<SEC-DOCUMENT>0001140361-21-038437.txt : 20211118
<SEC-HEADER>0001140361-21-038437.hdr.sgml : 20211118
<ACCEPTANCE-DATETIME>20211118085204
ACCESSION NUMBER:		0001140361-21-038437
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20211118
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20211118
DATE AS OF CHANGE:		20211118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Barings BDC, Inc.
		CENTRAL INDEX KEY:			0001379785
		IRS NUMBER:				061798488
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00733
		FILM NUMBER:		211422702

	BUSINESS ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		(704) 805-7200

	MAIL ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Triangle Capital CORP
		DATE OF NAME CHANGE:	20061101
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>brhc10030968_8k.htm
<DESCRIPTION>8-K
<TEXT>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 18pt;"><font style="font-family: 'Times New Roman';">&#160;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">FORM 8-K</font></div>
    <div>&#160;</div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 14pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">CURRENT






        REPORT</font></div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">Pursuant to Section 13 or 15(d) of the</div>
    <div style="text-align: center; font-weight: bold;">Securities Exchange Act of 1934</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">Date of Report (Date of earliest event reported): November 18, 2021</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center;">
      <hr align="center" style="height: 2px; width: 40%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">Barings BDC, Inc.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
    <div style="text-align: center;">&#160;
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            <div style="color: rgb(0, 0, 0); font-weight: bold;">814-00733</div>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">06-1798488</div>
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            <div style="color: rgb(0, 0, 0); font-weight: bold;">(State or Other Jurisdiction of Incorporation)</div>
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          <td style="width: 2%; vertical-align: top; text-align: center;" colspan="1">&#160;</td>
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            <div style="color: rgb(0, 0, 0); font-weight: bold;">(IRS Employer Identification No.)</div>
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          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">300 South Tryon Street, Suite 2500</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Charlotte, North Carolina</div>
          </td>
          <td style="width: 2.34%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">28202</div>
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        <tr>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Address of Principal Executive Offices)</div>
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          <td style="width: 2.34%; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Zip Code)</div>
          </td>
        </tr>

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    <div style="text-align: center; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (704) 805-7200</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">N/A</div>
    <div style="text-align: center; font-weight: bold;">(Former name or former address, if changed since last report.)</div>
    <br>
    <hr align="center" style="height: 2px; width: 40%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div style="font-weight: bold;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div style="font-weight: bold;"> <br>
    </div>
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          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><u>Title of Each Class</u></div>
          </td>
          <td style="width: 34%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><u>Trading Symbol</u></div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"><u>Name of Each Exchange on Which Registered</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0);">Common Stock, par value $0.001 per share</div>
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            <div style="text-align: center; color: rgb(0, 0, 0);">BBDC</div>
          </td>
          <td style="width: 33%; vertical-align: bottom;">
            <div style="text-align: center; color: rgb(0, 0, 0);">The New York Stock Exchange</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
    <div>&#160;</div>
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          <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">&#9746;</td>
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            <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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    <div>&#160;</div>
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          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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    <div>&#160;</div>
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          <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
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            <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
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          <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
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            <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
        </tr>

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    <div>&#160;</div>
    <div style="text-align: justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
      &#167;240.12b-2).</div>
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    <div style="text-align: right;">Emerging growth company &#9744;</div>
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    <div style="text-align: justify;">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
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          <td style="width: 72pt; vertical-align: top; font-weight: bold;">Item 7.01.</td>
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            <div style="font-weight: bold;">Regulation FD Disclosure.</div>
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    <div>&#160;</div>
    <div style="text-indent: 36pt;">On November 18, 2021, Barings BDC, Inc. (the &#8220;Company&#8221;, &#8220;Barings&#8221; or &#8220;BBDC&#8221;) issued the updated information set forth in the &#8220;Capitalization&#8221; table below regarding the actual capitalization of the Company and Sierra
      Income Corporation (&#8220;Sierra&#8221;) as of September 30, 2021 and the Company&#8217;s pro forma capitalization as of September 30, 2021 adjusted to give effect to its proposed acquisition of Sierra (the &#8220;Sierra Acquisition&#8221;).</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">CAPITALIZATION</div>
    <div>&#160;</div>
    <div style="text-indent: 30.55pt;">The following table sets forth the Company&#8217;s and Sierra&#8217;s cash and capitalization as of September 30, 2021:</div>
    <div>&#160;</div>
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          <td style="width: 24.5pt; vertical-align: top;">(1)</td>
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            <div>on an actual basis; and</div>
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    <div>&#160;</div>
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          <td style="width: 24.5pt; vertical-align: top;">(2)</td>
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            <div>on an as adjusted basis giving effect to the Sierra Acquisition, as described in the footnotes to the &#8220;Capitalization&#8221; table below.</div>
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    <div>&#160;</div>
    <div style="text-indent: 30.55pt;">Investors should read this table together with the &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; of the Company and Sierra and the consolidated financial statements and
      related notes thereto included in the Company&#8217;s and Sierra&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.</div>
    <div><br>
    </div>
    <div style="text-indent: 24.5pt; font-weight: bold;">Dollar amounts are presented in thousands, except share data.</div>
    <div>&#160;</div>
    <div>
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              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" colspan="10" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As of September 30, 2021 (Unaudited)</div>
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              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#160;</div>
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            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Barings Actual</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Sierra Actual</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Pro forma for </div>
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">the Sierra </div>
              <div style="text-align: center; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Acquisition</div>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assets:</div>
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            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Investments at fair value</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Non-Control / Non-Affiliate investments (Barings cost of $1,346,611 at September 30, 2021)</div>
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              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,355,088</div>
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            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">$</td>
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              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">423,154</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">$</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,765,548</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Affiliate investments (Barings cost of $211,274 at September 30, 2021)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">223,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">18,843</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">241,278</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Control investments (Barings cost of $25,826 at September 30, 2021)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">24,395</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">102,271</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">123,597</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Short-term investments (Barings cost of $50,000 at September 30, 2021)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">50,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Total investments at fair value</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,652,483</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">544,268</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">2,180,423</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Cash (Barings restricted cash of $0 at September 30, 2021)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">30,248</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">74,931</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">11,079</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Foreign currencies (Barings cost of $11,311 at September 30, 2021)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">11,137</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">11,137</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Interest and fees receivable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">24,997</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">4,321</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">29,318</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Prepaid expenses and other assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,786</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">2,754</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">4,540</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Credit support agreement (Barings cost of $13,600 at September 30, 2021)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">14,300</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">64,300</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup>&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Deferred financing fees</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">3,145</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">3,145</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Receivable from unsettled transactions</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">61,438</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">9,240</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">70,678</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 59.1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,799,534</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
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            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">635,514</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">2,374,620</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; padding-bottom: 4px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 59.1%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Liabilities:</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Accounts payable and accrued liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">2,711</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">5,084</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">7,795</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Interest payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">4,318</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">217</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">4,535</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Administrative fees payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">750</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">442</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,192</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Base management fees payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">5,274</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">2,780</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">8,054</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">&#160;</td>
          </tr>
          <tr>
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              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Incentive management fees payable</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">4,443</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">4,443</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Derivative liabilities</div>
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            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">229</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">229</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Payable from unsettled transactions</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">59</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">59</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Borrowings under credit facilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">662,664</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">79,000</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">662,664</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;</div>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Notes payable (net of deferred financing fees)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">374,265</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">374,265</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Deferred tax liability</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">3,017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">3,017</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Taxes payable</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">&#8212;</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">933</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">933</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: bottom; width: 59.1%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; padding-bottom: 2px;">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total liabilities</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
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            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,054,712</div>
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            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">$</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">91,473</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,067,186</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net Assets</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Common stock Outstanding as of September 30, 2021, (Barings common stock $0.001 par value per share, 150,000,000 shares
                authorized and 65,316,085 shares issued and outstanding) (Sierra common stock $0.001**)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">65</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">102</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">167</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup>&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255);">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Additional paid-in capital</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,027,707</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">848,736</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,876,443</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Total distributable earnings (loss)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(282,951</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">)</div>
            </td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(304,796</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">(569,175</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; padding-bottom: 2px;">)<br>
            </td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total net assets</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">744,822</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">544,042</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">1,307,434</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 59.1%; padding-bottom: 4px;">
              <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-family: 'Times New Roman', Times, serif;">Net asset value per share</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">11.40</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
            </td>
            <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">5.32</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1.07%; padding-bottom: 4px;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1.07%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 10.24%; border-bottom: 4px double rgb(0, 0, 0);">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">11.75</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1.53%; padding-bottom: 4px;">&#160;</td>
          </tr>

      </table>
    </div>
    <div> </div>
    <div> </div>
    <div> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-indent: 24.5pt;">(1) Includes estimated reduction in fair value of investments of (a) approximately $12.69 million of Sierra&#8217;s Non-Control/Non-Affiliated investments, (b) approximately $0.56 million of Sierra&#8217;s Affiliate Investments
      and (c) approximately $3.07 million of Sierra&#8217;s Control investments.</div>
    <div>&#160;</div>
    <div style="text-indent: 24.5pt;">(2) Assumes all Sierra cash is used to repay the Existing Sierra Loan Agreement (as defined under &#8220;Description of the Merger Agreement-Additional Covenants-Repayment of Existing Sierra Loan Agreement&#8221; in the Form N-14
      registration statement filed by the Company with the SEC on October 29, 2021 (the &#8220;Sierra Merger N-14&#8221;) and a portion of our cash is used to pay the remainder of the Existing Sierra Loan Agreement and the associated transaction expenses of
      approximately $6.0 million for us and approximately $9.1 million for Sierra. Does not include any adjustment for the Cash Consideration (as defined in the Sierra Merger N-14) as the Cash Consideration is being paid by the Company&#8217; investment adviser
      and not the Company.</div>
    <div>&#160;</div>
    <div style="text-indent: 24.5pt;">(3) Estimated initial value of the Credit Support Agreement (as defined in the Sierra Merger N-14) of $50.0 million.</div>
    <div>&#160;</div>
    <div style="text-indent: 24.5pt;">(4) Represents 65,316,085 shares of our common stock outstanding prior to the Sierra First Merger (as defined in the Sierra Merger N-14) plus 45,996,985 shares of the Company&#8217;s stock to be issued to Sierra stockholders
      in connection with the Sierra First Merger. The number of shares of our common stock to be issued to Sierra stockholders in the Sierra First Merger was determined by multiplying 102,276,889.12 shares of Sierra common stock outstanding prior to the
      Sierra First Merger by the exchange ratio of 0.44973.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Additional Information and Where to Find It</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">This communication relates to a proposed business combination involving BBDC and Sierra, along with related proposals for which stockholder approval will be sought (collectively, the &#8220;Proposals&#8221;).</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">In connection with the proposed transaction, BBDC and Sierra will file with the SEC and mail to their respective stockholders a definitive joint proxy statement on Schedule 14A (the &#8220;Proxy Statement&#8221;), and BBDC will file
      with the SEC a registration statement on Form N-14 which is subsequently declared effective (the &#8220;Registration Statement&#8221;) that will include the Proxy Statement and a prospectus of BBDC. The Proxy Statement and the Registration Statement will each
      contain important information about BBDC, Sierra, the proposed transaction and related matters. STOCKHOLDERS OF EACH OF BBDC AND SIERRA ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY
      STATEMENT AND THE REGISTRATION STATEMENT ONCE IN FINAL FORM, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BBDC, SIERRA, THE TRANSACTION AND THE PROPOSALS. Investors and securityholders will
      be able to obtain the documents filed with the SEC free of charge at the SEC&#8217;s web site at http://www.sec.gov and, for documents filed by BBDC, from the BBDC website at http://www.baringsbdc.com or for documents filed by Sierra, from the Sierra
      website at http://www.sierraincomecorp.com.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Participants in the Solicitation</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">BBDC and Sierra and their respective directors, executive officers and certain other members of management and employees of Barings Advisors LLC, SIC Advisors LLC and their respective affiliates, may be deemed to be
      participants in the solicitation of proxies from the stockholders of BBDC and Sierra in connection with the Proposals. Information about the directors and executive officers of BBDC is set forth in its proxy statement for its 2021 annual meeting of
      stockholders, which was filed with the SEC on March 26, 2021. Information about the directors and executive officers of Sierra is set forth in its proxy statement for its 2021 annual meeting of stockholders, which was filed with the SEC on April 28,
      2021. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of BBDC&#8217;s and Sierra&#8217;s stockholders in connection with the Proposals will be contained in the Proxy Statement and other
      relevant materials to be filed with the SEC when such documents become available. Investors should read the Proxy Statement and Registration Statement carefully and in their entirety when they become available before making any voting or investment
      decisions. These documents may be obtained free of charge from the sources indicated above.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="font-weight: bold;">No Offer or Solicitation</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">This Current Report on Form 8-K is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this Current Report on Form 8-K is not, and under no circumstances is
      it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in BBDC, Sierra or in any fund or other investment vehicle. No offer of securities shall be made except by means of a prospectus meeting the requirements
      of Section 10 of the Securities Act of 1933.</div>
    <div style="text-indent: 36pt;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Forward-Looking Statements and Important Disclosure Notice</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">This filing may contain certain forward-looking statements, including statements with regard to future events or the future
      performance or operations of the Company. Words such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;projects,&#8221; and &#8220;future&#8221; or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent
      uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, including changes in the economy, risks associated with possible
      disruption in the Company&#8217;s operations or the economy generally due to pandemics, terrorism or natural disasters, and future changes in laws or regulations and conditions in the Company&#8217;s operating area. Some of these factors are enumerated in the
      filings the Company makes with the SEC. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</div>
    <div style="font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; text-indent: 36pt;">You should carefully review the &#8220;Risk Factors&#8221; section of the Company&#8217;s most recent annual report on Form 10-K and any updates in
      its quarterly reports on Form 10-Q for a discussion of the risks and uncertainties that the Company believes are material to its business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws,
      the Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</div>
    <div style="font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div>&#160;</div>
    <div style="text-indent: 24.75pt;">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 hereunto duly authorized.</div>
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            <div style="color: rgb(0, 0, 0);">Barings BDC, Inc.</div>
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          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">Date: November 18, 2021</div>
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            <div style="color: rgb(0, 0, 0);">By:</div>
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            <div style="color: rgb(0, 0, 0);">/s/ Jonathan Bock</div>
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          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
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            <div style="color: rgb(0, 0, 0);">Jonathan Bock</div>
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          <td style="width: 50%; vertical-align: bottom;">&#160;</td>
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          <td style="width: 47%; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Chief Financial Officer</div>
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