Barings Capital Investment 10-Q 2024 Q1 Quarterly report

0001811972Argus Bidco Limited, High Tech Industries, First Lien Senior Secured Term 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 March 31, 2024

OR

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

For the transition period from              to             

Commission file number 814-01348 

______________________________________________________________________

Barings Capital Investment Corporation

(Exact name of registrant as specified in its charter)

__________________________________________________________

Maryland	85-0654007
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
300 South Tryon Street, Suite 2500 Charlotte, North Carolina	28202
(Address of principal executive offices)	(Zip Code)

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

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

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

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

________________________________________________________

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

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

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

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

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

The number of shares outstanding of the registrant’s common stock on 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 Statements of Changes in Net Assets for the Three Months Ended March 31, 2024 and 2023	6
	Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 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

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings Capital Investment Corporation

Consolidated Balance Sheets

(in thousands, except share and per share data)

	March 31, 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.

3

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)

	Three Months Ended		Three Months Ended
	March 31, 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

4

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

5

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)

 

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

Three Months Ended March 31, 2024	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, December 31, 2023	29,270,679	$	29	$	635,451	$	16,516	$	651,996
Net investment income	—	—		—		19,013		19,013
Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(10,500)		(10,500)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		19,526		19,526
Dividends/distributions	401,379	—		8,939		(18,733)		(9,794)
Balance, March 31, 2024	29,672,058	$	29	$	644,390	$	25,822	$	670,241

See accompanying notes.

6

Barings Capital Investment Corporation

Unaudited Consolidated Statements of Cash Flows 

(in thousands)

	Three Months Ended		Three Months Ended
	March 31, 2024		March 31, 2023
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	28,039	$	25,493
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	(51,561)		(118,902)
Repayments received / sales of portfolio investments	43,227		21,554
Loan origination and other fees received	826		1,515
Net realized (gain) loss on investments	3,867		224
Net realized (gain) loss on foreign currency transactions	92		(467)
Net realized (gain) loss on forward currency contracts	6,541		10,175
Net unrealized (appreciation) depreciation of investments	(6,224)		(9,577)
Net unrealized (appreciation) depreciation of foreign currency transactions	(1,661)		2,634
Net unrealized (appreciation) depreciation of forward currency contracts	(11,641)		(9,611)
Payment-in-kind interest / dividends	(3,681)		(2,972)
Amortization of deferred financing fees	252		253
Accretion of loan origination and other fees	(1,292)		(1,129)
Amortization / accretion of purchased loan premium / discount	(198)		(334)
Payments for derivative contracts	(8,116)		(11,377)
Proceeds from derivative contracts	1,575		1,202
Changes in operating assets and liabilities:
Interest and fees receivable	6,528		(2,831)
Prepaid expenses and other assets	52		33
Accounts payable and accrued liabilities	(460)		1,771
Interest payable	(1,068)		(1,129)
Net cash provided by (used in) operating activities	5,097		(93,475)
Cash flows from financing activities:
Borrowings under credit facility	—		60,000
Financing fees paid	—		(1)
Cash dividends / distributions paid	(9,794)		(9,153)
Net cash provided by (used in) financing activities	(9,794)		50,846
Net increase (decrease) in cash and foreign currencies	(4,697)		(42,629)
Cash and foreign currencies, beginning of period	36,226		60,851
Cash and foreign currencies, end of period	$	31,529	$	18,222
Supplemental disclosure of cash flow information:
Cash paid for interest	$	14,275	$	12,037
Excise taxes paid during the period	$	800	$	500
Summary of non-cash financing transactions:
Dividends / distributions paid through DRIP share issuances	$	8,939	$	7,525

See accompanying notes.

7

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments

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
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	$	6,690	1.0	%	(3) (6)
						7,500		7,500		6,690
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		0.4	%	(6) (27)
		Class B Convertible Preferred Equity (1,650 shares)	N/A	12/22	N/A			1,666		2,030		0.3	%	(6) (27)
								4,166		5,020
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)
						1,941		1,909		1,925
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		8,564		1.3	%	(6) (7) (12)
		Revolver	SOFR + 5.25%, 10.7% Cash	04/22	04/28	737		728		714		0.1	%	(6) (7) (12) (28)
		Common Stock (175,049.3 shares)	N/A	04/22	N/A			175		172		—	%	(6) (27)
						9,530		9,600		9,450
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)
						3,195		3,205		2,716
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)
						3,392		3,267		3,267
ADB Safegate	Aerospace & Defense	Second Lien Senior Secured Term Loan	SOFR + 9.25%, 14.6% Cash	08/21	10/27	6,577		6,390		5,821		0.9	%	(3) (6) (7) (12)
						6,577		6,390		5,821
Adhefin International	Industrial Other	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	05/23	05/30	1,790		1,771		1,755		0.3	%	(3) (6) (7) (9) (28)
		Subordinated Term Loan	EURIBOR + 10.5% PIK, 14.4% PIK	05/23	11/30	300		298		294		—	%	(3) (6) (7) (9)
						2,090		2,069		2,049
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		1,197		0.2	%
						1,170		1,170		1,197
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		11,541		1.7	%	(6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	06/21	07/27	1,030		1,005		1,030		0.2	%	(6) (7) (12)
						12,617		12,458		12,571
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)
		Revolver	SOFR + 6.25%, 11.7% Cash	11/23	11/29	17		14		15		—	%	(6) (7) (12) (28)
						683		659		662

8

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

9

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
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

10

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
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

11

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
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

12

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
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

13

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
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

14

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
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

15

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
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

16

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
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

17

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
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	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	02/22	02/28	—		(5)		(5)		—	%	(6) (7) (12) (28)
		LLC Units (1,017.9 units)	N/A	02/22	N/A			107		242		—	%	(6)
						3,481		3,527		3,676
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		7,541		1.1	%	(6) (7) (12)
		Partnership Equity (78.7 units)	N/A	11/20	N/A			79		84		—	%	(6) (27)
						7,695		7,689		7,625
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		18,633		2.8	%	(6) (7) (12)
		LLC Units (850,236.1 units)	N/A	10/21	N/A			851		808		0.1	%	(6) (27)
						18,670		19,284		19,441
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)
						5,286		5,222		5,207
Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	12/21	12/28	3,541		3,581		3,258		0.5	%	(3) (6) (7) (9) (28)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	1,207		1,226		1,086		0.2	%	(3) (6)
						4,748		4,807		4,344
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		10,711		1.6	%	(6) (7) (12)
		Revolver	SOFR + 6.00%, 11.3% Cash	02/22	02/28	—		(22)		(20)		—	%	(6) (7) (12) (28)
		LLC Units (61,304.4 units)	N/A	02/22	N/A			63		129		—	%	(6)
						10,820		10,731		10,820
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)
		Common Stock (67,185 shares)	N/A	08/20	N/A			2,209		3,342		0.5	%	(27)
						3,916		6,125		7,234
LivTech Purchaser, Inc.	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	01/21	12/25	3,319		3,305		3,314		0.5	%	(6) (7) (12)
						3,319		3,305		3,314
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)
						5,074		5,006		4,343
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	EURIBOR + 6.75% PIK, 10.6% PIK	12/21	12/28	2,009		2,062		932		0.1	%	(3) (6) (7) (9) (26)
		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	EURIBOR + 6.00% PIK, 9.9% PIK	03/24	03/25	185		185		185		—	%	(3) (6) (7) (9) (26)
						2,623		2,647		1,245
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)
						7,749		7,657		7,718

18

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
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)
						618		617		616
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		4,357		0.7	%	(6) (7) (12) (28)
		Partnership Units (373.3 Units)	N/A	06/21	N/A			373		370		0.1	%	(6) (27)
						4,357		4,672		4,727
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)
						3,916		4,104		3,677
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	SOFR + 5.25%, 10.6% Cash	03/24	03/30	—		(7)		(7)		—	%	(6) (7) (12) (28)
		Preferred Stock (921 shares)	N/A	03/24	N/A			92		92		—	%	(6) (27)
		Common Stock (102 shares)	N/A	03/24	N/A			10		10		—	%	(6) (27)
						2,096		2,149		2,149
Mercell Holding AS	Technology	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.1% Cash	08/22	08/29	1,447		1,570		1,427		0.2	%	(3) (6) (7) (24) (28)
		Class A Units (57.2 units)	9.0% PIK	08/22	N/A			56		61		—	%	(3) (6) (27)
		Class B Units (14,471.9 units)	N/A	08/22	N/A			—		23		—	%	(3) (6) (27)
						1,447		1,626		1,511
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)
		Partnership Units (76,923 Units)	N/A	08/21	N/A			77		88		—	%	(6) (27)
						900		966		988
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)
						2,060		2,249		2,045
Moonlight Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.6% Cash	07/23	07/30	1,877		1,878		1,821		0.3	%	(3) (6) (7) (15) (28)
		Common Stock (10,590 shares)	N/A	07/23	N/A			138		167		—	%	(3) (6) (27)
						1,877		2,016		1,988
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)
						1,853		1,858		1,853
Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	08/20	08/26	5,031		4,976		4,820		0.7	%	(6) (7) (12)
						5,031		4,976		4,820
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)
						6,807		7,364		6,741
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)
						2,683		2,911		3,140

19

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
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)
						15,019		14,849		14,841
NAW Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	09/23	09/29	3,023		2,918		2,986		0.4	%	(6) (7) (12) (28)
		Revolver	SOFR + 5.75%, 11.1% Cash	09/23	09/29	38		29		38		—	%	(6) (7) (12) (28)
		LLC Units (94,502 units)	N/A	09/23	N/A			95		86		—	%	(6) (27)
						3,061		3,042		3,110
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)
						2,097		2,044		2,055
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)
						738		723		724
NF Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3%	03/23	03/29	4,221		4,110		4,179		0.6	%	(6) (7) (12)
		Revolver	SOFR + 6.00%, 11.3% Cash	03/23	03/29	147		129		147		—	%	(6) (7) (12) (28)
		LLC Units (426,340 units)	N/A	03/23	N/A			439		482		0.1	%	(6) (27)
						4,368		4,678		4,808
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)
						3,905		3,856		3,905
Novotech Aus Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.25%, 11.1% Cash	01/22	01/28	6,754		6,637		6,754		1.0	%	(3) (6) (7) (13) (28)
						6,754		6,637		6,754
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)
						2,169		1,915		2,133
OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	12/21	12/28	6,500		6,405		6,500		1.0	%	(6) (7) (11)
		Revolver	SOFR + 5.50%, 10.8% Cash	12/21	12/28	177		159		177		—	%	(6) (7) (11) (28)
		Partnership Units (210,920.11 units)	N/A	12/21	N/A			211		318		—	%	(6) (27)
						6,677		6,775		6,995
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		1,763		0.3	%	(6) (7) (12)
		Revolver	SOFR + 5.00%, 10.4% Cash	03/22	03/28	147		138		137		—	%	(6) (7) (12) (28)
						1,935		1,900		1,900
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		359		0.1	%	(6)
		Common Stock (32.7 shares)	N/A	10/23	N/A			—		—		—	%	(6) (27)
						609		882		968
Ocular Therapeutix, Inc.	Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	08/23	07/29	1,965		1,911		1,906		0.3	%	(3) (6) (7) (11)
						1,965		1,911		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	6,691		7,264		6,484		1.0	%	(3) (6) (7) (9)
						6,691		7,264		6,484

20

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
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)
						1,340		1,467		1,340
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)
						853		877		853
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)
						987		974		965
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		6,733		1.0	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/29	—		(6)		(4)		—	%	(6) (7) (12) (28)
		LP Units (276,798 units)	N/A	07/22	N/A			138		143		—	%	(6)
						6,853		6,885		6,872
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)
						4,044		3,699		3,933
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)
		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)
						499		723		720
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		12,560		1.9	%	(6) (7) (12)
		Class A-2 Partnership Units (86.4 units)	N/A	08/21	N/A			86		139		—	%	(6)
						12,615		12,551		12,699
Perimeter Master Note Business Trust	Credit Card ABS	Structured Secured Note - Class A	4.7% Cash	05/22	11/28	137		137		132		—	%	(3) (6)
		Structured Secured Note - Class B	5.4% Cash	05/22	11/28	137		137		132		—	%	(3) (6)
		Structured Secured Note - Class C	5.9% Cash	05/22	11/28	137		137		132		—	%	(3) (6)
		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		7,534		7,227
Permaconn BidCo Pty Ltd	Tele-communications	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	12/21	07/29	4,699		4,750		4,652		0.7	%	(3) (6) (7) (18)
						4,699		4,750		4,652
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		1,904		0.3	%	(6) (7) (12)
		Revolver	SOFR + 4.75%, 10.2% Cash	12/21	12/27	—		(3)		—		—	%	(6) (7) (12) (28)
		Partnership Units (3,704.3 units)	N/A	12/21	N/A			370		605		0.1	%	(6)
						1,904		2,246		2,509

21

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
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)
		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)
						21,714		21,391		22,173
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)
						11,667		11,537		11,631
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)
						2,282		2,213		2,230
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)
						3,147		3,083		3,147
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)
						3,646		3,728		3,906
ProfitOptics, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	03/22	03/28	650		641		650		0.1	%	(6) (7) (13)
		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)	N/A	03/22	N/A			65		88		—	%	(6) (27)
						840		894		925
Protego Bidco B.V.	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	03/21	03/28	430		456		418		0.1	%	(3) (6) (7) (10) (28)
		Revolver	EURIBOR + 6.50%, 10.4% Cash	03/21	03/27	733		791		722		0.1	%	(3) (6) (7) (10)
						1,163		1,247		1,140
PSP Intermediate 4, LLC	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	05/22	05/29	883		843		831		0.1	%	(3) (6) (7) (8) (28)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	05/22	05/29	1,411		1,392		1,343		0.2	%	(3) (6) (7) (11)
						2,294		2,235		2,174
QPE7 SPV1 BidCo Pty Ltd	Consumer Cyclical	First Lien Senior Secured Term Loan	BBSY + 3.75%, 8.1% Cash	09/21	09/26	2,758		3,013		2,731		0.4	%	(3) (6) (7) (17)
						2,758		3,013		2,731
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)
						600		725		831

22

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
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)
						2,707		2,845		2,585
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)
						5,630		5,423		5,664
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	SOFR + 6.50%, 11.8% Cash	11/22	11/28	9,816		9,574		9,757		1.5	%	(6) (7) (12)
		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)	N/A	11/22	N/A			400		401		0.1	%	(6) (27)
						10,582		10,679		10,904
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)
						4,943		4,980		4,985
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)
						7,545		7,819		6,765
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		6,719		1.0	%	(6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	06/22	12/26	2,074		1,993		2,014		0.3	%	(6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	12/20	12/26	1,906		1,882		1,851		0.3	%	(6) (7) (12)
						10,900		11,235		10,584
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)
						1,859		1,832		1,859
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)
						2,240		2,258		2,025
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		3,639		0.5	%	(6) (7) (11)
		Revolver	SOFR + 7.50%, 12.7% Cash	09/23	09/29	—		(17)		(15)		—	%	(6) (7) (11) (28)
		LLC Units (132,475 units)	N/A	09/23	N/A			709		694		0.1	%	(6) (27)
						3,731		4,318		4,318
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		6,043		0.9	%	(6) (7) (12) (28)
		Revolver	SOFR + 6.00%, 11.3% Cash	08/22	08/28	—		(14)		(9)		—	%	(6) (7) (12) (28)
						6,109		5,993		6,034
RPX Corporation	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	10/20	10/25	8,262		8,191		8,262		1.2	%	(6) (7) (12)
						8,262		8,191		8,262
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)
		Preferred Stock (86.3 shares)	N/A	12/20	N/A			87		103		—	%	(6) (27)
						5,554		5,588		5,596

23

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
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)
						3,556		3,407		3,480
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)
						7,081		6,865		7,150
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)
						1,853		1,827		1,770
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)
		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)
						4,640		4,523		4,543
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)
						2,558		2,483		2,490
Serta Simmons Bedding LLC	Home Furnishings	Common Stock (59,747 shares)	N/A	06/23	N/A			893		373		0.1	%	(27)
								893		373
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		17,659		2.6	%	(3) (6) (7) (12)
		Common Stock (600,000 shares)	N/A	12/22	N/A			600		1,338		0.2	%	(3) (6) (27)
						17,313		17,445		18,997
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)
						1,838		1,806		1,786
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)
						4,994		4,940		4,726
Smartling, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	11/21	11/27	9,215		9,096		9,179		1.4	%	(6) (7) (11)
		Revolver	SOFR + 4.50%, 9.9% Cash	11/21	11/27	—		(7)		(2)		—	%	(6) (7) (11) (28)
						9,215		9,089		9,177
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)
		Revolver	SOFR + 5.75%, 11.6% Cash	09/23	09/29	—		(25)		—		—	%	(6) (7) (12) (28)
		Common Stock (183 shares)	N/A	09/23	N/A			183		261		—	%	(6) (27)
						6,390		6,363		6,738
Soho Square III Debtco II SARL	Diversified Capital Markets	First Lien Senior Secured Term Loan	9.5% PIK	10/22	10/27	5,483		5,165		5,476		0.8	%	(3) (6)
						5,483		5,165		5,476
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		13,294		2.0	%	(6) (7) (12)
		Revolver	SOFR + 6.25%, 11.6% Cash	12/22	12/28	399		376		399		0.1	%	(6) (7) (12) (28)
		Partnership Units (309,839 units)	N/A	12/22	N/A			310		310		—	%	(6) (27)
						13,827		13,824		14,003

24

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
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)
						1,955		1,916		1,893
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)
						5,815		5,671		5,721
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)
						1,014		1,009		1,014
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)
						968		933		942
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)
						4,640		4,597		4,630
Superjet Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	12/21	12/27	16,158		15,939		16,077		2.4	%	(6) (7) (12)
		Revolver	SOFR + 5.50%, 10.9% Cash	12/21	12/27	365		347		358		0.1	%	(6) (7) (12) (28)
						16,523		16,286		16,435
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)
		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)
						644		836		836
Syniverse Holdings, Inc.	Technology Distributors	Series A Preferred Equity (7,575,758 units)	12.5% PIK	05/22	N/A			8,989		9,015		1.3	%	(6)
								8,989		9,015
Syntax Systems Ltd	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/21	10/28	4,064		4,036		4,064		0.6	%	(3) (6) (7) (11)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/21	10/26	430		427		430		0.1	%	(3) (6) (7) (11) (28)
						4,494		4,463		4,494
TA SL Cayman Aggregator Corp.	Technology	Subordinated Term Loan	7.8% PIK	07/21	07/28	1,211		1,200		1,186		0.2	%	(6)
		Common Stock (736 shares)	N/A	07/21	N/A			23		35		—	%	(6) (27)
						1,211		1,223		1,221
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		7,163		1.1	%	(6) (7) (11)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	05/23	03/28	1,700		1,648		1,668		0.2	%	(6) (7) (11) (28)
		Revolver	SOFR + 5.75%, 11.2% Cash	03/22	03/28	164		154		159		—	%	(6) (7) (11) (28)
						9,081		8,902		8,990
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)
						1,714		1,506		1,714
Team Air Distributing, LLC	Consumer Cyclical	Subordinated Term Loan	12.0% Cash	05/23	05/28	600		589		591		0.1	%	(6)
		Partnership Equity (400,000 units)	N/A	05/23	N/A			400		424		0.1	%	(6) (27)
						600		989		1,015

25

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
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)
						2,940		2,989		2,894
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)
						4,155		4,099		4,082
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)
						277		512		365
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)
		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)
						6,019		5,933		6,006
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)
		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)
						14,612		14,366		14,597
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		2,585		0.4	%	(6) (7) (12)
		Partnership Equity (409,153.1 units)	N/A	04/22	N/A			409		1,301		0.2	%	(6)
						2,585		2,952		3,886
Trader Corporation	Technology	First Lien Senior Secured Term Loan	CDOR + 6.50%, 12.2% Cash	12/22	12/29	2,280		2,210		2,280		0.3	%	(3) (6) (7) (20)
		Revolver	CDOR + 6.50%, 12.2% Cash	12/22	12/28	—		(3)		—		—	%	(3) (6) (7) (20) (28)
						2,280		2,207		2,280
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)
						17,673		17,529		17,072
Trintech, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	07/23	07/29	4,631		4,504		4,524		0.7	%	(6) (7) (11)
		Revolver	SOFR +6.50%, 11.8% Cash	07/23	07/29	102		92		94		—	%	(6) (7) (11) (28)
						4,733		4,596		4,618
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		1,367		0.2	%	(6) (7) (12) (28)
		Revolver	SOFR + 4.75%, 10.1% Cash	12/22	12/28	—		(3)		(2)		—	%	(6) (7) (12) (28)
		Partnership Units (4,673 units)	N/A	12/22	N/A			5		9		—	%	(6) (27)
						1,398		1,364		1,374
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)
						8,053		7,982		7,764
Turnberry Solutions, Inc.	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	07/21	09/26	7,837		7,757		7,837		1.2	%	(6) (7) (12)
						7,837		7,757		7,837
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)
						1,499		1,469		1,447

26

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
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)
						1,083		1,084		992
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)
						926		874		888
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)
						1,761		1,707		1,305
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)
						2,047		1,959		2,017
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)
						1,139		1,212		1,072
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)
						8,153		8,441		7,280
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)
						7,143		7,143		7,011
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)
						12,163		12,169		12,442
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		2,326		0.3	%	(6) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	10/20	06/25	1,278		1,258		1,253		0.2	%	(6) (13)
						3,651		3,628		3,579
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)
		First Lien Senior Secured Term Loan	SOFR +6.25%, 11.7% Cash	08/23	02/25	—		(21)		—		—	%	(6) (7) (12) (28)
						1,244		1,201		1,244
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)
						6,420		6,201		5,923
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		6,279		0.9	%	(6) (7) (12)
		Revolver	SOFR + 7.00%, 12.3% Cash	02/23	02/29	453		422		451		0.1	%	(6) (7) (12) (28)
		LP Units (31,543.6 units)	N/A	02/23	N/A			315		409		0.1	%	(6) (27)
						6,744		6,811		7,139
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)
						875		845		848
Willis Engine Structured Trust VI	Structured Finance	Structured Secured Note - Series 2021-1 Class C	7.4% Cash	05/21	05/46	1,729		1,729		1,564		0.2	%	(6)
						1,729		1,729		1,564
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		3,101		0.5	%	(6) (7) (12)
		Revolver	SOFR + 5.75%, 11.1% Cash	12/21	12/27	891		877		827		0.1	%	(6) (7) (12) (28)
		Common Stock (777.3 shares)	N/A	12/21	N/A			777		495		0.1	%	(6) (27)
						4,193		4,913		4,423

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
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)
						4,757		4,657		4,657
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)
		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)
						6,483		6,347		6,298
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	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	11.0% PIK	05/22	05/29	2,478		2,381		2,444		0.4	%	(3) (6)
		Common Stock (18,266,390 shares)	N/A	05/22	N/A			226		231		—	%	(3) (6) (27)
						9,000		8,883		9,104
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)
		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)
						4,398		4,390		4,404
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)
						3,056		3,118		2,778
Subtotal Non–Control / Non–Affiliate Investments (173.8%)*						1,128,729		1,175,926		1,165,223
Affiliate Investments: (4)
Banff Partners LP	Investment Funds & Vehicles	10% Partnership Interest	N/A	03/21	N/A			14,646		16,566		2.5	%	(3) (27)
								14,646		16,566
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)
						2,486		7,356		8,273
Coastal Marina Holdings, LLC	Hotel, Gaming & Leisure	Subordinated Term Loan	8.0% Cash	11/21	11/31	8,310		7,809		7,839		1.2	%	(6)
		Subordinated Term Loan	10.0% PIK	11/21	11/31	3,647		3,463		3,441		0.5	%	(6)
		LLC Units (1,574,005.5 units)	N/A	11/21	N/A			7,322		8,027		1.2	%	(6) (27)
						11,957		18,594		19,307
Eclipse Business Capital, LLC	Banking, Finance, Insurance & Real Estate	Revolver	SOFR + 7.25%, 12.6% Cash	07/21	07/28	2,920		2,878		2,920		0.4	%	(6) (11) (28)
		Second Lien Senior Secured Term Loan	7.5% Cash	07/21	07/28	2,246		2,231		2,246		0.3	%	(6)
		LLC Units (44,197,541 units)	N/A	07/21	N/A			45,934		70,716		10.6	%	(6)
						5,166		51,043		75,882
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)
		Common LP Units (15.4 units)	N/A	02/23	N/A			—		822		0.1	%	(6) (27)
								56,817		57,639
Thompson Rivers LLC	Investment Funds & Vehicles	6.6% Member Interest	N/A	06/20	N/A			10,451		4,503		0.7	%	(27)
								10,451		4,503

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
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	2
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	25
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	16
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	76
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	11
Foreign currency forward contract (DKK)	$594	4,077kr.	HSBC Bank USA	07/08/24	1
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	12
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	13
Foreign currency forward contract (GBP)	$1,254	£982	BNP Paribas SA	04/08/24	14
Foreign currency forward contract (GBP)	$20,135	£15,936	HSBC Bank USA	04/08/24	3
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	25
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	1
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	15
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	1
Foreign currency forward contract (SEK)	$1,576	16,008kr	HSBC Bank USA	04/08/24	78
Foreign currency forward contract (SEK)	$1,549	16,363kr	HSBC Bank USA	07/08/24	12
Foreign currency forward contract (CHF)	1,691Fr.	$1,870	HSBC Bank USA	04/08/24	9
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

29

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.

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of March 31, 2024 represented 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 26.6% of total investments at fair value as of 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 three months ended March 31, 2024 were as follows:

30

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 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.

31

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

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 March 31, 2024 was 3.85500%.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(24)The interest rate on these loans is subject to 1 Month NIBOR, which as of March 31, 2024 was 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.

(27)Investment is non-income producing.

(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	%

32

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.

33

Barings Capital Investment Corporation

Consolidated Schedule of Investments

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
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

34

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
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

35

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
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

36

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
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

37

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
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

38

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
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

39

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
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

40

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
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

41

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
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

42

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
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

43

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
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

44

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
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

45

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
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

46

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
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

47

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
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

48

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
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

49

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
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

50

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

51

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

52

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

53

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. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to SOFR, EURIBOR, BBSY, STIBOR, CDOR, SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2023 represented 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 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 26.9% of total investments at fair value as of December 31, 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 voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2023 were as follows:

54

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)

		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	Type of Investment
Banff Partners LP	10% Partnership Interest	$	14,730	$	—	$	—	$	—	$	1,489	$	16,219	$	—
		14,730		—		—		—		1,489		16,219		—
Celebration Bidco, LLC(d)	First Lien Senior Secured Term Loan (SOFR+ 8.0%, 13.3% Cash)	—		2,486		—		—		—		2,486		—
	Common Stock (497,228 shares)	—		4,871		—		—		—		4,871		—
		—		7,357		—		—		—		7,357		—
Coastal Marina Holdings, LLC (d)	Subordinated Term Loan (8.0% Cash)	—		7,816		—		—		8		7,824		357
	Subordinated Term Loan (10.0% PIK)	—		3,440		—		—		(6)		3,434		186
	LLC Units (1,203,914.5 units)	—		6,366		—		—		(286)		6,080		—
		—		17,622		—		—		(284)		17,338		543
Eclipse Business Capital, LLC (d)	Revolver (SOFR + 7.25%, 12.6% Cash)	2,605		17,393		(17,249)		—		(9)		2,740		201
	Second Lien Senior Secured Term Loan (7.5% Cash)	2,246		3		—		—		(3)		2,246		171
	LLC Units (44,197,541 units)	66,738		175		(307)		—		5,435		72,041		7,163
		71,589		17,571		(17,556)		—		5,423		77,027		7,535
Rocade Holdings LLC(d)	Preferred LP Units (50,500 units) (SOFR + 6.0% PIK, 11.3% PIK)	—		55,258		—		—		—		55,258		4,758
	Common LP Units (15.4 units)	—				—		—		546		546		—
		—		55,258		—		—		546		55,804		4,758
Thompson Rivers LLC	6.6% Member Interest	12,537		—		(7,328)		—		314		5,523		—
		12,537		—		(7,328)		—		314		5,523		—
Waccamaw River LLC	20% Member Interest	20,212		2,480		—		—		(7,222)		15,470		1,460
		20,212		2,480		—		—		(7,222)		15,470		1,460
Total Affiliate Investments		$	119,068	$	100,288	$	(24,884)	$	—	$	266	$	194,738	$	14,296

(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 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.

55

Barings Capital Investment Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2023

(Amounts in thousands, except share amounts)

(8)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2023 was 3.84500%.

(9)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2023 was 3.90900%.

(10)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2023 was 3.86100%.

(11)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2023 was 5.35472%.

(12)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2023 was 5.33140%.

(13)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2023 was 5.15772%.

(14)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2023 was 5.19920%.

(15)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2023 was 5.20530%.

(16)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2023 was 5.13220%.

(17)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2023 was 4.31000%.

(18)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2023 was 4.35750%.

(19)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2023 was 4.44500%.

(20)The interest rate on these loans is subject to 1Month CDOR, which as of December 31, 2023 was 5.45500%.

(21)The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2023 was 5.44750%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2023 was 5.63000%.

(23)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2023 was 1.69524%.

(24)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2023 was 4.59000%.

(25)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2023 was 4.05200%.

(26)Non-accrual investment.

(27)Investment is non-income producing.

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

56

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.

57

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 $406.1 billion in assets under management as of 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. ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3. Investments,” with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.

The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto for the year ended December 31, 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 June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, 2022-03, Fair Value Measurement (Topic 820) (“ASU 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 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, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to 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 interim periods within those fiscal years. The Company determined this guidance will not have a material impact on its consolidated financial statements.

58

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 March 31, 2024, BIIL had approximately £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 months ended March 31, 2024 and 2023, the Base Management Fees determined in accordance with the terms of the Advisory Agreement were approximately $0.5 million. As of March 31, 2024, the Base Management Fee of $0.5 million for the three months ended March 31, 2024 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2023, the Base Management Fee of $0.5 million for the three months ended December 31, 2023 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.

The Incentive Fee

The Incentive Fee consists of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”) and (ii) an incentive fee based on capital gains (the “Capital Gains Fee”), which are described in more detail below.

59

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 London Interbank Offered Rate (“LIBOR”); provided that if a Floating Rate Transition Event and its related Floating Rate Replacement Date have occurred with respect to LIBOR, then “Floating Rate” means the Replacement Rate. In the event that the Floating Rate is a negative value, then the Floating Rate shall be zero. Beginning with the quarter ended June 30, 2023, the Floating Rate means the Replacement Rate following the occurrence of a Floating Rate Transition Event and its related Floating Rate Replacement Date.

• “Floating Rate Transition Event” means the occurrence of one or more of the following events with respect to the Floating Rate:

1. a public statement or publication of information by or on behalf of the administrator of the Floating Rate announcing that the administrator has ceased or will cease to provide the Floating Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating Rate;

2. a public statement or publication of information by the regulatory supervisor for the administrator of the Floating Rate, the central bank for the currency of the Floating Rate, an insolvency official with jurisdiction over the administrator for the Floating Rate, a resolution authority with jurisdiction over the administrator for the Floating Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Floating Rate, which states that the administrator of the Floating Rate has ceased or will cease to provide the Floating Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating Rate; or

60

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.

• “Incentive Fee Cap” means for any calendar quarter an amount equal to (a) 12.5% of the Cumulative Net Return (as defined below) minus (b) the aggregate Income-Based Fee that was paid in respect of the period ending with the calendar quarter immediately preceding the most recently completed calendar quarter (or the portion thereof) included in the period for calculation of the Cumulative Net Return.

• “Cumulative Net Return” means (x) the aggregate Pre-Incentive Fee Net Investment Income in respect of either (i) the trailing twelve calendar quarters ending with the calendar quarter in which the Income-Based Fee is

61

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 months ended March 31, 2024 and 2023, the Company accrued $0.4 million and nil, respectively, of Capital Gains Fees. As of March 31, 2024, the Capital Gains Fee of $0.4 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. For the year ended December 31, 2023, the Company did not accrue any Capital Gains Fees.

The Advisory Agreement had an initial term of two years. 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 Independent Directors. The Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (i) by the vote of a majority of the outstanding voting securities of the Company or (ii) by the vote of the Board, or (iii) by the Adviser upon 90 days’ written notice. The Advisory Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

Payment of Expenses

All investment professionals of Barings and its staff, when and to the extent engaged in providing investment advisory and management services under the Advisory Agreement, and the compensation and routine overhead expenses of such personnel

62

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 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 months ended March 31, 2024 and 2023, the Company incurred and was invoiced by the Administrator expenses of approximately $0.2 million and $0.3 million, respectively. As of March 31, 2024, the administrative expenses of $0.2 million incurred during the three months ended March 31, 2024 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2023, the administrative expenses of $0.2 million incurred during the three months ended December 31, 2023 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.

63

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The Administration Agreement had an initial term of two years. The Administration Agreement was most recently re-approved on May 7, 2024 by our Board, including a majority of the Independent Directors, and will continue automatically for successive one-year periods so long as such continuance is specifically approved at least annually by the Board, including a majority of the Independent Directors. The Administration Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board, or by the Adviser, upon 90 days’ written notice to the other party. The Administration Agreement may not be assigned by a party without the consent of the other party.

3. INVESTMENTS

Portfolio Composition

The Company 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)	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.

64

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.

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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	%

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Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The geographic composition of Banff’s investments at fair value at March 31, 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;

•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 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.

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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.

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.

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).

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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.

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.

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.

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.

69

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.

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.

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.

70

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 Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.

At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

Valuation Inputs

The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable,

71

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.

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%	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%	14.5%	Decrease
	2,357		Net Asset Approach	Liabilities	$(64,894.6)	$(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.

72

Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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	11.0x	Increase
	670		Recent Transaction	Transaction Price	98.0%	98.0%	Increase
Equity shares(4)	8,788		Yield Analysis	Market Yield	14.6%	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%	14.2%	Decrease
	2,131		Net Asset Approach	Liabilities	$(55,281.8)	$(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.

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.

73

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

(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.

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Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2024 and 2023:

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

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 depreciation on Level 3 investments of $0.6 million during the three months ended March 31, 2024 was related to portfolio company investments that were still held by the Company as of March 31, 2024. 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 March 31, 2023.

75

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

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 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 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.

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.

76

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 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

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

77

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 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.

At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.

Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rates fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statements of Operations.

In addition, during both the three months ended March 31, 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.

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

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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.

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.

For federal income tax purposes, the cost of investments owned as of March 31, 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.

79

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

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 189.8% as of March 31, 2024.

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 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.

The ING Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining a minimum asset coverage ratio of (a) 150% at any time that more than 70% of the total fair value of the Company’s portfolio comprises cash, cash equivalents, long-term U.S. government securities or first lien loans to portfolio companies, or (b) 167% or 200% at specified concentrations of such assets at amounts less than or equal

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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.

The Company, one of its subsidiaries, BCIC Holdings, Inc., ING, as administrative agent, the financing agents and designated indebtedness holders that become parties thereto and ING, as collateral agent, also entered into a guarantee, pledge and security agreement, dated as of January 15, 2021, pursuant to which the Company’s obligations under the ING Credit Facility are secured by a first-priority security interest (subject to certain exceptions) in substantially all of the Company’s and its subsidiary guarantors’ present and future property and assets.

As of March 31, 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

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.

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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.

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.

The February 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The February 2027 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of March 31, 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.

82

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	2		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	25		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	16		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	76		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	11		Derivative assets
Foreign currency forward contract (DKK)	$594	4,077kr.	07/08/24	1		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	12		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	13		Derivative assets
Foreign currency forward contract (GBP)	$1,254	£982	04/08/24	14		Derivative assets
Foreign currency forward contract (GBP)	$20,135	£15,936	04/08/24	3		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	25		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	1		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	15		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	1		Derivative assets
Foreign currency forward contract (SEK)	$1,576	16,008kr	04/08/24	78		Derivative assets
Foreign currency forward contract (SEK)	$1,549	16,363kr	07/08/24	12		Derivative assets
Foreign currency forward contract (CHF)	1,691Fr.	$1,870	04/08/24	9		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

83

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

84

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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

85

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

86

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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

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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.

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Barings Capital Investment Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

8. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the three months ended March 31, 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.

(3)Total return is calculated as the change in NAV per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period.

9. SUBSEQUENT EVENTS

On May 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.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three months ended March 31, 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, 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

Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend,” “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2023 and in Item 1A titled “Risk Factors” in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (the “SEC”) from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises, on our or our portfolio companies’ business and the U.S. and global economies; our, or our portfolio companies’, future business, operations, operating results or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview of Our Business

We were formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, we commenced operations and made our first portfolio company investment. We are externally managed by Barings LLC (“Barings” or the “Adviser”), an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). An externally-managed business development company (“BDC”) generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and an administration agreement. Instead of directly compensating employees, we pay Barings for investment and management services pursuant to the terms of an investment advisory agreement (the “Advisory Agreement”) and an administration agreement (the “Administration Agreement”).

Our primary investment objective is to provide consistently attractive returns. Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality (i.e., the risk of business cycles or other economic cycles adversely affecting them) and operating risk. The hold size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings

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has experience managing levered vehicles, both public and private, and seeks to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive

risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.

We focus on investing primarily in senior secured private debt instruments in well-established middle-market businesses that operate across a wide range of industries. To a lesser extent, we will invest in equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities, high-yield investments and/or mortgage securities. Syndicated senior secured loans are either (i) marketed by investment banks, which are mandated to bring lenders together and underwrite the deal, to institutional investors or (ii) bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market. On the other hand, senior secured private debt investments are negotiated directly with the borrower, rather than marketed by a third party or bought and sold in the secondary market. We believe senior secured private debt investments may offer higher returns and certain more favorable protections than syndicated senior secured loans. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. We currently intend to invest primarily in senior secured private debt investments that have terms of between five and seven years and bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 475 basis points and SOFR plus 675 basis points per annum.

As of March 31, 2024 and December 31, 2023, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 11.0% and 10.9%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 11.0% and 10.7% as of March 31, 2024 and December 31, 2023, 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’ $324.0 billion Global Fixed Income Platform (as of March 31, 2024) 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 March 31, 2024, BIIL had approximately £17.0 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.

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Included in Barings GPFG is Barings North American Private Finance Team (the “U.S. Investment Team”), which consists of 43 investment professionals (as of March 31, 2024) located in three offices in the United States. The U.S. Investment Team provides a full set of solutions to the North American middle market, including first and second lien senior secured loans, unitranche structures, revolvers, mezzanine debt and equity co-investments. The U.S. Investment Team averages approximately 20 years of industry experience at the Managing Director and Director level. Also included in Barings GPFG are

its Europe and Asia-Pacific Investment Committees and Private Finance Teams, which are responsible for our investment origination and portfolio monitoring activities for middle-market companies in Europe and Asia-Pacific geographies. In addition, Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.

Portfolio Composition

The total value of our investment portfolio was $1,363.0 million as of March 31, 2024, as compared to $1,349.1 million as of December 31, 2023. As of March 31, 2024, we had investments in 263 portfolio companies with an aggregate cost of $1,359.9 million. As of December 31, 2023, we had investments in 256 portfolio companies with an aggregate cost of $1,352.1 million. As of both March 31, 2024 and December 31, 2023, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.

As of March 31, 2024 and December 31, 2023, our 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	$	996,015	73	%	$	982,334	72	%
Subordinated debt and 2nd lien notes	108,605		8		107,913		8
Structured products	28,657		2		27,744		2
Equity shares	176,427		13		207,185		15
Equity warrants	33		—		1,147		—
Investments in joint ventures	50,132		4		36,725		3
	$	1,359,869	100	%	$	1,363,048	100	%

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
December 31, 2023:
Senior debt and 1st lien notes	$	1,000,294	74	%	$	985,158	73
Subordinated debt and 2nd lien notes	108,487		8		106,894		8
Structured products	29,479		2		26,173		2
Equity shares	162,731		12		192,641		14
Equity warrants	2		—		1,043		—
Investments in joint ventures	51,123		4		37,212		3
	$	1,352,116	100	%	$	1,349,121	100	%

Investment Activity

During the three months ended March 31, 2024, we made 10 new investments totaling $27.5 million and made investments in existing portfolio companies totaling $23.7 million. We had four loans repaid totaling $24.5 million and received $13.9 million of portfolio company principal payments and sales proceeds and recognized a net realized gain on these transactions of $0.1 million. We received $1.0 million of return of capital from one of our joint ventures. In addition, one of our debt investments was restructured, which resulted in a loss of $4.5 million. Lastly, we received proceeds related to the sale of equity investments totaling $3.8 million and recognized a net realized gain on such sales totaling $0.5 million.

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During the three months ended March 31, 2023, we 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. We had two loans repaid totaling $10.1 million and received $7.3 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.2 million. Finally, we received $3.8 million of return of capital from one of our joint ventures.

Total portfolio investment activity for the three months ended March 31, 2024 and 2023 was as follows:

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		Investments in Joint Ventures		Total
Fair value, beginning of period	$	985,158	$	106,894	$	26,173	$	192,641	$	1,043	$	37,212	$	1,349,121
New investments	36,126		12,535		—		2,600		—		—		51,261
Investment restructuring	(13,015)		—		—		12,984		31		—		—
Proceeds from sales of investments/return of capital	(129)		—		—		(3,797)		—		(990)		(4,916)
Loan origination fees received	(545)		(281)		—		—		—		—		(826)
Principal repayments received	(24,426)		(12,991)		(826)		—		—		—		(38,243)
Payment-in-kind interest/dividends	604		692		—		1,559		—		—		2,855
Accretion of loan premium/discount	114		80		4		—		—		—		198
Accretion of deferred loan origination revenue	1,210		82		—		—		—		—		1,292
Realized gain (loss)	(4,217)		—		—		350		—		—		(3,867)
Unrealized appreciation (depreciation)	1,454		902		2,393		848		73		503		6,173
Fair value, end of period	$	982,334	$	107,913	$	27,744	$	207,185	$	1,147	$	36,725	$	1,363,048

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		Investments in Joint Ventures		Total
Fair value, beginning of period	$	920,219	$	123,244	$	28,321	$	113,666	$	476	$	47,479	$	1,233,405
New investments	54,252		683		—		46,519		—		—		101,454
Proceeds from sales of investments/return of capital	—		—		—		—		—		(3,763)		(3,763)
Loan origination fees received	(1,495)		(20)		—		—		—		—		(1,515)
Principal repayments received	(16,187)		(449)		(833)		—		—		—		(17,469)
Payment-in-kind interest/dividends	1,038		826		—		—		—		—		1,864
Accretion of loan premium/discount	282		49		3		—		—		—		334
Accretion of deferred loan origination revenue	1,059		70		—		—		—		—		1,129
Realized gain (loss)	(224)		—		—		—		—		—		(224)
Unrealized appreciation (depreciation)	3,204		1,681		196		5,119		15		(523)		9,692
Fair value, end of period	$	962,148	$	126,084	$	27,687	$	165,304	$	491	$	43,193	$	1,324,907

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Non-Accrual Assets

Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of March 31, 2024, we had three portfolio companies with investments on non-accrual, the aggregate fair value of which was $2.7 million, which comprised 0.2% of the total fair value our portfolio, and the aggregate cost of which was $5.0 million, which comprised 0.4% of the total cost of our portfolio. As of December 31, 2023, we had one portfolio company with investments on non-accrual, the fair value of which was $13.5 million, which comprised 1.0% of the total fair value of our portfolio, and the cost of which was $17.4 million, which comprised 1.3% of the total cost of our portfolio.

A summary of our non-accrual assets as of March 31, 2024 is provided below.

Canadian Orthodontic Partners Corp.

During the quarter ended March 31, 2024, we placed our debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. generally accepted accounting principles (“U.S. GAAP”), we will not recognize interest income on our debt investment in Canadian Orthodontics for financial reporting purposes. As of March 31, 2024, the cost of our debt investment in Canadian Orthodontics was $1.8 million and the fair value of such investment was $1.1 million.

GPNZ II GmbH

During the quarter ended March 31, 2024, we placed our debt investments in GPNZ II GmbH., or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in GPNZ for financial reporting purposes. As of March 31, 2024, the cost of our debt investments in GPNZ was $0.6 million and the fair value of such investments was $0.4 million.

Marmoutier Holding B.V.

During the quarter ended March 31, 2024, we placed our debt investments in Marmoutier Holding B.V., or Marmoutier, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Marmoutier for financial reporting purposes. As of March 31, 2024, the cost of our debt investments in Marmoutier was $2.6 million and the fair value of such investments was $1.2 million.

Results of Operations

Comparison of the three months ended March 31, 2024 and 2023

Operating results for the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
Total investment income	$	37,238	$	34,239
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
Net realized gains (losses)	(10,500)		(9,932)
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 increases (decreases) in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.

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Investment Income

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
Investment income:
Interest income	$	30,186	$	27,320
Dividend income	3,950		3,479
Fee and other income	1,596		1,686
Payment-in-kind interest income	1,493		1,743
Interest income from cash	13		11
Total investment income	$	37,238	$	34,239

The change in total investment income for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, was primarily due to an increase in the weighted average yield on the portfolio from higher base rates and increased dividends from portfolio companies. The weighted average yield on the principal amount of our outstanding debt investments, other than non-accrual debt investments, was 11.0% as of March 31, 2024, as compared to 10.3% as of March 31, 2023. For the three months ended March 31, 2024, dividends from portfolio companies were $4.0 million, as compared to $3.5 million for the three months ended March 31, 2023.

Operating Expenses

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
Operating expenses:
Interest and other financing fees	$	13,540	$	11,293
Base management fee	519		486
Incentive management fees	3,199		2,699
Other general and administrative expenses	817		866
Total operating expenses	$	18,075	$	15,344

Interest and Other Financing Fees

Interest and other financing fees during both the three months ended March 31, 2024 and 2023 were attributable to borrowings under the February 2027 Notes and the ING Credit Facility (each as defined below under “Financial Condition, Liquidity and Capital Resources”). The increase in interest and other financing fees for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023, was primarily attributable to an increase in the weighted average interest rate on the ING Credit Facility. The weighted average interest rate on the ING Credit Facility was 7.4% as of March 31, 2024, as compared to 6.7% as of March 31, 2023.

Base Management Fee

Under the Advisory Agreement, we pay Barings a base management fee (the “Base Management Fee”), quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of our gross assets at the end of the two most recently completed calendar quarters (including the quarter for which such fees are being calculated) and appropriately adjusted for any share issuances or repurchases during the quarter. The Base Management Fee for any partial quarter is appropriately pro-rated. See “Note 2. Agreement and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Advisory Agreement and the fee arrangement thereunder. For both the three months ended March 31, 2024 and 2023, the amount of Base Management Fees incurred was $0.5 million.

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Incentive Fee

Under the Advisory Agreement, we pay Barings an incentive fee (the “Incentive Fee”). The Incentive Fee consists of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”) and (ii) an incentive fee based on the net capital gains received on our portfolio of securities on a cumulative basis through the end of each calendar year, net of all realized capital losses and all unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee on capital gains (the “Capital Gains Fee”). The Income-Based Fee is subject to a floating “hurdle rate” based on SOFR, a “catch-up” feature and a cap. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2024, the amount of Income-Based Fees incurred was $2.8 million, as compared to $2.7 million for the three months ended March 31, 2023. The increase in the Income-Based Fees for the three months ended March 31, 2024, as compared to the three months ended March 31, 2023, relates predominately to an increase in pre-incentive fee net investment income. The amount of pre-incentive fee net investment income was $22.4 million as of March 31, 2024, as compared to $21.6 million as of March 31, 2023.

For the three months ended March 31, 2024, we accrued $0.4 million for the Capital Gains Fee, as compared to nil for the three months ended March 31, 2023. As required by U.S. GAAP, we accrue the Capital Gains Fee on unrealized gains. This accrual reflects the Incentive Fees that would be payable to the Adviser if our entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an Incentive Fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future.

Professional Fees

Professional fees generally include legal and accounting expenses.

Other General and Administrative Expenses

We have entered into the Administration Agreement with Barings. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. For the three months ended March 31, 2024, the amount of administration expense incurred and invoiced by Barings for expenses was approximately $0.2 million. For the three months ended March 31, 2023, the amount of administration expense incurred and invoiced by Barings for expenses was approximately $0.3 million. In addition to expenses incurred under the Administration Agreement, other general and administrative expenses include directors’ and officers’ insurance costs and other costs related to our operations.

Net Realized Gains (Losses)

Net realized gains (losses) during the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
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)

During the three months ended March 31, 2024, we recognized net realized losses totaling $10.5 million, which consisted primarily of a net loss on our forward currency contracts of $6.5 million, a net loss on our loan portfolio of $3.9 million and a net loss on foreign currency transactions of $0.1 million. The net loss on our investment portfolio predominately related to the restructuring of one investment which was primarily reclassified from unrealized depreciation during the three months ended March 31, 2024.

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During the three months ended March 31, 2023, we recognized net realized losses totaling $9.9 million, which consisted primarily of a net loss on forward currency contracts of $10.2 million and a net loss on our loan portfolio of $0.2 million, partially offset by a net gain on foreign currency transactions of $0.5 million.

Net Unrealized Appreciation (Depreciation)

Net unrealized appreciation (depreciation) during the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2024		March 31, 2023
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

During the three months ended March 31, 2024, we recorded net unrealized appreciation totaling $19.5 million, consisting of net unrealized appreciation related to forward currency contracts of $11.6 million, net unrealized appreciation reclassification adjustments of $4.9 million related to the net realized losses on the sales / repayments and restructures of certain investments, net unrealized appreciation related to foreign currency transactions of $1.7 million and net unrealized appreciation on our current portfolio of $1.2 million. The net unrealized appreciation on our current portfolio of $1.2 million was driven primarily by broad market moves for investments of $7.3 million and the credit or fundamental performance of investments of $45.7 thousand, partially offset by the impact of foreign currency exchange rates on investments of $6.1 million.

During the three months ended March 31, 2023, we recorded net unrealized appreciation totaling $16.6 million, consisting of net unrealized appreciation on our current portfolio of $9.3 million, net unrealized appreciation related to forward currency contracts of $9.6 million and net unrealized appreciation reclassification adjustments of $0.4 million related to realized gains and losses recognized during the year, partially offset by net unrealized depreciation related to foreign currency transactions of $2.6 million and deferred taxes of $0.1 million. The net unrealized appreciation on our current portfolio of $9.3 million was driven primarily by the credit or fundamental performance of investments of $4.9 million, the impact of foreign currency exchange rates on investments of $3.8 million and broad market moves for investments of $0.6 million.

Financial Condition, Liquidity and Capital Resources

We believe that our current cash and foreign currencies on hand, our available borrowing capacity under the ING Credit Facility (as defined below under “Financing Transactions”), and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements.

On June 24, 2020, our sole stockholder approved a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the Investment Company Act of 1940, as amended (the “1940 Act”). As a result of stockholder approval, effective June 25, 2020, our applicable minimum asset coverage ratio under the 1940 Act was decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. Our asset coverage ratio was 189.8% as of March 31, 2024.

Cash Flows

For the three months ended March 31, 2024, we experienced a net decrease in cash in the amount of $4.7 million. During that period, our operating activities provided $5.1 million in cash, with proceeds from sales or repayments of portfolio investments totaling $43.2 million and other cash collections from investments exceeding purchases of portfolio investments of $51.6 million. In addition, our financing activities, consisting of dividends paid, used $9.8 million of cash. As of March 31, 2024, we had $31.5 million of cash on hand, including foreign currencies.

For the three months ended March 31, 2023, we experienced a net decrease in cash in the amount of $42.6 million. During that period, our operating activities used $93.5 million in cash, consisting primarily of purchases of portfolio investments of $118.9 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $21.6 million. In addition, our financing activities provided $50.8 million of cash, consisting primarily of net borrowings under the ING Credit

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Facility totaling $60.0 million, partially offset by dividends paid in the amount of $9.2 million. As of March 31, 2023, we had $18.2 million of cash on hand, including foreign currencies.

Financing Transactions

ING Capital Credit Facility

On January 15, 2021, we entered into a senior secured revolving credit facility (as subsequently amended and restated, the “ING Credit Facility”) with ING Capital LLC (“ING”) as administrative agent, and the lenders party thereto. The initial commitments under the ING Credit Facility totaled $65.0 million.

On April 30, 2021, we amended and restated the credit agreement governing the ING Credit Facility to increase the total commitments under the facility to $325.0 million and include a $25.0 million letter of credit sub-facility. On July 22, 2021, we entered into an incremental commitment and assumption agreement to increase the aggregate commitments under the ING Credit Facility to $500.0 million. As amended as of March 31, 2022, we had aggregate commitments from lenders of $500.0 million under the ING Credit Facility, the maximum commitment then allowed under the ING Credit Facility. On April 25, 2022, we amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million, (ii) upsize the accordion feature under the ING Credit Facility to allow for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants, and (iii) replace the London Interbank Offered Rate (“LIBOR”) benchmark provisions under the ING Credit Facility with SOFR benchmark provisions. On October 13, 2022, we amended the ING Credit Facility to increase total commitments from lenders to $710.0 million from $625.0 million.

We can borrow foreign currencies directly under the ING Credit Facility. The ING Credit Facility is secured primarily by a material portion of our present and future property and assets and is guaranteed by certain of our subsidiaries. The revolving period under the ING Credit Facility terminates on 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 our 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 an 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. We pay a commitment fee on undrawn amounts under the ING Credit Facility.

The ING Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining a minimum asset coverage ratio of (a) 150% at any time that more than 70% of the total fair value of our portfolio comprises cash, cash equivalents, long-term U.S. government securities or first lien loans to portfolio companies, or (b) 167% or 200% at specified concentrations of such assets at amounts less than or equal to 70% of the total fair value of our portfolio, (iii) meeting a minimum liquidity test, (iv) meeting a minimum net worth test, and (v) maintaining our status as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”) and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions.

ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for us. As of March 31, 2024, we were in compliance with all covenants of the ING Credit Facility.

We, one of our subsidiaries, BCIC Holdings, Inc., ING, as administrative agent, the financing agents and designated indebtedness holders that become parties thereto and ING, as collateral agent, also entered into a guarantee, pledge and security

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agreement, dated as of January 15, 2021, pursuant to which our obligations under the ING Credit Facility are secured by a first-priority security interest (subject to certain exceptions) in substantially all of our and our subsidiary guarantors’ present and future property and assets.

As of March 31, 2024, we 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 our Unaudited Consolidated Statements of Operations.

The fair values of the borrowings outstanding under the ING Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2024, the total fair value of the borrowings outstanding under the ING Credit Facility was $642.4 million. See “Note 5. Borrowings — ING Capital Credit Facility” to our Unaudited Consolidated Financial Statements for additional information regarding the ING Credit Facility.

February 2027 Notes

On February 22, 2022, we entered into a Note Purchase Agreement (the “February 2022 NPA”) governing the issuance of $100.0 million in aggregate principal amount of senior unsecured notes due February 22, 2027 (the “February 2027 Notes”), in each case, to qualified institutional investors in a private placement. The February 2027 Notes were delivered and paid for on February 22, 2022.

The February 2027 Notes, for which we were required to obtain an initial rating by June 30, 2022, have a fixed interest rate of 4.75% per year, subject to a step up of 0.75% per year, to the extent the February 2027 Notes fail to satisfy certain investment grade rating conditions.

The February 2027 Notes will mature on February 22, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the February 2022 NPA. Interest on the February 2027 Notes will be due semiannually in February and August of each year, beginning in August 2022. In addition, we are obligated to offer to repay the February 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2022 NPA, we may redeem the February 2027 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 22, 2026, a make-whole premium.

The February 2022 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, liens, restricted payments, and investments. In addition, the February 2022 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to stockholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.

The February 2022 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February 2027 Notes at the time outstanding may declare all February 2027 Notes then outstanding to be immediately due and payable.

Our obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of March 31, 2024, we were in compliance with all covenants under the February 2022 NPA.

The February 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The February 2027 Notes have not and will not be registered under the Securities Act or any state securities

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laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of March 31, 2024, the fair value of the outstanding February 2027 Notes was $92.1 million. The fair value determination of the February 2027 Notes was based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

Distributions to Stockholders

We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.

We have elected for federal income tax purposes to be treated, and intend to qualify annually, as a RIC under the Code, and intend to make the required distributions to our stockholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively). We monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. A stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though a portion of the dividend was paid in shares of our common stock.

The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income (“ICTI”), as defined by the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward income in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover income must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such income.

ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (“OID”) (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any OID or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

Recent Developments

Subsequent to March 31, 2024, we made approximately $5.9 million of new commitments, of which $5.6 million closed and funded. The $5.6 million of investments consists of $5.6 million of first lien senior secured debt investments and $46.9 thousand of equity investments. The weighted average yield of the debt investments was 11.3%. In addition, we funded $1.9 million of previously committed revolvers and delayed draw term loans.

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.

Critical Accounting Policies and Use of Estimates

The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements

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and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

Valuation of Investments

The Adviser conducts the valuation of our investments, upon which our net asset value (“NAV”) is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). Our current valuation policy and processes were established by the Adviser and were approved by the Board.

As of March 31, 2024, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 203% of our total net assets, as compared to approximately 207% of our total net assets as of December 31, 2023.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.

There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

Investment Valuation Process

The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of these assets. Barings has established a pricing committee that is, subject to the oversight of the Board,

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responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.

At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings’ pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

Valuation Inputs

The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

Valuation of Investments in Banff Partners LP, Thompson Rivers LLC and Waccamaw River LLC

As Banff Partners LP, Thompson Rivers LLC and Waccamaw River LLC are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using the NAV of each company and our ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

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Revenue Recognition

Interest and Dividend Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.

We may have to include interest income in our ICTI, including OID income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.

Fee Income

Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned.

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

Payment-in-Kind (PIK) Interest Income

We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a

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restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.

We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.

Unused Commitments

In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2024, we believe we have adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of March 31, 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
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

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Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
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
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

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Portfolio Company ($ in thousands)	Investment Type	March 31, 2024	December 31, 2023
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
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

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Portfolio Company ($ in thousands)	Investment Type	March 31, 2024		December 31, 2023
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
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

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(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s investments in the portfolio company are carried at less than cost.

(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The fair value of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.

In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including EURIBOR, BBSY, STIBOR, CDOR, SOFR, SONIA, SARON, NIBOR and BKBM. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of March 31, 2024, we were not a party to any interest rate hedging arrangements.

As of the end of June 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued. On March 15, 2022, the U.S. enacted federal legislation that is intended to minimize legal and economic uncertainty following U.S. dollar LIBOR’s cessation by replacing LIBOR references in certain U.S. law-governed contracts under certain circumstances with a SOFR-based rate identified in a Federal Reserve rule plus a statutory spread adjustment. In addition, the U.K. Financial Conduct Authority, which regulates the publisher of LIBOR (ICE Benchmark Administration), has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S. dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S. dollar LIBOR until the end of this period.

Our loan agreements with our portfolio companies that referenced LIBOR included fallback language in the event that LIBOR was discontinued, became unrepresentative or in the event that the method for determining LIBOR has changed. As a result of this language or through other bi-lateral amendments, all of these loan agreements have transitioned to an alternative reference rate.

The transition away from LIBOR and reform, modification, or adjustments of other reference rate benchmarks to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.

The U.S. Federal Reserve previously embarked on a campaign of raising interest rates to address significant and persistent inflation. The goal of these interest rate increases was to slow economic growth and reduce price pressure. There remains a chance that this central bank tightening cycle could force the United States into a recession, or that interest rates and base rates

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may otherwise decrease. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.

As of March 31, 2024, approximately $1,040.7 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of March 31, 2024, approximately $642.4 million (principal amount) of our borrowings bore interest at variable rates (approximately 86.5% of our total borrowings as of March 31, 2024) under the ING Credit Facility. See “Note 5. Borrowings — ING Capital Credit Facility” to our Unconsolidated Consolidated Financial Statements for information about the variable interest rates and spreads applicable to borrowings under the ING Credit Facility.

Based on our March 31, 2024 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

(in thousands) Basis Point Change(1)	Interest Income		Interest Expense		Net Income(2)
Up 300 basis points	$	31,222	$	19,273	$	11,949
Up 200 basis points	20,815		12,848		7,967
Up 100 basis points	10,407		6,424		3,983
Down 25 basis points	(2,602)		(1,606)		(996)
Down 50 basis points	(5,204)		(3,212)		(1,992)

(1) Excludes the impact of foreign currency exchange.

(2) Excludes the impact of income based fees. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for more information on the income based fees.

We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the ING Credit Facility to finance such investments. As of March 31, 2024, we had U.S. dollar borrowings of $533.0 million outstanding 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%).

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2024. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

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Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the first quarter of 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

Item 1A. Risk Factors.

You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the value of our securities.

There have been no material changes during the three months ended March 31, 2024 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, which you should carefully consider before transacting in our securities. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

None.

Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities during the three months ended March 31, 2024.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2024, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits.

Number	Exhibit
3.1	Articles of Amendment and Restatement of the Registrant (Filed as Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).
3.2	Bylaws of the Registrant (Filed as Exhibit 3.2 to the Company's Registration Statement on Form 10 (File No. 000-56180) filed with the Securities and Exchange Commission on June 26, 2020 and incorporated herein by reference).
31.1	Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2	Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.*
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)*

*    Filed Herewith.

**    Furnished Herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BARINGS CAPITAL INVESTMENT CORPORATION
Date:	May 7, 2024	/s/    Bryan High
		Bryan High
		Chief Executive Officer
		(Principal Executive Officer)
Date:	May 7, 2024	/s/    Elizabeth A. Murray
		Elizabeth A. Murray
		Chief Financial Officer and
		Chief Operating Officer
		(Principal Accounting & Financial Officer)

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