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Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Schedule of Investments [Abstract] |
Schedule of Investments | Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:
($ in thousands) |  | Cost |  | Percent of Total Portfolio |  | Fair Value |  | Percent of Total Portfolio |  | Percent of Total Net Assets
December 31, 2023: |  |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes |  | $ | 1,705,353 |  |  | 67 | % |  | $ | 1,670,300 |  |  | 67 | % |  | 140 | %
Subordinated debt and 2 nd lien notes |  | 256,850 |  |  | 10 |  |  | 238,215 |  |  | 10 |  |  | 20 |
Structured products |  | 107,314 |  |  | 4 |  |  | 93,038 |  |  | 4 |  |  | 8 |
Equity shares |  | 320,335 |  |  | 13 |  |  | 374,704 |  |  | 15 |  |  | 31 |
Equity warrants |  | 76 |  |  | — |  |  | 2,392 |  |  | — |  |  | — |
Investments in joint ventures / PE fund |  | 145,648 |  |  | 6 |  |  | 110,066 |  |  | 4 |  |  | 9 |
|  | $ | 2,535,576 |  |  | 100 | % |  | $ | 2,488,715 |  |  | 100 | % |  | 208 | %
December 31, 2022: |  |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes |  | $ | 1,752,943 |  |  | 69 | % |  | $ | 1,696,192 |  |  | 69 | % |  | 142 | %
Subordinated debt and 2 nd lien notes |  | 326,639 |  |  | 13 |  |  | 263,139 |  |  | 11 |  |  | 22 |
Structured products |  | 88,805 |  |  | 3 |  |  | 73,550 |  |  | 3 |  |  | 6 |
Equity shares |  | 230,188 |  |  | 9 |  |  | 284,570 |  |  | 12 |  |  | 24 |
Equity warrants |  | 178 |  |  | — |  |  | 1,057 |  |  | — |  |  | — |
Investments in joint ventures / PE fund |  | 163,645 |  |  | 6 |  |  | 130,427 |  |  | 5 |  |  | 11 |
|  | $ | 2,562,398 |  |  | 100 | % |  | $ | 2,448,935 |  |  | 100 | % |  | 205 | %
The industry composition of investments at fair value at December 31, 2023 and December 31, 2022 was as follows:
($ in thousands) | December 31, 2023 | Percent of Portfolio | Percent of Total Net Assets |  | December 31, 2022 | Percent of Portfolio | Percent of Total Net Assets
Aerospace and Defense | $ | 132,498 |  | 5.3 | % | 11.1 | % |  | $ | 120,945 |  | 4.9 | % | 10.1 | %
Automotive | 80,828 |  | 3.3 |  | 6.7 |  |  | 76,934 |  | 3.2 |  | 6.5 |
Banking, Finance, Insurance and Real Estate | 401,816 |  | 16.1 |  | 33.6 |  |  | 312,936 |  | 12.8 |  | 26.2 |
Beverage, Food and Tobacco | 23,135 |  | 0.9 |  | 1.9 |  |  | 34,690 |  | 1.4 |  | 2.9 |
Capital Equipment | 128,706 |  | 5.2 |  | 10.8 |  |  | 141,479 |  | 5.8 |  | 11.9 |
Chemicals, Plastics, and Rubber | 35,897 |  | 1.5 |  | 3.0 |  |  | 47,076 |  | 1.9 |  | 3.9 |
Construction and Building | 30,387 |  | 1.2 |  | 2.5 |  |  | 45,049 |  | 1.8 |  | 3.8 |
Consumer goods: Durable | 47,074 |  | 1.9 |  | 3.9 |  |  | 43,932 |  | 1.8 |  | 3.7 |
Consumer goods: Non-durable | 28,210 |  | 1.1 |  | 2.4 |  |  | 27,693 |  | 1.1 |  | 2.3 |
Containers, Packaging and Glass | 37,524 |  | 1.5 |  | 3.1 |  |  | 37,877 |  | 1.5 |  | 3.2 |
Energy: Electricity | 20,874 |  | 0.8 |  | 1.7 |  |  | 7,337 |  | 0.3 |  | 0.6 |
Energy: Oil and Gas | 3,240 |  | 0.1 |  | 0.3 |  |  | 4,776 |  | 0.2 |  | 0.4 |
Environmental Industries | 53,484 |  | 2.1 |  | 4.5 |  |  | 51,006 |  | 2.1 |  | 4.3 |
Healthcare and Pharmaceuticals | 216,952 |  | 8.7 |  | 18.1 |  |  | 203,576 |  | 8.3 |  | 17.1 |
High Tech Industries | 303,082 |  | 12.2 |  | 25.4 |  |  | 300,980 |  | 12.3 |  | 25.2 |
Hotel, Gaming and Leisure | 54,256 |  | 2.2 |  | 4.5 |  |  | 54,023 |  | 2.2 |  | 4.5 |
Investment Funds and Vehicles | 110,066 |  | 4.4 |  | 9.2 |  |  | 130,427 |  | 5.3 |  | 10.9 |
Media: Advertising, Printing and Publishing | 39,447 |  | 1.6 |  | 3.3 |  |  | 55,477 |  | 2.3 |  | 4.7 |
Media: Broadcasting and Subscription | 13,277 |  | 0.5 |  | 1.1 |  |  | 20,257 |  | 0.8 |  | 1.7 |
Media: Diversified and Production | 64,559 |  | 2.6 |  | 5.4 |  |  | 60,561 |  | 2.5 |  | 5.1 |
Metals and Mining | 8,993 |  | 0.4 |  | 0.8 |  |  | 33,125 |  | 1.4 |  | 2.8 |
Services: Business | 326,762 |  | 13.2 |  | 27.3 |  |  | 338,417 |  | 13.8 |  | 28.4 |
Services: Consumer | 61,409 |  | 2.5 |  | 5.1 |  |  | 67,070 |  | 2.7 |  | 5.6 |
Structured Products | 102,922 |  | 4.1 |  | 8.6 |  |  | 86,703 |  | 3.5 |  | 7.3 |
Telecommunications | 27,565 |  | 1.1 |  | 2.3 |  |  | 24,058 |  | 1.0 |  | 2.0 |
Transportation: Cargo | 96,450 |  | 3.9 |  | 8.1 |  |  | 89,398 |  | 3.7 |  | 7.5 |
Transportation: Consumer | 11,951 |  | 0.5 |  | 1.0 |  |  | 11,062 |  | 0.5 |  | 0.9 |
Utilities: Electric | 22,696 |  | 0.9 |  | 1.9 |  |  | 17,374 |  | 0.7 |  | 1.5 |
Utilities: Oil and Gas | 4,655 |  | 0.2 |  | 0.4 |  |  | 4,697 |  | 0.2 |  | 0.4 |
Total | $ | 2,488,715 |  | 100.0 | % | 208.0 | % |  | $ | 2,448,935 |  | 100.0 | % | 205.4 | %
As of December 31, 2023 and December 31, 2022, the Jocassee investment portfolio consisted of the following investments:
($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio
December 31, 2023: |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,284,098 |  |  | 93 | % |  | $ | 1,260,183 |  |  | 95 | %
Subordinated debt and 2nd lien notes | 21,728 |  |  | 2 |  |  | 21,262 |  |  | 2 |
Equity shares | 449 |  |  | — |  |  | 268 |  |  | — |
Equity warrants | — |  |  | — |  |  | 467 |  |  | — |
Investment in joint ventures | 54,563 |  |  | 4 |  |  | 33,450 |  |  | 2 |
Short-term investments | 14,896 |  |  | 1 |  |  | 14,896 |  |  | 1 |
| $ | 1,375,734 |  |  | 100 | % |  | $ | 1,330,526 |  |  | 100 | %
December 31, 2022: |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,177,895 |  |  | 91 | % |  | $ | 1,123,760 |  |  | 92 | %
Subordinated debt and 2nd lien notes | 23,141 |  |  | 2 |  |  | 21,659 |  |  | 2 |
Equity shares | 8,521 |  |  | — |  |  | 2,458 |  |  | — |
Equity warrants | 31 |  |  | — |  |  | 158 |  |  | — |
Investment in joint ventures | 75,941 |  |  | 6 |  |  | 61,028 |  |  | 5 |
Short-term investments | 10,826 |  |  | 1 |  |  | 10,826 |  |  | 1 |
| $ | 1,296,355 |  |  | 100 | % |  | $ | 1,219,889 |  |  | 100 | %
The industry composition of Jocassee’s investments at fair value at December 31, 2023 and December 31, 2022, excluding short-term investments, was as follows:
($ in thousands) | December 31, 2023 |  | December 31, 2022
Aerospace and Defense | $ | 82,200 |  |  | 6.3 | % |  | $ | 69,133 |  |  | 5.7 | %
Automotive | 26,087 |  |  | 2.0 |  |  | 20,625 |  |  | 1.7 |
Banking, Finance, Insurance and Real Estate | 121,798 |  |  | 9.3 |  |  | 105,047 |  |  | 8.7 |
Beverage, Food and Tobacco | 30,637 |  |  | 2.3 |  |  | 25,885 |  |  | 2.1 |
Capital Equipment | 17,986 |  |  | 1.4 |  |  | 25,014 |  |  | 2.1 |
Chemicals, Plastics, and Rubber | 37,030 |  |  | 2.8 |  |  | 33,111 |  |  | 2.7 |
Construction and Building | 16,942 |  |  | 1.3 |  |  | 17,616 |  |  | 1.5 |
Consumer goods: Durable | 26,412 |  |  | 2.0 |  |  | 18,751 |  |  | 1.7 |
Consumer goods: Non-durable | 21,850 |  |  | 1.7 |  |  | 22,861 |  |  | 1.9 |
Containers, Packaging and Glass | 26,829 |  |  | 2.0 |  |  | 24,445 |  |  | 2.0 |
Energy: Electricity | 20,250 |  |  | 1.5 |  |  | 15,375 |  |  | 1.3 |
Energy: Oil and Gas | 6,724 |  |  | 0.5 |  |  | 5,726 |  |  | 0.5 |
Environmental Industries | 6,986 |  |  | 0.5 |  |  | 7,314 |  |  | 0.6 |
Forest Products & Paper | 3,605 |  |  | 0.3 |  |  | 2,269 |  |  | 0.2 |
Healthcare and Pharmaceuticals | 141,070 |  |  | 10.7 |  |  | 128,983 |  |  | 10.7 |
High Tech Industries | 174,572 |  |  | 13.3 |  |  | 141,906 |  |  | 11.7 |
Hotel, Gaming and Leisure | 22,834 |  |  | 1.7 |  |  | 23,587 |  |  | 2.0 |
Investment Funds and Vehicles | 33,450 |  |  | 2.5 |  |  | 61,028 |  |  | 5.0 |
Media: Advertising, Printing and Publishing | 12,081 |  |  | 0.9 |  |  | 5,969 |  |  | 0.5 |
Media: Broadcasting and Subscription | 31,201 |  |  | 2.4 |  |  | 34,676 |  |  | 2.9 |
Media: Diversified and Production | 34,391 |  |  | 2.6 |  |  | 28,897 |  |  | 2.4 |
Metals and Mining | 3,863 |  |  | 0.3 |  |  | 5,069 |  |  | 0.4 |
Retail | 13,141 |  |  | 1.0 |  |  | 15,720 |  |  | 1.3 |
Services: Business | 222,610 |  |  | 16.9 |  |  | 199,805 |  |  | 16.5 |
Services: Consumer | 58,632 |  |  | 4.5 |  |  | 52,543 |  |  | 4.3 |
Telecommunications | 36,027 |  |  | 2.7 |  |  | 38,034 |  |  | 3.1 |
Transportation: Cargo | 57,575 |  |  | 4.4 |  |  | 56,018 |  |  | 4.6 |
Transportation: Consumer | 12,613 |  |  | 1.0 |  |  | 12,562 |  |  | 1.0 |
Utilities: Electric | 9,396 |  |  | 0.7 |  |  | 4,194 |  |  | 0.3 |
Utilities: Oil and Gas | 6,838 |  |  | 0.5 |  |  | 6,900 |  |  | 0.6 |
Total | $ | 1,315,630 |  |  | 100.0 | % |  | $ | 1,209,063 |  |  | 100.0 | %
Schedule of Fair Value, Assets Measured on Recurring Basis | The following table presents the Company’s investment portfolio at fair value as of December 31, 2023 and 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
| Fair Value at December 31, 2023
($ in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Senior debt and 1 st lien notes | $ | — |  |  | $ | 76,503 |  |  | $ | 1,593,797 |  |  | $ | 1,670,300 |
Subordinated debt and 2 nd lien notes | — |  |  | 14,417 |  |  | 223,798 |  |  | 238,215 |
Structured products | — |  |  | 50,066 |  |  | 42,972 |  |  | 93,038 |
Equity shares | 132 |  |  | — |  |  | 374,572 |  |  | 374,704 |
Equity warrants | — |  |  | — |  |  | 2,392 |  |  | 2,392 |
Investments subject to leveling | $ | 132 |  |  | $ | 140,986 |  |  | $ | 2,237,531 |  |  | $ | 2,378,649 |
Investments in joint ventures / PE fund(1) |  |  |  |  |  |  | 110,066 |
|  |  |  |  |  |  | $ | 2,488,715 |
| Fair Value at December 31, 2022
($ in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Senior debt and 1 st lien notes | $ | — |  |  | $ | 104,836 |  |  | $ | 1,591,356 |  |  | $ | 1,696,192 |
Subordinated debt and 2 nd lien notes | — |  |  | 28,925 |  |  | 234,214 |  |  | 263,139 |
Structured products | — |  |  | 55,723 |  |  | 17,827 |  |  | 73,550 |
Equity shares | 164 |  |  | 1,339 |  |  | 283,067 |  |  | 284,570 |
Equity warrants | — |  |  | — |  |  | 1,057 |  |  | 1,057 |
Investments subject to leveling | $ | 164 |  |  | $ | 190,823 |  |  | $ | 2,127,521 |  |  | $ | 2,318,508 |
Investments in joint ventures / PE fund(1) |  |  |  |  |  |  | 130,427 |
|  |  |  |  |  |  | $ | 2,448,935 |
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and the MVC Private Equity Fund LP (each as defined below) are measured at fair value using NAV and have not been categorized in the fair value hierarchy. The fair value amount presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheets.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022:
Year Ended December 31, 2023: ($ in thousands) | Senior Debt and 1 st Lien Notes |  | Subordinated Debt and 2 nd Lien Notes |  | Structured Products |  | Equity Shares |  | Equity Warrants |  |  |  | Total
Fair value, beginning of period | $ | 1,591,356 |  |  | $ | 234,214 |  |  | $ | 17,827 |  |  | $ | 283,067 |  |  | $ | 1,057 |  |  |  |  | $ | 2,127,521 |
New investments | 396,040 |  |  | 49,525 |  |  | 28,286 |  |  | 94,595 |  |  | — |  |  |  |  | 568,446 |
Transfers into (out of) Level 3, net | (15,843) |  |  | 16,815 |  |  | — |  |  | 914 |  |  | — |  |  |  |  | 1,886 |
Proceeds from sales of investments | (246,902) |  |  | (2,800) |  |  | (526) |  |  | (8,977) |  |  | — |  |  |  |  | (259,205) |
Loan origination fees received | (8,173) |  |  | (113) |  |  | — |  |  | — |  |  | — |  |  |  |  | (8,286) |
Principal repayments received | (151,817) |  |  | (83,986) |  |  | (1,018) |  |  | — |  |  | — |  |  |  |  | (236,821) |
Payment-in-kind interest/dividends | 6,757 |  |  | 9,877 |  |  | — |  |  | 8,677 |  |  | — |  |  |  |  | 25,311 |
Accretion of loan premium/discount | 668 |  |  | 916 |  |  | — |  |  | — |  |  | — |  |  |  |  | 1,584 |
Accretion of deferred loan origination revenue | 7,420 |  |  | 702 |  |  | — |  |  | — |  |  | — |  |  |  |  | 8,122 |
Realized gain (loss) | (1,746) |  |  | (43,902) |  |  | — |  |  | (590) |  |  | (102) |  |  |  |  | (46,340) |
Unrealized appreciation (depreciation) | 16,037 |  |  | 42,550 |  |  | (1,597) |  |  | (3,114) |  |  | 1,437 |  |  |  |  | 55,313 |
Fair value, end of period | $ | 1,593,797 |  |  | $ | 223,798 |  |  | $ | 42,972 |  |  | $ | 374,572 |  |  | $ | 2,392 |  |  |  |  | $ | 2,237,531 |
Year Ended December 31, 2022: ($ in thousands) | Senior Debt and 1 st Lien Notes |  | Subordinated Debt and 2 nd Lien Notes |  | Structured Products |  | Equity Shares |  |  |  | Equity Warrants |  | Total
Fair value, beginning of period | $ | 1,137,323 |  |  | $ | 230,569 |  |  | $ | — |  |  | $ | 151,282 |  |  |  |  | $ | 864 |  |  | $ | 1,520,038 |
New investments | 907,398 |  |  | 95,157 |  |  | 14,893 |  |  | 71,576 |  |  |  |  | 4 |  |  | 1,089,028 |
Investments acquired in Sierra Merger | 210,176 |  |  | 54,177 |  |  | — |  |  | 7,065 |  |  |  |  | 72 |  |  | 271,490 |
Transfers into (out of) Level 3, net | 43 |  |  | (11,848) |  |  | 4,905 |  |  | 7,263 |  |  |  |  | 41 |  |  | 404 |
Proceeds from sales of investments | (323,831) |  |  | (21,555) |  |  | — |  |  | (7,304) |  |  |  |  | (250) |  |  | (352,940) |
Loan origination fees received | (18,803) |  |  | (1,317) |  |  | — |  |  | — |  |  |  |  | — |  |  | (20,120) |
Principal repayments received | (270,795) |  |  | (77,293) |  |  | (357) |  |  | — |  |  |  |  | — |  |  | (348,445) |
Payment-in-kind interest/dividends | 2,996 |  |  | 11,330 |  |  | — |  |  | 1,677 |  |  |  |  | — |  |  | 16,003 |
Accretion of loan premium/discount | 790 |  |  | 89 |  |  | — |  |  | — |  |  |  |  | — |  |  | 879 |
Accretion of deferred loan origination revenue | 8,338 |  |  | 2,734 |  |  | — |  |  | — |  |  |  |  | — |  |  | 11,072 |
Realized gain (loss) | (13,163) |  |  | (2,781) |  |  | — |  |  | 1,096 |  |  |  |  | (760) |  |  | (15,608) |
Unrealized appreciation (depreciation) | (49,116) |  |  | (45,048) |  |  | (1,614) |  |  | 50,412 |  |  |  |  | 1,086 |  |  | (44,280) |
Fair value, end of period | $ | 1,591,356 |  |  | $ | 234,214 |  |  | $ | 17,827 |  |  | $ | 283,067 |  |  |  |  | $ | 1,057 |  |  | $ | 2,127,521 |
Schedule of Investment Portfolio | The geographic composition of Jocassee’s investments at fair value at December 31, 2023 and December 31, 2022, excluding short-term investments, was as follows:
| December 31, 2023 |  | December 31, 2022
Australia | $ | 26,291 |  |  | 2.0 | % |  | $ | 26,111 |  |  | 2.1 | %
Austria | 6,026 |  |  | 0.5 | % |  | 6,697 |  |  | 0.5 |
Belgium | 20,379 |  |  | 1.5 |  |  | 16,385 |  |  | 1.4 |
Canada | 3,998 |  |  | 0.3 |  |  | 7,280 |  |  | 0.6 |
Denmark | 1,082 |  |  | 0.1 |  |  | 953 |  |  | 0.1 |
Finland | 2,207 |  |  | 0.2 |  |  | 1,967 |  |  | 0.2 |
France | 137,072 |  |  | 10.4 |  |  | 133,682 |  |  | 11.1 |
Germany | 50,672 |  |  | 3.9 |  |  | 38,068 |  |  | 3.1 |
Hong Kong | 14,162 |  |  | 1.1 |  |  | 16,593 |  |  | 1.4 |
Ireland | 7,445 |  |  | 0.6 |  |  | 4,334 |  |  | 0.4 |
Luxembourg | 1,839 |  |  | 0.1 |  |  | 1,759 |  |  | 0.1 |
Netherlands | 41,260 |  |  | 3.1 |  |  | 35,194 |  |  | 2.9 |
Panama | 1,466 |  |  | 0.1 |  |  | 945 |  |  | 0.1 |
Singapore | 4,980 |  |  | 0.4 |  |  | 4,955 |  |  | 0.4 |
Spain | 4,777 |  |  | 0.4 |  |  | 4,189 |  |  | 0.3 |
Sweden | 4,519 |  |  | 0.3 |  |  | 4,371 |  |  | 0.4 |
Switzerland | 592 |  |  | — |  |  | 5,558 |  |  | 0.5 |
United Kingdom | 120,398 |  |  | 9.2 |  |  | 126,305 |  |  | 10.4 |
USA | 866,465 |  |  | 65.8 |  |  | 773,717 |  |  | 64.0 |
Total | $ | 1,315,630 |  |  | 100.0 | % |  | $ | 1,209,063 |  |  | 100.0 | %
As of December 31, 2023 and December 31, 2022, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands) |  | As of December 31, 2023 |  | As of December 31, 2022
Total contributed capital by Barings BDC, Inc. |  | $ | 35,000 |  |  | $ | 35,000 |
Total contributed capital by all members |  | $ | 385,000 |  |  | $ | 385,000 |
Total unfunded commitments by Barings BDC, Inc. |  | $ | 65,000 |  |  | $ | 65,000 |
Total unfunded commitments by all members |  | $ | 215,000 |  |  | $ | 215,000 |
As of December 31, 2023 and December 31, 2022, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio
December 31, 2023: |  |  |  |  |  |  |
Federal Housing Administration (“FHA”) loans | $ | 360,847 |  |  | 93 | % |  | $ | 342,240 |  |  | 93 | %
Veterans Affairs (“VA”) loans | 25,810 |  |  | 7 | % |  | 24,491 |  |  | 7 | %
| $ | 386,657 |  |  | 100 | % |  | $ | 366,731 |  |  | 100 | %
December 31, 2022: |  |  |  |  |  |  |
Federal Housing Administration (“FHA”) loans | $ | 864,625 |  |  | 91 | % |  | $ | 811,358 |  |  | 91 | %
Veterans Affairs (“VA”) loans | 84,654 |  |  | 9 | % |  | 79,553 |  |  | 9 | %
| $ | 949,279 |  |  | 100 | % |  | $ | 890,911 |  |  | 100 | %
As of December 31, 2023 and December 31, 2022, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands) |  | As of December 31, 2023 |  | As of December 31, 2022 |
Total contributed capital by Barings BDC, Inc. (1) |  | $ | 79,411 |  |  | $ | 79,411 |  |
Total contributed capital by all members (2) |  | $ | 482,083 |  |  | $ | 482,083 |  |
Total unfunded commitments by Barings BDC, Inc. |  | $ | — |  |  | $ | — |  |
Total unfunded commitments by all members |  | $ | — |  |  | $ | — |  |
(1)Includes $4.4 million of dividend re-investments. (2)Includes dividend re-investments of $32.1 million and $162.1 million of total contributed capital by related parties. As of December 31, 2023 and December 31, 2022, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands) |  | As of December 31, 2023 |  | As of December 31, 2022 |
Total contributed capital by Barings BDC, Inc. |  | $ | 30,280 |  |  | $ | 27,800 |  |
Total contributed capital by all members (1) |  | $ | 139,020 |  |  | $ | 126,620 |  |
Total return of capital (recallable) by Barings BDC, Inc. |  | $ | — |  |  | $ | (5,280) |  |
Total return of capital (recallable) by all members |  | $ | — |  |  | $ | (14,020) |  | (2)
Total unfunded commitments by Barings BDC, Inc. |  | $ | — |  |  | $ | 2,480 |  |
Total unfunded commitments by all members |  | $ | — |  |  | $ | 12,400 |  | (3)
(1)Includes $82.0 million and $74.6 million of total contributed capital by related parties as of December 31, 2023 and December 31, 2022, respectively. (2)Includes ($7.0) million of total return of capital (recallable) by related parties. (3)Includes $7.4 million of unfunded commitments by related parties. As of December 31, 2023 and December 31, 2022, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio
December 31, 2023: |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 85,304 |  |  | 100 | % |  | $ | 79,599 |  |  | 100 | %
| $ | 85,304 |  |  | 100 | % |  | $ | 79,599 |  |  | 100 | %
December 31, 2022: |  |  |  |  |  |  |
Senior debt and 1st lien notes | $ | 125,220 |  |  | 100 | % |  | $ | 110,047 |  |  | 100 | %
| $ | 125,220 |  |  | 100 | % |  | $ | 110,047 |  |  | 100 | %
The industry composition of Sierra JV’s investments at fair value at December 31, 2023 and December 31, 2022 was as follows:
($ in thousands) | December 31, 2023 |  | December 31, 2022 |  |
Automotive | $ | 2,463 |  |  | 3.1 | % |  | $ | 2,283 |  |  | 2.1 | % |  |  |  |
Banking, Finance, Insurance and Real Estate | 254 |  |  | 0.3 |  |  | 1,414 |  |  | 1.3 |  |  |  |  |
Beverage, Food and Tobacco | 3,172 |  |  | 4.0 |  |  | 3,181 |  |  | 2.9 |  |  |  |  |
Capital Equipment | 5,271 |  |  | 6.6 |  |  | 9,208 |  |  | 8.4 |  |  |  |  |
Chemicals, Plastics, and Rubber | 2,942 |  |  | 3.7 |  |  | 2,772 |  |  | 2.5 |  |  |  |  |
Construction and Building | 1,867 |  |  | 2.4 |  |  | 1,887 |  |  | 1.7 |  |  |  |  |
Consumer goods: Durable | 1,042 |  |  | 1.3 |  |  | 1,272 |  |  | 1.1 |  |  |  |  |
Containers, Packaging and Glass | — |  |  | — |  |  | 1,812 |  |  | 1.6 |  |  |  |  |
Environmental Industries | 3,487 |  |  | 4.4 |  |  | 7,797 |  |  | 7.1 |  |  |  |  |
Healthcare and Pharmaceuticals | 12,880 |  |  | 16.2 |  |  | 13,614 |  |  | 12.4 |  |  |  |  |
High Tech Industries | 14,661 |  |  | 18.4 |  |  | 13,713 |  |  | 12.5 |  |  |  |  |
Media: Advertising, Printing and Publishing | — |  |  | — |  |  | 10,032 |  |  | 9.1 |  |  |  |  |
Media: Diversified and Production | — |  |  | — |  |  | 5,498 |  |  | 5.0 |  |  |  |  |
Retail | 6,255 |  |  | 7.9 |  |  | 5,489 |  |  | 5.0 |  |  |  |  |
Services: Business | 6,798 |  |  | 8.5 |  |  | 10,876 |  |  | 9.9 |  |  |  |  |
Services: Consumer | 8,525 |  |  | 10.7 |  |  | 8,265 |  |  | 7.5 |  |  |  |  |
Transportation: Cargo | 6,296 |  |  | 7.9 |  |  | 6,221 |  |  | 5.6 |  |  |  |  |
Transportation: Consumer | 3,686 |  |  | 4.6 |  |  | 4,713 |  |  | 4.3 |  |  |  |  |
Total | $ | 79,599 |  |  | 100.0 | % |  | $ | 110,047 |  |  | 100.0 | % |  |  |  |

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