisition, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	07/23	07/29	3,821		3,751		3,730		0.5	%	(6)(7)(12)(27)
Process Insights Acquisition, Inc.	Revolver	SOFR + 6.25%, 10.6% Cash	07/23	07/29	354		342		339		—	%	(6)(7)(12)(27)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/24	10/30	3,242		3,179		3,179		0.5	%	(6)(7)(12)(27)
Rapid Buyer LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/24	10/30	—		(11)		(11)		—	%	(6)(7)(12)(27)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24	11/30	2,769		2,707		2,712		0.4	%	(6)(7)(12)(27)
TAPCO Buyer LLC	Revolver	SOFR + 5.00%, 9.3% Cash	11/24	11/30	—		(8)		(8)		—	%	(6)(7)(12)(27)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27	4,112		4,077		4,051		0.6	%	(6)(7)(12)
Tencarva Machinery Company, LLC	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27	—		(6)		(11)		—	%	(6)(7)(12)(27)
Subtotal Capital Equipment (4.5%)*					32,980		32,031		31,591
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	04/23	04/29	1,750		1,718		1,718		0.2	%	(6)(7)(11)
Americo Chemical Products, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	04/23	04/29	—		(8)		(8)		—	%	(6)(7)(11)(27)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	BBSY + 6.08%, 10.2% Cash	11/21	10/28	803		919		797		0.1	%	(3)(6)(7)(18)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.08%, 8.6% Cash	11/21	10/28	7,077		7,151		7,023		1.0	%	(3)(6)(7)(9)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.83%, 10.1% Cash	01/23	10/28	977		940		977		0.1	%	(3)(6)(7)(10)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 6.08%, 10.7% Cash	11/21	10/28	1,090		1,090		1,081		0.2	%	(3)(6)(7)(12)
Aptus 1829. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	09/21	09/27	1,524		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	08/24	08/30	3,434		3,378		3,379		0.5	%	(6)(7)(11)
BKF Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	08/24	08/30	—		(20)		(20)		—	%	(6)(7)(11)(27)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	12/21	12/27	7,924		7,843		7,440		1.1	%	(6)(7)(12)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 10.2% Cash	12/21	12/27	229		217		151		—	%	(6)(7)(11)(27)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/21	08/27	660		654		660		0.1	%	(6)(7)(11)
Ocelot Holdco LLC	Super Senior Takeback Loan	10.0% Cash	10/23	10/27	96		96		96		—	%	(6)(7)
Ocelot Holdco LLC	Takeback Term loan	10.0% Cash	10/23	10/27	513		513		513		0.1	%	(6)(7)
Subtotal Construction & Building (1.7%)*					12,856		12,681		12,219
Consumer goods: Durable
DecksDirect, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.0% Cash	12/21	12/28	1,553		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
DecksDirect, LLC	Revolver	SOFR + 6.50%, 11.0% Cash	12/21	12/28	$	254	$	250	$	191	—	%	(6)(7)(12)(27)
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 9.50%, 13.8% Cash	10/23	10/28	2,412		2,358		2,361		0.3	%	(6)(7)(11)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.0% Cash	07/22	01/26	5,545		5,535		5,118		0.7	%	(6)(7)(13)(27)
HTI Technology & Industries	Revolver	SOFR + 8.50%, 13.0% Cash	07/22	01/26	—		(1)		(44)		—	%	(6)(7)(13)(27)
Momentum Textiles, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	03/25	03/30	2,220		2,198		2,198		0.3	%	(6)(7)(11)
Momentum Textiles, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	03/25	03/30	—		(3)		(3)		—	%	(6)(7)(11)(27)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	11/21	11/27	7,448		7,362		6,920		1.0	%	(6)(7)(12)
Team Air Distributing, LLC	Subordinated Term Loan	14.0% Cash	05/23	05/28	753		740		739		0.1	%	(6)
Terrybear, Inc.	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	288		285		266		—	%	(6)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.2% Cash	03/22	09/30	8,330		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
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.40%, 9.2% Cash	02/21	02/28	2,268		2,446		2,264		0.3	%	(3)(6)(7)(10)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	02/24	02/30	3,426		3,355		3,372		0.5	%	(6)(7)(13)(27)
CCFF Buyer, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	02/24	02/30	—		(10)		(8)		—	%	(6)(7)(13)(27)
David Wood Baking UK Ltd	Second Lien Senior Secured Term Loan	SONIA + 10.00%, 14.7% Cash	04/24	04/29	887		853		849		0.1	%	(3)(6)(7)(16)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.1% Cash	04/24	04/29	3,291		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	01/24	01/30	2,140		2,104		2,107		0.3	%	(6)(7)(12)
Ice House America, L.L.C.	Revolver	SOFR + 5.50%, 9.8% Cash	01/24	01/30	160		156		156		—	%	(6)(7)(12)(27)
Modern Star Holdings Bidco Pty Limited	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.1% Cash	12/20	12/26	1,927		2,214		1,927		0.3	%	(3)(6)(7)(17)(27)
Safety Products Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/20	12/26	6,296		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 LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29	809		794		792		0.1	%	(6)(7)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.6% Cash	05/22	05/30	7,143		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	09/24	09/30	1,209		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	09/24	09/30	2,493		2,557		2,462		0.3	%	(6)(7)(14)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.50%, 8.8% Cash	09/24	09/30	28		22		22		—	%	(6)(7)(12)(27)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.50%, 9.0% Cash	09/24	09/30	—		(7)		(7)		—	%	(6)(7)(14)(27)
MSI Express Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	03/25	03/30	1,458		1,436		1,435		0.2	%	(6)(7)(12)(27)
MSI Express Inc.	Revolver	SOFR + 4.75%, 9.1% Cash	03/25	03/30	172		163		163		—	%	(6)(7)(12)(27)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.8% Cash	06/21	06/28	4,604		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	06/21	06/28	2,088		2,189		2,069		0.3	%	(3)(6)(7)(9)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	7,143		7,052		7,062		1.0	%	(6)(7)(11)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	05/23	03/28	2,021		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Tank Holding Corp	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28	$	—	$	(7)	$	(7)	—	%	(6)(7)(11)(27)
Subtotal Containers, Packaging, & Glass (4.1%)*					29,168		29,512		28,665
Energy: Electricity
WWEC Holdings III Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/22	10/28	6,419		6,323		6,323		0.9	%	(6)(7)(12)
WWEC Holdings III Corp	Revolver	SOFR + 5.00%, 9.3% Cash	10/22	10/28	—		(12)		(14)		—	%	(6)(7)(12)(27)
Subtotal Energy: Electricity (0.9%)*					6,419		6,311		6,309
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Municipal Revenue Bond	11.5% Cash	07/22	09/27	13,600		13,600		14,001		2.0	%
Entact Environmental Services, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	02/21	01/27	4,003		3,994		3,991		0.6	%	(6)(7)(12)
Northstar Recycling, LLC	First Lien Senior Secured Term Loan	SOFR + 4.65%, 9.0% Cash	12/24	12/30	3,427		3,376		3,427		0.5	%	(6)(7)(12)(27)
Northstar Recycling, LLC	Revolver	SOFR + 4.65%, 9.0% Cash	12/24	12/30	—		(8)		—		—	%	(6)(7)(12)(27)
Subtotal Environmental Industries (3.0%)*					21,030		20,962		21,419
Healthcare & Pharmaceuticals
A.T. Holdings II LTD	First Lien Senior Secured Term Loan	6.7% Cash, 7.6% PIK	11/22	09/29	7,895		7,125		4,982		0.7	%	(3)(6)(28)
Amalfi Midco	Second Lien Senior Secured Term Loan	17.5% PIK	09/22	10/28	149		151		155		—	%	(3)(6)
Amalfi Midco	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28	3,063		2,708		2,910		0.4	%	(3)(6)
Astra Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	11/21	11/28	322		318		321		—	%	(3)(6)(7)(9)
Astra Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.5% Cash	11/21	11/28	1,956		1,971		1,952		0.3	%	(3)(6)(7)(16)(27)
Avance Clinical Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.7% Cash	11/21	11/27	1,325		1,476		1,325		0.2	%	(3)(6)(7)(18)(27)
Biolam Group	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 8.2% PIK	12/22	12/29	4,496		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	06/21	12/26	1,521		1,781		290		—	%	(3)(6)(7)(19)(25)
Canadian Orthodontic Partners Corp.	Super Senior Secured Term Loan	15.0% PIK	04/24	12/26	80		79		256		—	%	(3)(6)(27)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.9% Cash	10/21	10/28	2,952		3,006		2,929		0.4	%	(3)(6)(7)(10)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.4% Cash	10/21	10/28	2,567		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	05/24	05/29	1,995		1,940		1,952		0.3	%	(6)(7)(12)
Dune Group	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.6% Cash	09/21	09/28	196		191		151		—	%	(3)(6)(7)(10)(27)
Dune Group	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.3% Cash	09/21	09/28	3,483		3,453		3,306		0.5	%	(3)(6)(7)(12)
EB Development	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	11/24	11/31	1,901		1,783		1,834		0.3	%	(3)(6)(7)(9)(27)
Ellkay, LLC	First Lien Senior Secured Term Loan	SOFR + 7.50%, 10.0% Cash, 2.0% PIK	09/21	09/27	3,705		3,671		3,386		0.5	%	(6)(7)(12)
Faraday	First Lien Senior Secured Term Loan	EURIBOR + 6.10%, 8.5% Cash	01/23	01/29	1,645		1,621		1,633		0.2	%	(3)(6)(7)(9)
Finexvet	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.1% Cash	03/22	03/29	4,887		4,877		4,848		0.7	%	(3)(6)(7)(10)
Forest Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	03/24	03/30	6,107		6,026		6,107		0.9	%	(6)(7)(12)
Forest Buyer, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	03/24	03/30	—		(6)		—		—	%	(6)(7)(12)(27)
GCDL LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	08/24	08/27	538		529		529		0.1	%	(6)(7)(12)(27)
GCDL LLC	Revolver	SOFR + 6.00%, 10.3% Cash	08/24	08/27	—		(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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	$	294	$	296	$	294	—	%	(3)(6)(7)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	11/24	02/30	86		85		86		—	%	(3)(6)(7)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	03/25	06/30	—		—		—		—	%	(3)(6)(7)(27)
GPNZ II GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% PIK	06/22	06/29	465		446		24		—	%	(3)(6)(7)(8)(25)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.70%, 8.1% Cash	10/22	10/29	814		762		802		0.1	%	(3)(6)(7)(9)(27)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.95%, 8.4% Cash	10/22	10/29	166		163		166		—	%	(3)(6)(7)(9)(27)
HeartHealth Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.4% Cash	09/22	09/28	698		705		601		0.1	%	(3)(6)(7)(18)(27)
Heartland Veterinary Partners, LLC	Subordinated Term Loan	11.0% PIK	11/21	12/28	5,142		5,093		4,756		0.7	%	(6)
HemaSource, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	08/23	08/29	3,431		3,362		3,431		0.5	%	(6)(7)(11)
HemaSource, Inc.	Revolver	SOFR + 4.75%, 9.1% Cash	08/23	08/29	—		(17)		—		—	%	(6)(7)(11)(27)
Home Care Assistance, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	03/21	03/27	4,399		4,366		3,884		0.6	%	(6)(7)(13)
Hygie 31 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.88%, 8.2% Cash	09/22	09/29	292		255		290		—	%	(3)(6)(7)(10)
ISTO Technologies II, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/23	10/28	2,239		2,196		2,239		0.3	%	(6)(7)(12)
ISTO Technologies II, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/23	10/28	—		(4)		—		—	%	(6)(7)(12)(27)
Jon Bidco Limited	First Lien Senior Secured Term Loan	BKBM + 4.50%, 8.7% Cash	03/22	03/27	1,994		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	08/24	08/31	857		857		847		0.1	%	(3)(6)(7)(10)(27)
Keystone Bidco B.V.	Revolver	EURIBOR + 5.25%, 7.8% Cash	08/24	05/31	19		18		19		—	%	(3)(6)(7)(10)(27)
Lambir Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.6% Cash	12/21	12/28	3,888		3,942		3,664		0.5	%	(3)(6)(7)(10)(27)
Lambir Bidco Limited	Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	1,359		1,379		1,249		0.2	%	(3)(6)
Median B.V.	First Lien Senior Secured Term Loan	SONIA + 5.93%, 10.5% Cash	02/22	10/27	4,001		4,128		3,872		0.5	%	(3)(7)(15)
Moonlight Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.5% Cash	07/23	07/30	1,917		1,886		1,917		0.3	%	(3)(6)(7)(15)(27)
Napa Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.2% Cash	03/22	03/28	6,502		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	05/21	02/27	14,827		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	09/22	10/29	1,967		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	12/21	12/28	6,434		6,357		6,434		0.9	%	(6)(7)(11)
OA Buyer, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	12/21	12/28	—		(14)		—		—	%	(6)(7)(11)(27)
Ocular Therapeutix, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.1% Cash	08/23	07/29	1,965		1,918		2,425		0.3	%	(3)(6)(7)(11)
Oracle Vision Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.7% Cash	06/21	06/28	1,370		1,473		1,344		0.2	%	(3)(6)(7)(16)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.25%, 12.6% Cash	10/23	10/29	23		19		20		—	%	(6)(7)(11)(27)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.30%, 12.7% Cash	10/23	10/29	476		468		470		0.1	%	(6)(7)(11)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.8% Cash	06/22	07/29	2,427		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	06/22	07/29	1,149		1,097		1,124		0.2	%	(3)(6)(7)(22)(27)
SSCP Pegasus Midco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.6% Cash	12/20	11/27	1,816		1,778		1,816		0.3	%	(3)(6)(7)(15)(27)
SSCP Spring Bidco 3 Limited	First Lien Senior Secured Term Loan	SONIA + 6.45%, 11.2% Cash	11/23	08/30	989		936		972		0.1	%	(3)(6)(7)(16)
Union Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.59%, 9.3% Cash	06/22	06/29	962		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
United Therapy Holding III GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.2% Cash	04/22	03/29	$	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	03/23	03/30	2,047		1,968		2,047		0.3	%	(3)(6)(7)(9)(27)
VB Spine Intermediary II LLC	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.8% Cash	03/25	03/30	13,602		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 Limited	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK	07/22	07/29	989		938		913		0.1	%	(3)(6)(7)(10)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.8% Cash, 3.3% PIK	07/22	07/29	67		66		62		—	%	(3)(6)(7)(13)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.9% Cash, 2.8% PIK	07/22	07/29	886		799		803		0.1	%	(3)(6)(7)(16)(27)
Argus Bidco Limited	Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29	435		406		396		0.1	%	(3)(6)
CAi Software, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	12/21	12/28	4,681		4,628		4,681		0.7	%	(6)(7)(12)
CAi Software, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	12/21	12/28	354		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	10/22	10/29	1,006		912		1,006		0.1	%	(3)(6)(7)(9)
CW Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	01/21	01/27	7,779		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	02/25	02/32	4,360		4,276		4,274		0.6	%	(6)(7)(12)(27)
Discovery Buyer, L.P.	Revolver	SOFR + 5.00%, 9.3% Cash	02/25	02/32	—		(8)		(8)		—	%	(6)(7)(12)(27)
Dragon Bidco	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.9% Cash	04/21	04/28	4,753		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	07/21	07/29	11,215		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	05/24	05/29	3,528		3,467		3,465		0.5	%	(6)(7)(12)(27)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.4% PIK	12/22	12/29	1,164		998		556		0.1	%	(3)(6)(7)(10)(25)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% PIK	12/22	12/29	609		521		291		—	%	(3)(6)(7)(12)(25)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SONIA + 7.00%, 12.4% PIK	12/22	12/29	1,615		1,505		772		0.1	%	(3)(6)(7)(16)(25)
Eurofins Digital Testing International LUX Holding SARL	Senior Subordinated Term Loan	11.5% PIK	12/22	12/30	497		428		—		—	%	(3)(6)(25)
FSS Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/21	08/28	7,510		7,429		7,510		1.1	%	(6)(7)(11)
Graphpad Software, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	06/24	06/31	5,692		5,660		5,692		0.8	%	(6)(7)(12)(27)
Graphpad Software, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	06/24	06/31	—		(2)		—		—	%	(6)(7)(12)(27)
Haystack Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	01/25	01/28	2,888		2,844		2,843		0.4	%	(6)(7)(12)(27)
Haystack Holdings LLC	Revolver	SOFR + 4.75%, 9.0% Cash	01/25	01/28	—		(4)		(4)		—	%	(6)(7)(12)(27)
NAW Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	09/23	09/29	3,023		2,934		3,023		0.4	%	(6)(7)(12)(27)
NAW Buyer LLC	Revolver	SOFR + 5.50%, 9.8% Cash	09/23	09/29	—		(7)		—		—	%	(6)(7)(12)(27)
NeoxCo	First Lien Senior Secured Term Loan	EURIBOR + 6.35%, 8.9% Cash	01/23	01/30	2,583		2,527		2,583		0.4	%	(3)(6)(7)(10)
Next Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/23	11/30	2,232		2,220		2,208		0.3	%	(6)(7)(12)(27)
Next Holdco, LLC	Revolver	SOFR + 5.25%, 9.6% Cash	11/23	11/29	—		(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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
ORTEC INTERNATIONAL NEWCO B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	12/23	12/30	$	987	$	976	$	973	0.1	%	(3)(6)(7)(9)
OSP Hamilton Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/21	12/29	6,785		6,707		6,711		1.0	%	(6)(7)(12)
OSP Hamilton Purchaser, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	12/21	12/29	126		122		123		—	%	(6)(7)(12)(27)
PDQ.Com Corporation	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	08/21	08/27	12,486		12,366		12,361		1.8	%	(6)(7)(12)
PowerGEM Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24	11/29	2,776		2,776		2,752		0.4	%	(6)(7)(12)
ProfitOptics, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	643		636		643		0.1	%	(6)(7)(11)
ProfitOptics, LLC	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28	97		95		97		—	%	(6)(7)(11)(27)
ProfitOptics, LLC	Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	32		32		31		—	%	(6)
Pro-Vision Solutions Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	09/24	09/30	7,716		7,610		7,620		1.1	%	(6)(7)(11)
Pro-Vision Solutions Holdings, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	09/24	09/29	351		323		325		—	%	(6)(7)(11)(27)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	05/22	05/29	883		847		883		0.1	%	(3)(6)(7)(9)(27)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.3% Cash	05/22	05/29	1,411		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	11/24	11/31	7,128		7,041		7,049		1.0	%	(6)(7)(12)(27)
Saab Purchaser, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/24	11/31	—		(9)		(8)		—	%	(6)(7)(12)(27)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.2% Cash	05/22	05/29	3,924		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	08/23	05/29	508		508		508		0.1	%	(3)(6)(7)(12)
Scout Bidco B.V.	Revolver	EURIBOR + 5.75%, 8.2% Cash	05/22	05/29	—		(2)		(6)		—	%	(3)(6)(7)(9)(27)
Sinari Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	07/23	07/30	1,974		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	11/21	11/27	9,121		9,032		9,121		1.3	%	(6)(7)(13)
Smartling, Inc.	Revolver	SOFR + 4.50%, 8.9% Cash	11/21	11/27	—		(5)		—		—	%	(6)(7)(13)(27)
White Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	10/23	10/30	875		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 LTD	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.6% Cash	12/21	12/28	1,947		1,957		1,939		0.3	%	(3)(6)(7)(16)
Aquavista Watersides 2 LTD	Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.6% PIK	12/21	12/28	653		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, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	07/22	07/27	8,071		8,004		8,071		1.1	%	(6)(7)(11)
ASC Communications, LLC	Revolver	SOFR + 4.75%, 9.2% Cash	07/22	07/27	—		(5)		—		—	%	(6)(7)(11)(27)
Superjet Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	12/21	12/27	15,992		15,827		15,765		2.2	%	(6)(7)(12)
Superjet Buyer, LLC	Revolver	SOFR + 5.50%, 10.1% Cash	12/21	12/27	—		(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	08/20	08/26	5,031		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	06/24	03/29	3,584		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Media: Diversified & Production
BrightSign LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	10/21	10/27	$	3,755	$	3,739	$	3,755	0.5	%	(6)(7)(11)
BrightSign LLC	Revolver	SOFR + 5.50%, 9.9% Cash	10/21	10/27	584		581		584		0.1	%	(6)(7)(11)(27)
Footco 40 Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.2% Cash	04/22	04/29	227		223		226		—	%	(3)(6)(7)(9)
Footco 40 Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 10.9% Cash	04/22	04/29	1,648		1,638		1,639		0.2	%	(3)(6)(7)(15)(27)
Learfield Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/24	06/28	3,886		3,873		3,884		0.6	%	(7)(11)
Murphy Midco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.2% Cash	11/20	11/27	1,893		1,866		1,834		0.3	%	(3)(6)(7)(16)
Rock Labor LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	09/23	09/29	3,694		3,604		3,646		0.5	%	(6)(7)(11)
Rock Labor LLC	Revolver	SOFR + 5.50%, 9.8% Cash	09/23	09/29	—		(14)		(8)		—	%	(6)(7)(12)(27)
Solo Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/22	12/29	13,293		13,043		13,279		1.9	%	(6)(7)(12)
Solo Buyer, L.P.	Revolver	SOFR + 6.25%, 10.6% Cash	12/22	12/28	519		500		517		0.1	%	(6)(7)(12)(27)
Vital Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.0% Cash	06/21	06/30	11,903		11,781		11,784		1.7	%	(6)(7)(12)
Subtotal Media: Diversified & Production (5.8%)*					41,402		40,834		41,140
Services: Business
Accelevation LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	01/25	01/31	1,789		1,753		1,752		0.2	%	(6)(7)(11)(27)
Accelevation LLC	Revolver	SOFR + 5.00%, 9.3% Cash	01/25	01/31	70		62		62		—	%	(6)(7)(11)(27)
Acclime Holdings HK Limited	First Lien Senior Secured Term Loan	SOFR + 6.38%, 10.7% Cash	08/21	08/27	1,941		1,917		1,917		0.3	%	(3)(6)(7)(13)
Acogroup	First Lien Senior Secured Term Loan	4.0% Cash, EURIBOR + 2.9% PIK, 6.4% PIK	03/22	04/28	3,080		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	03/24	03/30	3,358		3,260		3,358		0.5	%	(6)(7)(12)(27)
AD Bidco, Inc.	Revolver	SOFR + 5.25%, 9.5% Cash	03/24	03/30	—		(9)		—		—	%	(6)(7)(12)(27)
Adhefin International	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.1% Cash	05/23	05/30	1,790		1,779		1,784		0.3	%	(3)(6)(7)(9)(27)
Adhefin International	Subordinated Term Loan	EURIBOR + 10.5% PIK, 14.4% PIK	05/23	11/30	345		344		345		—	%	(3)(6)(7)(9)
AlliA Insurance Brokers NV	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.4% Cash	03/23	03/30	4,797		4,650		4,797		0.7	%	(3)(6)(7)(9)(27)
Artemis Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.5% Cash	11/24	11/31	296		262		270		—	%	(3)(6)(7)(9)(27)
Azalea Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	11/21	11/27	3,182		3,151		3,182		0.5	%	(6)(7)(11)
Azalea Buyer, Inc.	Revolver	SOFR + 5.25%, 9.7% Cash	11/21	11/27	—		(3)		—		—	%	(6)(7)(11)(27)
Azalea Buyer, Inc.	Subordinated Term Loan	12.0% PIK	11/21	05/28	1,246		1,236		1,246		0.2	%	(6)
Basin Innovation Group, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	12/30	1,945		1,913		1,915		0.3	%	(6)(7)(12)(27)
Basin Innovation Group, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	12/24	12/30	—		(4)		(3)		—	%	(6)(7)(12)(27)
BNI Global, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.8% Cash	02/24	05/27	2,454		2,422		2,435		0.3	%	(6)(7)(8)
Bounteous, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	08/21	08/27	7,934		7,866		7,902		1.1	%	(6)(7)(11)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.4% Cash, 0.3% PIK	10/21	10/28	1,657		1,751		1,630		0.2	%	(3)(6)(7)(9)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.4% Cash	10/21	10/28	372		352		366		0.1	%	(3)(6)(7)(9)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.0% Cash	10/21	10/28	101		98		100		—	%	(3)(6)(7)(9)
British Engineering Services Holdco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.7% Cash	12/20	12/27	2,418		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Caldwell & Gregory LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	09/24	09/30	$	11,605	$	11,434	$	11,437	1.6	%	(6)(7)(12)(27)
Caldwell & Gregory LLC	Revolver	SOFR + 4.75%, 9.0% Cash	09/24	09/30	—		(19)		(19)		—	%	(6)(7)(12)(27)
CGI Parent, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	02/22	02/28	6,140		6,062		6,079		0.9	%	(6)(7)(12)
CGI Parent, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	02/22	02/28	551		534		534		0.1	%	(6)(7)(12)(27)
Comply365, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	04/22	12/29	6,594		6,520		6,442		0.9	%	(6)(7)(12)
Comply365, LLC	Revolver	SOFR + 5.00%, 9.4% Cash	04/22	12/29	—		(6)		(13)		—	%	(6)(7)(12)(27)
Coyo Uprising GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.3% Cash, 0.3% PIK	09/21	09/28	11,212		11,811		10,891		1.5	%	(3)(6)(7)(10)(27)
DataServ Integrations, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	11/22	11/28	1,871		1,843		1,871		0.3	%	(6)(7)(13)
DataServ Integrations, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	11/22	11/28	—		(6)		—		—	%	(6)(7)(13)(27)
DISA Holdings Corp.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	09/28	4,622		4,533		4,622		0.7	%	(6)(7)(12)
DISA Holdings Corp.	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	09/28	57		52		57		—	%	(6)(7)(12)(27)
Dunlipharder B.V.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	06/22	06/28	1,000		991		999		0.1	%	(3)(6)(7)(12)
EFC International	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	720		704		714		0.1	%	(6)
Electric Equipment & Engineering Co.	First Lien Senior Secured Term Loan	10.5% Cash, 3.0% PIK	12/24	12/30	316		310		310		—	%	(6)
Events Software BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 6.50%, 11.0% Cash	03/22	03/28	1,580		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	03/25	03/32	985		966		965		0.1	%	(6)(7)(12)(27)
Expert Institute Group Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	03/25	03/32	—		(5)		(5)		—	%	(6)(7)(12)(27)
Greenhill II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.35%, 8.1% Cash	07/22	07/29	1,006		936		1,006		0.1	%	(3)(6)(7)(9)
HEKA Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	10/22	10/29	5,060		4,501		5,060		0.7	%	(3)(6)(7)(9)(27)
HS Advisory Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	03/25	03/30	453		419		419		0.1	%	(6)(7)(12)(27)
HS Advisory Buyer LLC	Revolver	SOFR + 4.75%, 9.0% Cash	03/25	03/30	—		(3)		(3)		—	%	(6)(7)(12)(27)
HSL Compliance	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.7% Cash	03/25	03/32	515		492		492		0.1	%	(3)(6)(7)(12)(27)
Hydratech Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	09/24	12/29	5,414		5,347		5,348		0.8	%	(6)(7)(12)(27)
Hydratech Holdings, Inc.	Revolver	SOFR + 5.25%, 9.6% Cash	09/24	12/29	503		494		494		0.1	%	(6)(7)(12)(27)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 7.2% Cash	11/21	11/28	2,627		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	08/22	08/29	1,687		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	10/22	10/29	5,391		4,841		5,359		0.8	%	(3)(6)(7)(9)
JF Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	05/21	12/29	3,514		3,489		3,514		0.5	%	(6)(7)(12)
Jones Fish Hatcheries & Distributors LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	02/22	02/28	3,481		3,437		3,481		0.5	%	(6)(7)(13)
Jones Fish Hatcheries & Distributors LLC	Revolver	SOFR + 5.50%, 9.8% Cash	02/22	02/28	251		247		251		—	%	(6)(7)(13)(27)
LeadsOnline, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	02/22	02/28	10,680		10,581		10,669		1.5	%	(6)(7)(12)
LeadsOnline, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	02/22	02/28	—		(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	04/22	09/27	5,338		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
MB Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	01/24	01/30	$	869	$	851	$	864	0.1	%	(6)(7)(12)(27)
MB Purchaser, LLC	Revolver	SOFR + 4.75%, 9.1% Cash	01/24	01/30	—		(2)		(1)		—	%	(6)(7)(12)(27)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	07/21	06/27	4,312		4,271		4,257		0.6	%	(6)(7)(12)(27)
NF Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	03/23	03/29	4,178		4,085		4,178		0.6	%	(6)(7)(12)
NF Holdco, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	03/23	03/29	184		169		184		—	%	(6)(7)(12)(27)
Origin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	06/21	06/28	320		355		314		—	%	(3)(6)(7)(9)
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	06/21	06/28	533		526		524		0.1	%	(3)(6)(7)(12)
Qualified Industries, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	03/23	03/29	2,612		2,564		2,571		0.4	%	(6)(7)(13)
Qualified Industries, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	03/23	03/29	—		(5)		(4)		—	%	(6)(7)(13)(27)
Recovery Point Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	08/20	07/26	4,892		4,866		4,892		0.7	%	(6)(7)(12)
ROI Solutions LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/24	10/29	11,319		11,106		11,123		1.6	%	(6)(7)(13)(27)
ROI Solutions LLC	Revolver	SOFR + 5.00%, 9.3% Cash	10/24	10/29	—		(31)		(28)		—	%	(6)(7)(13)(27)
Royal Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	08/22	08/28	6,492		6,411		6,492		0.9	%	(6)(7)(12)
Royal Buyer, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	08/22	08/28	—		(11)		—		—	%	(6)(7)(12)(27)
RPX Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	08/24	08/30	8,947		8,824		8,842		1.3	%	(6)(7)(11)
RPX Corporation	Revolver	SOFR + 5.25%, 9.6% Cash	08/24	08/30	—		(13)		(12)		—	%	(6)(7)(11)(27)
Sansidor BV	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.6% Cash	09/24	09/31	710		715		691		0.1	%	(3)(6)(7)(9)(27)
SBP Holdings LP	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	03/23	03/28	6,834		6,680		6,812		1.0	%	(6)(7)(11)
SBP Holdings LP	Revolver	SOFR + 5.00%, 9.3% Cash	03/23	03/28	—		(12)		(2)		—	%	(6)(7)(11)(27)
Scaled Agile, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	12/21	12/28	1,779		1,762		1,541		0.2	%	(6)(7)(12)
Scaled Agile, Inc.	Revolver	SOFR + 5.50%, 9.9% Cash	12/21	12/28	336		333		291		—	%	(6)(7)(12)
SmartShift Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	09/23	09/29	8,608		8,480		8,608		1.2	%	(6)(7)(13)
SmartShift Group, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	09/23	09/29	—		(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	11/22	03/27	2,062		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	11/22	03/27	78		77		77		—	%	(6)(7)(12)(27)
Starnmeer B.V.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	10/21	04/27	4,640		4,610		4,640		0.7	%	(3)(6)(7)(13)
TA SL Cayman Aggregator Corp.	Subordinated Term Loan	7.8% PIK	07/21	07/28	1,376		1,367		1,376		0.2	%	(6)
Tanqueray Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	11/22	11/29	1,751		1,522		1,693		0.2	%	(3)(6)(7)(15)(27)
Technology Service Stream BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.5% Cash	06/24	07/30	703		726		674		0.1	%	(3)(6)(7)(18)(27)
Techone B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.8% Cash	11/21	11/28	2,941		3,008		2,941		0.4	%	(3)(6)(7)(9)
Techone B.V.	Revolver	EURIBOR + 5.40%, 7.8% Cash	11/21	05/28	—		(7)		—		—	%	(3)(6)(7)(9)(27)
Trintech, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	07/23	07/29	4,585		4,476		4,530		0.6	%	(6)(7)(11)
Trintech, Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	07/23	07/29	102		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	09/27	$	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	12/22	12/28	960		948		951		0.1	%	(6)(7)(12)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	12/29	144		141		141		—	%	(6)(7)(12)(27)
TSYL Corporate Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	12/22	12/28	—		(1)		(1)		—	%	(6)(7)(12)(27)
Turnberry Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	07/21	09/26	7,756		7,709		7,756		1.1	%	(6)(7)(11)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	07/24	12/30	559		556		559		0.1	%	(3)(6)(7)(12)(27)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 7.6% Cash	12/23	12/30	1,595		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	11/24	11/31	6,623		6,506		6,623		0.9	%	(6)(7)(12)(27)
UHY Advisors, Inc.	Revolver	SOFR + 4.75%, 9.0% Cash	11/24	11/31	390		374		390		0.1	%	(6)(7)(12)(27)
Utac Ceram	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 6.9% Cash, 2.4% PIK	09/20	09/27	770		845		730		0.1	%	(3)(6)(7)(9)
Utac Ceram	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash, 2.4% PIK	02/21	09/27	370		370		351		—	%	(3)(6)(7)(12)
W2O Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	10/20	06/28	4,872		4,858		4,848		0.7	%	(6)(11)
World 50, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	03/24	03/30	4,709		4,627		4,709		0.7	%	(6)(7)(12)
World 50, Inc.	Revolver	SOFR + 5.75%, 10.0% Cash	03/24	03/30	—		(4)		—		—	%	(6)(7)(12)(27)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.4% Cash	05/22	05/29	231		233		227		—	%	(3)(6)(7)(10)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.2% Cash	05/22	05/29	8,064		7,718		7,951		1.1	%	(3)(6)(7)(16)
Xeinadin Bidco Limited	Subordinated Term Loan	11.0% PIK	05/22	05/29	2,955		2,810		2,851		0.4	%	(3)(6)
Zeppelin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.5% PIK	03/22	03/29	3,123		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 Education	First Lien Senior Secured Term Loan	EURIBOR + 5.65%, 8.0% Cash	07/22	07/29	3,994		3,716		3,982		0.6	%	(3)(6)(7)(9)(27)
Archimede	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.9% Cash	10/20	10/27	7,777		7,936		7,373		1.0	%	(3)(6)(7)(9)
Bariacum S.A	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 7.3% Cash	11/21	11/28	2,484		2,541		2,430		0.3	%	(3)(6)(7)(10)
Cascade Residential Services LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	10/23	10/29	2,000		1,955		1,885		0.3	%	(6)(7)(12)(27)
Cascade Residential Services LLC	Revolver	SOFR + 6.00%, 10.3% Cash	10/23	10/29	157		154		149		—	%	(6)(7)(12)(27)
Express Wash Acquisition Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.1% Cash	07/22	07/28	4,258		4,207		4,173		0.6	%	(6)(7)(12)
Express Wash Acquisition Company, LLC	Revolver	SOFR + 6.50%, 11.1% Cash	07/22	07/28	94		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	10/24	02/30	12,422		12,392		12,422		1.8	%	(6)(7)(12)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BBSY + 4.91%, 9.2% Cash	07/22	07/27	1,680		1,838		1,680		0.2	%	(3)(6)(7)(18)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BKBM + 4.91%, 8.9% Cash	07/22	07/27	2,696		2,933		2,696		0.4	%	(3)(6)(7)(20)(27)
HomeX Services Group LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	11/23	11/29	598		584		598		0.1	%	(6)(7)(12)(27)
HomeX Services Group LLC	Revolver	SOFR + 4.50%, 8.8% Cash	11/23	11/29	—		(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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
InvoCare Limited	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	11/23	11/29	$	807	$	826	$	792	0.1	%	(3)(6)(7)(18)(27)
Kid Distro Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	10/21	10/29	18,479		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	12/21	12/28	2,653		2,415		(24)		—	%	(3)(6)(7)(10)(25) (27)
Marmoutier Holding B.V.	Revolver	EURIBOR + 5.75%, 6.7% PIK	12/21	06/27	116		104		(13)		—	%	(3)(6)(7)(10)(25) (27)
Marmoutier Holding B.V.	Super Senior Secured Term Loan	6.0% PIK	03/24	04/25	195		195		195		—	%	(3)(6)(7)(25)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	12/20	12/26	11,545		11,461		11,430		1.6	%	(6)(7)(12)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 3.75%, 7.8% Cash	09/21	09/26	2,634		3,022		2,613		0.4	%	(3)(6)(7)(17)
Selenium Designated Activity Company	First Lien Senior Secured Term Loan	EURIBOR + 5.13%, 7.5% Cash	03/25	03/30	1,030		1,009		1,010		0.1	%	(3)(6)(7)(10)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash	05/22	05/29	968		927		943		0.1	%	(3)(6)(7)(8)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.1% Cash	05/22	05/29	1,590		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 Trust	Structured Secured Note - Class B	9.0% Cash	09/20	10/25	790		790		798		0.1	%
British Airways 2020-1 Class B Pass Through Trust	First Lien Senior Secured Bond	8.4% Cash	11/20	11/28	462		462		481		0.1	%
Flexential Issuer, LLC	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	10,000		9,307		9,913		1.4	%
JetBlue 2019-1 Class B Pass Through Trust	Structured Secured Note - Class B	8.0% Cash	08/20	11/27	998		998		996		0.1	%
Perimeter Master Note Business Trust	Structured Secured Note - Class A	4.7% Cash	05/22	04/27	137		137		135		—	%	(3)(6)
Perimeter Master Note Business Trust	Structured Secured Note - Class B	5.4% Cash	05/22	04/27	137		137		136		—	%	(3)(6)
Perimeter Master Note Business Trust	Structured Secured Note - Class C	5.9% Cash	05/22	04/27	137		137		136		—	%	(3)(6)
Perimeter Master Note Business Trust	Structured Secured Note - Class D	8.5% Cash	05/22	04/27	137		137		137		—	%	(3)(6)
Perimeter Master Note Business Trust	Structured Secured Note - Class E	11.4% Cash	05/22	04/27	6,986		6,986		6,978		1.0	%	(3)(6)
Vista Global Holding Ltd	Structured Secured Note - Class C	9.5% Cash	12/24	08/31	500		500		499		0.1	%	(3)(6)
VistaJet Pass Through Trust 2021-1B	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	5,714		5,714		5,623		0.8	%	(6)
Willis Engine Structured Trust VI	Structured Secured Note - Series 2021-1 Class C	7.4% Cash	05/21	05/46	1,373		1,373		1,358		0.2	%	(6)
Subtotal Structured Product (3.9%)*					27,371		26,678		27,190
Telecommunications
CSL DualCom	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.2% Cash	09/20	09/27	2,341		2,163		2,341		0.3	%	(3)(6)(7)(14)
Mercell Holding AS	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.0% Cash	08/22	08/29	1,491		1,576		1,486		0.2	%	(3)(6)(7)(23)(27)
Permaconn BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.4% Cash	12/21	07/29	4,488		4,767		4,488		0.6	%	(3)(6)(7)(18)
UKFast Leaders Limited	First Lien Senior Secured Term Loan	SONIA + 7.25%, 11.8% Cash	09/20	09/27	1,107		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	11/21	11/29	7,605		7,516		7,605		1.1	%	(6)(7)(11)
eShipping, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/21	11/27	6,359		6,298		6,359		0.9	%	(6)(7)(11)
eShipping, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	11/21	11/27	—		(10)		—		—	%	(6)(7)(11)(27)
FitzMark Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/20	12/26	2,397		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
FragilePak LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	05/21	05/27	$	7,274	$	7,193	$	7,274	1.0	%	(6)(7)(12)
Honour Lane Logistics Holdings Limited	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	04/22	11/28	7,083		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	12/21	12/27	799		791		799		0.1	%	(6)(7)(12)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/21	12/27	5,554		5,450		5,554		0.8	%	(6)(7)(12)
ITI Intermodal, Inc.	Revolver	SOFR + 6.00%, 10.4% Cash	12/21	12/27	116		106		116		—	%	(6)(7)(12)(27)
R1 Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.5% Cash	12/22	12/28	5,498		5,370		5,454		0.8	%	(6)(7)(13)
R1 Holdings, LLC	Revolver	SOFR + 6.25%, 10.5% Cash	12/22	12/28	409		384		400		0.1	%	(6)(7)(13)(27)
REP SEKO MERGER SUB LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% Cash	11/24	11/29	1,059		1,039		1,059		0.2	%	(6)(7)(12)
REP SEKO MERGER SUB LLC	First Out Term Loan	SOFR + 8.00%, 12.3% Cash	11/24	11/29	2,428		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 LLC	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	3,405		3,159		3,351		0.5	%	(6)
Spatial Business Systems LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/22	10/28	6,691		6,588		6,691		0.9	%	(6)(7)(12)
Spatial Business Systems LLC	Revolver	SOFR + 5.00%, 9.3% Cash	10/22	10/28	—		(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)	Interest	Acq. Date	Maturity Date	Units/Shares		Cost		Fair Value		% of Net Assets *		Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace Corporation	Common Stock		04/22		175,049.3		$	175	$	—	—	%	(6)(26)
Compass Precision, LLC	LLC Units		04/22		46,085.6		125		257		—	%	(6)(26)
GB Eagle Buyer, Inc.	Partnership Units		12/22		515		515		1,064		0.2	%	(6)
Megawatt Acquisitionco, Inc.	Common Stock		03/24		102		10		—		—	%	(6)(26)
Megawatt Acquisitionco, Inc.	Preferred Stock		03/24		921		92		46		—	%	(6)(26)
Narda Acquisitionco., Inc.	Class A Preferred Stock		12/21		2,392.9		239		307		—	%	(6)(26)
Narda Acquisitionco., Inc.	Class B Common Stock		12/21		265.9		27		353		0.1	%	(6)(26)
Whitcraft Holdings, Inc.	LP Units		02/23		31,543.6		315		485		0.1	%	(6)(26)
Subtotal Aerospace & Defense (0.4%)*							1,498		2,512
Automotive
Burgess Point Purchaser Corporation	LP Units		07/22		227		227		225		—	%	(6)(26)
Randys Holdings, Inc.	Common Stock		11/22		4,000		400		503		0.1	%	(6)(26)
SPATCO Energy Solutions, LLC	Common Stock		07/24		137,115		137		137		—	%	(6)(26)
SVI International LLC	LLC Units		03/24		207,921		208		283		—	%	(6)
Subtotal Automotive (0.2%)*							972		1,148
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings	Class A Convertible Preferred Equity		01/22		2,508.8		2,500		3,236		0.5	%	(6)(26)
Accelerant Holdings	Class B Convertible Preferred Equity		12/22		1,656.1		1,666		2,374		0.3	%	(6)(26)
Accelerant Holdings	Preferred Stock		12/24		1,060.8		1,960		2,072		0.3	%	(6)(26)
Flywheel Re Segregated Portfolio 2022-4	Preferred Stock		08/22		1,885,524.1		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)	Interest	Acq. Date	Maturity Date	Units/Shares	Cost		Fair Value		% of Net Assets *		Notes
ICREDITWORKS LLC	Preferred Stock	10.0% Cash	03/25		17,838.8	$	3,063	$	3,063	0.4	%	(6)
ICREDITWORKS LLC	Warrants		03/25		7,107.7	—		—		—	%	(6)(26)
Policy Services Company, LLC	Warrants - Class A		12/21		1.0710	—		503		0.1	%	(6)(26)
Policy Services Company, LLC	Warrants - Class B		12/21		0.3614	—		170		—	%	(6)(26)
Policy Services Company, LLC	Warrants - Class CC		12/21		0.0372	—		—		—	%	(6)(26)
Policy Services Company, LLC	Warrants - Class D		12/21		0.1035	—		49		—	%	(6)(26)
Shelf Bidco Ltd	Common Stock		12/22		600,000	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., LLC	Common Stock		02/24		21,031	—		800		0.1	%	(6)(26)
Woodland Foods, LLC	Common Stock		12/21		777.3	777		727		0.1	%	(6)(26)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	04/24		170.1	209		209		—	%	(6)(7)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	03/25		39.6	52		52		—	%	(6)
ZB Holdco LLC	LLC Units		02/22		76.3	76		111		—	%	(6)(26)
Subtotal Beverage, Food, & Tobacco (0.3%)*						1,114		1,899
Capital Equipment
DAWGS Intermediate Holdings Co.	LLC Units		03/25		94	94		94		—	%	(6)(26)
Polara Enterprises, L.L.C.	Partnership Units		12/21		3,704.3	370		746		0.1	%	(6)
Process Insights Acquisition, Inc.	Common Stock		07/23		188	188		132		—	%	(6)(26)
Rapid Buyer LLC	LLC Units		10/24		318	318		320		—	%	(6)(26)
TAPCO Buyer LLC	LLC Units		11/24		50	50		52		—	%	(6)(26)
Subtotal Capital Equipment (0.2%)*						1,020		1,344
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	Common Stock		04/23		88,110	88		120		—	%	(6)(26)
Aptus 1829. GmbH	Common Stock		09/21		32	8		—		—	%	(3)(6)(26)
Aptus 1829. GmbH	Preferred Stock		09/21		9	79		34		—	%	(3)(6)(26)
Subtotal Chemicals, Plastics, & Rubber (—%)*						175		154
Construction & Building
BKF Buyer, Inc.	Common Stock		08/24		423,846	424		449		0.1	%	(6)(26)
MNS Buyer, Inc.	Partnership Units		08/21		76,923	77		108		—	%	(6)(26)
Ocelot Holdco LLC	Common Stock		10/23		32.7	—		158		—	%	(6)(26)
Ocelot Holdco LLC	Preferred Stock	15.0% PIK	10/23		42.7	350		519		0.1	%	(6)
Subtotal Construction & Building (0.2%)*						851		1,234
Consumer goods: Durable
DecksDirect, LLC	Class A Units		04/24		1,016.1	47		—		—	%	(6)(26)
DecksDirect, LLC	Common Stock		12/21		1,280.8	55		—		—	%	(6)
DecksDirect, LLC	Preferred Stock	13.0% PIK	03/25		9.5	10		—		—	%	(6)
Renovation Parent Holdings, LLC	Partnership Equity		11/21		404,787.3	405		190		—	%	(6)(26)
Serta Simmons Bedding LLC	Common Stock		06/23		59,747	893		496		0.1	%	(26)
Team Air Distributing, LLC	Partnership Equity		05/23		516,640.2	523		573		0.1	%	(6)(26)
Terrybear, Inc.	Partnership Equity		04/22		24,358.97	239		79		—	%	(6)(26)
Subtotal Consumer goods: Durable (0.2%)*						2,172		1,338
Consumer goods: Non-durable
CCFF Buyer, LLC	LLC Units		02/24		135	135		138		—	%	(6)
Ice House America, L.L.C.	LLC Units		01/24		1,415.9	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)	Interest	Acq. Date	Maturity Date	Units/Shares	Cost		Fair Value		% of Net Assets *		Notes
Safety Products Holdings, LLC	Preferred Stock		12/20		86.3	$	87	$	120	—	%	(6)(26)
Subtotal Consumer goods: Non-durable (0.1%)*						367		398
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC	LLC Units		06/24		2,769	277		381		0.1	%	(6)
Five Star Holding LLC	LLC Units		05/22		504.5	504		294		—	%	(6)(26)
Subtotal Containers, Packaging, & Glass (0.1%)*						781		675
Energy: Oil & Gas
Ferrellgas L.P.	Opco Preferred Units		03/21		2,886	2,799		2,799		0.4	%	(6)
Subtotal Energy: Oil & Gas (0.4%)*						2,799		2,799
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Preferred Stock- Series C	7.0% PIK	07/22		7,309	8,362		7,437		1.1	%	(6)
Subtotal Environmental Industries (1.1%)*						8,362		7,437
Healthcare & Pharmaceuticals
Amalfi Midco	Class B Common Stock		09/22		49,453,293	557		1,277		0.2	%	(3)(6)(26)
Amalfi Midco	Warrants		09/22		190,193	2		538		0.1	%	(3)(6)(26)
Canadian Orthodontic Partners Corp.	Class A Equity		05/22		500,000	389		—		—	%	(3)(6)(26)
Canadian Orthodontic Partners Corp.	Class C - Warrants		05/22		74,712.64	—		—		—	%	(3)(6)(26)
Canadian Orthodontic Partners Corp.	Class X Equity		05/22		45,604	35		—		—	%	(3)(6)(26)
Canadian Orthodontic Partners Corp.	Common Stock		06/21		13.8	—		—		—	%	(3)(6)(26)
Forest Buyer, LLC	Class A LLC Units		03/24		121.7	122		132		—	%	(6)
Forest Buyer, LLC	Class B LLC Units		03/24		121.7	—		136		—	%	(6)(26)
GCDL LLC	Common Stock		08/24		243,243.24	243		314		—	%	(6)(26)
GPNZ II GmbH	Common Stock		10/23		5,785	—		—		—	%	(3)(6)(26)
HemaSource, Inc.	Common Stock		08/23		50,540	51		64		—	%	(6)(26)
Moonlight Bidco Limited	Common Stock		07/23		10,590	138		198		—	%	(3)(6)(26)
OA Buyer, Inc.	Partnership Units		12/21		210,920.11	211		827		0.1	%	(6)
Parkview Dental Holdings LLC	LLC Units		10/23		23,810	238		170		—	%	(6)(26)
Parkview Dental Holdings LLC	Preferred Stock	10.0% PIK	01/25		983.3	10		29		—	%	(6)
Subtotal Healthcare & Pharmaceuticals (0.5%)*						1,996		3,685
High Tech Industries
Argus Bidco Limited	Common Stock		07/22		232	—		—		—	%	(3)(6)(26)
Argus Bidco Limited	Equity Loan Notes	10.0% PIK	07/22		20,780	32		16		—	%	(3)(6)
Argus Bidco Limited	Preferred Stock	10.0% PIK	07/22		20,780	32		16		—	%	(3)(6)
CW Group Holdings, LLC	LLC Units		01/21		403,441	403		1,069		0.2	%	(6)
FinThrive Software Intermediate Holdings Inc.	Preferred Stock	11.0% PIK	03/22		3,188.5	4,761		2,879		0.4	%	(6)
FSS Buyer LLC	LP Interest		08/21		1,973.6	20		29		—	%	(6)
FSS Buyer LLC	LP Units		08/21		8,677.3	87		126		—	%	(6)(26)
NAW Buyer LLC	LLC Units		09/23		94,502	95		109		—	%	(6)
OSP Hamilton Purchaser, LLC	LP Units		07/22		138,399	138		155		—	%	(6)
PDQ.Com Corporation	Class A-2 Partnership Units		08/21		86.4	42		77		—	%	(6)(26)
ProfitOptics, LLC	LLC Units		03/22		96,774.2	65		127		—	%	(6)(26)
Pro-Vision Solutions Holdings, LLC	LLC Units		09/24		2,341.7	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)	Interest	Acq. Date	Maturity Date	Units/Shares	Cost		Fair Value		% of Net Assets *		Notes
Media: Advertising, Printing & Publishing
Advantage Software Company (The), LLC	Class A1 Partnership Units		12/21		3,012.9	$	97	$	201	—	%	(6)(26)
Advantage Software Company (The), LLC	Class A2 Partnership Units		12/21		777.1	25		52		—	%	(6)(26)
Advantage Software Company (The), LLC	Class B1 Partnership Units		12/21		3,012.9	3		—		—	%	(6)(26)
Advantage Software Company (The), LLC	Class B2 Partnership Units		12/21		777.1	1		—		—	%	(6)(26)
ASC Communications, LLC	Class A Units		07/22		15,545.8	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		04/22		409,153.1	409		1,317		0.2	%	(6)(26)
Subtotal Media: Broadcasting & Subscription (0.2%)*						409		1,317
Media: Diversified & Production
BrightSign LLC	LLC units		10/21		596,181.5	596		674		0.1	%	(6)
Learfield Communications, LLC	Common Stock		08/20		39,268	1,163		2,984		0.4	%	(26)
Rock Labor LLC	LLC Units		09/23		132,475	709		681		0.1	%	(6)
Solo Buyer, L.P.	Common Equity		12/22		309,839	310		239		—	%	(6)(26)
Vital Buyer, LLC	Partnership Units		06/21		16,442.9	164		309		—	%	(6)
Subtotal Media: Diversified & Production (0.7%)*						2,942		4,887
Services: Business
Azalea Buyer, Inc.	Common Stock		11/21		128,205.1	128		201		—	%	(6)(26)
CGI Parent, LLC	Preferred Stock		02/22		656.9	722		1,909		0.3	%	(6)(26)
Coyo Uprising GmbH	Class A Units		09/21		531	248		262		—	%	(3)(6)(26)
Coyo Uprising GmbH	Class B Units		09/21		231	538		498		0.1	%	(3)(6)(26)
DataServ Integrations, LLC	Preferred Units		11/22		96,153.9	96		117		—	%	(6)(26)
EFC International	Common Stock		03/23		145.5	205		282		—	%	(6)(26)
Electric Equipment & Engineering Co.	LLC Units		12/24		187,500	188		195		—	%	(6)(26)
Jones Fish Hatcheries & Distributors LLC	LLC Units		02/22		1,017.9	107		421		0.1	%	(6)
LeadsOnline, LLC	LLC Units		02/22		61,304.4	63		158		—	%	(6)
MB Purchaser, LLC	LLC Units		01/24		22	23		26		—	%	(6)(26)
MC Group Ventures Corporation	Partnership Units		06/21		373.3	373		340		—	%	(6)(26)
NF Holdco, LLC	LLC Units		03/23		426,340	439		298		—	%	(6)(26)
Qualified Industries, LLC	Common Stock		03/23		303,030	3		73		—	%	(6)(26)
Qualified Industries, LLC	Preferred Stock		03/23		148	144		180		—	%	(6)(26)
Recovery Point Systems, Inc.	Partnership Equity		03/21		81,313	81		36		—	%	(6)(26)
SmartShift Group, Inc.	Common Stock		09/23		183	183		346		—	%	(6)(26)
TA SL Cayman Aggregator Corp.	Common Stock		07/21		736	23		39		—	%	(6)(26)
TSYL Corporate Buyer, Inc.	Partnership Units		12/22		4,673	5		25		—	%	(6)
Xeinadin Bidco Limited	Common Stock		05/22		18,266,390	226		236		—	%	(3)(6)(26)
Subtotal Services: Business (0.8%)*						3,795		5,642
Services: Consumer
Kid Distro Holdings, LLC	LLC Units		10/21		850,236.1	851		1,046		0.1	%	(6)(26)
Subtotal Services: Consumer (0.1%)*						851		1,046
Telecommunications
Mercell Holding AS	Class A Units		08/22		57.2	56		69		—	%	(3)(6)(26)
Mercell Holding AS	Class B Units		08/22		14,471.9	—		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)	Interest	Acq. Date	Maturity Date	Units/Shares		Cost		Fair Value		% of Net Assets *		Notes
Syniverse Holdings, Inc.	Series A Preferred Equity	12.5% PIK	05/22		7,575,758		$	10,167	$	10,379	1.5	%	(6)
Subtotal Telecommunications (1.5%)*							10,223		10,461
Transportation: Cargo
AIT Worldwide Logistics Holdings, Inc.	Partnership Units		04/21		161.6		162		272		—	%	(6)(26)
Echo Global Logistics, Inc.	Partnership Equity		11/21		289.2		289		204		—	%	(6)(26)
FragilePak LLC	Partnership Units		05/21		889.3		889		645		0.1	%	(6)(26)
ITI Intermodal, Inc.	Common Stock		01/22		3,750.4		375		489		0.1	%	(6)(26)
REP SEKO MERGER SUB LLC	Common Stock		11/24		1,159		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 Rights		05/24				1,772		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Affiliate Investments:(4)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLC	First Lien Senior Secured Term Loan	12.0% PIK	11/24	11/31	$	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, LLC	Revolver	SOFR + 6.50%, 10.9% Cash	07/21	07/28	5,570		5,537		5,570		0.8	%	(6)(11)(27)
Eclipse Business Capital, LLC	Second Lien Senior Secured Term Loan	7.5% Cash	07/21	07/28	2,246		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, LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% Cash	12/23	12/28	3,088		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, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31	8,310		7,857		7,900		1.1	%	(6)
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31	3,831		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)	Interest	Acq. Date	Maturity Date	Units/Shares		Cost		Fair Value		% of Net Assets *		Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLC	LLC Units		11/24		809,265.4		$	811	$	809	0.1	%	(6)(26)
Subtotal Aerospace & Defense (0.1%)*							811		809
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	LLC Units		07/21		44,197,541		45,978		67,622		9.6	%	(6)
Rocade Holdings LLC	Preferred LP Units	SOFR + 6.0% PIK, 10.4% PIK	02/23		50,500		61,607		61,607		8.7	%	(6)(12)(27)
Rocade Holdings LLC	Common LP Units		02/23		15.4		—		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)	Interest	Acq. Date	Maturity Date	Units/Shares	Cost		Fair Value		% of Net Assets *		Notes
Chemicals, Plastics, & Rubber
Celebration Bidco, LLC	Common Stock		12/23		497,228	$	4,871	$	3,341	0.5	%	(6)(26)
Subtotal Chemicals, Plastics, & Rubber (0.5%)*						4,871		3,341
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	LLC Units		11/21		1,759,051	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		03/21			14,646		16,767		2.4	%	(3)(29)
Thompson Rivers LLC	6.6% Member Interest		06/20			8,569		2,592		0.4	%	(26)(29)
Waccamaw River LLC	20% Member Interest		02/21			21,201		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:
Description	Notional Amount to be Purchased	Notional Amount to be Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)	A$1,000	$627	BNP Paribas SA	04/07/25	$	(4)
Foreign currency forward contract (AUD)	A$39,748	$24,895	HSBC Bank USA	04/07/25	(105)
Foreign currency forward contract (AUD)	$25,934	A$40,748	HSBC Bank USA	04/07/25	521
Foreign currency forward contract (AUD)	$25,030	A$39,937	HSBC Bank USA	06/30/25	105
Foreign currency forward contract (CAD)	C$4,879	$3,410	HSBC Bank USA	04/07/25	(16)
Foreign currency forward contract (CAD)	$98	C$141	BNP Paribas SA	04/07/25	—
Foreign currency forward contract (CAD)	$3,362	C$4,738	HSBC Bank USA	04/07/25	65
Foreign currency forward contract (CAD)	$1,326	C$1,894	HSBC Bank USA	06/30/25	3
Foreign currency forward contract (DKK)	4,440kr.	$644	HSBC Bank USA	04/07/25	(1)
Foreign currency forward contract (DKK)	$629	4,440kr.	BNP Paribas SA	04/07/25	(14)
Foreign currency forward contract (DKK)	$648	4,447kr.	HSBC Bank USA	06/30/25	1
Foreign currency forward contract (EUR)	€104,240	$112,788	BNP Paribas SA	04/07/25	(231)
Foreign currency forward contract (EUR)	$2,234	€2,127	BNP Paribas SA	04/07/25	(62)
Foreign currency forward contract (EUR)	$107,673	€102,113	HSBC Bank USA	04/07/25	(2,587)
Foreign currency forward contract (EUR)	$114,001	€104,871	BNP Paribas SA	06/30/25	224
Foreign currency forward contract (GBP)	£22,528	$29,024	BNP Paribas SA	04/07/25	18
Foreign currency forward contract (GBP)	$2,433	£1,969	BNP Paribas SA	04/07/25	(105)
Foreign currency forward contract (GBP)	$26,184	£20,559	HSBC Bank USA	04/07/25	(320)
Foreign currency forward contract (GBP)	$28,340	£21,968	BNP Paribas SA	06/30/25	23
Foreign currency forward contract (GBP)	$226	£175	HSBC Bank USA	06/30/25	1
Foreign currency forward contract (NZD)	NZ$11,235	$6,438	HSBC Bank USA	04/07/25	(74)
Foreign currency forward contract (NZD)	$129	NZ$225	BNP Paribas SA	04/07/25	1
Foreign currency forward contract (NZD)	$6,376	NZ$11,010	HSBC Bank USA	04/07/25	139
Foreign currency forward contract (NZD)	$6,462	NZ$11,254	HSBC Bank USA	06/30/25	73
Foreign currency forward contract (NOK)	23,585kr	$2,235	BNP Paribas SA	04/07/25	5
Foreign currency forward contract (NOK)	$45	476kr	BNP Paribas SA	04/07/25	—
Foreign currency forward contract (NOK)	$2,069	23,109kr	HSBC Bank USA	04/07/25	(125)
Foreign currency forward contract (NOK)	$2,236	23,598kr	BNP Paribas SA	06/30/25	(5)
Foreign currency forward contract (SEK)	18,161kr	$1,792	BNP Paribas SA	04/07/25	15
Foreign currency forward contract (SEK)	$41	456kr	BNP Paribas SA	04/07/25	(4)
Foreign currency forward contract (SEK)	$1,621	17,705kr	HSBC Bank USA	04/07/25	(140)
Foreign currency forward contract (SEK)	$1,828	18,433kr	BNP Paribas SA	06/30/25	(15)
Foreign currency forward contract (CHF)	1,865Fr.	$2,115	HSBC Bank USA	04/07/25	(5)
Foreign currency forward contract (CHF)	$43	38Fr.	BNP Paribas SA	04/07/25	—
Foreign currency forward contract (CHF)	$2,091	1,827Fr.	HSBC Bank USA	04/07/25	24
Foreign currency forward contract (CHF)	$2,138	1,867Fr.	HSBC Bank USA	06/30/25	5
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 Company	Type 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 Company	Type 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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace Corporation	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.3% Cash	04/22	04/28	$	8,703	$	8,625	$	8,416	1.2	%	(6)(7)(12)
Accurus Aerospace Corporation	Revolver	SOFR + 5.75%, 10.3% Cash	04/22	04/28	738		730		707		0.1	%	(6)(7)(12)(27)
ADB Safegate	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 13.7% Cash	08/21	10/27	7,329		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	11/22	11/28	10,573		10,392		10,415		1.5	%	(6)(7)(12)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.25%, 9.8% Cash	11/22	11/28	—		(31)		(29)		—	%	(6)(7)(12)(27)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	648		641		640		0.1	%	(6)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	12/22	12/30	10,825		10,572		10,699		1.5	%	(6)(7)(12)(27)
GB Eagle Buyer, Inc.	Revolver	SOFR + 6.25%, 10.9% Cash	12/22	12/30	—		(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	10/24	10/29	3,107		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	03/24	03/30	2,080		2,043		1,824		0.3	%	(6)(7)(12)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.25%, 9.7% Cash	03/24	03/30	95		89		54		—	%	(6)(7)(12)(27)
Narda Acquisitionco., Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	12/21	12/27	2,647		2,622		2,647		0.4	%	(6)(7)(11)
Narda Acquisitionco., Inc.	Revolver	SOFR + 4.75%, 9.4% Cash	12/21	12/27	—		(6)		—		—	%	(6)(7)(11)(27)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.0% Cash	03/21	03/28	412		459		401		0.1	%	(3)(6)(7)(10)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 9.7% Cash	03/21	03/27	703		793		684		0.1	%	(3)(6)(7)(10)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	12/20	12/26	4,955		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	02/21	02/27	17,239		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	02/23	02/29	6,228		6,037		6,228		0.9	%	(6)(7)(11)
Whitcraft Holdings, Inc.	Revolver	SOFR + 6.50%, 11.1% Cash	02/23	02/29	497		471		497		0.1	%	(6)(7)(11)(27)
Subtotal Aerospace & Defense (10.6%)*					76,779		75,889		73,425
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.2% Cash	07/22	07/30	2,273		2,203		2,182		0.3	%	(6)(7)(13)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	03/22	03/29	1,770		1,749		1,770		0.3	%	(6)(7)(11)
OAC Holdings I Corp	Revolver	SOFR + 5.00%, 9.7% Cash	03/22	03/28	—		(8)		—		—	%	(6)(7)(11)(27)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.2% Cash	11/22	11/28	10,707		10,499		10,565		1.5	%	(6)(7)(12)(27)
Randys Holdings, Inc.	Revolver	SOFR + 6.25%, 11.2% Cash	11/22	11/28	475		448		460		0.1	%	(6)(7)(12)(27)
SPATCO Energy Solutions, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	07/24	07/30	3,562		3,481		3,495		0.5	%	(6)(7)(12)(27)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	07/24	07/30	—		(11)		(9)		—	%	(6)(7)(12)(27)
SVI International LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.3% Cash	03/24	03/30	589		577		583		0.1	%	(6)(7)(12)(27)
SVI International LLC	Revolver	SOFR + 6.75%, 11.3% Cash	03/24	03/30	—		(1)		(1)		—	%	(6)(7)(12)(27)
Subtotal Automotive (2.7%)*					19,376		18,937		19,045
Banking, Finance, Insurance, & Real Estate
Apus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	02/21	03/28	2,580		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	10/21	10/27	4,903		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.3% Cash	11/23	11/30	$	3,890	$	3,904	$	3,842	0.6	%	(3)(6)(7)(10)(27)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.4% Cash	10/23	09/30	2,413		2,410		2,374		0.3	%	(3)(6)(7)(10)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.8% Cash	05/21	05/28	3,314		3,782		3,242		0.5	%	(3)(6)(7)(9)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.9% Cash, 4.0% PIK	12/21	06/26	22,382		22,160		22,164		3.2	%	(6)(7)(12)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.1% Cash	06/21	12/30	2,188		2,220		2,188		0.3	%	(3)(6)(7)(9)(27)
Preqin MC Limited	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.2% Cash	08/21	07/28	3,147		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	04/24	05/27	523		491		508		0.1	%	(6)(7)(12)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 9.6% Cash	08/24	08/31	17,270		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	10/21	12/27	2,549		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	10/21	12/27	—		(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	10/21	10/28	3,650		3,610		3,650		0.5	%	(6)(7)(13)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	10/24	10/31	3,651		3,607		3,606		0.5	%	(6)(7)(11)(27)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 9.3% Cash	10/24	10/31	40		35		34		—	%	(6)(7)(11)(27)
Turbo Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.8% Cash	11/21	12/25	7,992		7,952		7,592		1.1	%	(6)(7)(12)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	08/23	12/27	1,882		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, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.9% Cash	05/21	05/28	10,924		10,776		7,319		1.1	%	(7)(12)
CTI Foods Holdings Co., LLC	2024 LIFO Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26	4,211		4,066		4,211		0.6	%	(6)(7)(12)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26	2,860		2,797		2,860		0.4	%	(6)(7)(12)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 12.00%, 16.7% PIK	02/24	05/26	597		597		597		0.1	%	(6)(7)(12)
Innovad Group II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.7% Cash	04/21	04/28	4,218		4,703		4,218		0.6	%	(3)(6)(7)(10)
Innovad Group II BV	First Lien Senior Secured Term Loan	SARON + 5.00%, 6.0% Cash	05/23	04/28	669		673		669		0.1	%	(3)(6)(7)(22)
Riedel Beheer B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	12/21	12/28	2,147		2,265		1,963		0.3	%	(3)(6)(7)(9)
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	12/21	12/27	3,613		3,572		3,576		0.5	%	(6)(7)(12)
Woodland Foods, LLC	Revolver	SOFR + 5.25%, 9.9% Cash	12/21	12/27	498		486		487		0.1	%	(6)(7)(12)(27)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	02/22	02/28	4,594		4,528		4,526		0.7	%	(6)(7)(12)
ZB Holdco LLC	Revolver	SOFR + 5.50%, 10.3% Cash	02/22	02/28	254		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	11/23	11/29	549		541		542		0.1	%	(6)(7)(12)
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	11/23	11/29	773		752		766		0.1	%	(6)(7)(12)(27)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 10.2% Cash	11/23	11/29	—		(3)		—		—	%	(6)(7)(12)(27)
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 8.7% Cash	07/22	07/29	2,382		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash	03/23	07/29	$	9,408	$	8,962	$	8,373	1.2	%	(6)(7)(12)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	11/21	11/28	1,995		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	12/21	12/27	1,633		1,616		1,633		0.2	%	(6)(7)(12)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.75%, 9.5% Cash	12/21	12/27	—		(3)		—		—	%	(6)(7)(12)(27)
Process Insights Acquisition, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	07/23	07/29	3,509		3,434		3,422		0.5	%	(6)(7)(12)(27)
Process Insights Acquisition, Inc.	Revolver	SOFR + 6.25%, 10.6% Cash	07/23	07/29	607		594		593		0.1	%	(6)(7)(12)(27)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	10/24	10/30	3,242		3,160		3,154		0.5	%	(6)(7)(13)(27)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	11/24	11/30	2,769		2,705		2,703		0.4	%	(6)(7)(12)(27)
TAPCO Buyer LLC	Revolver	SOFR + 5.00%, 9.5% Cash	11/24	11/30	—		(8)		(9)		—	%	(6)(7)(12)(27)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.8% Cash	12/21	12/27	4,123		4,084		4,074		0.6	%	(6)(7)(12)
Tencarva Machinery Company, LLC	Revolver	SOFR + 5.00%, 9.8% Cash	12/21	12/27	—		(7)		(9)		—	%	(6)(7)(12)(27)
Subtotal Capital Equipment (4.3%)*					30,990		30,120		29,607
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	04/23	04/29	1,794		1,760		1,767		0.3	%	(6)(7)(11)
Americo Chemical Products, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	04/23	04/29	—		(9)		(7)		—	%	(6)(7)(11)(27)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	BBSY + 6.20%, 10.7% Cash	11/21	10/28	798		919		790		0.1	%	(3)(6)(7)(18)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.20%, 9.3% Cash	11/21	10/28	4,182		4,445		4,139		0.6	%	(3)(6)(7)(9)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.20%, 9.9% Cash	01/23	10/28	937		939		929		0.1	%	(3)(6)(7)(10)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.95%, 10.7% Cash	04/22	10/28	2,602		2,701		2,576		0.4	%	(3)(6)(7)(10)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 6.20%, 11.5% Cash	11/21	10/28	1,090		1,090		1,079		0.2	%	(3)(6)(7)(13)
Aptus 1829. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.4% Cash	09/21	09/27	1,461		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	08/24	08/30	3,443		3,381		3,382		0.5	%	(6)(7)(11)
BKF Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	08/24	08/30	—		(22)		(22)		—	%	(6)(7)(11)(27)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	12/21	12/27	7,959		7,872		7,506		1.1	%	(6)(7)(12)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 10.5% Cash	12/21	12/27	305		293		233		—	%	(6)(7)(12)(27)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	08/21	08/27	662		656		662		0.1	%	(6)(7)(12)
Ocelot Holdco LLC	Super Senior Takeback Loan	10.0% Cash	10/23	10/27	96		96		96		—	%	(6)(7)
Ocelot Holdco LLC	Takeback Term Loan	10.0% Cash	10/23	10/27	513		513		513		0.1	%	(6)(7)
Subtotal Construction & Building (1.8%)*					12,978		12,789		12,370
Consumer goods: Durable
DecksDirect, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	12/21	12/26	1,573		1,552		1,383		0.2	%	(6)(7)(12)
DecksDirect, LLC	Revolver	SOFR + 6.25%, 10.9% Cash	12/21	12/26	347		343		301		—	%	(6)(7)(12)(27)
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 9.50%, 9.8% Cash, 4.5% PIK	10/23	10/28	2,412		2,355		2,357		0.3	%	(6)(7)(12)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.5% Cash	07/22	07/25	5,545		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)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
HTI Technology & Industries	Revolver	SOFR + 8.50%, 13.5% Cash	07/22	07/25	$	—	$	(2)	$	(35)	—	%	(6)(7)(12)(27)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	11/21	11/27	7,468		7,372		6,833		1.0	%	(6)(7)(12)
Team Air Distributing, LLC	First Lien Senior Secured Term Loan	12.0% Cash	05/23	08/27	117		115		114		—	%	(6)
Team Air Distributing, LLC	First Lien Senior Secured Term Loan	12.0% Cash	12/24	05/28	36		35		35		—	%	(6)
Team Air Distributing, LLC	Subordinated Term Loan	12.0% Cash	05/23	05/28	600		590		588		0.1	%	(6)
Terrybear, Inc.	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	285		282		268		—	%	(6)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	03/22	09/30	8,083		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
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.40%, 9.2% Cash	02/21	02/28	2,175		2,443		2,126		0.3	%	(3)(6)(7)(10)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	02/24	02/30	3,435		3,360		3,374		0.5	%	(6)(7)(12)(27)
CCFF Buyer, LLC	Revolver	SOFR + 5.25%, 9.8% Cash	02/24	02/30	—		(10)		(9)		—	%	(6)(7)(12)(27)
David Wood Baking UK Ltd	First Lien Senior Secured Term Loan	SONIA + 10.00%, 14.7% Cash	04/24	04/29	861		852		818		0.1	%	(3)(6)(7)(16)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	04/24	04/29	3,333		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	01/24	01/30	2,140		2,102		2,102		0.3	%	(6)(7)(12)
Ice House America, L.L.C.	Revolver	SOFR + 5.50%, 10.1% Cash	01/24	01/30	97		93		93		—	%	(6)(7)(12)(27)
Modern Star Holdings Bidco Pty Limited.	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.4% Cash	12/20	12/26	1,935		2,235		1,935		0.3	%	(3)(6)(7)(17)(27)
Safety Products Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	12/20	12/26	6,313		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 LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29	729		715		717		0.1	%	(6)(7)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	05/22	05/30	7,143		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	09/24	09/30	1,209		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	09/24	09/30	2,612		2,758		2,576		0.4	%	(6)(7)(14)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.75%, 9.5% Cash	09/24	09/30	—		(6)		(6)		—	%	(6)(7)(12)(27)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.75%, 9.6% Cash	09/24	09/30	—		(7)		(7)		—	%	(6)(7)(14)(27)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.9% Cash	06/21	06/28	6,416		7,280		6,340		0.9	%	(3)(6)(7)(9)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	7,162		7,064		7,062		1.0	%	(6)(7)(13)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	05/23	03/28	1,934		1,890		1,911		0.3	%	(6)(7)(11)(27)
Tank Holding Corp	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28	—		(8)		(9)