~~0001811972Interstellar Group B.V., Technology~~0001811972Argus Bidco Limited, High Tech Industries, First Lien Senior Secured Term ~~Loan2022-12-31~~Loan 12023-12-31

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, 2023~~March 31, 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 9, 2023~~May 7, 2024 was ~~28,885,591.~~29,672,058.

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, 2023~~March 31, 2024 and Consolidated Balance Sheet as of December 31, ~~2022~~2023	3
	Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and Nine Months Ended~~September 30,~~ 2023 ~~and 2022~~	4
	Unaudited Consolidated Statement s of Changes in Net Assets for the Three ~~and Nine~~ Months Ended ~~September 30,~~March 31, 2024 and 2023 ~~and 2022~~	6
	Unaudited Consolidated Statement s of Cash Flows for the ~~Nine~~Three Months Ended ~~September 30,~~March 31, 2024 and 2023 ~~and 2022~~	87
	Unaudited Consolidated Schedule of Investments as of ~~September 30, 2023~~March 31, 2024	98
	Consolidated Schedule of Investments as of December 31, ~~2022~~2023	3134
	Notes to Unaudited Consolidated Financial Statements	5258
Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	8590
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~104~~108
Item 4.	Controls and Procedures	~~105~~109

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	~~107~~111
Item 1A.	Risk Factors	~~107~~111
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~107~~111
Item 3.	Defaults Upon Senior Securities	~~107~~111
Item 4.	Mine Safety Disclosures	~~107~~111
Item 5.	Other Information	~~107~~111
Item 6.	Exhibits	~~108~~112
Signatures		~~109~~113

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings Capital Investment Corporation

~~Consolidated Balance Sheets~~Barings Capital Investment Corporation

(Exact name of registrant as specified in ~~thousands, except share~~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 ~~per share data)~~Former Fiscal Year, if Changed Since Last Report: N/A

September 30, 2023 December 31, 2022
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,196,334 and $1,154,788 as of September 30, 2023 and December 31, 2022, respectively) $ 1,165,287 $ 1,114,337
Affiliate investments (cost of $167,104 and $106,815 as of September 30, 2023 and December 31, 2022, respectively) 183,608 119,068
Total investments at fair value 1,348,895 1,233,405
Cash 16,293 43,671
Foreign currencies (cost of $13,472 and $16,897 as of September 30, 2023 and December 31, 2022, respectively) 13,139 17,180
Interest and fees receivable 23,966 19,338
Prepaid expenses and other assets 253 93
Derivative assets 6,321 1,202
Deferred financing fees 2,475 3,191
Receivable from unsettled transactions 767 1,188
Total assets $ 1,412,109 $ 1,319,268
Liabilities:
Accounts payable and accrued liabilities $ 1,305 $ 1,463
Interest payable 2,829 2,884
Administrative fees payable 211 255
Base management fees payable 510 445
Incentive management fees payable 2,795 764
Derivative liabilities 297 12,622
Payable from unsettled transactions 35 17,584
Borrowings under subscription and credit facilities 663,303 581,436
Notes payable (net of deferred financing fees) 99,830 99,716
Total liabilities 771,115 717,169
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (500,000,000 shares authorized, 28,885,591 and 27,795,215 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively) 29 28
Additional paid-in capital 626,857 603,002
Total distributable earnings 14,108 (931)
Total net assets 640,994 602,099
Total liabilities and net assets $ 1,412,109 $ 1,319,268
Net asset value per share $ 22.19 $ 21.66

~~See accompanying notes.~~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


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

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

The number of shares outstanding of the registrant’s common stock on May 7, 2024 was 29,672,058.

~~Barings Capital Investment Corporation~~BARINGS CAPITAL INVESTMENT CORPORATION

~~Unaudited Consolidated Statements of Operations~~TABLE OF CONTENTS

~~(in thousands, except share and per share data)~~QUARTERLY REPORT ON FORM 10-Q

Three Months Ended Three Months Ended Nine Months
Ended Nine Months
Ended
September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022
Investment income:
Interest income:
Non-Control / Non-Affiliate investments $ 29,964 $ 20,020 $ 86,449 $ 50,994
Affiliate investments 235 118 436 272
Total interest income 30,199 20,138 86,885 51,266
Dividend income:
Non-Control / Non-Affiliate investments 611 759 1,742 945
Affiliate investments 2,931 2,639 10,065 9,116
Total dividend income 3,542 3,398 11,807 10,061
Fee and other income:
Non-Control / Non-Affiliate investments 1,502 1,815 5,036 4,554
Affiliate investments 25 5 43 11
Total fee and other income 1,527 1,820 5,079 4,565
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments 1,929 1,071 5,689 2,931
Affiliate investments 86 — 86 —
Total payment-in-kind interest income 2,015 1,071 5,775 2,931
Interest income from cash 31 4 55 4
Total investment income 37,314 26,431 109,601 68,827
Operating expenses:
Interest and other financing fees 13,610 7,630 37,765 16,435
Base management fee (Note 2) 510 428 1,501 1,192
Incentive management fees (Note 2) 2,795 2,154 8,478 4,889
Professional fees 264 239 710 721
Directors fees 60 60 180 195
Custody and administrative fees 188 177 549 528
Other general and administrative expenses
(Note 2) 323 407 1,074 1,259
Total operating expenses 17,750 11,095 50,257 25,219
Net investment income before taxes 19,564 15,336 59,344 43,608
Income taxes, including excise tax expense 62 (62) 216 (62)
Net investment income after taxes 19,502 15,398 59,128 43,670


		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Consolidated Balance Sheet as of March 31, 2024 and Consolidated Balance Sheet as of December 31, 2023	3
	Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023	4
	Unaudited Consolidated Statement s of Changes in Net Assets for the Three Months EndedMarch 31, 2024 and 2023	6
	Unaudited Consolidated Statement s of Cash Flows for the Three Months EndedMarch 31, 2024 and 2023	7
	Unaudited Consolidated Schedule of Investments as of March 31, 2024	8
	Consolidated Schedule of Investments as of December 31, 2023	34
	Notes to Unaudited Consolidated Financial Statements	58
Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	90
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	108
Item 4.	Controls and Procedures	109

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	111
Item 1A.	Risk Factors	111
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	111
Item 3.	Defaults Upon Senior Securities	111
Item 4.	Mine Safety Disclosures	111
Item 5.	Other Information	111
Item 6.	Exhibits	112
Signatures		113

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, 2023 September 30, 2022 September 30, 2023 September 30, 2022
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 $ (8,107) $ (3,591) (10,348) (5,228)
Affiliate investments — — — 39
Net realized gains (losses) on investments (8,107) (3,591) (10,348) (5,189)
Foreign currency transactions 51 (412) 531 3,454
Forward currency contracts (173) 6,264 (12,705) 6,448
Net realized gains (losses) (8,229) 2,261 (22,522) 4,713
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments 4,473 (15,518) 10,196 (45,636)
Affiliate investments (495) 2,863 3,359 8,075
Net unrealized appreciation (depreciation) on investments 3,978 (12,655) 13,555 (37,561)
Foreign currency transactions 3,266 6,890 (481) 14,547
Forward currency contracts 5,563 3,249 17,444 9,921
Net unrealized appreciation (depreciation) 12,807 (2,516) 30,518 (13,093)
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts 4,578 (255) 7,996 (8,380)
Loss on extinguishment of debt — — — (181)
Net increase in net assets resulting from operations $ 24,080 $ 15,143 $ 67,124 $ 35,109
Net investment income per share—basic and diluted $ 0.68 $ 0.56 $ 2.10 $ 1.72
Net increase in net assets resulting from operations per share—basic and diluted $ 0.84 $ 0.56 $ 2.38 $ 1.38
Dividends/distributions per share:
Total dividends/distributions $ 0.63 $ 0.53 $ 1.85 $ 1.56
Weighted average shares outstanding—basic and diluted 28,576,187 27,259,375 28,215,860 25,449,534

~~See accompanying notes.~~

PART I – FINANCIAL INFORMATION

Item 1.Financial Statements.

Barings Capital Investment Corporation

~~Unaudited Consolidated Statements of Changes in Net Assets~~

~~(in thousands, except share amounts)~~

Three Months Ended September 30, 2022 Common Stock Additional
Paid-In
Capital Total Distributable Earnings Total
Net
Assets
Number
of Shares Par
Value
Balance, June 30, 2022 27,209,484 $ 27 $ 590,451 $ 14,109 $ 604,587
Net investment income — — — 15,398 15,398
Net realized gain on investments / foreign currency transactions / forward currency contracts — — — 2,261 2,261
Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts — — — (2,516) (2,516)
Dividends/distributions 286,875 1 6,374 (14,421) (8,046)
Balance, September 30, 2022 27,496,359 $ 28 $ 596,825 $ 14,831 $ 611,684

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

~~See accompanying notes.~~

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


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

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

The number of shares outstanding of the registrant’s common stock on May 7, 2024 was 29,672,058.

BARINGS CAPITAL INVESTMENT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q


		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Consolidated Balance Sheet as of March 31, 2024 and Consolidated Balance Sheet as of December 31, 2023	3
	Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023	4
	Unaudited Consolidated Statement s of Changes in Net Assets for the Three Months EndedMarch 31, 2024 and 2023	6
	Unaudited Consolidated Statement s of Cash Flows for the Three Months EndedMarch 31, 2024 and 2023	7
	Unaudited Consolidated Schedule of Investments as of March 31, 2024	8
	Consolidated Schedule of Investments as of December 31, 2023	34
	Notes to Unaudited Consolidated Financial Statements	58
Item 2.	Management ’s Discussion and Analysis of Financial Condition and Results of Operations	90
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	108
Item 4.	Controls and Procedures	109

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	111
Item 1A.	Risk Factors	111
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	111
Item 3.	Defaults Upon Senior Securities	111
Item 4.	Mine Safety Disclosures	111
Item 5.	Other Information	111
Item 6.	Exhibits	112
Signatures		113

PART I – FINANCIAL INFORMATION

Item 1.Financial Statements.

Barings Capital Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share data)


	March 31, 2024		December 31, 2023
	(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,175,926 and $1,170,790 as of March 31, 2024 and December 31, 2023, respectively)	$	1,165,223	$	1,154,383
Affiliate investments (cost of $183,943 and $181,326 as of March 31, 2024 and December 31, 2023, respectively)	197,825		194,738


Total investments at fair value	1,363,048		1,349,121
Cash	21,574		27,766
Foreign currencies (cost of $10,107 and $8,229 as of March 31, 2024 and December 31, 2023, respectively)	9,955		8,460
Interest and fees receivable	20,418		26,595
Prepaid expenses and other assets	117		169
Derivative assets	3,801		—
Deferred financing fees	1,995		2,234
Receivable from unsettled transactions	437		504
Total assets	$	1,421,345	$	1,414,849
Liabilities:
Accounts payable and accrued liabilities	$	1,436	$	2,101
Interest payable	3,152		4,224
Administrative fees payable	243		224
Base management fees payable	519		518
Incentive management fees payable	3,199		3,062

Derivative liabilities	276		8,116
Payable from unsettled transactions	2		302
Borrowings under credit facility	642,422		644,463

Notes payable (net of deferred financing fees)	99,855		99,843

Total liabilities	751,104		762,853
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (500,000,000 shares authorized, 29,672,058 and 29,270,679 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	29		29
Additional paid-in capital	644,390		635,451
Total distributable earnings	25,822		16,516
Total net assets	670,241		651,996
Total liabilities and net assets	$	1,421,345	$	1,414,849
Net asset value per share	$	22.59	$	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
	March 31, 2024		March 31, 2023
Investment income:
Interest income:
Non-Control / Non-Affiliate investments	$	29,846	$	27,207
Affiliate investments	340		113


Total interest income	30,186		27,320
Dividend income:
Non-Control / Non-Affiliate investments	800		562
Affiliate investments	3,150		2,917

Total dividend income	3,950		3,479
Fee and other income:
Non-Control / Non-Affiliate investments	1,574		1,676
Affiliate investments	22		10

Total fee and other income	1,596		1,686
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	1,402		1,743
Affiliate investments	91		—

Total payment-in-kind interest income	1,493		1,743
Interest income from cash	13		11
Total investment income	37,238		34,239
Operating expenses:
Interest and other financing fees	13,540		11,293
Base management fee (Note 2)	519		486
Incentive management fees (Note 2)	3,199		2,699





Other general and administrative expenses (Note 2)	817		866
Total operating expenses	18,075		15,344
Net investment income before taxes	19,163		18,895
Income taxes, including excise tax expense	150		24
Net investment income after taxes	19,013		18,871


Barings Capital Investment Corporation Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 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	$	(3,867)	$	(224)

Net realized gains (losses) on investments	(3,867)		(224)
Foreign currency transactions	(92)		467
Forward currency contracts	(6,541)		(10,175)
Net realized gains (losses)	(10,500)		(9,932)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	5,754		6,125

Affiliate investments	470		3,452

Net unrealized appreciation (depreciation) on investments	6,224		9,577
Foreign currency transactions	1,661		(2,634)
Forward currency contracts	11,641		9,611
Net unrealized appreciation (depreciation)	19,526		16,554
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts	9,026		6,622


Net increase in net assets resulting from operations	$	28,039	$	25,493
Net investment income per share — basic and diluted	$	0.65	$	0.68
Net increase in net assets resulting from operations per share — basic and diluted	$	0.96	$	0.92
Dividends/distributions per share:
Total dividends/distributions	$	0.64	$	0.60


Weighted average shares outstanding — basic and diluted	29,350,073		27,856,974

See accompanying notes.

Barings Capital Investment Corporation

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

(in thousands, except share amounts)

Nine Months Ended September 30, 2022 Common Stock Additional
Paid-In
Capital Total Distributable Earnings Total
Net
Assets
Number
of Shares Par
Value
Balance, December 31, 2021 21,614,871 $ 22 $ 465,631 $ 19,175 $ 484,828
Net investment income — — — 43,670 43,670
Net realized gain on investments / foreign currency transactions / forward currency contracts — — — 4,713 4,713
Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts — — — (13,093) (13,093)
Loss on extinguishment of debt — — — (181) (181)
Dividends/distributions 771,944 1 17,308 (39,453) (22,144)
Issuance of common stock 5,109,544 5 113,886 — 113,891
Balance, September 30, 2022 27,496,359 $ 28 $ 596,825 $ 14,831 $ 611,684


Three Months Ended March 31, 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	—	—		—		18,871		18,871
Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(9,932)		(9,932)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		16,554		16,554

Dividends/distributions	347,397	—		7,525		(16,678)		(9,153)

Balance, March 31, 2023	28,142,612	$	28	$	610,527	$	7,884	$	618,439


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
Three Months Ended March 31, 2024																	Three Months Ended March 31, 2024	Common Stock	Additional Paid-In Capital	Total Distributable Earnings	Total Net Assets

Balance, December 31, 2023
Balance, December 31, 2023
Balance, December 31, 2023
Net investment income	Net investment income	—	—		—				59,128				59,128
Net realized loss on investments / foreign currency transactions / forward currency contracts	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	Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—				30,518				30,518

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

Balance, September 30, 2023		28,885,591	$	29	$	626,857			$	14,108			$	640,994
Balance, March 31, 2024
Balance, March 31, 2024
Balance, March 31, 2024

See accompanying notes.

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Cash Flows

(in thousands)


		Nine Months Ended		Nine Months Ended
		September 30, 2023		September 30, 2022
	Three Months Ended						Three Months Ended
	March 31, 2024					March 31, 2024		March 31, 2023
Cash flows from operating activities:	Cash flows from operating activities:
Net increase in net assets resulting from operations
Net increase in net assets resulting from operations
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	67,124	$	35,109
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:	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	Purchases of portfolio investments	(214,827)		(442,082)
Purchases of portfolio investments
Purchases of portfolio investments
Repayments received / sales of portfolio investments	Repayments received / sales of portfolio investments	96,460		160,222

Loan origination and other fees received

Loan origination and other fees received

Loan origination and other fees received	Loan origination and other fees received	2,945		7,784
Net realized (gain) loss on investments	Net realized (gain) loss on investments	10,348		5,189
Net realized (gain) loss on foreign currency transactions	Net realized (gain) loss on foreign currency transactions	(531)		(3,454)
Net realized (gain) loss on forward currency contracts	Net realized (gain) loss on forward currency contracts	12,705		(6,448)
Net unrealized (appreciation) depreciation of investments	Net unrealized (appreciation) depreciation of investments	(13,555)		37,561
Net unrealized (appreciation) depreciation of foreign currency transactions	Net unrealized (appreciation) depreciation of foreign currency transactions	481		(14,547)
Net unrealized (appreciation) depreciation of forward currency contracts	Net unrealized (appreciation) depreciation of forward currency contracts	(17,444)		(9,921)

Payment-in-kind interest / dividends	Payment-in-kind interest / dividends	(9,642)		(3,628)
Payment-in-kind interest / dividends
Payment-in-kind interest / dividends
Amortization of deferred financing fees	Amortization of deferred financing fees	738		717

Loss on extinguishment of debt		—		181

Accretion of loan origination and other fees

Accretion of loan origination and other fees

Accretion of loan origination and other fees	Accretion of loan origination and other fees	(3,529)		(3,137)
Amortization / accretion of purchased loan premium / discount	Amortization / accretion of purchased loan premium / discount	(824)		(1,192)
Payments for derivative contracts	Payments for derivative contracts	(15,212)		(1,794)
Proceeds from derivative contracts	Proceeds from derivative contracts	2,506		8,242
Changes in operating assets and liabilities:	Changes in operating assets and liabilities:
Interest and fees receivable	Interest and fees receivable	(4,608)		(13,313)
Interest and fees receivable
Interest and fees receivable
Prepaid expenses and other assets	Prepaid expenses and other assets	(160)		(136)
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities	1,889		(292)

Interest payable	Interest payable	(53)		897
Interest payable
Interest payable

Net cash provided by (used in) operating activities	Net cash provided by (used in) operating activities	(85,189)		(244,042)
Net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities
Cash flows from financing activities:	Cash flows from financing activities:
Borrowings under subscription and credit facilities		82,000		213,607
Repayments of subscription and credit facilities		—		(80,381)
Proceeds from notes		—		100,000
Borrowings under credit facility
Borrowings under credit facility
Borrowings under credit facility

Financing fees paid	Financing fees paid	(1)		(961)
Issuance of common stock		—		113,891

Financing fees paid

Financing fees paid

Cash dividends / distributions paid
Cash dividends / distributions paid
Cash dividends / distributions paid	Cash dividends / distributions paid	(28,229)		(22,144)
Net cash provided by (used in) financing activities	Net cash provided by (used in) financing activities	53,770		324,012
Net increase (decrease) in cash and foreign currencies	Net increase (decrease) in cash and foreign currencies	(31,419)		79,970
Cash and foreign currencies, beginning of period	Cash and foreign currencies, beginning of period	60,851		45,049
Cash and foreign currencies, end of period	Cash and foreign currencies, end of period	$	29,432	$	125,019
Supplemental disclosure of cash flow information:	Supplemental disclosure of cash flow information:
Cash paid for interest	Cash paid for interest	$	36,760	$	14,504
Cash paid for interest
Cash paid for interest
Excise taxes paid during the period	Excise taxes paid during the period	$	561	$	470
Summary of non-cash financing transactions:	Summary of non-cash financing transactions:

Dividends/distributions paid through DRIP share issuances		$	23,855	$	17,308
Dividends / distributions paid through DRIP share issuances

Dividends / distributions paid through DRIP share issuances

Dividends / distributions paid through DRIP share issuances

See accompanying notes.

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry						Investment Type (1)(2)					Interest					Acq. Date					Maturity Date					Principal Amount						Cost						Fair Value						% of Net Assets *					Notes			Portfolio Company (5)						Industry (29)						Investment Type (1)(2)(30)							Interest							Acq. Date							Maturity Date						Principal Amount									Cost									Fair Value									% of Net Assets *								Notes
Non–Control / Non–Affiliate Investments:	Non–Control / Non–Affiliate Investments:

A.T. Holdings II LTD	A.T. Holdings II LTD			Other Financial						First Lien Senior Secured Term Loan					14.3% Cash					11/22					09/29					$	7,500					$	7,500					$	7,110					1.1	%				(3) (6)

A.T. Holdings II LTD	A.T. Holdings II LTD						Other Financial																										7,500						7,500						7,110

A.T. Holdings II LTD																																																														Other Financial						First Lien Senior Secured Term Loan							14.3% Cash							11/22							09/29						$	7,500								$	7,500								$	6,690								1.0		%						(3) (6)

Accelerant Holdings

		Accelerant Holdings	Accelerant Holdings							Banking, Finance, Insurance & Real Estate					Class A Convertible Preferred Equity (2,500 shares)					N/A					01/22					N/A												2,500						2,872					0.4		%				(6) (26)		Accelerant Holdings					Banking, Finance, Insurance & Real Estate							Class A Convertible Preferred Equity (2,500 shares)							N/A							01/22							N/A																				2,500				2,990						2,990			0.4						0.4	%						(6) (27)
				Class B Convertible Preferred Equity (1,666 shares)								N/A					12/22					N/A											1,666						1,874						0.3		%			(6) (26)													Class B Convertible Preferred Equity (1,650 shares)						N/A							12/22							N/A																1,666				2,030						2,030				0.3						0.3		%						(6) (27)
																														4,166						4,746

Acclime Holdings HK Limited	Acclime Holdings HK Limited						Business Services								First Lien Senior Secured Term Loan					SOFR + 6.75%, 12.6% Cash					08/21					08/27						1,941						1,905						1,884					0.3		%				(3) (6) (7) (13)

Acclime Holdings HK Limited	Acclime Holdings HK Limited			Business Services																													1,941						1,905						1,884

Acclime Holdings HK Limited																																																														Business Services						First Lien Senior Secured Term Loan							SOFR + 6.50%, 11.6% Cash							08/21							08/27						1,941									1,909									1,925									0.3		%						(3) (6) (7) (13)

Accurus Aerospace Corporation

		Accurus Aerospace Corporation	Accurus Aerospace Corporation							Aerospace & Defense					First Lien Senior Secured Term Loan					SOFR + 5.75%, 11.3% Cash					04/22					04/28						8,815						8,710						8,313					1.3		%				(6) (7) (12)		Accurus Aerospace Corporation					Aerospace & Defense							First Lien Senior Secured Term Loan							SOFR + 5.25%, 10.7% Cash							04/22							04/28								8,793				8,697						8,697				8,564						8,564				1.3					1.3		%						(6) (7) (12)
												Revolver					SOFR + 5.75%, 11.3% Cash					04/22					04/28						715						704						662					0.1		%				(6) (7) (12) (27)			Accurus Aerospace Corporation												Revolver							SOFR + 5.25%, 10.7% Cash							04/22							04/28							737				728						728				714						714				0.1					0.1		%						(6) (7) (12) (28)
				Common Stock (175,049.3 shares)								N/A					04/22					N/A											175						153						—		%			(6) (26)							Common Stock (175,049.3 shares)												N/A							04/22							N/A																175				172						172				—						—		%						(6) (27)
																									9,530					9,589						9,128

Acogroup	Acogroup						Business Services								First Lien Senior Secured Term Loan					EURIBOR + 4.65%, 8.6% Cash, 2.3% PIK					03/22					10/26						3,125						3,188						2,884					0.4		%					(3) (6) (7) (9)

Acogroup	Acogroup			Business Services																													3,125						3,188						2,884

Acogroup																																																														Business Services						First Lien Senior Secured Term Loan							EURIBOR + 4.65%, 8.6% Cash, 2.3% PIK							03/22							10/26						3,195									3,205									2,716									0.4		%						(3) (6) (7) (9)

AD Bidco, Inc.

		AD Bidco, Inc.																																																												AD Bidco, Inc.						Technology							First Lien Senior Secured Term Loan							SOFR +6.25%, 11.6% Cash							03/24						03/30									3,392									3,278									3,278								0.5		%						(6) (7) (12) (28)
																																																																Revolver						SOFR + 6.25%, 11.6% Cash							03/24							03/30							—							(11)									(11)									—		%							(6) (7) (12) (28)

ADB Safegate

ADB Safegate

ADB Safegate	ADB Safegate			Aerospace & Defense						Second Lien Senior Secured Term Loan					SOFR + 9.25%, 14.5% Cash					08/21					10/27					6,116						5,875						5,199						0.8	%				(3) (6) (7) (12)								Aerospace & Defense					Second Lien Senior Secured Term Loan							SOFR + 9.25%, 14.6% Cash							08/21							10/27							6,577			6,390						6,390				5,821						5,821				0.9						0.9		%						(3) (6) (7) (12)
																											6,116						5,875						5,199

Adhefin International

		Adhefin International	Adhefin International							Industrial Other					First Lien Senior Secured Term Loan					EURIBOR + 6.50%, 10.5% Cash					05/23					05/30						1,755						1,767						1,699					0.3		%				(3) (6) (7) (9) (27)		Adhefin International					Industrial Other							First Lien Senior Secured Term Loan							EURIBOR + 6.50%, 10.4% Cash							05/23							05/30								1,790				1,771						1,771				1,755						1,755				0.3					0.3		%						(3) (6) (7) (9) (28)
				Subordinated Term Loan								EURIBOR + 10.5% PIK, 14.5% PIK					05/23					11/30					294						298						287						—		%			(3) (6) (7) (9)													Subordinated Term Loan						EURIBOR + 10.5% PIK, 14.4% PIK							05/23							11/30							300			298				298				294						294				—						—		%							(3) (6) (7) (9)
																									2,049					2,065						1,986

Advantage Software Company (The), LLC	Advantage Software Company (The), LLC						Advertising, Printing & Publishing								Class A1 Partnership Units (3,012.9 units)					N/A					12/21					N/A												97						255					—		%				(6) (26)

										Class A2 Partnership Units (777.1 units)					N/A					12/21					N/A											25						66						—	%				(6) (26)

										Class B1 Partnership Units (3,012.9 units)					N/A					12/21					N/A											3						—						—	%				(6) (26)			Advantage Software Company (The), LLC							Advertising, Printing & Publishing						Class A1 Partnership Units (3,012.9 units)							N/A							12/21							N/A																		97				241						241				—					—		%						(6) (27)
Advantage Software Company (The), LLC				Advertising, Printing & Publishing								Class B2 Partnership Units (777.1 units)					N/A					12/21					N/A												1						—					—		%							(6) (26)
																																	126						321
																																																													Class A2 Partnership Units (777.1 units)								N/A							12/21							N/A																25									62									—		%							(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)		Advantage Software Company (The), LLC				Class B2 Partnership Units (777.1 units)							N/A							12/21							N/A																	1									—									—		%						(6) (27)
																																	126

Air Canada 2020-2 Class B Pass Through Trust

Air Canada 2020-2 Class B Pass Through Trust

Air Canada 2020-2 Class B Pass Through Trust	Air Canada 2020-2 Class B Pass Through Trust						Structured Products					Structured Secured Note - Class B					9.0% Cash					09/20					10/25						1,392						1,392						1,400					0.2		%
																											1,392						1,392						1,400
																														1,170
																											1,170

Air Comm Corporation, LLC

		Air Comm Corporation, LLC	Air Comm Corporation, LLC					Aerospace & Defense					First Lien Senior Secured Term Loan					SOFR + 5.00%, 10.4% Cash					06/21					07/27						17,657						17,389						17,198					2.7		%				(6) (7) (12) (27)			Air Comm Corporation, LLC					Aerospace & Defense							First Lien Senior Secured Term Loan							SOFR + 5.00%, 10.3% Cash							06/21							07/27							11,587				11,453						11,453				11,541						11,541				1.7					1.7		%						(6) (7) (12)
																									17,657					17,389						17,198																							First Lien Senior Secured Term Loan								SOFR + 6.25%, 11.7% Cash							06/21							07/27							1,030			1,005				1,005				1,030						1,030				0.2						0.2		%							(6) (7) (12)
Air Comm Corporation, LLC

		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						4,767						4,733					0.7		%				(6) (7) (11)
AIT Worldwide Logistics Holdings, Inc.					Partnership Units (161.64 units)						N/A					04/21					N/A											162						249						—		%			(6) (26)
																										4,849					4,929						4,982

AlliA Insurance Brokers NV									Insurance					First Lien Senior Secured Term Loan					EURIBOR + 6.25%, 10.2% Cash					03/23					03/30						3,260						3,176						3,149					0.5		%				(3) (6) (7) (9) (27)
																													3,260						3,176						3,149
AirX Climate Solutions, Inc.

		Alpine US Bidco LLC						Agricultural Products						Second Lien Senior Secured Term Loan					SOFR + 9.00%, 14.4% Cash					05/21					05/29						18,157						17,733						17,158					2.7		%				(6) (7) (11)
Alpine US Bidco LLC																										18,157					17,733						17,158
																																																								AirX Climate Solutions, Inc.							Diversified Manufacturing						First Lien Senior Secured Term Loan							SOFR + 6.25%, 11.7% Cash							11/23							11/29						666									645									647									0.1		%						(6) (7) (12) (28)
AirX Climate Solutions, Inc.																																																																		Revolver							SOFR + 6.25%, 11.7% Cash							11/23							11/29							17								14									15									—		%						(6) (7) (12) (28)

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
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	$	4,773	$	4,821	0.7	%	(6) (7) (11)
		Partnership Units (161.64 units)	N/A	04/21	N/A			162		249		—	%	(6) (27)
						4,849		4,935		5,070

AlliA Insurance Brokers NV	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	03/23	03/30	3,469		3,324		3,469		0.5	%	(3) (6) (7) (9) (28)
						3,469		3,324		3,469

Amalfi Midco	Healthcare	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28	2,744		2,451		2,420		0.4	%	(3) (6)
		Class B Common Stock (46,582,594 shares)	N/A	09/22	N/A			520		588		0.1	%	(3) (6) (27)
		Warrants (190,193 units)	N/A	09/22	N/A			2		322		—	%	(3) (6) (27)
						2,744		2,973		3,330

Americo Chemical Products, LLC	Chemicals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	04/23	04/29	1,930		1,887		1,930		0.3	%	(6) (7) (11)
		Revolver	SOFR + 5.50%, 10.8% Cash	04/23	04/29	—		(10)		—		—	%	(6) (7) (11) (28)
		Common Stock (88,110 shares)	N/A	04/23	N/A			88		93		—	%	(6) (27)
						1,930		1,965		2,023

Amtech LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	11/21	11/27	1,789		1,766		1,753		0.3	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	03/24	11/28	448		439		439		0.1	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.1% Cash	11/21	11/27	—		(3)		(5)		—	%	(6) (7) (12) (28)
						2,237		2,202		2,187

AnalytiChem Holding Gmbh	Chemicals	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.6% Cash	11/21	10/28	841		919		829		0.1	%	(3) (6) (7) (18)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	11/21	10/28	4,361		4,434		4,297		0.6	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	04/22	10/28	2,714		2,694		2,674		0.4	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 11.1% Cash	01/23	10/28	977		936		973		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	06/22	10/28	476		476		469		0.1	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	11/21	10/28	614		614		605		0.1	%	(3) (6) (7) (12)

						9,983		10,073		9,847

APC1 Holding	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.45%, 9.4% Cash	07/22	07/29	2,484		2,316		2,454		0.4	%	(3) (6) (7) (9)
						2,484		2,316		2,454

APOG Bidco Pty Ltd	Healthcare	Second Lien Senior Secured Term Loan	BBSY + 7.25%, 11.8% Cash	04/22	03/30	908		1,025		901		0.1	%	(3) (6) (7) (17)
						908		1,025		901

Aptus 1829. GmbH	Chemicals, Plastics, and Rubber	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash, 1.5% PIK	09/21	09/27	1,524		1,625		1,333		0.2	%	(3) (6) (7) (10)
		Preferred Stock (9 shares)	N/A	09/21	N/A			79		3		—	%	(3) (6) (27)
		Common Stock (32 shares)	N/A	09/21	N/A			8		—		—	%	(3) (6) (27)
						1,524		1,712		1,336

Apus Bidco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.9% Cash	02/21	03/28	2,602		2,790		2,584		0.4	%	(3) (6) (7) (15)
						2,602		2,790		2,584

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		20,630		21,000		3.1	%	(6) (7) (12)
						21,000		20,630		21,000

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Amalfi Midco Healthcare Subordinated Loan Notes 2.0% Cash, 9.0% PIK 09/22 09/28 $ 2,538 $ 2,338 $ 2,234 0.3 % (3) (6)
Class B
Common Stock (46,582,594 shares)
N/A 09/22 N/A 520 569 0.1 % (3) (6) (26)
Warrants
(190,193 units)
N/A 09/22 N/A 2 253 — % (3) (6) (26)
2,538 2,860 3,056
Americo Chemical Products, LLC Chemicals First Lien Senior Secured Term Loan SOFR + 5.50%, 10.8% Cash 04/23 04/29 1,940 1,894 1,898 0.3 % (6) (7) (11)
Revolver SOFR + 5.50%, 10.8% Cash 04/23 04/29 — (11) (10) — % (6) (7) (11) (27)
Common Stock (88,110 shares) N/A 04/23 N/A 88 85 — % (6) (26)
1,940 1,971 1,973
Amtech LLC Technology First Lien Senior Secured Term Loan SOFR + 6.00%, 11.4% Cash 11/21 11/27 1,794 1,762 1,774 0.3 % (6) (7) (12) (27)
Revolver SOFR + 6.00%, 11.4% Cash 11/21 11/27 68 65 66 — % (6) (7) (12) (27)
1,862 1,827 1,840
Anagram Holdings, LLC Chemicals, Plastics, & Rubber First Lien Senior Secured Bond 10.0% Cash, 5.0% PIK 08/20 08/25 6,232 6,010 5,920 0.9 %
6,232 6,010 5,920
AnalytiChem Holding Gmbh Chemicals First Lien Senior Secured Term Loan BBSY + 6.00%, 10.1% Cash 11/21 10/28 832 919 815 0.1 % (3) (6) (18)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 9.6% Cash 11/21 10/28 4,275 4,427 4,186 0.7 % (3) (6) (7) (9)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 9.6% Cash 04/22 10/28 2,661 2,690 2,605 0.4 % (3) (6) (7) (9)
First Lien Senior Secured Term Loan EURIBOR + 7.00%, 10.6% Cash 01/23 10/28 958 934 958 0.1 % (3) (6) (7) (9)
First Lien Senior Secured Term Loan SOFR + 6.00%, 11.7% Cash 11/21 10/28 614 614 601 0.1 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan SOFR + 6.00%, 11.7% Cash 06/22 10/28 476 476 466 0.1 % (3) (6) (7) (12)
Revolver EURIBOR + 6.00%, 9.6% Cash 04/22 10/23 — — (4) — % (3) (6) (7) (9) (27)
9,816 10,060 9,627
APC1 Holding Diversified Manufacturing First Lien Senior Secured Term Loan EURIBOR + 5.50%, 9.4% Cash 07/22 07/29 2,435 2,311 2,395 0.4 % (3) (6) (7) (9)
2,435 2,311 2,395
APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan BBSY + 7.25%, 11.4% Cash 04/22 03/30 898 1,023 885 0.1 % (3) (6) (7) (17)
898 1,023 885
Aptus 1829. GmbH Chemicals, Plastics, and Rubber First Lien Senior Secured Term Loan EURIBOR + 6.50%, 10.4% Cash 09/21 09/27 1,577 1,713 1,326 0.2 % (3) (6) (7) (10)
Preferred Stock
(9 shares)
N/A 09/21 N/A 79 2 — % (3) (6) (26)
Common Stock
(32 shares)
N/A 09/21 N/A 8 — — % (3) (6) (26)
1,577 1,800 1,328
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SONIA + 5.50%, 10.7% Cash 02/21 03/28 2,514 2,785 2,459 0.4 % (3) (6) (7) (15)
2,514 2,785 2,459
AQA Acquisition Holding, Inc. High Tech Industries Second Lien Senior Secured Term Loan SOFR + 7.50%, 13.0% Cash 03/21 03/29 21,000 20,599 20,643 3.2 % (6) (7) (12)
21,000 20,599 20,643


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	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	$	1,905	$	1,946	$	1,749	0.3	%	(3) (6) (7) (16) (28)
		Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.7% PIK	12/21	12/28	546		559		515		0.1	%	(3) (6) (7) (16)
						2,451		2,505		2,264

Arc Education	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.6% Cash	07/22	07/29	3,770		3,475		3,717		0.6	%	(3) (6) (7) (9) (28)
						3,770		3,475		3,717

Archimede	Consumer Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/20	10/27	7,776		7,908		7,543		1.1	%	(3) (6) (7) (9)
						7,776		7,908		7,543

Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.9% Cash, 3.3% PIK	07/22	07/29	161		147		154		—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	07/22	07/29	814		776		778		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.3% Cash, 3.3% PIK	07/22	07/29	67		65		64		—	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SONIA + 4.00%, 9.1% Cash, 3.3% PIK	07/22	07/29	866		797		828		0.1	%	(3) (6) (7) (15)
		First Lien Senior Secured Term Loan	SONIA + 6.75%, 11.9% Cash	07/22	07/29	—		(4)		(8)		—	%	(3) (6) (7) (15) (28)
		Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29	403		379		379		0.1	%	(3) (6)
		Preferred Stock (20,780 shares)	10.0% PIK	07/22	N/A			28		23		—	%	(3) (6)
		Equity Loan Notes (20,780 units)	10.0% PIK	07/22	N/A			28		23		—	%	(3) (6)
		Common Stock (232 shares)	N/A	07/22	N/A			—		—		—	%	(3) (6) (27)
						2,311		2,216		2,241

ASC Communications, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 4.85%, 10.2% Cash	07/22	07/27	10,686		10,564		10,686		1.6	%	(6) (7) (11)
		Revolver	SOFR + 4.75%, 10.1% Cash	07/22	07/27	—		(7)		—		—	%	(6) (7) (11) (28)
		Class A Units (15,545.8 units)	N/A	07/22	N/A			326		455		0.1	%	(6)
						10,686		10,883		11,141

Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.4% Cash	11/21	11/28	1,930		1,972		1,917		0.3	%	(3) (6) (7) (15) (28)
						1,930		1,972		1,917

ATL II MRO Holdings Inc.	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	11/22	11/28	6,172		6,042		6,018		0.9	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.1% Cash	11/22	11/28	—		(25)		(31)		—	%	(6) (7) (12) (28)
						6,172		6,017		5,987

Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.4% Cash	11/21	11/27	1,676		1,774		1,514		0.2	%	(3) (6) (7) (19) (28)
						1,676		1,774		1,514

AVSC Holding Corp.	Advertising	First Lien Senior Secured Term Loan	5.0% Cash, 10.0% PIK	11/20	10/26	4,507		4,468		4,699		0.7	%

						4,507		4,468		4,699

Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	11/21	11/27	3,213		3,166		3,213		0.5	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.25%, 10.7% Cash	11/21	11/27	—		(4)		—		—	%	(6) (7) (12) (28)
		Subordinated Term Loan	12.0% PIK	11/21	05/28	1,106		1,094		1,085		0.2	%	(6)
		Common Stock (128,205.1 shares)	N/A	11/21	N/A			128		200		—	%	(6) (27)
						4,319		4,384		4,498

Bariacum S.A	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.6% Cash	11/21	11/28	2,484		2,532		2,469		0.4	%	(3) (6) (7) (10)
						2,484		2,532		2,469

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
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%, 11.0% Cash 12/21 12/28 $ 1,841 $ 1,938 $ 1,697 0.3 % (3) (6) (7) (16) (27)
Second Lien Senior Secured Term Loan SONIA + 10.5% PIK, 15.9% PIK 12/21 12/28 490 519 455 0.1 % (3) (6) (7) (16)
2,331 2,457 2,152
Arc Education Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.75%, 9.5% Cash 07/22 07/29 3,489 3,261 3,416 0.5 % (3) (6) (7) (9) (27)
3,489 3,261 3,416
Archimede Consumer Services First Lien Senior Secured Term Loan EURIBOR + 5.75%, 9.7% Cash 10/20 10/27 7,623 7,895 7,326 1.1 % (3) (6) (7) (9)
7,623 7,895 7,326
Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan EURIBOR + 6.75%, 10.7% Cash 07/22 07/29 706 682 668 0.1 % (3) (6) (7) (9)
First Lien Senior Secured Term Loan SONIA+ 6.50%, 11.4% Cash 07/22 07/29 — (6) (14) — % (3) (6) (7) (15) (27)
First Lien Senior Secured Term Loan SOFR + 4.00%, 9.3% Cash, 3.3% PIK 07/22 07/29 66 64 62 — % (3) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 4.00%, 7.6% Cash, 3.3% PIK 07/22 07/29 155 144 147 — % (3) (6) (7) (9)
First Lien Senior Secured Term Loan SONIA + 4.00%, 8.9% Cash, 3.3% PIK 07/22 07/29 824 782 779 0.1 % (3) (6) (7) (15)
Second Lien Senior Secured Term Loan 10.5% PIK 07/22 07/29 356 343 334 0.1 % (3) (6)
Preferred Stock (20,780 shares) 10.0% PIK 07/22 N/A 27 22 — % (3) (6)
Equity Loan Notes (20,780 units) 10.0% PIK 07/22 N/A 27 22 — % (3) (6)
Common Stock
(232 shares)
N/A 07/22 N/A — — — % (3) (6) (26)
2,107 2,063 2,020
ASC Communications, LLC Media & Entertainment First Lien Senior Secured Term Loan SOFR + 4.75%, 10.2% Cash 07/22 07/27 11,482 11,335 11,371 1.8 % (6) (7) (11)
Revolver SOFR + 4.75%, 10.2% Cash 07/22 07/27 — (8) (6) — % (6) (7) (11) (27)
Class A Units (15,545.8 units) N/A 07/22 N/A 326 421 0.1 % (6)
11,482 11,653 11,786
Ascensus, Inc Brokerage, Asset Managers & Exchanges Second Lien Senior Secured Term Loan SOFR + 6.50%, 12.0% Cash 05/21 08/29 7,511 7,456 7,102 1.1 % (7) (12)
7,511 7,456 7,102
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.50%, 10.7% Cash 11/21 11/28 1,803 1,901 1,778 0.3 % (3) (6) (7) (16) (27)
1,803 1,901 1,778
ATL II MRO Holdings Inc. Transportation First Lien Senior Secured Term Loan SOFR + 5.50%, 10.9% Cash 11/22 11/28 6,203 6,065 6,203 1.0 % (6) (7) (12)
Revolver SOFR + 5.50%, 10.9% Cash 11/22 11/28 — (27) — — % (6) (7) (12) (27)
6,203 6,038 6,203
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 4.50%, 9.4% Cash 11/21 11/27 1,715 1,829 1,556 0.2 % (3) (6) (7) (18) (27)
1,715 1,829 1,556
AVSC Holding Corp. Advertising First Lien Senior Secured Term Loan 5.0% Cash, 10.0% PIK 11/20 10/26 4,183 4,134 4,293 0.7 %
First Lien Senior Secured Term Loan SOFR + 5.50%, 10.8% Cash, 1.0% PIK 08/20 10/26 249 237 241 — % (7) (11)
4,432 4,371 4,534
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan SOFR + 5.25%, 10.7% Cash 11/21 11/27 3,228 3,175 3,200 0.5 % (6) (7) (12) (27)
Revolver SOFR + 5.25%, 10.7% Cash 11/21 11/27 — (4) (2) — % (6) (7) (12) (27)
Subordinated Term Loan 12.0% PIK 11/21 05/28 1,043 1,029 1,007 0.2 % (6)
Common Stock (128,205.1 shares) N/A 11/21 N/A 128 151 — % (6) (26)
4,271 4,328 4,356


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	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	$	2,934	$	2,913	$	2,916	0.4	%	(6) (7) (12) (28)
						2,934		2,913		2,916

Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.45%, 10.5% Cash	02/21	02/28	2,268		2,436		2,255		0.3	%	(3) (6) (7) (10)
						2,268		2,436		2,255

BigHand UK Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	01/21	01/28	846		830		786		0.1	%	(3) (6) (7) (13)
		First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.9% Cash	01/21	01/28	205		217		190		—	%	(3) (6) (7) (15)
						1,051		1,047		976

Biolam Group	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK	12/22	12/29	4,373		4,253		3,699		0.6	%	(3) (6) (7) (9) (28)
						4,373		4,253		3,699

Blue Ribbon, LLC	Brewers	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	05/21	05/28	11,413		11,229		9,924		1.5	%	(7) (11)
						11,413		11,229		9,924

BNI Global, LLC	Other Industrial	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.6% Cash	02/24	05/27	2,482		2,433		2,427		0.4	%	(6) (7) (8)
						2,482		2,433		2,427

Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	08/21	08/27	8,015		7,919		7,647		1.1	%	(6) (7) (12)
						8,015		7,919		7,647

BPG Holdings IV Corp	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	03/23	07/29	9,480		8,977		8,911		1.3	%	(6) (7) (12)
						9,480		8,977		8,911

Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	07/22	09/27	13,600		13,600		13,992		2.1	%
		Preferred Stock- Series A (7,309 shares)	7.0% PIK	07/22	N/A			7,776		7,088		1.1	%	(6)
						13,600		21,376		21,080

Brightline Trains Florida LLC	Transportation	Senior Secured Note	8.0% Cash	08/21	01/28	2,000		2,000		2,000		0.3	%	(6)
						2,000		2,000		2,000

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	10/21	10/28	2,268		2,317		2,242		0.3	%	(3) (6) (7) (9) (28)
						2,268		2,317		2,242

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/21	10/27	3,794		3,770		3,760		0.6	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.2% Cash	10/21	10/27	572		568		566		0.1	%	(6) (7) (12) (28)
		LLC units (596,181.5 units)	N/A	10/21	N/A			596		543		0.1	%	(6) (27)
						4,366		4,934		4,869

British Airways 2020-1 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	8.4% Cash	11/20	11/28	569		569		590		0.1	%
						569		569		590

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 6.75%, 12.5% Cash	12/20	12/27	2,276		2,386		2,276		0.3	%	(3) (6) (7) (16)
						2,276		2,386		2,276

Burgess Point Purchaser Corporation	Auto Parts & Equipment	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.4% Cash	07/22	07/30	2,273		2,196		2,241		0.3	%	(6) (7) (11)
		LP Units (227 units)	N/A	07/22	N/A			227		242		—	%	(6) (27)
						2,273		2,423		2,483

BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 13.4% Cash	06/22	06/26	6,056		5,753		5,851		0.9	%	(6) (7) (9)
						6,056		5,753		5,851

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Bariacum S.A. Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.00%, 8.9% Cash 11/21 11/28 $ 2,118 $ 2,197 $ 2,118 0.3 % (3) (6) (7) (10) (27)
2,118 2,197 2,118
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan SOFR + 4.50%, 9.9% Cash 10/21 10/27 2,532 2,509 2,498 0.4 % (6) (7) (12) (27)
2,532 2,509 2,498
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan EURIBOR + 6.50%, 10.1% Cash 02/21 02/28 2,223 2,432 2,201 0.3 % (3) (6) (7) (10)
2,223 2,432 2,201
BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan SOFR + 5.50%, 10.8% Cash 01/21 01/28 846 829 802 0.1 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan SONIA + 5.75%, 11.1% Cash 01/21 01/28 198 216 188 — % (3) (6) (7) (15)
1,044 1,045 990
Biolam Group Consumer Non-cyclical First Lien Senior Secured Term Loan EURIBOR + 6.25%, 7.6% Cash, 2.5% PIK 12/22 12/29 4,287 4,247 4,167 0.7 % (3) (6) (7) (9) (27)
4,287 4,247 4,167
Blue Ribbon, LLC Brewers First Lien Senior Secured Term Loan SOFR + 6.00%, 11.4% Cash 05/21 05/28 11,902 11,690 9,998 1.6 % (7) (11)
11,902 11,690 9,998
Bounteous, Inc. Technology First Lien Senior Secured Term Loan SOFR + 5.25%, 10.6% Cash 08/21 08/27 5,991 5,875 5,614 0.9 % (6) (7) (12) (27)
5,991 5,875 5,614
BPG Holdings IV Corp Diversified Manufacturing First Lien Senior Secured Term Loan SOFR + 6.00%, 11.4% Cash 03/23 07/29 9,528 8,990 8,956 1.4 % (6) (7) (12)
9,528 8,990 8,956
Bridger Aerospace Group Holdings, LLC Environmental Industries Municipal Revenue Bond 11.5% Cash 07/22 09/27 13,600 13,600 14,213 2.2 %
Preferred Stock- Series C
(7,309 shares)
7.0% PIK 07/22 N/A 7,496 7,707 1.2 % (6)
13,600 21,096 21,920
Brightline Trains Florida LLC Transportation Senior Secured Note 8.0% Cash 08/21 01/28 2,000 2,000 1,810 0.3 % (6)
2,000 2,000 1,810
Brightpay Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.00%, 8.7% Cash 10/21 10/28 2,223 2,313 2,191 0.3 % (3) (6) (7) (9) (27)
2,223 2,313 2,191
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan SOFR + 5.75%, 11.3% Cash 10/21 10/27 3,813 3,786 3,669 0.6 % (6) (7) (12)
Revolver SOFR + 5.75%, 11.3% Cash 10/21 10/27 477 472 450 0.1 % (6) (7) (12) (27)
LLC units
(596,181.5 units)
N/A 10/21 N/A 596 501 0.1 % (6) (26)
4,290 4,854 4,620
British Airways 2020-1 Class B Pass Through Trust Structured Products Structured Secured Note - Class B 8.4% Cash 11/20 11/28 622 622 633 0.1 %
622 622 633
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan SONIA + 7.00%, 11.9% Cash 12/20 12/27 2,200 2,382 2,162 0.3 % (3) (6) (7) (16)
2,200 2,382 2,162
Burgess Point Purchaser Corporation Auto Parts & Equipment Second Lien Senior Secured Term Loan SOFR + 9.00%, 14.3% Cash 07/22 07/30 2,273 2,191 2,275 0.4 % (6) (7) (11)
LP Units (227 units) N/A 07/22 N/A 227 249 — % (6) (26)
2,273 2,418 2,524


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	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 + 6.25%, 11.6% Cash	12/21	12/28	$	3,710	$	3,656	$	3,635	0.5	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	07/22	12/28	1,020		1,006		999		0.1	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/21	12/28	—		(10)		(14)		—	%	(6) (7) (12) (28)
						4,730		4,652		4,620

Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	3.5% Cash, CDOR + 3.5% PIK, 9.0% PIK	06/21	03/26	1,617		1,781		1,056		0.2	%	(3) (6) (7) (21) (26)
		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)
						1,617		2,205		1,056

Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 13.0% Cash	04/22	04/27	2,159		2,138		2,120		0.3	%	(3) (6) (7) (12)
		LLC Units (340,909 units)	N/A	04/22	N/A			341		508		0.1	%	(3) (6) (27)
						2,159		2,479		2,628

Cascade Residential Services LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	10/23	10/29	1,577		1,522		1,572		0.2	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.25%, 10.6% Cash	10/23	10/29	—		(4)		—		—	%	(6) (7) (12) (28)
						1,577		1,518		1,572

CCFF Buyer, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	02/24	2/30	2,230		2,146		2,145		0.3	%	(6) (7) (13) (28)
		Revolver	SOFR + 5.75%, 11.2% Cash	02/24	2/30	—		(12)		(12)		—	%	(6) (7) (13) (28)
		LLC Units (135 units)	N/A	02/24	N/A			135		135		—	%	(6) (27)
						2,230		2,269		2,268

Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	10/21	10/28	5,518		5,468		5,453		0.8	%	(3) (6) (7) (10)
						5,518		5,468		5,453

CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	02/22	02/28	4,907		4,839		4,806		0.7	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	12/22	02/28	1,579		1,541		1,547		0.2	%	(6) (7) (12)
		Revolver	SOFR + 5.25%, 10.7% Cash	02/22	02/28	—		(22)		(34)		—	%	(6) (7) (12) (28)
		Preferred Stock (657 shares)	N/A	02/22	N/A			722		1,244		0.2	%	(6) (27)
						6,486		7,080		7,563

Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	11/21	11/28	1,995		1,963		1,995		0.3	%	(3) (6) (7) (12)
						1,995		1,963		1,995

Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	643		634		621		0.1	%	(6)
		LLC Units (46,085.6 units)	N/A	04/22	N/A			125		145		—	%	(6) (27)
						643		759		766

Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	04/22	04/28	6,661		6,565		6,540		1.0	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.4% Cash	04/22	12/29	—		(8)		(10)		—	%	(6) (7) (12) (28)
						6,661		6,557		6,530

Contabo Finco S.À R.L.	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	10/22	10/29	1,006		909		1,006		0.2	%	(3) (6) (7) (9)
						1,006		909		1,006

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan EURIBOR + 9.50%, 13.4% Cash 06/22 06/26 $ 5,937 $ 5,725 $ 5,569 0.9 % (6) (7) (9)
5,937 5,725 5,569
CAi Software, LLC Technology First Lien Senior Secured Term Loan SOFR + 6.25%, 11.9% Cash 12/21 12/28 3,728 3,670 3,479 0.5 % (6) (7) (12)
First Lien Senior Secured Term Loan SOFR + 6.25%, 11.9% Cash 07/22 12/28 1,025 1,009 956 0.1 % (6) (7) (12)
Revolver SOFR + 6.25%, 11.9% Cash 12/21 12/28 — (11) (47) — % (6) (7) (12) (27)
4,753 4,668 4,388
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan 3.50% Cash, CDOR + 3.5% PIK, 9.0% PIK 06/21 03/26 1,587 1,747 1,366 0.2 % (3) (6) (7) (21)
Class A Equity (500,000 units) N/A 05/22 N/A 389 — — % (3) (6) (26)
Class C - Warrants (74,712.64 units) N/A 05/22 N/A — — — % (3) (6) (26)
Class X Equity (45,604 units) N/A 05/22 N/A 35 35 — % (3) (6) (26)
1,587 2,171 1,401
Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan SOFR + 7.64%, 13.6% Cash 04/22 04/27 2,159 2,135 2,105 0.3 % (3) (6) (7) (12)
LLC Units
(340,909 units)
N/A 04/22 N/A 341 322 0.1 % (3) (6) (26)
2,159 2,476 2,427
Ceres Pharma NV Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 6.00%, 9.6% Cash 10/21 10/28 5,410 5,456 5,291 0.8 % (3) (6) (7) (10)
5,410 5,456 5,291
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan SOFR + 5.75%, 11.3% Cash 02/22 02/28 5,242 5,162 5,111 0.8 % (6) (7) (12)
First Lien Senior Secured Term Loan SOFR + 5.75%, 11.3% Cash 12/22 02/28 1,587 1,545 1,547 0.2 % (6) (7) (12)
Revolver SOFR + 5.75%, 11.3% Cash 02/22 02/28 — (25) (41) — % (6) (7) (12) (27)
Preferred Stock
(657 shares)
N/A 02/22 N/A 722 1,164 0.2 % (6) (26)
6,829 7,404 7,781
Cineworld Group PLC Leisure Products
Warrants
(371,024 units)
N/A 07/22 N/A 68 — — % (3) (6) (26)
68 —
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan SOFR + 6.25%, 11.6% Cash 11/21 11/28 1,995 1,959 1,977 0.3 % (3) (6) (7) (12)
1,995 1,959 1,977
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan 11.0% Cash, 1.0% PIK 04/22 04/28 638 628 619 0.1 % (6)
LLC Units
(46,085.6 units)
N/A 04/22 N/A 125 140 — % (6) (26)
638 753 759
Comply365, LLC Technology First Lien Senior Secured Term Loan SOFR + 5.00%, 10.3% Cash 04/22 04/28 6,694 6,588 6,626 1.0 % (6) (7) (12)
Revolver SOFR + 5.00%, 10.3% Cash 04/22 04/28 — (8) (6) — % (6) (7) (12) (27)
6,694 6,580 6,620
Contabo Finco
S.À R.L Internet Software & Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 9.0% Cash 10/22 10/29 986 907 970 0.2 % (3) (6) (7) (9)
986 907 970
Core Scientific, Inc. Technology Equipment Term Loan 9.8% Cash 03/22 03/25 17,979 17,383 13,484 2.1 % (6) (25)
Common Stock (53,700 shares) N/A 09/22 N/A 174 38 — % (26)
17,979 17,557 13,522


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Core Scientific, Inc.	Technology	Warrants (13,599 units)	N/A	01/24	01/27			$	15	$	18	—	%	(3) (27)
		Warrants (11,333 units)	N/A	01/24	01/29			16		27		—	%	(3) (27)
		Common Stock (2,806,804 shares)	N/A	01/24	N/A			9,712		9,936		1.5	%	(3) (27)
								9,743		9,981

Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 3.25%, 6.3% Cash, 3.4% PIK	09/21	09/28	$	10,646	11,223		10,319		1.5	%	(3) (6) (7) (9) (28)
		Class A Units (531 units)	N/A	09/21	N/A			248		252		—	%	(3) (6) (27)
		Class B Units (231 units)	N/A	09/21	N/A			538		558		0.1	%	(3) (6) (27)
						10,646		12,009		11,129

CSL DualCom	Tele-communications	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.2% Cash	09/20	09/27	2,105		1,964		2,105		0.3	%	(3) (6) (7) (14) (28)
						2,105		1,964		2,105

CTI Foods Holdings Co., LLC	Food & Beverage	First Out Term Loan	SOFR + 10.00%, 15.3% PIK	02/24	05/26	715		715		715		0.1	%	(6) (7) (12)
		2024 First Out Term Loan	SOFR + 10.00%, 15.3% PIK	02/24	05/26	1,875		1,782		1,875		0.3	%	(6) (7) (12)
		2024 LIFO Term Loan	SOFR + 10.00%, 15.3% PIK	02/24	05/26	3,750		3,567		3,750		0.6	%	(6) (7) (12)
		Second Out Term Loan	SOFR + 12.00%, 17.3% PIK	02/24	05/26	535		535		535		0.1	%	(6) (7) (12)
		Common Stock (19,376 shares)	N/A	02/24	N/A			—		595		0.1	%	(6) (27)
						6,875		6,599		7,470

CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	01/21	01/27	7,860		7,768		7,860		1.2	%	(6) (7) (12)
		LLC Units (403,441 units)	N/A	01/21	N/A			403		742		0.1	%	(6) (27)
						7,860		8,171		8,602

DataServ Integrations, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/22	11/28	1,894		1,859		1,872		0.3	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/22	11/28	—		(8)		(6)		—	%	(6) (7) (12) (28)
		Partnership Units (96,153.9 units)	N/A	11/22	N/A			96		97		—	%	(6) (27)
						1,894		1,947		1,963

DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/21	12/26	1,660		1,631		1,626		0.2	%	(6) (7) (11)
		Revolver	SOFR + 6.25%, 11.7% Cash	12/21	12/26	211		206		204		—	%	(6) (7) (11) (28)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			55		48		—	%	(6) (27)
						1,871		1,892		1,878

DISA Holdings Corp.	Other Industrial	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	11/22	09/28	4,667		4,555		4,597		0.7	%	(6) (7) (11)
		Revolver	SOFR + 5.00%, 10.3% Cash	11/22	09/28	—		(7)		(4)		—	%	(6) (7) (11) (28)
						4,667		4,548		4,593

Dragon Bidco	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	04/21	04/28	4,752		4,802		4,715		0.7	%	(3) (6) (7) (10)
						4,752		4,802		4,715

Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	09/21	09/28	196		188		167		—	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	09/21	09/28	3,483		3,445		3,368		0.5	%	(3) (6) (7) (12)
						3,679		3,633		3,535

Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.10%, 11.4% Cash	06/22	06/28	1,000		989		1,000		0.1	%	(3) (6) (7) (12)
						1,000		989		1,000

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 3.25%, 6.3% Cash, 3.5% PIK 09/21 09/28 $ 10,169 $ 10,926 $ 10,015 1.6 % (3) (6) (7) (10) (27)
Class A Units
(531 units)
N/A 09/21 N/A 248 242 — % (3) (6) (26)
Class B Units
(231 units)
N/A 09/21 N/A 538 651 0.1 % (3) (6) (26)
10,169 11,712 10,908
CSL DualCom Tele-communications First Lien Senior Secured Term Loan SONIA + 5.25%, 10.5% Cash 09/20 09/27 2,034 1,960 2,034 0.3 % (3) (6) (7) (14) (27)
2,034 1,960 2,034
CVL 3 Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 5.50%, 9.1% Cash 12/21 12/28 741 774 741 0.1 % (3) (6) (7) (9)
First Lien Senior Secured Term Loan SOFR + 5.50%, 10.7% Cash 12/21 12/28 2,282 2,237 2,282 0.4 % (3) (6) (7) (12)
3,023 3,011 3,023
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan SOFR + 6.00%, 11.4% Cash 01/21 01/27 7,901 7,794 7,881 1.2 % (6) (7) (11)
LLC Units
(403,441 units)
N/A 01/21 N/A 403 752 0.1 % (6) (26)
7,901 8,197 8,633
DataServ Integrations, LLC Technology First Lien Senior Secured Term Loan SOFR + 6.00%, 11.4% Cash 11/22 11/28 1,904 1,866 1,874 0.3 % (6) (7) (12)
Revolver SOFR + 6.00%, 11.4% Cash 11/22 11/28 — (9) (8) — % (6) (7) (12) (27)
Partnership Units (96,153.9 units) N/A 11/22 N/A 96 96 — % (6) (26)
1,904 1,953 1,962
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan SOFR + 6.25%, 11.7% Cash 12/21 12/26 1,151 1,130 1,122 0.2 % (6) (7) (11)
Revolver SOFR + 6.25%, 11.7% Cash 12/21 12/26 — (7) (10) — % (6) (7) (11) (27)
Common Stock (1,280.8 shares) N/A 12/21 N/A 55 41 — % (6) (26)
1,151 1,178 1,153
DISA Holdings Corp. Other Industrial First Lien Senior Secured Term Loan SOFR + 5.50%, 10.8% Cash 11/22 09/28 3,828 3,706 3,828 0.6 % (6) (7) (11) (27)
Revolver SOFR + 5.50%, 10.8% Cash 11/22 09/28 43 35 43 — % (6) (7) (11) (27)
3,871 3,741 3,871
Dragon Bidco Technology First Lien Senior Secured Term Loan EURIBOR + 6.25%, 10.2% Cash 04/21 04/28 4,659 4,794 4,603 0.7 % (3) (6) (7) (10)
4,659 4,794 4,603
Dune Group Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 6.00%, 10.0% Cash 09/21 09/28 192 186 153 — % (3) (6) (7) (9) (27)
First Lien Senior Secured Term Loan SOFR + 6.00%, 11.3% Cash 09/21 09/28 3,483 3,441 3,327 0.5 % (3) (6) (7) (12)
3,675 3,627 3,480
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan SOFR + 6.10%, 11.5% Cash 06/22 06/28 1,000 988 992 0.2 % (3) (6) (7) (12)
1,000 988 992
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan SOFR + 5.75%, 11.2% Cash 07/21 07/27 9,535 9,376 9,398 1.5 % (6) (7) (12) (27)
9,535 9,376 9,398
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan SOFR + 8.00%, 13.4% Cash 11/21 11/29 7,605 7,495 7,437 1.2 % (6) (7) (11)
Partnership Equity (289.2 units) N/A 11/21 N/A 289 314 — % (6) (26)
7,605 7,784 7,751
EFC International Automotive Senior Unsecured Term Loan 11.0% Cash, 2.5% PIK 03/23 05/28 689 670 672 0.1 % (6)
Common Stock (145.5 shares) N/A 03/23 N/A 205 235 — % (6) (26)
689 875 907


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	07/21	07/27	$	11,330	$	11,190	$	11,330	1.7	%	(6) (7) (12)
						11,330		11,190		11,330

Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.4% Cash	11/21	11/29	7,605		7,501		7,430		1.1	%	(6) (7) (12)
		Partnership Equity (289.2 units)	N/A	11/21	N/A			289		259		—	%	(6) (27)
						7,605		7,790		7,689

EFC International	Automotive	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	698		679		685		0.1	%	(6)
		Common Stock (145.5 shares)	N/A	03/23	N/A			205		301		—	%	(6) (27)
						698		884		986

Ellkay, LLC	Healthcare and Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash, 2.0% PIK	09/21	09/27	3,677		3,631		3,276		0.5	%	(6) (7) (12)
						3,677		3,631		3,276

EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	12/21	12/27	8,009		7,902		7,584		1.1	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.2% Cash	12/21	12/27	1,246		1,230		1,178		0.2	%	(6) (7) (12) (28)
						9,255		9,132		8,762

Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	02/21	12/25	4,292		4,268		4,241		0.6	%	(6) (7) (12)
						4,292		4,268		4,241

EPS NASS Parent, Inc.	Electrical Components & Equipment	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	04/21	04/28	4,377		4,321		4,224		0.6	%	(6) (7) (12)
						4,377		4,321		4,224

eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	11/21	11/27	6,684		6,597		6,684		1.0	%	(6) (7) (11)
		Revolver	SOFR + 5.00%, 10.4% Cash	11/21	11/27	204		191		204		—	%	(6) (7) (11) (28)
						6,888		6,788		6,888

Eurofins Digital Testing International LUX Holding SARL	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 8.4% Cash, 2.8% PIK	12/22	12/29	1,031		984		769		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 10.9% Cash	12/22	12/29	—		(39)		(452)		(0.1)	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.8% Cash, 2.8% PIK	12/22	12/29	533		521		397		0.1	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SONIA + 4.50%, 9.7% Cash, 2.8% PIK	12/22	12/29	1,581		1,504		1,179		0.2	%	(3) (6) (7) (15)
		Senior Subordinated Term Loan	11.5% PIK	12/22	12/30	428		411		—		—	%	(3) (6)
						3,573		3,381		1,893

Events Software BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.9% Cash	03/22	03/28	1,623		1,812		1,452		0.2	%	(3) (6) (7) (19) (28)
						1,623		1,812		1,452

Express Wash Acquisition Company, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	07/22	07/28	4,266		4,201		4,287		0.6	%	(6) (7) (12)
		Revolver	SOFR + 6.50%, 11.8% Cash	07/22	07/28	94		92		94		—	%	(6) (7) (12) (28)
						4,360		4,293		4,381

Faraday	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	01/23	01/30	1,645		1,593		1,601		0.2	%	(3) (6) (7) (9) (28)
						1,645		1,593		1,601

Ferrellgas L.P.	Oil & Gas Equipment & Services	Opco Preferred Units (2,886 units)	N/A	03/21	N/A			2,799		2,670		0.4	%	(6)
								2,799		2,670

Finaxy Holding	Banking	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.1% Cash	11/23	11/30	4,433		4,281		4,337		0.6	%	(3) (6) (7) (9)
		Subordinated Term Loan	10.3% PIK	11/23	05/31	668		648		656		0.1	%	(3) (6)
						5,101		4,929		4,993

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Ellkay, LLC Healthcare and Pharmaceuticals First Lien Senior Secured Term Loan SOFR + 6.25%, 11.8% Cash 09/21 09/27 $ 3,696 $ 3,644 $ 3,448 0.5 % (6) (7) (12)
3,696 3,644 3,448
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan SOFR + 5.75%, 11.5% Cash 12/21 12/27 8,065 7,893 7,033 1.1 % (6) (7) (13) (27)
Revolver SOFR + 5.75%, 11.5% Cash 12/21 12/27 969 951 856 0.1 % (6) (7) (13) (27)
9,034 8,844 7,889
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan SOFR + 5.50%, 11.0% Cash 02/21 12/25 4,479 4,448 4,390 0.7 % (6) (7) (12)
4,479 4,448 4,390
EPS NASS Parent, Inc. Electrical Components & Equipment First Lien Senior Secured Term Loan SOFR + 5.75%, 11.3% Cash 04/21 04/28 4,400 4,338 4,272 0.7 % (6) (7) (12)
4,400 4,338 4,272
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan SOFR + 5.00%, 10.3% Cash 11/21 11/27 6,688 6,578 6,688 1.0 % (6) (7) (11) (27)
Revolver SOFR + 5.00%, 10.3% Cash 11/21 11/27 — (15) — — % (6) (7) (11) (27)
6,688 6,563 6,688
Eurofins Digital Testing International LUX Holding SARL Technology First Lien Senior Secured Term Loan EURIBOR + 4.50%, 8.0% Cash, 2.8% PIK 12/22 12/29 994 924 750 0.1 % (3) (6) (7) (9) (27)
First Lien Senior Secured Term Loan SOFR + 4.50%, 9.9% Cash, 2.8% PIK 12/22 12/29 522 509 480 0.1 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan SONIA + 4.50%, 9.5% Cash, 2.8% PIK 12/22 12/29 1,497 1,471 1,379 0.2 % (3) (6) (7) (15)
Senior Subordinated Term Loan 11.5% PIK 12/22 12/30 389 379 354 0.1 % (3) (6)
3,402 3,283 2,963
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan BBSY + 6.50%, 10.8% Cash 03/22 03/28 1,654 1,862 1,467 0.2 % (3) (6) (7) (19) (27)
First Lien Senior Secured Term Loan BBSY + 6.50%, 10.8% Cash 03/22 09/24 21 21 19 — % (3) (6) (7) (19)
1,675 1,883 1,486
Express Wash Acquisition Company, LLC Consumer Cyclical First Lien Senior Secured Term Loan SOFR + 6.50%, 12.0% Cash 07/22 07/28 4,269 4,198 4,214 0.7 % (6) (7) (12)
Revolver SOFR + 6.50%, 12.0% Cash 07/22 07/28 94 91 92 — % (6) (7) (12) (27)
4,363 4,289 4,306
Faraday Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.50%, 10.2% Cash 01/23 01/30 1,613 1,589 1,558 0.2 % (3) (6) (7) (9) (27)
1,613 1,589 1,558
Ferrellgas L.P. Oil & Gas Equipment & Services Opco Preferred Units (2,886 units) N/A 03/21 N/A 2,799 2,597 0.4 % (6)
2,799 2,597
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan SOFR + 4.75%, 10.1% Cash 02/21 02/28 1,714 1,696 1,710 0.3 % (6) (7) (12)
1,714 1,696 1,710
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.50%, 9.6% Cash 03/22 03/29 2,382 2,394 2,320 0.4 % (3) (6) (7) (10)
First Lien Senior Secured Term Loan EURIBOR + 5.50%, 9.6% Cash 05/23 03/29 1,785 1,776 1,722 0.3 % (3) (6) (7) (10) (27)
4,167 4,170 4,042
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services Preferred Stock (3,188.5 shares) 11.0% PIK 03/22 N/A 4,039 3,191 0.5 % (6)
4,039 3,191
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan SOFR + 4.50%, 10.1% Cash 12/20 12/26 2,435 2,407 2,414 0.4 % (6) (7) (12)
2,435 2,407 2,414


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Fineline Technologies, Inc.	Consumer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	02/21	02/28	$	1,688	$	1,672	$	1,688	0.3	%	(6) (7) (12)
						1,688		1,672		1,688

Finexvet	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.9% Cash	03/22	03/29	4,886		4,857		4,752		0.7	%	(3) (6) (7) (9)
						4,886		4,857		4,752

FinThrive Software Intermediate Holdings Inc.	Business Equipment & Services	Preferred Stock (3,188.5 shares)	11.0% PIK	03/22	N/A			4,267		2,740		0.4	%	(6)
								4,267		2,740

FitzMark Buyer, LLC	Cargo & Transportation	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	12/20	12/26	2,422		2,398		2,389		0.4	%	(6) (7) (11)
						2,422		2,398		2,389

Five Star Holding LLC	Packaging	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.5% Cash	05/22	05/30	7,143		7,026		7,050		1.1	%	(6) (7) (12)
		LLC Units (504.5 units)	N/A	05/22	N/A			504		404		0.1	%	(6) (27)
						7,143		7,530		7,454

Flexential Issuer, LLC	Information Technology	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	10,000		9,292		8,924		1.3	%
						10,000		9,292		8,924

Flywheel Re Segregated Portfolio 2022-4	Investment Funds	Preferred Stock (1,885,524 units)	N/A	08/22	N/A			1,886		2,357		0.4	%	(3) (6) (27)
								1,886		2,357

Footco 40 Limited	Media & Entertainment	First Lien Senior Secured Term Loan	SONIA + 6.75%, 11.7% Cash	04/22	04/29	1,840		1,849		1,779		0.3	%	(3) (6) (7) (15) (28)
						1,840		1,849		1,779

Forest Buyer, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	03/24	03/26	—		(12)		(12)		—	%	(6) (7) (12) (28)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	03/24	03/30	1,587		1,548		1,548		0.2	%	(6) (7) (12)
		Revolver	SOFR +5.75%, 11.1% Cash	03/24	03/30	—		(7)		(7)		—	%	(6) (7) (12) (28)
		Class A LLC Units (146 units)	N/A	03/24	N/A			146		146		—	%	(6) (27)
		Class B LLC Units (146 units)	N/A	03/24	N/A			—		—		—	%	(6) (27)
						1,587		1,675		1,675

Fortis Payment Systems, LLC	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/22	02/26	2,492		2,461		2,442		0.4	%	(6) (7) (12) (28)
						2,492		2,461		2,442

FragilePak LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	05/21	05/27	7,369		7,252		6,706		1.0	%	(6) (7) (12)
		Partnership Units (889.3 units)	N/A	05/21	N/A			889		391		0.1	%	(6) (27)
						7,369		8,141		7,097

FSS Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	08/21	08/28	7,587		7,485		7,587		1.1	%	(6) (7) (12)
		LP Interest (1,973.6 units)	N/A	08/21	N/A			20		25		—	%	(6) (27)
		LP Units (8,677.3 units)	N/A	08/21	N/A			87		110		—	%	(6) (27)
						7,587		7,592		7,722

GB Eagle Buyer, Inc.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/22	12/28	12,423		12,113		12,548		1.9	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	—		(45)		—		—	%	(6) (7) (12) (28)
		Partnership Units (515 units)	N/A	12/22	N/A			515		699		0.1	%	(6) (27)
						12,423		12,583		13,247

Global Academic Group Limited	Industrial Other	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.3% Cash	07/22	07/27	1,604		1,679		1,583		0.2	%	(3) (6) (7) (18)
		First Lien Senior Secured Term Loan	BKBM + 6.00%, 11.7% Cash	07/22	07/27	2,752		2,823		2,713		0.4	%	(3) (6) (7) (22) (28)
						4,356		4,502		4,296

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan SOFR + 7.25%, 12.8% Cash 05/22 05/30 $ 7,143 $ 7,019 $ 7,071 1.1 % (6) (7) (12)
LLC Units
(504.5 units)
N/A 05/22 N/A 504 572 0.1 % (6) (26)
7,143 7,523 7,643
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C 6.9% Cash 11/21 11/51 10,000 9,285 8,451 1.3 %
10,000 9,285 8,451
Flywheel Re Segregated Portfolio 2022-4 Investment Funds Preferred Stock (1,281,099 units) N/A 08/22 N/A 1,886 2,018 0.3 % (3) (6) (26)
1,886 2,018
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan SONIA + 6.75%, 11.9% Cash 04/22 04/29 1,781 1,844 1,726 0.3 % (3) (6) (7) (15) (27)
1,781 1,844 1,726
Fortis Payment Systems, LLC Other Financial First Lien Senior Secured Term Loan SOFR + 5.25%, 10.6% Cash 10/22 02/26 2,272 2,230 2,262 0.4 % (6) (7) (12) (27)
2,272 2,230 2,262
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan SOFR + 5.75%, 11.4% Cash 05/21 05/27 7,388 7,254 7,358 1.1 % (6) (7) (12)
Partnership Units (889.3 units) N/A 05/21 N/A 889 826 0.1 % (6) (26)
7,388 8,143 8,184
Front Line Power Construction LLC Construction Machinery Super Senior Secured Term Loan 10.0% Cash 11/21 11/23 33 33 33 — % (6) (27)
First Lien Senior Secured Term Loan SOFR + 12.50%, 18.1% Cash 11/21 11/28 768 717 759 0.1 % (6) (7) (12)
Common Stock (3,501 shares) N/A 11/21 N/A 65 1 — % (26)
801 815 793
FSS Buyer LLC Technology First Lien Senior Secured Term Loan SOFR + 5.75%, 11.2% Cash 08/21 08/28 7,626 7,513 7,580 1.2 % (6) (7) (12)
LP Interest
(1,973.6 units)
N/A 08/21 N/A 20 25 — % (6) (26)
LP Units
(8,677.3 units)
N/A 08/21 N/A 87 108 — % (6) (26)
7,626 7,620 7,713
GB Eagle Buyer, Inc. Capital Goods First Lien Senior Secured Term Loan SOFR + 6.50%, 11.9% Cash 12/22 12/28 12,486 12,150 12,194 1.9 % (6) (7) (12)
Revolver SOFR + 6.50%, 11.9% Cash 12/22 12/28 — (50) (45) — % (6) (7) (12) (27)
Partnership Units (515 units) N/A 12/22 N/A 515 474 0.1 % (6) (26)
12,486 12,615 12,623
Global Academic Group Limited Industrial Other First Lien Senior Secured Term Loan BBSY + 6.00%, 10.2% Cash 07/22 07/27 1,611 1,698 1,582 0.2 % (3) (6) (7) (18)
First Lien Senior Secured Term Loan BKBM + 6.00%, 11.7% Cash 07/22 07/27 2,765 2,815 2,710 0.4 % (3) (6) (7) (22) (27)
4,376 4,513 4,292
GPNZ II GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.00%, 9.9% Cash 06/22 06/29 456 445 325 0.1 % (3) (6) (7) (8)
First Lien Senior Secured Term Loan 10.0% PIK 06/22 06/29 34 35 34 — % (3) (6) (27)
Common Stock (5,785 shares) N/A 09/23 N/A — — — % (3) (6) (26)
490 480 359
Greenhill II BV Technology First Lien Senior Secured Term Loan EURIBOR + 5.50%, 9.2% Cash 07/22 07/29 871 814 854 0.1 % (3) (6) (7) (9) (27)
871 814 854
Groupe Product Life Consumer Non-cyclical First Lien Senior Secured Term Loan EURIBOR + 6.50%, 10.5% Cash 10/22 10/29 1,057 1,005 1,039 0.2 % (3) (6) (7) (9)
1,057 1,005 1,039
Gusto Aus BidCo Pty Ltd Consumer Non-cyclical First Lien Senior Secured Term Loan BBSY + 6.50%, 10.7% Cash 10/22 10/28 2,102 2,023 2,054 0.3 % (3) (6) (7) (18) (27)
2,102 2,023 2,054


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Gojo Industries, Inc.	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash, 4.5% PIK	10/23	10/28	$	2,358	$	2,293	$	2,294	0.3	%	(6) (7) (12)
						2,358		2,293		2,294

GPNZ II GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.8% Cash	06/22	06/29	465		446		220		—	%	(3) (6) (7) (8) (26) (28)
		First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	158		159		158		—	%	(3) (6) (7) (26) (28)
		Common Stock (5,785 shares)	N/A	10/23	N/A			—		—		—	%	(3) (6) (27)
						623		605		378

Greenhill II BV	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	07/22	07/29	888		815		888		0.1	%	(3) (6) (7) (9) (28)
						888		815		888

Groupe Guemas	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.1% Cash	10/23	09/30	2,517		2,405		2,458		0.4	%	(3) (6) (7) (10)
						2,517		2,405		2,458

Groupe Product Life	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	1,078		1,007		1,064		0.2	%	(3) (6) (7) (9)
						1,078		1,007		1,064

Gusto Aus BidCo Pty Ltd	Consumer Non-cyclical	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.9% Cash	10/22	10/28	2,179		2,085		2,109		0.3	%	(3) (6) (7) (18) (28)
						2,179		2,085		2,109

HeartHealth Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.6% Cash	09/22	09/28	664		636		629		0.1	%	(3) (6) (7) (18) (28)
						664		636		629

Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	12/28	4,480		4,417		4,027		0.6	%	(6)
						4,480		4,417		4,027

HEKA Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	5,059		4,482		5,059		0.8	%	(3) (6) (7) (9) (28)
						5,059		4,482		5,059

HemaSource, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	08/23	08/29	3,633		3,549		3,597		0.5	%	(6) (7) (12)
		Revolver	SOFR + 6.00%, 11.3% Cash	08/23	08/29	158		137		149		—	%	(6) (7) (12) (28)
		Common Stock (50,540 shares)	N/A	08/23	N/A			51		53		—	%	(6) (27)
						3,791		3,737		3,799

Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	03/21	03/27	4,445		4,396		4,067		0.6	%	(6) (7) (12)
						4,445		4,396		4,067

HomeX Services Group LLC	Home Construction	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/23	11/29	526		509		524		0.1	%	(6) (7) (11) (28)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/23	11/29	—		(3)		—		—	%	(6) (7) (11) (28)
						526		506		524

Honour Lane Logistics Holdings Limited	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.10%, 10.3% Cash	04/22	11/28	7,083		6,927		6,807		1.0	%	(3) (6) (7) (11)
						7,083		6,927		6,807

HTI Technology & Industries	Electronic Component Manufacturing	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.9% Cash	07/22	07/25	5,711		5,664		5,570		0.8	%	(6) (7) (12) (28)
		Revolver	SOFR + 8.50%, 13.9% Cash	07/22	07/25	—		(4)		(14)		—	%	(6) (7) (12) (28)
						5,711		5,660		5,556

Hygie 31 Holding	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	09/22	09/29	292		254		288		—	%	(3) (6) (7) (10)
						292		254		288

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
HeartHealth Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 4.75%, 8.9% Cash 09/22 09/28 $ 604 $ 580 $ 585 0.1 % (3) (6) (7) (18) (27)
604 580 585
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan 11.0% PIK 11/21 12/28 4,358 4,289 3,818 0.6 % (6)
4,358 4,289 3,818
HEKA Invest Technology First Lien Senior Secured Term Loan EURIBOR + 6.50%, 10.5% Cash 10/22 10/29 4,959 4,474 4,860 0.8 % (3) (6) (7) (9) (27)
4,959 4,474 4,860
HemaSource, Inc. Healthcare First Lien Senior Secured Term Loan SOFR + 6.00%, 11.4% Cash 08/23 08/29 3,786 3,692 3,691 0.6 % (6) (7) (12)
Revolver SOFR + 6.00%, 11.4% Cash 08/23 08/29 — (22) (23) — % (6) (7) (12) (27)
Common Stock (50,540 shares) N/A 08/23 N/A 51 51 — % (6) (26)
3,786 3,721 3,719
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan SOFR + 5.00%, 10.5% Cash 03/21 03/27 4,460 4,404 4,085 0.6 % (6) (7) (12)
4,460 4,404 4,085
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan SOFR + 4.85%, 10.4% Cash 04/22 11/28 7,083 6,912 6,807 1.1 % (3) (6) (7) (13)
7,083 6,912 6,807
HTI Technology & Industries Electronic Component Manufacturing First Lien Senior Secured Term Loan SOFR + 8.50%, 14.0% Cash 07/22 07/25 5,738 5,674 5,738 0.9 % (6) (7) (12) (27)
Revolver SOFR + 8.50%, 14.0% Cash 07/22 07/25 — (6) — — % (6) (7) (12) (27)
5,738 5,668 5,738
Hygie 31 Holding Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 6.25%, 10.4% Cash 09/22 09/29 318 282 312 — % (3) (6) (7) (10)
318 282 312
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.50%, 9.5% Cash 05/21 04/28 3,388 3,765 3,320 0.5 % (3) (6) (7) (9)
3,388 3,765 3,320
Infoblox, Inc. Technology Second Lien Senior Secured Term Loan SOFR + 7.25%, 12.6% Cash 09/20 12/28 2,843 2,833 2,715 0.4 % (7) (13)
2,843 2,833 2,715
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 4.75%, 8.7% Cash 11/21 11/28 2,575 2,692 2,548 0.4 % (3) (6) (7) (10)
2,575 2,692 2,548
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan EURIBOR + 6.50%, 10.4% Cash 04/21 04/28 4,144 4,513 3,907 0.6 % (3) (6) (7) (10) (27)
First Lien Senior Secured Term Loan SARON + 6.50%, 8.2% Cash 05/23 04/28 662 673 626 0.1 % (3) (6) (7) (23)
4,806 5,186 4,533
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 5.37%, 9.3% Cash 12/20 12/27 1,107 1,212 1,107 0.2 % (3) (6) (7) (9) (27)
1,107 1,212 1,107
Interstellar Group B.V. Technology First Lien Senior Secured Term Loan EURIBOR + 5.50%, 9.4% Cash 08/22 08/29 1,472 1,429 1,450 0.2 % (3) (6) (7) (9) (27)
1,472 1,429 1,450
Isolstar Holding NV (IPCOM) Trading Companies & Distributors First Lien Senior Secured Term Loan EURIBOR + 6.50%, 10.2% Cash 10/22 10/29 4,546 4,057 4,458 0.7 % (3) (6) (7) (9) (27)
4,546 4,057 4,458
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan SOFR + 6.50%, 11.9% Cash 12/21 12/27 6,467 6,300 6,352 1.0 % (6) (7) (12)
Revolver SOFR + 6.50%, 11.9% Cash 12/21 12/27 26 10 15 — % (6) (7) (12) (27)
Common Stock (3,750.4 shares) N/A 01/22 N/A 375 386 0.1 % (6) (26)
6,493 6,685 6,753


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Ice House America, L.L.C.	Consumer Products	First Lien Senior Secured Term Loan	SOFR +5.50%, 10.8% Cash	01/24	01/30	$	2,057	$	2,016	$	2,015	0.3	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.50%, 10.8% Cash	01/24	01/30	34		29		29		—	%	(6) (7) (12) (28)
		LLC Units (2,703 units)	N/A	01/24	N/A			135		135		—	%	(6) (27)
						2,091		2,180		2,179

IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.55%, 9.5% Cash	05/21	04/28	3,456		3,771		3,403		0.5	%	(3) (6) (7) (9)
						3,456		3,771		3,403

Infoblox Inc.	Technology	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.6% Cash	09/20	12/28	2,843		2,833		2,846		0.4	%	(7) (13)
						2,843		2,833		2,846

Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.7% Cash	11/21	11/28	2,626		2,697		2,627		0.4	%	(3) (6) (7) (10)
						2,626		2,697		2,627

Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.4% Cash	04/21	04/28	4,228		4,520		4,151		0.6	%	(3) (6) (7) (10) (28)
		First Lien Senior Secured Term Loan	SARON + 5.75%, 8.0% Cash	05/23	04/28	673		673		661		0.1	%	(3) (6) (7) (23)
						4,901		5,193		4,812

INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.37%, 9.3% Cash	12/20	12/27	829		922		829		0.1	%	(3) (6) (7) (9)
						829		922		829

Interstellar Group B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.9% Cash	08/22	02/29	64		61		64		—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.9% Cash	08/22	08/29	1,593		1,527		1,578		0.2	%	(3) (6) (7) (9) (28)
						1,657		1,588		1,642

InvoCare Limited	Consumer Cyclical Services	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.6% Cash	11/23	11/29	813		790		788		0.1	%	(3) (6) (7) (18) (28)
						813		790		788

Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	5,219		4,650		5,273		0.8	%	(3) (6) (7) (9) (28)
						5,219		4,650		5,273

ISTO Technologies II, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	10/23	10/28	2,262		2,209		2,214		0.3	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.6% Cash	10/23	10/28	—		(5)		(5)		—	%	(6) (7) (12) (28)
						2,262		2,204		2,209

ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.7% Cash	12/21	12/27	705		696		690		0.1	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	12/21	12/27	5,713		5,574		5,632		0.8	%	(6) (7) (12)
		Revolver	SOFR + 6.50%, 11.9% Cash	12/21	12/27	52		38		37		—	%	(6) (7) (12) (28)
		Common Stock (3,750.4 shares)	N/A	01/22	N/A			375		382		0.1	%	(6) (27)
						6,470		6,683		6,741

JetBlue 2019-1 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	8.0% Cash	08/20	11/27	1,221		1,221		1,233		0.2	%
						1,221		1,221		1,233

JF Acquisition, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.95%, 11.3% Cash	05/21	07/26	3,559		3,511		3,445		0.5	%	(6) (7) (12)
						3,559		3,511		3,445

Jon Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	BKBM + 4.50%, 10.2% Cash	03/22	03/27	2,021		2,289		2,002		0.3	%	(3) (6) (7) (22) (28)
						2,021		2,289		2,002

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry				Investment Type (1)(2)			Interest			Acq. Date			Maturity Date				Principal Amount					Cost					Fair Value				% of Net Assets *					Notes		Portfolio Company (5)						Industry (29)							Investment Type (1)(2)(30)							Interest							Acq. Date							Maturity Date								Principal Amount									Cost									Fair Value									% of Net Assets *									Notes
JetBlue 2019-1 Class B Pass Through Trust				Structured Products				Structured Secured Note - Class B			8.0% Cash			08/20			11/27				$	1,332				$	1,332				$	1,347			0.2		%
																			1,332					1,332					1,347

JF Acquisition, LLC						Automotive			First Lien Senior Secured Term Loan			SOFR + 5.50%, 11.0% Cash			05/21				07/24					3,577					3,518				3,513					0.5	%			(6) (7) (12)
																			3,577					3,518					3,513

Jon Bidco Limited				Healthcare					First Lien Senior Secured Term Loan			BKBM + 4.50%, 10.3% Cash			03/22				03/27					2,030					2,283				1,998					0.3	%			(3) (6) (7) (22) (27)
																			2,030					2,283					1,998

Jones Fish Hatcheries & Distributors LLC	Jones Fish Hatcheries & Distributors LLC					Consumer Products			First Lien Senior Secured Term Loan			SOFR + 5.50%, 10.8% Cash			02/22				02/28					3,481					3,419				3,394					0.5	%			(6) (7) (12)		Jones Fish Hatcheries & Distributors LLC						Consumer Products							First Lien Senior Secured Term Loan							SOFR + 5.50%, 10.9% Cash							02/22							02/28									$	3,481			$					$	3,425			$					$	3,439			0.5						0.5		%							(6) (7) (12)
								Revolver			SOFR + 5.50%, 10.8% Cash			02/22			02/28				—					(6)					(10)				—		%			(6) (7) (12) (27)													Revolver							SOFR + 5.50%, 10.9% Cash							02/22							02/28							—				(5)						(5)				(5)						(5)				—						—		%							(6) (7) (12) (28)
								LLC Units (1,017.9 units)			N/A			02/22			N/A									107					221				—		%			(6)													LLC Units (1,017.9 units)							N/A							02/22							N/A																			107				242						242				—						—		%							(6)
																			3,481					3,520					3,605

Kano Laboratories LLC	Kano Laboratories LLC			Chemicals, Plastics & Rubber					First Lien Senior Secured Term Loan			SOFR + 5.00%, 10.5% Cash			11/20				11/26					4,943					4,845				4,886					0.8	%			(6) (7) (12) (27)

		Kano Laboratories LLC	Kano Laboratories LLC					Chemicals, Plastics & Rubber			Partnership Equity (78.7 units)			N/A			11/20				N/A										79				88					—	%			(6) (26)			Kano Laboratories LLC							Chemicals, Plastics & Rubber							First Lien Senior Secured Term Loan							SOFR + 5.00%, 10.4% Cash							11/20							11/26									7,695				7,610						7,610				7,541						7,541				1.1						1.1		%						(6) (7) (12)
																	4,943				4,924					4,974																		Partnership Equity (78.7 units)												N/A							11/20							N/A																		79				84						84				—						—		%							(6) (27)

Kid Distro Holdings, LLC

		Kid Distro Holdings, LLC	Kid Distro Holdings, LLC			Media & Entertainment					First Lien Senior Secured Term Loan			SOFR + 5.50%, 11.0% Cash			10/21				10/27					18,766					18,498				18,641					2.9	%			(6) (7) (12)				Kid Distro Holdings, LLC							Media & Entertainment							First Lien Senior Secured Term Loan							SOFR + 5.50%, 10.9% Cash							10/21								10/27									18,670				18,433						18,433				18,633						18,633				2.8						2.8		%					(6) (7) (12)
				LLC Units (850,236.1 units)							N/A			10/21			N/A									851					877				0.1		%			(6) (26)										LLC Units (850,236.1 units)							N/A							10/21							N/A																			851				808						808				0.1						0.1		%							(6) (27)
																	18,766				19,349					19,518

Kona Buyer, LLC	Kona Buyer, LLC							High Tech Industries			First Lien Senior Secured Term Loan			SOFR + 4.75%, 10.1% Cash			12/20				12/27					5,431					5,354				5,420					0.8	%			(6) (7) (12)

Kona Buyer, LLC	Kona Buyer, LLC			High Tech Industries																	5,431					5,354					5,420

Kona Buyer, LLC																																																High Tech Industries							First Lien Senior Secured Term Loan							SOFR + 4.75%, 10.1% Cash							12/20							12/27								5,286									5,222									5,207									0.8		%							(6) (7) (12)

Lambir Bidco Limited

		Lambir Bidco Limited	Lambir Bidco Limited						Healthcare			First Lien Senior Secured Term Loan			EURIBOR + 6.50%, 10.5% Cash				12/21					12/28					3,471				3,572					3,167				0.5	%				(3) (6) (7) (9) (27)		Lambir Bidco Limited							Healthcare							First Lien Senior Secured Term Loan							EURIBOR + 6.50%, 10.4% Cash							12/21								12/28									3,541				3,581						3,581				3,258						3,258				0.5						0.5		%					(3) (6) (7) (9) (28)
				Second Lien Senior Secured Term Loan				12.0% PIK				12/21			06/29				1,115					1,153					981				0.2	%				(3) (6)									Second Lien Senior Secured Term Loan											12.0% PIK							12/21							06/29							1,207				1,226						1,226				1,086						1,086				0.2						0.2		%							(3) (6)
																	4,586				4,725					4,148

LeadsOnline, LLC

		LeadsOnline, LLC	LeadsOnline, LLC			Business Equipment & Services					First Lien Senior Secured Term Loan			SOFR + 5.75%, 11.1% Cash			02/22				02/28					10,847					10,702				10,575					1.6	%			(6) (7) (12)			LeadsOnline, LLC							Business Equipment & Services							First Lien Senior Secured Term Loan							SOFR + 5.50%, 10.8% Cash							02/22							02/28									10,820				10,690						10,690				10,711						10,711				1.6						1.6		%						(6) (7) (12)
								Revolver			SOFR + 5.75%, 11.1% Cash			02/22			02/28				—					(25)					(49)				—		%			(6) (7) (12) (27)		LeadsOnline, LLC									Revolver										SOFR + 6.00%, 11.3% Cash							02/22							02/28							—				(22)						(22)				(20)						(20)				—						—		%							(6) (7) (12) (28)
				LLC Units (61,248.1 units)					N/A			02/22			N/A									63					138				—	%				(6)						LLC Units (61,304.4 units)												N/A							02/22							N/A																		63				129						129				—						—		%							(6)
																	10,847				10,740					10,664

Learfield Communications, LLC	Learfield Communications, LLC							Broadcasting			First Lien Senior Secured Term Loan			SOFR + 5.5%, 10.8% Cash			08/20				06/28					3,935					3,935				3,807					0.6	%				(7) (11)

		Learfield Communications, LLC																																												Learfield Communications, LLC							Broadcasting							First Lien Senior Secured Term Loan							SOFR + 5.50%, 10.8% Cash							08/20							06/28									3,916									3,916									3,892									0.6		%							(7) (11)
Learfield Communications, LLC				Broadcasting							Common Stock (306,381 shares)			N/A			08/20				N/A										2,209				2,553					0.4	%			(6) (26)													Common Stock (67,185 shares)							N/A							08/20							N/A																					2,209				3,342						3,342				0.5						0.5		%							(27)
																		3,935					6,144					6,360

Liberty Steel Holdings USA Inc.									Industrial Other			Revolver			SOFR + 4.50%, 9.8% Cash				04/22					04/25					10,000				9,948					9,980				1.6	%				(6) (7) (12)
																				10,000					9,948					9,980
LivTech Purchaser, Inc.

LivTech Purchaser, Inc.

LivTech Purchaser, Inc.	LivTech Purchaser, Inc.					Business Services					First Lien Senior Secured Term Loan			SOFR + 5.00%, 10.5% Cash			01/21				12/25					3,319					3,301				3,306					0.5	%			(6) (7) (12)							Business Services							First Lien Senior Secured Term Loan							SOFR + 5.00%, 10.3% Cash							01/21							12/25									3,319				3,305						3,305				3,314						3,314				0.5						0.5		%							(6) (7) (12)
																			3,319					3,301					3,306

Long Term Care Group, Inc.	Long Term Care Group, Inc.			Healthcare					First Lien Senior Secured Term Loan			SOFR + 1.00%, 6.3% Cash, 6.0% PIK			04/22				09/27					4,922					4,846				3,844					0.6	%			(6) (7) (11)

Long Term Care Group, Inc.

Long Term Care Group, Inc.																																																Healthcare							First Lien Senior Secured Term Loan							SOFR + 1.00%, 6.3% Cash, 6.0% PIK							04/22							09/27								5,074									5,006									4,343									0.6		%							(6) (7) (11)
		Long Term Care Group, Inc.				Healthcare																		4,922					4,846				3,844

Marmoutier Holding B.V.	Marmoutier Holding B.V.				Consumer Products				First Lien Senior Secured Term Loan			EURIBOR + 6.75%, 3.2% Cash, 6.8% PIK			12/21				12/28					2,256					2,321				1,932					0.3	%			(3) (6) (7) (9) (27)
							Revolver			EURIBOR, 3.2% Cash, 5.8% PIK			12/21			12/28				47					45					26				—		%			(3) (6) (7) (9) (27)

Marmoutier Holding B.V.	Marmoutier Holding B.V.						Consumer Products																		2,303					2,366				1,958

																																								Marmoutier Holding B.V.							Consumer Products							First Lien Senior Secured Term Loan							EURIBOR + 6.75% PIK, 10.6% PIK							12/21							12/24							379									353									163									—		%							(3) (6) (7) (9) (26) (28)
			First Lien Senior Secured Term Loan																																																					First Lien Senior Secured Term Loan							EURIBOR + 6.75% PIK, 10.6% PIK							12/21							12/28								2,009									2,062									932									0.1		%							(3) (6) (7) (9) (26)
			Revolver																																																					Revolver							EURIBOR + 5.75% PIK, 9.6% PIK							12/21							06/27								50									47									(35)									—		%							(3) (6) (7) (9) (26) (28)
			Super Senior Secured Term Loan																																																	Super Senior Secured Term Loan							EURIBOR + 6.00% PIK, 9.9% PIK							03/24							03/25							185									185									185									—		%							(3) (6) (7) (9) (26)
																2,623

Marshall Excelsior Co.

		Marshall Excelsior Co.																																												Marshall Excelsior Co.							Capital Goods							First Lien Senior Secured Term Loan							SOFR + 5.50%, 10.8% Cash							02/22							02/28									6,516									6,443									6,490									1.0		%							(6) (7) (12)
																																																		Revolver										SOFR + 5.50%, 10.8% Cash							02/22							02/28							1,233									1,214									1,228									0.2		%							(6) (7) (12) (28)

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry						Investment Type (1)(2)					Interest					Acq. Date					Maturity Date						Principal Amount						Cost						Fair Value					% of Net Assets *						Notes			Portfolio Company (5)						Industry (29)						Investment Type (1)(2)(30)						Interest						Acq. Date					Maturity Date					Principal Amount						Cost									Fair Value									% of Net Assets *								Notes
Marshall Excelsior Co.				Capital Goods						First Lien Senior Secured Term Loan					SOFR + 5.50%, 11.0% Cash					02/22					02/28						$	6,566					$	6,483					$	6,402				1.0		%				(6) (7) (12)
							Revolver					SOFR + 5.50%, 11.0% Cash					02/22					02/28						1,000						979						966					0.2		%				(6) (7) (12) (27)
																												7,566						7,462						7,368
MB Purchaser, LLC																																																									MB Purchaser, LLC						Technology						First Lien Senior Secured Term Loan						SOFR + 4.75%, 10.1% Cash						01/24					01/30					$	618					$	596								$	595								0.1	%							(6) (7) (12) (28)
																																																																				Revolver						SOFR + 4.75%, 10.1% Cash						01/24					01/30					—					(2)								(2)									—		%						(6) (7) (12) (28)
																																																																				LLC Units (22 units)						N/A						01/24					N/A												23									23									—	%							(6) (27)

MC Group Ventures Corporation

		MC Group Ventures Corporation	MC Group Ventures Corporation							Business Services					First Lien Senior Secured Term Loan					SOFR + 5.50%, 11.0% Cash					07/21						06/27						4,379						4,313					4,355						0.7		%				(6) (7) (12) (27)		MC Group Ventures Corporation							Business Services						First Lien Senior Secured Term Loan						SOFR + 5.50%, 10.9% Cash					07/21					06/27						4,357				4,299						4,299				4,357					4,357				0.7						0.7		%				(6) (7) (12) (28)
							Partnership Units (373.3 Units)								N/A					06/21					N/A												373						415					0.1		%				(6) (26)													Partnership Units (373.3 Units)						N/A						06/21					N/A												373			370						370				0.1						0.1	%							(6) (27)
																									4,379						4,686						4,770

Median B.V.	Median B.V.						Healthcare								First Lien Senior Secured Term Loan					SONIA + 6.00%, 11.4% Cash					02/22						10/27						3,784						4,093					3,360						0.5		%				(3) (7) (16)

Median B.V.	Median B.V.			Healthcare																														3,784						4,093					3,360

Median B.V.																																																															Healthcare						First Lien Senior Secured Term Loan						SONIA + 6.00%, 11.3% Cash						02/22					10/27					3,916						4,104									3,677									0.5	%							(3) (7) (16)

Megawatt Acquisitionco, Inc.

																																																											Megawatt Acquisitionco, Inc.							Aerospace & Defense						First Lien Senior Secured Term Loan						SOFR + 5.25%, 10.6% Cash					03/24					03/30					2,096							2,054									2,054								0.3		%							(6) (7) (12)
							Revolver																																																																			Revolver						SOFR + 5.25%, 10.6% Cash					03/24					03/30					—								(7)									(7)								—		%							(6) (7) (12) (28)
					Preferred Stock (921 shares)																																																																	Preferred Stock (921 shares)						N/A						03/24					N/A														92									92								—		%							(6) (27)
			Common Stock (102 shares)																																																														Common Stock (102 shares)							N/A						03/24					N/A												10								10									—		%						(6) (27)
																							2,096

Mercell Holding AS

		Mercell Holding AS	Mercell Holding AS					Technology					First Lien Senior Secured Term Loan					NIBOR + 5.50%, 10.0% Cash					08/22						08/29						1,476						1,567					1,447						0.2		%				(3) (6) (7) (24) (27)			Mercell Holding AS							Technology						First Lien Senior Secured Term Loan						NIBOR + 5.50%, 10.1% Cash					08/22					08/29					1,447			1,570						1,570				1,427						1,427			0.2						0.2		%						(3) (6) (7) (24) (28)
											Class A Units (57.2 units)					N/A					08/22					N/A												56						60					—		%				(3) (6) (26)			Mercell Holding AS														Class A Units (57.2 units)						9.0% PIK					08/22					N/A															56				61						61			—						—		%						(3) (6) (27)
				Class B Units (14,471.9 units)							N/A					08/22					N/A											—						24						—	%				(3) (6) (26)							Class B Units (14,471.9 units)									N/A						08/22						N/A												—		23				23			—						—		%							(3) (6) (27)
																									1,476						1,623						1,531

MNS Buyer, Inc.	MNS Buyer, Inc.						Construction and Building						First Lien Senior Secured Term Loan					SOFR + 5.50%, 10.9% Cash					08/21						08/27						907						894					904						0.1		%					(6) (7) (11)

		MNS Buyer, Inc.																																																											MNS Buyer, Inc.							Construction and Building						First Lien Senior Secured Term Loan						SOFR + 5.50%, 10.9% Cash					08/21					08/27					900								889									900								0.1		%							(6) (7) (11)
MNS Buyer, Inc.				Construction and Building								Partnership Units (76.92 Units)					N/A					08/21						N/A												77					72						—		%				(6) (26)										Partnership Units (76,923 Units)							N/A						08/21					N/A												77				88						88				—					—		%							(6) (27)
																											907						971						976

Modern Star Holdings Bidco Pty Limited	Modern Star Holdings Bidco Pty Limited											Non-durable Consumer Goods					First Lien Senior Secured Term Loan					BBSY + 5.50%, 9.6% Cash						12/20						12/26						2,038					2,242						1,975						0.3		%			(3) (6) (17) (27)

Modern Star Holdings Bidco Pty Limited	Modern Star Holdings Bidco Pty Limited						Non-durable Consumer Goods																											2,038						2,242					1,975

Modern Star Holdings Bidco Pty Limited																																																															Non-durable Consumer Goods						First Lien Senior Secured Term Loan						BBSY + 5.50%, 10.3% Cash						12/20					12/26					2,060						2,249									2,045									0.3	%							(3) (6) (7) (17) (28)

Moonlight Bidco Limited

		Moonlight Bidco Limited	Moonlight Bidco Limited							Healthcare							First Lien Senior Secured Term Loan					SONIA + 6.25%, 11.7% Cash						07/23						07/30						1,813					1,874						1,743						0.3		%			(3) (6) (7) (15) (27)		Moonlight Bidco Limited						Healthcare						First Lien Senior Secured Term Loan						SONIA + 6.25%, 11.6% Cash					07/23					07/30						1,877				1,878						1,878				1,821					1,821				0.3						0.3		%				(3) (6) (7) (15) (28)
				Common Stock (107,714 shares)								N/A					07/23					N/A												138						131					—		%				(3) (6) (26)											Common Stock (10,590 shares)											N/A						07/23					N/A												138			167						167				—						—	%							(3) (6) (27)
																									1,813						2,012						1,874

Murphy Midco Limited	Murphy Midco Limited						Media, Diversified & Production								First Lien Senior Secured Term Loan					SONIA + 5.50%, 10.2% Cash					11/20						11/27						1,305						1,353					1,294						0.2		%				(3) (6) (7) (16) (27)

Murphy Midco Limited	Murphy Midco Limited			Media, Diversified & Production																														1,305						1,353					1,294

Murphy Midco Limited																																																															Media, Diversified & Production						First Lien Senior Secured Term Loan						SONIA + 5.50%, 10.7% Cash						11/20					11/27					1,853						1,858									1,853									0.3	%							(3) (6) (7) (16)

Music Reports, Inc.

Music Reports, Inc.

Music Reports, Inc.	Music Reports, Inc.						Media & Entertainment					First Lien Senior Secured Term Loan					SOFR + 6.00%, 11.5% Cash					08/20						08/26						5,031						4,965					4,994						0.8		%				(6) (7) (12)							Media & Entertainment						First Lien Senior Secured Term Loan						SOFR + 6.00%, 11.5% Cash						08/20					08/26					5,031		4,976					4,976				4,820						4,820				0.7					0.7		%							(6) (7) (12)
																												5,031						4,965						4,994

Napa Bidco Pty Ltd	Napa Bidco Pty Ltd			Healthcare								First Lien Senior Secured Term Loan					BBSY + 6.50%, 10.0% Cash					03/22						03/28						6,734						7,347					6,290						1.0		%				(3) (6) (7) (19)

Napa Bidco Pty Ltd

Napa Bidco Pty Ltd																																																															Healthcare						First Lien Senior Secured Term Loan						BBSY + 5.00%, 9.4% Cash						03/22					03/28					6,807						7,364									6,741									1.0	%							(3) (6) (7) (18)
		Napa Bidco Pty Ltd					Healthcare																											6,734						7,347					6,290

Narda Acquisitionco., Inc.	Narda Acquisitionco., Inc.					Aerospace & Defense						First Lien Senior Secured Term Loan					SOFR + 5.00%, 10.5% Cash					12/21						12/27						2,926						2,888					2,904						0.5		%				(6) (7) (12)
									Revolver					SOFR + 5.00%, 10.5% Cash					12/21					12/27						—						(8)						(5)					—		%				(6) (7) (12) (27)
									Class A Preferred Stock (2,392.9 shares)					N/A					12/21					N/A												239						274					—		%				(6) (26)
									Class B Common Stock (265.9 shares)					N/A					12/21					N/A												27						64					—		%				(6) (26)

Narda Acquisitionco., Inc.	Narda Acquisitionco., Inc.								Aerospace & Defense																											2,926						3,146					3,237

							First Lien Senior Secured Term Loan							SOFR + 5.25%, 10.6% Cash					02/21					02/27						9,188						9,105						9,074					1.4		%				(6) (7) (11)
							First Lien Senior Secured Term Loan							SOFR + 2.25%, 7.6% Cash, 3.0% PIK					11/22					02/27						5,929						5,809						5,824					0.9		%				(6) (7) (11)
																												15,117						14,914						14,898

Narda Acquisitionco., Inc.																																																											Narda Acquisitionco., Inc.							Aerospace & Defense						First Lien Senior Secured Term Loan						SOFR + 5.00%, 10.4% Cash					12/21					12/27					2,683							2,652									2,683								0.4		%							(6) (7) (12)
																																																																					Revolver						SOFR + 5.00%, 10.4% Cash						12/21					12/27					—						(7)									—									—	%							(6) (7) (12) (28)
																																																																					Class A Preferred Stock (2,392.9 shares)						N/A						12/21					N/A														239									285								—		%							(6) (27)
																																																																Class B Common Stock (265.9 shares)								N/A						12/21					N/A												27								172									—		%						(6) (27)

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry			Investment Type (1)(2)				Interest				Acq. Date				Maturity Date				Principal Amount				Cost				Fair Value					% of Net Assets *						Notes			Portfolio Company (5)								Industry (29)								Investment Type (1)(2)(30)							Interest							Acq. Date							Maturity Date								Principal Amount									Cost									Fair Value								% of Net Assets *									Notes
Navia Benefit Solutions, Inc.																																													Navia Benefit Solutions, Inc.								Healthcare & Pharmaceuticals								First Lien Senior Secured Term Loan							SOFR + 5.00%, 10.4% Cash							02/21							02/27								$	9,165								$	9,098								$	9,078							1.4		%							(6) (7) (11)
																																																										First Lien Senior Secured Term Loan							SOFR + 2.00%, 7.4% Cash, 3.0% PIK							11/22							02/27								5,854									5,751									5,763								0.9		%							(6) (7) (11)

NAW Buyer LLC

		NAW Buyer LLC	NAW Buyer LLC			Technology			First Lien Senior Secured Term Loan				SOFR + 5.75%, 11.2% Cash				09/23				09/29				$	3,030			$	2,917			$	2,917					0.5		%				(6) (7) (12) (27)			NAW Buyer LLC									Technology							First Lien Senior Secured Term Loan							SOFR + 5.75%, 11.1% Cash							09/23							09/29									3,023				2,918						2,918				2,986					2,986				0.4						0.4		%						(6) (7) (12) (28)
							Revolver				SOFR + 5.75%, 11.2% Cash				09/23				09/29				—				(9)				(9)					—		%				(6) (7) (12) (27)			NAW Buyer LLC																	Revolver							SOFR + 5.75%, 11.1% Cash							09/23							09/29								38				29						29				38					38				—						—		%							(6) (7) (12) (28)
				LLC Units (94,502 units)					N/A				09/23				N/A								95				95				—		%				(6) (26)												LLC Units (94,502 units)								N/A							09/23							N/A																		95				86						86				—					—		%							(6) (27)
																			3,030				3,003				3,003

NeoxCo	NeoxCo						Internet Software & Services				First Lien Senior Secured Term Loan				EURIBOR + 6.50%, 10.5% Cash				01/23				01/30				2,055				2,039					1,997						0.3		%					(3) (6) (7) (10) (27)

NeoxCo	NeoxCo			Internet Software & Services																							2,055				2,039					1,997

Nexus Underwriting Management Limited						Other Financial			First Lien Senior Secured Term Loan				SOFR + 5.25%, 10.7% Cash				10/21				10/28				231				231				231						—		%				(3) (6) (7) (13)
							First Lien Senior Secured Term Loan				SONIA + 5.00%, 9.2% Cash				10/21				10/28				2,669				2,875				2,669					0.4		%				(3) (6) (7) (16) (27)
							Revolver				SONIA + 5.00%, 9.2% Cash				10/21				04/24				48				51				48					—		%				(3) (6) (7) (16) (27)
																					2,948				3,157				2,948
NeoxCo																																																					Internet Software & Services								First Lien Senior Secured Term Loan							EURIBOR + 6.50%, 10.4% Cash							01/23							01/30								2,097									2,044									2,055								0.3		%							(3) (6) (7) (10) (28)

Next Holdco, LLC

		Next Holdco, LLC																																																Next Holdco, LLC								Technology							First Lien Senior Secured Term Loan							SOFR + 6.00%, 11.3% Cash							11/23								11/30									738									724								725									0.1		%						(6) (7) (11) (28)
																																																								Revolver									SOFR + 6.00%, 11.3% Cash							11/23							11/29								—									(1)									(1)								—		%							(6) (7) (11) (28)

NF Holdco, LLC

		NF Holdco, LLC	NF Holdco, LLC				Technology				First Lien Senior Secured Term Loan				SOFR + 6.50%, 11.9%				03/23				03/29				4,253				4,133					4,146						0.6		%				(6) (7) (12)			NF Holdco, LLC								Technology							First Lien Senior Secured Term Loan							SOFR + 6.00%, 11.3%							03/23								03/29									4,221				4,110						4,110			4,179						4,179				0.6						0.6		%				(6) (7) (12)
									Revolver				SOFR + 6.50%, 11.9% Cash				03/23				03/29				295				274				276						—		%				(6) (7) (12) (27)			NF Holdco, LLC																Revolver							SOFR + 6.00%, 11.3% Cash							03/23							03/29									147				129						129				147					147				—						—		%						(6) (7) (12) (28)
				LLC Units (426,340 units)					N/A				03/23				N/A								439				439				0.1		%				(6) (26)							LLC Units (426,340 units)																N/A							03/23							N/A																		439				482						482				0.1					0.1		%							(6) (27)
																			4,548				4,846				4,861

Northstar Recycling, LLC	Northstar Recycling, LLC					Environmental Industries					First Lien Senior Secured Term Loan				SOFR + 4.75%, 10.0% Cash				10/21				09/27				3,925				3,869					3,893						0.6		%					(6) (7) (12)

Northstar Recycling, LLC	Northstar Recycling, LLC			Environmental Industries																					3,925				3,869				3,893

Northstar Recycling, LLC																																																					Environmental Industries								First Lien Senior Secured Term Loan							SOFR + 4.75%, 10.1% Cash							10/21							09/27								3,905									3,856									3,905								0.6		%							(6) (7) (12)

Novotech Aus Bidco Pty Ltd

Novotech Aus Bidco Pty Ltd

Novotech Aus Bidco Pty Ltd	Novotech Aus Bidco Pty Ltd					Healthcare			First Lien Senior Secured Term Loan				SOFR + 5.25%, 10.7% Cash				01/22				01/28				6,754				6,622				6,680						1.0		%				(3) (6) (7) (13) (27)									Healthcare								First Lien Senior Secured Term Loan							SOFR + 5.25%, 11.1% Cash							01/22							01/28								6,754				6,637						6,637				6,754					6,754				1.0						1.0		%							(3) (6) (7) (13) (28)
																					6,754				6,622				6,680

NPM Investments 28 B.V.	NPM Investments 28 B.V.			Healthcare					First Lien Senior Secured Term Loan				EURIBOR + 6.00%, 10.0% Cash				09/22				10/29				2,126				1,910				2,079						0.3		%				(3) (6) (7) (9) (27)

NPM Investments 28 B.V.	NPM Investments 28 B.V.					Healthcare																			2,126				1,910				2,079

NPM Investments 28 B.V.																																																					Healthcare								First Lien Senior Secured Term Loan							EURIBOR + 6.25%, 10.1% Cash							09/22							10/29								2,169									1,915									2,133								0.3		%							(3) (6) (7) (9) (28)

OA Buyer, Inc.

		OA Buyer, Inc.	OA Buyer, Inc.				Healthcare				First Lien Senior Secured Term Loan				SOFR + 5.50%, 10.8% Cash				12/21				12/28				6,547				6,443					6,478						1.0		%				(6) (7) (11)			OA Buyer, Inc.								Healthcare							First Lien Senior Secured Term Loan							SOFR + 5.50%, 10.8% Cash							12/21								12/28									6,500				6,405						6,405			6,500						6,500				1.0						1.0		%				(6) (7) (11)
									Revolver				SOFR + 5.50%, 10.8% Cash				12/21				12/28				—				(20)				(14)						—		%				(6) (7) (11) (27)			OA Buyer, Inc.																Revolver							SOFR + 5.50%, 10.8% Cash							12/21							12/28									177				159						159				177					177				—						—		%						(6) (7) (11) (28)
				Partnership Units (210,920.11 units)					N/A				12/21				N/A								211				297				—		%				(6) (26)							Partnership Units (210,920.11 units)																N/A							12/21							N/A																		211				318						318				—					—		%							(6) (27)
																			6,547				6,634				6,761

OAC Holdings I Corp	OAC Holdings I Corp					Automotive					First Lien Senior Secured Term Loan				SOFR + 5.00%, 10.3% Cash				03/22				03/29				1,797				1,769					1,680						0.3		%					(6) (7) (12)

		OAC Holdings I Corp	OAC Holdings I Corp				Automotive				Revolver				SOFR + 5.00%, 10.3% Cash				03/22				03/28				—				(10)					(45)						—		%				(6) (7) (12) (27)			OAC Holdings I Corp								Automotive							First Lien Senior Secured Term Loan							SOFR + 5.00%, 10.4% Cash							03/22								03/29									1,788				1,762						1,762			1,763						1,763				0.3						0.3		%				(6) (7) (12)
																			1,797				1,759				1,635																					Revolver														SOFR + 5.00%, 10.4% Cash							03/22							03/28							147			138						138				137						137				—					—		%							(6) (7) (12) (28)

Ocelot Holdco LLC

																																															Ocelot Holdco LLC									Construction Machinery							Super Senior Takeback Loan							10.0% Cash							10/23							10/27									96									96								96									—		%							(6)
					Takeback Term loan																																																												Takeback Term loan							10.0% Cash							10/23								10/27									513									513								513									0.1		%						(6)
					Preferred Stock (42.7 shares)																																																									Preferred Stock (42.7 shares)							15.0% PIK							10/23							N/A																				273								359									0.1		%							(6)
			Common Stock (32.7 shares)																																																				Common Stock (32.7 shares)								N/A							10/23							N/A																			—									—								—		%							(6) (27)
																			609

Ocular Therapeutix, Inc.

Ocular Therapeutix, Inc.

Ocular Therapeutix, Inc.	Ocular Therapeutix, Inc.			Pharmaceuticals				First Lien Senior Secured Term Loan				SOFR + 6.75%, 12.1% Cash				08/23				07/29				1,965				1,907				1,906					0.3		%				(7) (11)									Pharmaceuticals								First Lien Senior Secured Term Loan							SOFR + 6.75%, 12.1% Cash							08/23							07/29								1,965				1,911						1,911				1,906						1,906			0.3						0.3		%							(3) (6) (7) (11)
																					1,965				1,907				1,906

OG III B.V.	OG III B.V.					Containers & Glass Products				First Lien Senior Secured Term Loan				EURIBOR + 5.75%, 9.7% Cash				06/21				06/28				6,560				7,254				6,481						1.0		%				(3) (6) (7) (9)

OG III B.V.	OG III B.V.			Containers & Glass Products																					6,560				7,254				6,481

Omni Intermediate Holdings, LLC						Transportation			First Lien Senior Secured Term Loan				SOFR + 5.00%, 10.4% Cash				12/20				12/26				10,723				10,666				10,664						1.7		%				(6) (7) (12)
																					10,723				10,666				10,664
OG III B.V.																																																					Containers & Glass Products								First Lien Senior Secured Term Loan							EURIBOR + 5.75%, 9.7% Cash							06/21							06/28								6,691									7,264									6,484								1.0		%							(3) (6) (7) (9)

Oracle Vision Bidco Limited				Healthcare					First Lien Senior Secured Term Loan				SONIA + 4.75%, 9.2% Cash				06/21				05/28				1,295				1,465				1,295						0.2		%				(3) (6) (7) (16)
																					1,295				1,465				1,295

Origin Bidco Limited						Technology			First Lien Senior Secured Term Loan				EURIBOR + 5.25%, 9.1% Cash				06/21				06/28				351				396				349						0.1		%				(3) (6) (7) (9)
							First Lien Senior Secured Term Loan				SOFR + 5.25%, 10.8% Cash				06/21				06/28				597				585				593					0.1		%				(3) (6) (7) (12)
																					948				981				942

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry		Investment Type (1)(2)		Interest		Acq. Date		Maturity Date		Principal Amount			Cost			Fair Value				% of Net Assets *				Notes		Portfolio Company (5)							Industry (29)								Investment Type (1)(2)(30)								Interest								Acq. Date								Maturity Date								Principal Amount									Cost								Fair Value									% of Net Assets *									Notes
Oracle Vision Bidco Limited																														Oracle Vision Bidco Limited							Healthcare								First Lien Senior Secured Term Loan								SONIA + 4.75%, 9.9% Cash								06/21								05/28								$	1,340								$	1,467							$	1,340								0.2		%							(3) (6) (7) (16)

Origin Bidco Limited

		Origin Bidco Limited																																Origin Bidco Limited								Technology								First Lien Senior Secured Term Loan								EURIBOR + 5.25%, 9.2% Cash								06/21								06/28									320									354								320									—		%							(3) (6) (7) (9)
																																								First Lien Senior Secured Term Loan										SOFR + 5.25%, 10.7% Cash								06/21								06/28								533									523									533								0.1		%							(3) (6) (7) (12)

ORTEC INTERNATIONAL NEWCO B.V.

ORTEC INTERNATIONAL NEWCO B.V.

ORTEC INTERNATIONAL NEWCO B.V.																																					Technology								First Lien Senior Secured Term Loan								EURIBOR + 5.75%, 9.7% Cash								12/23								12/30								987									974								965									0.1		%							(3) (6) (7) (9)

OSP Hamilton Purchaser, LLC	OSP Hamilton Purchaser, LLC			Technology		First Lien Senior Secured Term Loan		SOFR + 6.00%, 11.5% Cash		12/21		12/27		$	2,241		$	2,207		$	2,204			0.3	%			(6) (7) (12)

					First Lien Senior Secured Term Loan		SOFR + 6.00%, 11.5% Cash		12/22		12/27		2,257			2,198			2,220			0.3	%			(6) (7) (12)

					First Lien Senior Secured Term Loan		SOFR + 6.25%, 11.7% Cash		03/23		12/27		2,373			2,308			2,333			0.4	%			(6) (7) (12)		OSP Hamilton Purchaser, LLC							Technology								First Lien Senior Secured Term Loan								SOFR + 5.50%, 10.9% Cash								12/21								12/29								6,853				6,753						6,753				6,733					6,733				1.0						1.0		%							(6) (7) (12)
					Revolver		SOFR + 6.00%, 11.5% Cash		12/21		12/27		—			(6)			(4)			—	%			(6) (7) (12) (27)				OSP Hamilton Purchaser, LLC											Revolver								SOFR + 5.50%, 10.9% Cash								12/21								12/29								—			(6)						(6)				(4)						(4)			—						—		%							(6) (7) (12) (28)
OSP Hamilton Purchaser, LLC	OSP Hamilton Purchaser, LLC				Technology		LP Units (276,798 units)		N/A		07/22		N/A						280			441				0.1	%											(6) (26)						LP Units (276,798 units)								N/A								07/22								N/A																				138				143					143				—						—		%							(6)
													6,871			6,987			7,194

						First Lien Senior Secured Bond		6.9% Cash		07/22		07/29		4,355			3,956			4,115				0.6	%			(6)

													4,355			3,956			4,115

Panoche Energy Center LLC																																					Electric								First Lien Senior Secured Bond								6.9% Cash								07/22								07/29								4,044									3,699								3,933									0.6		%							(6)

Parkview Dental Holdings LLC

		Parkview Dental Holdings LLC																																						Parkview Dental Holdings LLC								Healthcare								First Lien Senior Secured Term Loan								SOFR + 8.30%, 13.6% Cash								10/23								10/29									476								467									468									0.1		%				(6) (7) (12)
																																										Parkview Dental Holdings LLC											First Lien Senior Secured Term Loan								SOFR + 6.50%, 11.8% Cash								10/23								10/29									23								18									18									—		%						(6) (7) (12) (28)
																																	LLC Units (23,810 units)												N/A											10/23								N/A																			238									234								—		%							(6) (27)

PDQ.Com Corporation

		PDQ.Com Corporation	PDQ.Com Corporation		Business Equipment & Services		First Lien Senior Secured Term Loan		SOFR + 4.75%, 10.1% Cash		08/21		08/27			12,712			12,547			12,712				2.0	%			(6) (7) (12)			PDQ.Com Corporation								Business Equipment & Services								First Lien Senior Secured Term Loan								SOFR + 5.21%, 10.5% Cash								08/21								08/27								12,615				12,465						12,465			12,560						12,560				1.9						1.9		%							(6) (7) (12)
				Class A-2 Partnership Units (86.4 units)			N/A		08/21		08/27					86			169			—	%			(6) (26)												Class A-2 Partnership Units (86.4 units)											N/A								08/21								N/A																			86				139					139				—						—		%							(6)
												12,712		12,633			12,881

Perimeter Master Note Business Trust	Perimeter Master Note Business Trust					Credit Card ABS		Structured Secured Note - Class A		4.7% Cash		05/22		05/27			137			137				125				—	%				(3) (6)

					Structured Secured Note - Class B			5.4% Cash		05/22		05/27		137			137			126				—	%			(3) (6)		Perimeter Master Note Business Trust								Credit Card ABS								Structured Secured Note - Class A								4.7% Cash								05/22								11/28								137				137						137				132					132				—						—		%							(3) (6)
					Structured Secured Note - Class C			5.9% Cash		05/22		05/27		137			137			123				—	%			(3) (6)															Structured Secured Note - Class B								5.4% Cash								05/22								11/28								137				137						137				132					132				—						—		%							(3) (6)
		Perimeter Master Note Business Trust			Credit Card ABS			Structured Secured Note - Class D		8.5% Cash		05/22		05/27			137			137				121				—	%						(3) (6)
							Structured Secured Note - Class E		11.4% Cash		05/22		05/27			6,986			6,986			6,243				1.0	%						(3) (6)
												7,534		7,534			6,738
																																			Structured Secured Note - Class C											5.9% Cash								05/22								11/28								137								137									132								—		%							(3) (6)
																										Perimeter Master Note Business Trust									Structured Secured Note - Class D											8.5% Cash								05/22								11/28								137								137									131								—		%							(3) (6)
																															Structured Secured Note - Class E								11.4% Cash								05/22								11/28								6,986								6,986								6,700									1.0		%						(3) (6)
														7,534

Permaconn BidCo Pty Ltd

Permaconn BidCo Pty Ltd

Permaconn BidCo Pty Ltd	Permaconn BidCo Pty Ltd			Tele-communications			First Lien Senior Secured Term Loan		BBSY + 6.25%, 10.4% Cash		12/21		07/29			4,648			4,742			4,544						0.7	%				(3) (6) (7) (18)								Tele-communications								First Lien Senior Secured Term Loan								BBSY + 6.25%, 10.7% Cash								12/21								07/29								4,699				4,750						4,750			4,652						4,652				0.7						0.7		%							(3) (6) (7) (18)
													4,648			4,742			4,544

Polara Enterprises, L.L.C.

		Polara Enterprises, L.L.C.	Polara Enterprises, L.L.C.				Capital Equipment		First Lien Senior Secured Term Loan		SOFR + 4.75%, 10.3% Cash		12/21			12/27			2,084			2,054						2,061					0.3	%				(6) (7) (12)			Polara Enterprises, L.L.C.								Capital Equipment								First Lien Senior Secured Term Loan								SOFR + 4.75%, 10.2% Cash								12/21								12/27									1,904			1,879						1,879				1,904						1,904				0.3						0.3	%		(6) (7) (12)
						Revolver			SOFR + 4.75%, 10.3% Cash		12/21		12/27			—			(4)			(3)						—	%				(6) (7) (12) (27)		Polara Enterprises, L.L.C.											Revolver											SOFR + 4.75%, 10.2% Cash								12/21								12/27								—				(3)						(3)			—						—				—						—		%							(6) (7) (12) (28)
				Partnership Units (3,704.3 units)				N/A		12/21		N/A					370			602				0.1	%					(6) (26)								Partnership Units (3,704.3 units)													N/A								12/21								N/A																				370				605					605				0.1						0.1		%							(6)
												2,084		2,420			2,660

Policy Services Company, LLC						Property & Casualty Insurance			First Lien Senior Secured Term Loan		SOFR + 6.00%, 11.6% Cash, 4.0% PIK		12/21			06/26			21,277			20,888				20,890				3.3		%				(6) (7) (12)
							Warrants - Class A (1.0710 units)		N/A		12/21		N/A						—			215				—	%			(6) (26)
					Warrants - Class B (0.3614 units)			N/A		12/21		N/A					—			73				—	%			(6) (26)
					Warrants - Class CC (0.0372 units)			N/A		12/21		N/A					—			—				—	%			(6) (26)
					Warrants - Class D (0.1035 units)			N/A		12/21		N/A					—			21				—	%			(6) (26)
													21,277			20,888			21,199

Premium Franchise Brands, LLC				Research & Consulting Services			First Lien Senior Secured Term Loan		SOFR + 6.75%, 12.5% Cash		12/20		12/26			11,730			11,579			11,635				1.8	%			(6) (7) (12)
													11,730			11,579			11,635

Premium Invest					Brokerage, Asset Managers & Exchanges		First Lien Senior Secured Term Loan		EURIBOR + 5.25%, 9.2% Cash		06/21		06/28			5,506			6,043			5,506				0.9	%			(3) (6) (7) (10) (27)
													5,506			6,043			5,506

Preqin MC Limited				Banking, Finance, Insurance & Real Estate			First Lien Senior Secured Term Loan		SOFR + 5.25%, 11.0% Cash		08/21		07/28			3,147			3,077			3,091				0.5	%			(3) (6) (7) (13)
													3,147			3,077			3,091

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry		Investment Type (1)(2)		Interest		Acq. Date		Maturity Date		Principal Amount			Cost			Fair Value				% of Net Assets *				Notes			Portfolio Company (5)							Industry (29)								Investment Type (1)(2)(30)								Interest								Acq. Date								Maturity Date								Principal Amount									Cost								Fair Value							% of Net Assets *									Notes
Process Insights Acquisition, Inc.				Electronics		First Lien Senior Secured Term Loan		SOFR + 6.25%, 11.6% Cash		07/23		07/29		$	3,554		$	3,453		$	3,449			0.5	%			(6) (7) (12) (27)
					Revolver		SOFR + 6.25%, 11.6% Cash		07/23		07/29		—			(16)			(17)			—	%			(6) (7) (12) (27)
					Common Stock (188 shares)		N/A		07/23		N/A					188			188			—	%			(6) (26)
																												Policy Services Company, LLC							Property & Casualty Insurance									First Lien Senior Secured Term Loan								SOFR + 6.00%, 11.3% Cash, 4.0% PIK								12/21								06/26								$	21,714							$	21,391							$	21,393						3.2		%							(6) (7) (12)
Policy Services Company, LLC																																										Warrants - Class A (1.0710 units)								N/A								12/21								N/A																			—								544							0.1		%							(6) (27)
																																										Warrants - Class B (0.3614 units)								N/A								12/21								N/A																			—								183							—		%							(6) (27)
																																										Warrants - Class CC (0.0372 units)								N/A								12/21								N/A																			—								—							—		%							(6) (27)
																																										Warrants - Class D (0.1035 units)								N/A								12/21								N/A																			—								53							—		%							(6) (27)

	Premium Franchise Brands, LLC

Premium Franchise Brands, LLC																																		Premium Franchise Brands, LLC										Research & Consulting Services								First Lien Senior Secured Term Loan								SOFR + 6.25%, 11.5% Cash								12/20								12/26								2,479								2,453							2,471									0.4		%							(6) (7) (12)
																																																	First Lien Senior Secured Term Loan								SOFR + 6.75%, 12.2% Cash								12/20								12/26								9,188									9,084							9,160								1.4		%							(6) (7) (12)

Premium Invest

Premium Invest

Premium Invest																																						Brokerage, Asset Managers & Exchanges								First Lien Senior Secured Term Loan								EURIBOR + 6.50%, 10.4% Cash								06/21								12/30								2,282									2,213								2,230							0.3		%							(3) (6) (7) (10) (28)

Preqin MC Limited

Preqin MC Limited

Preqin MC Limited																																						Banking, Finance, Insurance & Real Estate								First Lien Senior Secured Term Loan								SOFR + 5.00%, 10.3% Cash								08/21								07/28								3,147									3,083								3,147							0.5		%							(3) (6) (7) (13)

Process Insights Acquisition, Inc.	Process Insights Acquisition, Inc.				Electronics											3,554			3,625			3,620

		Process Insights Acquisition, Inc.																																							Process Insights Acquisition, Inc.								Electronics								First Lien Senior Secured Term Loan								SOFR + 6.00%, 11.3% Cash								07/23								07/25									—							(10)								4									—		%					(6) (7) (12) (28)
																																																						First Lien Senior Secured Term Loan								SOFR + 6.00%, 11.3% Cash								07/23								07/29									3,545								3,464							3,570									0.5		%						(6) (7) (12)
																																						Revolver														SOFR + 6.00%, 11.3% Cash								07/23								07/29								101								86								106							—		%							(6) (7) (12) (28)
																																		Common Stock (188 shares)										N/A								07/23								N/A																		188									226								—	%						(6) (27)

ProfitOptics, LLC	ProfitOptics, LLC					Technology		First Lien Senior Secured Term Loan		SOFR + 5.75%, 11.5% Cash		03/22		03/28			656			645				648						0.1		%			(6) (7) (13)

							Revolver		SOFR + 5.75%, 11.5% Cash		03/22		03/28			77			75			75				—	%						(6) (7) (13) (27)

					Senior Subordinated Term Loan			8.0% Cash		03/22		03/29		32			32			29				—	%				(6)			ProfitOptics, LLC								Technology								First Lien Senior Secured Term Loan								SOFR + 5.75%, 11.2% Cash								03/22								03/28								650				641						641			650					650			0.1						0.1		%							(6) (7) (13)
ProfitOptics, LLC				Technology			LLC Units (96,774.2 units)		N/A		03/22		N/A						65			73				—	%				(6) (26)
													765			817			825
																																					Revolver											SOFR + 5.75%, 11.2% Cash								03/22								03/28								158								156									158							—		%						(6) (7) (13) (28)
																																					Senior Subordinated Term Loan											8.0% Cash								03/22								03/29								32								32									29							—		%						(6)
																																		LLC Units (96,774.2 units)		ProfitOptics, LLC							LLC Units (96,774.2 units)								N/A								03/22								N/A																			65								88							—		%							(6) (27)
													840

Protego Bidco B.V.

		Protego Bidco B.V.	Protego Bidco B.V.			Aerospace & Defense		First Lien Senior Secured Term Loan		EURIBOR + 6.75%, 10.8% Cash		03/21		03/28			386			419				370				0.1		%				(3) (6) (7) (10) (27)					Protego Bidco B.V.								Aerospace & Defense								First Lien Senior Secured Term Loan								EURIBOR + 6.75%, 10.7% Cash								03/21								03/28									430			456					456			418						418				0.1						0.1		%					(3) (6) (7) (10) (28)
					Revolver			EURIBOR + 6.50%, 10.5% Cash		03/21		03/27		718			790			688				0.1	%			(3) (6) (7) (10)																	Revolver										EURIBOR + 6.50%, 10.4% Cash								03/21								03/27								733				791						791			722					722			0.1						0.1		%							(3) (6) (7) (10)
												1,104		1,209			1,058

PSP Intermediate 4, LLC	PSP Intermediate 4, LLC						Technology		First Lien Senior Secured Term Loan		EURIBOR + 6.25%, 9.9% Cash		05/22			05/29			865			829				740					0.1		%			(3) (6) (7) (9) (27)

		PSP Intermediate 4, LLC	PSP Intermediate 4, LLC		Technology			First Lien Senior Secured Term Loan		SOFR + 6.25%, 11.7% Cash		05/22		05/29			866			846				797				0.1		%				(3) (6) (7) (11)		PSP Intermediate 4, LLC									Technology								First Lien Senior Secured Term Loan								EURIBOR + 6.25%, 10.2% Cash								05/22								05/29								883				843					843			831					831				0.1						0.1		%						(3) (6) (7) (8) (28)
												1,731		1,675			1,537																	First Lien Senior Secured Term Loan													SOFR + 6.25%, 11.6% Cash								05/22								05/29								1,411				1,392					1,392				1,343						1,343			0.2					0.2	%							(3) (6) (7) (11)

QPE7 SPV1 BidCo Pty Ltd

QPE7 SPV1 BidCo Pty Ltd

QPE7 SPV1 BidCo Pty Ltd	QPE7 SPV1 BidCo Pty Ltd			Consumer Cyclical				First Lien Senior Secured Term Loan		BBSY + 4.50%, 8.6% Cash		09/21		09/26			2,728			3,009				2,661				0.4		%				(3) (6) (7) (17)								Consumer Cyclical								First Lien Senior Secured Term Loan								BBSY + 3.75%, 8.1% Cash								09/21								09/26								2,758				3,013					3,013				2,731				2,731				0.4						0.4		%							(3) (6) (7) (17)
													2,728			3,009			2,661

Qualified Industries, LLC	Qualified Industries, LLC					Consumer Cyclical		First Lien Senior Secured Term Loan		SOFR + 5.75%, 11.2% Cash		03/23		03/29			603			586				588				0.1		%				(6) (7) (12)
					Revolver			SOFR + 5.75%, 11.2% Cash		03/23		03/29		—			(7)			(6)				—	%			(6) (7) (12) (27)
					Preferred Stock (148 shares)			N/A		03/23		N/A					144			156				—	%			(6) (26)
					Common Stock (303,030 shares)			N/A		03/23		N/A					3			49				—	%			(6) (26)

Qualified Industries, LLC	Qualified Industries, LLC			Consumer Cyclical										603			726			787

					First Lien Senior Secured Term Loan			EURIBOR + 6.25%, 9.8% Cash		12/20		12/27		2,286			2,466			2,166				0.3	%			(3) (6) (7) (9) (27)
					First Lien Senior Secured Term Loan		SOFR + 6.25%, 11.8% Cash		12/20		12/27		370			366			361			0.1	%			(3) (6) (7) (12)
													2,656			2,832			2,527
Qualified Industries, LLC																																	Qualified Industries, LLC								Consumer Cyclical								First Lien Senior Secured Term Loan								SOFR + 5.75%, 11.2% Cash								03/23								03/29								600									584							588								0.1		%							(6) (7) (12)
																																														Revolver								SOFR + 5.75%, 11.2% Cash								03/23								03/29								—									(6)								(5)							—		%							(6) (7) (12) (28)
																																														Preferred Stock (148 shares)								10.0% PIK								03/23								N/A																				144							163								—		%							(6) (27)
																																							Common Stock (303,030 shares)										N/A								03/23								N/A																			3								85							—		%							(6) (27)

R1 Holdings, LLC					Transportation		First Lien Senior Secured Term Loan		SOFR + 6.25%, 11.1% Cash		12/22		12/28			5,513			5,320			5,462				0.9	%				(6) (7) (13) (27)
						Revolver		SOFR + 6.25%, 11.1% Cash		12/22		12/28		63			32			55				—	%			(6) (7) (13) (27)
													5,576			5,352			5,517

Randys Holdings, Inc.						Automobile Manufacturers		First Lien Senior Secured Term Loan		SOFR + 6.50%, 11.8% Cash		11/22		11/28			9,854			9,537				9,579				1.5		%				(6) (7) (12) (27)
					Revolver			SOFR + 6.50%, 11.8% Cash		11/22		11/28		404			368			375				0.1	%			(6) (7) (12) (27)
					Partnership Units (4,000 units)			N/A		11/22		N/A					400			424				0.1	%			(6) (26)
													10,258			10,305			10,378

Recovery Point Systems, Inc.					Technology			First Lien Senior Secured Term Loan		SOFR + 6.00%, 11.4% Cash		08/20		07/26			4,969			4,916				4,969				0.8		%				(6) (7) (12)
						Partnership Equity (81,313 units)		N/A		03/21		N/A					81			54				—	%			(6) (26)
													4,969			4,997			5,023

Renovation Parent Holdings, LLC						Home Furnishings		First Lien Senior Secured Term Loan		SOFR + 5.50%, 11.0% Cash		11/21		11/27			7,564			7,428				6,618				1.0		%				(6) (7) (12)
					Partnership Equity (394,736.8 units)			N/A		11/21		N/A					395			130				—	%			(6) (26)
													7,564			7,823			6,748

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry					Investment Type (1)(2)				Interest				Acq. Date					Maturity Date				Principal Amount					Cost					Fair Value					% of Net Assets *					Notes			Portfolio Company (5)							Industry (29)						Investment Type (1)(2)(30)						Interest						Acq. Date						Maturity Date									Principal Amount									Cost									Fair Value									% of Net Assets *									Notes
Questel Unite																																																	Questel Unite							Business Services						First Lien Senior Secured Term Loan						EURIBOR + 4.00%, 7.9% Cash, 2.4% PIK						12/20						12/27									$	2,337								$	2,479								$	2,224								0.3		%							(3) (6) (7) (9) (28)
																																																												First Lien Senior Secured Term Loan						SOFR + 4.00%, 9.3% Cash, 2.4% PIK						12/20						12/27								370									366									361									0.1		%							(3) (6) (7) (12)

R1 Holdings, LLC

		R1 Holdings, LLC																																																				R1 Holdings, LLC						Transportation						First Lien Senior Secured Term Loan						SOFR + 6.25%, 11.6% Cash						12/22								12/28									5,567									5,389									5,605									0.8		%							(6) (7) (13) (28)
																																																										Revolver								SOFR + 6.25%, 11.6% Cash						12/22						12/28								63									34									59									—		%							(6) (7) (13) (28)

Randys Holdings, Inc.

																																																			Randys Holdings, Inc.							Automobile Manufacturers						First Lien Senior Secured Term Loan						SOFR + 6.50%, 11.8% Cash						11/22							11/24									397									368									377									0.1		%							(6) (7) (12) (28)
					First Lien Senior Secured Term Loan																																																										First Lien Senior Secured Term Loan						SOFR + 6.50%, 11.8% Cash						11/22						11/28									9,816									9,574									9,757									1.5		%							(6) (7) (12)
					Revolver																																																										Revolver						SOFR + 6.50%, 11.8% Cash						11/22						11/28									369									337									369									0.1		%							(6) (7) (12) (28)
			Partnership Units (4,000 units)																																																						Partnership Units (4,000 units)							N/A						11/22						N/A																			400									401									0.1		%							(6) (27)
																				10,582

Recovery Point Systems, Inc.

		Recovery Point Systems, Inc.																																																				Recovery Point Systems, Inc.						Technology						First Lien Senior Secured Term Loan						SOFR + 6.50%, 11.8% Cash						08/20								07/26									4,943									4,899									4,943									0.7		%							(6) (7) (12)
																																																														Partnership Equity (81,313 units)						N/A						03/21						N/A																					81									42									—		%							(6) (27)

Renovation Parent Holdings, LLC

		Renovation Parent Holdings, LLC																																																				Renovation Parent Holdings, LLC						Home Furnishings						First Lien Senior Secured Term Loan						SOFR + 5.50%, 10.9% Cash						11/21								11/27									7,545									7,424									6,647									1.0		%							(6) (7) (12)
																																																										Partnership Equity (394,736.8 units)								N/A						11/21						N/A																				395									118									—		%							(6) (27)

REP SEKO MERGER SUB LLC

		REP SEKO MERGER SUB LLC	REP SEKO MERGER SUB LLC				Air Freight & Logistics				First Lien Senior Secured Term Loan				EURIBOR + 4.75%, 8.7% Cash				12/20					12/26				$	6,819				$	7,388				$	6,739				1.1		%				(6) (7) (9)			REP SEKO MERGER SUB LLC							Air Freight & Logistics						First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 8.9% Cash						12/20							12/26									6,920				7,360						7,360				6,719						6,719				1.0						1.0		%							(6) (7) (9)
									First Lien Senior Secured Term Loan				EURIBOR + 4.75%, 8.7% Cash				06/22					12/26				2,043					1,999					2,020					0.3	%				(6) (7) (9)			REP SEKO MERGER SUB LLC														First Lien Senior Secured Term Loan						EURIBOR + 5.00%, 8.9% Cash						06/22						12/26									2,074				1,993						1,993				2,014						2,014				0.3						0.3		%							(6) (7) (9)
				First Lien Senior Secured Term Loan							SOFR + 4.75%, 10.5% Cash				12/20				12/26					1,914				1,886					1,892					0.3		%			(6) (7) (13)												First Lien Senior Secured Term Loan						SOFR + 5.00%, 10.4% Cash						12/20						12/26						1,906			1,882						1,882				1,851						1,851				0.3						0.3		%							(6) (7) (12)
																						10,776				11,273					10,651

Resonetics, LLC	Resonetics, LLC								Health Care Equipment				Second Lien Senior Secured Term Loan				SOFR + 7.00%, 12.7% Cash					04/21				04/29					1,859					1,830					1,802					0.3		%					(6) (7) (12)

Resonetics, LLC

Resonetics, LLC																																																								Health Care Equipment						Second Lien Senior Secured Term Loan						SOFR + 7.00%, 12.4% Cash						04/21						04/29									1,859									1,832									1,859									0.3		%							(6) (7) (12)
		Resonetics, LLC				Health Care Equipment																									1,859					1,830					1,802

Riedel Beheer B.V.	Riedel Beheer B.V.							Food & Beverage				First Lien Senior Secured Term Loan				EURIBOR + 6.25%, 10.2% Cash					12/21				12/28					2,196					2,254					2,035					0.3		%				(3) (6) (7) (9)

Riedel Beheer B.V.	Riedel Beheer B.V.			Food & Beverage																						2,196					2,254					2,035

Riedel Beheer B.V.																																																								Food & Beverage						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 10.2% Cash						12/21						12/28									2,240									2,258									2,025									0.3		%							(3) (6) (7) (9)

Rock Labor LLC

		Rock Labor LLC	Rock Labor LLC							Media: Diversified & Production				First Lien Senior Secured Term Loan				SOFR + 7.75%, 13.1% Cash					09/23				09/29					3,750					3,638					3,638						0.6		%				(6) (7) (11)		Rock Labor LLC						Media: Diversified & Production						First Lien Senior Secured Term Loan						SOFR + 7.50%, 12.7% Cash						09/23									09/29									3,731				3,626						3,626				3,639						3,639				0.5						0.5		%				(6) (7) (11)
									Revolver					SOFR + 7.75%, 13.1% Cash				09/23					09/29				—					(19)					(19)					—		%				(6) (7) (11) (27)			Rock Labor LLC									Revolver								SOFR + 7.50%, 12.7% Cash						09/23						09/29									—				(17)						(17)				(15)						(15)				—						—		%							(6) (7) (11) (28)
				LLC Units (132,475 units)					N/A					09/23				N/A									709					709					0.1		%			(6) (26)							LLC Units (132,475 units)									N/A						09/23						N/A																709				694						694				0.1						0.1		%							(6) (27)
																						3,750				4,328					4,328

Royal Buyer, LLC	Royal Buyer, LLC						Industrial Other					First Lien Senior Secured Term Loan				SOFR + 5.50%, 10.9% Cash					08/22				08/28					5,908					5,797					5,824					0.9		%					(6) (7) (12) (27)

		Royal Buyer, LLC	Royal Buyer, LLC						Industrial Other				Revolver				SOFR + 5.50%, 10.9% Cash					08/22				08/28					204					189					193					—		%				(6) (7) (12) (27)			Royal Buyer, LLC						Industrial Other						First Lien Senior Secured Term Loan						SOFR + 6.00%, 11.3% Cash						08/22								08/28									6,109				6,007						6,007				6,043						6,043				0.9						0.9		%					(6) (7) (12) (28)
																						6,112				5,986					6,017																					Revolver											SOFR + 6.00%, 11.3% Cash						08/22						08/28						—				(14)						(14)				(9)						(9)				—						—		%							(6) (7) (12) (28)

RPX Corporation

RPX Corporation

RPX Corporation	RPX Corporation			Research & Consulting Services									First Lien Senior Secured Term Loan				SOFR + 5.50%, 10.8% Cash					10/20				10/25					13,903					13,742					13,799					2.2		%				(6) (7) (12)							Research & Consulting Services						First Lien Senior Secured Term Loan						SOFR + 5.50%, 10.8% Cash						10/20							10/25									8,262				8,191						8,191				8,262						8,262				1.2						1.2		%							(6) (7) (12)
																								13,903				13,742					13,799

Safety Products Holdings, LLC	Safety Products Holdings, LLC						Non-durable Consumer Goods						First Lien Senior Secured Term Loan				SOFR + 6.00%, 11.6% Cash					12/20				12/26					5,579					5,517					5,384					0.8		%				(6) (7) (12)

		Safety Products Holdings, LLC																																																				Safety Products Holdings, LLC						Non-durable Consumer Goods						First Lien Senior Secured Term Loan						SOFR + 6.00%, 11.5% Cash						12/20								12/26									5,554									5,501									5,493									0.8		%							(6) (7) (12)
Safety Products Holdings, LLC				Non-durable Consumer Goods							Preferred Stock (86.3 shares)				N/A				12/20					N/A									87					101					—		%				(6) (26)										Preferred Stock (86.3 shares)							N/A						12/20						N/A																				87				103						103				—						—		%							(6) (27)
																							5,579				5,604					5,485

Sanoptis S.A.R.L.											Healthcare & Pharmaceuticals				First Lien Senior Secured Term Loan				EURIBOR + 5.25%, 8.8% Cash					06/22				07/29					2,379					2,306					2,305						0.4		%				(3) (6) (7) (9) (27)
								First Lien Senior Secured Term Loan					SARON + 5.25%, 7.0% Cash				06/22					07/29				1,111					1,096					1,077					0.2	%				(3) (6) (7) (23)
																								3,490				3,402					3,382

SBP Holdings LP							Industrial Other						First Lien Senior Secured Term Loan				SOFR + 6.75%, 12.1% Cash					03/23				03/28					6,543					6,320					6,341					1.0		%				(6) (7) (12) (27)
									Revolver					SOFR + 6.75%, 12.1% Cash				03/23					03/28				—					(17)					(15)					—		%				(6) (7) (12) (27)
																								6,543				6,303					6,326

Scaled Agile, Inc.				Research & Consulting Services							First Lien Senior Secured Term Loan				SOFR + 5.50%, 11.0% Cash				12/21					12/28				1,806					1,780					1,764					0.3		%				(6) (7) (12) (27)
							Revolver				SOFR + 5.50%, 11.0% Cash				12/21				12/28					—				(5)					(7)					—		%			(6) (7) (12) (27)
																								1,806				1,775					1,757

Scout Bidco B.V.							Diversified Manufacturing				First Lien Senior Secured Term Loan				EURIBOR + 5.50%, 9.3% Cash				05/22					05/29				3,846					3,807					3,720					0.6		%				(3) (6) (7) (9)
									First Lien Senior Secured Term Loan				SOFR + 6.00%, 11.3% Cash				05/22					05/29				508					508					492					0.1	%				(3) (6) (7) (12)
									Revolver				EURIBOR + 5.50%, 9.3% Cash				05/22					05/29				—					(10)					(17)					—	%				(3) (6) (7) (9) (27)
																								4,354				4,305					4,195

Sereni Capital NV									Consumer Cyclical				First Lien Senior Secured Term Loan				EURIBOR + 6.25%, 10.0% Cash					05/22				05/29					486					480					474					0.1		%				(3) (6) (7) (10)
							First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 10.3% Cash				05/22					05/29				463					441					452					0.1	%				(3) (6) (7) (10)
							First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 10.6% Cash				05/22					05/29				885					870					849					0.1	%				(3) (6) (7) (10) (27)
																								1,834				1,791					1,775

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry				Investment Type (1)(2)				Interest				Acq. Date				Maturity Date				Principal Amount					Cost					Fair Value						% of Net Assets *					Notes			Portfolio Company (5)							Industry (29)					Investment Type (1)(2)(30)					Interest					Acq. Date					Maturity Date						Principal Amount								Cost									Fair Value								% of Net Assets *									Notes
Sanoptis S.A.R.L.																																																Sanoptis S.A.R.L.							Healthcare & Pharmaceuticals					First Lien Senior Secured Term Loan					SARON + 5.75%, 7.2% Cash					06/22					07/29						$	673							$	647								$	657							0.1		%							(3) (6) (7) (23)
																																																											First Lien Senior Secured Term Loan					EURIBOR + 5.75%, 9.7% Cash					06/22					07/29					2,427							2,310									2,371								0.4		%							(3) (6) (7) (9)
																																																											First Lien Senior Secured Term Loan					SARON + 6.75%, 8.2% Cash					06/22					07/29					456							450									452								0.1		%							(3) (6) (7) (23)

SBP Holdings LP

		SBP Holdings LP																																																			SBP Holdings LP							Industrial Other					First Lien Senior Secured Term Loan					SOFR + 6.75%, 12.1% Cash					03/23						03/28								6,904									6,703								6,973									1.0	%						(6) (7) (12)
																																																									Revolver					SOFR + 6.75%, 12.1% Cash					03/23					03/28					177						162									177									—	%							(6) (7) (12) (28)

Scaled Agile, Inc.

		Scaled Agile, Inc.																																																			Scaled Agile, Inc.						Research & Consulting Services					First Lien Senior Secured Term Loan					SOFR + 5.50%, 10.9% Cash					12/21					12/28							1,797									1,775								1,727									0.3		%						(6) (7) (12)
																																																									Revolver							SOFR + 5.50%, 10.9% Cash					12/21					12/28					56							52									43								—		%							(6) (7) (12) (28)

Scout Bidco B.V.

		Scout Bidco B.V.																																																			Scout Bidco B.V.						Diversified Manufacturing					First Lien Senior Secured Term Loan					EURIBOR + 5.75%, 9.7% Cash					05/22					05/29							3,924									3,813								3,847									0.6		%						(3) (6) (7) (9)
																																																							Scout Bidco B.V.							First Lien Senior Secured Term Loan					SOFR + 5.75%, 11.1% Cash					05/22					05/29						508									508									498								0.1		%						(3) (6) (7) (12)
																																																			Revolver									EURIBOR + 5.75%, 9.7% Cash					05/22					05/29					208						202								198									—		%						(3) (6) (7) (9) (28)

Sereni Capital NV

Sereni Capital NV

Sereni Capital NV																																																							Consumer Cyclical					First Lien Senior Secured Term Loan					EURIBOR + 6.75%, 10.7% Cash					05/22					05/29						2,558								2,483									2,490								0.4		%							(3) (6) (7) (10)

Serta Simmons Bedding LLC	Serta Simmons Bedding LLC			Home Furnishings				First Lien Senior Secured Term Loan				SOFR + 7.50%, 12.9% Cash				06/23				06/28				$	1				$	1				$	1					—		%			(7) (12)

						Common Stock (59,747 shares)				N/A				06/23				N/A									893					831					0.1		%				(6) (26)

Serta Simmons Bedding LLC	Serta Simmons Bedding LLC					Home Furnishings																					1					894					832														Serta Simmons Bedding LLC							Home Furnishings					Common Stock (59,747 shares)					N/A					06/23					N/A																		893				373					373				0.1						0.1	%						(27)

																																893
																											893

Shelf Bidco Ltd

		Shelf Bidco Ltd	Shelf Bidco Ltd			Other Financial				First Lien Senior Secured Term Loan				SOFR + 6.00%, 11.7% Cash				12/22				01/30					17,400					16,902					16,918						2.6	%				(3) (6) (7) (12)			Shelf Bidco Ltd							Other Financial					First Lien Senior Secured Term Loan					SOFR + 6.00%, 11.7% Cash					12/22					01/30						17,313				16,845						16,845				17,659					17,659				2.6						2.6		%						(3) (6) (7) (12)
				Common Stock (600,000 shares)						N/A				12/22				N/A									600					570					0.1		%				(3) (6) (26)													Common Stock (600,000 shares)							N/A					12/22					N/A														600				1,338						1,338				0.2					0.2		%							(3) (6) (27)
																				17,400				17,502					17,488

Sinari Invest	Sinari Invest							Technology				First Lien Senior Secured Term Loan				EURIBOR + 6.00%, 9.9% Cash				07/23				07/30					1,728					1,727						1,663					0.3		%				(3) (6) (7) (10) (27)

Sinari Invest

Sinari Invest																																																							Technology					First Lien Senior Secured Term Loan					EURIBOR + 6.00%, 9.9% Cash					07/23					07/30						1,838								1,806									1,786								0.3		%							(3) (6) (7) (10) (28)
		Sinari Invest			Technology																					1,728					1,727					1,663

SISU ACQUISITIONCO., INC.	SISU ACQUISITIONCO., INC.						Aerospace & Defense					First Lien Senior Secured Term Loan				SOFR + 5.25%, 10.6% Cash				12/20				12/26					4,863					4,806						4,828					0.8		%				(6) (7) (11)

SISU ACQUISITIONCO., INC.	SISU ACQUISITIONCO., INC.			Aerospace & Defense																				4,863					4,806					4,828

SISU ACQUISITIONCO., INC.																																																							Aerospace & Defense					First Lien Senior Secured Term Loan					SOFR + 5.75%, 11.1% Cash					12/20					12/26						4,994								4,940									4,726								0.7		%							(6) (7) (11) (28)

Smartling, Inc.

		Smartling, Inc.	Smartling, Inc.						Technology				First Lien Senior Secured Term Loan				SOFR + 5.75%, 11.2% Cash				11/21					11/27					9,262					9,128						9,194					1.4		%				(6) (7) (11)		Smartling, Inc.					Technology					First Lien Senior Secured Term Loan					SOFR + 4.50%, 9.9% Cash					11/21						11/27								9,215				9,096						9,096			9,179						9,179				1.4					1.4		%				(6) (7) (11)
				Revolver				SOFR + 5.75%, 11.2% Cash					11/21				11/27				—					(8)					(4)					—		%				(6) (7) (11) (27)											Revolver									SOFR + 4.50%, 9.9% Cash					11/21					11/27					—			(7)				(7)				(2)						(2)				—					—		%							(6) (7) (11) (28)
																				9,262				9,120					9,190

SmartShift Group, Inc.	SmartShift Group, Inc.					Technology					First Lien Senior Secured Term Loan				SOFR + 6.25%, 11.7% Cash				09/23				09/29					6,422					6,209						6,204					1.0		%				(6) (7) (12) (27)

		SmartShift Group, Inc.																																																			SmartShift Group, Inc.						Technology					First Lien Senior Secured Term Loan					SOFR + 5.75%, 11.6% Cash					09/23					09/29							6,390									6,205								6,477									1.0		%						(6) (7) (12) (28)
				SmartShift Group, Inc.				Technology				Revolver				SOFR + 6.25%, 11.7% Cash				09/23				09/29					—					(27)						(28)					—		%				(6) (7) (12) (27)				SmartShift Group, Inc.							Revolver					SOFR + 5.75%, 11.6% Cash					09/23					09/29						—				(25)						(25)				—					—				—						—		%						(6) (7) (12) (28)
					Common Stock (183 shares)							N/A				09/23				N/A									183					183						—		%			(6) (26)							Common Stock (183 shares)								N/A					09/23					N/A													183				261						261				—					—		%							(6) (27)
																				6,422				6,365					6,359

SN BUYER, LLC										Health Care Services				First Lien Senior Secured Term Loan				SOFR + 5.75%, 11.2% Cash				12/20					12/26					4,567					4,513						4,512					0.7		%				(6) (7) (12)
												First Lien Senior Secured Term Loan				SOFR + 5.75%, 11.2% Cash				11/22				12/26					1,880					1,849						1,857					0.3		%				(6) (7) (12)
																						6,447					6,362					6,369
Soho Square III Debtco II SARL

Soho Square III Debtco II SARL

Soho Square III Debtco II SARL	Soho Square III Debtco II SARL			Diversified Capital Markets					First Lien Senior Secured Term Loan					9.5% PIK				10/22				10/27					2,872					2,739					2,865						0.4	%				(3) (6) (27)								Diversified Capital Markets					First Lien Senior Secured Term Loan					9.5% PIK					10/22					10/27						5,483			5,165						5,165				5,476						5,476			0.8						0.8		%						(3) (6)
																						2,872					2,739					2,865

Solo Buyer, L.P.

		Solo Buyer, L.P.	Solo Buyer, L.P.						Technology				First Lien Senior Secured Term Loan				SOFR + 6.25%, 11.7% Cash				12/22					12/29					13,496					13,187						13,118					2.0		%				(6) (7) (12)		Solo Buyer, L.P.					Technology					First Lien Senior Secured Term Loan					SOFR + 6.25%, 11.6% Cash					12/22						12/29								13,428				13,138						13,138			13,294						13,294				2.0					2.0		%				(6) (7) (12)
											Revolver				SOFR + 6.25%, 11.7% Cash				12/22				12/28					239					213						206					—		%				(6) (7) (12) (27)			Solo Buyer, L.P.											Revolver					SOFR + 6.25%, 11.6% Cash					12/22					12/28							399				376						376				399					399				0.1						0.1	%						(6) (7) (12) (28)
				Partnership Units (309,839 units)							N/A				12/22				N/A									310					228						—		%			(6) (26)							Partnership Units (309,839 units)											N/A					12/22					N/A														310				310						310				—					—		%							(6) (27)
																				13,735				13,710					13,552

Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)						Other Utility					First Lien Senior Secured Term Loan				SOFR + 5.00%, 10.4% Cash				11/22				03/27					1,926					1,883						1,889					0.3		%				(6) (7) (12) (27)
								Revolver				SOFR + 5.00%, 10.3% Cash				11/22				03/27				59					56					56						—		%			(6) (7) (12) (27)
																						1,985					1,939					1,945

Spatial Business Systems LLC				Electric						First Lien Senior Secured Term Loan				SOFR + 5.00%, 10.3% Cash				10/22				10/28					5,844					5,700					5,731						0.9	%				(6) (7) (11) (27)
								Revolver				SOFR + 5.00%, 10.3% Cash				10/22				10/28				—					(15)					(12)						—		%			(6) (7) (11) (27)
																						5,844					5,685					5,719

SSCP Pegasus Midco Limited						Healthcare & Pharmaceuticals				First Lien Senior Secured Term Loan				SONIA + 6.00%, 11.3% Cash				12/20				11/27					752					767					749						0.1	%				(3) (6) (7) (15) (27)
																						752					767					749

Starnmeer B.V.								Technology				First Lien Senior Secured Term Loan				SOFR + 6.00%, 11.3% Cash				10/21				04/27					4,640					4,591						4,615					0.7		%				(3) (6) (7) (13)
																						4,640					4,591					4,615

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry		Investment Type (1)(2)		Interest		Acq. Date		Maturity Date		Principal Amount			Cost			Fair Value				% of Net Assets *				Notes		Portfolio Company (5)						Industry (29)						Investment Type (1)(2)(30)						Interest						Acq. Date							Maturity Date								Principal Amount									Cost									Fair Value									% of Net Assets *									Notes
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)																														Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)						Other Utility						First Lien Senior Secured Term Loan						SOFR + 5.00%, 10.3% Cash						11/22							03/27								$	1,653								$	1,626								$	1,612								0.2		%							(6) (7) (12) (28)
																																								First Lien Senior Secured Term Loan						SOFR + 5.00%, 10.3% Cash						11/22						05/24								263									253									246									—		%							(6) (7) (12)
																																								Revolver						SOFR + 5.00%, 10.3% Cash						11/22						03/27								39									37									35									—		%							(6) (7) (12) (28)

Spatial Business Systems LLC

		Spatial Business Systems LLC																																Spatial Business Systems LLC								Electric						First Lien Senior Secured Term Loan						SOFR + 5.50%, 10.8% Cash							10/22								10/28									5,815									5,684									5,730									0.9		%					(6) (7) (11) (28)
																																						Revolver						SOFR + 5.50%, 10.8% Cash						10/22						10/28							—									(13)									(9)									—		%							(6) (7) (11) (28)

SSCP Pegasus Midco Limited

SSCP Pegasus Midco Limited

SSCP Pegasus Midco Limited																																				Healthcare & Pharmaceuticals						First Lien Senior Secured Term Loan						SONIA + 6.00%, 11.3% Cash						12/20							11/27								1,014									1,009									1,014									0.2		%							(3) (6) (7) (15) (28)

SSCP Spring Bidco 3 Limited

SSCP Spring Bidco 3 Limited

SSCP Spring Bidco 3 Limited																																				Healthcare						First Lien Senior Secured Term Loan						SONIA + 6.50%, 11.7% Cash						11/23							11/30								968									933									942									0.1		%							(3) (6) (7) (16)

Starnmeer B.V.

Starnmeer B.V.

Starnmeer B.V.																																				Technology						First Lien Senior Secured Term Loan						SOFR + 5.75%, 11.2% Cash						10/21							04/27								4,640									4,597									4,630									0.7		%							(3) (6) (7) (13)

Superjet Buyer, LLC

		Superjet Buyer, LLC	Superjet Buyer, LLC		Technology		First Lien Senior Secured Term Loan		SOFR + 5.50%, 11.2% Cash		12/21		12/27		$	16,240		$	15,996		$	16,105				2.5	%			(6) (7) (12)			Superjet Buyer, LLC						Technology						First Lien Senior Secured Term Loan						SOFR + 5.50%, 10.9% Cash						12/21							12/27									16,158				15,939						15,939				16,077						16,077				2.4						2.4		%						(6) (7) (12)
				Revolver			SOFR + 5.50%, 11.2% Cash		12/21		12/27		365		344			353			0.1		%			(6) (7) (12) (27)											Revolver								SOFR + 5.50%, 10.9% Cash						12/21						12/27							365				347						347				358						358				0.1						0.1		%							(6) (7) (12) (28)
												16,605		16,340			16,458

SVI International LLC

		SVI International LLC																																SVI International LLC						Automotive						First Lien Senior Secured Term Loan						SOFR + 6.75%, 12.1% Cash						03/24								03/30									644									629									629									0.1		%						(6) (7) (11) (28)
																																				SVI International LLC								Revolver						SOFR + 6.75%, 12.1% Cash						03/24							03/30									—									(1)									(1)									—		%							(6) (7) (11) (28)
																																	LLC Units (207,921 units)									N/A						03/24						N/A																		208									208									—		%							(6) (27)

Syniverse Holdings, Inc.

Syniverse Holdings, Inc.

Syniverse Holdings, Inc.	Syniverse Holdings, Inc.			Technology Distributors			Series A Preferred Equity (7,575,758 units)		12.5% PIK		05/22		N/A					8,451			8,518					1.3	%			(6)							Technology Distributors						Series A Preferred Equity (7,575,758 units)						12.5% PIK						05/22							N/A																				8,989				9,015						9,015				1.3						1.3		%						(6)
															8,451			8,518

Syntax Systems Ltd

		Syntax Systems Ltd	Syntax Systems Ltd			Technology		First Lien Senior Secured Term Loan		SOFR + 5.75%, 11.2% Cash		11/21		10/28			4,085			4,054				3,944				0.6	%				(3) (6) (7) (11) (27)		Syntax Systems Ltd						Technology						First Lien Senior Secured Term Loan						SOFR + 5.50%, 10.9% Cash						11/21								10/28									4,064				4,036						4,036				4,064						4,064				0.6						0.6		%					(3) (6) (7) (11)
				Revolver			SOFR + 5.75%, 11.2% Cash		11/21		10/26		398		395			382			0.1		%			(3) (6) (7) (11) (27)											Revolver						SOFR + 5.50%, 10.9% Cash						11/21						10/26							430			427						427				430						430				0.1						0.1		%							(3) (6) (7) (11) (28)
												4,483		4,449			4,326

TA SL Cayman Aggregator Corp.	TA SL Cayman Aggregator Corp.				Technology			Subordinated Term Loan		7.8% PIK		07/21		07/28			1,134			1,121				1,106				0.2	%				(6)

		TA SL Cayman Aggregator Corp.	TA SL Cayman Aggregator Corp.			Technology		Common Stock (736 shares)		N/A		07/21		N/A						23				32				—	%				(6) (26)		TA SL Cayman Aggregator Corp.						Technology						Subordinated Term Loan						7.8% PIK						07/21								07/28									1,211				1,200						1,200				1,186						1,186				0.2						0.2		%					(6)
												1,134		1,144			1,138																Common Stock (736 shares)										N/A						07/21						N/A																		23				35						35				—						—		%							(6) (27)

Tank Holding Corp

		Tank Holding Corp	Tank Holding Corp				Metal & Glass Containers		First Lien Senior Secured Term Loan		SOFR + 5.75%, 11.2% Cash		03/22		03/28			7,254			7,125					7,080				1.1		%			(6) (7) (11)		Tank Holding Corp						Metal & Glass Containers						First Lien Senior Secured Term Loan						SOFR + 5.75%, 11.2% Cash							03/22								03/28									7,217				7,100						7,100				7,163						7,163				1.1						1.1	%				(6) (7) (11)
								First Lien Senior Secured Term Loan		SOFR + 6.00%, 11.4% Cash		05/23		03/28			1,431			1,374				1,401				0.2	%				(6) (7) (11) (27)		Tank Holding Corp												First Lien Senior Secured Term Loan						SOFR + 6.00%, 11.4% Cash						05/23								03/28									1,700				1,648						1,648				1,668						1,668				0.2						0.2		%					(6) (7) (11) (28)
				Revolver		SOFR + 5.75%, 11.2% Cash			03/22		03/28		513		502			497			0.1		%			(6) (7) (11) (27)					Revolver								SOFR + 5.75%, 11.2% Cash						03/22						03/28						164			154					154				159						159				—						—		%							(6) (7) (11) (28)
												9,198		9,001			8,978

Tanqueray Bidco Limited	Tanqueray Bidco Limited				Technology			First Lien Senior Secured Term Loan		SONIA + 6.25%, 11.2% Cash		11/22		11/29			1,656			1,498				1,603				0.3	%				(3) (6) (7) (15) (27)

Tanqueray Bidco Limited	Tanqueray Bidco Limited			Technology											1,656			1,498			1,603

Tanqueray Bidco Limited																																Tanqueray Bidco Limited						Technology						First Lien Senior Secured Term Loan						SONIA + 5.50%, 10.7% Cash						11/22							11/25									—									(14)									—									—		%							(3) (6) (7) (15) (28)
																																										First Lien Senior Secured Term Loan						SONIA + 5.50%, 10.7% Cash						11/22							11/29								1,714									1,520									1,714									0.3		%							(3) (6) (7) (15)

Team Air Distributing, LLC

		Team Air Distributing, LLC	Team Air Distributing, LLC			Consumer Cyclical		Subordinated Term Loan		12.0% Cash		05/23		05/28			600			588				589				0.1	%				(6)		Team Air Distributing, LLC						Consumer Cyclical						Subordinated Term Loan						12.0% Cash						05/23								05/28									600				589						589				591						591				0.1						0.1		%					(6)
				Partnership Equity (400,000 units)			N/A		05/23		N/A				400			401			0.1		%			(6) (26)											Partnership Equity (400,000 units)						N/A						05/23						N/A																		400				424						424				0.1						0.1		%							(6) (27)
												600		988			990

Techone B.V.					Technology			First Lien Senior Secured Term Loan		EURIBOR + 5.50%, 9.4% Cash		11/21		11/28			2,882			2,992				2,825				0.4	%				(3) (6) (7) (9)
						Revolver		EURIBOR + 5.50%, 9.4% Cash		11/21		05/28		60			57			57				—	%			(3) (6) (7) (9) (27)
													2,942		3,049			2,882

Tencarva Machinery Company, LLC				Capital Equipment			First Lien Senior Secured Term Loan		SOFR + 5.50%, 10.7% Cash		12/21		12/27		4,176			4,122			4,146					0.6	%			(6) (7) (12)
						Revolver		SOFR + 5.50%, 10.7% Cash		12/21		12/27		—			(9)			(5)				—	%			(6) (7) (12) (27)
													4,176		4,113			4,141

Terrybear, Inc.					Consumer Products		Subordinated Term Loan		10.0% Cash, 4.0% PIK		04/22		04/28		271			267			264					—	%			(6)
						Partnership Equity (24,358.97 units)		N/A		04/22		N/A					239			141				—	%			(6) (26)
													271		506			405

The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						Brokerage, Asset Managers & Exchanges		First Lien Senior Secured Term Loan		SOFR + 4.25%, 9.8% Cash		10/21		12/27			801			753				801				0.1	%				(6) (7) (12) (27)
					Revolver			SOFR + 4.25%, 9.8% Cash		10/21		12/27		—			(10)			—				—	%			(6) (7) (12) (27)
					Subordinated Term Loan			SOFR + 7.75%, 12.9% Cash		10/21		10/28		3,348			3,298			3,324				0.5	%			(6) (7) (13)
													4,149		4,041			4,125

The Cleaver-Brooks Company, Inc.				Capital Equipment			First Lien Senior Secured Term Loan		SOFR + 5.75%, 11.2% Cash		07/22		07/28		12,065			11,863			12,017					1.9	%			(6) (7) (11)
					Revolver		SOFR + 5.75%, 11.2% Cash		07/22		07/28		—		(26)			(6)			—		%			(6) (7) (11) (27)
					Subordinated Term Loan		12.5% PIK		07/22		07/29		2,394		2,354			2,362			0.4		%			(6)
													14,459		14,191			14,373

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry				Investment Type (1)(2)				Interest				Acq. Date				Maturity Date					Principal Amount						Cost						Fair Value					% of Net Assets *					Notes			Portfolio Company (5)						Industry (29)						Investment Type (1)(2)(30)						Interest						Acq. Date						Maturity Date							Principal Amount									Cost								Fair Value									% of Net Assets *									Notes
Techone B.V.																																																		Techone B.V.						Technology						First Lien Senior Secured Term Loan						EURIBOR + 5.50%, 9.3% Cash						11/21						11/28							$	2,940								$	2,997							$	2,896								0.4		%							(3) (6) (7) (9)
																																																												Revolver						EURIBOR + 5.50%, 9.3% Cash						11/21						05/28							—								(8)								(2)									—		%							(3) (6) (7) (9) (28)

Tencarva Machinery Company, LLC

		Tencarva Machinery Company, LLC																																																				Tencarva Machinery Company, LLC						Capital Equipment						First Lien Senior Secured Term Loan						SOFR + 5.00%, 10.3% Cash						12/21							12/27								4,155								4,107									4,093									0.6		%						(6) (7) (12)
																																																										Revolver								SOFR + 5.00%, 10.3% Cash						12/21						12/27							—								(8)								(11)									—		%							(6) (7) (12) (28)

Terrybear, Inc.

		Terrybear, Inc.																																																				Terrybear, Inc.						Consumer Products						Subordinated Term Loan						10.0% Cash, 4.0% PIK						04/22							04/28								277								273									261									—		%						(6)
																																																										Partnership Equity (24,358.97 units)								N/A						04/22						N/A																		239								104									—		%							(6) (27)

The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)

		The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)																																																				The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)						Brokerage, Asset Managers & Exchanges						First Lien Senior Secured Term Loan						SOFR + 4.25%, 9.7% Cash						10/21							12/27								2,555								2,524									2,555									0.4		%						(6) (7) (12)
																																																								The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)								Revolver						SOFR + 4.25%, 9.7% Cash						10/21						12/27								—									(9)								—									—		%							(6) (7) (12) (28)
																																																				Subordinated Term Loan										SOFR + 7.75%, 13.2% Cash						10/21						10/28						3,464							3,418									3,451								0.5		%							(6) (7) (13)

The Cleaver-Brooks Company, Inc.

		The Cleaver-Brooks Company, Inc.																																																				The Cleaver-Brooks Company, Inc.								Capital Equipment						First Lien Senior Secured Term Loan						SOFR + 5.50%, 10.8% Cash						07/22							07/28									12,065								11,879									12,065									1.8		%					(6) (7) (11)
																																																								The Cleaver-Brooks Company, Inc.										Revolver						SOFR + 5.50%, 10.8% Cash						07/22							07/28								—								(23)									—									—		%						(6) (7) (11) (28)
																																																				Subordinated Term Loan												12.5% PIK						07/22						07/29						2,547								2,510									2,532								0.4		%							(6)

The Octave Music Group, Inc.

		The Octave Music Group, Inc.	The Octave Music Group, Inc.			Media: Diversified & Production				Second Lien Senior Secured Term Loan				SOFR + 7.50%, 12.9% Cash				04/22					04/30					$	7,569					$	7,439				$	7,493				1.2		%				(6) (7) (12)		The Octave Music Group, Inc.							Media: Diversified & Production						Second Lien Senior Secured Term Loan						SOFR + 7.50%, 12.8% Cash						04/22						04/30								2,585				2,543					2,543				2,585						2,585				0.4						0.4		%						(6) (7) (12)
				Partnership Equity (409,153.1 units)						N/A				04/22				N/A										409						732					0.1		%			(6) (26)													Partnership Equity (409,153.1 units)								N/A						04/22						N/A																	409				1,301					1,301				0.2						0.2		%							(6)
																				7,569					7,848						8,225

Trader Corporation

		Trader Corporation	Trader Corporation					Technology				First Lien Senior Secured Term Loan				CDOR + 6.75%, 12.1% Cash				12/22					12/29						2,294						2,218					2,271					0.4		%			(3) (6) (7) (20)			Trader Corporation						Technology						First Lien Senior Secured Term Loan						CDOR + 6.50%, 12.2% Cash						12/22							12/29								2,280				2,210					2,210				2,280						2,280				0.3						0.3		%					(3) (6) (7) (20)
				Revolver						CDOR + 6.75%, 12.1% Cash				12/22				12/28					—					(4)						(2)					—		%			(3) (6) (7) (20) (27)													Revolver						CDOR + 6.50%, 12.2% Cash						12/22						12/28						—			(3)					(3)				—						—			—						—		%							(3) (6) (7) (20) (28)
																				2,294					2,214						2,269

Trident Maritime Systems, Inc.	Trident Maritime Systems, Inc.					Aerospace & Defense						First Lien Senior Secured Term Loan				SOFR + 5.50%, 11.0% Cash				02/21					02/27						16,617						16,466					15,022					2.3		%			(6) (7) (12)

Trident Maritime Systems, Inc.	Trident Maritime Systems, Inc.			Aerospace & Defense																								16,617						16,466					15,022

Trident Maritime Systems, Inc.																																																								Aerospace & Defense						First Lien Senior Secured Term Loan						SOFR + 5.50%, 11.0% Cash						02/21						02/27							17,673									17,529								17,072									2.5		%							(6) (7) (12)

Trintech, Inc.

		Trintech, Inc.	Trintech, Inc.					Technology				First Lien Senior Secured Term Loan				SOFR + 6.50%, 11.8% Cash				07/23					07/29						4,643						4,507					4,504					0.7		%			(6) (7) (11)			Trintech, Inc.						Technology						First Lien Senior Secured Term Loan						SOFR + 6.50%, 11.8% Cash						07/23							07/29								4,631				4,504					4,504				4,524						4,524				0.7						0.7		%					(6) (7) (11)
				Revolver						SOFR +6.50%, 11.8% Cash				07/23				07/29					102					92						91					—		%			(6) (7) (11) (27)													Revolver						SOFR +6.50%, 11.8% Cash						07/23						07/29						102			92					92				94						94			—						—		%							(6) (7) (11) (28)
																				4,745					4,599						4,595

TSYL Corporate Buyer, Inc.

		TSYL Corporate Buyer, Inc.	TSYL Corporate Buyer, Inc.			Technology						First Lien Senior Secured Term Loan				SOFR + 4.75%, 10.9% Cash				12/22					12/28						634						594					600					0.1		%			(6) (7) (12) (27)			TSYL Corporate Buyer, Inc.						Technology						First Lien Senior Secured Term Loan						SOFR + 4.75%, 10.1% Cash						12/22							12/28								1,398				1,362					1,362				1,367						1,367				0.2						0.2		%					(6) (7) (12) (28)
								Revolver				SOFR + 4.75%, 10.9% Cash				12/22				12/28					—						(3)						(3)					—	%				(6) (7) (12) (27)			TSYL Corporate Buyer, Inc.									Revolver								SOFR + 4.75%, 10.1% Cash						12/22						12/28							—			(3)						(3)				(2)					(2)				—						—		%							(6) (7) (12) (28)
				Partnership Units (4,673 units)						N/A				12/22				N/A										5						5					—		%			(6) (26)								Partnership Units (4,673 units)											N/A						12/22						N/A																5				9					9				—						—		%							(6) (27)
																				634					596						602

Turbo Buyer, Inc.	Turbo Buyer, Inc.							Finance Companies				First Lien Senior Secured Term Loan				SOFR + 6.00%, 11.6% Cash				11/21					12/25						8,115						8,012					7,815					1.2		%				(6) (7) (12) (27)

Turbo Buyer, Inc.	Turbo Buyer, Inc.			Finance Companies																											8,115						8,012					7,815

Turbo Buyer, Inc.																																																								Finance Companies						First Lien Senior Secured Term Loan						SOFR + 6.00%, 11.3% Cash						11/21						12/25							8,053									7,982								7,764									1.2		%							(6) (7) (12)

Turnberry Solutions, Inc.

Turnberry Solutions, Inc.

Turnberry Solutions, Inc.	Turnberry Solutions, Inc.					Consumer Cyclical				First Lien Senior Secured Term Loan				SOFR + 5.75%, 11.4% Cash				07/21					09/26					7,877						7,781					7,802					1.2		%				(6) (7) (12)							Consumer Cyclical						First Lien Senior Secured Term Loan						SOFR + 5.75%, 11.1% Cash						07/21						09/26							7,837				7,757						7,757			7,837						7,837				1.2						1.2		%							(6) (7) (12)
																							7,877					7,781						7,802

UKFast Leaders Limited				Technology						First Lien Senior Secured Term Loan				SONIA + 4.50%, 4.5% Cash, 3.4% PIK				09/20					09/27					1,046						1,082					945					0.1		%				(3) (6) (7) (15)
																							1,046					1,082						945
UBC Ledgers Holding AB

		Union Bidco Limited				Healthcare				First Lien Senior Secured Term Loan				SONIA + 6.00%, 11.2% Cash				06/22					06/29					895						872					828					0.1		%				(3) (6) (7) (15) (27)
Union Bidco Limited																					895					872						828

United Therapy Holding III GmbH					Healthcare					First Lien Senior Secured Term Loan				EURIBOR + 5.75%, 9.2% Cash				04/22					03/29					1,727						1,702					1,303					0.2		%				(3) (6) (7) (9) (27)
																							1,727					1,702						1,303
UBC Ledgers Holding AB																																																			UBC Ledgers Holding AB							Financial Other						First Lien Senior Secured Term Loan						STIBOR + 5.25%, 9.3% Cash						12/23						12/30								1,499									1,469								1,447									0.2		%							(3) (6) (7) (25) (28)
																																																														Revolver						STIBOR + 5.25%, 9.3% Cash						12/23						06/24							—									—								—									—		%							(3) (6) (7) (25) (28)

Unither (Uniholding)							Pharmaceuticals				First Lien Senior Secured Term Loan				EURIBOR + 6.25%, 10.2% Cash				03/23					03/30						2,007						1,954					1,947					0.3		%			(3) (6) (7) (9) (27)
																							2,007					1,954						1,947

Utac Ceram				Business Services					First Lien Senior Secured Term Loan				EURIBOR + 4.75%, 8.4% Cash, 1.8% PIK				09/20					09/27					741						827					706					0.1		%				(3) (6) (7) (9)
						First Lien Senior Secured Term Loan				SOFR + 4.75%, 10.4% Cash, 1.8% PIK				02/21				09/27					364					364						347					0.1		%			(3) (6) (7) (12)
																							1,105					1,191						1,053

Victoria Bidco Limited						Industrial Machinery				First Lien Senior Secured Term Loan				SONIA + 6.50%, 11.4% Cash				03/22					01/29					7,877						8,425					7,192					1.1		%				(3) (6) (7) (15)
																							7,877					8,425						7,192

VistaJet Pass Through Trust 2021-1B								Airlines				Structured Secured Note - Class B				6.3% Cash				11/21					2/29						7,857						7,857					6,273					1.0		%			(6)
																							7,857					7,857						6,273

Vital Buyer, LLC				Technology						First Lien Senior Secured Term Loan				SOFR + 5.50%, 10.9% Cash				06/21					06/28					12,356						12,177					12,344					1.9		%				(6) (7) (12)
						Partnership Units (16,442.9 units)				N/A				06/21				N/A										164						298					—		%			(6) (26)
																							12,356					12,341						12,642

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry			Investment Type (1)(2)		Interest		Acq. Date		Maturity Date		Principal Amount					Cost					Fair Value					% of Net Assets *				Notes		Portfolio Company (5)							Industry (29)						Investment Type (1)(2)(30)						Interest						Acq. Date						Maturity Date							Principal Amount								Cost							Fair Value						% of Net Assets *									Notes
UKFast Leaders Limited																																				UKFast Leaders Limited							Technology						First Lien Senior Secured Term Loan						SONIA + 7.25%, 12.4% Cash						09/20						09/27							$	1,083							$	1,084						$	992					0.1		%							(3) (6) (7) (15)

Union Bidco Limited

Union Bidco Limited

Union Bidco Limited																																											Healthcare						First Lien Senior Secured Term Loan						SONIA + 5.94%, 11.4% Cash						06/22						06/29							926								874							888						0.1		%							(3) (6) (7) (15) (28)

United Therapy Holding III GmbH

United Therapy Holding III GmbH

United Therapy Holding III GmbH																																											Healthcare						First Lien Senior Secured Term Loan						EURIBOR + 5.75%, 9.9% Cash						04/22						03/29							1,761								1,707							1,305						0.2		%							(3) (6) (7) (10) (28)

Unither (Uniholding)

Unither (Uniholding)

Unither (Uniholding)																																											Pharmaceuticals						First Lien Senior Secured Term Loan						EURIBOR + 6.25%, 10.2% Cash						03/23						03/30							2,047								1,959							2,017						0.3		%							(3) (6) (7) (9) (28)

Utac Ceram

		Utac Ceram																																							Utac Ceram						Business Services						First Lien Senior Secured Term Loan						EURIBOR + 4.75%, 8.4% Cash, 1.8% PIK						09/20						09/27								769								842					724									0.1		%					(3) (6) (7) (9)
																																													First Lien Senior Secured Term Loan								SOFR + 4.75%, 10.1% Cash, 1.8% PIK						02/21						09/27						370								370								348					0.1		%							(3) (6) (7) (12)

Victoria Bidco Limited

Victoria Bidco Limited

Victoria Bidco Limited																																											Industrial Machinery						First Lien Senior Secured Term Loan						SONIA + 6.50%, 11.7% Cash						03/22						01/29							8,153								8,441							7,280						1.1		%							(3) (6) (7) (15)

VistaJet Pass Through Trust 2021-1B

VistaJet Pass Through Trust 2021-1B

VistaJet Pass Through Trust 2021-1B																																											Airlines						Structured Secured Note - Class B						6.3% Cash						11/21						02/29							7,143								7,143							7,011						1.0		%							(6)

Vital Buyer, LLC

		Vital Buyer, LLC																																							Vital Buyer, LLC						Technology						First Lien Senior Secured Term Loan						SOFR + 5.50%, 10.9% Cash						06/21						06/28								12,163								12,004					12,163									1.8		%					(6) (7) (12)
																																													Partnership Units (16,442.9 units)								N/A						06/21						N/A																	165							279						—		%							(6) (27)

W2O Holdings, Inc.

		W2O Holdings, Inc.	W2O Holdings, Inc.			Healthcare Technology		First Lien Senior Secured Term Loan		SOFR + 5.25%, 10.8% Cash		10/20		06/25			$	2,392				$	2,387				$	2,353				0.4	%			(6) (13)			W2O Holdings, Inc.							Healthcare Technology						First Lien Senior Secured Term Loan						SOFR + 4.75%, 10.1% Cash						10/20						06/25							2,373				2,370					2,370			2,326			2,326				0.3						0.3		%					(6) (12)
				First Lien Senior Secured Term Loan				SOFR + 5.50%, 11.1% Cash		10/20		06/25		1,050			1,020					1,021					0.2		%			(6) (13) (27)												First Lien Senior Secured Term Loan								SOFR + 5.25%, 10.6% Cash						10/20						06/25						1,278			1,258					1,258				1,253					1,253			0.2			0.2		%							(6) (13)
													3,442		3,407					3,374

WEST-NR ACQUISITIONCO, LLC	WEST-NR ACQUISITIONCO, LLC						Insurance		First Lien Senior Secured Term Loan		SOFR + 6.25%, 11.7% Cash		08/23		12/27					1,250					1,202					1,200				0.2	%				(6) (7) (12) (27)

WEST-NR ACQUISITIONCO, LLC

																																						WEST-NR ACQUISITIONCO, LLC							Insurance						First Lien Senior Secured Term Loan						SOFR + 6.25%, 11.7% Cash						08/23						12/27							1,244									1,222						1,244							0.2		%						(6) (7) (12)
WEST-NR ACQUISITIONCO, LLC																																																	First Lien Senior Secured Term Loan						SOFR +6.25%, 11.7% Cash						08/23						02/25							—								(21)							—						—		%							(6) (7) (12) (28)
		WEST-NR ACQUISITIONCO, LLC			Insurance											1,250					1,202					1,200

Wheels Up Experience Inc	Wheels Up Experience Inc			Transportation Services				First Lien Senior Secured Term Loan		12.0% Cash		09/22		10/29			8,219					7,922					7,397					1.2	%			(6)

Wheels Up Experience Inc	Wheels Up Experience Inc					Transportation Services													8,219					7,922					7,397

Wheels Up Experience Inc																																											Transportation Services						First Lien Senior Secured Term Loan						12.0% Cash						09/22						10/24							6,420								6,201							5,923						0.9		%							(6)

Whitcraft Holdings, Inc.

		Whitcraft Holdings, Inc.	Whitcraft Holdings, Inc.				Aerospace & Defense		First Lien Senior Secured Term Loan		SOFR + 7.00%, 12.3% Cash		02/23		2/29					6,306					6,072					6,090				1.0	%				(6) (7) (12)			Whitcraft Holdings, Inc.						Aerospace & Defense						First Lien Senior Secured Term Loan						SOFR + 7.00%, 12.3% Cash						02/23						02/29								6,291				6,074				6,074			6,279				6,279				0.9						0.9	%				(6) (7) (12)
								Revolver		SOFR + 7.00%, 12.3% Cash		02/23		2/29			—					(34)					(32)					—	%			(6) (7) (12) (27)			Whitcraft Holdings, Inc.													Revolver						SOFR + 7.00%, 12.3% Cash						02/23						02/29							453				422					422			451			451				0.1						0.1		%					(6) (7) (12) (28)
				LP Units (31,543.6 units)				N/A		02/23		N/A					315					315					—		%			(6) (26)					LP Units (31,543.6 units)													N/A						02/23						N/A															315				409					409			0.1			0.1		%							(6) (27)
													6,306		6,353					6,373

White Bidco Limited

White Bidco Limited

White Bidco Limited																																											Technology						First Lien Senior Secured Term Loan						SOFR + 6.00%, 11.3% Cash						10/23						10/30							875								845							848						0.1		%							(3) (6) (7) (12) (28)

Willis Engine Structured Trust VI

Willis Engine Structured Trust VI

Willis Engine Structured Trust VI	Willis Engine Structured Trust VI			Structured Finance				Structured Secured Note - Series 2021-1 Class C		7.4% Cash		05/21		5/46			1,900					1,900					1,509					0.2	%			(6)								Structured Finance						Structured Secured Note - Series 2021-1 Class C						7.4% Cash						05/21						05/46							1,729			1,729						1,729			1,564				1,564		0.2						0.2		%						(6)
														1,900			1,900					1,509

Woodland Foods, LLC

		Woodland Foods, LLC	Woodland Foods, LLC				Food & Beverage		First Lien Senior Secured Term Loan		SOFR + 5.75%, 11.3% Cash		12/21		12/27					3,310					3,261					3,069				0.5	%				(6) (7) (12)			Woodland Foods, LLC						Food & Beverage						First Lien Senior Secured Term Loan						SOFR + 5.75%, 11.1% Cash						12/21						12/27								3,302				3,259				3,259			3,101				3,101				0.5						0.5	%				(6) (7) (12)
								Revolver		SOFR + 5.75%, 11.3% Cash		12/21		12/27			573					557					496					0.1	%			(6) (7) (12) (27)			Woodland Foods, LLC													Revolver						SOFR + 5.75%, 11.1% Cash						12/21						12/27							891				877					877			827			827				0.1						0.1		%					(6) (7) (12) (28)
				Common Stock (777.3 shares)				N/A		12/21		N/A					777					506					0.1		%			(6) (26)					Common Stock (777.3 shares)													N/A						12/21						N/A															777				495					495			0.1			0.1		%							(6) (27)
													3,883		4,595					4,071

WWEC Holdings III Corp						Capital Goods			First Lien Senior Secured Term Loan		SOFR + 6.00%, 11.4% Cash		10/22		10/28					5,349					5,214					5,350				0.8	%					(6) (7) (12) (27)
							Revolver		SOFR + 6.00%, 11.4% Cash		10/22		10/28		140					121					140					—	%			(6) (7) (12) (27)
														5,489			5,335					5,490

Xeinadin Bidco Limited				Financial Other				First Lien Senior Secured Term Loan		SONIA + 5.25%, 10.4% Cash		05/22		05/29			5,876					5,814					5,750					0.9	%			(3) (6) (7) (15) (27)
							Subordinated Term Loan		11.0% PIK		05/22		05/29		2,215					2,191					2,173					0.3	%			(3) (6)
						Common Stock (18,266,390 shares)		N/A		05/22		N/A					226					223					—		%			(3) (6) (26)
														8,091			8,231					8,146

ZB Holdco LLC						Food & Beverage		First Lien Senior Secured Term Loan		SOFR + 6.00%, 11.4% Cash		02/22		02/28			3,177					3,097					3,073					0.5	%			(6) (7) (12) (27)
							Revolver		SOFR + 6.00%, 11.4% Cash		02/22		02/28		17					10					7					—	%			(6) (7) (12) (27)
							LLC Units (76.3 units)		N/A		02/22		02/28							76					77					—	%			(6)
														3,194			3,183					3,157

Zeppelin Bidco Limited							Services: Business		First Lien Senior Secured Term Loan		SONIA + 6.25%, 11.4% Cash		03/22		03/29					2,952					3,092					2,708				0.4	%				(3) (6) (7) (15) (27)
														2,952			3,092					2,708

Subtotal Non–Control / Non–Affiliate Investments (181.8%)															1,157,380					1,196,334					1,165,287

Affiliate Investments: (4)
Banff Partners LP						Investment Funds & Vehicles			10% Partnership Interest		N/A		03/21		N/A										14,646					15,846				2.5	%				(3) (26)
																	14,646					15,846

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Portfolio Company (5)			Industry			Investment Type (1)(2)		Interest		Acq. Date			Maturity Date		Principal Amount					Cost					Fair Value					% of Net Assets *				Notes		Portfolio Company (5)							Industry (29)								Investment Type (1)(2)(30)								Interest								Acq. Date							Maturity Date						Principal Amount							Cost							Fair Value									% of Net Assets *									Notes
World 50, Inc.																																					World 50, Inc.							Professional Services								First Lien Senior Secured Term Loan								SOFR + 5.75%, 11.1% Cash								03/24							03/30						$	4,757						$	4,657						$	4,657								0.7		%							(6) (7) (12) (28)

WWEC Holdings III Corp

		WWEC Holdings III Corp																																							WWEC Holdings III Corp								Capital Goods								First Lien Senior Secured Term Loan								SOFR + 5.75%, 11.1% Cash								10/22						10/24							1,160								1,153							1,131									0.2		%						(6) (7) (12)
																																												WWEC Holdings III Corp											First Lien Senior Secured Term Loan								SOFR + 5.75%, 11.1% Cash								10/22						10/28						5,323								5,210							5,190									0.8		%							(6) (7) (12)
																																							Revolver													SOFR + 5.75%, 11.1% Cash								10/22								10/28							—						(16)							(23)							—		%							(6) (7) (12) (28)

Xeinadin Bidco Limited

																																						Xeinadin Bidco Limited								Financial Other											First Lien Senior Secured Term Loan								EURIBOR + 5.25%, 9.2% Cash								05/22						05/29							231								233							228									—		%						(3) (6) (7) (9)
					First Lien Senior Secured Term Loan																																																First Lien Senior Secured Term Loan								SONIA + 5.25%, 10.4% Cash								05/22							05/29						6,291							6,043							6,201									0.9		%							(3) (6) (7) (15) (28)
					Subordinated Term Loan																																																Subordinated Term Loan								11.0% PIK								05/22							05/29						2,478							2,381							2,444									0.4		%							(3) (6)
			Common Stock (18,266,390 shares)																																										Common Stock (18,266,390 shares)										N/A								05/22								N/A															226								231							—		%							(3) (6) (27)
													9,000

ZB Holdco LLC

		ZB Holdco LLC																																							ZB Holdco LLC								Food & Beverage								First Lien Senior Secured Term Loan								SOFR + 6.00%, 11.3% Cash								02/22						02/28							4,246								4,167							4,154									0.6		%						(6) (7) (12) (28)
																																												ZB Holdco LLC																Revolver								SOFR + 6.00%, 11.3% Cash							02/22						02/28							152							147									144									—		%					(6) (7) (12) (28)
																																																LLC Units (76.3 units)									N/A								02/22								02/28															76							106									—		%							(6)

Zeppelin Bidco Limited

Zeppelin Bidco Limited

Zeppelin Bidco Limited																																												Services: Business								First Lien Senior Secured Term Loan								SONIA + 6.25%, 11.4% Cash								03/22							03/29						3,056							3,118							2,778									0.4		%							(3) (6) (7) (15)

Subtotal Non–Control / Non–Affiliate Investments (173.8%)*

Subtotal Non–Control / Non–Affiliate Investments (173.8%)*

Subtotal Non–Control / Non–Affiliate Investments (173.8%)*

Affiliate Investments: (4)

Affiliate Investments: (4)

Affiliate Investments: (4)
Banff Partners LP

Banff Partners LP																																						Banff Partners LP								Investment Funds & Vehicles									10% Partnership Interest								N/A								03/21						N/A																	14,646							16,566									2.5		%						(3) (27)

Celebration Bidco, LLC

		Celebration Bidco, LLC																																							Celebration Bidco, LLC								Chemicals, Plastics, & Rubber								First Lien Senior Secured Term Loan								SOFR + 8.00%, 13.3% Cash								12/23						12/30							2,486								2,485							2,486									0.4		%						(6) (12)
																																														Common Stock (497,228 shares)											N/A								12/23								N/A															4,871							5,787									0.9		%							(6) (27)

Coastal Marina Holdings, LLC

		Coastal Marina Holdings, LLC	Coastal Marina Holdings, LLC			Hotel, Gaming & Leisure		Subordinated Term Loan		8.0% Cash		11/21			11/31				$	8,310				$	7,786			$	7,809				1.2	%			(6)		Coastal Marina Holdings, LLC								Hotel, Gaming & Leisure									Subordinated Term Loan								8.0% Cash								11/21						11/31						8,310			7,809						7,809		7,839						7,839				1.2						1.2		%						(6)
							Subordinated Term Loan		10.0% PIK		11/21			11/31		3,472					3,281					3,263					0.5	%			(6)		Coastal Marina Holdings, LLC																Subordinated Term Loan								10.0% PIK								11/21							11/31						3,647			3,463					3,463				3,441				3,441				0.5						0.5		%							(6)
				LLC Units (1,203,914.5 units)				N/A		11/21		N/A							5,472					6,381				1.0		%			(6) (26)									LLC Units (1,574,005.5 units)								N/A								11/21								N/A																7,322			8,027					8,027				1.2				1.2		%							(6) (27)
														11,782		16,539					17,453

Eclipse Business Capital, LLC

		Eclipse Business Capital, LLC	Eclipse Business Capital, LLC				Banking, Finance, Insurance & Real Estate		Revolver		SOFR + 7.25%, 12.6% Cash			07/21		07/28					2,336					2,290					2,336				0.4	%				(6) (11) (27)			Eclipse Business Capital, LLC								Banking, Finance, Insurance & Real Estate								Revolver								SOFR + 7.25%, 12.6% Cash							07/21						07/28							2,920				2,878				2,878				2,920						2,920				0.4						0.4		%				(6) (11) (28)
								Second Lien Senior Secured Term Loan		7.5% Cash		07/21			07/28				2,246					2,229				2,246					0.4	%			(6)		Eclipse Business Capital, LLC											Second Lien Senior Secured Term Loan									7.5% Cash								07/21							07/28						2,246			2,231					2,231				2,246				2,246				0.3						0.3		%							(6)
				LLC Units (44,197,541 units)					N/A		07/21			N/A							46,240					72,662					11.3	%			(6)							LLC Units (44,197,541 units)												N/A								07/21								N/A															45,934			70,716						70,716		10.6						10.6		%							(6)
														4,582		50,759					77,244

Rocade Holdings LLC	Rocade Holdings LLC					Other Financial			Preferred LP Units (45,000 units)		SOFR + 6.0% PIK, 11.4% PIK			02/23		N/A										48,353					48,375				7.5	%				(6) (27)

		Rocade Holdings LLC																																							Rocade Holdings LLC								Other Financial								Preferred LP Units (50,500 units)								SOFR + 6.0% PIK, 11.3% PIK								02/23						N/A																56,817									56,817									8.5		%					(6) (12) (28)
Rocade Holdings LLC				Other Financial				Common LP Units (15.4 units)		N/A		02/23			N/A									—				326					0.1	%			(6) (26)										Common LP Units (15.4 units)										N/A								02/23								N/A															—				822				822				0.1						0.1		%							(6) (27)
																		48,353					48,701

Thompson Rivers LLC	Thompson Rivers LLC							Investment Funds & Vehicles		6.6% Member Interest		N/A			06/20				N/A									11,771					5,601				0.9	%				(26)

Thompson Rivers LLC	Thompson Rivers LLC					Investment Funds & Vehicles																		11,771				5,601

Waccamaw River LLC				Investment Funds & Vehicles					20% Member Interest		N/A			02/21		N/A										25,036					18,763				2.9	%			(3) (26)
																			25,036					18,763

Subtotal Affiliate Investments (28.6%)																16,364					167,104					183,608

Total Investments, September 30, 2023 (210.4%)*																$	1,173,744				$	1,363,438				$	1,348,895
Thompson Rivers LLC																																												Investment Funds & Vehicles								6.6% Member Interest								N/A								06/20							N/A																10,451							4,503									0.7		%							(27)

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)



Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Waccamaw River LLC	Investment Funds & Vehicles	20% Member Interest	N/A	02/21	N/A			$	25,036	$	15,655	2.3	%	(3) (27)
								25,036		15,655

Subtotal Affiliate Investments (29.5%)*						19,609		183,943		197,825











Total Investments, March 31, 2024 (203.4%)*						$	1,148,338	$	1,359,869	$	1,363,048

Foreign Currency Forward Contracts:

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

Foreign currency forward contract (AUD)

A$37,920

$24,768

HSBC Bank USA

04/08/24

(25)

Foreign currency forward contract (AUD)

$571

A$872

BNP Paribas SA

04/08/24

Foreign currency forward contract (AUD)

$25,161

A$37,048

HSBC Bank USA

04/08/24

987

Foreign currency forward contract (AUD)

$25,112

A$38,350

HSBC Bank USA

07/08/24

Foreign currency forward contract (CAD)

C$252

$189

BNP Paribas SA

04/08/24

(3)

Foreign currency forward contract (CAD)

C$5,633

$4,148

HSBC Bank USA

04/08/24

Foreign currency forward contract (CAD)

$83

C$113

BNP Paribas SA

04/08/24

—

Foreign currency forward contract (CAD)

$4,342

C$5,772

HSBC Bank USA

04/08/24

Foreign currency forward contract (CAD)

$4,213

C$5,715

HSBC Bank USA

07/08/24

(16)

Foreign currency forward contract (DKK)

4,058kr.

$589

HSBC Bank USA

04/08/24

(1)

Foreign currency forward contract (DKK)

$12

80kr.

BNP Paribas SA

04/08/24

—

Foreign currency forward contract (DKK)

$587

3,978kr.

HSBC Bank USA

04/08/24

Foreign currency forward contract (DKK)

$594

4,077kr.

HSBC Bank USA

07/08/24

Foreign currency forward contract (EUR)

€95,644

$103,471

HSBC Bank USA

04/08/24

(155)

Foreign currency forward contract (EUR)

$3,430

€3,164

BNP Paribas SA

04/08/24

Foreign currency forward contract (EUR)

$101,716

€92,480

HSBC Bank USA

04/08/24

1,818

Foreign currency forward contract (EUR)

$107,123

€98,651

HSBC Bank USA

07/08/24

158

Foreign currency forward contract (GBP)

£1,056

$1,335

BNP Paribas SA

04/08/24

(1)

Foreign currency forward contract (GBP)

£15,862

$20,025

HSBC Bank USA

04/08/24

Foreign currency forward contract (GBP)

$1,254

£982

BNP Paribas SA

04/08/24

Foreign currency forward contract (GBP)

$20,135

£15,936

HSBC Bank USA

04/08/24

Foreign currency forward contract (GBP)

$21,094

£16,701

HSBC Bank USA

07/08/24

(14)

Foreign currency forward contract (NZD)

NZ$10,224

$6,141

HSBC Bank USA

04/08/24

(25)

Foreign currency forward contract (NZD)

$6,401

NZ$10,224

HSBC Bank USA

04/08/24

285

Foreign currency forward contract (NZD)

$6,210

NZ$10,338

HSBC Bank USA

07/08/24

Foreign currency forward contract (NOK)

21,883kr

$2,032

BNP Paribas SA

04/08/24

(15)

Foreign currency forward contract (NOK)

$40

429kr

BNP Paribas SA

04/08/24

Foreign currency forward contract (NOK)

$2,083

21,453kr

HSBC Bank USA

04/08/24

105

Foreign currency forward contract (NOK)

$2,038

21,901kr

BNP Paribas SA

07/08/24

Foreign currency forward contract (SEK)

16,338kr

$1,541

HSBC Bank USA

04/08/24

(12)

Foreign currency forward contract (SEK)

$32

330kr

BNP Paribas SA

04/08/24

Foreign currency forward contract (SEK)

$1,576

16,008kr

HSBC Bank USA

04/08/24

Foreign currency forward contract (SEK)

$1,549

16,363kr

HSBC Bank USA

07/08/24

Foreign currency forward contract (CHF)

1,691Fr.

$1,870

HSBC Bank USA

04/08/24

Foreign currency forward contract (CHF)

$2,013

1,691Fr.

HSBC Bank USA

04/08/24

134

Foreign currency forward contract (CHF)

$1,921

1,720Fr.

HSBC Bank USA

07/08/24

(9)

Total Foreign Currency Forward Contracts, March 31, 2024

3,525

* Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. Barings Capital Investment Corporation’s (the “Company”) external investment adviser, Barings LLC (“Barings” or the “Adviser”), determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Dollar

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)

Offered Rate (“CDOR”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

~~Barings Capital Investment Corporation~~

~~Unaudited Consolidated Schedule of Investments — (Continued)~~

~~September 30, 2023~~

~~(Amounts in thousands, except share amounts)~~

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of ~~September 30, 2023~~March 31, 2024 represented ~~210.4%~~203.4% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent ~~24.7%~~26.6% of total investments at fair value as of ~~September 30, 2023.~~March 31, 2024. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the ~~nine~~three months ended March 31, 2024~~September 30, 2023~~ were as follows:

December 31, 2022
Value Gross Additions
(a) Gross Reductions (b) Amount of Realized Gain (Loss) Amount of Unrealized Gain (Loss) September 30, 2023
Value Amount of Interest or Dividends Credited to Income(c)
Portfolio Company Type of Investment
Banff Partners LP 10% Partnership Interest $ 14,730 $ — $ — $ — $ 1,116 $ 15,846 $ —
14,730 — — — 1,116 15,846 —
Coastal Marina Holdings, LLC
(d)
Subordinated Term Loan (8.0% Cash) — 7,805 — — 4 7,809 175
Subordinated Term Loan (10.0% PIK) — 3,260 — — 3 3,263 89
LLC Units (1,203,914.5 units) — 6,366 — — 15 6,381 —
— 17,431 — — 22 17,453 264
Eclipse Business Capital, LLC (d)
Revolver (SOFR + 7.25%, 12.6% Cash) 2,605 10,339 (10,601) — (7) 2,336 173
Second Lien Senior Secured Term Loan (7.5% Cash) 2,246 2 — — (2) 2,246 128
LLC Units (44,197,541 units) 66,738 175 — — 5,749 72,662 5,252
71,589 10,516 (10,601) — 5,740 77,244 5,553
Rocade Holdings LLC(d)
Preferred LP Units (45,000 units) (SOFR + 6.0% PIK, 11.4% PIK) — 48,353 — — 22 48,375 3,353
Common LP Units (15.4 units) — — — 326 326 —
— 48,353 — — 348 48,701 3,353
Thompson Rivers LLC 6.6% Member Interest 12,537 — (6,998) — 62 5,601 —
12,537 — (6,998) — 62 5,601 —
Waccamaw River LLC 20% Member Interest 20,212 2,480 — — (3,929) 18,763 1,460
20,212 2,480 — — (3,929) 18,763 1,460
Total Affiliate Investments $ 119,068 $ 78,780 $ (17,599) $ — $ 3,359 $ 183,608 $ 10,630

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)


		December 31, 2023 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		March 31, 2024 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Banff Partners LP	10% Partnership Interest	$	16,219	$	—	$	—	$	—	$	347	$	16,566	$	—
		16,219		—		—		—		347		16,566		—

Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR+ 8.0%, 13.3% Cash)	2,486		—		—		—		—		2,486		87
	Common Stock (497,228 shares)	4,871		—		—		—		916		5,787		—
		7,357		—		—		—		916		8,273		87

Coastal Marina Holdings, LLC (d)	Subordinated Term Loan (8.0% Cash)	7,824		11		—		—		4		7,839		177
	Subordinated Term Loan (10.0% PIK)	3,434		4		—		—		3		3,441		95
	LLC Units (1,574,005.5 units)	6,080		1,850		—		—		97		8,027		—
		17,338		1,865		—		—		104		19,307		272

Eclipse Business Capital, LLC (d)	Revolver (SOFR + 7.25%, 12.6% Cash)	2,740		5,662		(5,480)		—		(2)		2,920		51
	Second Lien Senior Secured Term Loan (7.5% Cash)	2,246		1		—		—		(1)		2,246		43
	LLC Units (44,197,541 units)	72,041		—		—		—		(1,325)		70,716		1,591
		77,027		5,663		(5,480)		—		(1,328)		75,882		1,685

Rocade Holdings LLC(d)	Preferred LP Units (50,500 units) (SOFR + 6.0% PIK, 11.3% PIK)	55,258		1,559		—		—		—		56,817		1,559
	Common LP Units (15.4 units)	546		—		—		—		276		822		—
		55,804		1,559		—		—		276		57,639		1,559

Thompson Rivers LLC	6.6% Member Interest	5,523		—		(990)		—		(30)		4,503		—
		5,523		—		(990)		—		(30)		4,503		—

Waccamaw River LLC	20% Member Interest	15,470		—		—		—		185		15,655		—
		15,470		—		—		—		185		15,655		—

Total Affiliate Investments		$	194,738	$	9,087	$	(6,470)	$	—	$	470	$	197,825	$	3,603

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b) Gross reductions include decreases in the ~~total~~ cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(5)Some or all of the investment is or will be encumbered as security for the Company’s senior secured revolving credit facility with ING Capital LLC (as amended, the “ING Credit Facility”).

(6)The fair value of the investment was determined using significant unobservable inputs.

~~(7)Debt investment includes interest rate floor feature.~~

2931

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~September 30, 2023~~March 31, 2024

(Amounts in thousands, except share amounts)

(7)Debt investment includes interest rate floor feature.

(8)The interest rate on these loans is subject to 1 Month EURIBOR, which as of ~~September 30, 2023~~March 31, 2024 was ~~3.84700%~~3.85500%.

(9)The interest rate on these loans is subject to 3 Month EURIBOR, which as of ~~September 30, 2023~~March 31, 2024 was ~~3.95200%~~3.89200%.

(10)The interest rate on these loans is subject to 6 Month EURIBOR, which as of ~~September 30, 2023~~March 31, 2024 was ~~4.12500%~~3.85100%.

(11)The interest rate on these loans is subject to 1 Month SOFR, which as of ~~September 30, 2023~~March 31, 2024 was ~~5.31899%~~5.32874%.

(12)The interest rate on these loans is subject to 3 Month SOFR, which as of ~~September 30, 2023~~March 31, 2024 was ~~5.39550%~~5.29823%.

(13)The interest rate on these loans is subject to 6 Month SOFR, which as of ~~September 30, 2023~~March 31, 2024 was ~~5.46727%~~5.21781%.

(14)The interest rate on these loans is subject to 1 Month SONIA, which as of ~~September 30, 2023~~March 31, 2024 was ~~5.19860%~~5.19800%.

(15)The interest rate on these loans is subject to 3 Month SONIA, which as of ~~September 30, 2023~~March 31, 2024 was ~~5.28980%~~5.18440%.

(16)The interest rate on these loans is subject to 6 Month SONIA, which as of ~~September 30, 2023~~March 31, 2024 was ~~5.38530%~~5.09150%.

(17)The interest rate on these loans is subject to 1 Month BBSY, which as of ~~September 30, 2023~~March 31, 2024 was ~~4.05130%~~4.29730%.

(18)The interest rate on these loans is subject to 3 Month BBSY, which as of ~~September 30, 2023~~March 31, 2024 was ~~4.14000%~~4.34420%.

(19)The interest rate on these loans is subject to 6 Month BBSY, which as of ~~September 30, 2023~~March 31, 2024 was ~~4.40460%~~4.49860%.

(20)The interest rate on these loans is subject to 1Month CDOR, which as of ~~September 30, 2023~~March 31, 2024 was ~~5.38500%~~5.29000%.

(21)The interest rate on these loans is subject to 3 Month CDOR, which as of ~~September 30, 2023~~March 31, 2024 was ~~5.51250%~~5.29500%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of ~~September 30, 2023~~March 31, 2024 was ~~5.68000%~~5.64000%.

(23)The interest rate on these loans is subject to 6 Month SARON, which as of ~~September 30, 2023~~March 31, 2024 was ~~1.71489%~~1.46421%.

(24)The interest rate on these loans is subject to 1 Month NIBOR, which as of ~~September 30, 2023~~March 31, 2024 was ~~4.49000%~~4.61000%.

(25)The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2024 was 4.02500%.

(26)Non-accrual investment.

~~(26)~~(27)Investment is non-income producing.

~~(27)~~(28)Position or portion thereof is an unfunded loan or equity commitment.

(29)A summary of the Company’s investment portfolio by industry at fair value, and as a percentage of total investments and net assets are as follows:


($ in thousands)	March 31, 2024		Percent of Portfolio		Percent of Total Net Assets
Aerospace and Defense	$	84,035	6.2	%	12.5	%
Automotive	18,403		1.3		2.8
Banking, Finance, Insurance and Real Estate	224,287		16.5		33.5
Beverage, Food and Tobacco	33,057		2.4		4.9
Capital Equipment	46,833		3.4		7.0
Chemicals, Plastics, and Rubber	29,105		2.1		4.4
Construction and Building	10,719		0.8		1.6
Consumer Goods: Durable	25,526		1.9		3.8
Consumer Goods: Non-durable	14,343		1.1		2.1
Containers, Packaging and Glass	22,927		1.7		3.4

Energy: Electricity	6,297		0.5		1.0
Energy: Oil and Gas	2,669		0.2		0.4
Environmental Industries	29,225		2.1		4.4
Healthcare and Pharmaceuticals	124,015		9.1		18.5
High Tech Industries	137,613		10.1		20.5
Hotel, Gaming and Leisure	21,572		1.6		3.2
Investment Funds and Vehicles	36,725		2.7		5.5
Media: Advertising, Printing and Publishing	32,578		2.4		4.9
Media: Broadcasting and Subscription	8,706		0.6		1.3
Media: Diversified and Production	46,497		3.4		6.9


Services: Business	216,121		15.9		32.3
Services: Consumer	69,268		5.1		10.3
Structured Products	33,667		2.5		5.0
Telecommunications	18,276		1.3		2.7
Transportation: Cargo	58,929		4.3		8.8
Transportation: Consumer	2,000		0.1		0.3
Utilities: Electric	9,655		0.7		1.4


Total	$	1,363,048	100.0	%	203.4	%

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2024

(Amounts in thousands, except share amounts)

(30)A summary of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets are as follows:


($ in thousands)	Cost		Percent of Total Portfolio		Fair Value		Percent of Total Portfolio		Percent of Total Net Assets
March 31, 2024:
Senior debt and 1st lien notes	$	996,015	73	%	$	982,334	72	%	147	%
Subordinated debt and 2nd lien notes	108,605		8		107,913		8		16
Structured products	28,657		2		27,744		2		4
Equity shares	176,427		13		207,185		15		31
Equity warrants	33		—		1,147		—		—
Investments in joint ventures	50,132		4		36,725		3		5

	$	1,359,869	100	%	$	1,363,048	100	%	203	%

See accompanying notes.

3033

Barings Capital Investment Corporation

Consolidated Schedule of Investments

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
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 14.3% Cash 11/22 09/29 $ 7,500 $ 7,500 $ 7,500 1.2 % (3) (6)
7,500 7,500 7,500
Accelerant Holdings Banking, Finance, Insurance & Real Estate Class A Convertible Preferred Equity (2,500 shares) N/A 01/22 N/A 2,500 2,702 0.4 % (6) (30)
Class B Convertible Preferred Equity (1,666 shares) N/A 12/22 N/A 1,666 1,666 0.3 % (6) (30)
4,166 4,368
Acclime Holdings HK Limited Business Services First Lien Senior Secured Term Loan LIBOR + 6.50%, 9.6% Cash 08/21 07/27 1,941 1,898 1,891 0.3 % (3) (6) (7) (10)
1,941 1,898 1,891
Accurus Aerospace Corporation Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.8% Cash 04/22 03/28 8,888 8,768 8,746 1.5 % (6) (7) (9)
Revolver LIBOR + 5.75%, 10.8% Cash 04/22 03/28 461 449 446 0.1 % (6) (7) (9)
Common Stock (175,049.3 shares) N/A 04/22 N/A 175 174 — % (6) (30)
9,349 9,392 9,366
Acogroup Business Services First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.8% Cash 03/22 10/26 3,095 3,120 2,919 0.5 % (3) (6) (7) (13)
3,095 3,120 2,919
ADB Safegate Aerospace & Defense Second Lien Senior Secured Term Loan LIBOR + 9.25%, 14.0% Cash 08/21 10/27 5,500 5,184 4,180 0.7 % (3) (6) (7) (9)
5,500 5,184 4,180
Advantage Software Company (The), LLC Advertising, Printing & Publishing Class A1 Partnership Units (3,012.9 units) N/A 12/21 N/A 97 232 — % (6) (30)
Class A2 Partnership Units (777.1 units) N/A 12/21 N/A 25 60 — % (6) (30)
Class B1 Partnership Units (3,012.9 units) N/A 12/21 N/A 3 — — % (6) (30)
Class B2 Partnership Units (777.1 units) N/A 12/21 N/A 1 — — % (6) (30)
126 292
Air Canada 2020-2 Class B Pass Through Trust Airlines Structured Secured Note - Class B 9.0% Cash 09/20 10/25 1,613 1,613 1,606 0.3 %
1,613 1,613 1,606
Air Comm Corporation, LLC Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.2% Cash 06/21 07/27 17,792 17,512 17,581 2.9 % (6) (7) (9)
17,792 17,512 17,581
AIT Worldwide Logistics Holdings, Inc. Transportation Services Second Lien Senior Secured Term Loan LIBOR + 7.50%, 12.2% Cash 04/21 04/29 4,849 4,758 4,665 0.8 % (6) (7) (9)
Partnership Units (161.64 units) N/A 04/21 N/A 162 370 0.1 % (6) (30)
4,849 4,920 5,035
Alpine US Bidco LLC Agricultural Products Second Lien Senior Secured Term Loan LIBOR + 9.00%, 13.3% Cash 05/21 05/29 18,156 17,692 16,704 2.8 % (7) (8)
18,156 17,692 16,704
Amalfi Midco Healthcare Subordinated Loan Notes LIBOR + 2.00%, 6.8% Cash, 9.0% PIK 09/22 09/28 2,392 2,225 2,145 0.4 % (3) (6) (9)
Class B Common Stock (46,582,594 shares) N/A 09/22 N/A 520 560 0.1 % (3) (6) (30)
Warrants (190,193 units) N/A 09/22 N/A 2 213 — % (3) (6) (30)
2,392 2,747 2,918

~~Barings Capital Investment Corporation~~

~~Consolidated Schedule of Investments — (Continued)~~

~~December 31, 2022~~

~~(Amounts in thousands, except share amounts)~~

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Amtech LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.50%, 9.6% Cash 11/21 11/27 $ 1,350 $ 1,313 $ 1,322 0.2 % (6) (7) (8)
Revolver LIBOR + 5.50%, 9.6% Cash 11/21 11/27 45 42 43 — % (6) (7) (8)
1,395 1,355 1,365
Anagram Holdings, LLC Chemicals, Plastics, & Rubber First Lien Senior Secured Bond 10.0% Cash, 5.0% PIK 08/20 08/25 6,050 5,757 5,747 1.0 %
6,050 5,757 5,747
AnalytiChem Holding Gmbh Chemicals First Lien Senior Secured Term Loan BBSY + 6.00%, 9.1% Cash 11/21 12/28 874 919 856 0.1 % (3) (6) (7) (21)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 7.7% Cash 11/21 11/28 3,209 3,239 3,142 0.5 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 7.7% Cash 11/21 12/28 1,101 1,178 1,078 0.2 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 7.7% Cash 04/22 10/28 2,682 2,682 2,626 0.4 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.8% Cash 11/21 12/28 614 614 601 0.1 % (3) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.8% Cash 06/22 10/28 476 476 466 0.1 % (3) (6) (7) (9)
Revolver EURIBOR + 6.00%, 7.7% Cash 04/22 10/23 — (2) (3) — % (3) (6) (7) (12)
8,956 9,106 8,766
APC1 Holding Diversified Manufacturing First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.2% Cash 07/22 07/29 2,101 1,952 2,044 0.3 % (3) (6) (7) (12)
2,101 1,952 2,044
APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan BBSY + 7.25%, 10.3% Cash 04/22 03/30 943 1,022 929 0.2 % (3) (6) (7) (20)
943 1,022 929
Aptus 1829. GmbH Chemicals, Plastics, & Rubber First Lien Senior Secured Term Loan EURIBOR + 7.00%, 8.9% Cash 09/21 09/27 3,335 3,585 3,335 0.6 % (3) (6) (7) (11)
Preferred Stock (9 shares) N/A 09/21 N/A 79 76 — % (3) (6) (30)
Common Stock (32 shares) N/A 09/21 N/A 8 5 — % (3) (6) (30)
3,335 3,672 3,416
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SONIA + 5.50%, 7.2% Cash 02/21 03/28 2,478 2,778 2,391 0.4 % (3) (6) (7) (19)
2,478 2,778 2,391
AQA Acquisition Holding, Inc. High Tech Industries Second Lien Senior Secured Term Loan LIBOR + 7.50%, 12.2% Cash 03/21 03/29 21,000 20,557 20,097 3.3 % (6) (7) (9)
21,000 20,557 20,097
Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan SONIA + 6.00%, 8.9% Cash 12/21 12/28 1,605�� 1,737 1,575 0.3 % (3) (6) (7) (19)
First Lien Senior Secured Term Loan SONIA + 6.00%, 8.9% Cash 12/21 12/24 75 52 59 — % (3) (6) (7) (19)
Second Lien Senior Secured Term Loan SONIA + 10.5% PIK 12/21 12/28 450 484 441 0.1 % (3) (6) (7) (19)
2,130 2,273 2,075
Arc Education Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.0% Cash 07/22 07/29 3,074 2,793 2,969 0.5 % (3) (6) (7) (12)
3,074 2,793 2,969
Archimede Consumer Services First Lien Senior Secured Term Loan EURIBOR + 5.75%, 7.5% Cash 10/20 10/27 7,684 8,525 7,522 1.2 % (3) (6) (7) (12)
7,684 8,525 7,522

~~Barings Capital Investment Corporation~~

~~Consolidated Schedule of Investments — (Continued)~~

~~December 31, 2022~~

~~(Amounts in thousands, except share amounts)~~

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.0% Cash 07/22 07/29 $ 793 $ 751 $ 774 0.1 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan SOFR+ 5.75%, 10.3% Cash 07/22 07/29 65 63 63 — % (3) (6) (7) (15)
First Lien Senior Secured Term Loan SONIA + 5.75%, 9.2% Cash 07/22 07/29 799 757 768 0.1 % (3) (6) (7) (18)
Subordinated Term Loan 10.5% PIK 07/22 07/29 250 240 244 0.1 % (3) (6)
Preferred Stock (20,780 shares) 10.0% PIK 07/22 N/A 26 25 — % (3) (6)
Equity Loan Notes (20,780 units) 10.0% PIK 07/22 N/A 26 25 — % (3) (6)
Common Stock (232 shares) N/A 07/22 N/A — — — % (3) (6) (30)
1,907 1,863 1,899
ASC Communications, LLC Media & Entertainment First Lien Senior Secured Term Loan SOFR + 5.00%, 9.3% Cash 07/22 07/27 12,846 12,645 12,646 2.1 % (6) (7) (14)
Class A Units (15,545.8 units) N/A 07/22 N/A 326 375 0.1 % (6) (30)
12,846 12,971 13,021
Ascensus, Inc Brokerage, Asset Managers & Exchanges Second Lien Senior Secured Term Loan LIBOR + 6.50%, 10.3% Cash 05/21 08/29 7,511 7,449 6,522 1.1 % (7) (9)
7,511 7,449 6,522
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.00%, 9.4% Cash 11/21 11/28 1,537 1,648 1,477 0.2 % (3) (6) (7) (18)
1,537 1,648 1,477
ATL II MRO Holdings Inc. Transportation First Lien Senior Secured Term Loan SOFR + 6.00%, 10.4% Cash 11/22 11/28 6,250 6,097 6,094 1.0 % (6) (7) (16)
Revolver SOFR + 6.00%, 10.4% Cash 11/22 11/28 — (31) (31) — % (6) (7) (16)
6,250 6,066 6,063
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 4.50%, 7.7% Cash 11/21 11/27 1,802 1,820 1,730 0.3 % (3) (6) (7) (22)
1,802 1,820 1,730
AVSC Holding Corp. Advertising First Lien Senior Secured Term Loan 5.00% Cash, 10.0% PIK 11/20 10/26 3,984 3,921 4,070 0.7 %
First Lien Senior Secured Term Loan LIBOR + 4.50%, 8.7% Cash, 1.0% PIK 08/20 10/26 248 233 228 — % (7) (8)
4,232 4,154 4,298
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 10.0% Cash 11/21 11/27 3,040 2,978 2,993 0.5 % (6) (7) (9)
Revolver LIBOR + 5.25%, 10.0% Cash 11/21 11/27 — (5) (4) — % (6) (7) (9)
Subordinated Term Loan 12.0% PIK 11/21 05/28 954 940 935 0.2 % (6)
Common Stock (128,205.1 shares) N/A 11/21 N/A 128 122 — % (6) (30)
3,994 4,041 4,046
Bariacum S.A. Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.50%, 6.7% Cash 11/21 11/28 1,814 1,867 1,772 0.3 % (3) (6) (7) (13)
1,814 1,867 1,772
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan LIBOR + 4.50%, 8.9% Cash 10/21 10/27 2,551 2,499 2,493 0.4 % (6) (7) (8)
2,551 2,499 2,493
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan EURIBOR + 6.50%, 8.6% Cash 02/21 02/28 2,241 2,425 2,176 0.4 % (3) (6) (7) (13)
2,241 2,425 2,176

~~Barings Capital Investment Corporation~~

~~Consolidated Schedule of Investments — (Continued)~~

~~December 31, 2022~~

~~(Amounts in thousands, except share amounts)~~

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan SOFR + 5.50%, 9.8% Cash 01/21 01/28 $ 846 $ 826 $ 830 0.1 % (3) (6) (7) (15)
First Lien Senior Secured Term Loan SONIA + 5.50%, 9.0% Cash 01/21 01/28 195 216 191 — % (3) (6) (7) (18)
1,041 1,042 1,021
Biolam Group Consumer Non-cyclical First Lien Senior Secured Term Loan EURIBOR + 6.25%, 8.2% Cash 12/22 11/29 2,105 1,971 1,959 0.3 % (3) (6) (7) (12)
2,105 1,971 1,959
Blue Ribbon, LLC Brewers First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.1% Cash 05/21 05/28 12,228 11,981 9,064 1.5 % (7) (8)
12,228 11,981 9,064
Bounteous, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 10.0% Cash 08/21 08/27 6,037 5,899 5,613 0.9 % (6) (7) (8)
6,037 5,899 5,613
Bridger Aerospace Group Holdings, LLC Environmental Industries Municipal Revenue Bond 11.5% Cash 07/22 09/27 13,600 13,600 14,150 2.4 %
Preferred Stock- Series C (7,309 shares) 7.0% PIK 07/22 N/A 7,230 7,365 1.2 % (6)
13,600 20,830 21,515
Brightline Trains Florida LLC Transportation Senior Secured Note 8.0% Cash 08/21 01/28 2,000 2,000 1,740 0.3 % (6)
2,000 2,000 1,740
Brightpay Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.00%, 6.5% Cash 10/21 10/28 2,241 2,308 2,190 0.4 % (3) (6) (7) (12)
2,241 2,308 2,190
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.5% Cash 10/21 10/27 3,843 3,811 3,807 0.6 % (6) (7) (9)
Revolver LIBOR + 5.75%, 10.5% Cash 10/21 10/27 — (6) (7) — % (6) (7) (9)
LLC units (596,181.5 units) N/A 10/21 N/A 596 620 0.1 % (6) (30)
3,843 4,401 4,420
British Airways 2020-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.4% Cash 11/20 11/28 703 703 692 0.1 %
703 703 692
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan SONIA + 7.00%, 9.3% Cash 12/20 12/27 2,168 2,375 2,115 0.3 % (3) (6) (7) (18)
2,168 2,375 2,115
Burgess Point Purchaser Corporation Auto Parts & Equipment Second Lien Senior Secured Term Loan SOFR + 9.00%, 13.3% Cash 07/22 07/30 2,273 2,185 2,195 0.4 % (6) (7) (14)
LP Units (227 units) N/A 07/22 N/A 227 222 — % (6) (30)
2,273 2,412 2,417
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan EURIBOR + 9.50%, 11.6% Cash 06/22 06/26 5,985 5,684 5,740 1.0 % (6) (7) (12)
5,985 5,684 5,740
CAi Software, LLC Technology First Lien Senior Secured Term Loan LIBOR + 6.25%, 11.0% Cash 12/21 12/28 3,757 3,691 3,659 0.6 % (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 6.25%, 10.2% Cash 07/22 12/28 1,033 1,014 1,006 0.2 % (6) (7) (9)
Revolver LIBOR + 6.25%, 11.0% Cash 12/21 12/28 — (12) (18) — % (6) (7) (9)
4,790 4,693 4,647


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	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	14.3% Cash	11/22	09/29	$	7,500	$	7,500	$	7,013	1.1	%	(3) (6)
						7,500		7,500		7,013

Accelerant Holdings	Banking, Finance, Insurance & Real Estate	Class A Convertible Preferred Equity (2,500 shares)	N/A	01/22	N/A			2,500		2,929		0.4	%	(6) (27)
		Class B Convertible Preferred Equity (1,650 shares)	N/A	12/22	N/A			1,666		1,949		0.3	%	(6) (27)
								4,166		4,878

Acclime Holdings HK Limited	Business Services	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	08/21	08/27	1,941		1,907		1,910		0.3	%	(3) (6) (7) (13)
						1,941		1,907		1,910

Accurus Aerospace Corporation	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.8% Cash	04/22	04/28	8,793		8,693		8,529		1.3	%	(6) (7) (12)
		Revolver	SOFR + 5.25%, 10.8% Cash	04/22	04/28	668		659		641		0.1	%	(6) (7) (12) (28)
		Common Stock (175,049.3 shares)	N/A	04/22	N/A			175		205		—	%	(6) (27)
						9,461		9,527		9,375

Acogroup	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 4.65%, 8.6% Cash, 2.3% PIK	03/22	10/26	3,260		3,193		2,899		0.4	%	(3) (6) (7) (9)
						3,260		3,193		2,899

ADB Safegate	Aerospace & Defense	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 14.6% Cash	08/21	10/27	6,343		6,129		5,392		0.8	%	(3) (6) (7) (12)
						6,343		6,129		5,392

Adhefin International	Industrial Other	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	05/23	05/30	1,831		1,769		1,778		0.3	%	(3) (6) (7) (9) (28)
		Subordinated Term Loan	EURIBOR + 10.5%, 14.4% PIK	05/23	11/30	307		298		300		—	%	(3) (6) (7) (9)
						2,138		2,067		2,078

Advantage Software Company (The), LLC	Advertising, Printing & Publishing	Class A1 Partnership Units (3,012.9 units)	N/A	12/21	N/A			97		241		—	%	(6) (27)
		Class A2 Partnership Units (777.1 units)	N/A	12/21	N/A			25		62		—	%	(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		303

Air Canada 2020-2 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	9.0% Cash	09/20	10/25	1,170		1,170		1,196		0.2	%
						1,170		1,170		1,196

Air Comm Corporation, LLC	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	06/21	07/27	11,627		11,483		11,441		1.8	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	06/21	07/27	1,035		1,008		1,035		0.2	%	(6) (7) (12)
						12,662		12,491		12,476

AirX Climate Solutions, Inc.	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	11/23	11/29	668		646		645		0.1	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.25%, 11.7% Cash	11/23	11/29	—		(2)		(2)		—	%	(6) (7) (12) (28)
						668		644		643

AIT Worldwide Logistics Holdings, Inc.	Transportation Services	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 13.0% Cash	04/21	04/29	4,849		4,770		4,805		0.7	%	(6) (7) (11)
		Partnership Units (161.64 units)	N/A	04/21	N/A			162		249		—	%	(6) (27)
						4,849		4,932		5,054

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan CDOR + 7.00%, 11.9% Cash 06/21 03/26 $ 1,495 $ 1,655 $ 1,410 0.2 % (3) (6) (7) (24)
Class A Equity (500,000 units) N/A 05/22 N/A 389 292 — % (3) (6) (30)
Class C - Warrants (74,712.64 units) N/A 05/22 N/A — — — % (3) (6) (30)
1,495 2,044 1,702
Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan SOFR + 7.64%, 12.5% Cash 04/22 04/27 $ 2,159 $ 2,130 $ 2,134 0.3 % (3) (6) (7) (15)
LLC Units (340,909 units) N/A 04/22 N/A 341 314 0.1 % (3) (6) (30)
2,159 2,471 2,448
Carlson Travel, Inc. Business Travel Management First Lien Senior Secured Bond 8.5% Cash 11/21 11/26 2,898 2,696 2,449 0.4 %
Common Stock (124,051 shares) N/A 11/21 N/A 2,345 757 0.1 % (30)
2,898 5,041 3,206
Ceres Pharma NV Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.50%, 7.1% Cash 10/21 10/28 3,843 3,814 3,621 0.6 % (3) (6) (7) (12)
3,843 3,814 3,621
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.50%, 8.8% Cash 02/22 02/28 10,698 10,510 10,377 1.7 % (6) (7) (8)
First Lien Senior Secured Term Loan SOFR + 4.75%, 9.3% Cash 12/22 02/28 1,599 1,551 1,551 0.3 % (6) (7) (15)
Revolver LIBOR + 4.50%, 8.8% Cash 02/22 02/28 — (29) (49) — % (6) (7) (8)
Preferred Stock (551 shares) N/A 02/22 N/A 551 1,028 0.2 % (6) (30)
12,297 12,583 12,907
Cineworld Group PLC Leisure Products Warrants (371,024 units) N/A 07/22 N/A 68 — — % (3) (6) (30)
68 —
Coastal Marina Holdings, LLC Other Financial Subordinated Term Loan 8.0% Cash 11/21 11/31 8,310 7,754 7,764 1.3 % (6)
Subordinated Term Loan 10.0% PIK 11/21 11/31 3,230 3,027 3,018 0.5 % (6)
LLC Units (1,018,869 units) N/A 11/21 N/A 4,547 5,364 0.9 % (6) (30)
11,540 15,328 16,146
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 6.25%, 11.0% Cash 11/21 11/28 1,995 1,953 1,943 0.3 % (3) (6) (7) (9)
1,995 1,953 1,943
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan 11.0% Cash, 1.0% PIK 04/22 04/28 378 371 369 0.1 % (6)
LLC Units (46,085.6 units) N/A 04/22 N/A 125 159 — % (6) (30)
378 496 528
Comply365, LLC Technology First Lien Senior Secured Term Loan SOFR + 5.75%, 10.6% Cash 04/22 04/28 6,892 6,768 6,787 1.1 % (6) (7) (16)
Revolver SOFR + 5.75%, 10.6% Cash 04/22 04/28 83 73 75 — % (6) (7) (16)
6,975 6,841 6,862
Contabo Finco
S.À.R.L. Internet Software & Services First Lien Senior Secured Term Loan EURIBOR + 6.00%, 7.6% Cash 10/22 10/29 994 905 969 0.2 % (3) (6) (7) (12)
994 905 969
Core Scientific, Inc. Technology First Lien Senior Secured Term Loan 13.0% Cash 03/22 03/25 17,399 17,383 6,525 1.1 % (6) (29)
Common Stock (53,700 shares) N/A 09/22 N/A 174 4 — % (30)
17,399 17,557 6,529


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
AlliA Insurance Brokers NV	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	03/23	03/30	$	3,548	$	3,320	$	3,443	0.5	%	(3) (6) (7) (9) (28)
						3,548		3,320		3,443

Amalfi Midco	Healthcare	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28	2,769		2,451		2,412		0.4	%	(3) (6)
		Class B Common Stock (46,582,594 shares)	N/A	09/22	N/A			520		594		0.1	%	(3) (6) (27)
		Warrants (190,193 units)	N/A	09/22	N/A			2		264		—	%	(3) (6) (27)
						2,769		2,973		3,270

Americo Chemical Products, LLC	Chemicals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	04/23	04/29	1,935		1,891		1,920		0.3	%	(6) (7) (11)
		Revolver	SOFR + 5.50%, 10.9% Cash	04/23	04/29	—		(10)		(4)		—	%	(6) (7) (11) (28)
		Common Stock (88,110 shares)	N/A	04/23	N/A			88		89		—	%	(6) (27)
						1,935		1,969		2,005

Amtech LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.4% Cash	11/21	11/27	1,789		1,765		1,779		0.3	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 11.4% Cash	11/21	11/27	82		79		81		—	%	(6) (7) (12) (28)
						1,871		1,844		1,860

AnalytiChem Holding Gmbh	Chemicals	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.4% Cash	11/21	10/28	880		919		865		0.1	%	(3) (6) (7) (18)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	11/21	10/28	4,461		4,431		4,386		0.7	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	04/22	10/28	2,776		2,692		2,730		0.4	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 11.0% Cash	01/23	10/28	999		935		989		0.2	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.9% Cash	11/21	10/28	614		614		604		0.1	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.9% Cash	06/22	10/28	476		476		468		0.1	%	(3) (6) (7) (12)

						10,206		10,067		10,042

APC1 Holding	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.4% Cash	07/22	07/29	2,541		2,314		2,505		0.4	%	(3) (6) (7) (9)
						2,541		2,314		2,505

APOG Bidco Pty Ltd	Healthcare	Second Lien Senior Secured Term Loan	BBSY + 7.25%, 11.6% Cash	04/22	03/30	949		1,024		935		0.1	%	(3) (6) (7) (17)
						949		1,024		935

Aptus 1829. GmbH	Chemicals, Plastics, and Rubber	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash, 1.5% PIK	09/21	09/27	1,559		1,624		1,300		0.2	%	(3) (6) (7) (10)
		Preferred Stock (9 shares)	N/A	09/21	N/A			79		3		—	%	(3) (6) (27)
		Common Stock (32 shares)	N/A	09/21	N/A			8		—		—	%	(3) (6) (27)
						1,559		1,711		1,303

Apus Bidco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	02/21	03/28	2,626		2,788		2,589		0.4	%	(3) (6) (7) (15)
						2,626		2,788		2,589

AQA Acquisition Holding, Inc.	High Tech Industries	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 13.0% Cash	03/21	03/29	21,000		20,615		20,935		3.2	%	(6) (7) (12)
						21,000		20,615		20,935

Aquavista Watersides 2 LTD	Transportation Services	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	12/21	12/28	1,923		1,942		1,747		0.3	%	(3) (6) (7) (16) (28)
		Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.7% PIK	12/21	12/28	552		559		510		0.1	%	(3) (6) (7) (16)
						2,475		2,501		2,257

Arc Education	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	07/22	07/29	3,856		3,471		3,791		0.6	%	(3) (6) (7) (9) (28)
						3,856		3,471		3,791

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 3.25%, 3.3% Cash, 3.5% PIK 09/21 09/28 $ 9,845 $ 10,490 $ 9,545 1.6 % (3) (6) (7) (13)
Class A Units (531 units) N/A 09/21 N/A 248 237 — % (3) (6) (30)
Class B Units (231 units) N/A 09/21 N/A 538 601 0.1 % (3) (6) (30)
9,845 11,276 10,383
CSL DualCom Tele-communications First Lien Senior Secured Term Loan SONIA + 5.25%, 8.7% Cash 09/20 09/27 2,005 1,953 1,989 0.3 % (3) (6) (7) (17)
2,005 1,953 1,989
CVL 3 Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 5.50%, 7.6% Cash 12/21 12/28 5,550 5,741 5,450 0.9 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan SOFR + 5.50%, 10.2% Cash 12/21 12/28 3,382 3,308 3,322 0.6 % (3) (6) (7) (15)
8,932 9,049 8,772
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.4% Cash 01/21 01/27 7,961 7,832 7,897 1.3 % (6) (7) (8)
LLC Units (403,441 units) N/A 01/21 N/A 403 510 0.1 % (6) (30)
7,961 8,235 8,407
DataServ Integrations, LLC Technology First Lien Senior Secured Term Loan SOFR + 6.00%, 10.3% Cash 11/22 11/28 1,918 1,876 1,875 0.3 % (6) (7) (15)
Revolver SOFR + 6.00%, 10.3% Cash 11/22 11/28 — (10) (11) — % (6) (7) (15)
Partnership Units (96,153.9 units) N/A 11/22 N/A 96 96 — % (6) (30)
1,918 1,962 1,960
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.4% Cash 12/21 12/26 700 688 690 0.1 % (6) (7) (8)
Revolver LIBOR + 6.00%, 10.4% Cash 12/21 12/26 — (3) (3) — % (6) (7) (8)
Common Stock (1,280.8 shares) N/A 12/21 N/A 54 49 — % (6) (30)
700 739 736
DISA Holdings Corp. Other Industrial First Lien Senior Secured Term Loan SOFR + 5.50%, 9.8% Cash 11/22 09/28 3,802 3,664 3,661 0.6 % (6) (7) (14)
Revolver SOFR + 5.50%, 9.8% Cash 11/22 09/28 9 — — — % (6) (7) (14)
3,811 3,664 3,661
Dragon Bidco Technology First Lien Senior Secured Term Loan EURIBOR + 6.75%, 8.9% Cash 04/21 04/28 3,735 3,721 3,667 0.6 % (3) (6) (7) (13)
First Lien Senior Secured Term Loan EURIBOR + 6.50%, 8.1% Cash 04/21 04/28 2,882 3,181 2,829 0.5 % (3) (6) (7) (12)
6,617 6,902 6,496
Dune Group Health Care Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.5% Cash 09/21 09/28 3,177 3,130 3,123 0.5 % (3) (6) (7) (9)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.0% Cash 09/21 09/28 194 177 174 — % (3) (6) (7) (12)
3,371 3,307 3,297
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan SOFR + 6.50%, 10.7% Cash 06/22 06/28 1,000 986 988 0.2 % (3) (6) (7) (15)
1,000 986 988


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Archimede	Consumer Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/20	10/27	$	7,953	$	7,902	$	7,693	1.2	%	(3) (6) (7) (9)
						7,953		7,902		7,693

Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.6% Cash, 3.3% PIK	07/22	07/29	162		145		153		—	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	07/22	07/29	743		687		704		0.1	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.3% Cash, 3.3% PIK	07/22	07/29	66		64		62		—	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.9% Cash, 3.3% PIK	07/22	07/29	861		783		816		0.1	%	(3) (6) (7) (15)
		First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.4% Cash	07/22	07/29	—		(5)		(14)		—	%	(3) (6) (7) (15)
		Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29	390		363		367		0.1	%	(3) (6)
		Preferred Stock (20,780 shares)	10.0% PIK	07/22	N/A			28		21		—	%	(3) (6)
		Equity Loan Notes (20,780 units)	10.0% PIK	07/22	N/A			28		21		—	%	(3) (6)
		Common Stock (232 shares)	N/A	07/22	N/A			—		—		—	%	(3) (6) (27)
						2,222		2,093		2,130

ASC Communications, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	07/22	07/27	11,141		11,006		11,048		1.7	%	(6) (7) (11)
		Revolver	SOFR + 4.75%, 10.1% Cash	07/22	07/27	—		(8)		(5)		—	%	(6) (7) (11) (28)
		Class A Units (15,545.8 units)	N/A	07/22	N/A			326		425		0.1	%	(6)
						11,141		11,324		11,468

Ascensus, Inc	Brokerage, Asset Managers & Exchanges	Second Lien Senior Secured Term Loan	SOFR +6.50%, 11.8% Cash	05/21	08/29	7,511		7,458		7,201		1.1	%	(7) (12)
						7,511		7,458		7,201

Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.4% Cash	11/21	11/28	1,883		1,903		1,863		0.3	%	(3) (6) (7) (15) (28)
						1,883		1,903		1,863

ATL II MRO Holdings Inc.	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/22	11/28	6,188		6,054		6,188		0.9	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/22	11/28	—		(26)		—		—	%	(6) (7) (12) (28)
						6,188		6,028		6,188

Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.4% Cash	11/21	11/27	1,813		1,832		1,648		0.3	%	(3) (6) (7) (19) (28)
						1,813		1,832		1,648

AVSC Holding Corp.	Advertising	First Lien Senior Secured Term Loan	5.0% Cash, 10.0% PIK	11/20	10/26	4,289		4,245		4,354		0.7	%

						4,289		4,245		4,354

Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	11/21	11/27	3,228		3,178		3,206		0.5	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.25%, 10.7% Cash	11/21	11/27	—		(4)		(2)		—	%	(6) (7) (12) (28)
		Subordinated Term Loan	12.0% PIK	11/21	05/28	1,043		1,030		1,020		0.2	%	(6)
		Common Stock (128,205.1 shares)	N/A	11/21	N/A			128		192		—	%	(6) (27)
						4,271		4,332		4,416

Bariacum S.A	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.6% Cash	11/21	11/28	2,541		2,529		2,541		0.4	%	(3) (6) (7) (10)
						2,541		2,529		2,541

Beyond Risk Management, Inc.	Other Financial	First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.0% Cash	10/21	10/27	2,944		2,923		2,944		0.5	%	(6) (7) (12) (28)
						2,944		2,923		2,944

Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	02/21	02/28	2,320		2,434		2,302		0.4	%	(3) (6) (7) (10)
						2,320		2,434		2,302

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.7% Cash 07/21 07/27 $ 13,630 $ 13,374 $ 13,372 2.2 % (6) (7) (9)
13,630 13,374 13,372
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan LIBOR + 7.00%, 11.7% Cash 11/21 11/29 7,605 7,485 7,308 1.2 % (6) (7) (9)
Partnership Equity (289.2 units) N/A 11/21 N/A 289 508 0.1 % (6) (30)
7,605 7,774 7,816
Ellkay, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 6.25%, 11.0% Cash 09/21 09/27 3,733 3,672 3,691 0.6 % (6) (7) (9)
3,733 3,672 3,691
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.5% Cash 12/21 12/27 8,111 7,913 7,773 1.3 % (6) (7) (9)
Revolver LIBOR + 5.75%, 10.5% Cash 12/21 12/27 641 620 604 0.1 % (6) (7) (9)
8,752 8,533 8,377
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan LIBOR + 5.75%, 11.7% Cash 02/21 12/25 3,932 3,906 3,919 0.6 % (6) (7) (9)
3,932 3,906 3,919
EPS NASS Parent, Inc. Electrical Components & Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.5% Cash 04/21 04/28 4,434 4,360 4,394 0.7 % (6) (7) (9)
4,434 4,360 4,394
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 9.4% Cash 11/21 11/27 7,060 6,910 7,006 1.2 % (6) (7) (8)
Revolver LIBOR + 5.00%, 9.4% Cash 11/21 11/27 — (18) (7) — % (6) (7) (8)
7,060 6,892 6,999
Eurofins Digital Testing International LUX Holding SARL Technology First Lien Senior Secured Term Loan EURIBOR + 6.75%, 8.9% Cash 12/22 12/29 987 892 901 0.1 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan SOFR + 6.75%, 11.5% Cash 12/22 12/29 511 497 497 0.1 % (3) (6) (7) (15)
First Lien Senior Secured Term Loan SONIA + 6.75%, 10.0% Cash 12/22 12/29 1,447 1,439 1,407 0.2 % (3) (6) (7) (18)
Second Lien Senior Secured Term Loan 11.5% PIK 12/22 12/30 352 338 342 0.1 % (3) (6)
3,297 3,166 3,147
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan BBSY + 6.00%, 9.3% Cash 03/22 03/28 1,737 1,853 1,573 0.3 % (3) (6) (7) (21)
1,737 1,853 1,573
Express Wash Acquisition Company, LLC Consumer Cyclical First Lien Senior Secured Term Loan SOFR + 6.50%, 10.3% Cash 07/22 07/28 4,818 4,728 4,737 0.8 % (6) (7) (14)
Revolver SOFR + 6.50%, 10.3% Cash 07/22 07/28 94 91 91 — % (6) (7) (14)
4,912 4,819 4,828
Ferrellgas L.P. Oil & Gas Equipment & Services Opco Preferred Units (2,886 units) N/A 03/21 N/A 2,799 2,742 0.5 % (6)
2,799 2,742
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.5% Cash 02/21 02/28 1,727 1,702 1,698 0.3 % (6) (7) (9)
1,727 1,702 1,698
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 6.25%, 8.1% Cash 03/22 03/29 2,401 2,387 2,329 0.4 % (3) (6) (7) (13)
2,401 2,387 2,329
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services Preferred Stock (3,188.5 shares) 11.0% PIK 03/22 N/A 3,823 2,947 0.6 % (6)
3,823 2,947


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
BigHand UK Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	01/21	01/28	$	746	$	731	$	700	0.1	%	(3) (6) (7) (13)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	01/21	01/28	99		99		93		—	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SONIA + 5.75%, 11.1% Cash	01/21	01/28	207		217		194		—	%	(3) (6) (7) (15)
						1,052		1,047		987

Biolam Group	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK	12/22	12/29	4,473		4,250		4,117		0.6	%	(3) (6) (7) (9) (28)
						4,473		4,250		4,117

Blue Ribbon, LLC	Brewers	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	05/21	05/28	11,576		11,380		9,970		1.5	%	(7) (11)
						11,576		11,380		9,970

Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	08/21	08/27	5,985		5,876		5,488		0.8	%	(6) (7) (12) (28)
						5,985		5,876		5,488

BPG Holdings IV Corp	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	03/23	07/29	9,504		8,983		8,934		1.4	%	(6) (7) (12)
						9,504		8,983		8,934

Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	07/22	09/27	13,600		13,600		14,401		2.2	%
		Preferred Stock- Series A (7,309 shares)	7.0% PIK	07/22	N/A			7,776		7,502		1.2	%	(6)
						13,600		21,376		21,903

Brightline Trains Florida LLC	Transportation	Senior Secured Note	8.0% Cash	08/21	01/28	2,000		2,000		1,900		0.3	%	(6)
						2,000		2,000		1,900

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 9.0% Cash	10/21	10/28	2,320		2,315		2,287		0.4	%	(3) (6) (7) (9) (28)
						2,320		2,315		2,287

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	10/21	10/27	3,803		3,778		3,671		0.6	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.2% Cash	10/21	10/27	477		472		452		0.1	%	(6) (7) (12) (28)
		LLC units (596,181.5 units)	N/A	10/21	N/A			596		501		0.1	%	(6) (27)
						4,280		4,846		4,624

British Airways 2020-1 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	8.4% Cash	11/20	11/28	596		596		610		0.1	%
						596		596		610

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.9% Cash	12/20	12/27	2,297		2,384		2,264		0.3	%	(3) (6) (7) (16)
						2,297		2,384		2,264

Burgess Point Purchaser Corporation	Auto Parts & Equipment	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.4% Cash	07/22	07/30	2,273		2,194		2,184		0.3	%	(6) (7) (11)
		LP Units (227 units)	N/A	07/22	N/A			227		230		—	%	(6) (27)
						2,273		2,421		2,414

BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 13.4% Cash	06/22	06/26	6,195		5,739		5,767		0.9	%	(6) (7) (9)
						6,195		5,739		5,767

CAi Software, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.9% Cash	12/21	12/28	3,719		3,663		3,477		0.5	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.9% Cash	07/22	12/28	1,022		1,007		956		0.1	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.9% Cash	12/21	12/28	—		(10)		(46)		—	%	(6) (7) (12) (28)
						4,741		4,660		4,387

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan LIBOR + 4.50%, 8.9% Cash 12/20 12/26 $ 2,458 $ 2,424 $ 2,424 0.4 % (6) (7) (9)
2,458 2,424 2,424
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan SOFR + 7.25%, 12.0% Cash 05/22 05/30 7,143 7,009 6,936 1.1 % (6) (7) (15)
LLC Units (504.5 units) N/A 05/22 N/A 504 502 0.1 % (6) (30)
7,143 7,513 7,438
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C 6.9% Cash 11/21 11/51 10,000 9,274 8,642 1.4 %
10,000 9,274 8,642
Flywheel Re Segregated Portfolio 2022-4 Investment Funds Preferred Stock (1,281,099 units) N/A 08/22 N/A 1,281 1,288 0.2 % (3) (6) (30)
1,281 1,288
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan SONIA + 5.75%, 9.2% Cash 04/22 04/29 1,489 1,559 1,437 0.2 % (3) (6) (7) (18)
1,489 1,559 1,437
Fortis Payment Systems, LLC Other Financial First Lien Senior Secured Term Loan SOFR + 5.25%, 9.9% Cash 10/22 02/26 1,575 1,516 1,513 0.3 % (6) (7) (14)
1,575 1,516 1,513
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.5% Cash 05/21 05/27 7,444 7,209 7,444 1.2 % (6) (7) (9)
Partnership Units (889.3 units) N/A 05/21 N/A 889 1,119 0.2 % (6) (30)
7,444 8,098 8,563
Front Line Power Construction LLC Construction Machinery First Lien Senior Secured Term Loan LIBOR + 12.50%, 17.2% Cash 11/21 11/28 765 716 852 0.1 % (6) (7) (9)
Common Stock (33,601 shares) N/A 11/21 N/A 56 28 — % (30)
765 772 880
FSS Buyer LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.1% Cash 08/21 08/28 14,702 14,456 14,539 2.4 % (6) (7) (8)
LP Interest (1,973.6 units) N/A 08/21 N/A 20 29 — % (6) (30)
LP Units (8,677.3 units) N/A 08/21 N/A 87 127 — % (6) (30)
14,702 14,563 14,695
GB Eagle Buyer, Inc. Capital Goods First Lien Senior Secured Term Loan SOFR + 6.50%, 10.5% Cash 12/22 11/28 12,581 12,207 12,203 2.0 % (6) (7) (15)
Revolver SOFR + 6.50%, 10.5% Cash 12/22 11/28 — (57) (58) — % (6) (7) (15)
Partnership Units (515 units) N/A 12/22 N/A 515 515 0.1 % (6) (30)
12,581 12,665 12,660
Global Academic Group Limited Industrial Other First Lien Senior Secured Term Loan BBSY + 6.00%, 9.1% Cash 07/22 07/27 1,668 1,668 1,625 0.3 % (3) (6) (7) (21)
First Lien Senior Secured Term Loan BKBM + 6.00%, 9.1% Cash 07/22 07/27 2,910 2,801 2,828 0.5 % (3) (6) (7) (25)
4,578 4,469 4,453
GPNZ II GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 5.50%, 7.4% Cash 06/22 06/29 458 429 375 0.1 % (3) (6) (7) (11)
458 429 375
Greenhill II BV Technology First Lien Senior Secured Term Loan EURIBOR + 5.75%, 7.1% Cash 07/22 07/29 739 672 716 0.1 % (3) (6) (7) (12)
739 672 716
Groupe Product Life Consumer Non-cyclical First Lien Senior Secured Term Loan EURIBOR + 6.25%, 8.5% Cash 10/22 10/29 625 553 598 0.1 % (3) (6) (7) (12)
625 553 598


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	3.5% Cash, CDOR + 3.5% PIK, 9.0% PIK	06/21	03/26	$	1,660	$	1,780	$	1,270	0.2	%	(3) (6) (7) (21)
		Class A Equity (500,000 units)	N/A	05/22	N/A			389		—		—	%	(3) (6) (27)
		Class C - Warrants (257,127.45 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)
						1,660		2,204		1,270

Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 14.0% Cash	04/22	04/27	2,159		2,136		2,120		0.3	%	(3) (6) (7) (12)
		LLC Units (340,909 units)	N/A	04/22	N/A			341		491		0.1	%	(3) (6) (27)
						2,159		2,477		2,611

Cascade Residential Services LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	10/23	10/29	1,342		1,286		1,284		0.2	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.00%, 10.4% Cash	10/23	10/29	—		(4)		(4)		—	%	(6) (7) (12) (28)
						1,342		1,282		1,280

Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 10.1% Cash	10/21	10/28	5,644		5,462		5,466		0.8	%	(3) (6) (7) (10)
						5,644		5,462		5,466

CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	02/22	02/28	5,092		5,018		4,990		0.8	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	12/22	02/28	1,583		1,543		1,551		0.2	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.3% Cash	02/22	02/28	—		(24)		(33)		—	%	(6) (7) (12) (28)
		Preferred Stock (657 shares)	N/A	02/22	N/A			722		1,190		0.2	%	(6) (27)
						6,675		7,259		7,698

Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	11/21	11/28	1,995		1,961		1,981		0.3	%	(3) (6) (7) (12)
						1,995		1,961		1,981

Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	642		632		622		0.1	%	(6)
		LLC Units (46,085.6 units)	N/A	04/22	N/A			125		142		—	%	(6) (27)
						642		757		764

Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	04/22	04/28	6,694		6,593		6,561		1.0	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.4% Cash	04/22	12/29	—		(8)		(11)		—	%	(6) (7) (12) (28)
						6,694		6,585		6,550

Contabo Finco S.À R.L.	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	10/22	10/29	1,029		908		1,021		0.2	%	(3) (6) (7) (9)
						1,029		908		1,021

Core Scientific, Inc.	Technology	Equipment Term Loan	9.8% Cash	03/22	03/25	$	17,979	$	17,383	$	13,484	2.1	%	(3) (6) (26)
		Common Stock (53,700 shares)	N/A	09/22	N/A	—		174		78		—	%	(3) (27)
						17,979		17,557		13,562

Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 3.25%, 6.3% Cash, 3.4% PIK	09/21	09/28	10,888		11,214		10,542		1.6	%	(3) (6) (7) (9) (28)
		Class A Units (531 units)	N/A	09/21	N/A			248		255		—	%	(3) (6) (27)
		Class B Units (231 units)	N/A	09/21	N/A			538		611		0.1	%	(3) (6) (27)
						10,888		12,000		11,408

CSL DualCom	Tele-communications	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.5% Cash	09/20	09/27	2,125		1,962		2,125		0.3	%	(3) (6) (7) (14) (28)
						2,125		1,962		2,125

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Gusto Aus BidCo Pty Ltd Consumer Non-cyclical First Lien Senior Secured Term Loan BBSY + 6.50%, 10.2% Cash 10/22 10/28 $ 2,208 $ 2,016 $ 2,135 0.4 % (3) (6) (7) (22)
2,208 2,016 2,135
HeartHealth Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.25%, 8.6% Cash 09/22 09/28 626 569 598 0.1 % (3) (6) (7) (21)
626 569 598
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan 11.0% PIK 11/21 11/23 425 419 412 0.1 %
(6)*
Subordinated Term Loan 11.0% PIK 11/21 12/28 3,370 3,302 3,282 0.5 %
(6)*
3,795 3,721 3,694
HEKA Invest Technology First Lien Senior Secured Term Loan EURIBOR + 6.50%, 8.7% Cash 10/22 10/29 4,999 4,461 4,846 0.8 % (3) (6) (7) (12)
4,999 4,461 4,846
Hoffmaster Group Inc. Packaging First Lien Senior Secured Term Loan LIBOR + 4.00%, 8.7% Cash 07/20 11/23 2,488 2,364 2,241 0.4 % (7) (9)
2,488 2,364 2,241
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan SOFR + 5.00%, 9.4% Cash 03/21 03/27 4,502 4,435 4,299 0.7 % (6) (7) (14)
4,502 4,435 4,299
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan SOFR + 5.25%, 9.5% Cash 04/22 11/28 8,500 8,268 8,302 1.4 % (3) (6) (7) (16)
8,500 8,268 8,302
HTI Technology & Industries Electronic Component Manufacturing First Lien Senior Secured Term Loan SOFR + 8.50%, 11.7% Cash 07/22 07/25 5,769 5,680 5,682 0.9 % (6) (7) (15)
Revolver SOFR + 8.50%, 11.7% Cash 07/22 07/25 — (9) (9) — % (6) (7) (15)
5,769 5,671 5,673
Hygie 31 Holding Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 6.25%, 8.4% Cash 09/22 09/29 320 281 312 0.1 % (3) (6) (7) (12)
320 281 312
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.25%, 7.5% Cash 05/21 04/28 3,415 3,755 3,306 0.5 % (3) (6) (7) (12)
3,415 3,755 3,306
Infoblox, Inc. Technology Second Lien Senior Secured Term Loan LIBOR + 7.25%, 11.7% Cash 09/20 12/28 2,843 2,831 2,214 0.4 % (7) (9)
2,843 2,831 2,214
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 6.2% Cash 11/21 11/28 2,595 2,686 2,525 0.4 % (3) (6) (7) (13)
2,595 2,686 2,525
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.3% Cash 04/21 04/28 4,178 4,488 3,631 0.6 % (3) (6) (7) (13)
4,178 4,488 3,631
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 5.40%, 7.4% Cash 12/20 12/27 820 901 804 0.1 % (3) (6) (7) (12)
820 901 804
Interstellar Group B.V. Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 7.5% Cash 08/22 08/29 1,221 1,131 1,177 0.2 % (3) (6) (7) (12)
Super Senior Secured Term Loan EURIBOR + 5.25%, 7.5% Cash 08/22 02/29 64 60 62 — % (3) (6) (7) (12)
1,285 1,191 1,239
Isolstar Holding NV (IPCOM) Trading Companies & Distributors First Lien Senior Secured Term Loan EURIBOR + 6.50%, 8.1% Cash 10/22 10/29 4,583 4,044 4,436 0.7 % (3) (6) (7) (11)
4,583 4,044 4,436


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	01/21	01/27	$	7,880	$	7,781	$	7,876	1.2	%	(6) (7) (12)
		LLC Units (403,441 units)	N/A	01/21	N/A			403		722		0.1	%	(6) (27)
						7,880		8,184		8,598

DataServ Integrations, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	11/22	11/28	1,899		1,863		1,873		0.3	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.1% Cash	11/22	11/28	—		(8)		(7)		—	%	(6) (7) (12) (28)
		Partnership Units (96,153.9 units)	N/A	11/22	N/A			96		96		—	%	(6) (27)
						1,899		1,951		1,962

DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/21	12/26	1,675		1,644		1,638		0.3	%	(6) (7) (11)
		Revolver	SOFR + 6.25%, 11.7% Cash	12/21	12/26	—		(6)		(9)		—	%	(6) (7) (11) (28)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			55		41		—	%	(6) (27)
						1,675		1,693		1,670

DISA Holdings Corp.	Other Industrial	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/22	09/28	3,963		3,846		3,963		0.6	%	(6) (7) (11) (28)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/22	09/28	60		53		60		—	%	(6) (7) (11) (28)
						4,023		3,899		4,023

Dragon Bidco	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.9% Cash	04/21	04/28	4,860		4,798		4,812		0.7	%	(3) (6) (7) (10)
						4,860		4,798		4,812

Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 10.0% Cash	09/21	09/28	201		187		180		—	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	09/21	09/28	3,483		3,443		3,403		0.5	%	(3) (6) (7) (12)
						3,684		3,630		3,583

Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.10%, 11.5% Cash	06/22	06/28	1,000		988		993		0.2	%	(3) (6) (7) (12)
						1,000		988		993

Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	07/21	07/27	11,356		11,206		11,129		1.7	%	(6) (7) (12) (28)
						11,356		11,206		11,129

Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.5% Cash	11/21	11/29	7,605		7,498		7,103		1.1	%	(6) (7) (12)
		Partnership Equity (289.2 units)	N/A	11/21	N/A			289		267		—	%	(6) (27)
						7,605		7,787		7,370

EFC International	Automotive	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	693		675		678		0.1	%	(6)
		Common Stock (145.5 shares)	N/A	03/23	N/A			205		268		—	%	(6) (27)
						693		880		946

Ellkay, LLC	Healthcare and Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.5% Cash	09/21	09/27	3,696		3,646		3,341		0.5	%	(6) (7) (12)
						3,696		3,646		3,341

EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.5% Cash	12/21	12/27	8,049		7,936		7,156		1.1	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.5% Cash	12/21	12/27	1,098		1,082		957		0.1	%	(6) (7) (12) (28)
						9,147		9,018		8,113

Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	02/21	12/25	4,475		4,447		4,475		0.7	%	(6) (7) (12)
						4,475		4,447		4,475

EPS NASS Parent, Inc.	Electrical Components & Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	04/21	04/28	4,389		4,330		4,187		0.6	%	(6) (7) (12)
						4,389		4,330		4,187

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.1% Cash 12/21 12/27 $ 714 $ 700 $ 703 0.1 % (6) (7) (8)
Revolver LIBOR + 4.75%, 9.1% Cash 12/21 12/27 6 4 5 — % (6) (7) (8)
Common Stock (1,433.37 shares) N/A 01/22 N/A 144 127 — % (6) (30)
720 848 835
Jaguar Merger Sub Inc. Other Financial First Lien Senior Secured Term Loan SOFR + 5.00%, 9.5% Cash 12/21 09/24 7,652 7,571 7,617 1.3 % (6) (7) (15)
Revolver SOFR + 5.00%, 9.5% Cash 12/21 09/24 — (4) (2) — % (6) (7) (15)
7,652 7,567 7,615
JetBlue 2019-1 Class B Pass Through Trust Airlines Structured Secured Note - Class B 8.0% Cash 08/20 11/27 1,443 1,443 1,404 0.2 %
1,443 1,443 1,404
JF Acquisition, LLC Automotive First Lien Senior Secured Term Loan LIBOR + 5.50%, 9.9% Cash 05/21 07/24 3,605 3,529 3,367 0.6 % (6) (7) (8)
3,605 3,529 3,367
Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan BKBM + 5.50%, 10.2% Cash 03/22 03/27 2,043 2,186 1,992 0.3 % (3) (6) (7) (25)
2,043 2,186 1,992
Jones Fish Hatcheries & Distributors LLC Consumer Products First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.2% Cash 02/22 02/28 2,785 2,736 2,745 0.5 % (6) (7) (9)
Revolver LIBOR + 5.75%, 10.2% Cash 02/22 02/28 — (7) (6) — % (6) (7) (8)
LLC Units (974.68 units) N/A 02/22 N/A 97 115 — % (6) (30)
2,785 2,826 2,854
Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan LIBOR + 5.00%, 10.1% Cash 11/20 11/26 4,981 4,864 4,885 0.8 % (6) (7) (10)
Partnership Equity (78.7 units) N/A 11/20 N/A 79 74 — % (6) (30)
4,981 4,943 4,959
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.5% Cash 10/21 10/27 18,910 18,598 18,689 3.1 % (6) (7) (9)
LLC Units (850,236.1 units) N/A 10/21 N/A 851 769 0.1 % (6) (30)
18,910 19,449 19,458
Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan SOFR + 4.75%, 9.3% Cash 12/20 12/27 5,509 5,413 5,419 0.9 % (6) (7) (15)
5,509 5,413 5,419
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.5% Cash 12/21 12/28 3,333 3,393 3,113 0.5 % (3) (6) (7) (12)
Second Lien Senior Secured Term Loan 12.0% PIK 12/21 06/29 1,060 1,085 997 0.2 % (3) (6)
4,393 4,478 4,110
LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.5% Cash 02/22 02/28 10,928 10,761 10,794 1.8 % (6) (7) (9)
Revolver LIBOR + 4.75%, 9.5% Cash 02/22 02/28 — (29) (24) — % (6) (7) (9)
LLC Units (39,370.1 units) N/A 02/22 N/A 39 49 — % (6) (30)
10,928 10,771 10,819
Learfield Communications, LLC Broadcasting First Lien Senior Secured Term Loan 3.0% Cash, LIBOR + 10.0% PIK 08/20 12/23 6,289 6,273 6,037 1.0 % (9)
First Lien Senior Secured Term Loan LIBOR + 3.25%, 7.6% Cash 08/20 12/23 67 47 50 — % (7) (8)
6,356 6,320 6,087


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	11/21	11/27	$	6,686	$	6,595	$	6,686	1.0	%	(6) (7) (11)
		Revolver	SOFR + 5.00%, 10.5% Cash	11/21	11/27	—		(14)		—		—	%	(6) (7) (11) (28)
						6,686		6,581		6,686

Eurofins Digital Testing International LUX Holding SARL	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 8.5% Cash, 2.8% PIK	12/22	12/29	1,055		943		698		0.1	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.8% Cash, 2.8% PIK	12/22	12/29	533		520		467		0.1	%	(3) (6) (7) (12)
		First Lien Senior Secured Term Loan	SONIA + 4.50%, 9.5% Cash, 2.8% PIK	12/22	12/29	1,595		1,503		1,397		0.2	%	(3) (6) (7) (15)
		Senior Subordinated Term Loan	11.5% PIK	12/22	12/29	421		394		362		0.1	%	(3) (6)
						3,604		3,360		2,924

Events Software BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.8% Cash	03/22	03/28	1,748		1,864		1,535		0.2	%	(3) (6) (7) (19) (28)
		First Lien Senior Secured Term Loan	BBSY +6.50%, 10.8% Cash	03/22	09/24	22		21		20		—	%	(3) (6) (7) (19)
						1,770		1,885		1,555

Express Wash Acquisition Company, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.2% Cash	07/22	07/28	4,267		4,200		4,216		0.6	%	(6) (7) (12)
		Revolver	SOFR + 6.50%, 12.2% Cash	07/22	07/28	94		91		92		—	%	(6) (7) (12) (28)
						4,361		4,291		4,308

Faraday	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	01/23	01/30	1,683		1,591		1,632		0.3	%	(3) (6) (7) (9) (28)
						1,683		1,591		1,632

Ferrellgas L.P.	Oil & Gas Equipment & Services	Opco Preferred Units (2,886 units)	N/A	03/21	N/A			2,799		2,670		0.4	%	(6)
								2,799		2,670

Finaxy Holding	Banking	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	11/23	11/30	4,534		4,278		4,421		0.7	%	(3) (6) (7) (9)
		Subordinated Term Loan	10.3% PIK	11/23	05/31	683		648		670		0.1	%	(3) (6)
						5,217		4,926		5,091

Fineline Technologies, Inc.	Consumer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	02/21	02/28	1,705		1,688		1,704		0.3	%	(6) (7) (12)
						1,705		1,688		1,704

Finexvet	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.9% Cash	03/22	03/29	2,485		2,396		2,426		0.4	%	(3) (6) (7) (10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%,9.9% Cash	05/23	03/29	1,863		1,779		1,803		0.3	%	(3) (6) (7) (10) (28)
						4,348		4,175		4,229

FinThrive Software Intermediate Holdings Inc.	Business Equipment & Services	Preferred Stock (3,188.5 shares)	11.0% PIK	03/22	N/A			4,267		2,551		0.4	%	(6)
								4,267		2,551

FitzMark Buyer, LLC	Cargo & Transportation	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/20	12/26	2,429		2,403		2,370		0.4	%	(6) (7) (11)
						2,429		2,403		2,370

Five Star Holding LLC	Packaging	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.6% Cash	05/22	05/30	7,143		7,023		6,993		1.1	%	(6) (7) (12)
		LLC Units (504.5 units)	N/A	05/22	N/A			504		446		0.1	%	(6) (27)
						7,143		7,527		7,439

Flexential Issuer, LLC	Information Technology	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	10,000		9,289		8,242		1.3	%
						10,000		9,289		8,242

Flywheel Re Segregated Portfolio 2022-4	Investment Funds	Preferred Stock (1,885,524 units)	N/A	08/22	N/A			1,886		2,131		0.3	%	(3) (6) (27)
								1,886		2,131

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Liberty Steel Holdings USA Inc. Industrial
Other Revolver SOFR + 4.50%, 8.8% Cash 04/22 04/25 $ 10,000 $ 9,924 $ 9,923 1.6 % (6) (7) (14)
10,000 9,924 9,923
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 9.7% Cash 01/21 12/25 3,319 3,292 3,223 0.5 % (6) (7) (9)
3,319 3,292 3,223
Long Term Care Group, Inc. Healthcare First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.3% Cash 04/22 09/27 4,861 4,774 4,725 0.8 % (6) (7) (8)
4,861 4,774 4,725
Marmoutier Holding B.V. Consumer Products First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.8% Cash 12/21 12/24 356 330 341 0.1 % (3) (6) (7) (13)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.8% Cash 12/21 12/28 1,825 1,889 1,752 0.3 % (3) (6) (7) (13)
Revolver EURIBOR + 5.00%, 7.8% Cash 12/21 06/27 46 42 40 — % (3) (6) (7) (12)
2,227 2,261 2,133
Marshall Excelsior Co. Capital Goods First Lien Senior Secured Term Loan SOFR + 5.50%, 9.8% Cash 02/22 02/28 6,616 6,520 6,525 1.1 % (6) (7) (15)
Revolver Prime + 4.50%, 11.5% Cash 02/22 02/28 749 734 735 0.1 % (6) (7) (28)
7,365 7,254 7,260
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 9.9% Cash 07/21 06/27 4,392 4,313 4,342 0.7 % (6) (7) (8)
Partnership Units (373.3 Units) N/A 06/21 N/A 373 390 0.1 % (6) (30)
4,392 4,686 4,732
Median B.V. Healthcare First Lien Senior Secured Term Loan SONIA + 6.00%, 9.4% Cash 02/22 10/27 3,729 4,077 3,100 0.5 % (3) (7) (18)
3,729 4,077 3,100
Mercell Holding AS Technology First Lien Senior Secured Term Loan NIBOR + 6.00%, 9.1% Cash 08/22 08/29 1,594 1,563 1,551 0.3 % (3) (6) (7) (27)
Class A Units (57.2 units) N/A 08/22 N/A 56 58 — % (3) (6) (30)
Class B Units (14,471.9 units) N/A 08/22 N/A — — — % (3) (6) (30)
1,594 1,619 1,609
MNS Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan LIBOR + 5.50%, 9.9% Cash 08/21 08/27 912 897 835 0.1 % (6) (7) (8)
Partnership Units (76.9 Units) N/A 08/21 N/A 77 54 — % (6) (30)
912 974 889
Modern Star Holdings Bidco Pty Limited Non-durable Consumer Goods First Lien Senior Secured Term Loan BBSY + 6.25%, 9.1% Cash 12/20 12/26 1,970 2,075 1,925 0.3 % (3) (6) (7) (20)
1,970 2,075 1,925
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan SONIA + 5.00%, 8.2% Cash 11/20 11/27 1,211 1,270 1,189 0.2 % (3) (6) (7) (19)
1,211 1,270 1,189
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.50%, 9.8% Cash 08/20 08/26 5,031 4,950 4,954 0.8 % (6) (7) (8)
5,031 4,950 4,954
Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 6.00%, 9.6% Cash 03/22 03/28 7,076 7,323 6,361 1.1 % (3) (6) (7) (22)
7,076 7,323 6,361


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Footco 40 Limited	Media & Entertainment	First Lien Senior Secured Term Loan	SONIA + 6.75%, 11.9% Cash	04/22	04/29	$	1,860	$	1,847	$	1,808	0.3	%	(3) (6) (7) (15) (28)
						1,860		1,847		1,808

Fortis Payment Systems, LLC	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	10/22	02/26	2,480		2,443		2,480		0.4	%	(6) (7) (12) (28)
						2,480		2,443		2,480

FragilePak LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.4% Cash	05/21	05/27	7,369		7,243		7,037		1.1	%	(6) (7) (12)
		Partnership Units (889.3 units)	N/A	05/21	N/A			889		599		0.1	%	(6) (27)
						7,369		8,132		7,636

FSS Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	08/21	08/28	7,607		7,499		7,573		1.2	%	(6) (7) (12)
		LP Interest (1,973.6 units)	N/A	08/21	N/A			20		28		—	%	(6) (27)
		LP Units (8,677.3 units)	N/A	08/21	N/A			87		122		—	%	(6) (27)
						7,607		7,606		7,723

GB Eagle Buyer, Inc.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/22	12/28	12,455		12,132		12,380		1.9	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	—		(48)		(12)		—	%	(6) (7) (12) (28)
		Partnership Units (515 units)	N/A	12/22	N/A			515		659		0.1	%	(6) (27)
						12,455		12,599		13,027

Global Academic Group Limited	Industrial Other	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.3% Cash	07/22	07/27	1,678		1,677		1,652		0.3	%	(3) (6) (7) (18)
		First Lien Senior Secured Term Loan	BKBM + 6.00%, 11.7% Cash	07/22	07/27	2,913		2,819		2,864		0.4	%	(3) (6) (7) (22) (28)
						4,591		4,496		4,516

Gojo Industries, Inc.	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash, 4.5% PIK	10/23	10/28	2,331		2,264		2,261		0.3	%	(6) (7) (12)
						2,331		2,264		2,261

GPNZ II GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 10.00%, 13.8% Cash	06/22	06/29	475		446		265		—	%	(3) (6) (7) (8)
		First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	124		122		124		—	%	(3) (6) (28)
		Common Stock (5,785 shares)	N/A	10/23	N/A			—		—		—	%	(3) (6) (27)
						599		568		389

Greenhill II BV	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	07/22	07/29	908		815		894		0.1	%	(3) (6) (7) (9) (28)
						908		815		894

Groupe Guemas	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.1% Cash	10/23	09/30	2,574		2,403		2,503		0.4	%	(3) (6) (7) (10)
						2,574		2,403		2,503

Groupe Product Life	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	1,103		1,006		1,059		0.2	%	(3) (6) (7) (9)
						1,103		1,006		1,059

Gusto Aus BidCo Pty Ltd	Consumer Non-cyclical	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.9% Cash	10/22	10/28	2,279		2,083		2,235		0.3	%	(3) (6) (7) (18) (28)
						2,279		2,083		2,235

HeartHealth Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 4.75%, 9.4% Cash	09/22	09/28	692		632		674		0.1	%	(3) (6) (7) (18) (28)
						692		632		674

Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	12/28	4,462		4,396		3,936		0.6	%	(6)
						4,462		4,396		3,936

HEKA Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	10/22	10/29	5,174		4,478		5,080		0.8	%	(3) (6) (7) (9) (28)
						5,174		4,478		5,080

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Narda Acquisitionco., Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.2% Cash 12/21 12/27 $ 2,940 $ 2,897 $ 2,658 0.4 % (6) (7) (9)
Revolver LIBOR + 5.50%, 10.2% Cash 12/21 12/27 68 59 3 — % (6) (7) (9)
Class A Preferred Stock (2,392.9 shares) N/A 12/21 N/A 239 156 — % (6) (30)
Class B Common Stock (265.9 shares) N/A 12/21 N/A 27 — — % (6) (30)
3,008 3,222 2,817
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.25%, 9.6% Cash 02/21 02/27 9,259 9,152 9,104 1.5 % (6) (7) (8)
First Lien Senior Secured Term Loan SOFR + 5.25%, 9.6% Cash 11/22 02/27 5,914 5,769 5,766 1.0 % (6) (7) (14)
15,173 14,921 14,870
Nexus Underwriting Management Limited Other Financial First Lien Senior Secured Term Loan SONIA + 5.25%, 7.4% Cash 10/21 10/28 2,486 2,715 2,433 0.4 % (3) (6) (7) (19)
Revolver SONIA + 5.25%, 7.4% Cash 10/21 04/23 94 104 94 — % (3) (6) (7) (19)
2,580 2,819 2,527
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.5% Cash 10/21 09/27 3,955 3,890 3,908 0.6 % (6) (7) (9)
3,955 3,890 3,908
Novotech Aus Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.25%, 8.8% Cash 01/22 01/28 3,222 3,386 3,145 0.5 % (3) (6) (7) (22)
First Lien Senior Secured Term Loan SOFR + 5.75%, 9.6% Cash 01/22 01/28 3,479 3,392 3,371 0.6 % (3) (6) (7) (16)
6,701 6,778 6,516
NPM Investments 28 B.V. Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.25%, 8.5% Cash 09/22 10/29 2,143 1,904 2,084 0.3 % (3) (6) (7) (12)
2,143 1,904 2,084
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.1% Cash 12/21 12/28 6,583 6,466 6,481 1.1 % (6) (7) (8)
Revolver LIBOR + 5.75%, 10.1% Cash 12/21 12/28 — (23) (21) — % (6) (7) (8)
Partnership Units (210,920.11 units) N/A 12/21 N/A 211 226 — % (6) (30)
6,583 6,654 6,686
OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan SOFR + 5.00%, 10.0% Cash 03/22 03/29 1,810 1,778 1,783 0.3 % (6) (7) (16)
Revolver SOFR + 5.00%, 10.0% Cash 03/22 03/28 382 370 371 0.1 % (6) (7) (15)
2,192 2,148 2,154
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 7.9% Cash 06/21 06/28 6,614 7,239 6,475 1.1 % (3) (6) (7) (12)
6,614 7,239 6,475
Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan SOFR + 5.00%, 9.7% Cash 12/20 12/26 8,294 8,229 8,116 1.3 % (6) (7) (15)
8,294 8,229 8,116
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 4.75%, 7.7% Cash 06/21 05/28 1,276 1,461 1,276 0.2 % (3) (6) (7) (19)
1,276 1,461 1,276
Origin Bidco Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.75%, 7.7% Cash 06/21 06/28 354 395 342 0.1 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.5% Cash 06/21 06/28 597 584 577 0.1 % (3) (6) (7) (9)
951 979 919


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
HemaSource, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	08/23	08/29	$	3,633	$	3,546	$	3,550	0.5	%	(6) (7) (12)
		Revolver	SOFR + 6.00%, 11.4% Cash	08/23	08/29	192		170		171		—	%	(6) (7) (12) (28)
		Common Stock (50,540 shares)	N/A	08/23	N/A			51		51		—	%	(6) (27)
						3,825		3,767		3,772

Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	03/21	03/27	4,453		4,401		4,070		0.6	%	(6) (7) (12)
						4,453		4,401		4,070

HomeX Services Group LLC	Home Construction	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/23	11/29	527		510		510		0.1	%	(6) (7) (11) (28)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/23	11/29	—		(3)		(3)		—	%	(6) (7) (11) (28)
						527		507		507

Honour Lane Logistics Holdings Limited	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	04/22	11/28	7,083		6,920		6,545		1.0	%	(3) (6) (7) (11)
						7,083		6,920		6,545

HTI Technology & Industries	Electronic Component Manufacturing	First Lien Senior Secured Term Loan	SOFR + 8.50%, 14.0% Cash	07/22	07/25	5,711		5,656		5,677		0.9	%	(6) (7) (12) (28)
		Revolver	SOFR + 8.50%, 14.0% Cash	07/22	07/25	—		(5)		(3)		—	%	(6) (7) (12) (28)
						5,711		5,651		5,674

Hygie 31 Holding	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.4% Cash	09/22	09/29	331		282		326		0.1	%	(3) (6) (7) (10)
						331		282		326

IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.5% Cash	05/21	04/28	3,535		3,768		3,472		0.5	%	(3) (6) (7) (9)
						3,535		3,768		3,472

Infoblox Inc.	Technology	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.6% Cash	09/20	12/28	2,843		2,833		2,842		0.4	%	(7) (13)
						2,843		2,833		2,842

Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.7% Cash	11/21	11/28	2,686		2,695		2,664		0.4	%	(3) (6) (7) (10)
						2,686		2,695		2,664

Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.6% Cash	04/21	04/28	4,324		4,517		4,099		0.6	%	(3) (6) (7) (10) (28)
		First Lien Senior Secured Term Loan	SARON + 5.75%, 7.5% Cash	05/23	04/28	720		673		684		0.1	%	(3) (6) (7) (23)
						5,044		5,190		4,783

INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.37%, 9.3% Cash	12/20	12/27	1,155		1,214		1,155		0.2	%	(3) (6) (7) (9) (28)
						1,155		1,214		1,155

Interstellar Group B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.4% Cash	08/22	08/29	1,696		1,587		1,676		0.3	%	(3) (6) (7) (9) (28)
						1,696		1,587		1,676

InvoCare Limited	Consumer Cyclical Services	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	11/23	11/29	850		789		820		0.1	%	(3) (6) (7) (18) (28)
						850		789		820

Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	10/22	10/29	4,857		4,173		4,778		0.7	%	(3) (6) (7) (9) (28)
						4,857		4,173		4,778

ISTO Technologies II, LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	10/23	10/28	2,262		2,207		2,205		0.3	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.6% Cash	10/23	10/28	—		(6)		(6)		—	%	(6) (7) (12) (28)
						2,262		2,201		2,199

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.2% Cash 12/21 12/27 $ 2,258 $ 2,219 $ 2,190 0.4 % (6) (7) (9)
First Lien Senior Secured Term Loan SOFR + 6.00%, 10.5% Cash 12/22 12/27 2,274 2,206 2,206 0.4 % (6) (7) (15)
Revolver LIBOR + 6.00%, 10.2% Cash 12/21 12/27 — (3) (6) — % (6) (7) (9)
LP Units (60,040 units) N/A 07/22 N/A 208 221 — % (6) (30)
4,532 4,630 4,611
Panoche Energy Center LLC Electric First Lien Senior Secured Bond 6.9% Cash 07/22 07/29 4,924 4,430 4,628 0.8 % (6)
4,924 4,430 4,628
PDQ.Com Corporation Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.4% Cash 08/21 08/27 12,792 12,606 12,643 2.1 % (6) (7) (9)
Class A-2 Partnership Units (286.4 units) N/A 08/21 N/A 86 124 — % (6) (30)
12,792 12,692 12,767
Perimeter Master Note Business Trust Credit Card ABS Structured Secured Note - Class A 4.7% Cash 05/22 05/27 137 137 124 — % (3) (6)
Structured Secured Note - Class B 5.4% Cash 05/22 05/27 137 137 122 — % (3) (6)
Structured Secured Note - Class C 5.9% Cash 05/22 05/27 137 137 118 — % (3) (6)
Structured Secured Note - Class D 8.5% Cash 05/22 05/27 137 137 119 — % (3) (6)
Structured Secured Note - Class E 11.4% Cash 05/22 05/27 6,986 6,986 6,143 1.0 % (3) (6)
7,534 7,534 6,626
Permaconn BidCo Pty Ltd Tele-
communications First Lien Senior Secured Term Loan BBSY + 6.00%, 9.1% Cash 12/21 12/27 4,884 5,037 4,795 0.8 % (3) (6) (7) (21)
4,884 5,037 4,795
Polara Enterprises, L.L.C. Capital Equipment First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.6% Cash 12/21 12/27 2,100 2,065 2,066 0.3 % (6) (7) (9)
Revolver LIBOR + 4.75%, 9.6% Cash 12/21 12/27 — (4) (4) — % (6) (7) (9)
Partnership Units (3,704.3 units) N/A 12/21 N/A 370 412 0.1 % (6) (30)
2,100 2,431 2,474
Policy Services Company, LLC Property & Casualty Insurance First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.8% Cash, 4.0% PIK 12/21 06/26 20,779 20,298 20,299 3.4 % (6) (7) (9)
Warrants - Class A (1.0710 units) N/A 12/21 N/A — 183 — % (6) (30)
Warrants - Class B (0.3614 units) N/A 12/21 N/A — 62 — % (6) (30)
Warrants - Class CC (0.0372 units) N/A 12/21 N/A — — — % (6) (30)
Warrants - Class D (0.1035 units) N/A 12/21 N/A — 18 — % (6) (30)
20,779 20,298 20,562
Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 9.9% Cash 12/20 12/26 11,815 11,632 11,661 1.9 % (6) (7) (9)
11,815 11,632 11,661
Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.5% Cash 06/21 06/28 5,550 6,017 5,550 0.9 % (3) (6) (7) (13)
5,550 6,017 5,550
Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan LIBOR + 5.25%, 8.6% Cash 08/21 07/28 3,147 3,068 3,068 0.5 % (3) (6) (7) (10)
3,147 3,068 3,068


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.0% Cash	12/21	12/27	$	6,434	$	6,277	$	6,306	1.0	%	(6) (7) (12)
		Revolver	SOFR + 6.50%, 12.0% Cash	12/21	12/27	52		37		34		—	%	(6) (7) (12) (28)
		Common Stock (3,750.4 shares)	N/A	01/22	N/A			375		357		0.1	%	(6) (27)
						6,486		6,689		6,697

JetBlue 2019-1 Class B Pass Through Trust	Structured Products	Structured Secured Note - Class B	8.0% Cash	08/20	11/27	1,221		1,221		1,210		0.2	%
						1,221		1,221		1,210

JF Acquisition, LLC	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	05/21	07/26	3,568		3,514		3,390		0.5	%	(6) (7) (12)
						3,568		3,514		3,390

Jon Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	BKBM + 4.50%, 10.2% Cash	03/22	03/27	2,139		2,286		2,111		0.3	%	(3) (6) (7) (22) (28)
						2,139		2,286		2,111

Jones Fish Hatcheries & Distributors LLC	Consumer Products	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	02/22	02/28	3,481		3,422		3,413		0.5	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 11.0% Cash	02/22	02/28	—		(6)		(8)		—	%	(6) (7) (12) (28)
		LLC Units (1,017.9 units)	N/A	02/22	N/A			107		228		—	%	(6)
						3,481		3,523		3,633

Kano Laboratories LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	11/20	11/26	4,930		4,839		4,886		0.7	%	(6) (7) (12) (28)
		Partnership Equity (78.7 units)	N/A	11/20	N/A			79		87		—	%	(6) (27)
						4,930		4,918		4,973

Kid Distro Holdings, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/21	10/27	18,766		18,513		18,672		2.9	%	(6) (7) (12)
		LLC Units (850,236.1 units)	N/A	10/21	N/A			851		799		0.1	%	(6) (27)
						18,766		19,364		19,471

Kona Buyer, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/20	12/27	5,286		5,217		5,286		0.8	%	(6) (7) (12)
						5,286		5,217		5,286

Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.4% Cash	12/21	12/28	3,622		3,576		3,380		0.5	%	(3) (6) (7) (9) (28)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	1,234		1,225		1,123		0.2	%	(3) (6)
						4,856		4,801		4,503

LeadsOnline, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	02/22	02/28	10,845		10,708		10,737		1.6	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.2% Cash	02/22	02/28	312		289		300		—	%	(6) (7) (12) (28)
		LLC Units (61,304.0 units)	N/A	02/22	N/A			63		180		—	%	(6)
						11,157		11,060		11,217

Learfield Communications, LLC	Broadcasting	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	08/20	06/28	3,925		3,925		3,778		0.6	%	(7) (11)
		Common Stock (67,185 shares)	N/A	08/20	N/A			2,209		2,872		0.4	%	(6) (27)
						3,925		6,134		6,650

LivTech Purchaser, Inc.	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.6% Cash	01/21	12/25	3,319		3,303		3,310		0.5	%	(6) (7) (12)
						3,319		3,303		3,310

Long Term Care Group, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 1.00%, 6.3% Cash, 6.0% PIK	04/22	09/27	4,997		4,926		3,813		0.6	%	(6) (7) (11)
						4,997		4,926		3,813

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
ProfitOptics, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 9.6% Cash 03/22 03/28 $ 659 $ 648 $ 650 0.1 % (6) (7) (10)
Revolver LIBOR + 5.75%, 9.6% Cash 03/22 03/28 — (3) (3) — % (6) (7) (10)
Second Lien Senior Subordinated Term Loan 8.0% Cash 03/22 03/29 32 32 30 — % (6)
LLC Units (96,774.2 units) N/A 03/22 N/A 65 69 — % (6) (30)
691 742 746
Protego Bidco B.V. Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.00%, 7.7% Cash 03/21 03/28 347 375 326 0.1 % (3) (6) (7) (13)
Revolver EURIBOR + 5.25%, 7.1% Cash 03/21 03/27 724 788 699 0.1 % (3) (6) (7) (13)
1,071 1,163 1,025
PSP Intermediate 4, LLC Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 7.3% Cash 05/22 05/29 872 825 829 0.1 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 10.0% Cash 05/22 05/29 866 844 842 0.1 % (3) (6) (7) (9)
1,738 1,669 1,671
QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan BBSY + 5.50%, 8.6% Cash 09/21 09/26 2,867 3,004 2,792 0.5 % (3) (6) (7) (20)
2,867 3,004 2,792
Questel Unite Business Services First Lien Senior Secured Term Loan EURIBOR + 6.25%, 8.5% Cash 12/20 12/27 2,302 2,452 2,155 0.4 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 6.25%, 11.0% Cash 12/20 12/27 367 363 357 0.1 % (3) (6) (7) (9)
2,669 2,815 2,512
R1 Holdings, LLC Transportation First Lien Senior Secured Term Loan SOFR + 6.25%, 10.8% Cash 12/22 12/28 5,152 4,937 4,937 0.8 % (6) (7) (15)
Revolver SOFR + 6.25%, 10.8% Cash 12/22 12/28 236 201 201 — % (6) (7) (15)
5,388 5,138 5,138
Randys Holdings, Inc. Automobile Manufacturers First Lien Senior Secured Term Loan SOFR + 6.50%, 10.6% Cash 11/22 10/28 9,928 9,545 9,531 1.6 % (6) (7) (15)
Revolver SOFR + 6.50%, 10.6% Cash 11/22 10/28 220 179 178 — % (6) (7) (15)
Partnership Units (4,000 units) N/A 11/22 N/A 400 400 0.1 % (6) (30)
10,148 10,124 10,109
Recovery Point Systems, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 6.50%, 10.3% Cash 08/20 07/26 5,007 4,942 4,947 0.8 % (6) (7) (9)
Partnership Equity (81,313 units) N/A 03/21 N/A 81 54 — % (6) (30)
5,007 5,023 5,001
Renovation Parent Holdings, LLC Home Furnishings First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.1% Cash 11/21 11/27 7,622 7,463 7,225 1.2 % (6) (7) (9)
Partnership Equity (394,736.8 units) N/A 11/21 N/A 395 304 — % (6) (30)
7,622 7,858 7,529
REP SEKO MERGER SUB LLC Air Freight & Logistics First Lien Senior Secured Term Loan EURIBOR + 4.75%, 6.6% Cash 12/20 12/26 6,926 7,430 6,839 1.1 % (6) (7) (11)
First Lien Senior Secured Term Loan EURIBOR + 4.75%, 6.6% Cash 06/22 12/26 2,070 2,003 2,044 0.3 % (6) (7) (11)
First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.5% Cash 12/20 12/26 1,566 1,532 1,542 0.3 % (6) (7) (9)
10,562 10,965 10,425
Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan LIBOR + 7.00%, 11.7% Cash 04/21 04/29 1,859 1,827 1,820 0.3 % (6) (7) (9)
1,859 1,827 1,820


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Marmoutier Holding B.V.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 3.9% Cash, 6.8% PIK	12/21	12/28	$	2,466	$	2,437	$	1,793	0.3	%	(3) (6) (7) (9) (28)
		Revolver	EURIBOR + 5.75%, 3.9% Cash, 5.8% PIK	12/21	12/28	52		47		9		—	%	(3) (6) (7) (9) (28)
						2,518		2,484		1,802

Marshall Excelsior Co.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	02/22	02/28	6,533		6,455		6,324		1.0	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 11.0% Cash	02/22	02/28	1,200		1,180		1,157		0.2	%	(6) (7) (12) (28)
						7,733		7,635		7,481

MC Group Ventures Corporation	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	07/21	06/27	4,368		4,306		4,352		0.7	%	(6) (7) (12) (28)
		Partnership Units (373.3 Units)	N/A	06/21	N/A			373		389		0.1	%	(6) (27)
						4,368		4,679		4,741

Median B.V.	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.4% Cash	02/22	10/27	3,952		4,098		3,576		0.5	%	(3) (7) (16)
						3,952		4,098		3,576

Mercell Holding AS	Technology	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.1% Cash	08/22	08/29	1,546		1,568		1,521		0.2	%	(3) (6) (7) (24) (28)
		Class A Units (57.2 units)	9.0% PIK	08/22	N/A			56		64		—	%	(3) (6) (27)
		Class B Units (14,471.9 units)	N/A	08/22	N/A			—		26		—	%	(3) (6) (27)
						1,546		1,624		1,611

MNS Buyer, Inc.	Construction and Building	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	08/21	08/27	905		893		901		0.1	%	(6) (7) (11)
		Partnership Units (76.92 Units)	N/A	08/21	N/A			77		82		—	%	(6) (27)
						905		970		983

Modern Star Holdings Bidco Pty Limited	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	BBSY + 5.50%, 10.3% Cash	12/20	12/26	2,154		2,245		2,134		0.3	%	(3) (6) (7) (17) (28)
						2,154		2,245		2,134

Moonlight Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.6% Cash	07/23	07/30	1,894		1,875		1,832		0.3	%	(3) (6) (7) (15) (28)
		Common Stock (107,714 shares)	N/A	07/23	N/A			138		1,380		0.2	%	(3) (6) (27)
						1,894		2,013		3,212

Murphy Midco Limited	Media, Diversified & Production	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.7% Cash	11/20	11/27	1,869		1,856		1,869		0.3	%	(3) (6) (7) (16)
						1,869		1,856		1,869

Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	08/20	08/26	5,031		4,970		5,003		0.8	%	(6) (7) (12)
						5,031		4,970		5,003

Napa Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.50%, 9.9% Cash	03/22	03/28	7,120		7,356		6,870		1.1	%	(3) (6) (7) (18)
						7,120		7,356		6,870

Narda Acquisitionco., Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	12/21	12/27	2,918		2,883		2,901		0.4	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.5% Cash	12/21	12/27	—		(8)		(4)		—	%	(6) (7) (12) (28)
		Class A Preferred Stock (2,392.9 shares)	N/A	12/21	N/A			239		279		—	%	(6) (27)
		Class B Common Stock (265.9 shares)	N/A	12/21	N/A			27		119		—	%	(6) (27)
						2,918		3,141		3,295

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Reward Gateway (UK) Ltd Precious Metals & Minerals First Lien Senior Secured Term Loan SONIA + 6.25%, 8.4% Cash 08/21 06/28 $ 6,091 $ 6,834 $ 5,992 1.0 % (3) (6) (7) (19)
6,091 6,834 5,992
Riedel Beheer B.V. Food & Beverage First Lien Senior Secured Term Loan EURIBOR + 6.25%, 8.5% Cash 12/21 12/28 2,213 2,248 2,162 0.4 % (3) (6) (7) (12)
2,213 2,248 2,162
Royal Buyer, LLC Industrial Other First Lien Senior Secured Term Loan SOFR + 6.00%, 10.4% Cash 08/22 08/28 5,522 5,395 5,404 0.9 % (6) (7) (15)
Revolver SOFR + 6.00%, 10.4% Cash 08/22 08/28 204 187 188 — % (6) (7) (15)
5,726 5,582 5,592
RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 9.9% Cash 10/20 10/25 15,012 14,781 14,712 2.4 % (6) (7) (9)
15,012 14,781 14,712
Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.2% Cash 12/20 12/26 4,827 4,750 4,763 0.8 % (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.2% Cash 12/20 09/23 143 122 109 — % (6) (7) (9)
Preferred Stock (84.8 shares) N/A 12/20 N/A 85 105 — % (6) (30)
4,970 4,957 4,977
Sanoptis S.A.R.L. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.50%, 8.2% Cash 06/22 07/29 1,001 868 917 0.1 % (3) (6) (7) (13)
First Lien Senior Secured Term Loan SARON + 5.50%, 5.9% Cash 06/22 07/29 417 390 406 0.1 % (3) (6) (7) (26)
1,418 1,258 1,323
Scaled Agile, Inc. Research & Consulting Services First Lien Senior Secured Term Loan SOFR + 5.50%, 10.2% Cash 12/21 12/28 1,735 1,701 1,716 0.3 % (6) (7) (15)
Revolver SOFR + 5.50%, 10.2% Cash 12/21 12/28 — (6) (3) — % (6) (7) (15)
1,735 1,695 1,713
Scout Bidco B.V. Diversified Manufacturing First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.0% Cash 05/22 03/29 3,243 3,143 3,155 0.5 % (3) (6) (7) (12)
Revolver EURIBOR + 6.00%, 8.0% Cash 05/22 03/29 — (12) (10) — % (3) (6) (7) (12)
3,243 3,131 3,145
Sereni Capital NV Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.2% Cash 05/22 11/28 358 331 348 0.1 % (3) (6) (7) (13)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.2% Cash 05/22 05/29 490 479 479 0.1 % (3) (6) (7) (13)
848 810 827
Serta Simmons Bedding LLC Home Furnishings Super Priority Second Out LIBOR + 7.50%, 12.3% Cash 09/20 08/23 1,955 1,870 890 0.1 % (7) (9)
1,955 1,870 890
Shelf Bidco Ltd Other Financial First Lien Senior Secured Term Loan SOFR + 6.00%, 10.7% Cash 12/22 01/30 17,400 16,860 16,860 2.8 % (3) (6) (7) (15)
Common Stock (600,000 shares) N/A 12/22 N/A 600 600 0.1 % (3) (6) (30)
17,400 17,460 17,460
SISU ACQUISITIONCO., INC. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.2% Cash 12/20 12/26 4,900 4,831 4,503 0.7 % (6) (7) (9)
4,900 4,831 4,503
Smartling, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.1% Cash 11/21 10/27 8,153 7,997 7,966 1.3 % (6) (7) (8)
Revolver LIBOR + 5.75%, 10.1% Cash 11/21 10/27 — (10) (12) — % (6) (7) (9)
8,153 7,987 7,954


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Navia Benefit Solutions, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	02/21	02/27	$	9,165	$	9,090	$	9,004	1.4	%	(6) (7) (11)
		First Lien Senior Secured Term Loan	SOFR + 2.00%, 7.4% Cash, 3.0% PIK	11/22	02/27	5,959		5,847		5,855		0.9	%	(6) (7) (11)
						15,124		14,937		14,859

NAW Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	09/23	09/29	3,022		2,913		2,919		0.4	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.75%, 11.1% Cash	09/23	09/29	76		67		67		—	%	(6) (7) (12) (28)
		LLC Units (94,502 units)	N/A	09/23	N/A			95		95		—	%	(6) (27)
						3,098		3,075		3,081

NeoxCo	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	01/23	01/30	2,145		2,041		2,090		0.3	%	(3) (6) (7) (10) (28)
						2,145		2,041		2,090

Next Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	11/23	11/30	738		724		724		0.1	%	(6) (7) (11) (28)
		Revolver	SOFR + 6.00%, 11.3% Cash	11/23	11/29	—		(1)		(1)		—	%	(6) (7) (11) (28)
						738		723		723

NF Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8%	03/23	03/29	4,231		4,116		4,136		0.6	%	(6) (7) (12)
		Revolver	SOFR + 6.50%, 11.8% Cash	03/23	03/29	295		275		278		—	%	(6) (7) (12) (28)
		LLC Units (426,340 units)	N/A	03/23	N/A			438		422		0.1	%	(6) (27)
						4,526		4,829		4,836

Northstar Recycling, LLC	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	10/21	09/27	3,915		3,862		3,888		0.6	%	(6) (7) (12)
						3,915		3,862		3,888

Novotech Aus Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.25%, 11.1% Cash	01/22	01/28	6,754		6,629		6,695		1.0	%	(3) (6) (7) (13) (28)
						6,754		6,629		6,695

NPM Investments 28 B.V.	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	09/22	10/29	2,219		1,912		2,175		0.3	%	(3) (6) (7) (9) (28)
						2,219		1,912		2,175

OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/28	6,519		6,420		6,461		1.0	%	(6) (7) (11)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/28	—		(19)		(12)		—	%	(6) (7) (11) (28)
		Partnership Units (210,920.11 units)	N/A	12/21	N/A			211		276		—	%	(6) (27)
						6,519		6,612		6,725

OAC Holdings I Corp	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	03/22	03/29	1,788		1,761		1,727		0.3	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.5% Cash	03/22	03/28	—		(10)		(23)		—	%	(6) (7) (12) (28)
						1,788		1,751		1,704

Ocelot Holdco LLC	Construction Machinery	Super Senior Takeback Loan	10.0% Cash	10/23	10/27	96		96		96		—	%	(6)
		Takeback Term Loan	10.0% Cash	10/23	10/27	513		513		513		0.1	%	(6)
		Preferred Stock (42.7 shares)	15.0% PIK	10/23	N/A			273		365		0.1	%	(6)
		Common Stock (32.7 shares)	N/A	10/23	N/A			—		—		—	%	(6) (27)
						609		882		974

Ocular Therapeutix, Inc.	Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	08/23	07/29	1,965		1,909		1,906		0.3	%	(3) (6) (7) (11)
						1,965		1,909		1,906

OG III B.V.	Containers & Glass Products	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	06/21	06/28	6,844		7,259		6,632		1.0	%	(3) (6) (7) (9)
						6,844		7,259		6,632

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.0% Cash 12/20 12/26 $ 4,567 $ 4,502 $ 4,494 0.7 % (6) (7) (9)
First Lien Senior Secured Term Loan SOFR + 5.75%, 10.3% Cash 11/22 12/26 1,932 1,894 1,893 0.3 % (6) (7) (15)
6,499 6,396 6,387
Soho Square III Debtco II SARL Diversified Capital Markets First Lien Senior Secured Term Loan 9.5% PIK 10/22 10/27 3,759 3,451 3,744 0.6 % (3) (6)
3,759 3,451 3,744
Solo Buyer, L.P. Technology First Lien Senior Secured Term Loan SOFR + 6.25%, 10.4% Cash 12/22 12/29 13,564 13,228 13,225 2.2 % (6) (7) (15)
Revolver SOFR + 6.25%, 10.4% Cash 12/22 12/28 — (30) (30) — % (6) (7) (15)
Partnership Units (309,839 units) N/A 12/22 N/A 310 310 0.1 % (6) (30)
13,564 13,508 13,505
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) Other Utility First Lien Senior Secured Term Loan SOFR + 5.00%, 9.6% Cash 11/22 03/27 1,674 1,623 1,621 0.3 % (6) (7) (15)
Revolver SOFR + 5.00%, 9.6% Cash 11/22 03/27 — (3) (4) — % (6) (7) (15)
1,674 1,620 1,617
Spatial Business Systems LLC Electric First Lien Senior Secured Term Loan SOFR + 5.50%, 9.7% Cash 10/22 10/28 3,047 2,883 2,877 0.5 % (6) (7) (14)
Revolver SOFR + 5.50%, 9.7% Cash 10/22 10/28 — (17) (18) — % (6) (7) (14)
3,047 2,866 2,859
SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan SONIA + 6.50%, 9.4% Cash 12/20 11/27 461 464 442 0.1 % (3) (6) (7) (18)
461 464 442
Starnmeer B.V. Technology First Lien Senior Secured Term Loan LIBOR + 6.30%, 10.7% Cash 10/21 04/27 4,640 4,583 4,597 0.8 % (3) (6) (7) (9)
4,640 4,583 4,597
Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.5% Cash 12/21 12/27 16,364 16,082 16,135 2.7 % (6) (7) (9)
Revolver LIBOR + 5.75%, 10.5% Cash 12/21 12/27 — (24) (20) — % (6) (7) (9)
16,364 16,058 16,115
Syniverse Holdings, Inc. Technology Distributors Series A Preferred Equity (7,575,758 units) 12.5% PIK 05/22 N/A 7,945 6,515 1.1 % (6)
7,945 6,515
Syntax Systems Ltd Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.1% Cash 11/21 10/28 4,116 4,076 3,843 0.6 % (3) (6) (7) (8)
Revolver LIBOR + 5.75%, 10.1% Cash 11/21 10/26 398 394 367 0.1 % (3) (6) (7) (8)
4,514 4,470 4,210
TA SL Cayman Aggregator Corp. Technology Subordinated Term Loan 7.8% PIK 07/21 07/28 1,008 993 978 0.2 % (6)
Common Stock (736 shares) N/A 07/21 N/A 23 28 — % (6) (30)
1,008 1,016 1,006
Tank Holding Corp Metal & Glass Containers First Lien Senior Secured Term Loan SOFR + 5.75%, 10.2% Cash 03/22 03/28 7,327 7,179 7,181 1.2 % (6) (7) (14)
Revolver SOFR + 5.75%, 10.2% Cash 03/22 03/28 109 96 96 — % (6) (7) (14)
7,436 7,275 7,277
Tanqueray Bidco Limited Technology First Lien Senior Secured Term Loan SONIA + 6.25%, 8.4% Cash 11/22 11/29 1,632 1,486 1,557 0.3 % (3) (6) (7) (18)
1,632 1,486 1,557


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Omni Intermediate Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	12/20	12/26	$	10,669	$	10,616	$	10,082	1.5	%	(6) (7) (12)
						10,669		10,616		10,082

Oracle Vision Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.9% Cash	06/21	05/28	1,353		1,466		1,353		0.2	%	(3) (6) (7) (16)
						1,353		1,466		1,353

Origin Bidco Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	06/21	06/28	327		354		326		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	06/21	06/28	533		523		531		0.1	%	(3) (6) (7) (12)
						860		877		857

ORTEC INTERNATIONAL NEWCO B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	12/23	12/30	1,010		973		985		0.2	%	(3) (6) (7) (9)
						1,010		973		985

OSP Hamilton Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	12/21	12/29	6,871		6,763		6,733		1.0	%	(6) (7) (12)
		Revolver	SOFR + 6.00%, 11.5% Cash	12/21	12/29	—		(6)		(6)		—	%	(6) (7) (12) (28)
		LP Units (138,399 units)	N/A	07/22	N/A			138		138		—	%	(6)
						6,871		6,895		6,865

Panoche Energy Center LLC	Electric	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	4,355		3,970		4,224		0.6	%	(6)
						4,355		3,970		4,224

Parkview Dental Holdings LLC	Healthcare	First Lien Senior Secured Term Loan	SOFR + 8.30%, 13.6% Cash	10/23	10/29	499		485		484		0.1	%	(6) (7) (12) (28)
		LLC Units (23,810 units)	N/A	10/23	N/A			238		238		—	%	(6) (27)
						499		723		722

PDQ.Com Corporation	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.21%, 10.7% Cash	08/21	08/27	12,648		12,490		12,648		1.9	%	(6) (7) (12)
		Class A-2 Partnership Units (86.4 units)	N/A	08/21	N/A			86		131		—	%	(6)
						12,648		12,576		12,779

Perimeter Master Note Business Trust	Credit Card ABS	Structured Secured Note - Class A	4.7% Cash	05/22	05/27	137		137		129		—	%	(3) (6)
		Structured Secured Note - Class B	5.4% Cash	05/22	05/27	137		137		131		—	%	(3) (6)
		Structured Secured Note - Class C	5.9% Cash	05/22	05/27	137		137		126		—	%	(3) (6)
		Structured Secured Note - Class D	8.5% Cash	05/22	05/27	137		137		125		—	%	(3) (6)
		Structured Secured Note - Class E	11.4% Cash	05/22	05/27	6,986		6,986		6,406		1.0	%	(3) (6)
						7,534		7,534		6,917

Permaconn BidCo Pty Ltd	Tele-communications	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	12/21	07/29	4,914		4,746		4,823		0.7	%	(3) (6) (7) (18)
						4,914		4,746		4,823

Polara Enterprises, L.L.C.	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	12/21	12/27	1,909		1,882		1,909		0.3	%	(6) (7) (12)
		Revolver	SOFR + 4.75%, 10.2% Cash	12/21	12/27	—		(4)		—		—	%	(6) (7) (12) (28)
		Partnership Units (3,704.3 units)	N/A	12/21	N/A			370		643		0.1	%	(6)
						1,909		2,248		2,552

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Techone B.V. Technology First Lien Senior Secured Term Loan EURIBOR + 5.50%,7.9% Cash 11/21 11/28 $ 2,905 $ 2,984 $ 2,772 0.5 % (3) (6) (7) (12)
Revolver EURIBOR + 5.50%, 7.9% Cash 11/21 05/28 91 89 84 — % (3) (6) (7) (12)
2,996 3,073 2,856
Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan LIBOR + 5.00%, 9.7% Cash 12/21 12/23 588 579 581 0.1 % (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 5.00%, 9.7% Cash 12/21 12/27 3,620 3,566 3,579 0.6 % (6) (7) (9)
Revolver LIBOR + 5.00%, 9.7% Cash 12/21 12/27 — (11) (9) — % (6) (7) (9)
4,208 4,134 4,151
Terrybear, Inc. Consumer Products Subordinated Term Loan 10.0% Cash, 4.0% PIK 04/22 04/28 263 259 259 — % (6)
Partnership Equity (24,358.97 units) N/A 04/22 N/A 239 255 — % (6) (30)
263 498 514
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan LIBOR + 4.25%, 9.0% Cash 10/21 12/27 807 750 769 0.1 % (6) (7) (9)
Revolver LIBOR + 4.25%, 9.0% Cash 10/21 12/27 — (12) (9) — % (6) (7) (9)
Subordinated Term Loan LIBOR + 7.75%, 12.7% Cash 10/21 10/28 3,297 3,242 3,254 0.5 % (6) (7) (10)
4,104 3,980 4,014
The Cleaver-Brooks Company, Inc. Industrial Equipment First Lien Senior Secured Term Loan SOFR + 5.75%, 10.1% Cash 07/22 07/28 13,238 12,963 12,990 2.1 % (6) (7) (14)
Subordinated Term Loan 11.0% PIK 07/22 07/29 2,828 2,768 2,774 0.5 % (6)
16,066 15,731 15,764
The Octave Music Group, Inc. Media: Diversified & Production Second Lien Senior Secured Term Loan SOFR + 7.50%, 12.1% Cash 04/22 04/30 7,569 7,428 7,448 1.2 % (6) (7) (15)
Partnership Equity (409,153.1 units) N/A 04/22 N/A 409 616 0.1 % (6) (30)
7,569 7,837 8,064
Trader Corporation Technology First Lien Senior Secured Term Loan CDOR + 6.75%, 11.6% Cash 12/22 12/29 2,300 2,225 2,243 0.4 % (3) (6) (7) (23)
Revolver CDOR + 6.75%, 11.6% Cash 12/22 12/28 — (4) (4) — % (3) (6) (7) (23)
2,300 2,221 2,239
Trident Maritime Systems, Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.5% Cash 02/21 02/27 16,739 16,544 16,512 2.7 % (6) (7) (9)
16,739 16,544 16,512
TSM II Luxco 10 SARL Chemical & Plastics Subordinated Term Loan 9.3% PIK 03/22 03/27 5,719 5,717 5,559 0.9 % (3) (6) (7)
5,719 5,717 5,559
TSYL Corporate Buyer, Inc. Technology First Lien Senior Secured Term Loan SOFR + 4.75%, 9.2% Cash 12/22 12/28 637 591 591 0.1 % (6) (7) (15)
Revolver SOFR + 4.75%, 9.2% Cash 12/22 12/28 — (4) (4) — % (6) (7) (15)
Partnership Units (4,673 units) N/A 12/22 N/A 5 5 — % (6) (30)
637 592 592
Turbo Buyer, Inc. Finance Companies First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.7% Cash 11/21 12/25 8,156 8,020 7,901 1.3 % (6) (7) (9)
8,156 8,020 7,901
Turnberry Solutions, Inc. Consumer Cyclical First Lien Senior Secured Term Loan SOFR + 6.25%, 9.2% Cash 07/21 09/26 7,937 7,818 7,818 1.3 % (6) (7) (15)
7,937 7,818 7,818


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Policy Services Company, LLC	Property & Casualty Insurance	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash, 4.0% PIK	12/21	06/26	$	21,494	$	21,138	$	21,140	3.2	%	(6) (7) (12)
		Warrants - Class A (1.0710 units)	N/A	12/21	N/A			—		543		0.1	%	(6) (27)
		Warrants - Class B (0.3614 units)	N/A	12/21	N/A			—		183		—	%	(6) (27)
		Warrants - Class CC (0.0372 units)	N/A	12/21	N/A			—		—		—	%	(6) (27)
		Warrants - Class D (0.1035 units)	N/A	12/21	N/A			—		52		—	%	(6) (27)
						21,494		21,138		21,918

Premium Franchise Brands, LLC	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.5% Cash	12/20	12/26	11,695		11,555		11,620		1.8	%	(6) (7) (12)
						11,695		11,555		11,620

Premium Invest	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	06/21	12/30	2,334		2,139		2,258		0.3	%	(3) (6) (7) (10) (28)
						2,334		2,139		2,258

Preqin MC Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SOFR + 5.25%, 11.0% Cash	08/21	07/28	3,147		3,080		3,135		0.5	%	(3) (6) (7) (13)
						3,147		3,080		3,135

Process Insights Acquisition, Inc.	Electronics	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	07/23	07/29	3,554		3,458		3,529		0.5	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.25%, 11.6% Cash	07/23	07/29	—		(16)		(4)		—	%	(6) (7) (12) (28)
		Common Stock (188 shares)	N/A	07/23	N/A			188		227		—	%	(6) (27)
						3,554		3,630		3,752

ProfitOptics, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.5% Cash	03/22	03/28	654		644		654		0.1	%	(6) (7) (13)
		Revolver	SOFR + 5.75%, 11.5% Cash	03/22	03/28	110		107		110		—	%	(6) (7) (13) (28)
		Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	32		32		29		—	%	(6)
		LLC Units (96,774.2 units)	N/A	03/22	N/A			65		88		—	%	(6) (27)
						796		848		881

Protego Bidco B.V.	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.8% Cash	03/21	03/28	403		419		394		0.1	%	(3) (6) (7) (10) (28)
		Revolver	EURIBOR + 6.50%, 10.5% Cash	03/21	03/27	749		791		731		0.1	%	(3) (6) (7) (10)
						1,152		1,210		1,125

PSP Intermediate 4, LLC	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	05/22	05/29	902		842		820		0.1	%	(3) (6) (7) (8) (28)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	05/22	05/29	1,411		1,391		1,305		0.2	%	(3) (6) (7) (11)
						2,313		2,233		2,125

QPE7 SPV1 BidCo Pty Ltd	Consumer Cyclical	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.8% Cash	09/21	09/26	2,885		3,011		2,838		0.4	%	(3) (6) (7) (17)
						2,885		3,011		2,838

Qualified Industries, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	03/23	03/29	603		586		592		0.1	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.2% Cash	03/23	03/29	—		(6)		(2)		—	%	(6) (7) (12) (28)
		Preferred Stock (148 shares)	10.0% PIK	03/23	N/A			143		159		—	%	(6) (27)
		Common Stock (303,030 shares)	N/A	03/23	N/A			3		64		—	%	(6) (27)
						603		726		813

Questel Unite	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	12/20	12/27	2,387		2,473		2,204		0.3	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/20	12/27	370		366		357		0.1	%	(3) (6) (7) (12)
						2,757		2,839		2,561

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
UKFast Leaders Limited Technology First Lien Senior Secured Term Loan SONIA + 7.25%, 10.8% Cash 09/20 09/27 $ 1,003 $ 1,049 $ 887 0.1 % (3) (6) (7) (18)
1,003 1,049 887
Union Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.75%, 9.2% Cash 06/22 06/29 882 870 847 0.1 % (3) (6) (7) (18)
882 870 847
United Therapy Holding III GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 5.50%, 8.3% Cash 04/22 03/29 1,230 1,184 1,180 0.2 % (3) (6) (7) (13)
1,230 1,184 1,180
Utac Ceram Business Services First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.2% Cash 09/20 09/27 747 825 740 0.1 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 8.9% Cash 02/21 09/27 364 364 360 0.1 % (3) (6) (7) (9)
1,111 1,189 1,100
Victoria Bidco Limited Industrial Machinery First Lien Senior Secured Term Loan SONIA + 6.50%, 7.7% Cash 03/22 01/29 7,041 7,694 6,844 1.1 % (3) (6) (7) (19)
First Lien Senior Secured Term Loan SONIA + 6.50%, 8.7% Cash 03/22 01/29 722 709 702 0.1 % (3) (6) (7) (18)
7,763 8,403 7,546
VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B 6.3% Cash 11/21 2/29 9,286 9,286 7,584 1.3 % (6)
9,286 9,286 7,584
Vital Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.2% Cash 06/21 06/28 12,485 12,281 12,485 2.1 % (6) (7) (9)
Partnership Units (16,442.9 units) N/A 06/21 N/A 164 293 — % (6) (30)
12,485 12,445 12,778
W2O Holdings, Inc. Healthcare Technology First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.5% Cash 10/20 06/25 1,348 1,334 1,335 0.2 % (6) (7) (9)
1,348 1,334 1,335
Wheels Up Experience Inc Transportation Services First Lien Senior Secured Term Loan 12.0% Cash 10/22 04/31 9,000 8,648 8,768 1.5 % (6)
9,000 8,648 8,768
Willis Engine Structured Trust VI Structured Finance Structured Secured Note - Series 2021-1 Class C 7.4% Cash 05/21 05/46 2,163 2,163 1,767 0.3 %
2,163 2,163 1,767
Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.5% Cash 12/21 12/27 3,336 3,279 2,992 0.5 % (6) (7) (9)
Revolver LIBOR + 5.75%, 10.5% Cash 12/21 12/27 835 817 727 0.1 % (6) (7) (9)
Common Stock (777.3 shares) N/A 12/21 N/A 777 473 0.1 % (6) (30)
4,171 4,873 4,192
WWEC Holdings III Corp Capital Goods First Lien Senior Secured Term Loan SOFR + 6.00%, 10.6% Cash 10/22 09/28 5,390 5,233 5,226 0.9 % (6) (7) (15)
Revolver SOFR + 6.00%, 10.6% Cash 10/22 09/28 419 397 396 0.1 % (6) (15)
5,809 5,630 5,622
Xeinadin Bidco Limited Financial Other First Lien Senior Secured Term Loan SONIA + 5.25%, 8.2% Cash 05/22 05/29 5,365 5,339 5,188 0.9 % (3) (6) (7) (18)
Subordinated Term Loan 11.0% PIK 05/22 05/29 1,895 1,889 1,844 0.3 % (3) (6)
Common Stock (177,141 shares) N/A 05/22 N/A 226 220 — % (3) (6) (30)
7,260 7,454 7,252


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
R1 Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	12/22	12/28	$	5,569	$	5,383	$	5,426	0.8	%	(6) (7) (13) (28)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	63		33		40		—	%	(6) (7) (13) (28)
						5,632		5,416		5,466

Randys Holdings, Inc.	Automobile Manufacturers	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	11/22	11/28	9,841		9,547		9,601		1.5	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.50%, 11.9% Cash	11/22	11/28	404		370		379		0.1	%	(6) (7) (12) (28)
		Partnership Units (4,000 units)	N/A	11/22	N/A			400		427		0.1	%	(6) (27)
						10,245		10,317		10,407

Recovery Point Systems, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.4% Cash	08/20	07/26	4,969		4,920		4,969		0.8	%	(6) (7) (12)
		Partnership Equity (81,313 units)	N/A	03/21	N/A			81		45		—	%	(6) (27)
						4,969		5,001		5,014

Renovation Parent Holdings, LLC	Home Furnishings	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	11/21	11/27	7,545		7,416		6,609		1.0	%	(6) (7) (12)
		Partnership Equity (394,736.8 units)	N/A	11/21	N/A			395		134		—	%	(6) (27)
						7,545		7,811		6,743

REP SEKO MERGER SUB LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	12/20	12/26	7,096		7,374		6,883		1.1	%	(6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	06/22	12/26	2,121		1,991		2,058		0.3	%	(6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	12/20	12/26	1,911		1,885		1,854		0.3	%	(6) (7) (12)
						11,128		11,250		10,795

Resonetics, LLC	Health Care Equipment	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.6% Cash	04/21	04/29	1,859		1,831		1,850		0.3	%	(6) (7) (12)
						1,859		1,831		1,850

Riedel Beheer B.V.	Food & Beverage	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	12/21	12/28	2,291		2,256		2,078		0.3	%	(3) (6) (7) (9)
						2,291		2,256		2,078

Rock Labor LLC	Media: Diversified & Production	First Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	09/23	09/29	3,741		3,632		3,638		0.6	%	(6) (7) (11)
		Revolver	SOFR + 7.50%, 12.9% Cash	09/23	09/29	—		(17)		(17)		—	%	(6) (7) (11) (28)
		LLC Units (132,475 units)	N/A	09/23	N/A			709		869		0.1	%	(6) (27)
						3,741		4,324		4,490

Royal Buyer, LLC	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	08/22	08/24	642		625		630		0.1	%	(6) (7) (12) (28)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	08/22	08/28	5,467		5,377		5,406		0.8	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	08/22	08/28	204		190		194		—	%	(6) (7) (12) (28)
						6,313		6,192		6,230

RPX Corporation	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	10/20	10/25	8,903		8,815		8,853		1.4	%	(6) (7) (12)
						8,903		8,815		8,853

Safety Products Holdings, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	12/20	12/26	5,567		5,509		5,444		0.8	%	(6) (7) (12)
		Preferred Stock (86.3 shares)	N/A	12/20	N/A			87		107		—	%	(6) (27)
						5,567		5,596		5,551

Sanoptis S.A.R.L.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.4% Cash	06/22	07/29	2,482		2,308		2,392		0.4	%	(3) (6) (7) (9) (28)
		First Lien Senior Secured Term Loan	SARON + 5.50%, 7.2% Cash	06/22	07/29	1,208		1,096		1,167		0.2	%	(3) (6) (7) (23)
						3,690		3,404		3,559

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Investment Type (1)(2)
Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
ZB Holdco LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.5% Cash 02/22 02/28 $ 1,342 $ 1,311 $ 1,314 0.2 % (6) (7) (9)
Revolver LIBOR + 4.75%, 9.5% Cash 02/22 02/28 — (7) (6) — % (6) (7) (9)
LLC Units (76.3 units N/A 02/22 02/28 76 95 — % (6) (30)
1,342 1,380 1,403
Zeppelin Bidco Limited Services: Business First Lien Senior Secured Term Loan SONIA + 6.25%, 9.2% Cash 03/22 03/29 2,910 3,074 2,581 0.4 % (3) (6) (7) (17)
2,910 3,074 2,581
Subtotal Non–Control / Non–Affiliate Investments (185.1%) 1,118,748 1,154,788 1,114,337
Affiliate Investments: (4)
Banff Partners LP Investment Funds & Vehicles 10% Partnership Interest N/A 03/21 N/A 14,646 14,730 2.4 % (3)
14,646 14,730
Eclipse Business Capital, LLC Banking, Finance, Insurance & Real Estate Second Lien Senior Secured Term Loan 7.5% Cash 07/21 07/28 2,246 2,227 2,246 0.4 % (6)
Revolver LIBOR + 7.25% 07/21 07/28 2,605 2,552 2,605 0.4 % (6) (8)
LLC Units (44,197,541 units) N/A 07/21 N/A 46,065 66,738 11.1 % (6)
4,851 50,844 71,589
Thompson Rivers LLC Investment Funds & Vehicles 6.6% Member Interest N/A 06/20 N/A 18,769 12,537 2.1 %
18,769 12,537
Waccamaw River LLC Investment Funds & Vehicles 20% Member Interest N/A 02/21 N/A 22,556 20,212 3.4 % (3)
22,556 20,212
Subtotal Affiliate Investments (19.8%) 4,851 106,815 119,068
Total Investments, December 31, 2022 (204.9%)* $ 1,123,599 $ 1,261,603 $ 1,233,405


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
SBP Holdings LP	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	03/23	03/28	$	6,846	$	6,634	$	6,721	1.0	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.75%, 12.1% Cash	03/23	03/28	—		(16)		(10)		—	%	(6) (7) (12) (28)
						6,846		6,618		6,711

Scaled Agile, Inc.	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/28	1,802		1,776		1,759		0.3	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/28	56		52		48		—	%	(6) (7) (12) (28)
						1,858		1,828		1,807

Scout Bidco B.V.	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	05/22	05/29	4,013		3,810		3,957		0.6	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	05/22	05/29	508		508		501		0.1	%	(3) (6) (7) (12)
		Revolver	EURIBOR + 5.75%, 9.7% Cash	05/22	05/29	212		202		205		—	%	(3) (6) (7) (9) (28)
						4,733		4,520		4,663

Sereni Capital NV	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.3% Cash	05/22	05/29	2,616		2,480		2,522		0.4	%	(3) (6) (7) (10)
						2,616		2,480		2,522

Serta Simmons Bedding LLC	Home Furnishings	Common Stock (59,747 shares)	N/A	06/23	N/A			893		433		0.1	%	(6) (27)

								893		433

Shelf Bidco Ltd	Other Financial	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.7% Cash	12/22	01/30	17,357		16,873		17,009		2.6	%	(3) (6) (7) (12)
		Common Stock (600,000 shares)	N/A	12/22	N/A			600		774		0.1	%	(3) (6) (27)
						17,357		17,473		17,783

Sinari Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	07/23	07/30	1,880		1,804		1,822		0.3	%	(3) (6) (7) (10) (28)
						1,880		1,804		1,822

SISU ACQUISITIONCO., INC.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	12/20	12/26	4,850		4,791		4,572		0.7	%	(6) (7) (11) (28)
						4,850		4,791		4,572

Smartling, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	11/21	11/27	9,262		9,134		9,169		1.4	%	(6) (7) (11)
		Revolver	SOFR + 4.50%, 9.9% Cash	11/21	11/27	—		(8)		(6)		—	%	(6) (7) (11) (28)
						9,262		9,126		9,163

SmartShift Group, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	09/23	09/29	6,422		6,222		6,222		1.0	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.25%, 11.6% Cash	09/23	09/29	—		(26)		(25)		—	%	(6) (7) (12) (28)
		Common Stock (183 shares)	N/A	09/23	N/A			183		192		—	%	(6) (27)
						6,422		6,379		6,389

SN BUYER, LLC	Health Care Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	12/20	12/26	4,400		4,352		4,346		0.7	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	11/22	12/26	1,880		1,852		1,857		0.3	%	(6) (7) (12)
						6,280		6,204		6,203

Soho Square III Debtco II SARL	Diversified Capital Markets	First Lien Senior Secured Term Loan	9.5% PIK	10/22	10/27	5,461		5,094		5,450		0.8	%	(3) (6)
						5,461		5,094		5,450

Solo Buyer, L.P.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/22	12/29	13,496		13,195		13,159		2.0	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.7% Cash	12/22	12/28	399		374		369		0.1	%	(6) (7) (12) (28)
		Partnership Units (309,839 units)	N/A	12/22	N/A			310		229		—	%	(6) (27)
						13,895		13,879		13,757

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)

Foreign Currency Forward Contracts:
Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD) A$39,294 $26,337 BNP Paribas SA 01/09/23 $ 408
Foreign currency forward contract (AUD) A$2,000 $1,374 HSBC Bank USA 01/09/23 (12)
Foreign currency forward contract (AUD) $26,835 A$41,294 HSBC Bank USA 01/09/23 (1,272)
Foreign currency forward contract (AUD) $26,797 A$39,836 BNP Paribas SA 04/11/23 (420)
Foreign currency forward contract (CAD) C$6,033 $4,435 HSBC Bank USA 01/09/23 23
Foreign currency forward contract (CAD) $4,428 C$6,033 HSBC Bank USA 01/09/23 (29)
Foreign currency forward contract (CAD) $4,301 C$5,844 HSBC Bank USA 04/11/23 (22)
Foreign currency forward contract (DKK) 3,720kr. $531 Fifth Third Bank 01/09/23 4
Foreign currency forward contract (DKK) $494 3,720kr. HSBC Bank USA 01/09/23 (42)
Foreign currency forward contract (DKK) $542 3,770kr. Fifth Third Bank 04/11/23 (4)
Foreign currency forward contract (EUR) €83,782 $88,963 BNP Paribas SA 01/09/23 711
Foreign currency forward contract (EUR) $82,670 €83,782 HSBC Bank USA 01/09/23 (7,005)
Foreign currency forward contract (EUR) $91,411 €85,552 BNP Paribas SA 04/11/23 (734)
Foreign currency forward contract (GBP) £19,224 $23,352 HSBC Bank USA 01/09/23 (132)
Foreign currency forward contract (GBP) $21,343 £19,224 HSBC Bank USA 01/09/23 (1,878)
Foreign currency forward contract (GBP) $19,375 £16,013 HSBC Bank USA 04/11/23 (9)
Foreign currency forward contract (NZD) NZ$9,080 $5,707 Fifth Third Bank 01/09/23 53
Foreign currency forward contract (NZD) NZ$3,000 $1,936 HSBC Bank USA 01/09/23 (33)
Foreign currency forward contract (NZD) $6,701 NZ$11,738 BNP Paribas SA 01/09/23 (745)
Foreign currency forward contract (NZD) $213 NZ$342 HSBC Bank USA 01/09/23 (4)
Foreign currency forward contract (NZD) $5,747 NZ$9,139 Fifth Third Bank 04/11/23 (54)
Foreign currency forward contract (NOK) kr19,278 $1,960 Fifth Third Bank 01/09/23 —
Foreign currency forward contract (NOK) $1,767 kr18,890 BNP Paribas SA 01/09/23 (153)
Foreign currency forward contract (NOK) $39 kr388 HSBC Bank USA 01/09/23 —
Foreign currency forward contract (NOK) $1,970 kr19,301 Fifth Third Bank 04/11/23 —
Foreign currency forward contract (NOK) $74 kr725 HSBC Bank USA 04/11/23 —
Foreign currency forward contract (CHF) 1,423Fr. $1,537 HSBC Bank USA 01/09/23 3
Foreign currency forward contract (CHF) $1,262 1,223Fr. BNP Paribas SA 01/09/23 (62)
Foreign currency forward contract (CHF) $206 200Fr. HSBC Bank USA 01/09/23 (10)
Foreign currency forward contract (CHF) $1,552 1,422Fr. HSBC Bank USA 04/11/23 (2)
Total Foreign Currency Forward Contracts, December 31, 2022 $ (11,420)


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Other Utility	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	11/22	03/27	$	1,921	$	1,880	$	1,858	0.3	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.00%, 10.3% Cash	11/22	03/27	66		64		62		—	%	(6) (7) (12) (28)
						1,987		1,944		1,920

Spatial Business Systems LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	10/22	10/28	5,829		5,692		5,731		0.9	%	(6) (7) (11) (28)
		Revolver	SOFR + 5.50%, 10.9% Cash	10/22	10/28	—		(14)		(10)		—	%	(6) (7) (11) (28)
						5,829		5,678		5,721

SSCP Pegasus Midco Limited	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.3% Cash	12/20	11/27	786		769		786		0.1	%	(3) (6) (7) (15) (28)
						786		769		786

SSCP Spring Bidco 3 Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	11/23	11/30	976		932		947		0.1	%	(3) (6) (7) (16)
						976		932		947

Starnmeer B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	10/21	04/27	4,640		4,594		4,621		0.7	%	(3) (6) (7) (13)
						4,640		4,594		4,621

Superjet Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/27	16,199		15,967		16,091		2.5	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/27	365		345		355		0.1	%	(6) (7) (12) (28)
						16,564		16,312		16,446

Syniverse Holdings, Inc.	Technology Distributors	Series A Preferred Equity (7,575,758 units)	12.5% PIK	05/22	N/A			8,989		8,788		1.3	%	(6)
								8,989		8,788

Syntax Systems Ltd	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	11/21	10/28	4,074		4,045		4,074		0.6	%	(3) (6) (7) (11)
		Revolver	SOFR + 5.50%, 11.0% Cash	11/21	10/28	366		363		366		0.1	%	(3) (6) (7) (11) (28)
						4,440		4,408		4,440

TA SL Cayman Aggregator Corp.	Technology	Subordinated Term Loan	7.8% PIK	07/21	07/28	1,134		1,122		1,110		0.2	%	(6)
		Common Stock (736 shares)	N/A	07/21	N/A			23		34		—	%	(6) (27)
						1,134		1,145		1,144

Tank Holding Corp	Metal & Glass Containers	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	03/22	03/28	7,253		7,130		7,174		1.1	%	(6) (7) (11)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	05/23	03/28	1,639		1,584		1,620		0.2	%	(6) (7) (11) (28)
		Revolver	SOFR + 5.75%, 11.2% Cash	03/22	03/28	175		164		167		—	%	(6) (7) (11) (28)
						9,067		8,878		8,961

Tanqueray Bidco Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	11/22	11/29	1,730		1,502		1,730		0.3	%	(3) (6) (7) (15) (28)
						1,730		1,502		1,730

Team Air Distributing, LLC	Consumer Cyclical	Subordinated Term Loan	12.0% Cash	05/23	05/28	600		589		590		0.1	%	(6)
		Partnership Equity (400,000 units)	N/A	05/23	N/A			400		420		0.1	%	(6) (27)
						600		989		1,010

Techone B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.3% Cash	11/21	11/28	3,007		2,994		2,955		0.5	%	(3) (6) (7) (9)
		Revolver	EURIBOR + 5.50%, 9.3% Cash	11/21	05/28	63		57		60		—	%	(3) (6) (7) (9) (28)
						3,070		3,051		3,015

Tencarva Machinery Company, LLC	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.6% Cash	12/21	12/27	4,175		4,124		4,151		0.6	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.6% Cash	12/21	12/27	—		(9)		(4)		—	%	(6) (7) (12) (28)
						4,175		4,115		4,147

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Terrybear, Inc.	Consumer Products	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	$	274	$	270	$	260	—	%	(6)
		Partnership Equity (24,358.97 units)	N/A	04/22	N/A			239		115		—	%	(6) (27)
						274		509		375

The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.6% Cash	10/21	12/27	799		766		799		0.1	%	(6) (7) (12) (28)
		Revolver	SOFR + 4.25%, 9.6% Cash	10/21	12/27	—		(9)		—		—	%	(6) (7) (12) (28)
		Subordinated Term Loan	SOFR + 7.75%, 13.2% Cash	10/21	12/27	3,464		3,416		3,445		0.5	%	(6) (7) (13)
						4,263		4,173		4,244

The Cleaver-Brooks Company, Inc.	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	07/22	07/28	12,065		11,871		12,065		1.9	%	(6) (7) (11)
		Revolver	SOFR + 5.75%, 11.1% Cash	07/22	07/28	—		(25)		—		—	%	(6) (7) (11) (28)
		Subordinated Term Loan	12.5% PIK	07/22	07/29	2,470		2,431		2,441		0.4	%	(6)
						14,535		14,277		14,506

The Octave Music Group, Inc.	Media: Diversified & Production	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.8% Cash	04/22	04/30	2,585		2,542		2,563		0.4	%	(6) (7) (12)
		Partnership Equity (409,153.1 units)	N/A	04/22	N/A			409		1,301		0.2	%	(6) (27)
						2,585		2,951		3,864

Trader Corporation	Technology	First Lien Senior Secured Term Loan	CDOR + 6.75%, 12.2% Cash	12/22	12/29	2,346		2,214		2,309		0.4	%	(3) (6) (7) (20)
		Revolver	CDOR + 6.75%, 12.2% Cash	12/22	12/28	—		(4)		(3)		—	%	(3) (6) (7) (20) (28)
						2,346		2,210		2,306

Trident Maritime Systems, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	02/21	02/27	17,714		17,553		17,315		2.7	%	(6) (7) (12)
						17,714		17,553		17,315

Trintech, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	07/23	07/29	4,643		4,511		4,527		0.7	%	(6) (7) (11)
		Revolver	SOFR +6.50%, 11.9% Cash	07/23	07/29	102		92		93		—	%	(6) (7) (11) (28)
						4,745		4,603		4,620

TSYL Corporate Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	12/22	12/28	844		805		810		0.1	%	(6) (7) (12) (28)
		Revolver	SOFR + 4.75%, 10.1% Cash	12/22	12/28	—		(3)		(3)		—	%	(6) (7) (12) (28)
		Partnership Units (4,673 units)	N/A	12/22	N/A			5		9		—	%	(6) (27)
						844		807		816

Turbo Buyer, Inc.	Finance Companies	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	11/21	12/25	8,074		7,982		7,784		1.2	%	(6) (7) (12) (28)
						8,074		7,982		7,784

Turnberry Solutions, Inc.	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	07/21	09/26	7,877		7,789		7,815		1.2	%	(6) (7) (12)
						7,877		7,789		7,815

UBC Ledgers Holding AB	Financial Other	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 9.3% Cash	12/23	12/30	1,590		1,467		1,529		0.2	%	(3) (6) (7) (25) (28)
		Revolver	STIBOR + 5.25%, 9.3% Cash	12/23	06/24	—		—		—		—	%	(3) (6) (7) (25) (28)
						1,590		1,467		1,529

UKFast Leaders Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 4.50%, 4.5% Cash, 3.4% PIK	09/20	09/27	1,102		1,092		995		0.2	%	(3) (6) (7) (15)
						1,102		1,092		995

Union Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.4% Cash	06/22	06/29	934		873		877		0.1	%	(3) (6) (7) (15) (28)
						934		873		877

United Therapy Holding III GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.9% Cash	04/22	03/29	1,802		1,705		1,312		0.2	%	(3) (6) (7) (10) (28)
						1,802		1,705		1,312

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Unither (Uniholding)	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	03/23	03/30	$	2,094	$	1,956	$	2,037	0.3	%	(3) (6) (7) (9) (28)
						2,094		1,956		2,037

Utac Ceram	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 6.65%, 10.1% Cash, 1.8% PIK	09/20	09/27	785		839		739		0.1	%	(3) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 6.65%, 12.0% Cash, 1.8% PIK	02/21	09/27	364		364		342		0.1	%	(3) (6) (7) (12)
						1,149		1,203		1,081

Victoria Bidco Limited	Industrial Machinery	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.4% Cash	03/22	01/29	8,227		8,433		7,396		1.1	%	(3) (6) (7) (15)
						8,227		8,433		7,396

VistaJet Pass Through Trust 2021-1B	Airlines	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	7,857		7,857		6,524		1.0	%	(6)
						7,857		7,857		6,524

Vital Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	06/21	06/28	12,292		12,123		12,292		1.9	%	(6) (7) (12)
		Partnership Units (16,442.9 units)	N/A	06/21	N/A			164		434		0.1	%	(6) (27)
						12,292		12,287		12,726

W2O Holdings, Inc.	Healthcare Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	10/20	06/25	2,386		2,382		2,338		0.4	%	(6) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	10/20	06/25	1,047		1,020		1,021		0.2	%	(6) (13) (28)
						3,433		3,402		3,359

WEST-NR ACQUISITIONCO, LLC	Insurance	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	08/23	12/27	1,247		1,201		1,201		0.2	%	(6) (7) (12) (28)
						1,247		1,201		1,201

Wheels Up Experience Inc	Transportation Services	First Lien Senior Secured Term Loan	12.0% Cash	09/22	10/29	7,163		6,911		6,590		1.0	%	(6)
						7,163		6,911		6,590

Whitcraft Holdings, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.3% Cash	02/23	02/29	6,291		6,066		6,096		0.9	%	(6) (7) (12)
		Revolver	SOFR + 7.00%, 12.3% Cash	02/23	2/24	63		31		34		—	%	(6) (7) (12) (28)
		LP Units (31,543.6 units)	N/A	02/23	N/A			315		402		0.1	%	(6) (27)
						6,354		6,412		6,532

White Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	10/23	10/30	875		844		843		0.1	%	(3) (6) (7) (12) (28)
						875		844		843

Willis Engine Structured Trust VI	Structured Finance	Structured Secured Note - Series 2021-1 Class C	7.4% Cash	05/21	5/46	1,814		1,814		1,475		0.2	%	(6)
						1,814		1,814		1,475

Woodland Foods, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.4% Cash	12/21	12/27	3,302		3,256		3,031		0.5	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.4% Cash	12/21	12/27	730		715		644		0.1	%	(6) (7) (12) (28)
		Common Stock (777.3 shares)	N/A	12/21	N/A			777		473		0.1	%	(6) (27)
						4,032		4,748		4,148

WWEC Holdings III Corp	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	10/22	10/28	6,501		6,374		6,501		1.0	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.1% Cash	10/22	10/28	175		157		175		—	%	(6) (7) (12) (28)
						6,676		6,531		6,676

Xeinadin Bidco Limited	Financial Other	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.4% Cash	05/22	05/29	6,136		5,821		6,024		0.9	%	(3) (6) (7) (15) (28)
		Subordinated Term Loan	11.0% PIK	05/22	05/29	2,314		2,193		2,276		0.3	%	(3) (6)
		Common Stock (18,266,390 shares)	N/A	05/22	N/A			226		233		—	%	(3) (6) (27)
						8,450		8,240		8,533

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)


Portfolio Company (5)	Industry (29)	Investment Type (1)(2)(30)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
ZB Holdco LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	02/22	02/28	$	3,170	$	3,093	$	3,135	0.5	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.00%, 11.5% Cash	02/22	02/28	—		(6)		(3)		—	%	(6) (7) (12) (28)
		LLC Units (76.3 units)	N/A	02/22	02/28			76		86		—	%	(6)
						3,170		3,163		3,218

Zeppelin Bidco Limited	Services: Business	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.4% Cash	03/22	03/29	3,084		3,098		2,859		0.4	%	(3) (6) (7) (15) (28)
						3,084		3,098		2,859

Subtotal Non–Control / Non–Affiliate Investments (177.0%)*						1,141,475		1,170,790		1,154,383


Affiliate Investments: (4)
Banff Partners LP	Investment Funds & Vehicles	10% Partnership Interest	N/A	03/21	N/A			14,646		16,219		2.5	%	(3) (27)
								14,646		16,219

Celebration Bidco, LLC	Chemicals, Plastics, & Rubber	First Lien Senior Secured Term Loan	SOFR + 8.00%, 13.3% Cash	12/23	12/30	2,486		2,486		2,486		0.4	%	(6) (12)
		Common Stock (497,228 shares)	N/A	12/23	N/A			4,871		4,871		0.7	%	(6) (27)
						2,486		7,357		7,357

Coastal Marina Holdings, LLC	Hotel, Gaming & Leisure	Subordinated Term Loan	8.0% Cash	11/21	11/31	8,310		7,798		7,824		1.2	%	(6)
		Subordinated Term Loan	10.0% PIK	11/21	11/31	3,647		3,459		3,434		0.5	%	(6)
		LLC Units (1,203,914.5 units)	N/A	11/21	N/A			5,472		6,080		0.9	%	(6) (27)
						11,957		16,729		17,338

Eclipse Business Capital, LLC	Banking, Finance, Insurance & Real Estate	Revolver	SOFR + 7.25%, 12.6% Cash	07/21	07/28	2,740		2,695		2,740		0.4	%	(6) (11) (28)
		Second Lien Senior Secured Term Loan	7.5% Cash	07/21	07/28	2,246		2,230		2,246		0.3	%	(6)
		LLC Units (44,197,541 units)	N/A	07/21	N/A			45,934		72,041		11.0	%	(6)
						4,986		50,859		77,027

Rocade Holdings LLC	Other Financial	Preferred LP Units (50,500 units)	SOFR + 6.0% PIK, 11.3% PIK	02/23	N/A			55,258		55,258		8.5	%	(6) (12) (28)
		Common LP Units (15.4 units)	N/A	02/23	N/A			—		546		0.1	%	(6) (27)
								55,258		55,804

Thompson Rivers LLC	Investment Funds & Vehicles	6.6% Member Interest	N/A	06/20	N/A			11,441		5,523		0.8	%	(27)
								11,441		5,523

Waccamaw River LLC	Investment Funds & Vehicles	20% Member Interest	N/A	02/21	N/A			25,036		15,470		2.4	%	(3) (27)
								25,036		15,470

Subtotal Affiliate Investments (29.9%)*						19,429		181,326		194,738











Total Investments, December 31, 2023 (206.9%)*						$	1,160,904	$	1,352,116	$	1,349,121

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)

Foreign Currency Forward Contracts:

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

Foreign currency forward contract (AUD)

$22,960

A$35,907

BNP Paribas SA

01/10/24

(1,568)

Foreign currency forward contract (AUD)

$569

A$867

HSBC Bank USA

01/10/24

(23)

Foreign currency forward contract (CAD)

$4,087

C$5,577

BNP Paribas SA

01/10/24

(137)

Foreign currency forward contract (CAD)

$182

C$245

HSBC Bank USA

01/10/24

(4)

Foreign currency forward contract (DKK)

$548

3,873kr.

BNP Paribas SA

01/10/24

(27)

Foreign currency forward contract (DKK)

$17

120kr.

HSBC Bank USA

01/10/24

(1)

Foreign currency forward contract (EUR)

$93,155

€88,305

BNP Paribas SA

01/10/24

(4,541)

Foreign currency forward contract (EUR)

$7,409

€6,840

HSBC Bank USA

01/10/24

(158)

Foreign currency forward contract (GBP)

$18,602

£15,328

BNP Paribas SA

01/10/24

(927)

Foreign currency forward contract (NZD)

$5,813

NZ$9,760

BNP Paribas SA

01/10/24

(373)

Foreign currency forward contract (NZD)

$126

NZ$215

HSBC Bank USA

01/10/24

(10)

Foreign currency forward contract (NOK)

$1,946

21,024kr

BNP Paribas SA

01/10/24

(130)

Foreign currency forward contract (SEK)

$1,523

16,000kr

HSBC Bank USA

01/10/24

(69)

Foreign currency forward contract (CHF)

$1,843

1,672Fr.

BNP Paribas SA

01/10/24

(148)

Total Foreign Currency Forward Contracts, December 31, 2023

(8,116)

* Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. ~~A majority of the variable~~Variable rate loans into the Company’s ~~investment~~ portfolio companies bear interest at a rate that may be determined by reference to ~~LIBOR,~~SOFR, EURIBOR, ~~NIBOR,~~ BBSY, STIBOR, CDOR, SONIA, ~~BKBM,~~ SARON, ~~SOFR~~NIBOR, BKBM or an alternate ~~Base Rate~~base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which ~~typically~~ reset annually, semi-annually, quarterly or ~~monthly at~~monthly. For each such loan, the ~~borrower’s option.~~Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, ~~2022~~2023 represented ~~204.9%~~206.9% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the ~~Company's~~Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent ~~25.8%~~26.9% of total investments at fair value as of December 31, ~~2022.~~2023. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio ~~company's~~company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, ~~2022~~2023 were as follows:

5054

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022~~2023

(Amounts in thousands, except share amounts)


				December 31, 2021 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2022 Value		Amount of Interest or Dividends Credited to Income(c)
	December 31, 2022 Value																					December 31, 2022 Value	Gross Additions (a)	Gross Reductions (b)	Amount of Realized Gain (Loss)	Amount of Unrealized Gain (Loss)	December 31, 2023 Value	Amount of Interest or Dividends Credited to Income(c)
Portfolio Company			Portfolio Company			Type of Investment		December 31, 2021 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2022 Value	Amount of Interest or Dividends Credited to Income(c)	Portfolio Company	Type of Investment
Banff Partners LP	Banff Partners LP	10% Partnership Interest
				12,859		2,000		—		—		(129)		14,730		940

Celebration Bidco, LLC(d)

		Common Stock (497,228 shares)
	—

Coastal Marina Holdings, LLC (d)
Coastal Marina Holdings, LLC (d)
Coastal Marina Holdings, LLC (d)
	Subordinated Term Loan (10.0% PIK)
	LLC Units (1,203,914.5 units)
			—

Eclipse Business Capital, LLC (d)	Eclipse Business Capital, LLC (d)	Second Lien Senior Secured Term Loan (7.5% Cash)		2,341		3		—		—		(98)		2,246		169
		Revolver (LIBOR + 7.25%)		898		2,615		(899)		—		(9)		2,605		239
		LLC Units (44,197,541 units)		45,789		1,669		—		—		19,280		66,738		5,546
				49,028		4,287		(899)		—		19,173		71,589		5,954
LLC Units (44,197,541 units)
	71,589

Rocade Holdings LLC(d)

		Common LP Units (15.4 units)
	—

Thompson Rivers LLC

Thompson Rivers LLC	Thompson Rivers LLC	6.6% Member Interest		34,893		31		(13,549)		—		(8,838)		12,537		3,775
				34,893		31		(13,549)		—		(8,838)		12,537		3,775

Waccamaw River LLC	Waccamaw River LLC	20% Member Interest		13,501		8,800		(39)		39		(2,089)		20,212		1,850
				13,501		8,800		(39)		39		(2,089)		20,212		1,850
Waccamaw River LLC

Total Affiliate Investments	Total Affiliate Investments			$	110,281	$	15,118	$	(14,487)	$	39	$	8,117	$	119,068	$	12,519
Total Affiliate Investments
Total Affiliate Investments

(b) Gross reductions include decreases in the ~~total~~ cost basis of investments resulting from principal repayments, sales and return of capital.

(c) Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(5)Some or all of the investment is or will be encumbered as security for the ING Credit Facility.

(6)The fair value of the investment was determined using significant unobservable inputs.

(7)Debt investment includes interest rate floor feature.

~~(8)The interest rate on these loans is subject to 1 Month LIBOR, which as~~

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, ~~2022 was 4.39157%.~~2023

(Amounts in thousands, except share amounts)

~~(9)The interest rate on these loans is subject to 3 Month LIBOR, which as of~~ ~~December 31, 2022~~ ~~was 4.76729%.~~

~~(10)The interest rate on these loans is subject to 6 Month LIBOR, which as of~~ ~~December 31, 2022~~ ~~was 5.13886%.~~

~~(11)~~(8)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, ~~2022~~2023 was ~~1.88400%~~3.84500%.

~~(12)~~(9)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, ~~2022~~2023 was ~~2.13200%~~3.90900%.

~~(13)~~(10)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, ~~2022~~2023 was ~~2.69300%~~3.86100%.

~~(14)~~(11)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, ~~2022~~2023 was ~~4.35806%~~5.35472%.

~~(15)~~(12)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, ~~2022~~2023 was ~~4.58745%~~5.33140%.

~~(16)~~(13)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, ~~2022~~2023 was ~~4.78131%~~5.15772%.

~~(17)~~(14)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, ~~2022~~2023 was ~~3.43570%~~5.19920%.

~~(18)~~(15)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, ~~2022~~2023 was ~~3.75470%~~5.20530%.

~~(19)~~(16)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, ~~2022~~2023 was ~~4.09490%~~5.13220%.

~~(20)~~(17)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, ~~2022~~2023 was ~~3.01500%~~4.31000%.

~~(21)~~(18)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, ~~2022~~2023 was ~~3.26470%~~4.35750%.

~~(22)~~(19)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, ~~2022~~2023 was ~~3.76500%~~4.44500%.

~~(23)~~(20)The interest rate on these loans is subject to ~~1 Month~~1Month CDOR, which as of December 31, ~~2022~~2023 was ~~4.73750%~~5.45500%.

~~(24)~~(21)The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, ~~2022~~2023 was ~~4.93500%~~5.44750%.

~~(25)~~(22)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, ~~2022~~2023 was ~~4.53000%~~5.63000%.

~~(26)~~(23)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, ~~2022~~2023 was ~~0.942120%~~1.69524%.

~~(27)~~(24)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, ~~2022~~2023 was ~~3.04000%~~4.59000%.

~~(28)~~(25)The interest rate on these loans is subject to ~~Prime,~~3 Month STIBOR, which as of December 31, ~~2022~~2023 was ~~7.50000%~~4.05200%.

~~(29)~~(26)Non-accrual investment.

~~(30)~~(27)Investment is non-income producing.

(28)Position or portion thereof is an unfunded loan or equity commitment.

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)

(29)A summary of the Company’s investment portfolio by industry at fair value, and as a percentage of total investments and net assets are as follows:


($ in thousands)	December 31, 2023		Percent of Portfolio		Percent of Total Net Assets
Aerospace and Defense	$	81,217	6.0	%	12.5	%
Automotive	16,830		1.2		2.6
Banking, Finance, Insurance and Real Estate	227,415		16.9		34.9
Beverage, Food and Tobacco	24,197		1.8		3.7
Capital Equipment	46,500		3.5		7.1
Chemicals, Plastics, and Rubber	25,679		1.9		3.9
Construction and Building	10,070		0.7		1.6
Consumer goods: Durable	25,563		1.9		3.9
Consumer goods: Non-durable	9,987		0.7		1.5
Containers, Packaging and Glass	23,032		1.7		3.5
Energy: Electricity	6,676		0.5		1.0
Energy: Oil and Gas	2,670		0.2		0.4
Environmental Industries	30,266		2.2		4.7
Healthcare and Pharmaceuticals	130,845		9.7		20.1
High Tech Industries	141,704		10.5		21.7
Hotel, Gaming and Leisure	19,595		1.5		3.0
Investment Funds and Vehicles	37,212		2.8		5.7
Media: Advertising, Printing and Publishing	32,570		2.4		5.0
Media: Broadcasting and Subscription	8,867		0.7		1.4
Media: Diversified and Production	45,924		3.4		7.1


Services: Business	201,007		14.9		30.8
Services: Consumer	69,643		5.2		10.7
Structured Products	32,763		2.4		5.0
Telecommunications	18,341		1.4		2.8
Transportation: Cargo	68,703		5.1		10.5
Transportation: Consumer	1,900		0.1		0.3
Utilities: Electric	9,945		0.7		1.5


Total	$	1,349,121	100.0	%	206.9	%

(30)A summary of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets are as follows:


($ in thousands)	Cost		Percent of Total Portfolio		Fair Value		Percent of Total Portfolio		Percent of Total Net Assets
December 31, 2023:
Senior debt and 1st lien notes	$	1,000,294	74	%	$	985,158	73	%	151	%
Subordinated debt and 2nd lien notes	108,487		8		106,894		8		16
Structured products	29,479		2		26,173		2		4
Equity shares	162,731		12		192,641		14		30
Equity warrants	2		—		1,043		—		—
Investments in joint ventures	51,123		4		37,212		3		6

	$	1,352,116	100	%	$	1,349,121	100	%	207	%

See accompanying notes.

5157

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS, AND BASIS OF PRESENTATION

Organization and Business

The Company was formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, the Company commenced operations and made its first portfolio company investment. The Company is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, the Company has elected to be treated and intends to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Description of Business

The Company is a financial services company that primarily lends to and invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. The Company is externally managed by Barings, an investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is a leading global asset management firm, with ~~$348.0~~$406.1 billion in assets under management as of ~~September 30, 2023.~~March 31, 2024.

Basis of Presentation

The financial statements of the Company include the accounts of Barings Capital Investment Corporation and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment ~~Companies.~~Companies. ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note ~~3 –~~3. Investments,” with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.

The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the ~~audited consolidated financial statements~~Audited Consolidated Financial Statements and notes thereto for the year ended December 31, ~~2022.~~2023. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the Unaudited Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Recently Issued Accounting Standards

In ~~March 2020,~~June 2022, the ~~FASB~~Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, ~~2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting~~2022-03, Fair Value Measurement (Topic 820) (“ASU ~~2020-04”~~2022-03”)., which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU ~~2020-04 provide optional expedients~~2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, ~~exceptions~~therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for ~~applying U.S. GAAP~~equity securities subject to ~~contracts, hedging relationships~~contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 are for fiscal years beginning after December 15, 2023 and ~~other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 was effective for all entities as of March 12, 2020 through December 31, 2022. In~~

~~December 2022, the FASB issued Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the~~

~~Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024.~~interim periods within those fiscal years. The Company determined this guidance will not have a material impact on its consolidated financial statements.

5258

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

2. AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On June 24, 2020, the Company entered into an investment advisory agreement (the “Advisory Agreement”)

with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.

The Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Advisory Agreement is not adversely affected.

The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited (“BIIL”), as a sub-adviser to manage European investments for the Company. BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London, England. As of ~~September 30, 2023,~~March 31, 2024, BIIL had approximately ~~£14.4~~£17.0 billion in assets under management.

Under the Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.

Base Management Fee

The Base Management Fee is calculated at an annual rate of 0.15% of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding (i) cash and cash equivalents (as defined below) and (ii) net unsettled purchases and sales of investments. For services rendered under the Advisory Agreement, the Base Management Fee is payable quarterly in arrears. The Base Management Fee is calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters (including the quarter for which such fees are being calculated) and appropriately adjusted for any share issuances or repurchases during the quarter. For the Company’s first quarter, the Base Management Fee was calculated based on the value of the Company’s gross assets as of such quarter-end. The Base Management Fee for any partial quarter is appropriately pro-rated. For purposes of the Advisory Agreement, “cash equivalents” means U.S. government securities, money market fund investments, commercial paper instruments and other similar cash equivalent investments maturing within one year of purchase.

For both the three ~~and nine~~ months ended ~~September 30,~~March 31, 2024 and 2023, the Base Management Fees determined in accordance with the terms of the Advisory Agreement were approximately $0.5 million and $1.5 million, respectively. For the three and nine months ended September 30, 2022, the Base Management Fees determined in accordance with the terms of the Advisory Agreement were approximately $0.4 million and $1.2 million, respectively.million. As of ~~September 30, 2023,~~March 31, 2024, the Base Management Fee of $0.5 million for the three months ended ~~September 30, 2023~~March 31, 2024 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, ~~2022,~~2023, the Base Management Fee of ~~$0.4~~$0.5 million for the three months ended December 31, ~~2022~~2023 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

The Incentive Fee

The Incentive Fee consists of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”) and (ii) an incentive fee based on capital gains (the “Capital Gains Fee”), which are described in more detail below.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Income-Based Fee

The Income-Based Fee is payable quarterly in arrears to the extent the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the most recently completed calendar quarter divided by the Company’s net assets as of the end of such calendar quarter (defined as total assets less indebtedness and before taking into account any Income-Based Fees and Capital Gains Fees payable during the calendar quarter, and appropriately adjusted for any share issuances or repurchases during the calendar quarter) (the “PIFNII Return”) exceeds the Hurdle Rate (as defined below) and is an amount less than or equal to the Incentive Fee Cap (as defined below). The Income-Based Fee is calculated as follows:

(a) No Income-Based Fee in any calendar quarter in which the PIFNII Return does not exceed the Hurdle Rate;

(b) 25% of Pre-Incentive Fee Net Investment Income with respect to that portion of the PIFNII Return that exceeds the Hurdle Rate but is less than or equal to the Catch-Up Hurdle Rate (as defined below) for such calendar quarter, which is referred to as the “Catch-Up”. The Catch-Up is intended to provide the Adviser with an Income-Based Fee equal to 12.5% of all of our Pre-Incentive Fee Net Investment Income if the Company’s PIFNII Return equals or exceeds the quarterly Catch-Up Hurdle Rate in any calendar quarter; plus

(c) 12.5% of all Pre-Incentive Fee Net Investment Income with respect to that portion of the PIFNII Return that exceeds the Catch-Up Hurdle Rate.

The Income-Based Fee paid to the Adviser is subject to the Incentive Fee Cap.

(a) In any quarter that the Incentive Fee Cap is zero or a negative value, the Company pays no Income-Based Fee to the Adviser for such quarter.

(b) In any quarter that the Incentive Fee Cap for such quarter is a positive value but is less than the Income-Based Fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap), the Company pays an Income-Based Fee to the Adviser equal to the Incentive Fee Cap for such quarter.

(c) In any quarter that the Incentive Fee Cap for such quarter is equal to or greater than the Income-Based Fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap), the Company pays an Income-Based Fee to the Adviser equal to the Income-Based Fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

For purposes of the calculation of the Income-Based Fee, the following terms have the following meaning:

• “Hurdle Rate” for any calendar quarter means one fourth of the average daily Floating Rate over the applicable quarter.

• “Floating Rate” means, initially, the three-month ~~LIBOR;~~London Interbank Offered Rate (“LIBOR”); provided that if a Floating Rate Transition Event and its related Floating Rate Replacement Date have occurred with respect to LIBOR, then “Floating Rate” means the Replacement Rate. In the event that the Floating Rate is a negative value, then the Floating Rate shall be zero. Beginning with the quarter ended June 30, 2023, the Floating Rate means the Replacement Rate following the occurrence of a Floating Rate Transition Event and its related Floating Rate Replacement Date.

• “Floating Rate Transition Event” means the occurrence of one or more of the following events with respect to the Floating Rate:

1. a public statement or publication of information by or on behalf of the administrator of the Floating Rate announcing that the administrator has ceased or will cease to provide the Floating Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating Rate;

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

administrator for the Floating Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Floating Rate, which states that the administrator of the Floating Rate has ceased or will cease to provide the Floating Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating Rate; or

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

3. a public statement or publication of information by the regulatory supervisor for the administrator of the Floating Rate announcing that the Floating Rate is no longer representative.

• “Floating Rate Replacement Date” means:

1. in the case of clause (1) or (2) of the definition of “Floating Rate Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the relevant Floating Rate permanently or indefinitely ceases to provide such Floating Rate; or

2. in the case of clause (3) of the definition of “Floating Rate Transition Event,” the date of the public statement or publication of information.

• “Replacement Rate” means the first alternative set forth in the order below that can be determined as of the Floating Rate Replacement Date.

1. the sum of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment; and

2. the sum of: (a) Compounded SOFR and (b) the applicable Benchmark Replacement Adjustment.

If a Replacement Rate is selected pursuant to clause (2) above, then each calendar quarter following such selection, if a redetermination of the Replacement Rate on such date would result in the selection of a Replacement Rate under clause (1) above, then (x) the Replacement Rate shall be redetermined on such date utilizing Term SOFR and (y) such redetermined Replacement Rate shall become the Floating Rate on or after such date. If redetermination of the Replacement Rate on such date as described in the preceding sentence would not result in the selection of a Replacement Rate under clause (1), then the Floating Rate shall remain the Replacement Rate as previously determined pursuant to clause (2) above.

• “Term SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body.

• “Compounded SOFR” means the compounded average of SOFR for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which, for example, may be compounded in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable for the applicable calendar quarter or compounded in advance) being established in accordance with the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR.

• “SOFR” means with respect to any day means the Secured Overnight Financing Rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

• “Corresponding Tenor” with respect to a Replacement Rate means a tenor (or observation period) having approximately the same length (disregarding business day adjustment) as the applicable tenor (or observation period) for the then-current Floating Rate.

• “Benchmark Replacement Adjustment” means the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the transition to the applicable Floating Rate.

• “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

• “Catch-Up Hurdle Rate” for any calendar quarter means a rate that is equal to 200% of the Hurdle Rate.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

with the calendar quarter immediately preceding the most recently completed calendar quarter (or the portion thereof) included in the period for calculation of the Cumulative Net Return.

• “Cumulative Net Return” means (x) the aggregate Pre-Incentive Fee Net Investment Income in respect of either (i) the trailing twelve calendar quarters ending with the calendar quarter in which the Income-Based Fee is

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

calculated or (ii) prior to the end of the twelfth calendar quarter after the effective date of the Advisory Agreement, the period from the effective date of the Advisory Agreement through the last day of the calendar quarter for which the Income-Based Fee is calculated minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant period.

• “Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

• “Pre-Incentive Fee Net Investment Income” in respect of a period means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management Fee, any expenses payable under the administration agreement between the Company and the Adviser (the “Administration Agreement”), and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, original issue discount (“OID”), debt instruments with payment-in-kind (“PIK”) interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.

For the three months ended March 31, 2024 and 2023, the Income-Based Fees determined in accordance with the terms of the Advisory Agreement were $2.8 million and $2.7 million, respectively. As of March 31, 2024, the Income-Based Fee of $2.8 million for the three months ended March 31, 2024 was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2023, the Income-Based Fee of $3.1 million for the three months ended December 31, 2023 was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.

Capital Gains Fee

The Capital Gains Fee is determined and payable in arrears as of the end of each calendar year (or upon a liquidity event or a termination of the Advisory Agreement), and will equal 12.5% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is zero or negative, then no Capital Gains Fee is payable for such year.

While the Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2024 and 2023, the ~~Income-Based Fees determined in accordance with the terms of the Advisory Agreement were $2.8~~Company accrued $0.4 million and ~~$8.5 million, respectively. For the three and nine months ended September 30, 2022, the Income-Based Fees determined in accordance with the terms~~nil, respectively, of ~~the Advisory Agreement were $2.2 million and $6.1 million, respectively.~~Capital Gains Fees. As of ~~September 30, 2023,~~March 31, 2024, the ~~Income-Based~~Capital Gains Fee of ~~$2.8~~$0.4 million for the three months ended ~~September 30, 2023~~March 31, 2024 was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. ~~As of December 31, 2022,~~For the ~~Income-Based Fee of $0.8 million for the three months~~year ended December 31, ~~2022 was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.~~

~~For the three and nine months ended September 30,~~ 2023, the Company did not accrue any Capital Gains Fees. ~~For the three and nine months ended September 30, 2022, the Company reduced the Capital Gains Fees accrual by $31.9 thousand and $1.2 million, respectively.~~

The Advisory Agreement had an initial term of two years. ~~Thereafter, it continues~~The Advisory Agreement was most recently re-approved on May 7, 2024 by our Board, including a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”), and will continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the ~~directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act.~~Independent Directors. The Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (i) by the vote of a majority of the outstanding voting securities of the Company or (ii) by the vote of the Board, or (iii) by the Adviser upon 90 days’ written notice. The Advisory Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

Payment of Expenses

All investment professionals of Barings and its staff, when and to the extent engaged in providing investment advisory and management services under the Advisory Agreement, and the compensation and routine overhead expenses of such personnel

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

allocable to such services, are provided and paid for by Barings and not by the Company. The Company bears all other costs and expenses of its operations and transactions, including, without limitation, those relating to:

•organizational and offering expenses;

•investment advisory and management fees payable under the Advisory Agreement;

•all other non-investment advisory expenses incurred by the Company or Barings in connection with administering the Company’s business (including payments under the Administration Agreement based upon the Company’s allocable portion of Barings’ overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs); and

•all other expenses of the Company’s operations and transactions, including those listed in the Advisory Agreement.

Administration Agreement

On June 24, 2020, the Company entered into the Administration Agreement with the Adviser. Under the terms of the Administration Agreement, the Adviser also provides the administrative services necessary for the Company to operate (in such capacity, the “Administrator”), including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Administrator, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Administrator also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.

The Company reimburses Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount.

The costs and expenses incurred by the Administrator on behalf of the Company under the Administration Agreement include, but are not limited to:

• the allocable portion of the Administrator’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;

• the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;

• the actual cost of goods and services used for the Company and obtained by the Administrator from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with ~~generally accepted accounting principles;~~U.S. GAAP;

• all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and

• costs associated with (a) the monitoring and preparation of regulatory reporting, including filings with the SEC and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.

For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2024 and 2023, the Company incurred and was invoiced by the Administrator expenses of approximately $0.2 million and ~~$0.7 million, respectively. For the three and nine months ended September 30,~~

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

~~2022, the Company incurred and was invoiced by the Administrator expenses of approximately~~ $0.3 ~~million and $1.0~~ million, respectively. As of ~~September 30, 2023,~~March 31, 2024, the administrative expenses of $0.2 million incurred during the three months ended ~~September 30, 2023~~March 31, 2024 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, ~~2022,~~2023, the administrative expenses of ~~$0.3~~$0.2 million incurred during the three months ended December 31, ~~2022~~2023 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The Administration Agreement had an initial term of two ~~years~~years. The Administration Agreement was most recently re-approved on May 7, 2024 by our Board, including a majority of the Independent Directors, and ~~thereafter continues~~will continue automatically for successive one-year periods so long as such continuance is specifically approved at least annually by the Board, including a majority of the ~~directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act.~~Independent Directors. The Administration Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board, or by the Adviser, upon 90 days’ written notice to the other party. The Administration Agreement may not be assigned by a party without the consent of the other party.

3. INVESTMENTS

Portfolio Composition

The Company predominately invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured products, bonds and other fixed income securities. Structured products include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC regulated funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.

The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and PIK interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:


($ in thousands)	($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets		($ in thousands)		Cost				Percentage of Total Portfolio				Fair Value			Percentage of Total Portfolio		Percentage of Total Net Assets
September 30, 2023:
March 31, 2024:
Senior debt and 1st lien notes
Senior debt and 1st lien notes
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	1,003,090	74	%	$	976,372	73	%	152	%	$	996,015			73	73		%		$	982,334		72	72	%	147	%
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	128,996		9		126,274		9		20
Structured products	Structured products	29,921		2		26,351		2		4
Equity shares	Equity shares	149,908		11		179,126		13		28
Equity warrants	Equity warrants	70		—		561		—		—
Investments in joint ventures	Investments in joint ventures	51,453		4		40,211		3		6

		$	1,363,438	100	%	$	1,348,895	100	%	210	%
		$
		$
		$													1,359,869			100		%		$	1,363,048		100	%	203	%


($ in thousands)	($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets		($ in thousands)		Cost				Percentage of Total Portfolio				Fair Value			Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2022:
December 31, 2023:
Senior debt and 1st lien notes
Senior debt and 1st lien notes
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	950,985	75	%	$	920,219	75	%	153	%	$	1,000,294			74	74		%		$	985,158		73	73	%	151	%
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	127,970		10		123,244		10		20
Structured products	Structured products	32,015		3		28,321		2		5
Equity shares	Equity shares	94,592		8		113,666		9		19
Equity warrants	Equity warrants	70		—		476		—		—
Investments in joint ventures	Investments in joint ventures	55,971		4		47,479		4		8

		$	1,261,603	100	%	$	1,233,405	100	%	205	%
		$
		$
		$													1,352,116			100		%		$	1,349,121		100	%	207	%

During the three months ended ~~September 30,~~March 31, 2024, the Company made 10 new investments totaling $27.5 million and made investments in existing portfolio companies totaling $23.7 million.

During the three months ended March 31, 2023, the Company made 10 new investments totaling ~~$33.8~~$36.7 million, made investments in existing portfolio companies totaling $24.5 million. During the nine months ended September 30, 2023, the Company made 23 new investments totaling $81.2 million, made investments in existing portfolio companies totaling $62.4 million, made additional investments in joint venture equity portfolio companies totaling $2.5$19.8 million and made a

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

~~$45.0~~ $45.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation.

During the three months ended September 30, 2022, the Company made 21 new investments totaling $105.5 million, made investments in existing portfolio companies totaling $17.1 million. During the nine months ended September 30, 2022, the Company made 66 new investments totaling $344.5 million, made investments in existing portfolio companies totaling $86.2 million and made additional investments in joint venture equity portfolio companies totaling $10.8 million.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Industry Composition

The industry composition of investments at fair value at ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022~~2023 was as follows:


($ in thousands)	($ in thousands)	September 30, 2023				December 31, 2022				($ in thousands)	March 31, 2024		Percent of Portfolio			Percent of Total Net Assets		December 31, 2023		Percent of Portfolio			Percent of Total Net Assets
Aerospace and Defense	Aerospace and Defense	$	82,734	6.1	%	$	69,976	5.7	%	Aerospace and Defense	$	84,035	6.2	6.2	%	12.5	%	$	81,217	6.0	6.0	%	12.5	%
Automotive	Automotive	16,806		1.3		16,920		1.4
Banking, Finance, Insurance and Real Estate	Banking, Finance, Insurance and Real Estate	214,322		15.9		164,399		13.3
Beverage, Food and Tobacco	Beverage, Food and Tobacco	40,952		3.0		37,156		3.0
Capital Equipment	Capital Equipment	48,513		3.6		42,407		3.4
Chemicals, Plastics, and Rubber	Chemicals, Plastics, and Rubber	23,822		1.8		28,445		2.3
Construction and Building	Construction and Building	9,658		0.7		10,146		0.8
Consumer Goods: Durable	Consumer Goods: Durable	23,059		1.7		22,888		1.9
Consumer Goods: Non-durable	Consumer Goods: Non-durable	9,661		0.7		9,078		0.7
Containers, Packaging and Glass	Containers, Packaging and Glass	23,102		1.7		23,430		1.9

Energy: Electricity	Energy: Electricity	5,489		0.4		—		—
Energy: Electricity
Energy: Electricity
Energy: Oil and Gas	Energy: Oil and Gas	2,597		0.2		2,742		0.2
Environmental Industries	Environmental Industries	30,203		2.2		29,343		2.4
Healthcare and Pharmaceuticals	Healthcare and Pharmaceuticals	122,938		9.1		105,574		8.6
High Tech Industries	High Tech Industries	136,355		10.1		129,594		10.5
Hotel, Gaming and Leisure	Hotel, Gaming and Leisure	19,605		1.5		18,221		1.5
Investment Funds and Vehicles	Investment Funds and Vehicles	40,211		3.0		47,479		3.8
Media: Advertising, Printing and Publishing	Media: Advertising, Printing and Publishing	33,099		2.5		33,725		2.7
Media: Broadcasting and Subscription	Media: Broadcasting and Subscription	13,220		1.0		13,068		1.1
Media: Diversified and Production	Media: Diversified and Production	44,521		3.3		25,862		2.1
Metals and Mining		9,980		0.8		9,923		0.8

Services: Business

Services: Business

Services: Business	Services: Business	199,918		14.8		204,822		16.6
Services: Consumer	Services: Consumer	64,756		4.8		62,441		5.1
Structured Products	Structured Products	33,748		2.5		33,387		2.7
Telecommunications	Telecommunications	17,572		1.3		15,795		1.3
Transportation: Cargo	Transportation: Cargo	70,410		5.2		63,654		5.2
Transportation: Consumer	Transportation: Consumer	1,810		0.1		5,442		0.4
Utilities: Electric	Utilities: Electric	9,834		0.7		7,488		0.6

Total	Total	$	1,348,895	100.0	%	$	1,233,405	100.0	%

Total

Total											$	1,363,048	100.0		%	203.4	%	$	1,349,121	100.0		%	206.9	%

Banff Partners LP

On February 18, 2021, the Company established a joint venture, Banff Partners LP (“Banff”), with a controlled affiliate of Alberta Investment Management Corporation to invest in senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. During the ~~nine~~three months ended ~~September 30, 2023,~~March 31, 2024, the Company held a 10.0% partnership interest in Banff. As of ~~September 30, 2023,~~March 31, 2024, the cost and fair value of the Company’s investment in Banff was $14.6 million and ~~$15.8~~$16.6 million, respectively. As of December 31, ~~2022,~~2023, the cost and fair value of the Company's investment in Banff was $14.6 million and ~~$14.7~~$16.2 million, respectively.

5965

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The total value of Banff’s investment portfolio was ~~$149.5~~$143.7 million as of ~~September 30, 2023,~~March 31, 2024, as compared to ~~$159.5~~$146.5 million as of December 31, ~~2022.~~2023. As of ~~September 30, 2023,~~March 31, 2024, Banff’s investments had an aggregate cost of ~~$158.6~~$150.8 million, as compared to ~~$167.8~~$151.9 million as of December 31, ~~2022.~~2023. As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the Banff investment portfolio consisted of the following investments:


($ in thousands)	($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		($ in thousands)		Cost				Percentage of Total Portfolio				Fair Value			Percentage of Total Portfolio
September 30, 2023:
March 31, 2024:
Senior debt and 1st lien notes
Senior debt and 1st lien notes
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	154,688	98	%	$	145,596	97	%	$	146,901			97	97		%		$	139,697		97	97	%
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	3,914		2		3,932		3

		$
		$	158,602	100	%	$	149,528	100	%
December 31, 2022:

		$

		$											150,821			100		%		$	143,697		100	%
December 31, 2023:
Senior debt and 1st lien notes
Senior debt and 1st lien notes
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	163,928	98	%	$	155,695	98	%	$	147,990			97	97		%		$	142,490		97	97	%
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	3,905		2		3,828		2

		$
		$	167,833	100	%	$	159,523	100	%

		$

		$											151,907			100		%		$	146,477		100	%

As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the weighted average yield on the principal amount of Banff’s outstanding debt investments other than non-accrual debt investments was approximately 10.5% and ~~8.9%~~10.6%, respectively.

The industry composition of Banff’s investments at fair value at ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023 was as follows:


($ in thousands)	($ in thousands)	September 30, 2023				December 31, 2022				($ in thousands)	March 31, 2024							December 31, 2023
Aerospace and Defense	Aerospace and Defense	$	14,273	9.5	%	$	14,758	9.3	%	Aerospace and Defense	$	15,105	10.5		10.5		%			$	15,125	10.3		10.3	%

Banking, Finance, Insurance and Real Estate	Banking, Finance, Insurance and Real Estate	21,998		14.7		21,747		13.6
Banking, Finance, Insurance and Real Estate
Banking, Finance, Insurance and Real Estate
Beverage, Food and Tobacco	Beverage, Food and Tobacco	7,137		4.8		5,718		3.6

Chemicals, Plastics, and Rubber
Chemicals, Plastics, and Rubber
Chemicals, Plastics, and Rubber	Chemicals, Plastics, and Rubber	1,269		0.9		1,269		0.8
Construction and Building	Construction and Building	1,363		0.9		1,490		0.9
Consumer Goods: Durable	Consumer Goods: Durable	1,728		1.2		1,886		1.2
Consumer Goods: Non-durable	Consumer Goods: Non-durable	5,865		3.9		5,958		3.7
Containers, Packaging and Glass	Containers, Packaging and Glass	6,457		4.3		6,450		4.0

Healthcare and Pharmaceuticals	Healthcare and Pharmaceuticals	16,964		11.3		17,003		10.7

Healthcare and Pharmaceuticals

Healthcare and Pharmaceuticals
High Tech Industries	High Tech Industries	21,006		14.0		17,086		10.7

Media: Advertising, Printing and Publishing	Media: Advertising, Printing and Publishing	1,958		1.3		—		—

Media: Advertising, Printing and Publishing

Media: Advertising, Printing and Publishing

Media: Diversified and Production
Media: Diversified and Production
Media: Diversified and Production	Media: Diversified and Production	4,208		2.8		2,234		1.4

Services: Business	Services: Business	21,652		14.5		39,363		24.7

Services: Business

Services: Business
Services: Consumer	Services: Consumer	12,037		8.1		12,272		7.7

Telecommunications
Telecommunications
Telecommunications	Telecommunications	3,105		2.1		3,038		1.9
Transportation: Cargo	Transportation: Cargo	8,508		5.7		9,251		5.8

Total	Total	$	149,528	100	%	$	159,523	100	%

Total

Total											$	143,697		100		%			$	146,477			100	%

6066

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The geographic composition of Banff’s investments at fair value at ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023 was as follows:


($ in thousands)	($ in thousands)	September 30, 2023				December 31, 2022				($ in thousands)	March 31, 2024					December 31, 2023
Australia	Australia	$	4,269	2.9	%	$	4,357	2.7	%	Australia	$	4,360	3.0	3.0	%		$	4,449	3.0	3.0	%
Belgium	Belgium	7,137		4.8		5,718		3.6
Canada	Canada	2,389		1.6		2,466		1.5
France	France	33,987		22.7		34,467		21.6
Germany	Germany	6,952		4.7		6,980		4.4
Hong Kong	Hong Kong	6,116		4.1		6,830		4.3
Netherlands	Netherlands	8,886		5.9		8,619		5.4
New Zealand	New Zealand	2,458		1.6		2,469		1.5
Singapore	Singapore	3,978		2.7		3,964		2.5
United Kingdom	United Kingdom	19,476		13.0		28,634		18.0
USA	USA	53,880		36.0		55,019		34.5
Total	Total	$	149,528	100.0	%	$	159,523	100	%	Total	$	143,697	100.0	100.0	%		$	146,477	100	100	%

Banff’s credit facility with Wells Fargo Bank, N.A., which iswas non-recourse to the Company, initially closed on August 26, 2022 and had ~~approximately $19.1 million~~nil and ~~$19.0~~$19.2 million outstanding as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, respectively. On March 20, 2024, Banff’s credit facility with Wells Fargo Bank, N.A. was terminated and fully repaid.

The Company may sell portions of its investments via assignment to Banff. Since inception, as of both ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the Company had sold $187.9 million of its investments to Banff. As of both ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the Company did not have any unsettled receivables due from Banff. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing, for treatment as a sale and satisfies the following conditions:

•assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;

•each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and

•the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.

The Company has determined that Banff is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Banff as it is not a substantially wholly owned investment company subsidiary. In addition, Banff is not an operating company and the Company does not control Banff due to the allocation of voting rights among Banff members.

Thompson Rivers LLC

On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. Under Thompson Rivers’ current operating agreement, as amended to date, pursuant to which the Company became a party in June 2021, the Company has a capital commitment of $30.0 million of equity capital to Thompson Rivers, all of which has been funded as of ~~September 30, 2023.~~March 31, 2024. As of ~~September 30, 2023,~~March 31, 2024, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2024 and 2023, Thompson Rivers declared ~~$8.0~~$15.0 million and ~~$106.0~~$57.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2024 and 2023, the Company recognized ~~$0.5~~$1.0 million and $7.0 million, respectively, of the dividends as a return of capital. For the three and nine months ended September 30, 2022, Thompson Rivers declared $89.1 million and $178.5 million in dividends, respectively, of which $0.9 million and $3.2 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations. In addition, for the three and nine months ended September 30, 2022, the Company recognized $5.0 million and $8.6$3.8 million, respectively, of the dividends as a return of capital.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of ~~September 30, 2023,~~March 31, 2024, Thompson Rivers had ~~$415.6~~$307.7 million in Ginnie Mae early buyout loans and ~~$13.2~~$7.7 million in cash. As of December 31, ~~2022,~~2023, Thompson Rivers had ~~$890.9~~$366.7 million in Ginnie Mae early buyout loans and ~~$65.1~~$7.1 million in cash. As of ~~September 30, 2023,~~March 31, 2024, Thompson Rivers had ~~2,677~~1,974 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, ~~2022,~~2023, Thompson Rivers had ~~5,414~~2,305 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the Thompson Rivers investment portfolio consisted of the following investments:


($ in thousands)	($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		($ in thousands)		Cost					Percentage of Total Portfolio					Fair Value			Percentage of Total Portfolio
September 30, 2023:
March 31, 2024:
Federal Housing Administration (“FHA”) loans
Federal Housing Administration (“FHA”) loans
Federal Housing Administration (“FHA”) loans	Federal Housing Administration (“FHA”) loans	$	419,651	92	%	$	384,251	92	%	$	306,491		93			93		%			$	287,390	93		93	%
Veterans Affairs (“VA”) loans	Veterans Affairs (“VA”) loans	34,071		8		31,380		8
		$	453,722	100	%	$	415,631	100	%
December 31, 2022:
	$													$	328,095				100	%			$	307,685			100	%
December 31, 2023:
Federal Housing Administration (“FHA”) loans
Federal Housing Administration (“FHA”) loans
Federal Housing Administration (“FHA”) loans	Federal Housing Administration (“FHA”) loans	$	864,625	91		$	811,358	91
Veterans Affairs (“VA”) loans	Veterans Affairs (“VA”) loans	84,654		9		79,553		9
		$	949,279	100	%	$	890,911	100	%
	$													$	386,657				100	%			$	366,731			100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately ~~$101.2~~$70.2 million and ~~$224.2~~$83.5 million outstanding as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately ~~$195.6~~$144.1 million and ~~$428.0~~$170.8 million outstanding as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately ~~$64.1~~$45.1 million and ~~$184.2~~$50.0 million outstanding as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, respectively.

The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	($ in thousands)	As of September 30, 2023		As of December 31, 2022
Total contributed capital by Barings Capital Investment Corporation (1)	Total contributed capital by Barings Capital Investment Corporation (1)	$	32,318	$	32,318
Total contributed capital by Barings Capital Investment Corporation (1)
Total contributed capital by Barings Capital Investment Corporation (1)
Total contributed capital by all members (2)
Total contributed capital by all members (2)
Total contributed capital by all members (2)	Total contributed capital by all members (2)	$	482,083	$	482,083

Total unfunded commitments by Barings Capital Investment Corporation	Total unfunded commitments by Barings Capital Investment Corporation	$	—	$	—

Total unfunded commitments by Barings Capital Investment Corporation

Total unfunded commitments by Barings Capital Investment Corporation
Total unfunded commitments by all members	Total unfunded commitments by all members	$	—	$	—
Total unfunded commitments by all members
Total unfunded commitments by all members

(1)Includes $2.3 million of dividend re-investments.

(2)Includes dividend re-investments of $32.1 million ~~and $209.2 million, respectively,~~ of total contributed capital by related parties.

Waccamaw River LLC

On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. Under Waccamaw River’s current operating agreement, as amended to date, pursuant to which the Company became a party in May 2021, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded (including approximately $1.7 million of recallable return of capital) as of ~~September 30, 2023.~~March 31, 2024. As of ~~September 30, 2023,~~March 31, 2024, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement totaled $125.0 million, all of which has been funded (including $14.0 million of recallable return of capital).

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

For the three months ended ~~September 30, 2023, Waccamaw River did not declare a dividend. For the nine months ended September 30,~~March 31, 2024 and 2023, Waccamaw River declared ~~$7.3 million in dividends, of which $1.5 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three~~nil and ~~nine months ended September 30, 2022, Waccamaw River declared $2.7 million and $6.6~~$3.6 million in dividends, respectively, of which ~~$0.5 million~~nil and ~~$1.3~~$0.7 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

As of ~~September 30, 2023,~~March 31, 2024, Waccamaw River had ~~$223.7~~$154.9 million in unsecured consumer loans and ~~$21.2~~$7.2 million in cash. As of December 31, ~~2022,~~2023, Waccamaw River had ~~$200.5~~$182.3 million in unsecured consumer loans and ~~$8.0~~$6.6 million in cash. As of ~~September 30, 2023,~~March 31, 2024, Waccamaw River had ~~23,199~~19,291 outstanding loans with an average loan size of ~~$10,832,~~$9,764, remaining average life to maturity of ~~41.8~~38.2 months and weighted average interest rate of ~~12.7%~~12.8%. As of December 31, ~~2022,~~2023, Waccamaw River had ~~18,335~~21,435 outstanding loans with an average loan size of ~~$11,542,~~$10,338, remaining average life to maturity of ~~44.0~~40.0 months and weighted average interest rate of ~~12.0%~~12.7%.

Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately ~~$88.3~~$55.9 million and ~~$72.3~~$71.0 million outstanding as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, respectively. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately ~~$75.2~~$38.0 million and ~~$44.8~~$51.3 million outstanding as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, respectively.

The Company has determined that Waccamaw River is an investment company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, Waccamaw River had the following contributed capital and unfunded commitments from its members:

($ in thousands)
As of
September 30, 2023
As of December 31, 2022
Total contributed capital by Barings Capital Investment Corporation $ 26,730 $ 24,250
Total contributed capital by all members (1) $ 139,020 $ 126,620
Total return of capital (recallable) by Barings Capital Investment Corporation $ (1,730) $ (1,730)
Total return of capital (recallable) by all members (2) $ (14,020) $ (14,020)
Total unfunded commitments by Barings Capital Investment Corporation $ — $ 2,480
Total unfunded commitments by all members $ — $ 12,400 (3)


($ in thousands)	As of March 31, 2024		As of December 31, 2023
Total contributed capital by Barings Capital Investment Corporation	$	26,730	$	26,730
Total contributed capital by all members (1)	$	139,020	$	139,020




Total unfunded commitments by Barings Capital Investment Corporation	$	—	$	—
Total unfunded commitments by all members	$	—	$	—

(1)Includes $85.6 ~~million and $78.1~~ million of total contributed capital by related parties as of ~~September 30, 2023~~both March 31, 2024 and December 31, ~~2022, respectively.~~2023.

~~(2)Includes ($10.6) million of total return of capital (recallable) by related parties.~~

~~(3)Includes $7.4 million of unfunded commitments by related parties.~~

Eclipse Business Capital Holdings LLC

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $44.4 million, a second lien senior secured loan of $2.2 million and unfunded revolver of $6.7 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $11.2 million. As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022, $2.3~~2023, $2.9 million and ~~$2.6~~$2.7 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.

The Company has determined that Eclipse is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead the Company accounts for its equity investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Rocade Holdings LLC

On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party ~~affiliates.~~affiliates and made additional investments thereafter during the fiscal year ended December 31, 2023 of $5.5 million. The total equity invested in Rocade as of March 31, 2024 was $50.5 million (excluding preferred dividends) and the Company had $4.5 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. ~~As of September 30, 2023, the Company had $10.0 million of unfunded preferred equity commitments.~~ Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.

The Company has determined that Rocade is not an investment company under ASC Topic 946, Financial Services - Investment Companies. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead the Company accounts for its equity investment in Rocade in accordance with ASC 946-320, presented as a single investment measured at fair value.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

Valuation of Investments

The Adviser conducts the valuation of the Company’s investments, upon which the Company’s net asset value (“NAV”) is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company’s current valuation policy and processes were established by the Adviser and were approved by the Board.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

There is no single ~~standard~~approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

Investment Valuation Process

The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.

At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

Valuation Inputs

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

Valuation of Investments in Banff, Thompson Rivers and Waccamaw River

As Banff, Thompson Rivers and Waccamaw River are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using the NAV of each company and the Company’s ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

Level 3 Unobservable Inputs

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022.~~2023. The weighted average range of unobservable inputs is based on fair value of investments.

September 30, 2023
($ in thousands)(3)
Fair Value Valuation
Model Level 3
Input Range of
Inputs Weighted
Average Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$ 828,343 Yield Analysis Market Yield 7.3% – 27.6% 11.6% Decrease
92,874 Recent Transaction Transaction Price 96.1% – 100.0% 97.5% Increase
Subordinated debt and 2nd lien notes(2)
89,518 Yield Analysis Market Yield 9.0% – 18.9% 13.3% Decrease
4,582 Market Approach Adjusted EBITDA Multiple 11.0x 11.0x Increase
Equity shares(4)
8,518 Yield Analysis Market Yield 14.2% – 15.5% 14.9% Decrease
159,527 Market Approach Adjusted EBITDA Multiple 6.5x – 35.0x 11.2x Increase
1,247 Market Approach Revenue Multiple 6.3x – 9.5x 6.7x Increase
2,018 Net Asset Approach Liabilities $(44,742.4) $(44,742.4) Decrease
1,795 Recent Transaction Transaction Price $1.00 – $1,000.00 $209.17 Increase
Equity Warrants 561 Market Approach Adjusted EBITDA Multiple 6.5x – 14.0x 8.1x Increase

March 31, 2024

($ in thousands)(3)

Fair Value

Valuation
Model

Level 3
Input

Range of
Inputs

Weighted
Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes(1)

844,660

Yield Analysis

Market Yield

6.1% – 27.0%

10.9%

Decrease

10,163

Market Approach

Adjusted EBITDA Multiple

1.2x – 12.5x

9.3x

Increase

79,471

Recent Transaction

Transaction Price

95.6% – 100.0%

98.0%

Increase

Subordinated debt and 2nd lien notes(2)

87,205

Yield Analysis

Market Yield

9.0% – 17.7%

12.7%

Decrease

10,166

Market Approach

Adjusted EBITDA Multiple

6.0x – 11.0x

8.5x

Increase

1,875

Recent Transaction

Transaction Price

100.0%

Increase

Equity shares(4)

16,103

Yield Analysis

Market Yield

10.5% – 14.2%

13.0%

Decrease

162,274

Market Approach

Adjusted EBITDA Multiple

5.5x – 27.5x

11.1x

Increase

1,353

Market Approach

Revenue Multiple

6.0x – 9.3x

6.5x

Increase

8,027

Discounted Cash Flow Analysis

Discount Rate

14.5%

Decrease

2,357

Net Asset Approach

Liabilities

$(64,894.6)

Decrease

749

Recent Transaction

Transaction Price

$0.00 – $1,037.50

$438.67

Increase

Equity Warrants

1,102

Market Approach

Adjusted EBITDA Multiple

6.3x – 12.5x

7.7x

Increase

(1) Excludes investments with an aggregate fair value amounting to ~~$13,323,~~$11,856, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(2) Excludes investments with an aggregate fair value amounting to ~~$25,072,~~$5,821, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(3) For structured products, investments with an aggregate fair value amounting to ~~$14,520,~~$15,801, were valued by the Adviser using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(4) Excludes investments with an aggregate fair value amounting to ~~$5,982,~~$2,670, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2022
($ in thousands)
Fair Value Valuation
Model Level 3
Input Range of
Inputs Weighted
Average Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$ 727,410 Yield Analysis Market Yield 7.7% – 30.6% 11.0% Decrease
8,768 Discounted Cash Flow Analysis Discount Rate 13.0% 13.0% Decrease
129,646 Recent Transaction Transaction Price 96.7% – 100.0% 97.5% Increase
Subordinated debt and 2nd lien notes(2)
88,432 Yield Analysis Market Yield 9.3% – 16.6% 12.8% Decrease
4,851 Market Approach Adjusted EBITDA Multiple 9.0x 9.0x Increase
342 Recent Transaction Transaction Price 97.3% 97.3% Increase
Structured products(3)
7,584 Discounted Cash Flow Analysis Discount Rate 10.4% 10.4% Decrease
Equity shares(4)
9,462 Yield Analysis Market Yield 15.7% – 17.8% 16.6% Decrease
94,314 Market Approach Adjusted EBITDA Multiple 6.5x – 43.0x 10.5x Increase
1,152 Market Approach Revenue Multiple 6.5x – 7.0x 6.8x Increase
220 Market Approach Adjusted EBITDA /Revenue Multiple Blend 5.8x 5.8x Increase
1,288 Net Asset Approach Liabilities $(8,941.8) $(8,941.8) Decrease
3,700 Recent Transaction Transaction Price $0.00 – $1,015.13 $620.80 Increase
Equity Warrants 476 Market Approach Adjusted EBITDA Multiple 6.5x – 17.5x 7.4x Increase

During the three months ended March 31, 2024, one equity position with a fair value of $7.1 million transitioned from a market approach to a yield analysis valuation model. In addition, one senior debt and first lien note position with a fair value of $2.7 million transitioned from a yield analysis to a market approach valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

December 31, 2023

($ in thousands)(3)

Fair Value

Valuation
Model

Level 3
Input

Range of
Inputs

Weighted
Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes(1)

844,635

Yield Analysis

Market Yield

7.8% – 19.6%

11.2%

Decrease

7,247

Market Approach

Adjusted EBITDA Multiple

1.1x – 12.5x

3.5x

Increase

84,483

Recent Transaction

Transaction Price

97.0% – 100.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(2)

85,803

Yield Analysis

Market Yield

8.5% – 18.9%

13.1%

Decrease

4,986

Market Approach

Adjusted EBITDA Multiple

11.0x

Increase

670

Recent Transaction

Transaction Price

98.0%

Increase

Equity shares(4)

8,788

Yield Analysis

Market Yield

14.6%

Decrease

162,996

Market Approach

Adjusted EBITDA Multiple

4.8x – 30.0x

11.2x

Increase

1,390

Market Approach

Revenue Multiple

6.5x – 9.5x

6.8x

Increase

6,080

Discounted Cash Flow Analysis

Discount Rate

14.2%

Decrease

2,131

Net Asset Approach

Liabilities

$(55,281.8)

Decrease

5,203

Recent Transaction

Transaction Price

$1.00 – $10.00

$9.64

Increase

Equity Warrants

1,043

Market Approach

Adjusted EBITDA Multiple

6.3x – 12.5x

7.5x

Increase

(1) Excludes investments with an aggregate fair value amounting to ~~$6,369,~~$12,714, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(2) Excludes investments with an aggregate fair value amounting to ~~$4,180,~~$5,392, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(3) ~~Excludes~~For structured products, investments with an aggregate fair value amounting to ~~$6,626, which~~$14,915, were valued by the Adviser ~~valued~~ using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(4) Excludes investments with an aggregate fair value amounting to ~~$2,742,~~$5,975, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

During the year ended December 31, 2023, one equity position with a fair value of $2.6 million and four senior debt and first lien note positions with a fair value of $7.1 million transitioned from a yield analysis to a market approach valuation model. In addition, one structured product position with a fair value of $6.5 million transitioned from a discounted cash flow analysis to a broker quote valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables present the Company’s investment portfolio at fair value as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, categorized by the ASC Topic 820 valuation hierarchy, as previously described:


		Fair Value as of September 30, 2023										Fair Value as of March 31, 2024
($ in thousands)	($ in thousands)	Level 1		Level 2		Level 3			Total		($ in thousands)	Level 1	Level 2	Level 3	Total
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	—	$	41,832	$	934,540		$	976,372
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	—		7,102		119,172			126,274
Structured products	Structured products	—		11,831		14,520			26,351
Equity shares	Equity shares	39		—		179,087			179,126
Equity warrants	Equity warrants	—		—		561			561

Investments subject to leveling	Investments subject to leveling	$	39	$	60,765	$	1,247,880		$	1,308,684
Investments subject to leveling
Investments subject to leveling
Investments in joint ventures (1)	Investments in joint ventures (1)								40,211
									$	1,348,895
								$


		Fair Value as of December 31, 2022										Fair Value as of December 31, 2023
($ in thousands)	($ in thousands)	Level 1		Level 2		Level 3			Total		($ in thousands)	Level 1	Level 2	Level 3	Total
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	—	$	48,026	$	872,193		$	920,219
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	—		25,439		97,805			123,244
Structured products	Structured products	—		14,111		14,210			28,321
Equity shares	Equity shares	32		756		112,878			113,666
Equity warrants	Equity warrants	—		—		476			476

Investments subject to leveling	Investments subject to leveling	$	32	$	88,332	$	1,097,562		$	1,185,926
Investments subject to leveling
Investments subject to leveling
Investment in joint ventures (1)	Investment in joint ventures (1)								$	47,479
									$	1,233,405
								$

(1)The Company’s investments in Banff, Thompson Rivers and Waccamaw River are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.

6974

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the ~~nine~~three months ended ~~September 30, 2023~~March 31, 2024 and ~~2022:~~2023:


Nine Months Ended September 30, 2023: ($ in thousands)		Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Three Months Ended March 31, 2024: ($ in thousands)														Three Months Ended March 31, 2024: ($ in thousands)	Senior Debt and 1st Lien Notes	Subordinated Debt and 2nd Lien Notes	Structured Products	Equity Shares	Equity Warrants	Total
Fair value, beginning of period	Fair value, beginning of period	$	872,193	$	97,805	$	14,210	$	112,878	$	476	$	1,097,562
New investments	New investments	121,288		15,474		—		53,308		—		190,070
Transfers into (out of) Level 3		(2)		19,379		1,767		517		—		21,661
Investment restructuring
Transfers into (out of) Level 3, net
Proceeds from sales of investments	Proceeds from sales of investments	(23,494)		—		—		(94)		—		(23,588)
Loan origination fees received	Loan origination fees received	(2,898)		(48)		—		—		—		(2,946)
Principal repayments received	Principal repayments received	(37,241)		(16,643)		(1,692)		—		—		(55,576)
Payment-in-kind interest/dividends	Payment-in-kind interest/dividends	2,093		1,883		—		4,344		—		8,320
Accretion of loan premium/discount	Accretion of loan premium/discount	286		277		—		—		—		563
Accretion of deferred loan origination revenue	Accretion of deferred loan origination revenue	3,215		229		—		—		—		3,444
Realized gain (loss)	Realized gain (loss)	(2,045)		(161)		—		(446)		—		(2,652)
Unrealized appreciation (depreciation)	Unrealized appreciation (depreciation)	1,145		977		235		8,580		85		11,022
Fair value, end of period	Fair value, end of period	$	934,540	$	119,172	$	14,520	$	179,087	$	561	$	1,247,880


Nine Months Ended September 30, 2022: ($ in thousands)		Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Three Months Ended March 31, 2023: ($ in thousands)
Three Months Ended March 31, 2023: ($ in thousands)
Three Months Ended March 31, 2023: ($ in thousands)														Senior Debt and 1st Lien Notes	Subordinated Debt and 2nd Lien Notes	Structured Products	Equity Shares	Equity Warrants	Total
Fair value, beginning of period	Fair value, beginning of period	$	584,289	$	76,826	$	—	$	57,526	$	—	$	718,641
New investments	New investments	320,987		36,774		4,520		26,701		2		388,984
Transfers into (out of) Level 3		(5,087)		5,879		9,811		3,518		—		14,121
Transfers into (out of) Level 3, net
Proceeds from sales of investments	Proceeds from sales of investments	(74,425)		(2,958)		—		—		—		(77,383)
Loan origination fees received	Loan origination fees received	(7,086)		(698)		—		—		—		(7,784)
Principal repayments received	Principal repayments received	(42,729)		(449)		(714)		—		—		(43,892)
Payment-in-kind interest/dividends	Payment-in-kind interest/dividends	1,039		931		—		99		—		2,069
Accretion of loan premium/discount	Accretion of loan premium/discount	141		81		—		—		—		222
Accretion of deferred loan origination revenue	Accretion of deferred loan origination revenue	2,860		154		—		—		—		3,014
Realized gain (loss)	Realized gain (loss)	(4,189)		7		—		—		—		(4,182)
Unrealized appreciation (depreciation)	Unrealized appreciation (depreciation)	(28,399)		(4,957)		(1,145)		17,215		(2)		(17,288)
Fair value, end of period	Fair value, end of period	$	747,401	$	111,590	$	12,472	$	105,059	$	—	$	976,522

All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized ~~appreciation~~depreciation on Level 3 investments of ~~$6.7~~$0.6 million during the ~~nine~~three months ended ~~September 30,~~March 31, 2024 was related to portfolio company investments that were still held by the Company as of March 31, 2024. Pre-tax net unrealized appreciation on Level 3 investments of $9.5 million during the three months ended March 31, 2023 was related to portfolio company investments that were still held by the Company as of ~~September 30,~~March 31, 2023. Pre-tax net unrealized depreciation on Level 3 investments of $19.8 million during the nine months ended September 30, 2022 was related to portfolio company investments that were still held by the Company as of September 30, 2022.

7075

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the ~~nine~~three months ended ~~September 30, 2023,~~March 31, 2024, the Company made investments of approximately ~~$141.1~~$31.0 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the ~~nine~~three months ended ~~September 30, 2023,~~March 31, 2024, the Company made investments of ~~$50.0~~$20.3 million in portfolio companies to which it was previously committed to provide such financing.

During the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, the Company made investments of approximately ~~$399.7~~$91.6 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the ~~nine~~three months ended ~~September 30, 2022,~~March 31, 2023, the Company made investments of ~~$41.7~~$9.8 million in portfolio companies to which it was previously committed to provide such financing.

Unsettled Purchases and Sales of Investments

Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchase and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.

Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments

Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.

Investment Classification

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. As of ~~September 30, 2023,~~March 31, 2024, the Company does not “Control” any of its portfolio companies for the purposes of the 1940 Act. Under the 1940 Act, the Company is deemed to be an Affiliated Person of a company in which the Company has invested if it owns at least 5.0%, but no more than 25.0%, of the outstanding voting securities of such company.

Cash and Foreign Currencies

Cash consists of deposits held at a custodian bank. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.

Investment Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of ~~both September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the Company had three portfolio companies and one ~~investment~~portfolio company, respectively, with investments that ~~was~~were on non-accrual.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.

7176

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Payment-in-Kind Interest

The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.

Fee Income

Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned.

Fee income for the three ~~and nine~~ months ended ~~September 30,~~March 31, 2024 and 2023 ~~and 2022~~ was as follows:


		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		Three Months Ended
		Three Months Ended
		Three Months Ended
($ in thousands)
($ in thousands)
($ in thousands)	($ in thousands)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Recurring Fee Income:	Recurring Fee Income:
Recurring Fee Income:
Recurring Fee Income:
Amortization of loan origination fees
Amortization of loan origination fees
Amortization of loan origination fees	Amortization of loan origination fees	$	992	$	845	$	2,885	$	2,333
Management, valuation and other fees	Management, valuation and other fees	307		304		993		848
Management, valuation and other fees
Management, valuation and other fees
Total Recurring Fee Income
Total Recurring Fee Income
Total Recurring Fee Income	Total Recurring Fee Income	1,299		1,149		3,878		3,181
Non-Recurring Fee Income:	Non-Recurring Fee Income:
Prepayment fees		—		—		213		108
Non-Recurring Fee Income:
Non-Recurring Fee Income:

Acceleration of unamortized loan origination fees

Acceleration of unamortized loan origination fees

Acceleration of unamortized loan origination fees	Acceleration of unamortized loan origination fees	116		538		645		804
Advisory, loan amendment and other fees	Advisory, loan amendment and other fees	112		133		343		472
Advisory, loan amendment and other fees
Advisory, loan amendment and other fees
Total Non-Recurring Fee Income
Total Non-Recurring Fee Income
Total Non-Recurring Fee Income	Total Non-Recurring Fee Income	228		671		1,201		1,384
Total Fee Income	Total Fee Income	$	1,527	$	1,820	$	5,079	$	4,565
Total Fee Income
Total Fee Income

General and Administrative Expenses

Other general and administrative expenses include bank service fees and expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating the Company.

Deferred Financing Fees

Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.

Segments

The Company lends to and invests in customers in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has

7277

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

similar business and economic characteristics, they have been aggregated into a single lending and investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements.

Concentration of Credit Risk

As of both ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of ~~both September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the Company’s largest single portfolio company investment represented approximately 5.6% and 5.7%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.

As of ~~September 30, 2023,~~March 31, 2024, all of the Company’s assets were or will be pledged as collateral for the ING Credit Facility.

Investments Denominated in Foreign Currency

As of September 30, 2023 the Company held 11 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone, 56 investments that were denominated in Euros, two investments that were denominated in Swiss francs and 24 investments that were denominated in British pounds sterling. As of DecemberMarch 31, ~~2022,~~2024 the Company held 12 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian ~~krone, 49~~kroner, 60 investments that were denominated in Euros, two investments that were denominated in Swiss francs, one investment that was denominated in Swedish kronor and 23 investments that were denominated in British pounds sterling. As of December 31, 2023, the Company held 12 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, 58 investments that were denominated in Euros, two investments that were denominated in Swiss francs, one investment that was denominated Swedish kronor and 2423 investments that were denominated in British pounds sterling.

At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.

Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rates fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statements of Operations.

In addition, during both the ~~nine~~three months ended ~~September 30,~~March 31, 2024 and March 31, 2023, ~~and September 30, 2022,~~ the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on the Company’s investments denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - forward currency contracts” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - forward currency contracts” in the Company’s Unaudited Consolidated Statements of Operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.

4. INCOME TAXES

The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively). The Company has historically met its minimum distribution requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.

Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98%

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year (or later if the Company is permitted to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three ~~and nine~~ months ended ~~September 30,~~March 31, 2024 and 2023, the Company recorded net expenses of ~~$0.1~~$0.2 million and ~~$0.2 million~~$23.5 thousand, respectively, for U.S. federal excise tax.

Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years ~~2020-2021)~~2020-2022), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.

For federal income tax purposes, the cost of investments owned as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022~~2023 was approximately ~~$1,351.0~~$1,352.6 million and ~~$1,249.1~~$1,344.7 million, respectively. As of ~~September 30, 2023,~~March 31, 2024, net unrealized appreciation on the Company’s investments (tax basis) was approximately ~~$15.4~~$22.0 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately ~~$71.8~~$71.2 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately ~~$56.5~~$49.2 million. As of December 31, ~~2022,~~2023, net unrealized ~~depreciation~~appreciation on the Company’s investments (tax basis) was approximately ~~$15.1~~$2.6 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately ~~$56.1~~$63.2 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately ~~$71.3~~$60.6 million.

In addition, the Company has a wholly-owned taxable subsidiary (the “Taxable Subsidiary”), which holds certain portfolio ~~investments.~~investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiary is consolidated for financial reporting purposes, such that the Company’s consolidated financial statements ~~reflects~~reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit the Company to hold certain portfolio companies that are organized as limited liability companies (“~~LLC”~~LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, their income is taxed to the Taxable Subsidiary and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for income tax purposes and may generate income tax expense or benefit as a result of its ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiary (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiary), ~~if any, will be~~is reflected net of applicable federal and state income taxes, if any, in the Company’s Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in “Accounts payable and accrued liabilities” in the Company’s Unaudited and Audited Consolidated Balance Sheets. As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the Company recorded a net deferred tax liability of ~~$0.5~~$0.7 million and ~~$0.4~~$0.8 million, respectively, pertaining to operating losses and tax basis differences ~~in the Taxable Subsidiary’s investment in~~related to certain partnership interests.

7479

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

5. BORROWINGS

The Company had the following borrowings outstanding as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022:~~2023:

Issuance Date
($ in thousands)

Maturity Date

Interest Rate as of September 30, 2023

September 30, 2023

December 31, 2022

Issuance Date
($ in thousands)

Credit Facility:

January 15, 2021

April 30, 2026

7.394%

663,303

581,436

January 15, 2021

Total Credit Facility

663,303

581,436

Notes:

February 22, 2022

February 22, 2027

4.750%

100,000

(Less: Deferred financing fees)

(170)

(284)

(Less: Deferred financing fees)

Total Notes

99,830

99,716

Total Notes

The Company is required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of the Company’s total assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities, of at least 150% after each issuance of senior securities. The Company’s asset coverage ratio was ~~183.2%~~189.8% as of ~~September 30, 2023.~~

~~September 2020 Subscription Facility~~

On September 21, 2020, the Company entered into a revolving credit agreement (as subsequently amended, the “September 2020 Subscription Facility”) with Société Générale, as administrative agent and a lender, and the other lenders from time to time party thereto. The September 2020 Subscription Facility initially allowed the Company to borrow up to $160 million, reduced to $110 million in October 2021, at any one time outstanding, subject to certain restrictions, including availability under the borrowing base, which was based on unused capital commitments from different categories of investors (with varying advance rates amongst the different categories of investors).

The amount of permissible borrowings under the September 2020 Subscription Facility could be increased to an agreed-upon amount with the consent of the administrative agent. The September 2020 Subscription Facility had a maturity date of September 21, 2022. On March 25, 2022, following the repayment of all borrowings, interest, and fees payable thereunder, and at the election of the Company, the September 2020 Subscription Facility was terminated, including all commitments and obligations with Société Générale to lend and make advances to the Company. In connection with the termination, the pro rata portion of the unamortized deferred financing costs related to the September 2020 Subscription Facility was written off and recognized as a loss on extinguishment of debt in the Company’s Unaudited Consolidated Statements of Operations.31, 2024.

Borrowings under the September 2020 Subscription Facility bore interest at a rate equal to, at the election of the Company, either (i) with respect to loans bearing interest at a rate based on LIBOR (as such term is defined in the September 2020 Subscription Facility which definition includes different LIBOR calculations based on the applicable currency), the rate per annum determined by the administrative agent to be equal to (a) the quotient obtained by dividing: (1) LIBOR for such loan for such one-month, three-months or other period requested by the Company or otherwise consented to by the administrative agent; by (2) one minus the maximum rate at which reserves (including, without limitation, any marginal, special, supplemental, or emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) by member banks of the Federal Reserve System against “Eurocurrency liabilities” (as such term is used in Regulation D) for such loan for such one-month, three-months or other period requested by the Company, provided that if the calculation above results in a rate of less than zero (0), the rate shall be deemed to be zero (0) for all purposes, plus (b) 185 basis points per annum; or (ii) with respect to loans bearing interest at a rate based on the rate of interest per annum publicly announced from time to time by the administrative agent as its prime rate (the “Prime Rate”) or the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers (the “Federal Funds Rate”) the greater of (a) the Prime Rate plus 185 basis points and (b) the Federal Funds Rate plus fifty basis points plus 185 basis points. The Company was required to pay a commitment fee on the unused portion of the September 2020 Subscription Facility.

The Company and the administrative agent, for the benefit of the secured parties, entered into a borrower security agreement pursuant to which the Company’s obligations under the September 2020 Subscription Facility were secured by a first-priority security interest in the Company’s right, title and interest in the capital commitments of the Company’s investors. In addition, the Company and the administrative agent, for the benefit of the secured parties, entered into a borrower pledge of collateral account pursuant to which the Company’s obligations under the September 2020 Subscription Facility were secured

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

~~by a first-priority security interest in the Company’s account held at State Street Bank and all of the Company’s right, title and interest in the amounts or property held in such account.~~

~~Borrowings under the September 2020 Subscription Facility were subject to the leverage restrictions applicable to the Company that are contained in the 1940 Act.~~

ING Capital Credit Facility

On January 15, 2021, the Company entered into the ING Credit Facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto. The initial commitments under the ING Credit Facility totaled $65.0 million.

On April 30, 2021, the Company amended and restated the credit agreement governing the ING Credit Facility to increase the total commitments under the facility to $325.0 million and include a $25.0 million letter of credit sub-facility. On July 22, 2021, the Company entered into an incremental commitment and assumption agreement to increase the aggregate commitments under the ING Credit Facility to $500.0 million. As amended as of March 31, 2022, the Company had aggregate commitments from lenders of $500.0 million under the ING Credit Facility, the maximum commitment then allowed under the ING Credit Facility. On April 25, 2022, the Company amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million, (ii) upsize the accordion feature under the ING Credit Facility to allow for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants, and (iii) replace the LIBOR benchmark provisions under the ING Credit Facility with SOFR benchmark provisions. On October 13, 2022, the Company amended the ING Credit Facility to increase total commitments from lenders to $710.0 million from $625.0 million.

The Company can borrow foreign currencies directly under the ING Credit Facility. The ING Credit Facility is secured primarily by a material portion of the Company’s present and future property and assets and is guaranteed by certain of the Company’s subsidiaries. The revolving period under the ING Credit Facility terminates on April 30, 2025, and the final maturity date of the ING Credit Facility is scheduled for April 30, 2026.

Borrowings under the ING Credit Facility bear interest on a per annum basis equal to (i) for borrowings denominated in U.S. Dollars, subject to the Company’s election, (a) the alternate base rate plus 1.15% or (b) the ~~adjusted eurocurrency rate~~term SOFR plus 2.15%, plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with and interest period of three months or 0.25% for borrowings with an interest period of six months, with the term SOFR plus credit spread adjustment subject to a 0.00% floor, (ii) for borrowings denominated in Pounds Sterling, Swiss Francs, Euros, Canadian Dollars, Danish ~~Krone,~~Kroner, Norwegian ~~Krone~~Kroner or Swedish ~~Krona,~~Kronor, the adjusted eurocurrency rate plus 2.15%, (iii) for borrowings denominated in Australian Dollars, the adjusted eurocurrency rate plus 2.35%, or (iv) for borrowings denominated in New Zealand Dollars, the adjusted eurocurrency rate plus 2.45%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50%, (iii) the overnight bank funding rate plus 0.50%, (iv) ~~the adjusted three-month~~one-month term SOFR plus 1.00% plus a credit spread adjustment of 0.10% and (v) 1.00%. The adjusted eurocurrency rate is equal to the eurocurrency rate for the applicable interest period plus any applicable statutory reserve rate for such interest period, subject to a 0.00% floor. The Company pays a commitment fee on undrawn amounts under the ING Credit Facility.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

to 70% of the total fair value of the Company’s portfolio, (iii) meeting a minimum liquidity test, (iv) meeting a minimum net worth test, and (v) maintaining the Company’s status as a RIC under the Code and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for the Company. As of ~~September 30, 2023,~~March 31, 2024, the Company was in compliance with all covenants of the ING Credit Facility.

The Company, one of its subsidiaries, BCIC Holdings, Inc., ING, as administrative agent, the financing agents and designated indebtedness holders that become parties thereto and ING, as collateral agent, also entered into a guarantee, pledge and security agreement, dated as of January 15, 2021, pursuant to which the Company’s obligations under the ING Credit Facility are secured by a first-priority security interest (subject to certain exceptions) in substantially all of the Company’s and its subsidiary guarantors’ present and future property and assets.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

As of ~~September 30, 2023,~~March 31, 2024, the Company had U.S. dollar borrowings of ~~$552.0~~$533.0 million under the ING Credit Facility with an interest rate of ~~7.584%~~7.569% (with Term SOFR borrowings subject to one month SOFR of ~~5.334%~~5.319%), borrowings denominated in British pounds sterling of ~~£33.2~~£31.2 million ($~~40.5~~39.4 million U.S. dollars) with an interest rate of ~~7.368%~~7.371% (one month SONIA of ~~5.218%~~5.221%), borrowings denominated in Euros of ~~€63.5~~€61.5 million ($~~67.2~~66.4 million U.S. dollars) with an interest rate of ~~5.900%~~6.088% (one month EURIBOR of ~~3.750%~~3.938%) and borrowings denominated in Australian Dollars of A$5.5 million ($~~3.5~~3.6 million U.S. dollars) with an interest rate of ~~6.463%~~6.650% (one month AUD Screen Rate of ~~4.313%~~4.300%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in ~~“unrealized~~“Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.

As of December 31, ~~2022,~~2023, the Company had U.S. dollar borrowings of ~~$470.0~~$533.0 million under the ING Credit Facility with an interest rate of ~~6.571%~~7.584% (with Term SOFR borrowings subject to one month SOFR of ~~4.321%~~5.334%), borrowings denominated in British pounds sterling of ~~£33.2~~£31.2 million ($~~39.9~~39.8 million U.S. dollars) with an interest rate of ~~5.110%~~7.370% (one month SONIA of ~~2.960%~~5.220%), borrowings denominated in Euros of ~~€63.5~~€61.5 million ($~~67.8~~67.9 million U.S. dollars) with an interest rate of ~~3.772%~~6.025% (one month EURIBOR of ~~1.622%~~3.875%) and borrowings denominated in Australian Dollars of A$5.5 million ($~~3.7~~3.8 million U.S. dollars) with an interest rate of ~~5.400%~~6.650% (one month AUD Screen Rate of ~~3.250%~~4.300%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in “unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Consolidated Statements of Operations.

As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the fair values of the borrowings outstanding under the ING Credit Facility were ~~$663.3~~$642.4 million and ~~$581.4~~$644.5 million, respectively. The fair values of the borrowings outstanding under the ING Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

February 2027 Notes

On February 22, 2022, the Company entered into a Note Purchase Agreement (the “February 2022 NPA”) governing the issuance of $100.0 million in aggregate principal amount of senior unsecured notes due February 22, 2027 (the “February 2027 Notes”), in each case, to qualified institutional investors in a private placement. The February 2027 Notes were delivered and paid for on February 22, 2022.

The February 2027 Notes, for which the Company was required to obtain an initial rating by June 30, 2022, have a fixed interest rate of 4.75% per year, subject to a step up of 0.75% per year, to the extent the February 2027 Notes fail to satisfy certain investment grade rating conditions.

The February 2027 Notes will mature on February 22, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2022 NPA. Interest on the February 2027 Notes will be due semiannually in February and August of each year, beginning in August 2022. In addition, the Company is obligated to offer to repay the February 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2022 NPA, the Company may redeem the February 2027 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 22, 2026, a make-whole premium.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The February 2022 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, liens, restricted payments, and investments. In addition, the February 2022 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to stockholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.

The February 2022 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February 2027 Notes at the time outstanding may declare all February 2027 Notes then outstanding to be immediately due and payable.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

The Company’s obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of ~~September 30, 2023,~~March 31, 2024, the Company was in compliance with all covenants under the February 2022 NPA.

The February 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The February 2027 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the fair values of the February 2027 Notes were ~~$87.7~~$92.1 million and ~~$85.7~~$90.2 million, respectively. The fair value determinations of the February 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

6. DERIVATIVE INSTRUMENTS

The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.

The following tables present the Company’s foreign currency forward contracts as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022:~~2023:

As of September 30, 2023

Description

($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

As of March 31, 2024

Description

($ in thousands)

As of March 31, 2024

Description

($ in thousands)

As of March 31, 2024

Description

($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$37,920

$24,768

04/08/24

(25)

Derivative liabilities

Foreign currency forward contract (AUD)

$571

A$872

04/08/24

Derivative assets

Foreign currency forward contract (AUD)

A$6,263

$4,179

10/10/23

(139)

Derivative liabilities

Foreign currency forward contract (AUD)

$25,161

A$37,048

04/08/24

987

Derivative assets

Foreign currency forward contract (AUD)

$27,725

A$41,384

10/10/23

1,026

Derivative assets

Foreign currency forward contract (AUD)

$25,112

A$38,350

07/08/24

Derivative assets

Foreign currency forward contract (CAD)

$4,276

C$5,631

10/10/23

115

Derivative assets

Foreign currency forward contract (CAD)

C$252

$189

04/08/24

(3)

Derivative liabilities

Foreign currency forward contract (CAD)

C$5,633

$4,148

04/08/24

Derivative assets

Foreign currency forward contract (CAD)

$83

C$113

04/08/24

—

Derivative liabilities

Foreign currency forward contract (CAD)

$4,342

C$5,772

04/08/24

Derivative assets

Foreign currency forward contract (CAD)

$4,213

C$5,715

07/08/24

(16)

Derivative liabilities

Foreign currency forward contract (DKK)

146kr.

$22

10/10/23

(1)

Derivative liabilities

Foreign currency forward contract (DKK)

$563

3,801kr.

10/10/23

Derivative assets

Foreign currency forward contract (DKK)

$32

221kr.

10/10/23

Derivative assets

4,058kr.

$589

04/08/24

(1)

Derivative liabilities

Foreign currency forward contract (DKK)

$12

80kr.

04/08/24

—

Derivative assets

Foreign currency forward contract (DKK)

$587

3,978kr.

04/08/24

Derivative assets

Foreign currency forward contract (DKK)

$594

4,077kr.

07/08/24

Derivative assets

Foreign currency forward contract (EUR)

€6,000

$6,444

10/10/23

(92)

Derivative liabilities

Foreign currency forward contract (EUR)

$102,385

€92,918

10/10/23

4,018

Derivative assets

Foreign currency forward contract (EUR)

€95,644

$103,471

04/08/24

(155)

Derivative liabilities

Foreign currency forward contract (EUR)

$3,430

€3,164

04/08/24

Derivative assets

Foreign currency forward contract (EUR)

$101,716

€92,480

04/08/24

1,818

Derivative assets

Foreign currency forward contract (EUR)

$107,123

€98,651

07/08/24

158

Derivative assets

Foreign currency forward contract (GBP)

£2,000

$2,497

10/10/23

(54)

Derivative liabilities

Foreign currency forward contract (GBP)

$21,986

£17,245

10/10/23

921

Derivative assets

Foreign currency forward contract (GBP)

£1,056

$1,335

04/08/24

(1)

Derivative liabilities

Foreign currency forward contract (GBP)

£15,862

$20,025

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$1,254

£982

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$20,135

£15,936

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$21,094

£16,701

07/08/24

(14)

Derivative liabilities

Foreign currency forward contract (NZD)

$5,983

NZ$9,712

10/10/23

147

Derivative assets

Foreign currency forward contract (NZD)

NZ$10,224

$6,141

04/08/24

(25)

Derivative liabilities

Foreign currency forward contract (NZD)

$6,401

NZ$10,224

04/08/24

285

Derivative assets

Foreign currency forward contract (NZD)

$6,210

NZ$10,338

10/10/23

Derivative assets

Foreign currency forward contract (NOK)

$1,953

kr20,940

10/10/23

(11)

Derivative liabilities

Foreign currency forward contract (NOK)

21,883kr

$2,032

04/08/24

(15)

Derivative liabilities

Foreign currency forward contract (NOK)

$40

429kr

04/08/24

Derivative assets

Foreign currency forward contract (NOK)

$2,083

21,453kr

04/08/24

105

Derivative assets

Foreign currency forward contract (NOK)

$2,038

21,901kr

07/08/24

Derivative assets

Foreign currency forward contract (SEK)

16,338kr

$1,541

04/08/24

(12)

Derivative liabilities

Foreign currency forward contract (SEK)

$32

330kr

04/08/24

Derivative assets

Foreign currency forward contract (SEK)

$1,576

16,008kr

04/08/24

Derivative assets

Foreign currency forward contract (SEK)

$1,549

16,363kr

07/08/24

Derivative assets

Foreign currency forward contract (CHF)

1,691Fr.

$1,870

04/08/24

Derivative assets

Foreign currency forward contract (CHF)

$43

39Fr.

10/10/23

Derivative assets

Foreign currency forward contract (CHF)

$2,013

1,691Fr.

04/08/24

134

Derivative assets

Foreign currency forward contract (CHF)

$1,830

1,610Fr.

10/10/23

Derivative assets

Foreign currency forward contract (CHF)

$1,921

1,720Fr.

07/08/24

(9)

Derivative liabilities

Total

6,024

Total

7883

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2022

Description

($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$39,294

$26,337

01/09/23

408

Derivative assets

Foreign currency forward contract (AUD)

A$2,000

$1,374

01/09/23

(12)

Derivative liabilities

As of December 31, 2023

Description

($ in thousands)

As of December 31, 2023

Description

($ in thousands)

As of December 31, 2023

Description

($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

$26,835

A$41,294

01/09/23

(1,272)

Derivative liabilities

Foreign currency forward contract (AUD)

$22,960

A$35,907

01/10/24

(1,568)

Derivative liabilities

Foreign currency forward contract (AUD)

$26,797

A$39,836

04/11/23

(420)

Derivative liabilities

Foreign currency forward contract (AUD)

$569

A$867

01/10/24

(23)

Derivative liabilities

Foreign currency forward contract (CAD)

C$6,033

$4,435

01/09/23

Derivative assets

Foreign currency forward contract (CAD)

$4,428

C$6,033

01/09/23

(29)

Derivative liabilities

$4,087

C$5,577

01/10/24

(137)

Derivative liabilities

Foreign currency forward contract (CAD)

$4,301

C$5,844

04/11/23

(22)

Derivative liabilities

Foreign currency forward contract (CAD)

$182

C$245

01/10/24

(4)

Derivative liabilities

Foreign currency forward contract (DKK)

3,720kr.

$531

01/09/23

Derivative assets

Foreign currency forward contract (DKK)

$494

3,720kr.

01/09/23

(42)

Derivative liabilities

Foreign currency forward contract (DKK)

$542

3,770kr.

04/11/23

(4)

Derivative liabilities

$548

3,873kr.

01/10/24

(27)

Derivative liabilities

Foreign currency forward contract (DKK)

$17

120kr.

01/10/24

(1)

Derivative liabilities

Foreign currency forward contract (EUR)

€83,782

$88,963

01/09/23

711

Derivative assets

Foreign currency forward contract (EUR)

$82,670

€83,782

01/09/23

(7,005)

Derivative liabilities

$93,155

€88,305

01/10/24

(4,541)

Derivative liabilities

Foreign currency forward contract (EUR)

$91,411

€85,552

04/11/23

(734)

Derivative liabilities

Foreign currency forward contract (EUR)

$7,409

€6,840

01/10/24

(158)

Derivative liabilities

Foreign currency forward contract (GBP)

£19,224

$23,352

01/09/23

(132)

Derivative liabilities

Foreign currency forward contract (GBP)

$21,343

£19,224

01/09/23

(1,878)

Derivative liabilities

Foreign currency forward contract (GBP)

$19,375

£16,013

04/11/23

(9)

Derivative liabilities

$18,602

£15,328

01/10/24

(927)

Derivative liabilities

Foreign currency forward contract (NZD)

NZ$9,080

$5,707

01/09/23

Derivative assets

Foreign currency forward contract (NZD)

NZ$3,000

$1,936

01/09/23

(33)

Derivative liabilities

Foreign currency forward contract (NZD)

$6,701

NZ$11,738

01/09/23

(745)

Derivative liabilities

$5,813

NZ$9,760

01/10/24

(373)

Derivative liabilities

Foreign currency forward contract (NZD)

$213

NZ$342

01/09/23

(4)

Derivative liabilities

Foreign currency forward contract (NZD)

$126

NZ$215

01/10/24

(10)

Derivative liabilities

Foreign currency forward contract (NZD)

$5,747

NZ$9,139

04/11/23

(54)

Derivative liabilities

Foreign currency forward contract (NOK)

kr19,278

$1,960

01/09/23

—

Derivative liabilities

Foreign currency forward contract (NOK)

$1,767

kr18,890

01/09/23

(153)

Derivative liabilities

Foreign currency forward contract (NOK)

$39

kr388

01/09/23

—

Derivative liabilities

$1,946

kr21,024

01/10/24

(130)

Derivative liabilities

Foreign currency forward contract (NOK)

$1,970

kr19,301

04/11/23

—

Derivative liabilities

Foreign currency forward contract (NOK)

$74

kr725

04/11/23

—

Derivative liabilities

Foreign currency forward contract (SEK)

$1,523

16,000kr

01/10/24

(69)

Derivative liabilities

Foreign currency forward contract (CHF)

1,423Fr.

$1,537

01/09/23

Derivative assets

Foreign currency forward contract (CHF)

$1,262

1,223Fr.

01/09/23

(62)

Derivative liabilities

Foreign currency forward contract (CHF)

$206

200Fr.

01/09/23

(10)

Derivative liabilities

$1,843

1,672Fr.

01/10/24

(148)

Derivative liabilities

Foreign currency forward contract (CHF)

$1,552

1,422Fr.

04/11/23

(2)

Derivative liabilities

Total

(11,420)

As of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the total fair value of the Company’s foreign currency forward contracts was ~~$6.0~~$3.5 million and ~~$(11.4)~~$(8.1) million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

7. COMMITMENTS AND CONTINGENCIES

As of both ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, the Company had $568.7 million in total capital commitments from investors of which $5.0 million was from C.M. Life Insurance Company, an affiliate of MassMutual and the Adviser, and $95.0 million was from MassMutual. As of both ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022,~~2023, all commitments have been funded.

In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of ~~September 30, 2023,~~March 31, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of ~~September 30, 2023~~March 31, 2024 and December 31, ~~2022~~2023 were as follows:

Portfolio Company
($ in thousands)

Investment Type

September 30, 2023

December 31, 2022

Portfolio Company
($ in thousands)

Investment Type

March 31, 2024

December 31, 2023

Accurus Aerospace Corporation(1)(2)

Revolver

207

461

AD Bidco, Inc.(1)

Adhefin International(1)(2)(3)

Delayed Draw Term Loan

402

—

AirX Climate Solutions, Inc.(1)

AlliA Insurance Brokers NV(1)(3)

Americo Chemical Products, LLC(1)

Amtech LLC(1)(2)

Aquavista Watersides 2 LTD(1)(2)(4)

Arc Education(1)(3)

Argus Bidco Limited(1)(2)(4)

ASC Communications, LLC(1)

Astra Bidco Limited(1)(2)(4)

ATL II MRO Holdings Inc.(1)(2)

Avance Clinical Bidco Pty Ltd(1)(2)(5)

7984

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company
($ in thousands)

Investment Type

September 30, 2023

December 31, 2022

Portfolio Company
($ in thousands)

Investment Type

March 31, 2024

December 31, 2023

Air Comm Corporation, LLC(1)(2)

Delayed Draw Term Loan

1,237

—

AlliA Insurance Brokers NV(1)(2)(3)

Delayed Draw Term Loan

1,707

—

Americo Chemical Products, LLC(1)(2)

Revolver

471

—

Amtech LLC(1)

Delayed Draw Term Loan

454

909

Amtech LLC(1)

Revolver

159

182

AnalytiChem Holding GmbH(1)(2)(3)

Bridge Revolver

170

171

APC1 Holding(1)(3)

Delayed Draw Term Loan

—

354

Aquavista Watersides 2 LTD(1)(2)(4)

Capex / Acquisition Facility

636

761

Arc Education(1)(3)

Delayed Draw Term Loan

1,444

1,900

Argus Bidco Limited(1)(2)(4)

CAF Term Loan

259

395

Argus Bidco Limited(1)(2)(4)

RCF Bridge Term Loan

—

ASC Communications, LLC(1)

Revolver

659

Astra Bidco Limited(1)(2)(4)

Delayed Draw Term Loan

451

683

ATL II MRO Holdings Inc.(1)

Revolver

1,250

Avance Clinical Bidco Pty Ltd(1)(2)(5)

Delayed Draw Term Loan

929

976

Azalea Buyer, Inc.(1)(2)

Delayed Draw Term Loan

429

641

Azalea Buyer, Inc.(1)(2)

Revolver

321

Bariacum S.A(1)(2)(3)

Acquisition Facility

318

640

Beyond Risk Management, Inc.(1)(2)

Delayed Draw Term Loan

2,423

Beyond Risk Management, Inc.(1)

Biolam Group(1)(2)(3)

Delayed Draw Term Loan

964

3,189

Bounteous, Inc.(1)(2)

Delayed Draw Term Loan

2,580

Brightpay Limited(1)(2)(3)

Delayed Draw Term Loan

121

122

BrightSign LLC(1)(2)

Revolver

238

715

CAi Software, LLC(1)(2)

Revolver

707

Canadian Orthodontic Partners Corp.(1)(2)(6)

Delayed Draw Term Loan

—

106

Ceres Pharma NV(1)(3)

Delayed Draw Term Loan

—

1,610

Cascade Residential Services LLC(1)

CCFF Buyer, LLC(1)(2)

CGI Parent, LLC(1)(2)

Revolver

1,653

Comply365, LLC(1)

Revolver

556

472

Comply365, LLC(1)(2)

Coyo Uprising GmbH(1)(2)(3)

Delayed Draw Term Loan

501

505

CSL DualCom(1)(4)

Capex / Acquisition Term Loan

179

177

DataServ Integrations, LLC(1)

Revolver

481

DecksDirect, LLC(1)(2)

Revolver

381

218

DISA Holdings Corp.(1)

Delayed Draw Term Loan

858

912

DISA Holdings Corp.(1)

Revolver

243

277

Dune Group(1)(2)(3)

Delayed Draw Term Loan

675

980

Dwyer Instruments, Inc.(1)

Delayed Draw Term Loan

1,845

Eclipse Business Capital, LLC(1)

Revolver

8,894

8,625

EMI Porta Holdco LLC(1)(2)

Delayed Draw Term Loan

3,532

EMI Porta Holdco LLC(1)(2)

Revolver

302

631

EPS NASS Parent, Inc.(1)

Delayed Draw Term Loan

—

187

eShipping, LLC(1)

Delayed Draw Term Loan

1,013

1,923

eShipping, LLC(1)

Revolver

1,122

Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)

Delayed Draw Term Loan

349

352

Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)

Delayed Draw Term Loan

1,745

1,759

Events Software BidCo Pty Ltd(1)(2)

Delayed Draw Term Loan

620

640

Express Wash Acquisition Company, LLC(1)

Revolver

Faraday(1)(3)

Finexvet(1)(3)

Footco 40 Limited(1)(2)(4)

Forest Buyer, LLC(1)

Fortis Payment Systems, LLC(1)(2)

GB Eagle Buyer, Inc.(1)

Global Academic Group Limited(1)(2)(7)

GPNZ II GmbH(1)(2)(3)

Greenhill II BV(1)(3)

Gusto Aus BidCo Pty Ltd(1)(5)

HeartHealth Bidco Pty Ltd(1)(2)(5)

HEKA Invest(1)(3)

HemaSource, Inc.(1)

HomeX Services Group LLC(1)

HTI Technology & Industries(1)(2)

8085

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company
($ in thousands) Investment Type September 30, 2023 December 31, 2022
Faraday(1)(2)(3) Delayed Draw Term Loan 949
Fineline Technologies, Inc.(1) Delayed Draw Term Loan — 240
Finexvet(1)(2)(3) Delayed Draw Term Loan 623 —
Footco 40 Limited(1)(2)(4) Delayed Draw Term Loan 502 766
Fortis Payment Systems, LLC(1) Delayed Draw Term Loan 210 925
FragilePak LLC(1) Delayed Draw Term Loan — 3,779
Front Line Power Construction, LLC(1)(2) Delayed Draw Term Loan 17 —
GB Eagle Buyer, Inc.(1)(2) Revolver 1,935 1,935
Global Academic Group Limited(1)(2)(7) Term Loan 262 301
GPNZ II GmbH(1)(2)(3) CAF Term Loan — 560
GPNZ II GmbH(1)(2)(3) Term Loan 59 —
Greenhill II BV(1)(3) Capex Acquisition Facility 115 255
Groupe Product Life(1)(3) Delayed Draw Term Loan — 441
Gusto Aus BidCo Pty Ltd(1)(5) Delayed Draw Term Loan 212 223
HeartHealth Bidco Pty Ltd(1)(5) Delayed Draw Term Loan 290 313
Heartland Veterinary Partners, LLC(1) Delayed Draw Term Loan — 95
HEKA Invest(1)(3) Delayed Draw Term Loan 551 555
HemaSource, Inc.(1)(2) Revolver 902 —
HTI Technology & Industries(1) Delayed Draw Term Loan 1,023 1,023
HTI Technology & Industries(1) Revolver 682 682
Innovad Group II BV(1)(2)(3) Delayed Draw Term Loan 168 834
INOS 19-090 GmbH(1)(2)(3) Acquisition Facility 931 1,235
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 748 1,310
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 55 55
Isolstar Holding NV (IPCOM)(1)(3) Delayed Draw Term Loan 738 744
ITI Intermodal, Inc.(1)(2) Delayed Draw Term Loan — 103
ITI Intermodal, Inc.(1) Revolver 621 118
Jaguar Merger Sub Inc.(1) Delayed Draw Term Loan — 422
Jaguar Merger Sub Inc.(1) Revolver — 490
Jon Bidco Limited(1)(2)(7) Capex & Acquisition Facility 317 428
Jones Fish Hatcheries & Distributors LLC(1)(2) Revolver 418 418
Kano Laboratories LLC(1) Delayed Draw Term Loan 1,574 1,574
Kano Laboratories LLC(1) Delayed Draw Term Loan 1,203 1,203
Lambir Bidco Limited(1)(2)(3) Delayed Draw Term Loan 1,075 1,250
LeadsOnline, LLC(1)(2) Revolver 1,952 1,952
LivTech Purchaser, Inc.(1)(2) Delayed Draw Term Loan — 530
Marmoutier Holding B.V.(1)(2)(3) Delayed Draw Term Loan 24 24
Marmoutier Holding B.V.(1)(2)(3) Revolver 104 106
Marshall Excelsior Co.(1)(2) Revolver 333 250
MC Group Ventures Corporation(1) Delayed Draw Term Loan 290 311
Mercell Holding AS(1)(2)(8) Capex Acquisition Facility 369 398
Modern Star Holdings Bidco Pty Limited(1)(2)(5) Term Loan 319 335
Modern Star Holdings Bidco Pty Limited(1)(2)(5) Term Loan 72 —
Moonlight Bidco Limited(1)(2)(4) Delayed Draw Term Loan 538 —
Murphy Midco Limited(1)(2)(4) Delayed Draw Term Loan 485 553
Narda Acquisitionco., Inc.(1) Revolver 684 615
NAW Buyer, LLC(1) Delayed Draw Term Loan 1,515 —


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
HTI Technology & Industries(1)(2)	Revolver	682	682
Ice House America, L.L.C.(1)(2)	Delayed Draw Term Loan	82	—
Ice House America, L.L.C.(1)(2)	Revolver	191	—
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	172	176
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	—	971
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	—	57
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	607	620
InvoCare Limited(1)(2)(5)	Delayed Draw Term Loan	148	155
Isolstar Holding NV (IPCOM)(1)(3)	Delayed Draw Term Loan	171	656
ISTO Technologies II, LLC(1)	Revolver	238	238
ITI Intermodal, Inc.(1)(2)	Revolver	595	595
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	316	334
Jones Fish Hatcheries & Distributors LLC(1)	Revolver	418	418
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	1,574
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	1,203
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	1,096	1,121
LeadsOnline, LLC(1)	Revolver	1,952	1,640
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	24	18
Marmoutier Holding B.V.(1)(2)(3)	Revolver	108	106
Marshall Excelsior Co.(1)	Revolver	100	133
MB Purchaser, LLC(1)(2)	Delayed Draw Term Loan	515	—
MB Purchaser, LLC(1)(2)	Revolver	103	—
MC Group Ventures Corporation(1)(2)	Delayed Draw Term Loan	290	290
Megawatt Acquisitionco, Inc.(1)	Revolver	332	—
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	362	387
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	323	338
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	73	77
Moonlight Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	557	562
Narda Acquisitionco., Inc.(1)	Revolver	684	684
NAW Buyer, LLC(1)(2)	Delayed Draw Term Loan	1,515	1,515
NAW Buyer, LLC(1)(2)	Revolver	341	303
NeoxCo(1)(3)	Delayed Draw Term Loan	486	497
Next Holdco, LLC(1)	Delayed Draw Term Loan	189	189
Next Holdco, LLC(1)	Delayed Draw Term Loan	73	73
NF Holdco, LLC(1)	Revolver	589	442
Novotech Aus Bidco Pty Ltd(1)	Capex & Acquisition Facility	1,042	1,042
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	468	479
OA Buyer, Inc.(1)	Revolver	1,154	1,331
OAC Holdings I Corp(1)(2)	Revolver	538	685
OSP Hamilton Purchaser, LLC(1)(2)	Revolver	315	315
Parkview Dental Holdings(1)(2)	Delayed Draw Term Loan	262	262
Polara Enterprises, L.L.C.(1)	Revolver	273	273
Premium Invest(1)(3)	Acquisition Facility	418	428
Process Insights Acquisition, Inc.(1)	Delayed Draw Term Loan	623	623
Process Insights Acquisition, Inc.(1)	Revolver	—	676
Process Insights Acquisition, Inc.(1)	Revolver	575	—
ProfitOptics, LLC(1)(2)	Revolver	35	84

8186

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company
($ in thousands) Investment Type September 30, 2023 December 31, 2022
NAW Buyer, LLC(1) Revolver 379 —
NeoxCo(1)(2)(3) Delayed Draw Term Loan 476 —
Nexus Underwriting Management Limited(1)(2)(4) Acquisition Facility 457 810
Nexus Underwriting Management Limited(1)(2)(4) Revolver 48 —
NF Holdco, LLC(1) Revolver 442 —
Novotech Aus Bidco Pty Ltd(1) Capex & Acquisition Facility 1,042 1,042
NPM Investments 28 BV(1)(3) Delayed Draw Term Loan 459 463
OA Buyer, Inc.(1) Revolver 1,331 1,331
OAC Holdings I Corp(1)(2) Revolver 685 303
Omni Intermediate Holdings, LLC(1)(2) Delayed Draw Term Loan — 2,505
OSP Hamilton Purchaser, LLC(1)(2) Revolver 315 187
Polara Enterprises, L.L.C.(1) Revolver 273 273
Premium Invest(1)(2)(3) Delayed Draw Term Loan 3,600 3,629
Process Insights Acquisition, Inc.(1)(2) Delayed Draw Term Loan 623 —
Process Insights Acquisition, Inc.(1)(2) Revolver 676 —
ProfitOptics, LLC(1) Revolver 116 194
Protego Bidco B.V.(1)(2)(3) Delayed Draw Term Loan 167 210
PSP Intermediate 4, LLC(1)(2)(3) Delayed Draw Term Loan 721 727
Qualified Industries, LLC(1) Revolver 242 —
Questel Unite(1)(2)(3) Incremental Term Loan 2,741 2,763
R1 Holdings, LLC(1) Delayed Draw Term Loan 910 1,311
R1 Holdings, LLC(1) Revolver 973 801
Randys Holdings, Inc.(1) Delayed Draw Term Loan 3,309 3,309
Randys Holdings, Inc.(1) Revolver 995 1,178
Rep Seko Merger Sub LLC(1) Delayed Draw Term Loan — 362
Reward Gateway (UK) Ltd(1)(2)(4) Acquisition Facility — 735
Rock Labor, LLC(1) Revolver 625 —
Rocade Holdings LLC(1) Preferred Equity 10,000 —
Royal Buyer, LLC(1) Delayed Draw Term Loan 676 1,104
Royal Buyer, LLC(1) Revolver 670 670
Safety Products Holdings, LLC(1)(2) Delayed Draw Term Loan — 2,451
Sanoptis S.A.R.L.(1)(2)(3) Acquisition Capex Facility 15 2,076
SBP Holdings LP(1) Delayed Draw Term Loan 394 —
SBP Holdings LP(1) Revolver 532 —
Scaled Agile, Inc.(1)(2) Delayed Draw Term Loan 331 416
Scaled Agile, Inc.(1)(2) Revolver 336 336
Scout Bidco B.V.(1)(3) Delayed Draw Term Loan — 1,135
Scout Bidco B.V.(1)(2)(3) Revolver 511 515
Sereni Capital NV(1)(2)(3) Delayed Draw Term Loan 673 —
Sereni Capital NV(1)(2)(3) Term Loan — 109
Sinari Invest(1)(2)(3) Delayed Draw Term Loan 665 —
Smartling, Inc.(1)(2) Delayed Draw Term Loan — 1,176
Smartling, Inc.(1) Revolver 588 588
SmartShift Group, Inc.(1)(2) Delayed Draw Term Loan 2,293 —
SmartShift Group, Inc.(1)(2) Revolver 1,101 —
Soho Square III Debtco II SARL(1)(4) Delayed Draw Term Loan 757 2,255
Solo Buyer, L.P.(1)(2) Revolver 957 1,197


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	135	174
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	202	206
Qualified Industries, LLC(1)	Revolver	242	242
Questel Unite(1)(2)(3)	Incremental Term Loan	2,796	2,860
R1 Holdings, LLC(1)	Delayed Draw Term Loan	841	841
R1 Holdings, LLC(1)	Revolver	973	973
Randys Holdings, Inc.(1)	Delayed Draw Term Loan	2,912	3,309
Randys Holdings, Inc.(1)	Revolver	1,030	995
Rocade Holdings LLC(1)	Preferred Equity	4,500	4,500
Rock Labor, LLC(1)(2)	Revolver	625	625
Royal Buyer, LLC(1)	Delayed Draw Term Loan	461	461
Royal Buyer, LLC(1)	Revolver	874	670
Sanoptis S.A.R.L.(1)(3)	Acquisition Capex Facility	—	16
SBP Holdings LP(1)	Delayed Draw Term Loan	—	75
SBP Holdings LP(1)	Revolver	355	532
Scaled Agile, Inc.(1)(2)	Revolver	280	280
Scout Bidco B.V.(1)(2)(3)	Revolver	313	320
Sinari Invest(1)(2)(3)	Delayed Draw Term Loan	604	617
SISU ACQUISITIONCO., INC.(1)(2)	Delayed Draw Term Loan	156	312
Smartling, Inc.(1)	Revolver	588	588
SmartShift Group, Inc.(1)	Delayed Draw Term Loan	2,294	2,294
SmartShift Group, Inc.(1)	Revolver	1,101	1,101
Solo Buyer, L.P.(1)	Revolver	798	798
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Delayed Draw Term Loan	399	399
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Revolver	117	90
Spatial Business Systems LLC(1)	Delayed Draw Term Loan	938	937
Spatial Business Systems LLC(1)	Revolver	703	703
SSCP Pegasus Midco Limited(1)(4)	Delayed Draw Term Loan	1,237	1,487
Superjet Buyer, LLC(1)	Revolver	1,095	1,095
SVI International LLC(1)	Delayed Draw Term Loan	74	—
SVI International LLC(1)	Revolver	74	—
Syntax Systems Ltd(1)	Revolver	167	231
Tank Holding Corp(1)	Delayed Draw Term Loan	339	409
Tank Holding Corp(1)	Revolver	491	480
Tanqueray Bidco Limited(1)(4)	Capex Facility	1,143	1,153
Techone B.V.(1)(2)(3)	Revolver	154	94
Tencarva Machinery Company, LLC(1)(2)	Revolver	752	752
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Delayed Draw Term Loan	—	1,758
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	796	796
The Cleaver-Brooks Company, Inc.(1)	Revolver	1,615	1,615
Trader Corporation(1)(6)	Revolver	173	177
Trintech, Inc.(1)	Revolver	255	255
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	912	1,469
TSYL Corporate Buyer, Inc.(1)	Revolver	177	177
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	—	974
UBC Ledgers Holding AB(1)(2)(9)	Delayed Draw Term Loan	792	840
UBC Ledgers Holding AB(1)(2)(9)	Revolver	262	278

8287

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company
($ in thousands) Investment Type September 30, 2023 December 31, 2022
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Delayed Draw Term Loan 399 666
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Revolver 98 156
Spatial Business Systems LLC(1) Delayed Draw Term Loan 938 3,750
Spatial Business Systems LLC(1) Revolver 703 703
SSCP Pegasus Midco Limited(1)(2)(4) Delayed Draw Term Loan 1,423 1,683
Superjet Buyer, LLC(1) Revolver 1,095 1,460
Syntax Systems Ltd(1)(2) Delayed Draw Term Loan 1,142 1,142
Syntax Systems Ltd(1)(2) Revolver 199 199
Tank Holding Corp(1)(2) Delayed Draw Term Loan 617 —
Tank Holding Corp(1)(2) Revolver 142 545
Tanqueray Bidco Limited(1)(4) Capex Facility 1,104 1,088
Techone B.V.(1)(2)(3) Revolver 90 61
Tencarva Machinery Company, LLC(1) Revolver 752 752
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Delayed Draw Term Loan 2,707 2,707
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Revolver 796 796
The Cleaver-Brooks Company, Inc.(1) Revolver 1,615 1,413
Trader Corporation(1)(6) Revolver 173 173
Trintech, Inc.(1)(2) Revolver 255 —
TSYL Corporate Buyer, Inc.(1) Delayed Draw Term Loan 1,681 1,681
TSYL Corporate Buyer, Inc.(1) Revolver 177 177
Turbo Buyer, Inc.(1)(2) Delayed Draw Term Loan 974 974
Union Bidco Limited(1)(2)(4) Acquisition Facility 79 78
United Therapy Holding III GmbH(1)(2)(3) Acquisition Facility 655 1,170
Unither (Uniholding)(1)(2)(3) Delayed Draw Term Loan 459 —
W2O Holdings, Inc.(1)(2) Delayed Draw Term Loan 234 —
W2O Holdings, Inc.(1)(2) Delayed Draw Term Loan — 1,060
Waccamaw River(2) Joint Venture — 2,480
West-NR AcquisitionCo., LLC(1)(2) Delayed Draw Term Loan 1,250 —
Whitcraft Holdings, Inc.(1) Revolver 943 —
Woodland Foods, LLC(1)(2) Line of Credit 475 213
WWEC Holdings III Corp(1) Delayed Draw Term Loan 1,165 1,165
WWEC Holdings III Corp(1) Revolver 792 512
Xeinadin Bidco Limited(1)(2)(4) CAF Term Loan 1,975 2,372
ZB Holdco LLC(1) Delayed Draw Term Loan — 676
ZB Holdco LLC(1)(2) Delayed Draw Term Loan 1,466 —
ZB Holdco LLC(1)(2) Revolver 406 423
Zeppelin Bidco Limited(1)(2)(4) Capex / Acquisition Facility 1,277 1,258
Total unused commitments to extend financing $ 136,787 $ 143,252


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
Union Bidco Limited(1)(4)	Acquisition Facility	82		83
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	668		683
Unither (Uniholding)(1)(3)	Delayed Draw Term Loan	468		479
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	—		234
West-NR AcquisitionCo., LLC(1)	Delayed Draw Term Loan	1,250		1,250
Whitcraft Holdings, Inc.(1)	Revolver	490		880
White Bidco Limited(1)	Delayed Draw Term Loan	257		257
Woodland Foods, LLC(1)(2)	Line of Credit	157		318
World 50, Inc.(1)(2)	Revolver	243		—
WWEC Holdings III Corp(1)(2)	Revolver	932		757
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	1,601		2,062
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	381		1,466
ZB Holdco LLC(1)(2)	Revolver	271		423
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	—		1,333
Total unused commitments to extend financing		$	103,209	$	114,328

(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.

(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

~~Barings Capital Investment Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(8)Actual commitment amount is denominated in Norwegian ~~Kroner.~~kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

8. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the ~~nine~~three months ended ~~September 30, 2023~~March 31, 2024 and ~~2022:~~2023:


		Nine Months Ended September 30,
	Three Months Ended March 31,														Three Months Ended March 31,
($ in thousands, except share and per share amounts)	($ in thousands, except share and per share amounts)	2023			2022			($ in thousands, except share and per share amounts)	2024				2023
Per share data:	Per share data:
Net asset value at beginning of period
Net asset value at beginning of period
Net asset value at beginning of period	Net asset value at beginning of period	$	21.66		$	22.43
Net investment income (1)	Net investment income (1)	2.10			1.72
Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1)	Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1)	(0.80)			0.18
Net unrealized appreciation (depreciation) on investments / foreign currency transactions / forward currency contracts (1)	Net unrealized appreciation (depreciation) on investments / foreign currency transactions / forward currency contracts (1)	1.08			(0.51)
Total increase from investment operations (1)	Total increase from investment operations (1)	2.38			1.39
Dividends paid to stockholders from net investment income	Dividends paid to stockholders from net investment income	(1.82)			(1.49)
Dividends paid to stockholders from short-term realized gains	Dividends paid to stockholders from short-term realized gains	(0.03)			(0.07)
Total dividends declared	Total dividends declared	(1.85)			(1.56)

Loss on extinguishment of debt (1)		—			(0.01)

Net asset value at end of period

Net asset value at end of period

Net asset value at end of period	Net asset value at end of period	$	22.19		$	22.25
Shares outstanding at end of period	Shares outstanding at end of period	28,885,591			27,496,359			Shares outstanding at end of period	29,672,058			28,142,612			28,142,612
Net assets at end of period	Net assets at end of period	$	640,994		$	611,684		Net assets at end of period	$	670,241		$	$	618,439
Average net assets	Average net assets	$	622,039		$	569,537		Average net assets	$	658,852		$	$	609,288
Ratio of total expenses to average net assets (annualized) (2)	Ratio of total expenses to average net assets (annualized) (2)	10.82		%	5.93		%	Ratio of total expenses to average net assets (annualized) (2)	11.07		%		10.09		%
Ratio of net investment income to average net assets (annualized) (2)	Ratio of net investment income to average net assets (annualized) (2)	12.67		%	10.18		%	Ratio of net investment income to average net assets (annualized) (2)	11.54		%		12.39		%
Portfolio turnover ratio (annualized)	Portfolio turnover ratio (annualized)	7.60		%	16.34		%	Portfolio turnover ratio (annualized)	3.22		%		1.83		%
Total return (3)	Total return (3)	11.36		%	6.26		%	Total return (3)	4.35		%		4.29		%

(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.

(2)Does not include expenses of underlying investment companies, including joint ventures.

(3)Total return is calculated as the change in NAV per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period.

9. SUBSEQUENT EVENTS

On ~~November 9, 2023,~~May 7, 2024, the Board declared a quarterly dividend of ~~$0.63~~$0.64 per share payable on ~~December 13, 2023~~June 12, 2024 to holders of record as of ~~November~~May 29, ~~2023.~~2024.

8489

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three ~~and nine~~ months ended ~~September 30, 2023,~~March 31, 2024, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, ~~2022.~~2023. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.

~~Forward-Looking Statements~~Portfolio Composition

~~Some~~The Company predominately invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured products, bonds and other fixed income securities. Structured products include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC regulated funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
March 31, 2024:
Senior debt and 1st lien notes	$	996,015	73	%	$	982,334	72	%	147	%
Subordinated debt and 2nd lien notes	108,605		8		107,913		8		16
Structured products	28,657		2		27,744		2		4
Equity shares	176,427		13		207,185		15		31
Equity warrants	33		—		1,147		—		—
Investments in joint ventures	50,132		4		36,725		3		5

	$	1,359,869	100	%	$	1,363,048	100	%	203	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2023:
Senior debt and 1st lien notes	$	1,000,294	74	%	$	985,158	73	%	151	%
Subordinated debt and 2nd lien notes	108,487		8		106,894		8		16
Structured products	29,479		2		26,173		2		4
Equity shares	162,731		12		192,641		14		30
Equity warrants	2		—		1,043		—		—
Investments in joint ventures	51,123		4		37,212		3		6

	$	1,352,116	100	%	$	1,349,121	100	%	207	%

During the three months ended March 31, 2024, the Company made 10 new investments totaling $27.5 million and made investments in existing portfolio companies totaling $23.7 million.

During the three months ended March 31, 2023, the Company made 10 new investments totaling $36.7 million, made investments in existing portfolio companies totaling $19.8 million and made a $45.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Industry Composition

The industry composition of investments at fair value at March 31, 2024 and December 31, 2023 was as follows:


($ in thousands)	March 31, 2024		Percent of Portfolio		Percent of Total Net Assets		December 31, 2023		Percent of Portfolio		Percent of Total Net Assets
Aerospace and Defense	$	84,035	6.2	%	12.5	%	$	81,217	6.0	%	12.5	%
Automotive	18,403		1.3		2.8		16,830		1.2		2.6
Banking, Finance, Insurance and Real Estate	224,287		16.5		33.5		227,415		16.9		34.9
Beverage, Food and Tobacco	33,057		2.4		4.9		24,197		1.8		3.7
Capital Equipment	46,833		3.4		7.0		46,500		3.5		7.1
Chemicals, Plastics, and Rubber	29,105		2.1		4.4		25,679		1.9		3.9
Construction and Building	10,719		0.8		1.6		10,070		0.7		1.6
Consumer Goods: Durable	25,526		1.9		3.8		25,563		1.9		3.9
Consumer Goods: Non-durable	14,343		1.1		2.1		9,987		0.7		1.5
Containers, Packaging and Glass	22,927		1.7		3.4		23,032		1.7		3.5

Energy: Electricity	6,297		0.5		1.0		6,676		0.5		1.0
Energy: Oil and Gas	2,669		0.2		0.4		2,670		0.2		0.4
Environmental Industries	29,225		2.1		4.4		30,266		2.2		4.7
Healthcare and Pharmaceuticals	124,015		9.1		18.5		130,845		9.7		20.1
High Tech Industries	137,613		10.1		20.5		141,704		10.5		21.7
Hotel, Gaming and Leisure	21,572		1.6		3.2		19,595		1.5		3.0
Investment Funds and Vehicles	36,725		2.7		5.5		37,212		2.8		5.7
Media: Advertising, Printing and Publishing	32,578		2.4		4.9		32,570		2.4		5.0
Media: Broadcasting and Subscription	8,706		0.6		1.3		8,867		0.7		1.4
Media: Diversified and Production	46,497		3.4		6.9		45,924		3.4		7.1


Services: Business	216,121		15.9		32.3		201,007		14.9		30.8
Services: Consumer	69,268		5.1		10.3		69,643		5.2		10.7
Structured Products	33,667		2.5		5.0		32,763		2.4		5.0
Telecommunications	18,276		1.3		2.7		18,341		1.4		2.8
Transportation: Cargo	58,929		4.3		8.8		68,703		5.1		10.5
Transportation: Consumer	2,000		0.1		0.3		1,900		0.1		0.3
Utilities: Electric	9,655		0.7		1.4		9,945		0.7		1.5


Total	$	1,363,048	100.0	%	203.4	%	$	1,349,121	100.0	%	206.9	%

Banff Partners LP

On February 18, 2021, the Company established a joint venture, Banff Partners LP (“Banff”), with a controlled affiliate of Alberta Investment Management Corporation to invest in senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. During the three months ended March 31, 2024, the Company held a 10.0% partnership interest in Banff. As of March 31, 2024, the cost and fair value of the Company’s investment in Banff was $14.6 million and $16.6 million, respectively. As of December 31, 2023, the cost and fair value of the Company's investment in Banff was $14.6 million and $16.2 million, respectively.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The total value of Banff’s investment portfolio was $143.7 million as of March 31, 2024, as compared to $146.5 million as of December 31, 2023. As of March 31, 2024, Banff’s investments had an aggregate cost of $150.8 million, as compared to $151.9 million as of December 31, 2023. As of March 31, 2024 and December 31, 2023, the Banff investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2024:
Senior debt and 1st lien notes	$	146,901	97	%	$	139,697	97	%
Subordinated debt and 2nd lien notes	3,920		3		4,000		3





	$	150,821	100	%	$	143,697	100	%
December 31, 2023:
Senior debt and 1st lien notes	$	147,990	97	%	$	142,490	97	%
Subordinated debt and 2nd lien notes	3,917		3		3,987		3





	$	151,907	100	%	$	146,477	100	%

As of March 31, 2024 and December 31, 2023, the weighted average yield on the principal amount of Banff’s outstanding debt investments other than non-accrual debt investments was approximately 10.5% and 10.6%, respectively.

The industry composition of Banff’s investments at fair value at March 31, 2024 and December 31, 2023 was as follows:


($ in thousands)	March 31, 2024				December 31, 2023
Aerospace and Defense	$	15,105	10.5	%	$	15,125	10.3	%

Banking, Finance, Insurance and Real Estate	16,190		11.3		16,325		11.2
Beverage, Food and Tobacco	7,577		5.3		7,531		5.1

Chemicals, Plastics, and Rubber	1,937		1.3		1,269		0.9
Construction and Building	1,450		1.0		1,364		0.9
Consumer Goods: Durable	1,731		1.2		1,725		1.2
Consumer Goods: Non-durable	6,026		4.2		6,205		4.2
Containers, Packaging and Glass	6,459		4.5		6,607		4.5




Healthcare and Pharmaceuticals	16,635		11.6		17,205		11.8
High Tech Industries	20,898		14.5		20,942		14.3


Media: Advertising, Printing and Publishing	1,955		1.4		1,957		1.3

Media: Diversified and Production	4,274		3.0		4,306		2.9


Services: Business	21,536		15.0		21,900		15.0
Services: Consumer	12,291		8.5		12,509		8.5

Telecommunications	3,213		2.2		3,243		2.2
Transportation: Cargo	6,420		4.5		8,264		5.7




Total	$	143,697	100	%	$	146,477	100	%

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The geographic composition of Banff’s investments at fair value at March 31, 2024 and December 31, 2023 was as follows:


($ in thousands)	March 31, 2024				December 31, 2023
Australia	$	4,360	3.0	%	$	4,449	3.0	%
Belgium	7,577		5.3		7,531		5.1
Canada	1,847		1.3		2,221		1.5
France	27,948		19.4		28,669		19.6
Germany	7,120		5.0		7,277		5.0
Hong Kong	6,179		4.3		6,033		4.1
Netherlands	9,182		6.4		9,193		6.3
New Zealand	2,462		1.7		2,596		1.8
Singapore	3,989		2.8		3,984		2.7
United Kingdom	20,282		14.1		20,401		13.9
USA	52,751		36.7		54,123		37.0
Total	$	143,697	100.0	%	$	146,477	100	%

Banff’s credit facility with Wells Fargo Bank, N.A., which was non-recourse to the Company, initially closed on August 26, 2022 and had nil and $19.2 million outstanding as of March 31, 2024 and December 31, 2023, respectively. On March 20, 2024, Banff’s credit facility with Wells Fargo Bank, N.A. was terminated and fully repaid.

The Company may sell portions of its investments via assignment to Banff. Since inception, as of both March 31, 2024 and December 31, 2023, the Company had sold $187.9 million of its investments to Banff. As of both March 31, 2024 and December 31, 2023, the Company did not have any unsettled receivables due from Banff. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing, for treatment as a sale and satisfies the following conditions:

•assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;

Thompson Rivers LLC

On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. Under Thompson Rivers’ current operating agreement, as amended to date, pursuant to which the Company became a party in June 2021, the Company has a capital commitment of $30.0 million of equity capital to Thompson Rivers, all of which has been funded as of March 31, 2024. As of March 31, 2024, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

For the three months ended March 31, 2024 and 2023, Thompson Rivers declared $15.0 million and $57.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2024 and 2023, the Company recognized $1.0 million and $3.8 million, respectively, of the dividends as a return of capital.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2024, Thompson Rivers had $307.7 million in Ginnie Mae early buyout loans and $7.7 million in cash. As of December 31, 2023, Thompson Rivers had $366.7 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of March 31, 2024, Thompson Rivers had 1,974 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2023, Thompson Rivers had 2,305 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

As of March 31, 2024 and December 31, 2023, the Thompson Rivers investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2024:
Federal Housing Administration (“FHA”) loans	$	306,491	93	%	$	287,390	93	%
Veterans Affairs (“VA”) loans	21,604		7		20,295		7
	$	328,095	100	%	$	307,685	100	%
December 31, 2023:
Federal Housing Administration (“FHA”) loans	$	360,847	93		$	342,240	93
Veterans Affairs (“VA”) loans	25,810		7		24,491		7
	$	386,657	100	%	$	366,731	100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $70.2 million and $83.5 million outstanding as of March 31, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $144.1 million and $170.8 million outstanding as of March 31, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $45.1 million and $50.0 million outstanding as of March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024 and December 31, 2023, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of March 31, 2024		As of December 31, 2023
Total contributed capital by Barings Capital Investment Corporation (1)	$	32,318	$	32,318
Total contributed capital by all members (2)	$	482,083	$	482,083

Total unfunded commitments by Barings Capital Investment Corporation	$	—	$	—
Total unfunded commitments by all members	$	—	$	—

(1)Includes $2.3 million of dividend re-investments.

(2)Includes dividend re-investments of $32.1 million of total contributed capital by related parties.

Waccamaw River LLC

On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. Under Waccamaw River’s current operating agreement, as amended to date, pursuant to which the Company became a party in May 2021, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded (including approximately $1.7 million of recallable return of capital) as of March 31, 2024. As of March 31, 2024, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement totaled $125.0 million, all of which has been funded (including $14.0 million of recallable return of capital).

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

For the three months ended March 31, 2024 and 2023, Waccamaw River declared nil and $3.6 million in dividends, respectively, of which nil and $0.7 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

As of March 31, 2024, Waccamaw River had $154.9 million in unsecured consumer loans and $7.2 million in cash. As of December 31, 2023, Waccamaw River had $182.3 million in unsecured consumer loans and $6.6 million in cash. As of March 31, 2024, Waccamaw River had 19,291 outstanding loans with an average loan size of $9,764, remaining average life to maturity of 38.2 months and weighted average interest rate of 12.8%. As of December 31, 2023, Waccamaw River had 21,435 outstanding loans with an average loan size of $10,338, remaining average life to maturity of 40.0 months and weighted average interest rate of 12.7%.

Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $55.9 million and $71.0 million outstanding as of March 31, 2024 and December 31, 2023, respectively. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $38.0 million and $51.3 million outstanding as of March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024 and December 31, 2023, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of March 31, 2024		As of December 31, 2023
Total contributed capital by Barings Capital Investment Corporation	$	26,730	$	26,730
Total contributed capital by all members (1)	$	139,020	$	139,020




Total unfunded commitments by Barings Capital Investment Corporation	$	—	$	—
Total unfunded commitments by all members	$	—	$	—

(1) Includes $85.6 million of total contributed capital by related parties as of both March 31, 2024 and December 31, 2023.

Eclipse Business Capital Holdings LLC

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $44.4 million, a second lien senior secured loan of $2.2 million and unfunded revolver of $6.7 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $11.2 million. As of March 31, 2024 and December 31, 2023, $2.9 million and $2.7 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Rocade Holdings LLC

On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal year ended December 31, 2023 of $5.5 million. The total equity invested in Rocade as of March 31, 2024 was $50.5 million (excluding preferred dividends) and the Company had $4.5 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.

Valuation of Investments

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

Investment Valuation Process

The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service.The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

Valuation Inputs

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Valuation of Investments in Banff, Thompson Rivers and Waccamaw River

Level 3 Unobservable Inputs

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of March 31, 2024 and December 31, 2023. The weighted average range of unobservable inputs is based on fair value of investments.

March 31, 2024

($ in thousands)(3)

Fair Value

Valuation
Model

Level 3
Input

Range of
Inputs

Weighted
Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes(1)

844,660

Yield Analysis

Market Yield

6.1% – 27.0%

10.9%

Decrease

10,163

Market Approach

Adjusted EBITDA Multiple

1.2x – 12.5x

9.3x

Increase

79,471

Recent Transaction

Transaction Price

95.6% – 100.0%

98.0%

Increase

Subordinated debt and 2nd lien notes(2)

87,205

Yield Analysis

Market Yield

9.0% – 17.7%

12.7%

Decrease

10,166

Market Approach

Adjusted EBITDA Multiple

6.0x – 11.0x

8.5x

Increase

1,875

Recent Transaction

Transaction Price

100.0%

Increase

Equity shares(4)

16,103

Yield Analysis

Market Yield

10.5% – 14.2%

13.0%

Decrease

162,274

Market Approach

Adjusted EBITDA Multiple

5.5x – 27.5x

11.1x

Increase

1,353

Market Approach

Revenue Multiple

6.0x – 9.3x

6.5x

Increase

8,027

Discounted Cash Flow Analysis

Discount Rate

14.5%

Decrease

2,357

Net Asset Approach

Liabilities

$(64,894.6)

Decrease

749

Recent Transaction

Transaction Price

$0.00 – $1,037.50

$438.67

Increase

Equity Warrants

1,102

Market Approach

Adjusted EBITDA Multiple

6.3x – 12.5x

7.7x

Increase

(1) Excludes investments with an aggregate fair value amounting to $11,856, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(2) Excludes investments with an aggregate fair value amounting to $5,821, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(3) For structured products, investments with an aggregate fair value amounting to $15,801, were valued by the Adviser using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(4) Excludes investments with an aggregate fair value amounting to $2,670, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2023

($ in thousands)(3)

Fair Value

Valuation
Model

Level 3
Input

Range of
Inputs

Weighted
Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes(1)

844,635

Yield Analysis

Market Yield

7.8% – 19.6%

11.2%

Decrease

7,247

Market Approach

Adjusted EBITDA Multiple

1.1x – 12.5x

3.5x

Increase

84,483

Recent Transaction

Transaction Price

97.0% – 100.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(2)

85,803

Yield Analysis

Market Yield

8.5% – 18.9%

13.1%

Decrease

4,986

Market Approach

Adjusted EBITDA Multiple

11.0x

Increase

670

Recent Transaction

Transaction Price

98.0%

Increase

Equity shares(4)

8,788

Yield Analysis

Market Yield

14.6%

Decrease

162,996

Market Approach

Adjusted EBITDA Multiple

4.8x – 30.0x

11.2x

Increase

1,390

Market Approach

Revenue Multiple

6.5x – 9.5x

6.8x

Increase

6,080

Discounted Cash Flow Analysis

Discount Rate

14.2%

Decrease

2,131

Net Asset Approach

Liabilities

$(55,281.8)

Decrease

5,203

Recent Transaction

Transaction Price

$1.00 – $10.00

$9.64

Increase

Equity Warrants

1,043

Market Approach

Adjusted EBITDA Multiple

6.3x – 12.5x

7.5x

Increase

(1) Excludes investments with an aggregate fair value amounting to $12,714, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(2) Excludes investments with an aggregate fair value amounting to $5,392, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(3) For structured products, investments with an aggregate fair value amounting to $14,915, were valued by the Adviser using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(4) Excludes investments with an aggregate fair value amounting to $5,975, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables present the Company’s investment portfolio at fair value as of March 31, 2024 and December 31, 2023, categorized by the ASC Topic 820 valuation hierarchy, as previously described:


	Fair Value as of March 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	36,184	$	946,150	$	982,334
Subordinated debt and 2nd lien notes	—		2,846		105,067		107,913
Structured products	—		11,943		15,801		27,744
Equity shares	9,936		3,716		193,533		207,185
Equity warrants	45		—		1,102		1,147

Investments subject to leveling	$	9,981	$	54,689	$	1,261,653	$	1,326,323
Investments in joint ventures (1)							36,725
							$	1,363,048


	Fair Value as of December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	36,079	$	949,079	$	985,158
Subordinated debt and 2nd lien notes	—		10,043		96,851		106,894
Structured products	—		11,258		14,915		26,173
Equity shares	78		—		192,563		192,641
Equity warrants	—		—		1,043		1,043

Investments subject to leveling	$	78	$	57,380	$	1,254,451	$	1,311,909
Investment in joint ventures (1)							$	37,212
							$	1,349,121

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Three Months Ended March 31, 2024: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Fair value, beginning of period	$	949,079	$	96,851	$	14,915	$	192,563	$	1,043	$	1,254,451
New investments	36,126		12,535		—		2,599		—		51,260
Investment restructuring	(13,015)		—		—		—		—		(13,015)
Transfers into (out of) Level 3, net	—		—		—		(3,305)		—		(3,305)
Proceeds from sales of investments	(129)		—		—		—		—		(129)
Loan origination fees received	(545)		(281)		—		—		—		(826)
Principal repayments received	(24,253)		(5,480)		(799)		—		—		(30,532)
Payment-in-kind interest/dividends	386		692		—		1,559		—		2,637
Accretion of loan premium/discount	95		27		—		—		—		122
Accretion of deferred loan origination revenue	1,205		82		—		—		—		1,287
Realized gain (loss)	(4,217)		—		—		—		—		(4,217)
Unrealized appreciation (depreciation)	1,418		641		1,685		117		59		3,920
Fair value, end of period	$	946,150	$	105,067	$	15,801	$	193,533	$	1,102	$	1,261,653


Three Months Ended March 31, 2023: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Fair value, beginning of period	$	872,193	$	97,805	$	14,210	$	112,878	$	476	$	1,097,562
New investments	54,252		683		—		45,971		—		100,906
Transfers into (out of) Level 3, net	—		—		1,767		—		—		1,767
Proceeds from sales of investments	—		—		—		—		—		—
Loan origination fees received	(1,495)		(20)		—		—		—		(1,515)
Principal repayments received	(13,531)		(449)		(806)		—		—		(14,786)
Payment-in-kind interest/dividends	583		826		—		—		—		1,409
Accretion of loan premium/discount	95		33		—		—		—		128
Accretion of deferred loan origination revenue	1,028		70		—		—		—		1,098
Realized gain (loss)	(224)		—		—		—		—		(224)
Unrealized appreciation (depreciation)	3,174		1,313		379		4,863		15		9,744
Fair value, end of period	$	916,075	$	100,261	$	15,550	$	163,712	$	491	$	1,196,089

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the three months ended March 31, 2024, the Company made investments of approximately $31.0 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2024, the Company made investments of $20.3 million in portfolio companies to which it was previously committed to provide such financing.

During the three months ended March 31, 2023, the Company made investments of approximately $91.6 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2023, the Company made investments of $9.8 million in portfolio companies to which it was previously committed to provide such financing.

Unsettled Purchases and Sales of Investments

Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments

Investment Classification

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. As of March 31, 2024, the Company does not “Control” any of its portfolio companies for the purposes of the 1940 Act. Under the 1940 Act, the Company is deemed to be an Affiliated Person of a company in which the Company has invested if it owns at least 5.0%, but no more than 25.0%, of the outstanding voting securities of such company.

Cash and Foreign Currencies

Investment Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of March 31, 2024 and December 31, 2023, the Company had three portfolio companies and one portfolio company, respectively, with investments that were on non-accrual.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Payment-in-Kind Interest

Fee Income

Fee income for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
Recurring Fee Income:
Amortization of loan origination fees	$	996	$	928
Management, valuation and other fees	229		336
Total Recurring Fee Income	1,225		1,264
Non-Recurring Fee Income:

Acceleration of unamortized loan origination fees	297		201
Advisory, loan amendment and other fees	74		221
Total Non-Recurring Fee Income	371		422
Total Fee Income	$	1,596	$	1,686

General and Administrative Expenses

Deferred Financing Fees

Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.

Segments

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Concentration of Credit Risk

As of both March 31, 2024 and December 31, 2023, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of March 31, 2024 and December 31, 2023, the Company’s largest single portfolio company investment represented approximately 5.6% and 5.7%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.

As of March 31, 2024, all of the Company’s assets were or will be pledged as collateral for the ING Credit Facility.

Investments Denominated in Foreign Currency

As of March 31, 2024 the Company held 12 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, 60 investments that were denominated in Euros, two investments that were denominated in Swiss francs, one investment that was denominated in Swedish kronor and 23 investments that were denominated in British pounds sterling. As of December 31, 2023, the Company held 12 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner, 58 investments that were denominated in Euros, two investments that were denominated in Swiss francs, one investment that was denominated Swedish kronor and 23 investments that were denominated in British pounds sterling.

In addition, during both the three months ended March 31, 2024 and March 31, 2023, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on the Company’s investments denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - forward currency contracts” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - forward currency contracts” in the Company’s Unaudited Consolidated Statements of Operations.

4. INCOME TAXES

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year (or later if the Company is permitted to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three months ended March 31, 2024 and 2023, the Company recorded net expenses of $0.2 million and $23.5 thousand, respectively, for U.S. federal excise tax.

Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2020-2022), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.

For federal income tax purposes, the cost of investments owned as of March 31, 2024 and December 31, 2023 was approximately $1,352.6 million and $1,344.7 million, respectively. As of March 31, 2024, net unrealized appreciation on the Company’s investments (tax basis) was approximately $22.0 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $71.2 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $49.2 million. As of December 31, 2023, net unrealized appreciation on the Company’s investments (tax basis) was approximately $2.6 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $63.2 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $60.6 million.

In addition, the Company has a wholly-owned taxable subsidiary (the “Taxable Subsidiary”), which holds certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiary is consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit the Company to hold certain portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, their income is taxed to the Taxable Subsidiary and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for income tax purposes and may generate income tax expense or benefit as a result of its ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiary (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiary), is reflected net of applicable federal and state income taxes, if any, in the Company’s Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in “Accounts payable and accrued liabilities” in the Company’s Unaudited and Audited Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, the Company recorded a net deferred tax liability of $0.7 million and $0.8 million, respectively, pertaining to operating losses and tax basis differences related to certain partnership interests.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

5. BORROWINGS

The Company had the following borrowings outstanding as of March 31, 2024 and December 31, 2023:


Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of March 31, 2024	March 31, 2024		December 31, 2023
Credit Facility:
January 15, 2021	April 30, 2026	7.398%	642,422		$	644,463
Total Credit Facility			$	642,422	$	644,463
Notes:
February 22, 2022	February 22, 2027	4.750%	$	100,000	$	100,000
(Less: Deferred financing fees)			(145)		(157)
Total Notes			$	99,855	$	99,843

ING Capital Credit Facility

Borrowings under the ING Credit Facility bear interest on a per annum basis equal to (i) for borrowings denominated in U.S. Dollars, subject to the Company’s election, (a) the alternate base rate plus 1.15% or (b) the term SOFR plus 2.15% plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with and interest period of three months or 0.25% for borrowings with an interest period of six months, with the term SOFR plus credit spread adjustment subject to a 0.00% floor, (ii) for borrowings denominated in Pounds Sterling, Swiss Francs, Euros, Canadian Dollars, Danish Kroner, Norwegian Kroner or Swedish Kronor, the adjusted eurocurrency rate plus 2.15%, (iii) for borrowings denominated in Australian Dollars, the adjusted eurocurrency rate plus 2.35%, or (iv) for borrowings denominated in New Zealand Dollars, the adjusted eurocurrency rate plus 2.45%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50%, (iii) the overnight bank funding rate plus 0.50%, (iv) one-month term SOFR plus 1.00% plus a credit spread adjustment of 0.10% and (v) 1.00%. The adjusted eurocurrency rate is equal to the eurocurrency rate for the applicable interest period plus any applicable statutory reserve rate for such interest period, subject to a 0.00% floor. The Company pays a commitment fee on undrawn amounts under the ING Credit Facility.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

to 70% of the total fair value of the Company’s portfolio, (iii) meeting a minimum liquidity test, (iv) meeting a minimum net worth test, and (v) maintaining the Company’s status as a RIC under the Code and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for the Company. As of March 31, 2024, the Company was in compliance with all covenants of the ING Credit Facility.

As of March 31, 2024, the Company had U.S. dollar borrowings of $533.0 million under the ING Credit Facility with an interest rate of 7.569% (with Term SOFR borrowings subject to one month SOFR of 5.319%), borrowings denominated in British pounds sterling of £31.2 million ($39.4 million U.S. dollars) with an interest rate of 7.371% (one month SONIA of 5.221%), borrowings denominated in Euros of €61.5 million ($66.4 million U.S. dollars) with an interest rate of 6.088% (one month EURIBOR of 3.938%) and borrowings denominated in Australian Dollars of A$5.5 million ($3.6 million U.S. dollars) with an interest rate of 6.650% (one month AUD Screen Rate of 4.300%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.

As of December 31, 2023, the Company had U.S. dollar borrowings of $533.0 million under the ING Credit Facility with an interest rate of 7.584% (with Term SOFR borrowings subject to one month SOFR of 5.334%), borrowings denominated in British pounds sterling of £31.2 million ($39.8 million U.S. dollars) with an interest rate of 7.370% (one month SONIA of 5.220%), borrowings denominated in Euros of €61.5 million ($67.9 million U.S. dollars) with an interest rate of 6.025% (one month EURIBOR of 3.875%) and borrowings denominated in Australian Dollars of A$5.5 million ($3.8 million U.S. dollars) with an interest rate of 6.650% (one month AUD Screen Rate of 4.300%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

As of March 31, 2024 and December 31, 2023, the fair values of the borrowings outstanding under the ING Credit Facility were $642.4 million and $644.5 million, respectively. The fair values of the borrowings outstanding under the ING Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

February 2027 Notes

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The Company’s obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of March 31, 2024, the Company was in compliance with all covenants under the February 2022 NPA.

As of March 31, 2024 and December 31, 2023, the fair values of the February 2027 Notes were $92.1 million and $90.2 million, respectively. The fair value determinations of the February 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

6. DERIVATIVE INSTRUMENTS

The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.

The following tables present the Company’s foreign currency forward contracts as of March 31, 2024 and December 31, 2023:

As of March 31, 2024

Description

($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$37,920

$24,768

04/08/24

(25)

Derivative liabilities

Foreign currency forward contract (AUD)

$571

A$872

04/08/24

Derivative assets

Foreign currency forward contract (AUD)

$25,161

A$37,048

04/08/24

987

Derivative assets

Foreign currency forward contract (AUD)

$25,112

A$38,350

07/08/24

Derivative assets

Foreign currency forward contract (CAD)

C$252

$189

04/08/24

(3)

Derivative liabilities

Foreign currency forward contract (CAD)

C$5,633

$4,148

04/08/24

Derivative assets

Foreign currency forward contract (CAD)

$83

C$113

04/08/24

—

Derivative liabilities

Foreign currency forward contract (CAD)

$4,342

C$5,772

04/08/24

Derivative assets

Foreign currency forward contract (CAD)

$4,213

C$5,715

07/08/24

(16)

Derivative liabilities

Foreign currency forward contract (DKK)

4,058kr.

$589

04/08/24

(1)

Derivative liabilities

Foreign currency forward contract (DKK)

$12

80kr.

04/08/24

—

Derivative assets

Foreign currency forward contract (DKK)

$587

3,978kr.

04/08/24

Derivative assets

Foreign currency forward contract (DKK)

$594

4,077kr.

07/08/24

Derivative assets

Foreign currency forward contract (EUR)

€95,644

$103,471

04/08/24

(155)

Derivative liabilities

Foreign currency forward contract (EUR)

$3,430

€3,164

04/08/24

Derivative assets

Foreign currency forward contract (EUR)

$101,716

€92,480

04/08/24

1,818

Derivative assets

Foreign currency forward contract (EUR)

$107,123

€98,651

07/08/24

158

Derivative assets

Foreign currency forward contract (GBP)

£1,056

$1,335

04/08/24

(1)

Derivative liabilities

Foreign currency forward contract (GBP)

£15,862

$20,025

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$1,254

£982

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$20,135

£15,936

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$21,094

£16,701

07/08/24

(14)

Derivative liabilities

Foreign currency forward contract (NZD)

NZ$10,224

$6,141

04/08/24

(25)

Derivative liabilities

Foreign currency forward contract (NZD)

$6,401

NZ$10,224

04/08/24

285

Derivative assets

Foreign currency forward contract (NZD)

$6,210

NZ$10,338

10/10/23

Derivative assets

Foreign currency forward contract (NOK)

21,883kr

$2,032

04/08/24

(15)

Derivative liabilities

Foreign currency forward contract (NOK)

$40

429kr

04/08/24

Derivative assets

Foreign currency forward contract (NOK)

$2,083

21,453kr

04/08/24

105

Derivative assets

Foreign currency forward contract (NOK)

$2,038

21,901kr

07/08/24

Derivative assets

Foreign currency forward contract (SEK)

16,338kr

$1,541

04/08/24

(12)

Derivative liabilities

Foreign currency forward contract (SEK)

$32

330kr

04/08/24

Derivative assets

Foreign currency forward contract (SEK)

$1,576

16,008kr

04/08/24

Derivative assets

Foreign currency forward contract (SEK)

$1,549

16,363kr

07/08/24

Derivative assets

Foreign currency forward contract (CHF)

1,691Fr.

$1,870

04/08/24

Derivative assets

Foreign currency forward contract (CHF)

$2,013

1,691Fr.

04/08/24

134

Derivative assets

Foreign currency forward contract (CHF)

$1,921

1,720Fr.

07/08/24

(9)

Derivative liabilities

Total

3,525

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2023

Description

($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

$22,960

A$35,907

01/10/24

(1,568)

Derivative liabilities

Foreign currency forward contract (AUD)

$569

A$867

01/10/24

(23)

Derivative liabilities

Foreign currency forward contract (CAD)

$4,087

C$5,577

01/10/24

(137)

Derivative liabilities

Foreign currency forward contract (CAD)

$182

C$245

01/10/24

(4)

Derivative liabilities

Foreign currency forward contract (DKK)

$548

3,873kr.

01/10/24

(27)

Derivative liabilities

Foreign currency forward contract (DKK)

$17

120kr.

01/10/24

(1)

Derivative liabilities

Foreign currency forward contract (EUR)

$93,155

€88,305

01/10/24

(4,541)

Derivative liabilities

Foreign currency forward contract (EUR)

$7,409

€6,840

01/10/24

(158)

Derivative liabilities

Foreign currency forward contract (GBP)

$18,602

£15,328

01/10/24

(927)

Derivative liabilities

Foreign currency forward contract (NZD)

$5,813

NZ$9,760

01/10/24

(373)

Derivative liabilities

Foreign currency forward contract (NZD)

$126

NZ$215

01/10/24

(10)

Derivative liabilities

Foreign currency forward contract (NOK)

$1,946

kr21,024

01/10/24

(130)

Derivative liabilities

Foreign currency forward contract (SEK)

$1,523

16,000kr

01/10/24

(69)

Derivative liabilities

Foreign currency forward contract (CHF)

$1,843

1,672Fr.

01/10/24

(148)

Derivative liabilities

Total

(8,116)

As of March 31, 2024 and December 31, 2023, the total fair value of the Company’s foreign currency forward contracts was $3.5 million and $(8.1) million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

7. COMMITMENTS AND CONTINGENCIES

As of both March 31, 2024 and December 31, 2023, the Company had $568.7 million in total capital commitments from investors of which $5.0 million was from C.M. Life Insurance Company, an affiliate of MassMutual and the Adviser, and $95.0 million was from MassMutual. As of both March 31, 2024 and December 31, 2023, all commitments have been funded.

In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2024 and December 31, 2023 were as follows:


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
Accurus Aerospace Corporation(1)(2)	Revolver	$	184	$	254
AD Bidco, Inc.(1)	Delayed Draw Term Loan	1,174		—
AD Bidco, Inc.(1)	Revolver	434		—
Adhefin International(1)(2)(3)	Delayed Draw Term Loan	410		419
AirX Climate Solutions, Inc.(1)	Delayed Draw Term Loan	236		236
AirX Climate Solutions, Inc.(1)	Revolver	80		96
AlliA Insurance Brokers NV(1)(3)	Delayed Draw Term Loan	1,598		1,634
Americo Chemical Products, LLC(1)	Revolver	471		471
Amtech LLC(1)(2)	Revolver	263		145
Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	659		665
Arc Education(1)(3)	Delayed Draw Term Loan	1,263		1,291
Argus Bidco Limited(1)(2)(4)	CAF Term Loan	180		271
ASC Communications, LLC(1)	Revolver	658		659
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	402		471
ATL II MRO Holdings Inc.(1)(2)	Revolver	1,250		1,250
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	939		982

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	429	429
Azalea Buyer, Inc.(1)(2)	Revolver	321	321
Beyond Risk Management, Inc.(1)	Delayed Draw Term Loan	2,007	2,007
Biolam Group(1)(2)(3)	Delayed Draw Term Loan	983	1,006
Bounteous, Inc.(1)(2)	Delayed Draw Term Loan	—	2,580
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	123	126
BrightSign LLC(1)(2)	Revolver	143	238
CAi Software, LLC(1)(2)	Revolver	707	707
Cascade Residential Services LLC(1)	Delayed Draw Term Loan	754	993
Cascade Residential Services LLC(1)	Revolver	165	165
CCFF Buyer, LLC(1)(2)	Delayed Draw Term Loan	2,027	—
CCFF Buyer, LLC(1)(2)	Revolver	608	—
CGI Parent, LLC(1)(2)	Revolver	1,653	1,653
Comply365, LLC(1)(2)	Revolver	556	556
Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	511	523
CSL DualCom(1)(4)	Capex / Acquisition Term Loan	185	187
DataServ Integrations, LLC(1)	Revolver	481	481
DecksDirect, LLC(1)(2)	Revolver	169	381
DISA Holdings Corp.(1)	Delayed Draw Term Loan	—	714
DISA Holdings Corp.(1)	Revolver	286	226
Dune Group(1)(2)(3)	Delayed Draw Term Loan	688	704
Eclipse Business Capital, LLC(1)	Revolver	8,310	8,490
EMI Porta Holdco LLC(1)(2)	Revolver	25	173
eShipping, LLC(1)	Revolver	917	1,122
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	1,780	1,821
Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	620	620
Express Wash Acquisition Company, LLC(1)	Revolver	77	77
Faraday(1)(3)	Delayed Draw Term Loan	968	990
Finexvet(1)(3)	Delayed Draw Term Loan	—	650
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	519	524
Forest Buyer, LLC(1)	Delayed Draw Term Loan	496	—
Forest Buyer, LLC(1)	Revolver	298	—
Fortis Payment Systems, LLC(1)(2)	Delayed Draw Term Loan	2	—
Fortis Payment Systems, LLC(1)(2)	Revolver	2	—
GB Eagle Buyer, Inc.(1)	Revolver	1,935	1,935
Global Academic Group Limited(1)(2)(7)	Term Loan	261	276
GPNZ II GmbH(1)(2)(3)	Delayed Draw Term Loan	86	—
GPNZ II GmbH(1)(2)(3)	Delayed Draw Term Loan	17	53
Greenhill II BV(1)(3)	Capex Acquisition Facility	118	120
Gusto Aus BidCo Pty Ltd(1)(5)	Delayed Draw Term Loan	160	167
HeartHealth Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	239	253
HEKA Invest(1)(3)	Delayed Draw Term Loan	562	575
HemaSource, Inc.(1)	Revolver	744	710
HomeX Services Group LLC(1)	Delayed Draw Term Loan	338	338
HomeX Services Group LLC(1)	Revolver	135	135
HTI Technology & Industries(1)(2)	Delayed Draw Term Loan	1,023	1,023

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
HTI Technology & Industries(1)(2)	Revolver	682	682
Ice House America, L.L.C.(1)(2)	Delayed Draw Term Loan	82	—
Ice House America, L.L.C.(1)(2)	Revolver	191	—
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	172	176
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	—	971
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	—	57
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	607	620
InvoCare Limited(1)(2)(5)	Delayed Draw Term Loan	148	155
Isolstar Holding NV (IPCOM)(1)(3)	Delayed Draw Term Loan	171	656
ISTO Technologies II, LLC(1)	Revolver	238	238
ITI Intermodal, Inc.(1)(2)	Revolver	595	595
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	316	334
Jones Fish Hatcheries & Distributors LLC(1)	Revolver	418	418
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	1,574
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	1,203
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	1,096	1,121
LeadsOnline, LLC(1)	Revolver	1,952	1,640
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	24	18
Marmoutier Holding B.V.(1)(2)(3)	Revolver	108	106
Marshall Excelsior Co.(1)	Revolver	100	133
MB Purchaser, LLC(1)(2)	Delayed Draw Term Loan	515	—
MB Purchaser, LLC(1)(2)	Revolver	103	—
MC Group Ventures Corporation(1)(2)	Delayed Draw Term Loan	290	290
Megawatt Acquisitionco, Inc.(1)	Revolver	332	—
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	362	387
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	323	338
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	73	77
Moonlight Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	557	562
Narda Acquisitionco., Inc.(1)	Revolver	684	684
NAW Buyer, LLC(1)(2)	Delayed Draw Term Loan	1,515	1,515
NAW Buyer, LLC(1)(2)	Revolver	341	303
NeoxCo(1)(3)	Delayed Draw Term Loan	486	497
Next Holdco, LLC(1)	Delayed Draw Term Loan	189	189
Next Holdco, LLC(1)	Delayed Draw Term Loan	73	73
NF Holdco, LLC(1)	Revolver	589	442
Novotech Aus Bidco Pty Ltd(1)	Capex & Acquisition Facility	1,042	1,042
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	468	479
OA Buyer, Inc.(1)	Revolver	1,154	1,331
OAC Holdings I Corp(1)(2)	Revolver	538	685
OSP Hamilton Purchaser, LLC(1)(2)	Revolver	315	315
Parkview Dental Holdings(1)(2)	Delayed Draw Term Loan	262	262
Polara Enterprises, L.L.C.(1)	Revolver	273	273
Premium Invest(1)(3)	Acquisition Facility	418	428
Process Insights Acquisition, Inc.(1)	Delayed Draw Term Loan	623	623
Process Insights Acquisition, Inc.(1)	Revolver	—	676
Process Insights Acquisition, Inc.(1)	Revolver	575	—
ProfitOptics, LLC(1)(2)	Revolver	35	84

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	135	174
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	202	206
Qualified Industries, LLC(1)	Revolver	242	242
Questel Unite(1)(2)(3)	Incremental Term Loan	2,796	2,860
R1 Holdings, LLC(1)	Delayed Draw Term Loan	841	841
R1 Holdings, LLC(1)	Revolver	973	973
Randys Holdings, Inc.(1)	Delayed Draw Term Loan	2,912	3,309
Randys Holdings, Inc.(1)	Revolver	1,030	995
Rocade Holdings LLC(1)	Preferred Equity	4,500	4,500
Rock Labor, LLC(1)(2)	Revolver	625	625
Royal Buyer, LLC(1)	Delayed Draw Term Loan	461	461
Royal Buyer, LLC(1)	Revolver	874	670
Sanoptis S.A.R.L.(1)(3)	Acquisition Capex Facility	—	16
SBP Holdings LP(1)	Delayed Draw Term Loan	—	75
SBP Holdings LP(1)	Revolver	355	532
Scaled Agile, Inc.(1)(2)	Revolver	280	280
Scout Bidco B.V.(1)(2)(3)	Revolver	313	320
Sinari Invest(1)(2)(3)	Delayed Draw Term Loan	604	617
SISU ACQUISITIONCO., INC.(1)(2)	Delayed Draw Term Loan	156	312
Smartling, Inc.(1)	Revolver	588	588
SmartShift Group, Inc.(1)	Delayed Draw Term Loan	2,294	2,294
SmartShift Group, Inc.(1)	Revolver	1,101	1,101
Solo Buyer, L.P.(1)	Revolver	798	798
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Delayed Draw Term Loan	399	399
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Revolver	117	90
Spatial Business Systems LLC(1)	Delayed Draw Term Loan	938	937
Spatial Business Systems LLC(1)	Revolver	703	703
SSCP Pegasus Midco Limited(1)(4)	Delayed Draw Term Loan	1,237	1,487
Superjet Buyer, LLC(1)	Revolver	1,095	1,095
SVI International LLC(1)	Delayed Draw Term Loan	74	—
SVI International LLC(1)	Revolver	74	—
Syntax Systems Ltd(1)	Revolver	167	231
Tank Holding Corp(1)	Delayed Draw Term Loan	339	409
Tank Holding Corp(1)	Revolver	491	480
Tanqueray Bidco Limited(1)(4)	Capex Facility	1,143	1,153
Techone B.V.(1)(2)(3)	Revolver	154	94
Tencarva Machinery Company, LLC(1)(2)	Revolver	752	752
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Delayed Draw Term Loan	—	1,758
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	796	796
The Cleaver-Brooks Company, Inc.(1)	Revolver	1,615	1,615
Trader Corporation(1)(6)	Revolver	173	177
Trintech, Inc.(1)	Revolver	255	255
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	912	1,469
TSYL Corporate Buyer, Inc.(1)	Revolver	177	177
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	—	974
UBC Ledgers Holding AB(1)(2)(9)	Delayed Draw Term Loan	792	840
UBC Ledgers Holding AB(1)(2)(9)	Revolver	262	278

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
Union Bidco Limited(1)(4)	Acquisition Facility	82		83
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	668		683
Unither (Uniholding)(1)(3)	Delayed Draw Term Loan	468		479
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	—		234
West-NR AcquisitionCo., LLC(1)	Delayed Draw Term Loan	1,250		1,250
Whitcraft Holdings, Inc.(1)	Revolver	490		880
White Bidco Limited(1)	Delayed Draw Term Loan	257		257
Woodland Foods, LLC(1)(2)	Line of Credit	157		318
World 50, Inc.(1)(2)	Revolver	243		—
WWEC Holdings III Corp(1)(2)	Revolver	932		757
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	1,601		2,062
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	381		1,466
ZB Holdco LLC(1)(2)	Revolver	271		423
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	—		1,333
Total unused commitments to extend financing		$	103,209	$	114,328

(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.

(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

8. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
($ in thousands, except share and per share amounts)	2024			2023
Per share data:
Net asset value at beginning of period	$	22.27		$	21.66
Net investment income (1)	0.65			0.68
Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1)	(0.36)			(0.35)
Net unrealized appreciation (depreciation) on investments / foreign currency transactions / forward currency contracts (1)	0.67			0.59
Total increase from investment operations (1)	0.96			0.92
Dividends paid to stockholders from net investment income	(0.64)			(0.57)
Dividends paid to stockholders from short-term realized gains	—			(0.03)
Total dividends declared	(0.64)			(0.60)








Net asset value at end of period	$	22.59		$	21.98
Shares outstanding at end of period	29,672,058			28,142,612
Net assets at end of period	$	670,241		$	618,439
Average net assets	$	658,852		$	609,288
Ratio of total expenses to average net assets (annualized) (2)	11.07		%	10.09		%
Ratio of net investment income to average net assets (annualized) (2)	11.54		%	12.39		%
Portfolio turnover ratio (annualized)	3.22		%	1.83		%
Total return (3)	4.35		%	4.29		%

(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.

(2)Does not include expenses of underlying investment companies, including joint ventures.

9. SUBSEQUENT EVENTS

On May 7, 2024, the Board declared a quarterly dividend of $0.64 per share payable on June 12, 2024 to holders of record as of May 29, 2024.

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three months ended March 31, 2024, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospectson Form 10-Q, and the ~~prospects~~Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of ~~our portfolio companies, the impact~~Financial Condition and Results of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statementsOperations contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2022 and in Item 1A titled “Risk Factors” in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (the “SEC”) from time to time. Other factors that could cause our actual2023. Historical results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, and volatilitypercentage relationships among any amounts in the financial ~~services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact~~statements are not necessarily indicative of ~~global health crises, on our or our portfolio companies’ business and the U.S. and global economies; our, or our portfolio companies’, future business, operations,~~trends in operating results ~~or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and~~for any future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.periods.

~~Overview of Our Business~~

We were formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, we commenced operations and made our first portfolio company investment. We are externally managed by Barings LLC, or Barings, an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). An externally-managed business development company (“BDC”) generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and an administration agreement. Instead of directly compensating employees, we pay Barings for investment and management services pursuant to the terms of an investment advisory agreement (the “Advisory Agreement”) and an administration agreement (the “Administration Agreement”).

Our primary investment objective is to provide consistently attractive returns. Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality (i.e., the risk of business cycles or other economic cycles adversely affecting them) and operating risk. The hold size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and seeks to enhance our returns through the use of leverage 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 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.

As of September 30, 2023 and December 31, 2022, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 10.9% and 10.0%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 10.8% and 9.8% as of September 30, 2023 and December 31, 2022, respectively.

~~Relationship with Our Adviser, Barings~~

Our Adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is a leading global asset management firm and is registered with the SEC as an investment adviser under the Advisers Act. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our board of directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $270.0 billion Global Fixed Income Platform (as of September 30, 2023) that invests in liquid, private and structured credit. Barings GPFG also advises private funds and separately managed accounts, along with multiple public vehicles. The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited (“BIIL”), as a sub-adviser to manage European investments for us. BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London, England. As of September 30, 2023, BIIL had approximately £14.4 billion in assets under management.

Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.

Under the terms of the Administration Agreement, Barings (in its capacity as our Administrator) performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.

Included in Barings GPFG is Barings North American Private Finance Team (the “U.S. Investment Team”), which consists of 52 investment professionals (as of September 30, 2023) located in three offices in the United States. The U.S. Investment Team provides a full set of solutions to the North American middle market, including revolvers, first and second lien senior secured loans, unitranche structures, mezzanine debt and equity co-investments. The U.S. Investment Team averages

over 20 years of industry experience at the Managing Director and Director level. In addition, Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.

Portfolio Composition


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
March 31, 2024:
Senior debt and 1st lien notes	$	996,015	73	%	$	982,334	72	%	147	%
Subordinated debt and 2nd lien notes	108,605		8		107,913		8		16
Structured products	28,657		2		27,744		2		4
Equity shares	176,427		13		207,185		15		31
Equity warrants	33		—		1,147		—		—
Investments in joint ventures	50,132		4		36,725		3		5

	$	1,359,869	100	%	$	1,363,048	100	%	203	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2023:
Senior debt and 1st lien notes	$	1,000,294	74	%	$	985,158	73	%	151	%
Subordinated debt and 2nd lien notes	108,487		8		106,894		8		16
Structured products	29,479		2		26,173		2		4
Equity shares	162,731		12		192,641		14		30
Equity warrants	2		—		1,043		—		—
Investments in joint ventures	51,123		4		37,212		3		6

	$	1,352,116	100	%	$	1,349,121	100	%	207	%

During the three months ended March 31, 2024, the Company made 10 new investments totaling $27.5 million and made investments in existing portfolio companies totaling $23.7 million.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Industry Composition

The industry composition of investments at fair value at March 31, 2024 and December 31, 2023 was as follows:


($ in thousands)	March 31, 2024		Percent of Portfolio		Percent of Total Net Assets		December 31, 2023		Percent of Portfolio		Percent of Total Net Assets
Aerospace and Defense	$	84,035	6.2	%	12.5	%	$	81,217	6.0	%	12.5	%
Automotive	18,403		1.3		2.8		16,830		1.2		2.6
Banking, Finance, Insurance and Real Estate	224,287		16.5		33.5		227,415		16.9		34.9
Beverage, Food and Tobacco	33,057		2.4		4.9		24,197		1.8		3.7
Capital Equipment	46,833		3.4		7.0		46,500		3.5		7.1
Chemicals, Plastics, and Rubber	29,105		2.1		4.4		25,679		1.9		3.9
Construction and Building	10,719		0.8		1.6		10,070		0.7		1.6
Consumer Goods: Durable	25,526		1.9		3.8		25,563		1.9		3.9
Consumer Goods: Non-durable	14,343		1.1		2.1		9,987		0.7		1.5
Containers, Packaging and Glass	22,927		1.7		3.4		23,032		1.7		3.5

Energy: Electricity	6,297		0.5		1.0		6,676		0.5		1.0
Energy: Oil and Gas	2,669		0.2		0.4		2,670		0.2		0.4
Environmental Industries	29,225		2.1		4.4		30,266		2.2		4.7
Healthcare and Pharmaceuticals	124,015		9.1		18.5		130,845		9.7		20.1
High Tech Industries	137,613		10.1		20.5		141,704		10.5		21.7
Hotel, Gaming and Leisure	21,572		1.6		3.2		19,595		1.5		3.0
Investment Funds and Vehicles	36,725		2.7		5.5		37,212		2.8		5.7
Media: Advertising, Printing and Publishing	32,578		2.4		4.9		32,570		2.4		5.0
Media: Broadcasting and Subscription	8,706		0.6		1.3		8,867		0.7		1.4
Media: Diversified and Production	46,497		3.4		6.9		45,924		3.4		7.1


Services: Business	216,121		15.9		32.3		201,007		14.9		30.8
Services: Consumer	69,268		5.1		10.3		69,643		5.2		10.7
Structured Products	33,667		2.5		5.0		32,763		2.4		5.0
Telecommunications	18,276		1.3		2.7		18,341		1.4		2.8
Transportation: Cargo	58,929		4.3		8.8		68,703		5.1		10.5
Transportation: Consumer	2,000		0.1		0.3		1,900		0.1		0.3
Utilities: Electric	9,655		0.7		1.4		9,945		0.7		1.5


Total	$	1,363,048	100.0	%	203.4	%	$	1,349,121	100.0	%	206.9	%

Banff Partners LP

On February 18, 2021, the Company established a joint venture, Banff Partners LP (“Banff”), with a controlled affiliate of Alberta Investment Management Corporation to invest in senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. During the three months ended March 31, 2024, the Company held a 10.0% partnership interest in Banff. As of March 31, 2024, the cost and fair value of the Company’s investment in Banff was $14.6 million and $16.6 million, respectively. As of December 31, 2023, the cost and fair value of the Company's investment in Banff was $14.6 million and $16.2 million, respectively.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2024:
Senior debt and 1st lien notes	$	146,901	97	%	$	139,697	97	%
Subordinated debt and 2nd lien notes	3,920		3		4,000		3





	$	150,821	100	%	$	143,697	100	%
December 31, 2023:
Senior debt and 1st lien notes	$	147,990	97	%	$	142,490	97	%
Subordinated debt and 2nd lien notes	3,917		3		3,987		3





	$	151,907	100	%	$	146,477	100	%

The industry composition of Banff’s investments at fair value at March 31, 2024 and December 31, 2023 was as follows:


($ in thousands)	March 31, 2024				December 31, 2023
Aerospace and Defense	$	15,105	10.5	%	$	15,125	10.3	%

Banking, Finance, Insurance and Real Estate	16,190		11.3		16,325		11.2
Beverage, Food and Tobacco	7,577		5.3		7,531		5.1

Chemicals, Plastics, and Rubber	1,937		1.3		1,269		0.9
Construction and Building	1,450		1.0		1,364		0.9
Consumer Goods: Durable	1,731		1.2		1,725		1.2
Consumer Goods: Non-durable	6,026		4.2		6,205		4.2
Containers, Packaging and Glass	6,459		4.5		6,607		4.5




Healthcare and Pharmaceuticals	16,635		11.6		17,205		11.8
High Tech Industries	20,898		14.5		20,942		14.3


Media: Advertising, Printing and Publishing	1,955		1.4		1,957		1.3

Media: Diversified and Production	4,274		3.0		4,306		2.9


Services: Business	21,536		15.0		21,900		15.0
Services: Consumer	12,291		8.5		12,509		8.5

Telecommunications	3,213		2.2		3,243		2.2
Transportation: Cargo	6,420		4.5		8,264		5.7




Total	$	143,697	100	%	$	146,477	100	%

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The geographic composition of Banff’s investments at fair value at March 31, 2024 and December 31, 2023 was as follows:


($ in thousands)	March 31, 2024				December 31, 2023
Australia	$	4,360	3.0	%	$	4,449	3.0	%
Belgium	7,577		5.3		7,531		5.1
Canada	1,847		1.3		2,221		1.5
France	27,948		19.4		28,669		19.6
Germany	7,120		5.0		7,277		5.0
Hong Kong	6,179		4.3		6,033		4.1
Netherlands	9,182		6.4		9,193		6.3
New Zealand	2,462		1.7		2,596		1.8
Singapore	3,989		2.8		3,984		2.7
United Kingdom	20,282		14.1		20,401		13.9
USA	52,751		36.7		54,123		37.0
Total	$	143,697	100.0	%	$	146,477	100	%

•assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;

Thompson Rivers LLC

On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. Under Thompson Rivers’ current operating agreement, as amended to date, pursuant to which the Company became a party in June 2021, the Company has a capital commitment of $30.0 million of equity capital to Thompson Rivers, all of which has been funded as of March 31, 2024. As of March 31, 2024, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2024 and December 31, 2023, the Thompson Rivers investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2024:
Federal Housing Administration (“FHA”) loans	$	306,491	93	%	$	287,390	93	%
Veterans Affairs (“VA”) loans	21,604		7		20,295		7
	$	328,095	100	%	$	307,685	100	%
December 31, 2023:
Federal Housing Administration (“FHA”) loans	$	360,847	93		$	342,240	93
Veterans Affairs (“VA”) loans	25,810		7		24,491		7
	$	386,657	100	%	$	366,731	100	%

As of March 31, 2024 and December 31, 2023, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of March 31, 2024		As of December 31, 2023
Total contributed capital by Barings Capital Investment Corporation (1)	$	32,318	$	32,318
Total contributed capital by all members (2)	$	482,083	$	482,083

Total unfunded commitments by Barings Capital Investment Corporation	$	—	$	—
Total unfunded commitments by all members	$	—	$	—

(1)Includes $2.3 million of dividend re-investments.

(2)Includes dividend re-investments of $32.1 million of total contributed capital by related parties.

Waccamaw River LLC

On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. Under Waccamaw River’s current operating agreement, as amended to date, pursuant to which the Company became a party in May 2021, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded (including approximately $1.7 million of recallable return of capital) as of March 31, 2024. As of March 31, 2024, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement totaled $125.0 million, all of which has been funded (including $14.0 million of recallable return of capital).

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2024 and December 31, 2023, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of March 31, 2024		As of December 31, 2023
Total contributed capital by Barings Capital Investment Corporation	$	26,730	$	26,730
Total contributed capital by all members (1)	$	139,020	$	139,020




Total unfunded commitments by Barings Capital Investment Corporation	$	—	$	—
Total unfunded commitments by all members	$	—	$	—

(1) Includes $85.6 million of total contributed capital by related parties as of both March 31, 2024 and December 31, 2023.

Eclipse Business Capital Holdings LLC

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $44.4 million, a second lien senior secured loan of $2.2 million and unfunded revolver of $6.7 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $11.2 million. As of March 31, 2024 and December 31, 2023, $2.9 million and $2.7 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Rocade Holdings LLC

Valuation of Investments

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Investment Valuation Process

The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service.The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

Valuation Inputs

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Valuation of Investments in Banff, Thompson Rivers and Waccamaw River

Level 3 Unobservable Inputs

March 31, 2024

($ in thousands)(3)

Fair Value

Valuation
Model

Level 3
Input

Range of
Inputs

Weighted
Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes(1)

844,660

Yield Analysis

Market Yield

6.1% – 27.0%

10.9%

Decrease

10,163

Market Approach

Adjusted EBITDA Multiple

1.2x – 12.5x

9.3x

Increase

79,471

Recent Transaction

Transaction Price

95.6% – 100.0%

98.0%

Increase

Subordinated debt and 2nd lien notes(2)

87,205

Yield Analysis

Market Yield

9.0% – 17.7%

12.7%

Decrease

10,166

Market Approach

Adjusted EBITDA Multiple

6.0x – 11.0x

8.5x

Increase

1,875

Recent Transaction

Transaction Price

100.0%

Increase

Equity shares(4)

16,103

Yield Analysis

Market Yield

10.5% – 14.2%

13.0%

Decrease

162,274

Market Approach

Adjusted EBITDA Multiple

5.5x – 27.5x

11.1x

Increase

1,353

Market Approach

Revenue Multiple

6.0x – 9.3x

6.5x

Increase

8,027

Discounted Cash Flow Analysis

Discount Rate

14.5%

Decrease

2,357

Net Asset Approach

Liabilities

$(64,894.6)

Decrease

749

Recent Transaction

Transaction Price

$0.00 – $1,037.50

$438.67

Increase

Equity Warrants

1,102

Market Approach

Adjusted EBITDA Multiple

6.3x – 12.5x

7.7x

Increase

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2023

($ in thousands)(3)

Fair Value

Valuation
Model

Level 3
Input

Range of
Inputs

Weighted
Average

Impact to Valuation from an Increase in Input

Senior debt and 1st lien notes(1)

844,635

Yield Analysis

Market Yield

7.8% – 19.6%

11.2%

Decrease

7,247

Market Approach

Adjusted EBITDA Multiple

1.1x – 12.5x

3.5x

Increase

84,483

Recent Transaction

Transaction Price

97.0% – 100.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(2)

85,803

Yield Analysis

Market Yield

8.5% – 18.9%

13.1%

Decrease

4,986

Market Approach

Adjusted EBITDA Multiple

11.0x

Increase

670

Recent Transaction

Transaction Price

98.0%

Increase

Equity shares(4)

8,788

Yield Analysis

Market Yield

14.6%

Decrease

162,996

Market Approach

Adjusted EBITDA Multiple

4.8x – 30.0x

11.2x

Increase

1,390

Market Approach

Revenue Multiple

6.5x – 9.5x

6.8x

Increase

6,080

Discounted Cash Flow Analysis

Discount Rate

14.2%

Decrease

2,131

Net Asset Approach

Liabilities

$(55,281.8)

Decrease

5,203

Recent Transaction

Transaction Price

$1.00 – $10.00

$9.64

Increase

Equity Warrants

1,043

Market Approach

Adjusted EBITDA Multiple

6.3x – 12.5x

7.5x

Increase

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


	Fair Value as of March 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	36,184	$	946,150	$	982,334
Subordinated debt and 2nd lien notes	—		2,846		105,067		107,913
Structured products	—		11,943		15,801		27,744
Equity shares	9,936		3,716		193,533		207,185
Equity warrants	45		—		1,102		1,147

Investments subject to leveling	$	9,981	$	54,689	$	1,261,653	$	1,326,323
Investments in joint ventures (1)							36,725
							$	1,363,048


	Fair Value as of December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	36,079	$	949,079	$	985,158
Subordinated debt and 2nd lien notes	—		10,043		96,851		106,894
Structured products	—		11,258		14,915		26,173
Equity shares	78		—		192,563		192,641
Equity warrants	—		—		1,043		1,043

Investments subject to leveling	$	78	$	57,380	$	1,254,451	$	1,311,909
Investment in joint ventures (1)							$	37,212
							$	1,349,121

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Three Months Ended March 31, 2024: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Fair value, beginning of period	$	949,079	$	96,851	$	14,915	$	192,563	$	1,043	$	1,254,451
New investments	36,126		12,535		—		2,599		—		51,260
Investment restructuring	(13,015)		—		—		—		—		(13,015)
Transfers into (out of) Level 3, net	—		—		—		(3,305)		—		(3,305)
Proceeds from sales of investments	(129)		—		—		—		—		(129)
Loan origination fees received	(545)		(281)		—		—		—		(826)
Principal repayments received	(24,253)		(5,480)		(799)		—		—		(30,532)
Payment-in-kind interest/dividends	386		692		—		1,559		—		2,637
Accretion of loan premium/discount	95		27		—		—		—		122
Accretion of deferred loan origination revenue	1,205		82		—		—		—		1,287
Realized gain (loss)	(4,217)		—		—		—		—		(4,217)
Unrealized appreciation (depreciation)	1,418		641		1,685		117		59		3,920
Fair value, end of period	$	946,150	$	105,067	$	15,801	$	193,533	$	1,102	$	1,261,653


Three Months Ended March 31, 2023: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Fair value, beginning of period	$	872,193	$	97,805	$	14,210	$	112,878	$	476	$	1,097,562
New investments	54,252		683		—		45,971		—		100,906
Transfers into (out of) Level 3, net	—		—		1,767		—		—		1,767
Proceeds from sales of investments	—		—		—		—		—		—
Loan origination fees received	(1,495)		(20)		—		—		—		(1,515)
Principal repayments received	(13,531)		(449)		(806)		—		—		(14,786)
Payment-in-kind interest/dividends	583		826		—		—		—		1,409
Accretion of loan premium/discount	95		33		—		—		—		128
Accretion of deferred loan origination revenue	1,028		70		—		—		—		1,098
Realized gain (loss)	(224)		—		—		—		—		(224)
Unrealized appreciation (depreciation)	3,174		1,313		379		4,863		15		9,744
Fair value, end of period	$	916,075	$	100,261	$	15,550	$	163,712	$	491	$	1,196,089

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Unsettled Purchases and Sales of Investments

Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments

Investment Classification

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. As of March 31, 2024, the Company does not “Control” any of its portfolio companies for the purposes of the 1940 Act. Under the 1940 Act, the Company is deemed to be an Affiliated Person of a company in which the Company has invested if it owns at least 5.0%, but no more than 25.0%, of the outstanding voting securities of such company.

Cash and Foreign Currencies

Investment Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of March 31, 2024 and December 31, 2023, the Company had three portfolio companies and one portfolio company, respectively, with investments that were on non-accrual.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Payment-in-Kind Interest

Fee Income

Fee income for the three months ended March 31, 2024 and 2023 was as follows:


	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
Recurring Fee Income:
Amortization of loan origination fees	$	996	$	928
Management, valuation and other fees	229		336
Total Recurring Fee Income	1,225		1,264
Non-Recurring Fee Income:

Acceleration of unamortized loan origination fees	297		201
Advisory, loan amendment and other fees	74		221
Total Non-Recurring Fee Income	371		422
Total Fee Income	$	1,596	$	1,686

General and Administrative Expenses

Deferred Financing Fees

Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.

Segments

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Concentration of Credit Risk

As of March 31, 2024, all of the Company’s assets were or will be pledged as collateral for the ING Credit Facility.

Investments Denominated in Foreign Currency

4. INCOME TAXES

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2020-2022), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

5. BORROWINGS

The Company had the following borrowings outstanding as of March 31, 2024 and December 31, 2023:


Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of March 31, 2024	March 31, 2024		December 31, 2023
Credit Facility:
January 15, 2021	April 30, 2026	7.398%	642,422		$	644,463
Total Credit Facility			$	642,422	$	644,463
Notes:
February 22, 2022	February 22, 2027	4.750%	$	100,000	$	100,000
(Less: Deferred financing fees)			(145)		(157)
Total Notes			$	99,855	$	99,843

ING Capital Credit Facility

Borrowings under the ING Credit Facility bear interest on a per annum basis equal to (i) for borrowings denominated in U.S. Dollars, subject to the Company’s election, (a) the alternate base rate plus 1.15% or (b) the term SOFR plus 2.15% plus a credit spread adjustment of 0.10% for borrowings with an interest period of one month, 0.15% for borrowings with and interest period of three months or 0.25% for borrowings with an interest period of six months, with the term SOFR plus credit spread adjustment subject to a 0.00% floor, (ii) for borrowings denominated in Pounds Sterling, Swiss Francs, Euros, Canadian Dollars, Danish Kroner, Norwegian Kroner or Swedish Kronor, the adjusted eurocurrency rate plus 2.15%, (iii) for borrowings denominated in Australian Dollars, the adjusted eurocurrency rate plus 2.35%, or (iv) for borrowings denominated in New Zealand Dollars, the adjusted eurocurrency rate plus 2.45%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50%, (iii) the overnight bank funding rate plus 0.50%, (iv) one-month term SOFR plus 1.00% plus a credit spread adjustment of 0.10% and (v) 1.00%. The adjusted eurocurrency rate is equal to the eurocurrency rate for the applicable interest period plus any applicable statutory reserve rate for such interest period, subject to a 0.00% floor. The Company pays a commitment fee on undrawn amounts under the ING Credit Facility.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

to 70% of the total fair value of the Company’s portfolio, (iii) meeting a minimum liquidity test, (iv) meeting a minimum net worth test, and (v) maintaining the Company’s status as a RIC under the Code and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for the Company. As of March 31, 2024, the Company was in compliance with all covenants of the ING Credit Facility.

February 2027 Notes

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The Company’s obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of March 31, 2024, the Company was in compliance with all covenants under the February 2022 NPA.

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

6. DERIVATIVE INSTRUMENTS

The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.

The following tables present the Company’s foreign currency forward contracts as of March 31, 2024 and December 31, 2023:

As of March 31, 2024

Description

($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$37,920

$24,768

04/08/24

(25)

Derivative liabilities

Foreign currency forward contract (AUD)

$571

A$872

04/08/24

Derivative assets

Foreign currency forward contract (AUD)

$25,161

A$37,048

04/08/24

987

Derivative assets

Foreign currency forward contract (AUD)

$25,112

A$38,350

07/08/24

Derivative assets

Foreign currency forward contract (CAD)

C$252

$189

04/08/24

(3)

Derivative liabilities

Foreign currency forward contract (CAD)

C$5,633

$4,148

04/08/24

Derivative assets

Foreign currency forward contract (CAD)

$83

C$113

04/08/24

—

Derivative liabilities

Foreign currency forward contract (CAD)

$4,342

C$5,772

04/08/24

Derivative assets

Foreign currency forward contract (CAD)

$4,213

C$5,715

07/08/24

(16)

Derivative liabilities

Foreign currency forward contract (DKK)

4,058kr.

$589

04/08/24

(1)

Derivative liabilities

Foreign currency forward contract (DKK)

$12

80kr.

04/08/24

—

Derivative assets

Foreign currency forward contract (DKK)

$587

3,978kr.

04/08/24

Derivative assets

Foreign currency forward contract (DKK)

$594

4,077kr.

07/08/24

Derivative assets

Foreign currency forward contract (EUR)

€95,644

$103,471

04/08/24

(155)

Derivative liabilities

Foreign currency forward contract (EUR)

$3,430

€3,164

04/08/24

Derivative assets

Foreign currency forward contract (EUR)

$101,716

€92,480

04/08/24

1,818

Derivative assets

Foreign currency forward contract (EUR)

$107,123

€98,651

07/08/24

158

Derivative assets

Foreign currency forward contract (GBP)

£1,056

$1,335

04/08/24

(1)

Derivative liabilities

Foreign currency forward contract (GBP)

£15,862

$20,025

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$1,254

£982

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$20,135

£15,936

04/08/24

Derivative assets

Foreign currency forward contract (GBP)

$21,094

£16,701

07/08/24

(14)

Derivative liabilities

Foreign currency forward contract (NZD)

NZ$10,224

$6,141

04/08/24

(25)

Derivative liabilities

Foreign currency forward contract (NZD)

$6,401

NZ$10,224

04/08/24

285

Derivative assets

Foreign currency forward contract (NZD)

$6,210

NZ$10,338

10/10/23

Derivative assets

Foreign currency forward contract (NOK)

21,883kr

$2,032

04/08/24

(15)

Derivative liabilities

Foreign currency forward contract (NOK)

$40

429kr

04/08/24

Derivative assets

Foreign currency forward contract (NOK)

$2,083

21,453kr

04/08/24

105

Derivative assets

Foreign currency forward contract (NOK)

$2,038

21,901kr

07/08/24

Derivative assets

Foreign currency forward contract (SEK)

16,338kr

$1,541

04/08/24

(12)

Derivative liabilities

Foreign currency forward contract (SEK)

$32

330kr

04/08/24

Derivative assets

Foreign currency forward contract (SEK)

$1,576

16,008kr

04/08/24

Derivative assets

Foreign currency forward contract (SEK)

$1,549

16,363kr

07/08/24

Derivative assets

Foreign currency forward contract (CHF)

1,691Fr.

$1,870

04/08/24

Derivative assets

Foreign currency forward contract (CHF)

$2,013

1,691Fr.

04/08/24

134

Derivative assets

Foreign currency forward contract (CHF)

$1,921

1,720Fr.

07/08/24

(9)

Derivative liabilities

Total

3,525

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2023

Description

($ in thousands)

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

$22,960

A$35,907

01/10/24

(1,568)

Derivative liabilities

Foreign currency forward contract (AUD)

$569

A$867

01/10/24

(23)

Derivative liabilities

Foreign currency forward contract (CAD)

$4,087

C$5,577

01/10/24

(137)

Derivative liabilities

Foreign currency forward contract (CAD)

$182

C$245

01/10/24

(4)

Derivative liabilities

Foreign currency forward contract (DKK)

$548

3,873kr.

01/10/24

(27)

Derivative liabilities

Foreign currency forward contract (DKK)

$17

120kr.

01/10/24

(1)

Derivative liabilities

Foreign currency forward contract (EUR)

$93,155

€88,305

01/10/24

(4,541)

Derivative liabilities

Foreign currency forward contract (EUR)

$7,409

€6,840

01/10/24

(158)

Derivative liabilities

Foreign currency forward contract (GBP)

$18,602

£15,328

01/10/24

(927)

Derivative liabilities

Foreign currency forward contract (NZD)

$5,813

NZ$9,760

01/10/24

(373)

Derivative liabilities

Foreign currency forward contract (NZD)

$126

NZ$215

01/10/24

(10)

Derivative liabilities

Foreign currency forward contract (NOK)

$1,946

kr21,024

01/10/24

(130)

Derivative liabilities

Foreign currency forward contract (SEK)

$1,523

16,000kr

01/10/24

(69)

Derivative liabilities

Foreign currency forward contract (CHF)

$1,843

1,672Fr.

01/10/24

(148)

Derivative liabilities

Total

(8,116)

7. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2024 and December 31, 2023 were as follows:


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
Accurus Aerospace Corporation(1)(2)	Revolver	$	184	$	254
AD Bidco, Inc.(1)	Delayed Draw Term Loan	1,174		—
AD Bidco, Inc.(1)	Revolver	434		—
Adhefin International(1)(2)(3)	Delayed Draw Term Loan	410		419
AirX Climate Solutions, Inc.(1)	Delayed Draw Term Loan	236		236
AirX Climate Solutions, Inc.(1)	Revolver	80		96
AlliA Insurance Brokers NV(1)(3)	Delayed Draw Term Loan	1,598		1,634
Americo Chemical Products, LLC(1)	Revolver	471		471
Amtech LLC(1)(2)	Revolver	263		145
Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	659		665
Arc Education(1)(3)	Delayed Draw Term Loan	1,263		1,291
Argus Bidco Limited(1)(2)(4)	CAF Term Loan	180		271
ASC Communications, LLC(1)	Revolver	658		659
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	402		471
ATL II MRO Holdings Inc.(1)(2)	Revolver	1,250		1,250
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	939		982

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	429	429
Azalea Buyer, Inc.(1)(2)	Revolver	321	321
Beyond Risk Management, Inc.(1)	Delayed Draw Term Loan	2,007	2,007
Biolam Group(1)(2)(3)	Delayed Draw Term Loan	983	1,006
Bounteous, Inc.(1)(2)	Delayed Draw Term Loan	—	2,580
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	123	126
BrightSign LLC(1)(2)	Revolver	143	238
CAi Software, LLC(1)(2)	Revolver	707	707
Cascade Residential Services LLC(1)	Delayed Draw Term Loan	754	993
Cascade Residential Services LLC(1)	Revolver	165	165
CCFF Buyer, LLC(1)(2)	Delayed Draw Term Loan	2,027	—
CCFF Buyer, LLC(1)(2)	Revolver	608	—
CGI Parent, LLC(1)(2)	Revolver	1,653	1,653
Comply365, LLC(1)(2)	Revolver	556	556
Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	511	523
CSL DualCom(1)(4)	Capex / Acquisition Term Loan	185	187
DataServ Integrations, LLC(1)	Revolver	481	481
DecksDirect, LLC(1)(2)	Revolver	169	381
DISA Holdings Corp.(1)	Delayed Draw Term Loan	—	714
DISA Holdings Corp.(1)	Revolver	286	226
Dune Group(1)(2)(3)	Delayed Draw Term Loan	688	704
Eclipse Business Capital, LLC(1)	Revolver	8,310	8,490
EMI Porta Holdco LLC(1)(2)	Revolver	25	173
eShipping, LLC(1)	Revolver	917	1,122
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	1,780	1,821
Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	620	620
Express Wash Acquisition Company, LLC(1)	Revolver	77	77
Faraday(1)(3)	Delayed Draw Term Loan	968	990
Finexvet(1)(3)	Delayed Draw Term Loan	—	650
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	519	524
Forest Buyer, LLC(1)	Delayed Draw Term Loan	496	—
Forest Buyer, LLC(1)	Revolver	298	—
Fortis Payment Systems, LLC(1)(2)	Delayed Draw Term Loan	2	—
Fortis Payment Systems, LLC(1)(2)	Revolver	2	—
GB Eagle Buyer, Inc.(1)	Revolver	1,935	1,935
Global Academic Group Limited(1)(2)(7)	Term Loan	261	276
GPNZ II GmbH(1)(2)(3)	Delayed Draw Term Loan	86	—
GPNZ II GmbH(1)(2)(3)	Delayed Draw Term Loan	17	53
Greenhill II BV(1)(3)	Capex Acquisition Facility	118	120
Gusto Aus BidCo Pty Ltd(1)(5)	Delayed Draw Term Loan	160	167
HeartHealth Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	239	253
HEKA Invest(1)(3)	Delayed Draw Term Loan	562	575
HemaSource, Inc.(1)	Revolver	744	710
HomeX Services Group LLC(1)	Delayed Draw Term Loan	338	338
HomeX Services Group LLC(1)	Revolver	135	135
HTI Technology & Industries(1)(2)	Delayed Draw Term Loan	1,023	1,023

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
HTI Technology & Industries(1)(2)	Revolver	682	682
Ice House America, L.L.C.(1)(2)	Delayed Draw Term Loan	82	—
Ice House America, L.L.C.(1)(2)	Revolver	191	—
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	172	176
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	—	971
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	—	57
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	607	620
InvoCare Limited(1)(2)(5)	Delayed Draw Term Loan	148	155
Isolstar Holding NV (IPCOM)(1)(3)	Delayed Draw Term Loan	171	656
ISTO Technologies II, LLC(1)	Revolver	238	238
ITI Intermodal, Inc.(1)(2)	Revolver	595	595
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	316	334
Jones Fish Hatcheries & Distributors LLC(1)	Revolver	418	418
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	1,574
Kano Laboratories LLC(1)	Delayed Draw Term Loan	—	1,203
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	1,096	1,121
LeadsOnline, LLC(1)	Revolver	1,952	1,640
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	24	18
Marmoutier Holding B.V.(1)(2)(3)	Revolver	108	106
Marshall Excelsior Co.(1)	Revolver	100	133
MB Purchaser, LLC(1)(2)	Delayed Draw Term Loan	515	—
MB Purchaser, LLC(1)(2)	Revolver	103	—
MC Group Ventures Corporation(1)(2)	Delayed Draw Term Loan	290	290
Megawatt Acquisitionco, Inc.(1)	Revolver	332	—
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	362	387
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	323	338
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	73	77
Moonlight Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	557	562
Narda Acquisitionco., Inc.(1)	Revolver	684	684
NAW Buyer, LLC(1)(2)	Delayed Draw Term Loan	1,515	1,515
NAW Buyer, LLC(1)(2)	Revolver	341	303
NeoxCo(1)(3)	Delayed Draw Term Loan	486	497
Next Holdco, LLC(1)	Delayed Draw Term Loan	189	189
Next Holdco, LLC(1)	Delayed Draw Term Loan	73	73
NF Holdco, LLC(1)	Revolver	589	442
Novotech Aus Bidco Pty Ltd(1)	Capex & Acquisition Facility	1,042	1,042
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	468	479
OA Buyer, Inc.(1)	Revolver	1,154	1,331
OAC Holdings I Corp(1)(2)	Revolver	538	685
OSP Hamilton Purchaser, LLC(1)(2)	Revolver	315	315
Parkview Dental Holdings(1)(2)	Delayed Draw Term Loan	262	262
Polara Enterprises, L.L.C.(1)	Revolver	273	273
Premium Invest(1)(3)	Acquisition Facility	418	428
Process Insights Acquisition, Inc.(1)	Delayed Draw Term Loan	623	623
Process Insights Acquisition, Inc.(1)	Revolver	—	676
Process Insights Acquisition, Inc.(1)	Revolver	575	—
ProfitOptics, LLC(1)(2)	Revolver	35	84

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	135	174
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	202	206
Qualified Industries, LLC(1)	Revolver	242	242
Questel Unite(1)(2)(3)	Incremental Term Loan	2,796	2,860
R1 Holdings, LLC(1)	Delayed Draw Term Loan	841	841
R1 Holdings, LLC(1)	Revolver	973	973
Randys Holdings, Inc.(1)	Delayed Draw Term Loan	2,912	3,309
Randys Holdings, Inc.(1)	Revolver	1,030	995
Rocade Holdings LLC(1)	Preferred Equity	4,500	4,500
Rock Labor, LLC(1)(2)	Revolver	625	625
Royal Buyer, LLC(1)	Delayed Draw Term Loan	461	461
Royal Buyer, LLC(1)	Revolver	874	670
Sanoptis S.A.R.L.(1)(3)	Acquisition Capex Facility	—	16
SBP Holdings LP(1)	Delayed Draw Term Loan	—	75
SBP Holdings LP(1)	Revolver	355	532
Scaled Agile, Inc.(1)(2)	Revolver	280	280
Scout Bidco B.V.(1)(2)(3)	Revolver	313	320
Sinari Invest(1)(2)(3)	Delayed Draw Term Loan	604	617
SISU ACQUISITIONCO., INC.(1)(2)	Delayed Draw Term Loan	156	312
Smartling, Inc.(1)	Revolver	588	588
SmartShift Group, Inc.(1)	Delayed Draw Term Loan	2,294	2,294
SmartShift Group, Inc.(1)	Revolver	1,101	1,101
Solo Buyer, L.P.(1)	Revolver	798	798
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Delayed Draw Term Loan	399	399
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)(2)	Revolver	117	90
Spatial Business Systems LLC(1)	Delayed Draw Term Loan	938	937
Spatial Business Systems LLC(1)	Revolver	703	703
SSCP Pegasus Midco Limited(1)(4)	Delayed Draw Term Loan	1,237	1,487
Superjet Buyer, LLC(1)	Revolver	1,095	1,095
SVI International LLC(1)	Delayed Draw Term Loan	74	—
SVI International LLC(1)	Revolver	74	—
Syntax Systems Ltd(1)	Revolver	167	231
Tank Holding Corp(1)	Delayed Draw Term Loan	339	409
Tank Holding Corp(1)	Revolver	491	480
Tanqueray Bidco Limited(1)(4)	Capex Facility	1,143	1,153
Techone B.V.(1)(2)(3)	Revolver	154	94
Tencarva Machinery Company, LLC(1)(2)	Revolver	752	752
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Delayed Draw Term Loan	—	1,758
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	796	796
The Cleaver-Brooks Company, Inc.(1)	Revolver	1,615	1,615
Trader Corporation(1)(6)	Revolver	173	177
Trintech, Inc.(1)	Revolver	255	255
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	912	1,469
TSYL Corporate Buyer, Inc.(1)	Revolver	177	177
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	—	974
UBC Ledgers Holding AB(1)(2)(9)	Delayed Draw Term Loan	792	840
UBC Ledgers Holding AB(1)(2)(9)	Revolver	262	278

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
Union Bidco Limited(1)(4)	Acquisition Facility	82		83
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	668		683
Unither (Uniholding)(1)(3)	Delayed Draw Term Loan	468		479
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	—		234
West-NR AcquisitionCo., LLC(1)	Delayed Draw Term Loan	1,250		1,250
Whitcraft Holdings, Inc.(1)	Revolver	490		880
White Bidco Limited(1)	Delayed Draw Term Loan	257		257
Woodland Foods, LLC(1)(2)	Line of Credit	157		318
World 50, Inc.(1)(2)	Revolver	243		—
WWEC Holdings III Corp(1)(2)	Revolver	932		757
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	1,601		2,062
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	381		1,466
ZB Holdco LLC(1)(2)	Revolver	271		423
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	—		1,333
Total unused commitments to extend financing		$	103,209	$	114,328