Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 28.8% of total investments at fair value as of December 31, 2023. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

[5]

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

[6]

Investment is non-income producing.

[7]

All debt investments are income producing, unless otherwise noted. The Company’s external investment adviser, Barings, determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Dollar Offered Rate (“CDOR”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

[8]

All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2023 represented 208.0% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

[9]

All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to LIBOR, SOFR, EURIBOR, BBSY, STIBOR, CDOR, SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

[10]

All of the Company’s portfolio company investments (including joint venture investments), which as of December 31, 2022 represented 205.4% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company's initial investment in the relevant portfolio company.

[11]

Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 25.9% of total investments at fair value as of December 31, 2022. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

[12]

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


($ in thousands)	Cost		Percent of Total Portfolio		Fair Value		Percent of Total Portfolio		Percent of Total Net Assets
December 31, 2023:
Senior debt and 1st lien notes	$	1,705,353	67	%	$	1,670,300	67	%	140	%
Subordinated debt and 2nd 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	%

[13]

Position or portion thereof is an unfunded loan or equity commitment.

[14]

Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.

[15]

Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement.

[16]

Investment is non-income producing.

[17]

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

[18]

Debt investment includes interest rate floor feature.

[19]

As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2023 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:


		December 31, 2022 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2023 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Black Angus Steakhouses, LLC(d)	First Lien Senior Secured Term Loan (14.4% PIK)	$	5,647	$	1,330	$	—	$	—	$	189	$	7,166	$	1,401
	First Lien Senior Secured Term Loan (10.0% PIK)(e)	9,147		—		—		—		(4,278)		4,869		—
	LLC Units (44.6 units)	—		—		—		—		—		—		—
		14,794		1,330		—		—		(4,089)		12,035		1,401

MVC Automotive Group GmbH(d)	Bridge Loan (4.5% Cash, 1.5% PIK)	7,149		2,613		—		—		—		9,762		587
	Common Equity Interest (18,000 Shares)	9,675		—		—		—		5,755		15,430		—
		16,824		2,613		—		—		5,755		25,192		587

MVC Private Equity Fund LP	General Partnership Interest (1,831.4 units)	45		—		(24)		—		3		24		95
	Limited Partnership Interest (71,790.4 units)	1,793		—		(940)		—		128		981		—
		1,838		—		(964)		—		131		1,005		95

Security Holdings B.V(d)	Bridge Loan (5.0% PIK,)	6,020		308		—		—		—		6,328		309
	2023 Revolver (6.0% Cash)	—		3,840		(22)		—		48		3,866		168
	Senior Subordinated Term Loan (3.1% PIK)	10,534		333		—		—		—		10,867		379
	Senior Unsecured Term Loan (6.0% Cash, 9.0% PIK)	2,015		154		—		—		67		2,236		374
	Common Stock Series A (17,100 shares)	575		—		—		—		(264)		311		—
	Common Stock Series B (1,236 shares)	53,728		—		—		—		(24,648)		29,080		—
		72,872		4,635		(22)		—		(24,797)		52,688		1,230

Total Control Investments		$	106,328	$	8,578	$	(986)	$	—	$	(23,000)	$	90,920	$	3,313

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

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

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

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

(e) Non-accrual investment.

[20]

All of the investment is or will be encumbered as security for the Company’s $1.1 billion senior secured credit facility with ING Capital LLC (“ING”) initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”).

[21]

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

[22]

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

[23]

Non-accrual investment.

[24]

The interest rate on these loans is subject to 3 Month LIBOR, which as of December 31, 2022 was 4.76729%.

[25]

Fair value as a percentage of net assets.

[26]

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

[27]

The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2022 was 4.58745%.

[28]

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

[29]

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

[30]

The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2022 was 2.13200%.

[31]

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

[32]

The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2022 was 3.01500%.

[33]

The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2022 was 4.78131%.

[34]

The interest rate on these loans is subject to 1 Month LIBOR, which as of December 31, 2022 was 4.39157%.

[35]

The interest rate on these loans is subject to 6 Month LIBOR, which as of December 31, 2022 was 5.13886%.

[36]

The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2023 was 2.69300%.

[37]

The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2022 was 4.35806%.

[38]

Non-accrual investment.

[39]

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

[40]

The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2022 was 3.75470%.

[41]

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

[42]

The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2022 was 1.88400%.

[43]

The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2022 was 4.09490%.

[44]

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

[45]

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

[46]

The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2022 was 3.76500%.

[47]

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

[48]

The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2022 was 2.70100%.

[49]

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

[50]

The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2022 was 3.43570%.

[51]

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

[52]

The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2022 was 4.93500%.

[53]

Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.

[54]

The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2022 was 3.26470%.

[55]

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

[56]

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

[57]

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

[58]

The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2022 was 4.53000%.

[59]

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

[60]

Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement.

[61]

The interest rate on these loans is subject to Prime, which as of December 31, 2022 was 7.50000%.

[62]

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

[63]

The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2022 was 3.04000%.

[64]

The interest rate on these loans is subject to 3 Month SARON, which as of December 31, 2022 was 0.94212%.

[65]

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

[66]

The interest rate on these loans is subject to 1 Month CDOR, which as of December 31, 2022 was 4.73750%.