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Our primary investment objective is to provide consistently attractive returns. Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality (i.e., the risk of business cycles or other economic cycles adversely affecting them) and operating risk. The hold size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and seeks to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.

We focus on investing primarily in senior secured private debt instruments in well-established middle-market businesses that operate across a wide range of industries. To a lesser extent, we will invest in equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities, high-yield investments and/or mortgage securities. Syndicated senior secured loans are either (i) marketed by investment banks, which are mandated to bring lenders together and underwrite the deal, to institutional investors or (ii) bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market. On the other hand, senior secured private debt investments are negotiated directly with the borrower, rather than marketed by a third party or bought and sold in the secondary market. We believe senior secured private debt investments may offer higher returns and certain more favorable protections than syndicated senior secured loans. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. We currently intend to invest primarily in senior secured private debt investments that have terms of between five and seven years and bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 475 basis points and SOFR plus 675 basis points per annum.xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:AUDiso4217:CADiso4217:DKKiso4217:EURiso4217:GBPiso4217:NZDiso4217:NOKiso4217:SEKiso4217:CHFbdc:componentbdc:calendar_quarterbdc:investmentbdc:loan00018119722024-01-012024-09-3000018119722024-11-060001811972us-gaap:InvestmentUnaffiliatedIssuerMember2024-09-300001811972us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-3100018119722024-09-3000018119722023-12-3100018119722023-01-012023-12-310001811972us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300001811972us-gaap:InvestmentUnaffiliatedIssuerMember2023-07-012023-09-300001811972us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300001811972us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-09-300001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-07-012023-09-300001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-09-3000018119722024-07-012024-09-3000018119722023-07-012023-09-3000018119722023-01-012023-09-300001811972us-gaap:CommonStockMember2023-06-300001811972us-gaap:AdditionalPaidInCapitalMember2023-06-300001811972us-gaap:RetainedEarningsMember2023-06-3000018119722023-06-300001811972us-gaap:RetainedEarningsMember2023-07-012023-09-300001811972us-gaap:CommonStockMember2023-07-012023-09-300001811972us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001811972us-gaap:CommonStockMember2023-09-300001811972us-gaap:AdditionalPaidInCapitalMember2023-09-300001811972us-gaap:RetainedEarningsMember2023-09-3000018119722023-09-300001811972us-gaap:CommonStockMember2024-06-300001811972us-gaap:AdditionalPaidInCapitalMember2024-06-300001811972us-gaap:RetainedEarningsMember2024-06-3000018119722024-06-300001811972us-gaap:RetainedEarningsMember2024-07-012024-09-300001811972us-gaap:CommonStockMember2024-07-012024-09-300001811972us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001811972us-gaap:CommonStockMember2024-09-300001811972us-gaap:AdditionalPaidInCapitalMember2024-09-300001811972us-gaap:RetainedEarningsMember2024-09-300001811972us-gaap:CommonStockMember2022-12-310001811972us-gaap:AdditionalPaidInCapitalMember2022-12-310001811972us-gaap:RetainedEarningsMember2022-12-3100018119722022-12-310001811972us-gaap:RetainedEarningsMember2023-01-012023-09-300001811972us-gaap:CommonStockMember2023-01-012023-09-300001811972us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300001811972us-gaap:CommonStockMember2023-12-310001811972us-gaap:AdditionalPaidInCapitalMember2023-12-310001811972us-gaap:RetainedEarningsMember2023-12-310001811972us-gaap:RetainedEarningsMember2024-01-012024-09-300001811972us-gaap:CommonStockMember2024-01-012024-09-300001811972us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300001811972A.T. 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First Lien Senior Secured Term Loan2024-09-300001811972Comply365, LLC, Technology, Revolver2024-09-300001811972bdc:Comply365LLCMember2024-09-300001811972Contabo Finco S.À R.L, Internet Software & Services, First Lien Senior Secured Term Loan2024-09-300001811972bdc:ContaboFincoSARLMember2024-09-300001811972Coyo Uprising GmbH, Technology, First Lien Senior Secured Term Loan2024-09-300001811972Coyo Uprising GmbH, Technology, Class A Units2024-09-300001811972Coyo Uprising GmbH, Technology, Class B Units2024-09-300001811972bdc:CoyoUprisingGmbHMember2024-09-300001811972CSL DualCom, Tele-communications, First Lien Senior Secured Term Loan2024-09-300001811972bdc:CSLDualComMember2024-09-300001811972CTI Foods Holdings Co., LLC, Food & Beverage, First Out Term Loan2024-09-300001811972CTI Foods Holdings Co., LLC, Food & Beverage, 2024 LIFO Term Loan2024-09-300001811972CTI Foods Holdings Co., LLC, Food & Beverage, Second Out Term Loan2024-09-300001811972CTI Foods Holdings Co., LLC, Food & Beverage, 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Holding SARL, Technology, First Lien Senior Secured Term Loan 42024-09-300001811972Eurofins Digital Testing International LUX Holding SARL, Technology, Senior Subordinated Term Loan2024-09-300001811972bdc:EurofinsDigitalTestingInternationalLUXHoldingSARLMember2024-09-300001811972Events Software BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan2024-09-300001811972bdc:EventsSoftwareBidCoPtyLtdMember2024-09-300001811972Express Wash Acquisition Company, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001811972Express Wash Acquisition Company, LLC, Consumer Cyclical, Revolver2024-09-300001811972bdc:ExpressWashAcquisitionCompanyLLCMember2024-09-300001811972Faraday, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:FaradayMember2024-09-300001811972Ferrellgas L.P., Oil & Gas Equipment & Services, Opco Preferred Units2024-09-300001811972bdc:FerrellgasLPMember2024-09-300001811972Finaxy Holding, Banking, First Lien Senior Secured Term 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2024-09-300001811972bdc:GCDLLLCMember2024-09-300001811972Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 12024-09-300001811972Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 22024-09-300001811972bdc:GlobalAcademicGroupLimitedMember2024-09-300001811972Gojo Industries, Inc., Industrial Other, First Lien Senior Secured Term Loan2024-09-300001811972bdc:GojoIndustriesInc.Member2024-09-300001811972GPNZ II GmbH, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972GPNZ II GmbH, Healthcare, First Lien Senior Secured Term Loan 22024-09-300001811972GPNZ II GmbH, Healthcare, Common Stock2024-09-300001811972bdc:GPZNIIGmbHMember2024-09-300001811972Graphpad Software, LLC, Internet Software & Services, First Lien Senior Secured Term Loan2024-09-300001811972Graphpad Software, LLC, Internet Software & Services, Revolver2024-09-300001811972bdc:GraphpadSoftwareLLCMember2024-09-300001811972Greenhill II BV, Technology, First Lien Senior Secured Term Loan2024-09-300001811972bdc:GreenhillIIBVMember2024-09-300001811972Groupe Guemas, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2024-09-300001811972bdc:GroupeGuemasMember2024-09-300001811972Groupe Product Life, Consumer Non-cyclical, First Lien Senior Secured Term Loan2024-09-300001811972bdc:GroupeProductLifeMember2024-09-300001811972Gusto Aus BidCo Pty Ltd., Consumer Non-Cyclical, First Lien Senior Secured Term Loan2024-09-300001811972bdc:GustoAusBidCoPtyLtdMember2024-09-300001811972HeartHealth Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:HeartHealthBidcoPtyLtdMember2024-09-300001811972Heartland Veterinary Partners, LLC, Healthcare, Subordinated Term Loan 12024-09-300001811972bdc:HeartlandVeterinaryPartnersLLCMember2024-09-300001811972HEKA Invest, Technology, First Lien Senior Secured Term Loan2024-09-300001811972bdc:HEKAInvestMember2024-09-300001811972HemaSource, Inc, Healthcare, First 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Loan2024-09-300001811972bdc:IsolstarHoldingNVIPCOMMember2024-09-300001811972ISTO Technologies II, LLC, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972ISTO Technologies II, LLC, Healthcare, Revolver2024-09-300001811972bdc:ISTOTechnologiesIILLCMember2024-09-300001811972ITI Intermodal, Inc., Transportation Services, First Lien Senior Secured Term Loan 12024-09-300001811972ITI Intermodal, Inc., Transportation Services, First Lien Senior Secured Term Loan 22024-09-300001811972ITI Intermodal, Inc., Transportation Services, Revolver 2024-09-300001811972ITI Intermodal, Inc., Transportation Services, Common Stock 2024-09-300001811972bdc:ITIIntermodalIncMember2024-09-300001811972JetBlue 2019-1 Class B Pass Through Trust, Structured Products, Structured Secured Note - Class B2024-09-300001811972bdc:JetBlue20191ClassBPassThroughTrustMember2024-09-300001811972JF Acquisition, LLC, Automotive, First Lien Senior Secured Term Loan2024-09-300001811972bdc:JFAcquisitionLLCMember2024-09-300001811972Jon Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:JonBidcoLimitedMember2024-09-300001811972Jones Fish Hatcheries & Distributors LLC, Consumer Products, First Lien Senior Secured Term Loan2024-09-300001811972Jones Fish Hatcheries & Distributors LLC, Consumer Products, Revolver2024-09-300001811972Jones Fish Hatcheries & Distributors LLC, Consumer Products, LLC Units2024-09-300001811972bdc:JonesFishHatcheriesDistributorsLLCMember2024-09-300001811972Kano Laboratories LLC, Chemicals, Plastics & Rubber, First Lien Senior Secured Term Loan2024-09-300001811972Kano Laboratories LLC, Chemicals, Plastics & Rubber, Partnership Equity2024-09-300001811972bdc:KanoLaboratoriesLLCMember2024-09-300001811972Keystone Bidco B.V., Pharmaceuticals, First Lien Senior Secured Term Loan 12024-09-300001811972Keystone Bidco B.V., Pharmaceuticals, First Lien Senior Secured Term Loan 22024-09-300001811972Keystone Bidco B.V., Pharmaceuticals, Revolver2024-09-300001811972bdc:KeystoneBidcoB.V.Member2024-09-300001811972Kid Distro Holdings, LLC, Media & Entertainment, First Lien Senior Secured Term Loan2024-09-300001811972Kid Distro Holdings, LLC, Media & Entertainment, LLC Units2024-09-300001811972bdc:KidDistroHoldingsLLCMember2024-09-300001811972Lambir Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972Lambir Bidco Limited, Healthcare, Second Lien Senior Secured Term Loan2024-09-300001811972bdc:LambirBidcoLimitedMember2024-09-300001811972LeadsOnline, LLC, Business Equipment & Services, First Lien Senior Secured Term Loan2024-09-300001811972LeadsOnline, LLC, Business Equipment & Services, Revolver2024-09-300001811972LeadsOnline, LLC, Business Equipment & Services, LLC Units2024-09-300001811972bdc:LeadsOnlineLLCMember2024-09-300001811972Learfield Communications, LLC, Broadcasting, First Lien Senior Secured Term 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(SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 12024-09-300001811972Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, First Lien Senior Secured Term Loan 22024-09-300001811972Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, Revolver 12024-09-300001811972Media Recovery, Inc. (SpotSee), Containers, Packaging & Glass, Revolver 22024-09-300001811972bdc:MediaRecoveryInc.Member2024-09-300001811972Median B.V., Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:MedianBVMember2024-09-300001811972Megawatt Acquisitionco, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001811972Megawatt Acquisitionco, Inc., Aerospace & Defense, Revolver2024-09-300001811972Megawatt Acquisitionco, Inc., Aerospace & Defense, Preferred Stock2024-09-300001811972Megawatt Acquisitionco, Inc., Aerospace & Defense, Common Stock2024-09-300001811972bdc:MegawattAcquisitioncoIncMember2024-09-300001811972Mercell Holding AS, Technology, First Lien Senior Secured Term Loan2024-09-300001811972Mercell Holding AS, Technology, Class A Units2024-09-300001811972Mercell Holding AS, Technology, Class B Units 2024-09-300001811972bdc:MercellHoldingASMember2024-09-300001811972MI OpCo Holdings, Inc., Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001811972bdc:MIOpCoHoldingsInc.Member2024-09-300001811972MNS Buyer, Inc., Construction & Building, First Lien Senior Secured Term Loan2024-09-300001811972MNS Buyer, Inc., Construction & Building, Partnership Units2024-09-300001811972bdc:MNSBuyerIncMember2024-09-300001811972Modern Star Holdings Bidco Pty Limited, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2024-09-300001811972bdc:ModernStarHoldingsBidcoPtyLimitedMember2024-09-300001811972Moonlight Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972Moonlight Bidco Limited, Healthcare, Common Stock2024-09-300001811972bdc:MoonlightBidcoLimitedMember2024-09-300001811972Murphy Midco Limited, Media, Diversified & Production, First Lien Senior Secured Term Loan2024-09-300001811972bdc:MurphyMidcoLimitedMember2024-09-300001811972Music Reports, Inc., Media & Entertainment, First Lien Senior Secured Term Loan2024-09-300001811972bdc:MusicReportsIncMember2024-09-300001811972Napa Bidco Pty Ltd, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:NapaBidcoPtyLtdMember2024-09-300001811972Narda Acquisitionco., Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001811972Narda Acquisitionco., Inc., Aerospace & Defense, Revolver2024-09-300001811972Narda Acquisitionco., Inc., Aerospace & Defense, Class A Preferred Stock2024-09-300001811972Narda Acquisitionco., Inc., Aerospace & Defense, Class B Common Stock 2024-09-300001811972bdc:NardaAcquisitioncoIncMember2024-09-300001811972Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12024-09-300001811972Navia Benefit Solutions, Inc., Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan 22024-09-300001811972bdc:NaviaBenefitSolutionsIncMember2024-09-300001811972NAW Buyer LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001811972NAW Buyer LLC, Technology, Revolving2024-09-300001811972NAW Buyer LLC, Technology, LLC Units2024-09-300001811972bdc:NAWBuyerLLCMember2024-09-300001811972NeoxCo, Internet Software & Services, First Lien Senior Secured Term Loan2024-09-300001811972bdc:NeoxCoMember2024-09-300001811972Next Holdco, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001811972Next Holdco, LLC, Technology, Revolving2024-09-300001811972bdc:NextHoldcoLLCMember2024-09-300001811972NF Holdco, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001811972NF Holdco, LLC, Technology, Revolver2024-09-300001811972NF Holdco, LLC, Technology, LLC Units2024-09-300001811972bdc:NFHoldcoLLCMember2024-09-300001811972Northstar Recycling, LLC, Environmental Industries, First Lien Senior Secured Term Loan2024-09-300001811972bdc:NorthstarRecyclingLLCMember2024-09-300001811972NPM Investments 28 B.V., Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:NPMInvestments28BVMember2024-09-300001811972OA Buyer, Inc., Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972OA Buyer, Inc., Healthcare, Revolver 2024-09-300001811972OA Buyer, Inc., Healthcare, Partnership Units 2024-09-300001811972bdc:OABuyerIncMember2024-09-300001811972OAC Holdings I Corp, Automotive, First Lien Senior Secured Term Loan2024-09-300001811972OAC Holdings I Corp, Automotive, Revolver 2024-09-300001811972bdc:OACHoldingsICorpMember2024-09-300001811972Ocelot Holdco LLC, Construction Machinery, Super Senior Takeback Loan2024-09-300001811972Ocelot Holdco LLC, Construction Machinery, Takeback Term Loan2024-09-300001811972Ocelot Holdco LLC, Construction Machinery, Preferred Stock2024-09-300001811972Ocelot Holdco LLC, Construction Machinery, Common Stock2024-09-300001811972bdc:OcelotHoldcoLLCMember2024-09-300001811972Ocular Therapeutix, Inc, Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001811972bdc:OcularTherapeutixIncMember2024-09-300001811972OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2024-09-300001811972bdc:OGIIIBVMember2024-09-300001811972Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:OracleVisionBidcoLimitedMember2024-09-300001811972Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 12024-09-300001811972Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 22024-09-300001811972bdc:OriginBidcoLimitedMember2024-09-300001811972ORTEC INTERNATIONAL NEWCO B.V. Technology, First Lien Senior Secured Term Loan2024-09-300001811972bdc:ORTECINTERNATIONALNEWCOB.V.Member2024-09-300001811972OSP Hamilton Purchaser, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001811972OSP Hamilton Purchaser, LLC, Technology, Revolver 2024-09-300001811972OSP Hamilton Purchaser, LLC, Technology, LP Units2024-09-300001811972bdc:OSPHamiltonPurchaserLLCMember2024-09-300001811972Panoche Energy Center LLC, Electric, First Lien Senior Secured Term Loan2024-09-300001811972bdc:PanocheEnergyCenterLLCMember2024-09-300001811972Parkview Dental Holdings LLC, Healthcare, First Lien Senior Secured Term Loan 12024-09-300001811972Parkview Dental Holdings LLC, Healthcare, LLC Units2024-09-300001811972bdc:ParkviewDentalHoldingsLLCMember2024-09-300001811972PDQ.Com Corporation, Business Equipment & Services, First Lien Senior Secured Term Loan2024-09-300001811972PDQ.Com Corporation, Business Equipment & Services, Class A-2 Partnership Units2024-09-300001811972bdc:PDQComCorporationMember2024-09-300001811972Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class A2024-09-300001811972Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class B2024-09-300001811972Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class C2024-09-300001811972Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class D2024-09-300001811972Perimeter Master Note Business Trust, Credit Card ABS, Structured Secured Note - Class E2024-09-300001811972bdc:PerimeterMasterNoteBusinessTrustMember2024-09-300001811972Permaconn BidCo Pty Ltd, Tele-communications, First Lien Senior Secured Term Loan2024-09-300001811972bdc:PermaconnBidCoPtyLtdMember2024-09-300001811972Polara Enterprises, L.L.C., Capital Equipment, First Lien Senior Secured Term Loan2024-09-300001811972Polara Enterprises, L.L.C., Capital Equipment, Revolver2024-09-300001811972Polara Enterprises, L.L.C., Capital Equipment, Partnership Units2024-09-300001811972bdc:PolaraEnterprisesLLCMember2024-09-300001811972Policy Services Company, LLC, Property & Casualty Insurance, First Lien Senior Secured Term Loan2024-09-300001811972Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class A2024-09-300001811972Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class B2024-09-300001811972Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class CC2024-09-300001811972Policy Services Company, LLC, Property & Casualty Insurance, Warrants - Class D2024-09-300001811972bdc:PolicyServicesCompanyLLCMember2024-09-300001811972Premium Franchise Brands, LLC, Research & Consulting Services, First Lien Senior Secured Term Loan 12024-09-300001811972bdc:PremiumFranchiseBrandsLLCMember2024-09-300001811972Premium Invest, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2024-09-300001811972bdc:PremiumInvestMember2024-09-300001811972Preqin MC Limited, Banking, Finance, Insurance & Real Estate, First Lien Senior Secured Term Loan2024-09-300001811972bdc:PreqinMCLimitedMember2024-09-300001811972Process Insights Acquisition, Inc, Electronics, First Lien Senior Secured Term Loan 12024-09-300001811972Process Insights Acquisition, Inc, Electronics, First Lien Senior Secured Term Loan 22024-09-300001811972Process Insights Acquisition, Inc, Electronics, Revolver2024-09-300001811972Process Insights Acquisition, Inc, Electronics, Common Stock2024-09-300001811972bdc:ProcessInsightsAcquisitionIncMember2024-09-300001811972ProfitOptics, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001811972ProfitOptics, LLC, Technology, Revolver2024-09-300001811972ProfitOptics, LLC, Technology, Senior Subordinated Term Loan2024-09-300001811972ProfitOptics, LLC, Technology, LLC Units2024-09-300001811972bdc:ProfitOpticsLLCMember2024-09-300001811972Protego Bidco B.V., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001811972Protego Bidco B.V., Aerospace & Defense, Revolver2024-09-300001811972bdc:ProtegoBidcoBVMember2024-09-300001811972Pro-Vision Solutions Holdings, LLC, High Tech Industries, First Lien Senior Secured Term Loan2024-09-300001811972Pro-Vision Solutions Holdings, LLC, High Tech Industries, Revolver2024-09-300001811972Pro-Vision Solutions Holdings, LLC, High Tech Industries, LLC Units2024-09-300001811972bdc:ProVisionSolutionsHoldingsLLCMember2024-09-300001811972PSP Intermediate 4, LLC, Technology, First Lien Senior Secured Term Loan 12024-09-300001811972PSP Intermediate 4, LLC, Technology First Lien Senior Secured Term Loan 22024-09-300001811972bdc:PSPIntermediate4LLCMember2024-09-300001811972QPE7 SPV1 BidCo Pty Ltd, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001811972bdc:QPE7SPV1BidCoPtyLtdMember2024-09-300001811972Qualified Industries, LLC, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001811972Qualified Industries, LLC, Consumer Cyclical, Revolver2024-09-300001811972Qualified Industries, LLC, Consumer Cyclical, Preferred Stock2024-09-300001811972Qualified Industries, LLC, Consumer Cyclical, Common Stock2024-09-300001811972bdc:QualifiedIndustriesLLCMember2024-09-300001811972Questel Unite, Business Services, First Lien Senior Secured Term Loan 12024-09-300001811972Questel Unite, Business Services, First Lien Senior Secured Term Loan 22024-09-300001811972bdc:QuestelUniteMember2024-09-300001811972R1 Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2024-09-300001811972R1 Holdings, LLC, Transportation, Revolver2024-09-300001811972bdc:R1HoldingsLLCMember2024-09-300001811972Randys Holdings, Inc., Automobile Manufacturers, First Lien Senior Secured Term Loan 12024-09-300001811972Randys Holdings, Inc., Automobile Manufacturers Revolver2024-09-300001811972Randys Holdings, Inc., Automobile Manufacturers Partnership Units2024-09-300001811972bdc:RandysHoldingsIncMember2024-09-300001811972Recovery Point Systems, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001811972Recovery Point Systems, Inc., Technology, Partnership Equity2024-09-300001811972bdc:RecoveryPointSystemsIncMember2024-09-300001811972Renovation Parent Holdings, LLC, Home Furnishings, First Lien Senior Secured Term Loan2024-09-300001811972Renovation Parent Holdings, LLC, Home Furnishings Partnership Equity2024-09-300001811972bdc:RenovationParentHoldingsLLCMember2024-09-300001811972REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 12024-09-300001811972REP SEKO MERGER SUB LLC, Air Freight & Logistics First Lien Senior Secured Term Loan 22024-09-300001811972REP SEKO MERGER SUB LLC, Air Freight & Logistics First Lien Senior Secured Term Loan 32024-09-300001811972REP SEKO MERGER SUB LLC, Air Freight & Logistics, Priority Revolving Credit Facility2024-09-300001811972bdc:REPSEKOMERGERSUBLLCMember2024-09-300001811972 Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2024-09-300001811972bdc:RiedelBeheerBVMember2024-09-300001811972Rock Labor LLC, Media: Diversified & Production, First Lien Senior Secured Term Loan2024-09-300001811972Rock Labor LLC, Media: Diversified & Production, Revolver2024-09-300001811972Rock Labor LLC, Media: Diversified & Production, LLC Units2024-09-300001811972bdc:RockLaborLLCMember2024-09-300001811972Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan 12024-09-300001811972Royal Buyer, LLC, Industrial Other, Revolver2024-09-300001811972bdc:RoyalBuyerLLCMember2024-09-300001811972RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2024-09-300001811972RPX Corporation, Research & Consulting Services, Revolver2024-09-300001811972bdc:RPXCorporationMember2024-09-300001811972Russell Investments US Institutional Holdco, Inc., Capital Markets, First Lien Senior Secured Term Loan2024-09-300001811972bdc:RussellInvestmentsUSInstitutionalHoldcoInc.Member2024-09-300001811972Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2024-09-300001811972Safety Products Holdings, LLC, Non-durable Consumer Goods Preferred Stock2024-09-300001811972bdc:SafetyProductsHoldingsLLCMember2024-09-300001811972Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12024-09-300001811972Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 22024-09-300001811972Sanoptis S.A.R.L., Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan 32024-09-300001811972bdc:SanoptisSARLMember2024-09-300001811972Sansidor BV, Services Business, First Lien Senior Secured Term Loan 12024-09-300001811972bdc:SansidorBVMember2024-09-300001811972SBP Holdings LP, Industrial Other, First Lien Senior Secured Term Loan2024-09-300001811972SBP Holdings LP, Industrial Other, Revolver2024-09-300001811972bdc:SBPHoldingsLPMember2024-09-300001811972Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2024-09-300001811972Scaled Agile, Inc., Research & Consulting Services Revolver2024-09-300001811972bdc:ScaledAgileIncMember2024-09-300001811972Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 12024-09-300001811972Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 22024-09-300001811972Scout Bidco B.V., Diversified Manufacturing Revolver2024-09-300001811972bdc:ScoutBidcoBVMember2024-09-300001811972Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001811972Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan 22024-09-300001811972bdc:SereniCapitalNVMember2024-09-300001811972Serta Simmons Bedding LLC, Home Furnishings, Common Stock2024-09-300001811972bdc:SertaSimmonsBeddingLLCMember2024-09-300001811972Shelf Bidco Ltd, Other Financial, First Lien Senior Secured Term Loan2024-09-300001811972Shelf Bidco Ltd, Other Financial Common Stock2024-09-300001811972bdc:ShelfBidcoLtdMember2024-09-300001811972Sinari Invest, Technology, First Lien Senior Secured Term Loan2024-09-300001811972bdc:SinariInvestMember2024-09-300001811972SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001811972bdc:SISUACQUISITIONCOINCMember2024-09-300001811972Smartling, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001811972Smartling, Inc., Technology Revolver2024-09-300001811972bdc:SmartlingIncMember2024-09-300001811972SmartShift Group, Inc, Technology, First Lien Senior Secured Term Loan2024-09-300001811972SmartShift Group, Inc, Technology, First Lien Senior Secured Term Loan 22024-09-300001811972SmartShift Group, Inc, Technology, Revolver2024-09-300001811972SmartShift Group, Inc, Technology, Common Stock2024-09-300001811972bdc:SmartShiftGroupIncMember2024-09-300001811972Solo Buyer, L.P., Technology, First Lien Senior Secured Term Loan2024-09-300001811972Solo Buyer, L.P., Technology Revolver2024-09-300001811972Solo Buyer, L.P., Technology Partnership Units2024-09-300001811972bdc:SoloBuyerLPMember2024-09-300001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan 12024-09-300001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan 22024-09-300001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility Revolver2024-09-300001811972bdc:SparusHoldingsLLCFkaSparusHoldingsIncMember2024-09-300001811972SPATCO Energy Solutions, LLC, Automotive, First Lien Senior Secured Term Loan2024-09-300001811972SPATCO Energy Solutions, LLC, Automotive, Revolver2024-09-300001811972SPATCO Energy Solutions, LLC, Automotive, Common Stock 2024-09-300001811972bdc:SPATCOEnergySolutionsLLCMember2024-09-300001811972Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan2024-09-300001811972Spatial Business Systems LLC, Electric Revolver2024-09-300001811972bdc:SpatialBusinessSystemsLLCMember2024-09-300001811972SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001811972bdc:SSCPPegasusMidcoLimitedMember2024-09-300001811972SSCP Spring Bidco 3 Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:SSCPSpringBidco3LimitedMember2024-09-300001811972Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2024-09-300001811972bdc:StarnmeerBVMember2024-09-300001811972Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001811972Superjet Buyer, LLC, Technology Revolver2024-09-300001811972bdc:SuperjetBuyerLLCMember2024-09-300001811972SVI International LLC, Automotive, First Lien Senior Secured Term Loan2024-09-300001811972SVI International LLC, Automotive, Revolver2024-09-300001811972SVI International LLC, Automotive, LLC Units2024-09-300001811972bdc:SVIInternationalLLCMember2024-09-300001811972Syniverse Holdings, Inc., Technology Distributors, Series A Preferred Equity2024-09-300001811972bdc:SyniverseHoldingsIncMember2024-09-300001811972TA SL Cayman Aggregator Corp., Technology, Subordinated Term Loan2024-09-300001811972TA SL Cayman Aggregator Corp., Technology Common Stock2024-09-300001811972bdc:TASLCaymanAggregatorCorpMember2024-09-300001811972Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 12024-09-300001811972Tank Holding Corp, Metal & Glass Containers, First Lien Senior Secured Term Loan 22024-09-300001811972Tank Holding Corp, Metal & Glass Containers, Revolver2024-09-300001811972bdc:TankHoldingCorpMember2024-09-300001811972Tanqueray Bidco Limited, Technology, First Lien Senior Secured Term Loan 12024-09-300001811972Tanqueray Bidco Limited, Technology, First Lien Senior Secured Term Loan 22024-09-300001811972bdc:TanquerayBidcoLimitedMember2024-09-300001811972Team Air Distributing, LLC, Consumer Cyclical, Subordinated Term Loan2024-09-300001811972Team Air Distributing, LLC, Consumer Cyclical, Common Stock2024-09-300001811972Team Air Distributing, LLC, Consumer Cyclical, Partnership Equity2024-09-300001811972bdc:TeamAirDistributingLLCMember2024-09-300001811972Technology Service Stream BidCo Pty Ltd, Technology, First Lien Senior Secured Term Loan2024-09-300001811972bdc:TechnologyServiceStreamBidCoPtyLtdMember2024-09-300001811972Techone B.V., Technology, First Lien Senior Secured Term Loan2024-09-300001811972Techone B.V., Technology, Revolver2024-09-300001811972bdc:TechoneBVMember2024-09-300001811972Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan2024-09-300001811972Tencarva Machinery Company, LLC, Capital Equipment Revolver2024-09-300001811972bdc:TencarvaMachineryCompanyLLCMember2024-09-300001811972Terrybear, Inc., Consumer Products, Subordinated Term Loan2024-09-300001811972Terrybear, Inc., Consumer Products Partnership Equity2024-09-300001811972bdc:TerrybearIncMember2024-09-300001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2024-09-300001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges Revolver2024-09-300001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Subordinated Term Loan2024-09-300001811972bdc:TheCaprockGroupIncAkaTATCGHoldingsLLCMember2024-09-300001811972The Octave Music Group, Inc., Media: Diversified & Production, Second Lien Senior Secured Term Loan2024-09-300001811972The Octave Music Group, Inc., Media: Diversified & Production Partnership Equity2024-09-300001811972bdc:TheOctaveMusicGroupIncMember2024-09-300001811972Trader Corporation, Technology, First Lien Senior Secured Term Loan2024-09-300001811972Trader Corporation, Technology, Revolver2024-09-300001811972bdc:TraderCorporationMember2024-09-300001811972Trident Maritime Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2024-09-300001811972bdc:TridentMaritimeSystemsIncMember2024-09-300001811972Trintech, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001811972Trintech, Inc., Technology, Revolver2024-09-300001811972bdc:TrintechIncMember2024-09-300001811972TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan2024-09-300001811972TSYL Corporate Buyer, Inc., Technology Revolver2024-09-300001811972TSYL Corporate Buyer, Inc., Technology Partnership Units2024-09-300001811972bdc:TSYLCorporateBuyerIncMember2024-09-300001811972Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2024-09-300001811972bdc:TurboBuyerIncMember2024-09-300001811972Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2024-09-300001811972Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan 2024-09-300001811972bdc:TurnberrySolutionsIncMember2024-09-300001811972UBC Ledgers Holding AB, Financial Other, First Lien Senior Secured Term Loan2024-09-300001811972UBC Ledgers Holding AB, Financial Other, First Lien Senior Secured Term Loan 22024-09-300001811972bdc:UBCLedgersHoldingABMember2024-09-300001811972UKFast Leaders Limited, Technology, First Lien Senior Secured Term Loan2024-09-300001811972bdc:UKFastLeadersLimitedMember2024-09-300001811972Union Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:UnionBidcoLimitedMember2024-09-300001811972United Therapy Holding III GmbH, Healthcare, First Lien Senior Secured Term Loan2024-09-300001811972bdc:UnitedTherapyHoldingIIIGmbHMember2024-09-300001811972Unither (Uniholding), Pharmaceuticals, First Lien Senior Secured Term Loan2024-09-300001811972bdc:UnitherUniholdingMember2024-09-300001811972Utac Ceram, Business Services, First Lien Senior Secured Term Loan 12024-09-300001811972Utac Ceram, Business Services, First Lien Senior Secured Term Loan 22024-09-300001811972bdc:UtacCeramMember2024-09-300001811972Victoria Bidco Limited, Industrial Machinery, First Lien Senior Secured Term Loan2024-09-300001811972bdc:VictoriaBidcoLimitedMember2024-09-300001811972VistaJet Pass Through Trust 2021-1B, Airlines, Structured Secured Note - Class B2024-09-300001811972bdc:VistaJetPassThroughTrust20211BMember2024-09-300001811972Vital Buyer, LLC, Technology, First Lien Senior Secured Term Loan2024-09-300001811972Vital Buyer, LLC, Technology, Partnership Units 2024-09-300001811972bdc:VitalBuyerLLCMember2024-09-300001811972W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan2024-09-300001811972W2O Holdings, Inc., Healthcare Technology, First Lien Senior Secured Term Loan 22024-09-300001811972bdc:W2OHoldingsIncMember2024-09-300001811972WEST-NR ACQUISITIONCO, LLC, Insurance, First Lien Senior Secured Term Loan 12024-09-300001811972WEST-NR ACQUISITIONCO, LLC, Insurance, First Lien Senior Secured Term Loan 22024-09-300001811972bdc:WESTNRACQUISITIONCOLLCMember2024-09-300001811972Wheels Up Experience Inc, Transportation Services, First Lien Senior Secured Term Loan2024-09-300001811972bdc:WheelsUpExperienceIncMember2024-09-300001811972Whitcraft Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term 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Eagle Buyer, Inc.., Capital Goods, Partnership Units2023-12-310001811972bdc:GBEAGLEBUYERINCMember2023-12-310001811972Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 12023-12-310001811972Global Academic Group Limited, Industrial Other, First Lien Senior Secured Term Loan 22023-12-310001811972bdc:GlobalAcademicGroupLimitedMember2023-12-310001811972Gojo Industries, Inc., Industrial Other, First Lien Senior Secured Term Loan2023-12-310001811972bdc:GojoIndustriesInc.Member2023-12-310001811972GPNZ II GmbH, Healthcare, First Lien Senior Secured Term Loan 12023-12-310001811972GPNZ II GmbH, Healthcare, First Lien Senior Secured Term Loan 22023-12-310001811972GPNZ II GmbH, Healthcare, Common Stock2023-12-310001811972bdc:GPZNIIGmbHMember2023-12-310001811972Greenhill II BV, Technology, First Lien Senior Secured Term Loan2023-12-310001811972bdc:GreenhillIIBVMember2023-12-310001811972Groupe Guemas, Brokerage, Asset Managers & Exchanges, First Lien Senior Secured 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Machinery, Super Senior Takeback Loan2023-12-310001811972Ocelot Holdco LLC, Construction Machinery, Takeback Term Loan2023-12-310001811972Ocelot Holdco LLC, Construction Machinery, Preferred Stock2023-12-310001811972Ocelot Holdco LLC, Construction Machinery, Common Stock2023-12-310001811972bdc:OcelotHoldcoLLCMember2023-12-310001811972Ocular Therapeutix, Inc, Pharmaceuticals, First Lien Senior Secured Term Loan2023-12-310001811972bdc:OcularTherapeutixIncMember2023-12-310001811972OG III B.V., Containers & Glass Products, First Lien Senior Secured Term Loan2023-12-310001811972bdc:OGIIIBVMember2023-12-310001811972Omni Intermediate Holdings, LLC, Transportation, First Lien Senior Secured Term Loan2023-12-310001811972bdc:OmniIntermediateHoldingsLLCMember2023-12-310001811972Oracle Vision Bidco Limited, Healthcare, First Lien Senior Secured Term Loan2023-12-310001811972bdc:OracleVisionBidcoLimitedMember2023-12-310001811972Origin Bidco Limited, Technology, First Lien Senior Secured Term Loan 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Equity2023-12-310001811972bdc:RenovationParentHoldingsLLCMember2023-12-310001811972REP SEKO MERGER SUB LLC, Air Freight & Logistics, First Lien Senior Secured Term Loan 12023-12-310001811972REP SEKO MERGER SUB LLC, Air Freight & Logistics First Lien Senior Secured Term Loan 22023-12-310001811972REP SEKO MERGER SUB LLC, Air Freight & Logistics First Lien Senior Secured Term Loan 32023-12-310001811972bdc:REPSEKOMERGERSUBLLCMember2023-12-310001811972Resonetics, LLC, Health Care Equipment, Second Lien Senior Secured Term Loan2023-12-310001811972bdc:ResoneticsLLCMember2023-12-310001811972 Riedel Beheer B.V., Food & Beverage, First Lien Senior Secured Term Loan2023-12-310001811972bdc:RiedelBeheerBVMember2023-12-310001811972Rock Labor LLC, Media: Diversified & Production, First Lien Senior Secured Term Loan2023-12-310001811972Rock Labor LLC, Media: Diversified & Production, Revolver2023-12-310001811972Rock Labor LLC, Media: Diversified & Production, LLC Units2023-12-310001811972bdc:RockLaborLLCMember2023-12-310001811972Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan 12023-12-310001811972Royal Buyer, LLC, Industrial Other, First Lien Senior Secured Term Loan 22023-12-310001811972Royal Buyer, LLC, Industrial Other Revolver2023-12-310001811972bdc:RoyalBuyerLLCMember2023-12-310001811972RPX Corporation, Research & Consulting Services, First Lien Senior Secured Term Loan2023-12-310001811972bdc:RPXCorporationMember2023-12-310001811972Safety Products Holdings, LLC, Non-durable Consumer Goods, First Lien Senior Secured Term Loan2023-12-310001811972Safety Products Holdings, LLC, Non-durable Consumer Goods, Preferred Stock2023-12-310001811972bdc:SafetyProductsHoldingsLLCMember2023-12-310001811972Sanoptis S.A.R.L., Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan 12023-12-310001811972Sanoptis S.A.R.L., Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan 22023-12-310001811972bdc:SanoptisSARLMember2023-12-310001811972SBP Holdings LP, Industrial Other, First Lien Senior Secured Term Loan2023-12-310001811972SBP Holdings LP, Industrial Other Revolver2023-12-310001811972bdc:SBPHoldingsLPMember2023-12-310001811972Scaled Agile, Inc., Research & Consulting Services, First Lien Senior Secured Term Loan2023-12-310001811972Scaled Agile, Inc., Research & Consulting Services Revolver2023-12-310001811972bdc:ScaledAgileIncMember2023-12-310001811972Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 12023-12-310001811972Scout Bidco B.V., Diversified Manufacturing, First Lien Senior Secured Term Loan 22023-12-310001811972Scout Bidco B.V., Diversified Manufacturing Revolver2023-12-310001811972bdc:ScoutBidcoBVMember2023-12-310001811972Sereni Capital NV, Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001811972bdc:SereniCapitalNVMember2023-12-310001811972Serta Simmons Bedding LLC, Home Furnishings, Common Stock2023-12-310001811972bdc:SertaSimmonsBeddingLLCMember2023-12-310001811972Shelf Bidco Ltd, Other Financial, First Lien Senior Secured Term Loan2023-12-310001811972Shelf Bidco Ltd, Other Financial, Common Stock2023-12-310001811972bdc:ShelfBidcoLtdMember2023-12-310001811972Sinari Invest, Technology, First Lien Senior Secured Term Loan2023-12-310001811972bdc:SinariInvestMember2023-12-310001811972SISU ACQUISITIONCO., INC., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001811972bdc:SISUACQUISITIONCOINCMember2023-12-310001811972Smartling, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001811972Smartling, Inc., Technology Revolver2023-12-310001811972bdc:SmartlingIncMember2023-12-310001811972SmartShift Group, Inc, Technology, First Lien Senior Secured Term Loan2023-12-310001811972SmartShift Group, Inc, Technology, Revolver2023-12-310001811972SmartShift Group, Inc, Technology, Common Stock2023-12-310001811972bdc:SmartShiftGroupIncMember2023-12-310001811972SN BUYER, LLC, Health Care Services, First Lien Senior Secured Term Loan 12023-12-310001811972SN BUYER, LLC, Health Care Services First Lien Senior Secured Term Loan 22023-12-310001811972bdc:SNBUYERLLCMember2023-12-310001811972Soho Square III Debtco II SARL, Diversified Capital Markets, First Lien Senior Secured Term Loan2023-12-310001811972bdc:SohoSquareIIIDebtcoIISARLMember2023-12-310001811972Solo Buyer, L.P., Technology, First Lien Senior Secured Term Loan2023-12-310001811972Solo Buyer, L.P., Technology Revolver2023-12-310001811972Solo Buyer, L.P., Technology Partnership Units2023-12-310001811972bdc:SoloBuyerLPMember2023-12-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility, First Lien Senior Secured Term Loan2023-12-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Other Utility Revolver2023-12-310001811972bdc:SparusHoldingsLLCFkaSparusHoldingsIncMember2023-12-310001811972Spatial Business Systems LLC, Electric, First Lien Senior Secured Term Loan2023-12-310001811972Spatial Business Systems LLC, Electric Revolver2023-12-310001811972bdc:SpatialBusinessSystemsLLCMember2023-12-310001811972SSCP Pegasus Midco Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2023-12-310001811972bdc:SSCPPegasusMidcoLimitedMember2023-12-310001811972SSCP Spring Bidco 3 Limited, Healthcare & Pharmaceuticals, First Lien Senior Secured Term Loan2023-12-310001811972bdc:SSCPSpringBidco3LimitedMember2023-12-310001811972Starnmeer B.V., Technology, First Lien Senior Secured Term Loan2023-12-310001811972bdc:StarnmeerBVMember2023-12-310001811972Superjet Buyer, LLC, Technology, First Lien Senior Secured Term Loan2023-12-310001811972Superjet Buyer, LLC, Technology Revolver2023-12-310001811972bdc:SuperjetBuyerLLCMember2023-12-310001811972Syniverse Holdings, Inc., Technology 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LLC, Consumer Cyclical, Subordinated Term Loan2023-12-310001811972Team Air Distributing, LLC, Consumer Cyclical, Partnership Equity 2023-12-310001811972bdc:TeamAirDistributingLLCMember2023-12-310001811972Techone B.V., Technology, First Lien Senior Secured Term Loan2023-12-310001811972Techone B.V., Technology Revolver2023-12-310001811972bdc:TechoneBVMember2023-12-310001811972Tencarva Machinery Company, LLC, Capital Equipment, First Lien Senior Secured Term Loan2023-12-310001811972Tencarva Machinery Company, LLC, Capital Equipment Revolver2023-12-310001811972bdc:TencarvaMachineryCompanyLLCMember2023-12-310001811972Terrybear, Inc., Consumer Products, Subordinated Term Loan2023-12-310001811972Terrybear, Inc., Consumer Products, Partnership Equity2023-12-310001811972bdc:TerrybearIncMember2023-12-310001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, First Lien Senior Secured Term Loan2023-12-310001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Brokerage, Asset Managers & Exchanges, Revolver2023-12-310001811972The Caprock Group, Inc. 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Systems, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001811972bdc:TridentMaritimeSystemsIncMember2023-12-310001811972Trintech, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001811972Trintech, Inc., Technology, Revolver2023-12-310001811972bdc:TrintechIncMember2023-12-310001811972TSYL Corporate Buyer, Inc., Technology, First Lien Senior Secured Term Loan2023-12-310001811972TSYL Corporate Buyer, Inc., Technology, Revolver2023-12-310001811972TSYL Corporate Buyer, Inc., Technology, Partnership Units2023-12-310001811972bdc:TSYLCorporateBuyerIncMember2023-12-310001811972Turbo Buyer, Inc., Finance Companies, First Lien Senior Secured Term Loan2023-12-310001811972bdc:TurboBuyerIncMember2023-12-310001811972Turnberry Solutions, Inc., Consumer Cyclical, First Lien Senior Secured Term Loan2023-12-310001811972bdc:TurnberrySolutionsIncMember2023-12-310001811972UBC Ledgers Holding AB, Financial Other,First Lien Senior Secured Term 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Holdings, Inc., Aerospace & Defense, First Lien Senior Secured Term Loan2023-12-310001811972Whitcraft Holdings, Inc., Aerospace & Defense, Revolver 2023-12-310001811972Whitcraft Holdings, Inc., Aerospace & Defense, LP Units2023-12-310001811972bdc:WhitcraftHoldingsIncMember2023-12-310001811972White Bidco Limited, Technology,First Lien Senior Secured Term Loan2023-12-310001811972bdc:WhiteBidcoLimitedMember2023-12-310001811972Willis Engine Structured Trust VI, Structured Finance, Structured Secured Note - Series 2021-1 Class C2023-12-310001811972bdc:WillisEngineStructuredTrustVIMember2023-12-310001811972Woodland Foods, LLC, Food & Beverage, First Lien Senior Secured Term Loan2023-12-310001811972Woodland Foods, LLC, Food & Beverage, Revolver 2023-12-310001811972Woodland Foods, LLC, Food & Beverage, Common Stock 2023-12-310001811972bdc:WoodlandFoodsLLCMember2023-12-310001811972WWEC Holdings III Corp, Capital Goods, First Lien Senior Secured Term Loan2023-12-310001811972WWEC Holdings III 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LLC, Chemicals, Plastics, & Rubber,First Lien Senior Secured Term Loan2023-12-310001811972Celebration Bidco, LLC,Chemicals, Plastics, & Rubber,Common Stock 2023-12-310001811972bdc:CelebrationBidcoLLCMember2023-12-310001811972Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan 12023-12-310001811972Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, Subordinated Term Loan 22023-12-310001811972Coastal Marina Holdings, LLC, Hotel, Gaming & Leisure, LLC Units2023-12-310001811972bdc:CoastalMarinaHoldingsLLCMember2023-12-310001811972Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Revolver2023-12-310001811972Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, Second Lien Senior Secured Term Loan2023-12-310001811972Eclipse Business Capital, LLC, Banking, Finance, Insurance & Real Estate, LLC Units 2023-12-310001811972bdc:EclipseBusinessCapitalLLCMember2023-12-310001811972Rocade Holdings LLC, Other Financial, Preferred 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Subordinated Term Loan 22022-12-310001811972Coastal Marina Holdings, LLC, Subordinated Term Loan 22023-01-012023-12-310001811972Coastal Marina Holdings, LLC, LLC Units2022-12-310001811972Coastal Marina Holdings, LLC, LLC Units2023-01-012023-12-310001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbdc:CoastalMarinaHoldingsLLCMember2022-12-310001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbdc:CoastalMarinaHoldingsLLCMember2023-01-012023-12-310001811972Eclipse Business Capital, LLC, Revolver2022-12-310001811972Eclipse Business Capital, LLC, Revolver2023-01-012023-12-310001811972Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan 2022-12-310001811972Eclipse Business Capital, LLC, Second Lien Senior Secured Term Loan 2023-01-012023-12-310001811972Eclipse Business Capital, LLC, LLC Units 2022-12-310001811972Eclipse Business Capital, LLC, LLC Units 2023-01-012023-12-310001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbdc:EclipseBusinessCapitalLLCMember2022-12-310001811972us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberbdc:EclipseBusinessCapitalLLCMember2023-01-012023-12-310001811972Rocade Holdings LLC, Preferred L.P. 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Foreign Currency Contract, Maturing January 10, 2024, Contract2023-12-310001811972NOK Foreign Currency Contract, Maturing January 10, 2024, Contract2023-12-310001811972SEK Foreign Currency Contract, Maturing January 10, 2024, Contract2023-12-310001811972CHF Foreign Currency Contract, Maturing January 10, 2024, Contract 2023-12-310001811972bdc:CMLifeInsuranceMember2024-01-012024-09-300001811972bdc:CMLifeInsuranceMember2023-01-012023-12-310001811972bdc:MassMutualMember2024-01-012024-09-300001811972bdc:MassMutualMember2023-01-012023-12-310001811972Accurus Aerospace Corporation, Revolver2024-09-300001811972Accurus Aerospace Corporation, Revolver2023-12-310001811972AD Bidco, Inc., Delayed Draw Term Loan2024-09-300001811972AD Bidco, Inc., Delayed Draw Term Loan2023-12-310001811972AD Bidco, Inc., Revolver2024-09-300001811972AD Bidco, Inc., Revolver2023-12-310001811972Adhefin International, Delayed Draw Term Loan2024-09-300001811972Adhefin International, Delayed Draw Term Loan2023-12-310001811972AirX Climate Solutions, Inc., Delayed Draw Term Loan 12024-09-300001811972AirX Climate Solutions, Inc., Delayed Draw Term Loan 12023-12-310001811972AirX Climate Solutions, Inc., Delayed Draw Term Loan 22024-09-300001811972AirX Climate Solutions, Inc., Delayed Draw Term Loan 22023-12-310001811972AirX Climate Solutions, Inc., Delayed Draw Term Loan 32024-09-300001811972AirX Climate Solutions, Inc., Delayed Draw Term Loan 32023-12-310001811972AirX Climate Solutions, Inc., Revolver2024-09-300001811972AirX Climate Solutions, Inc., Revolver2023-12-310001811972AlliA Insurance Brokers NV, Delayed Draw Term Loan2024-09-300001811972AlliA Insurance Brokers NV, Delayed Draw Term Loan2023-12-310001811972Americo Chemical Products, LLC, Revolver2024-09-300001811972Americo Chemical Products, LLC, Revolver2023-12-310001811972Amtech LLC, Revolver2024-09-300001811972Amtech LLC, Revolver2023-12-310001811972Aquavista Watersides 2 LTD, Capex / Acquisition Facility2024-09-300001811972Aquavista Watersides 2 LTD, Capex / Acquisition Facility2023-12-310001811972Arc Education, Delayed Draw Term Loan2024-09-300001811972Arc Education, Delayed Draw Term Loan2023-12-310001811972Argus Bidco Limited, CAF Term Loan2024-09-300001811972Argus Bidco Limited, CAF Term Loan2023-12-310001811972ASC Communications, LLC, Revolver2024-09-300001811972ASC Communications, LLC, Revolver2023-12-310001811972Astra Bidco Limited, Delayed Draw Term Loan2024-09-300001811972Astra Bidco Limited, Delayed Draw Term Loan2023-12-310001811972ATL II MRO Holdings Inc., Revolver2024-09-300001811972ATL II MRO Holdings Inc., Revolver2023-12-310001811972Avance Clinical Bidco Pty Ltd, Delayed Draw Term Loan2024-09-300001811972Avance Clinical Bidco Pty Ltd, Delayed Draw Term Loan2023-12-310001811972Azalea Buyer, Inc., Delayed Draw Term Loan2024-09-300001811972Azalea Buyer, Inc., Delayed Draw Term Loan2023-12-310001811972Azalea Buyer, Inc., Revolver2024-09-300001811972Azalea Buyer, Inc., Revolver2023-12-310001811972Beyond Risk Management, Inc., Delayed Draw Term Loan2024-09-300001811972Beyond Risk Management, Inc., Delayed Draw Term Loan2023-12-310001811972Biolam Group, Delayed Draw Term Loan2024-09-300001811972Biolam Group, Delayed Draw Term Loan2023-12-310001811972BKF Buyer, Inc., Revolver2023-12-310001811972Bounteous, Inc., Delayed Draw Term Loan2024-09-300001811972Bounteous, Inc., Delayed Draw Term Loan2023-12-310001811972Brightpay Limited, Delayed Draw Term Loan2024-09-300001811972Brightpay Limited, Delayed Draw Term Loan2023-12-310001811972BrightSign LLC, Revolver2024-09-300001811972BrightSign LLC, Revolver2023-12-310001811972CAi Software, LLC, Revolver2024-09-300001811972CAi Software, LLC, Revolver2023-12-310001811972Caldwell & Gregory LLC, Delayed Draw Term Loan2024-09-300001811972Caldwell & Gregory LLC, Delayed Draw Term Loan2023-12-310001811972Caldwell & Gregory LLC, Revolver2024-09-300001811972Caldwell & Gregory LLC, Revolver2023-12-310001811972Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2024-09-300001811972Canadian Orthodontic Partners Corp., Delayed Draw Term Loan2023-12-310001811972Cascade Residential Services LLC, Delayed Draw Term Loan2024-09-300001811972Cascade Residential Services LLC, Delayed Draw Term Loan2023-12-310001811972Cascade Residential Services LLC, Revolver2024-09-300001811972Cascade Residential Services LLC, Revolver2023-12-310001811972CCFF Buyer, LLC, Delayed Draw Term Loan2024-09-300001811972CCFF Buyer, LLC, Delayed Draw Term Loan2023-12-310001811972CCFF Buyer, LLC, Revolver2024-09-300001811972CCFF Buyer, LLC, Revolver2023-12-310001811972CGI Parent, LLC, Revolver2024-09-300001811972CGI Parent, LLC, Revolver2023-12-310001811972Comply365, LLC, Revolver2024-09-300001811972Comply365, LLC, Revolver2023-12-310001811972Coyo Uprising GmbH, Delayed Draw Term Loan2024-09-300001811972Coyo Uprising GmbH, Delayed Draw Term Loan2023-12-310001811972CSL DualCom, Capex/Acquisition Term Loan2024-09-300001811972CSL DualCom, Capex/Acquisition Term Loan2023-12-310001811972DataServ Integrations, LLC, Revolver2024-09-300001811972DataServ Integrations, LLC, Revolver2023-12-310001811972DecksDirect, LLC, Revolver2024-09-300001811972DecksDirect, LLC, Revolver2023-12-310001811972DISA Holdings Corp., Delayed Draw Term Loan2024-09-300001811972DISA Holdings Corp., Delayed Draw Term Loan2023-12-310001811972DISA Holdings Corp., Revolver2024-09-300001811972DISA Holdings Corp., Revolver2023-12-310001811972Dune Group, Delayed Draw Term Loan2024-09-300001811972Dune Group, Delayed Draw Term Loan2023-12-310001811972Electrical Components International, Inc., Delayed Draw Term Loan2024-09-300001811972Electrical Components International, Inc., Delayed Draw Term Loan2023-12-310001811972EMI Porta Holdco LLC, Revolver2024-09-300001811972EMI Porta Holdco LLC, Revolver2023-12-310001811972eShipping, LLC, Revolver2024-09-300001811972eShipping, LLC, Revolver2023-12-310001811972Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan2024-09-300001811972Eurofins Digital Testing International LUX Holding SARL, Delayed Draw Term Loan2023-12-310001811972Events Software BidCo Pty Ltd, Delayed Draw Term Loan2024-09-300001811972Events Software BidCo Pty Ltd, Delayed Draw Term Loan2023-12-310001811972Express Wash Acquisition Company, LLC, Revolver2024-09-300001811972Express Wash Acquisition Company, LLC, Revolver2023-12-310001811972Faraday, Delayed Draw Term Loan2024-09-300001811972Faraday, Delayed Draw Term Loan2023-12-310001811972Finexvet, Delayed Draw Term Loan2024-09-300001811972Finexvet, Delayed Draw Term Loan2023-12-310001811972Footco 40 Limited, Delayed Draw Term Loan2024-09-300001811972Footco 40 Limited, Delayed Draw Term Loan2023-12-310001811972Forest Buyer, LLC, Revolver2024-09-300001811972Forest Buyer, LLC, Revolver2023-12-310001811972Fortis Payment Systems, LLC, Delayed Draw Term Loan2024-09-300001811972Fortis Payment Systems, LLC, Delayed Draw Term Loan2023-12-310001811972Fortis Payment Systems, LLC, Revolver2024-09-300001811972Fortis Payment Systems, LLC, Revolver2023-12-310001811972GB Eagle Buyer, Inc., Revolver2024-09-300001811972GB Eagle Buyer, Inc., Revolver2023-12-310001811972GCDL LLC, Delayed Draw Term Loan2024-09-300001811972GCDL LLC, Delayed Draw Term Loan2023-12-310001811972GCDL LLC, Revolver2024-09-300001811972GCDL LLC, Revolver2023-12-310001811972Global Academic Group Limited, Term Loan2024-09-300001811972Global Academic Group Limited, Term Loan2023-12-310001811972GPNZ II GmbH, Delayed Draw Term Loan 12024-09-300001811972GPNZ II GmbH, Delayed Draw Term Loan 12023-12-310001811972GPNZ II GmbH, Delayed Draw Term Loan 22024-09-300001811972GPNZ II GmbH, Delayed Draw Term Loan 22023-12-310001811972Graphpad Software, LLC, Delayed Draw Term Loan2024-09-300001811972Graphpad Software, LLC, Delayed Draw Term Loan2023-12-310001811972Graphpad Software, LLC, Revolver2024-09-300001811972Graphpad Software, LLC, Revolver2023-12-310001811972Greenhill II BV, Capex Acquisition Facility2024-09-300001811972Greenhill II BV, Capex Acquisition Facility2023-12-310001811972Groupe Product Life, Delayed Draw Term Loan2024-09-300001811972Groupe Product Life, Delayed Draw Term Loan2023-12-310001811972Gusto Aus BidCo Pty Ltd, Delayed Draw Term Loan2024-09-300001811972Gusto Aus BidCo Pty Ltd, Delayed Draw Term Loan2023-12-310001811972HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2024-09-300001811972HeartHealth Bidco Pty Ltd, Delayed Draw Term Loan2023-12-310001811972HEKA Invest, Delayed Draw Term Loan2024-09-300001811972HEKA Invest, Delayed Draw Term Loan2023-12-310001811972HemaSource, Inc., Revolver2024-09-300001811972HemaSource, Inc., Revolver2023-12-310001811972HomeX Services Group LLC, Delayed Draw Term Loan2024-09-300001811972HomeX Services Group LLC, Delayed Draw Term Loan2023-12-310001811972HomeX Services Group LLC, Revolver2024-09-300001811972HomeX Services Group LLC, Revolver2023-12-310001811972HTI Technology & Industries, Delayed Draw Term Loan2024-09-300001811972HTI Technology & Industries, Delayed Draw Term Loan2023-12-310001811972HTI Technology & Industries, Revolver2024-09-300001811972HTI Technology & Industries, Revolver2023-12-310001811972Hydratech Holdings, Inc., Delayed Draw Term Loan2024-09-300001811972Hydratech Holdings, Inc., Delayed Draw Term Loan2023-12-310001811972Hydratech Holdings, Inc., Revolver2024-09-300001811972Hydratech Holdings, Inc., Revolver2023-12-310001811972Ice House America, L.L.C., Delayed Draw Term Loan2024-09-300001811972Ice House America, L.L.C., Delayed Draw Term Loan2023-12-310001811972Ice House America, L.L.C., Revolver2024-09-300001811972Ice House America, L.L.C., Revolver2023-12-310001811972Innovad Group II BV, Delayed Draw Term Loan2024-09-300001811972Innovad Group II BV, Delayed Draw Term Loan2023-12-310001811972INOS 19-090 GmbH, Acquisition Facility2024-09-300001811972INOS 19-090 GmbH, Acquisition Facility2023-12-310001811972Interstellar Group B.V., Delayed Draw Term Loan 12024-09-300001811972Interstellar Group B.V., Delayed Draw Term Loan 12023-12-310001811972Interstellar Group B.V., Delayed Draw Term Loan 22024-09-300001811972Interstellar Group B.V., Delayed Draw Term Loan 22023-12-310001811972InvoCare Limited, Delayed Draw Term Loan2024-09-300001811972InvoCare Limited, Delayed Draw Term Loan2023-12-310001811972Isolstar Holding NV (IPCOM), Delayed Draw Term Loan2024-09-300001811972Isolstar Holding NV (IPCOM), Delayed Draw Term Loan2023-12-310001811972ISTO Technologies II, LLC, Revolver2024-09-300001811972ISTO Technologies II, LLC, Revolver2023-12-310001811972ITI Intermodal, Inc., Revolver2024-09-300001811972ITI Intermodal, Inc., Revolver2023-12-310001811972Jon Bidco Limited, Capex & Acquisition Facility2024-09-300001811972Jon Bidco Limited, Capex & Acquisition Facility2023-12-310001811972Jones Fish Hatcheries & Distributors LLC, Revolver2024-09-300001811972Jones Fish Hatcheries & Distributors LLC, Revolver2023-12-310001811972Kano Laboratories LLC, Delayed Draw Term Loan 12024-09-300001811972Kano Laboratories LLC, Delayed Draw Term Loan 12023-12-310001811972Kano Laboratories LLC, Delayed Draw Term Loan 22024-09-300001811972Kano Laboratories LLC, Delayed Draw Term Loan 22023-12-310001811972Keystone Bidco B.V., Delayed Draw Term Loan2024-09-300001811972Keystone Bidco B.V., Delayed Draw Term Loan2023-12-310001811972Keystone Bidco B.V., Revolver2024-09-300001811972Keystone Bidco B.V., Revolver2023-12-310001811972Lambir Bidco Limited, Delayed Draw Term Loan2024-09-300001811972Lambir Bidco Limited, Delayed Draw Term Loan2023-12-310001811972LeadsOnline, LLC, Revolver2024-09-300001811972LeadsOnline, LLC, Revolver2023-12-310001811972Marmoutier Holding B.V., Delayed Draw Term Loan2024-09-300001811972Marmoutier Holding B.V., Delayed Draw Term Loan2023-12-310001811972Marmoutier Holding B.V., Revolver2024-09-300001811972Marmoutier Holding B.V., Revolver2023-12-310001811972Marshall Excelsior Co., Revolver2024-09-300001811972Marshall Excelsior Co., Revolver2023-12-310001811972MB Purchaser, LLC, Delayed Draw Term Loan2024-09-300001811972MB Purchaser, LLC, Delayed Draw Term Loan2023-12-310001811972MB Purchaser, LLC, Revolver2024-09-300001811972MB Purchaser, LLC, Revolver2023-12-310001811972MC Group Ventures Corporation, Delayed Draw Term Loan2024-09-300001811972MC Group Ventures Corporation, Delayed Draw Term Loan2023-12-310001811972Media Recovery, Inc. (SpotSee), Revolver 12024-09-300001811972Media Recovery, Inc. (SpotSee), Revolver 12023-12-310001811972Media Recovery, Inc. (SpotSee), Revolver 22024-09-300001811972Media Recovery, Inc. (SpotSee), Revolver 22023-12-310001811972Megawatt Acquisitionco, Inc., Revolver2024-09-300001811972Megawatt Acquisitionco, Inc., Revolver2023-12-310001811972Mercell Holding AS, Capex Acquisition Facility2024-09-300001811972Mercell Holding AS, Capex Acquisition Facility2023-12-310001811972Modern Star Holdings Bidco Pty Limited., Term Loan 12024-09-300001811972Modern Star Holdings Bidco Pty Limited., Term Loan 12023-12-310001811972Modern Star Holdings Bidco Pty Limited., Term Loan 22024-09-300001811972Modern Star Holdings Bidco Pty Limited., Term Loan 22023-12-310001811972Moonlight Bidco Limited, Delayed Draw Term Loan2024-09-300001811972Moonlight Bidco Limited, Delayed Draw Term Loan2023-12-310001811972Narda Acquisitionco., Inc., Revolver2024-09-300001811972Narda Acquisitionco., Inc., Revolver2023-12-310001811972NAW Buyer LLC, Delayed Draw Term Loan2024-09-300001811972NAW Buyer LLC, Delayed Draw Term Loan2023-12-310001811972NAW Buyer LLC, Revolver2024-09-300001811972NAW Buyer LLC, Revolver2023-12-310001811972NeoxCo, Delayed Draw Term Loan2024-09-300001811972NeoxCo, Delayed Draw Term Loan2023-12-310001811972Next Holdco, LLC, Delayed Draw Term Loan2024-09-300001811972Next Holdco, LLC, Delayed Draw Term Loan2023-12-310001811972Next Holdco, LLC, Revolver2024-09-300001811972Next Holdco, LLC, Revolver2023-12-310001811972NF Holdco, LLC, Revolver2024-09-300001811972NF Holdco, LLC, Revolver2023-12-310001811972Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2024-09-300001811972Novotech Aus Bidco Pty Ltd, Capex & Acquisition Facility2023-12-310001811972NPM Investments 28 B.V., Delayed Draw Term Loan 12024-09-300001811972NPM Investments 28 B.V., Delayed Draw Term Loan 12023-12-310001811972NPM Investments 28 B.V., Delayed Draw Term Loan 22024-09-300001811972NPM Investments 28 B.V., Delayed Draw Term Loan 22023-12-310001811972OA Buyer, Inc., Revolver2024-09-300001811972OA Buyer, Inc., Revolver2023-12-310001811972OAC Holdings I Corp, Revolver2024-09-300001811972OAC Holdings I Corp, Revolver2023-12-310001811972OSP Hamilton Purchaser, LLC, Revolver2024-09-300001811972OSP Hamilton Purchaser, LLC, Revolver2023-12-310001811972Parkview Dental Holdings LLC, Delayed Draw Term Loan2024-09-300001811972Parkview Dental Holdings LLC, Delayed Draw Term Loan2023-12-310001811972Polara Enterprises, L.L.C., Revolver2024-09-300001811972Polara Enterprises, L.L.C., Revolver2023-12-310001811972Premium Invest, Acquisition Facility2024-09-300001811972Premium Invest, Acquisition Facility2023-12-310001811972Process Insights Acquisition, Inc., Delayed Draw Term Loan2024-09-300001811972Process Insights Acquisition, Inc., Delayed Draw Term Loan2023-12-310001811972Process Insights Acquisition, Inc., Revolver 12024-09-300001811972Process Insights Acquisition, Inc., Revolver 12023-12-310001811972Process Insights Acquisition, Inc., Revolver 22024-09-300001811972Process Insights Acquisition, Inc., Revolver 22023-12-310001811972ProfitOptics, LLC, Revolver2024-09-300001811972ProfitOptics, LLC, Revolver2023-12-310001811972Protego Bidco B.V., Delayed Draw Term Loan2024-09-300001811972Protego Bidco B.V., Delayed Draw Term Loan2023-12-310001811972Pro-Vision Solutions Holdings, LLC, Revolver2024-09-300001811972Pro-Vision Solutions Holdings, LLC, Revolver2023-12-310001811972PSP Intermediate 4, LLC, Delayed Draw Term Loan2024-09-300001811972PSP Intermediate 4, LLC, Delayed Draw Term Loan2023-12-310001811972Qualified Industries, LLC, Revolver2024-09-300001811972Qualified Industries, LLC, Revolver2023-12-310001811972Questel Unite, Incremental Term Loan2024-09-300001811972Questel Unite, Incremental Term Loan2023-12-310001811972R1 Holdings, LLC, Delayed Draw Term Loan2024-09-300001811972R1 Holdings, LLC, Delayed Draw Term Loan2023-12-310001811972R1 Holdings, LLC, Revolver2024-09-300001811972R1 Holdings, LLC, Revolver2023-12-310001811972Randys Holdings, Inc., Delayed Draw Term Loan2024-09-300001811972Randys Holdings, Inc., Delayed Draw Term Loan2023-12-310001811972Randys Holdings, Inc., Revolver2024-09-300001811972Randys Holdings, Inc., Revolver2023-12-310001811972REP SEKO MERGER SUB LLC, Revolver2024-09-300001811972REP SEKO MERGER SUB LLC, Revolver2023-12-310001811972Rocade Holdings LLC, Preferred Equity2024-09-300001811972Rocade Holdings LLC, Preferred Equity2023-12-310001811972Rock Labor LLC, Revolver2024-09-300001811972Rock Labor LLC, Revolver2023-12-310001811972Royal Buyer, LLC, Delayed Draw Term Loan2024-09-300001811972Royal Buyer, LLC, Delayed Draw Term Loan2023-12-310001811972Royal Buyer, LLC, Revolver2024-09-300001811972Royal Buyer, LLC, Revolver2023-12-310001811972RPX Corporation, Revolver2024-09-300001811972RPX Corporation, Revolver2023-12-310001811972Sanoptis S.A.R.L., Acquisition Capex Facility2024-09-300001811972Sanoptis S.A.R.L., Acquisition Capex Facility2023-12-310001811972Sanoptis S.A.R.L., Term Loan2024-09-300001811972Sanoptis S.A.R.L., Term Loan2023-12-310001811972Sansidor BV, Acquisition Facility Term Loan2024-09-300001811972Sansidor BV, Acquisition Facility Term Loan2023-12-310001811972SBP Holdings LP, Delayed Draw Term Loan2024-09-300001811972SBP Holdings LP, Delayed Draw Term Loan2023-12-310001811972SBP Holdings LP, Revolver2024-09-300001811972SBP Holdings LP, Revolver2023-12-310001811972Scaled Agile, Inc., Revolver2024-09-300001811972Scaled Agile, Inc., Revolver2023-12-310001811972Scout Bidco B.V., Revolver2024-09-300001811972Scout Bidco B.V., Revolver2023-12-310001811972Sinari Invest, Delayed Draw Term Loan2024-09-300001811972Sinari Invest, Delayed Draw Term Loan2023-12-310001811972SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2024-09-300001811972SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2023-12-310001811972Smartling, Inc., Revolver2024-09-300001811972Smartling, Inc., Revolver2023-12-310001811972SmartShift Group, Inc., Delayed Draw Term Loan2024-09-300001811972SmartShift Group, Inc., Delayed Draw Term Loan2023-12-310001811972SmartShift Group, Inc., Revolver2024-09-300001811972SmartShift Group, Inc., Revolver2023-12-310001811972Solo Buyer, L.P., Revolver2024-09-300001811972Solo Buyer, L.P., Revolver2023-12-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2024-09-300001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2023-12-310001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2024-09-300001811972Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2023-12-310001811972SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2024-09-300001811972SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2023-12-310001811972SPATCO Energy Solutions, LLC, Revolver2024-09-300001811972SPATCO Energy Solutions, LLC, Revolver2023-12-310001811972Spatial Business Systems LLC, Delayed Draw Term Loan2024-09-300001811972Spatial Business Systems LLC, Delayed Draw Term Loan2023-12-310001811972Spatial Business Systems LLC, Revolver2024-09-300001811972Spatial Business Systems LLC, Revolver2023-12-310001811972SSCP Pegasus Midco Limited, Delayed Draw Term Loan2024-09-300001811972SSCP Pegasus Midco Limited, Delayed Draw Term Loan2023-12-310001811972Superjet Buyer, LLC, Revolver2024-09-300001811972Superjet Buyer, LLC, Revolver2023-12-310001811972SVI International LLC, Delayed Draw Term Loan2024-09-300001811972SVI International LLC, Delayed Draw Term Loan2023-12-310001811972SVI International LLC, Revolver2024-09-300001811972SVI International LLC, Revolver2023-12-310001811972Syntax Systems Ltd, Revolver2024-09-300001811972Syntax Systems Ltd, Revolver2023-12-310001811972Tank Holding Corp, Delayed Draw Term Loan2024-09-300001811972Tank Holding Corp, Delayed Draw Term Loan2023-12-310001811972Tank Holding Corp, Revolver2024-09-300001811972Tank Holding Corp, Revolver2023-12-310001811972Tanqueray Bidco Limited, Capex Facility2024-09-300001811972Tanqueray Bidco Limited, Capex Facility2023-12-310001811972Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2024-09-300001811972Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2023-12-310001811972Techone B.V., Revolver2024-09-300001811972Techone B.V., Revolver2023-12-310001811972Tencarva Machinery Company, LLC, Revolver2024-09-300001811972Tencarva Machinery Company, LLC, Revolver2023-12-310001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2024-09-300001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Delayed Draw Term Loan2023-12-310001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2024-09-300001811972The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2023-12-310001811972The Cleaver-Brooks Company, Inc., Revolver2024-09-300001811972The Cleaver-Brooks Company, Inc., Revolver2023-12-310001811972Trader Corporation, Revolver2024-09-300001811972Trader Corporation, Revolver2023-12-310001811972Trintech, Inc., Revolver2024-09-300001811972Trintech, Inc., Revolver2023-12-310001811972TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2024-09-300001811972TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2023-12-310001811972TSYL Corporate Buyer, Inc., Revolver2024-09-300001811972TSYL Corporate Buyer, Inc., Revolver2023-12-310001811972Turbo Buyer, Inc., Delayed Draw Term Loan2024-09-300001811972Turbo Buyer, Inc., Delayed Draw Term Loan2023-12-310001811972UBC Ledgers Holding AB, Delayed Draw Term Loan2024-09-300001811972UBC Ledgers Holding AB, Delayed Draw Term Loan2023-12-310001811972UBC Ledgers Holding AB, Revolver2024-09-300001811972UBC Ledgers Holding AB, Revolver2023-12-310001811972Union Bidco Limited, Acquisition Facility2024-09-300001811972Union Bidco Limited, Acquisition Facility2023-12-310001811972United Therapy Holding III GmbH, Acquisition Facility2024-09-300001811972United Therapy Holding III GmbH, Acquisition Facility2023-12-310001811972Unither (Uniholding), Delayed Draw Term Loan2024-09-300001811972Unither (Uniholding), Delayed Draw Term Loan2023-12-310001811972W2O Holdings, Inc., Delayed Draw Term Loan2024-09-300001811972W2O Holdings, Inc., Delayed Draw Term Loan2023-12-310001811972WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2024-09-300001811972WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan2023-12-310001811972Whitcraft Holdings, Inc., Revolver2024-09-300001811972Whitcraft Holdings, Inc., Revolver2023-12-310001811972White Bidco Limited, Delayed Draw Term Loan2024-09-300001811972White Bidco Limited, Delayed Draw Term Loan2023-12-310001811972Woodland Foods, LLC, Line Of Credit2024-09-300001811972Woodland Foods, LLC, Line Of Credit2023-12-310001811972World 50, Inc., Revolver2024-09-300001811972World 50, Inc., Revolver2023-12-310001811972WWEC Holdings III Corp, Revolver2024-09-300001811972WWEC Holdings III Corp, Revolver2023-12-310001811972Xeinadin Bidco Limited, CAF Term Loan2024-09-300001811972Xeinadin Bidco Limited, CAF Term Loan2023-12-310001811972ZB Holdco LLC, Delayed Draw Term Loan2024-09-300001811972ZB Holdco LLC, Delayed Draw Term Loan2023-12-310001811972ZB Holdco LLC, Revolver2024-09-300001811972ZB Holdco LLC, Revolver2023-12-310001811972Zeppelin Bidco Limited, Capex / Acquisition Facility2024-09-300001811972Zeppelin Bidco Limited, Capex / Acquisition Facility2023-12-310001811972us-gaap:SubsequentEventMember2024-11-062024-11-060001811972bdc:INGCapitalCreditFacilityMember2024-01-012024-09-300001811972bdc:INGCapitalCreditFacilityDenominatedInPoundsSterlingMember2024-01-012024-09-300001811972bdc:INGCapitalCreditFacilityDenominatedInEurosMember2024-01-012024-09-300001811972bdc:INGCapitalCreditFacilityDenominatedInAustralianDollarsMember2024-01-012024-09-300001811972bdc:SeniorUnsecuredNotesDueFebruary2027Member2024-01-012024-09-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)


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

For the quarterly period ended September 30, 2024


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

For the transition period from to

Commission file number 814-01348

______________________________________________________________________

Barings Capital Investment Corporation

(Exact name of registrant as specified in its charter)

__________________________________________________________


Maryland						85-0654007
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)

300 South Tryon Street, Suite 2500 Charlotte, North Carolina						28202
(Address of principal executive offices)						(Zip Code)

Registrant's telephone number, including area code: (704) 805-7200

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Securities registered pursuant to Section 12(b) of the Act:


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

________________________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	ý	Smaller reporting company	¨
		Emerging growth company	ý
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý

The number of shares outstanding of the registrant’s common stock on November 6, 2024 was 30,488,015.

BARINGS CAPITAL INVESTMENT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q


		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Consolidated Balance Sheet as of September 30, 2024 and Consolidated Balance Sheet as of December 31, 2023	3
	Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023	4
	Unaudited Consolidated Statement s of Changes in Net Assets for the Three and Nine Months Ended September 30, 2024 and 2023	6
	Unaudited Consolidated Statement s of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	8
	Unaudited Consolidated Schedule of Investments as of September 30, 2024	9
	Consolidated Schedule of Investments as of December 31, 2023	36
	Notes to Unaudited Consolidated Financial Statements	60
Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	95
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	116
Item 4.	Controls and Procedures	117

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	119
Item 1A.	Risk Factors	119
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	119
Item 3.	Defaults Upon Senior Securities	119
Item 4.	Mine Safety Disclosures	119
Item 5.	Other Information	119
Item 6.	Exhibits	120
Signatures		121

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings Capital Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share data)


	September 30, 2024		December 31, 2023
	(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,183,165 and $1,170,790 as of September 30, 2024 and December 31, 2023, respectively)	$	1,174,497	$	1,154,383
Affiliate investments (cost of $186,690 and $181,326 as of September 30, 2024 and December 31, 2023, respectively)	194,684		194,738


Total investments at fair value	1,369,181		1,349,121
Cash	30,000		27,766
Foreign currencies (cost of $7,197 and $8,229 as of September 30, 2024 and December 31, 2023, respectively)	7,299		8,460
Interest and fees receivable	24,133		26,595
Prepaid expenses and other assets	387		169
Derivative assets	786		—
Deferred financing fees	1,515		2,234
Receivable from unsettled transactions	3,266		504
Total assets	$	1,436,567	$	1,414,849
Liabilities:
Accounts payable and accrued liabilities	$	2,067	$	2,101
Interest payable	2,837		4,224
Administrative fees payable	184		224
Base management fees payable	515		518
Incentive management fees payable	2,540		3,062

Derivative liabilities	5,472		8,116
Payable from unsettled transactions	175		302
Borrowings under credit facility	635,950		644,463

Notes payable (net of deferred financing fees)	99,880		99,843

Total liabilities	749,620		762,853
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (500,000,000 shares authorized, 30,488,015 and 29,270,679 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)	31		29
Additional paid-in capital	662,813		635,451
Total distributable earnings	24,103		16,516
Total net assets	686,947		651,996
Total liabilities and net assets	$	1,436,567	$	1,414,849
Net asset value per share	$	22.53	$	22.27

See accompanying notes.

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Investment income:
Interest income:
Non-Control / Non-Affiliate investments	$	29,829	$	29,964	$	89,113	$	86,449
Affiliate investments	404		235		1,149		436


Total interest income	30,233		30,199		90,262		86,885
Dividend income:
Non-Control / Non-Affiliate investments	755		611		2,476		1,742
Affiliate investments	4,042		2,931		13,302		10,065

Total dividend income	4,797		3,542		15,778		11,807
Fee and other income:
Non-Control / Non-Affiliate investments	1,838		1,502		5,475		5,036
Affiliate investments	24		25		73		43

Total fee and other income	1,862		1,527		5,548		5,079
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	1,681		1,929		5,108		5,689
Affiliate investments	96		86		281		86

Total payment-in-kind interest income	1,777		2,015		5,389		5,775
Interest income from cash	10		31		32		55
Total investment income	38,679		37,314		117,009		109,601
Operating expenses:
Interest and other financing fees	12,753		13,610		39,553		37,765
Base management fee (Note 2)	515		510		1,547		1,501
Incentive management fees (Note 2)	2,540		2,795		8,629		8,478





Other general and administrative expenses (Note 2)	889		835		2,671		2,513
Total operating expenses	16,697		17,750		52,400		50,257
Net investment income before taxes	21,982		19,564		64,609		59,344
Income taxes, including excise tax expense	448		62		724		216
Net investment income after taxes	$	21,534	$	19,502	$	63,885	$	59,128


Barings Capital Investment Corporation Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts:
Net realized gains (losses):
Non-Control / Non-Affiliate investments	$	803	$	(8,107)	$	1,384	$	(10,348)

Net realized gains (losses) on investments	803		(8,107)		1,384		(10,348)
Foreign currency transactions	836		51		1,429		531
Forward currency contracts	(1,233)		(173)		(4,446)		(12,705)
Net realized gains (losses)	406		(8,229)		(1,633)		(22,522)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	7,625		4,473		7,693		10,196

Affiliate investments	(1,026)		(495)		(5,418)		3,359

Net unrealized appreciation (depreciation) on investments	6,599		3,978		2,275		13,555
Foreign currency transactions	(4,861)		3,266		(3,399)		(481)
Forward currency contracts	(5,613)		5,563		3,430		17,444
Net unrealized appreciation (depreciation)	(3,875)		12,807		2,306		30,518
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts	(3,469)		4,578		673		7,996


Net increase in net assets resulting from operations	$	18,065	$	24,080	$	64,558	$	67,124
Net investment income per share — basic and diluted	$	0.71	$	0.68	$	2.15	$	2.10
Net increase in net assets resulting from operations per share — basic and diluted	$	0.60	$	0.84	$	2.17	$	2.38
Dividends / distributions per share:
Total dividends / distributions	$	0.64	$	0.63	$	1.92	$	1.85


Weighted average shares outstanding — basic and diluted	30,159,481		28,576,187		29,755,185		28,215,860

See accompanying notes.

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)


Three Months Ended September 30, 2023	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, June 30, 2023	28,506,055	$	28	$	618,515	$	7,987	$	626,530
Net investment income	—	—		—		19,502		19,502
Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(8,229)		(8,229)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		12,807		12,807

Dividends / distributions	379,536	1		8,342		(17,959)		(9,616)

Balance, September 30, 2023	28,885,591	$	29	$	626,857	$	14,108	$	640,994


Three Months Ended September 30, 2024	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, June 30, 2024	30,073,972	$	30	$	653,469	$	25,285	$	678,784
Net investment income	—	—		—		21,534		21,534
Net realized gain on investments / foreign currency transactions / forward currency contracts	—	—		—		406		406
Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		(3,875)		(3,875)

Dividends / distributions	414,043	1		9,344		(19,247)		(9,902)

Balance, September 30, 2024	30,488,015	$	31	$	662,813	$	24,103	$	686,947

Barings Capital Investment Corporation

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

(in thousands, except share amounts)


Nine Months Ended September 30, 2023	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, December 31, 2022	27,795,215	$	28	$	603,002	$	(931)	$	602,099
Net investment income	—	—		—		59,128		59,128
Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(22,522)		(22,522)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		30,518		30,518

Dividends / distributions	1,090,376	1		23,855		(52,085)		(28,229)

Balance, September 30, 2023	28,885,591	$	29	$	626,857	$	14,108	$	640,994


Nine Months Ended September 30, 2024	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, December 31, 2023	29,270,679	$	29	$	635,451	$	16,516	$	651,996
Net investment income	—	—		—		63,885		63,885
Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(1,633)		(1,633)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		2,306		2,306

Dividends / distributions	1,217,336	2		27,362		(56,971)		(29,607)

Balance, September 30, 2024	30,488,015	$	31	$	662,813	$	24,103	$	686,947

See accompanying notes.

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Cash Flows

(in thousands)


	Nine Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2023
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	64,558	$	67,124
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of portfolio investments	(153,302)		(214,827)
Repayments received / sales of portfolio investments	147,167		96,460


Loan origination and other fees received	2,129		2,945
Net realized (gain) loss on investments	(1,384)		10,348
Net realized (gain) loss on foreign currency transactions	(1,429)		(531)
Net realized (gain) loss on forward currency contracts	4,446		12,705
Net unrealized (appreciation) depreciation of investments	(2,275)		(13,555)
Net unrealized (appreciation) depreciation of foreign currency transactions	3,399		481
Net unrealized (appreciation) depreciation of forward currency contracts	(3,430)		(17,444)

Payment-in-kind interest / dividends	(11,101)		(9,642)
Amortization of deferred financing fees	757		738


Accretion of loan origination and other fees	(4,287)		(3,529)
Amortization / accretion of purchased loan premium / discount	(498)		(824)
Payments for derivative contracts	(11,078)		(15,212)
Proceeds from derivative contracts	6,632		2,506
Changes in operating assets and liabilities:
Interest and fees receivable	3,456		(4,608)
Prepaid expenses and other assets	(219)		(160)
Accounts payable and accrued liabilities	(647)		1,889

Interest payable	(1,388)		(53)

Net cash provided by (used in) operating activities	41,506		(85,189)
Cash flows from financing activities:
Borrowings under credit facility	40,000		82,000
Repayments of credit facility	(50,826)		—

Financing fees paid	—		(1)

Cash dividends / distributions paid	(29,607)		(28,229)
Net cash provided by (used in) financing activities	(40,433)		53,770
Net increase (decrease) in cash and foreign currencies	1,073		(31,419)
Cash and foreign currencies, beginning of period	36,226		60,851
Cash and foreign currencies, end of period	$	37,299	$	29,432
Supplemental disclosure of cash flow information:
Cash paid for interest	$	39,876	$	36,760
Excise taxes paid during the period	$	881	$	561
Summary of non-cash financing transactions:

Dividends / distributions paid through DRIP share issuances	$	27,362	$	23,855

See accompanying notes.

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments

September 30, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Non–Control / Non–Affiliate Investments:

A.T. Holdings II LTD	Other Financial	First Lien Senior Secured Term Loan	7.1% Cash, 7.1% PIK	11/22	09/29	$	7,652	$	7,125	$	5,020	0.7	%	(3) (6) (30)
						7,652		7,125		5,020

Accelerant Holdings	Banking, Finance, Insurance & Real Estate	Class A Convertible Preferred Equity (2,500 shares)	N/A	01/22	N/A			2,500		3,110		0.5	%	(6) (27)
		Class B Convertible Preferred Equity (1,650 shares)	N/A	12/22	N/A			1,666		2,194		0.3	%	(6) (27)
								4,166		5,304

Acclime Holdings HK Limited	Business Services	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.8% Cash	08/21	08/27	1,941		1,913		1,900		0.3	%	(3) (6) (7) (13)
						1,941		1,913		1,900

Accurus Aerospace Corporation	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.3% Cash	04/22	04/28	8,726		8,641		8,638		1.3	%	(6) (7) (12)
		Revolver	SOFR + 5.25%, 10.3% Cash	04/22	04/28	738		729		728		0.1	%	(6) (7) (12) (28)
		Common Stock (175,049.3 shares)	N/A	04/22	N/A			175		165		—	%	(6) (27)
						9,464		9,545		9,531

Acogroup	Business Services	First Lien Senior Secured Term Loan	4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK	03/22	10/26	3,040		2,958		2,575		0.4	%	(3) (6) (7) (10)
						3,040		2,958		2,575

AD Bidco, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR +6.25%, 11.2% Cash	03/24	08/29	3,375		3,296		3,306		0.5	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.2% Cash	03/24	03/30	—		(27)		(24)		—	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.25%, 11.2% Cash	03/24	08/29	—		(10)		(9)		—	%	(6) (7) (12) (28)
						3,375		3,259		3,273

ADB Safegate	Aerospace & Defense	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 14.1% PIK	08/21	10/27	7,074		6,945		6,296		0.9	%	(3) (6) (7) (10) (12)
						7,074		6,945		6,296

Adhefin International	Industrial Other	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	05/23	05/30	1,447		1,396		1,444		0.2	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	05/23	05/30	403		379		401		0.1	%	(3) (6) (7) (9) (28)
		Subordinated Term Loan	EURIBOR + 10.5% PIK, 13.8% PIK	05/23	11/30	356		343		350		0.1	%	(3) (6) (7) (9)
						2,206		2,118		2,195

Advantage Software Company (The), LLC	Advertising, Printing & Publishing	Class A1 Partnership Units (3,012.9 units)	N/A	12/21	N/A			97		194		—	%	(6) (27)
		Class A2 Partnership Units (777.1 units)	N/A	12/21	N/A			25		50		—	%	(6) (27)
		Class B1 Partnership Units (3,012.9 units)	N/A	12/21	N/A			3		—		—	%	(6) (27)
		Class B2 Partnership Units (777.1 units)	N/A	12/21	N/A			1		—		—	%	(6) (27)
								126		244

Air Canada 2020-2 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	9.0% Cash	09/20	10/25	980		980		1,005		0.1	%
						980		980		1,005

Air Comm Corporation, LLC	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	06/21	07/27	11,538		11,423		11,399		1.7	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.9% Cash	06/21	07/27	1,025		1,004		1,025		0.1	%	(6) (7) (12)
						12,563		12,427		12,424

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
AirX Climate Solutions, Inc.	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.0% Cash	11/23	11/29	$	663	$	647	$	661	0.1	%	(6) (7) (12) (28)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.2% Cash	11/23	11/29	550		542		542		0.1	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.0% Cash	11/23	06/26	—		(6)		(7)		—	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.75%, 11.0% Cash	11/23	11/29	—		(3)		—		—	%	(6) (7) (11) (28)
						1,213		1,180		1,196

AIT Worldwide Logistics Holdings, Inc.	Transportation Services	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	04/21	04/29	4,849		4,779		4,849		0.7	%	(6) (7) (12)
		Partnership Units (161.64 units)	N/A	04/21	N/A			162		236		—	%	(6) (27)
						4,849		4,941		5,085

AlliA Insurance Brokers NV	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.9% Cash	03/23	03/30	4,588		4,283		4,588		0.7	%	(3) (6) (7) (10) (28)
						4,588		4,283		4,588

Amalfi Midco	Healthcare	Second Lien Senior Secured Term Loan	15.5% Cash	09/22	10/28	155		151		155		—	%	(3) (6)
		Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28	3,045		2,574		2,768		0.4	%	(3) (6)
		Class B Common Stock (49,453,293 shares)	N/A	09/22	N/A			557		663		0.1	%	(3) (6) (27)
		Warrants (190,193 units)	N/A	09/22	N/A			2		406		0.1	%	(3) (6)
						3,200		3,284		3,992

Americo Chemical Products, LLC	Chemicals	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.1% Cash	04/23	04/29	1,706		1,671		1,706		0.2	%	(6) (7) (11)
		Revolver	SOFR + 5.25%, 10.1% Cash	04/23	04/29	—		(9)		—		—	%	(6) (7) (11) (28)
		Common Stock (88,110 shares)	N/A	04/23	N/A			88		113		—	%	(6) (27)
						1,706		1,750		1,819

AnalytiChem Holding Gmbh	Chemicals	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	11/21	10/28	894		919		883		0.1	%	(3) (6) (7) (18)
		First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	11/21	10/28	4,507		4,441		4,450		0.6	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	04/22	10/28	2,805		2,698		2,769		0.4	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 10.7% Cash	01/23	10/28	1,010		938		1,006		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 12.0% Cash	06/22	10/28	476		476		470		0.1	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	11/21	10/28	614		614		606		0.1	%	(3) (6) (7) (12)
						10,306		10,086		10,184

APC1 Holding	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 8.5% Cash	07/22	07/29	2,567		2,322		2,548		0.4	%	(3) (6) (7) (9)
						2,567		2,322		2,548

APOG Bidco Pty Ltd	Healthcare	Second Lien Senior Secured Term Loan	BBSY + 7.30%, 11.8% Cash	04/22	03/30	434		461		434		0.1	%	(3) (6) (7) (19)
						434		461		434

Aptus 1829. GmbH	Chemicals, Plastics, and Rubber	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash, 1.5% PIK	09/21	09/27	1,575		1,628		1,340		0.2	%	(3) (6) (7) (10)
		Preferred Stock (9 shares)	N/A	09/21	N/A			79		11		—	%	(3) (6) (27)
		Common Stock (32 shares)	N/A	09/21	N/A			8		—		—	%	(3) (6) (27)
						1,575		1,715		1,351

Apus Bidco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	02/21	03/28	2,763		2,795		2,763		0.4	%	(3) (6) (7) (16)
						2,763		2,795		2,763

AQA Acquisition Holding, Inc.	High Tech Industries	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	03/21	03/29	21,000		20,661		21,000		3.1	%	(6) (7) (12)
						21,000		20,661		21,000

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Aquavista Watersides 2 LTD	Transportation Services	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	12/21	12/28	$	2,023	$	1,954	$	1,923	0.3	%	(3) (6) (7) (16) (28)
		Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.7% PIK	12/21	12/28	627		605		602		0.1	%	(3) (6) (7) (16)
						2,650		2,559		2,525

Arc Education	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.1% Cash	07/22	07/29	3,896		3,483		3,865		0.6	%	(3) (6) (7) (9) (28)
						3,896		3,483		3,865

Archimede	Consumer Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.8% Cash	10/20	10/27	8,036		7,922		7,529		1.1	%	(3) (6) (7) (9)
						8,036		7,922		7,529

Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.7% Cash, 3.4% PIK	07/22	07/29	1,005		921		954		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 4.00% 9.3% Cash, 3.4% PIK	07/22	07/29	66		65		62		—	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.9% Cash, 3.4% PIK	07/22	07/29	906		782		849		0.1	%	(3) (6) (7) (15) (28)
		Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29	413		367		386		0.1	%	(3) (6)
		Preferred Stock (20,780 shares)	10.0% PIK	07/22	N/A			30		20		—	%	(3) (6)
		Equity Loan Notes (20,780 units)	10.0% PIK	07/22	N/A			30		20		—	%	(3) (6)
		Common Stock (232 shares)	N/A	07/22	N/A			—		—		—	%	(3) (6) (27)
						2,390		2,195		2,291

ASC Communications, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	07/22	07/27	9,208		9,117		9,208		1.3	%	(6) (7) (11)
		Revolver	SOFR + 4.75%, 10.1% Cash	07/22	07/27	—		(6)		—		—	%	(6) (7) (11) (28)
		Class A Units (15,545.8 units)	N/A	07/22	N/A			326		520		0.1	%	(6)
						9,208		9,437		9,728

Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.8% Cash	11/21	11/28	67		64		67		—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.8% Cash	11/21	05/31	187		180		187		—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.5% Cash	11/21	11/28	2,032		1,965		2,032		0.3	%	(3) (6) (7) (15) (28)
						2,286		2,209		2,286

ATL II MRO Holdings Inc.	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	11/22	11/28	6,141		6,020		6,085		0.9	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.7% Cash	11/22	11/28	—		(23)		(11)		—	%	(6) (7) (12) (28)
						6,141		5,997		6,074

Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.9% Cash	11/21	11/27	1,659		1,656		1,655		0.2	%	(3) (6) (7) (18) (28)
						1,659		1,656		1,655

AVSC Holding Corp.	Advertising	First Lien Senior Secured Term Loan	5.0% Cash, 10.0% PIK	11/20	10/26	4,744		4,715		4,844		0.7	%
						4,744		4,715		4,844

Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.2% Cash	11/21	11/27	3,198		3,158		3,198		0.5	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.25%, 10.2% Cash	11/21	11/27	—		(3)		—		—	%	(6) (7) (12) (28)
		Subordinated Term Loan	12.0% PIK	11/21	05/28	1,174		1,163		1,166		0.2	%	(6)
		Common Stock (128,205.1 shares)	N/A	11/21	N/A			128		169		—	%	(6) (27)
						4,372		4,446		4,533

Bariacum S.A	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.4% Cash	11/21	11/28	2,567		2,536		2,567		0.4	%	(3) (6) (7) (10)
						2,567		2,536		2,567

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Beyond Risk Management, Inc.	Other Financial	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	10/21	10/27	$	4,915	$	4,898	$	4,837	0.7	%	(6) (7) (12)
						4,915		4,898		4,837

Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	02/21	02/28	2,344		2,441		2,286		0.3	%	(3) (6) (7) (10)
						2,344		2,441		2,286

Biolam Group	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK	12/22	12/29	4,645		4,377		3,015		0.4	%	(3) (6) (7) (10) (28) (29)
						4,645		4,377		3,015

BKF Buyer, Inc.		First Lien Senior Secured Term Loan	SOFR + 5.21%, 10.0% Cash	08/24	07/27	3,451		3,384		3,382		0.5	%	(6) (7) (11)
		Revolver	SOFR + 5.21%, 10.0% Cash	08/24	07/27	—		(24)		(25)		—	%	(6) (7) (11) (28)
		Common Stock (423,846 shares)	N/A	08/24	N/A			424		424		0.1	%	(6) (27)
						3,451		3,784		3,781

Blue Ribbon, LLC	Brewers	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	05/21	05/28	11,087		10,927		7,715		1.1	%	(7) (12)
						11,087		10,927		7,715

BNI Global, LLC	Other Industrial	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.9% Cash	02/24	05/27	2,548		2,425		2,502		0.4	%	(6) (7) (8)
						2,548		2,425		2,502

Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.9% Cash	08/21	08/27	7,974		7,893		7,974		1.2	%	(6) (7) (12)
						7,974		7,893		7,974

BPG Holdings IV Corp	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	03/23	07/29	9,432		8,966		8,652		1.3	%	(6) (7) (12)
						9,432		8,966		8,652

Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	07/22	09/27	13,600		13,600		14,174		2.1	%
		Preferred Stock- Series A (7,309 shares)	7.0% PIK	07/22	N/A			8,062		7,215		1.1	%	(6)
						13,600		21,662		21,389

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.6% Cash	10/21	10/28	2,351		2,328		2,323		0.3	%	(3) (6) (7) (10) (28)
						2,351		2,328		2,323

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	10/21	10/27	3,775		3,755		3,775		0.5	%	(6) (7) (11)
		Revolver	SOFR + 5.75%, 10.4% Cash	10/21	10/27	548		545		548		0.1	%	(6) (7) (11) (28)
		LLC units (596,181.5 units)	N/A	10/21	N/A			596		632		0.1	%	(6)
						4,323		4,896		4,955

British Airways 2020-1 Class B Pass Through Trust	Structured Products	First Lien Senior Secured Bond	8.4% Cash	11/20	11/28	515		515		539		0.1	%
						515		515		539

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 6.75%, 12.7% Cash	12/20	12/27	2,463		2,435		2,463		0.4	%	(3) (6) (7) (16)
						2,463		2,435		2,463

Burgess Point Purchaser Corporation	Auto Parts & Equipment	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.2% Cash	07/22	07/30	2,273		2,200		2,273		0.3	%	(6) (7) (13)
		LP Units (227 units)	N/A	07/22	N/A			227		220		—	%	(6)
						2,273		2,427		2,493

BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 12.8% Cash	06/22	06/26	6,259		5,784		6,284		0.9	%	(6) (7) (9)
						6,259		5,784		6,284

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CAi Software, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.1% Cash	12/21	12/28	$	3,691	$	3,642	$	3,632	0.5	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.1% Cash	07/22	12/28	1,015		1,002		999		0.1	%	(6) (7) (12)
		Revolver	SOFR + 5.25%, 10.1% Cash	12/21	12/28	354		345		342		—	%	(6) (7) (12) (28)
						5,060		4,989		4,973

Caldwell & Gregory LLC	Services: Business	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	09/24	09/27	11,250		11,048		11,048		1.6	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.00%, 9.6% Cash	09/24	09/27	—		(22)		(22)		—	%	(6) (7) (12) (28)
						11,250		11,026		11,026

Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	CORRA + 7.0% PIK, 11.8% PIK	06/21	12/26	1,620		1,781		319		—	%	(3) (6) (7) (21) (29)
		Super Senior Secured Term Loan	15.0% PIK	04/24	12/26	41		36		157		—	%	(3) (6) (28)
		Class A Equity (500,000 units)	N/A	05/22	N/A			389		—		—	%	(3) (6) (27)
		Class C - Warrants (74,712.64 units)	N/A	05/22	N/A			—		—		—	%	(3) (6) (27)
		Class X Equity (45,604 units)	N/A	05/22	N/A			35		—		—	%	(3) (6) (27)
		Common Stock (13.8 shares)	N/A	08/24	N/A			—		—		—	%	(3) (6) (27)
						1,661		2,241		476

Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 13.1% Cash	04/22	04/27	2,159		2,141		2,133		0.3	%	(3) (6) (7) (12)
		LLC Units (340,909 units)	N/A	04/22	N/A			341		385		0.1	%	(3) (6) (27)
						2,159		2,482		2,518

Cascade Residential Services LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/23	10/29	2,010		1,960		1,971		0.3	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.50%, 10.8% Cash	10/23	10/29	33		30		30		—	%	(6) (7) (12) (28)
						2,043		1,990		2,001

CCFF Buyer, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.8% Cash	02/24	02/30	2,230		2,152		2,187		0.3	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.75%, 10.8% Cash	02/24	02/30	—		(11)		(6)		—	%	(6) (7) (12) (28)
		LLC Units (135 units)	N/A	02/24	N/A			135		166		—	%	(6) (27)
						2,230		2,276		2,347

Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.8% Cash	10/21	10/28	5,702		5,480		5,635		0.8	%	(3) (6) (7) (10)
						5,702		5,480		5,635

CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.4% Cash	02/22	02/28	4,742		4,684		4,742		0.7	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.4% Cash	12/22	02/28	1,571		1,538		1,571		0.2	%	(6) (7) (12)
		Revolver	SOFR + 4.50%, 9.4% Cash	02/22	02/28	—		(20)		—		—	%	(6) (7) (12) (28)
		Preferred Stock (657 shares)	N/A	02/22	N/A			722		1,546		0.2	%	(6) (27)
						6,313		6,924		7,859

Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	11/21	11/28	1,995		1,967		1,995		0.3	%	(3) (6) (7) (12)
						1,995		1,967		1,995

Coherus Biosciences, Inc.	Biotechnology	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.6% Cash	05/24	05/29	1,995		1,938		1,948		0.3	%	(6) (7) (12)
		Royalty Rights	N/A	05/24	08/50			1,895		1,909		0.3	%	(6)
						1,995		3,833		3,857

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	$	647	$	639	$	637	0.1	%	(6)
		LLC Units (46,085.6 units)	N/A	04/22	N/A			125		146		—	%	(6) (27)
						647		764		783

Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.0% Cash	04/22	04/28	6,628		6,543		6,628		1.0	%	(6) (7) (11)
		Revolver	SOFR + 5.00%, 10.0% Cash	04/22	04/28	—		(7)		—		—	%	(6) (7) (11) (28)
						6,628		6,536		6,628

Contabo Finco S.À R.L.	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 8.8% Cash	10/22	10/29	1,039		910		1,030		0.1	%	(3) (6) (7) (9)
						1,039		910		1,030

Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.7% Cash, 0.5% PIK	09/21	09/28	11,289		11,518		10,896		1.6	%	(3) (6) (7) (9) (28)
		Class A Units (531 units)	N/A	09/21	N/A			248		266		—	%	(3) (6) (27)
		Class B Units (231 units)	N/A	09/21	N/A			538		483		0.1	%	(3) (6) (27)
						11,289		12,304		11,645

CSL DualCom	Tele-communications	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.7% Cash	09/20	09/27	2,236		1,969		2,236		0.3	%	(3) (6) (7) (14) (28)
						2,236		1,969		2,236

CTI Foods Holdings Co., LLC	Food & Beverage	First Out Term Loan	SOFR + 10.00%, 15.3% PIK	02/24	05/26	2,758		2,684		2,758		0.4	%	(6) (7) (12)
		2024 LIFO Term Loan	SOFR + 10.00%, 15.3% PIK	02/24	05/26	4,051		3,893		4,051		0.6	%	(6) (7) (12)
		Second Out Term Loan	SOFR + 12.00%, 17.3% PIK	02/24	05/26	576		576		576		0.1	%	(6) (7) (12)
		Common Stock (19,376 shares)	N/A	02/24	N/A			—		581		0.1	%	(6) (27)
						7,385		7,153		7,966

CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	01/21	01/27	7,820		7,744		7,820		1.1	%	(6) (7) (12)
		LLC Units (403,441 units)	N/A	01/21	N/A			403		758		0.1	%	(6)
						7,820		8,147		8,578

DataServ Integrations, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/22	11/28	1,866		1,835		1,866		0.3	%	(6) (7) (11)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/22	11/28	—		(7)		—		—	%	(6) (7) (11) (28)
		Partnership Units (96,153.9 units)	N/A	11/22	N/A			96		113		—	%	(6) (27)
						1,866		1,924		1,979

David Wood Baking UK Ltd	Food Products	Second Lien Senior Secured Term Loan	SONIA + 4.00%, 9.1% Cash, 7.0% PIK	04/24	04/29	1,581		1,453		1,491		0.2	%	(3) (6) (7) (15)
						1,581		1,453		1,491

DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.5% Cash	12/21	12/26	1,602		1,578		1,539		0.2	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.5% Cash	12/21	12/26	347		342		332		—	%	(6) (7) (12) (28)
		Class A Units (1,016.1 units)	N/A	04/24	N/A			47		18		—	%	(6) (27)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			55		22		—	%	(6) (27)
						1,949		2,022		1,911

DISA Holdings Corp.	Other Industrial	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.0% Cash	11/22	09/28	4,645		4,545		4,645		0.7	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.0% Cash	11/22	09/28	—		(6)		—		—	%	(6) (7) (12) (28)
						4,645		4,539		4,645

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Diversified Packaging Holdings LLC	Business Equipment & Services	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29	$	726	$	712	$	713	0.1	%	(6) (7)
		LLC Units (2,769 units)	N/A	06/24	N/A			277		285		—	%	(6) (27)
						726		989		998

Dragon Bidco	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.1% Cash	04/21	04/28	4,911		4,811		4,911		0.7	%	(3) (6) (7) (9)
						4,911		4,811		4,911

Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.4% Cash	09/21	09/28	203		189		132		—	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.8% Cash	09/21	09/28	3,483		3,449		3,215		0.5	%	(3) (6) (7) (12)
						3,686		3,638		3,347

Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	06/22	06/28	1,000		990		997		0.1	%	(3) (6) (7) (12)
						1,000		990		997

Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	07/21	07/27	11,244		11,123		11,244		1.6	%	(6) (7) (12)
						11,244		11,123		11,244

Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.9% Cash	11/21	11/29	7,605		7,508		7,598		1.1	%	(6) (7) (11)
		Partnership Equity (289.2 units)	N/A	11/21	N/A			289		205		—	%	(6) (27)
						7,605		7,797		7,803

EFC International	Automotive	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	707		689		697		0.1	%	(6)
		Common Stock (145.5 shares)	N/A	03/23	N/A			205		352		0.1	%	(6) (27)
						707		894		1,049

Electrical Components International, Inc.	Electrical Equipment	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.2% Cash	05/24	05/29	3,555		3,485		3,484		0.5	%	(6) (7) (13) (28)
						3,555		3,485		3,484

Ellkay, LLC	Healthcare and Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 7.50%, 12.6% Cash, 2.0% PIK	09/21	09/27	3,695		3,655		3,226		0.5	%	(6) (7) (13)
						3,695		3,655		3,226

EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.9% Cash	12/21	12/27	7,965		7,871		7,439		1.1	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 10.9% Cash	12/21	12/27	153		139		69		—	%	(6) (7) (12) (28)
						8,118		8,010		7,508

Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	02/21	01/27	4,121		4,104		4,068		0.6	%	(6) (7) (12)
						4,121		4,104		4,068

eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.0% Cash	11/21	11/27	6,679		6,604		6,679		1.0	%	(6) (7) (11)
		Revolver	SOFR + 5.00%, 10.0% Cash	11/21	11/27	—		(12)		—		—	%	(6) (7) (11) (28)
						6,679		6,592		6,679

Eurofins Digital Testing International LUX Holding SARL	Technology	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 8.1% Cash, 2.8% PIK	12/22	12/29	1,079		998		528		0.1	%	(3) (6) (7) (10) (29)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 10.9% Cash	12/22	12/29	—		(37)		(940)		(0.1)	%	(3) (6) (7) (10) (28) (29)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.8% Cash, 2.8% PIK	12/22	12/29	533		521		261		—	%	(3) (6) (7) (12) (29)
		First Lien Senior Secured Term Loan	SONIA + 4.50%, 9.7% Cash, 2.8% PIK	12/22	12/29	1,678		1,506		821		0.1	%	(3) (6) (7) (16) (29)
		Senior Subordinated Term Loan	11.5% PIK	12/22	12/30	478		446		—		—	%	(3) (6) (29)
						3,768		3,434		670

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (31)	Investment Type (1)(2)(32)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Events Software BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 6.50%, 11.0% Cash	03/22	03/28	$	1,739	$	1,830	$	1,550	0.2	%	(3) (6) (7) (18) (28)
						1,739		1,830		1,550

Express Wash Acquisition Company, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.1% Cash	07/22	07/28	4,262		4,204		4,061		0.6	%	(6) (7) (12)
		Revolver	SOFR + 6.50%, 12.1% Cash	07/22	07/28	94		92		86		—	%	(6) (7) (12) (28)

Barings Capital Investment Corp 10-Q