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Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule of Investments [Abstract] |
Schedule of Composition of Investment Portfolio at Cost And Fair Value | 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, 2024: |  |  |  |  |  |  |  |  |  |
Senior debt and 1 st lien notes |  | $ | 1,747,841 |  |  | 69 | % |  | $ | 1,686,411 |  |  | 69 | % |  | 142 | %
Subordinated debt and 2 nd lien notes |  | 184,043 |  |  | 7 |  |  | 165,455 |  |  | 7 |  |  | 14 |
Structured products |  | 89,543 |  |  | 4 |  |  | 79,548 |  |  | 3 |  |  | 7 |
Equity shares |  | 360,691 |  |  | 14 |  |  | 409,129 |  |  | 17 |  |  | 34 |
Equity warrants |  | 76 |  |  | — |  |  | 2,732 |  |  | — |  |  | — |
Royalty rights |  | 3,627 |  |  | — |  |  | 5,833 |  |  | — |  |  | 1 |
Investments in joint ventures / PE fund |  | 136,875 |  |  | 6 |  |  | 100,164 |  |  | 4 |  |  | 8 |
|  | $ | 2,522,696 |  |  | 100 | % |  | $ | 2,449,272 |  |  | 100 | % |  | 206 | %
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 | %
As of December 31, 2024 and December 31, 2023, the Jocassee investment portfolio consisted of the following investments:
($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio
December 31, 2024: |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,092,038 |  |  | 94 | % |  | $ | 1,052,366 |  |  | 96 | %
Subordinated debt and 2 nd lien notes | 11,388 |  |  | 1 |  |  | 11,141 |  |  | 1 |
Equity shares | 874 |  |  | — |  |  | 636 |  |  | — |
Equity warrants | — |  |  | — |  |  | 455 |  |  | — |
Investment in joint ventures | 44,416 |  |  | 4 |  |  | 20,427 |  |  | 2 |
Short-term investments | 10,283 |  |  | 1 |  |  | 10,283 |  |  | 1 |
| $ | 1,158,999 |  |  | 100 | % |  | $ | 1,095,308 |  |  | 100 | %
December 31, 2023: |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 1,284,098 |  |  | 93 | % |  | $ | 1,260,183 |  |  | 95 | %
Subordinated debt and 2 nd 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 | %
The industry composition of Jocassee’s investments at fair value at December 31, 2024 and December 31, 2023, excluding short-term investments, was as follows:
($ in thousands) | December 31, 2024 |  | December 31, 2023
Aerospace & Defense | $ | 61,069 |  |  | 5.6 | % |  | $ | 82,200 |  |  | 6.3 | %
Automotive | 11,236 |  |  | 1.0 |  |  | 26,087 |  |  | 2.0 |
Banking, Finance, Insurance, & Real Estate | 115,269 |  |  | 10.6 |  |  | 121,798 |  |  | 9.3 |
Beverage, Food, & Tobacco | 28,657 |  |  | 2.6 |  |  | 30,637 |  |  | 2.3 |
Capital Equipment | 13,376 |  |  | 1.2 |  |  | 17,986 |  |  | 1.4 |
Chemicals, Plastics, & Rubber | 30,248 |  |  | 2.8 |  |  | 37,030 |  |  | 2.8 |
Construction & Building | 21,805 |  |  | 2.0 |  |  | 16,942 |  |  | 1.3 |
Consumer goods: Durable | 26,531 |  |  | 2.5 |  |  | 26,412 |  |  | 2.0 |
Consumer goods: Non-durable | 21,629 |  |  | 2.0 |  |  | 21,850 |  |  | 1.7 |
Containers, Packaging, & Glass | 28,616 |  |  | 2.6 |  |  | 26,829 |  |  | 2.0 |
Energy: Electricity | 10,005 |  |  | 0.9 |  |  | 20,250 |  |  | 1.5 |
Energy: Oil & Gas | 11,209 |  |  | 1.0 |  |  | 6,724 |  |  | 0.5 |
Environmental Industries | 6,237 |  |  | 0.6 |  |  | 6,986 |  |  | 0.5 |
Forest Products & Paper | 1,156 |  |  | 0.1 |  |  | 3,605 |  |  | 0.3 |
Healthcare & Pharmaceuticals | 113,530 |  |  | 10.5 |  |  | 141,070 |  |  | 10.7 |
High Tech Industries | 87,247 |  |  | 8.0 |  |  | 174,572 |  |  | 13.3 |
Hotel, Gaming, & Leisure | 22,031 |  |  | 2.0 |  |  | 22,834 |  |  | 1.7 |
Investment Funds & Vehicles | 20,427 |  |  | 1.9 |  |  | 33,450 |  |  | 2.5 |
Media: Advertising, Printing, & Publishing | 10,420 |  |  | 1.0 |  |  | 12,081 |  |  | 0.9 |
Media: Broadcasting & Subscription | 17,297 |  |  | 1.6 |  |  | 31,201 |  |  | 2.4 |
Media: Diversified & Production | 41,913 |  |  | 3.9 |  |  | 41,182 |  |  | 3.1 |
Metals & Mining | 4,028 |  |  | 0.4 |  |  | 3,863 |  |  | 0.3 |
Retail | 12,361 |  |  | 1.1 |  |  | 13,141 |  |  | 1.0 |
Services: Business | 213,492 |  |  | 19.7 |  |  | 215,819 |  |  | 16.4 |
Services: Consumer | 58,080 |  |  | 5.4 |  |  | 58,632 |  |  | 4.5 |
Telecommunications | 36,205 |  |  | 3.3 |  |  | 36,027 |  |  | 2.7 |
Transportation: Cargo | 41,968 |  |  | 3.9 |  |  | 57,575 |  |  | 4.4 |
Transportation: Consumer | 8,529 |  |  | 0.8 |  |  | 12,613 |  |  | 1.0 |
Utilities: Electric | 10,454 |  |  | 1.0 |  |  | 9,396 |  |  | 0.7 |
Utilities: Oil & Gas | — |  |  | — |  |  | 6,838 |  |  | 0.5 |
Total | $ | 1,085,025 |  |  | 100.0 | % |  | $ | 1,315,630 |  |  | 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, 2024 and 2023, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
| Fair Value at December 31, 2024
($ in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Senior debt and 1st lien notes | $ | — |  |  | $ | 60,910 |  |  | $ | 1,625,501 |  |  | $ | 1,686,411 |
Subordinated debt and 2nd lien notes | — |  |  | 11,752 |  |  | 153,703 |  |  | 165,455 |
Structured products | — |  |  | 30,884 |  |  | 48,664 |  |  | 79,548 |
Equity shares | — |  |  | 654 |  |  | 408,475 |  |  | 409,129 |
Equity warrants | — |  |  |  |  | 2,732 |  |  | 2,732 |
Royalty rights | — |  |  |  |  | 5,833 |  |  | 5,833 |
Investments subject to leveling | $ | — |  |  | $ | 104,200 |  |  | $ | 2,244,908 |  |  | $ | 2,349,108 |
Investment in joint ventures / PE fund(1) |  |  |  |  |  |  | 100,164 |
|  |  |  |  |  |  | $ | 2,449,272 |
| 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 |
(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 as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the 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, 2024 and 2023:
Year Ended December 31, 2024: ($ in thousands) | Senior Debt and 1 st Lien Notes |  | Subordinated Debt and 2 nd Lien Notes |  | Structured Products |  | Equity Shares |  | Equity Warrants |  | Royalty Rights |  | Total
Fair value, beginning of period | $ | 1,593,797 |  |  | $ | 223,798 |  |  | $ | 42,972 |  |  | $ | 374,572 |  |  | $ | 2,392 |  |  | $ | — |  |  | $ | 2,237,531 |
New investments | 559,616 |  |  | 37,466 |  |  | 549 |  |  | 22,934 |  |  | — |  |  | 3,871 |  |  | 624,436 |
Investment restructuring | (27,652) |  |  | (9,620) |  |  | — |  |  | 15,023 |  |  | — |  |  | — |  |  | (22,249) |
Transfers into (out of) Level 3, net | (2,366) |  |  | — |  |  | 7,625 |  |  | (2,556) |  |  | — |  |  | — |  |  | 2,703 |
Proceeds from sales of investments / return of capital | (75,275) |  |  | (4,975) |  |  | (935) |  |  | (4,834) |  |  | — |  |  | (245) |  |  | (86,264) |
Loan origination fees received | (8,398) |  |  | (296) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,694) |
Principal repayments received | (380,761) |  |  | (94,066) |  |  | (2,999) |  |  | — |  |  | — |  |  | — |  |  | (477,826) |
Payment-in-kind interest / dividends | 7,711 |  |  | 3,668 |  |  | — |  |  | 9,884 |  |  | — |  |  | — |  |  | 21,263 |
Accretion of loan premium / discount | 637 |  |  | 115 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 752 |
Accretion of deferred loan origination revenue | 10,313 |  |  | 1,256 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,569 |
Realized gain (loss) | (24,371) |  |  | (6,361) |  |  | 42 |  |  | (1,171) |  |  | — |  |  | — |  |  | (31,861) |
Unrealized appreciation (depreciation) | (27,750) |  |  | 2,718 |  |  | 1,410 |  |  | (5,377) |  |  | 340 |  |  | 2,207 |  |  | (26,452) |
Fair value, end of period | $ | 1,625,501 |  |  | $ | 153,703 |  |  | $ | 48,664 |  |  | $ | 408,475 |  |  | $ | 2,732 |  |  | $ | 5,833 |  |  | $ | 2,244,908 |
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 / return of capital | (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 |
Schedule of Investment Portfolio | The geographic composition of Jocassee’s investments at fair value at December 31, 2024 and December 31, 2023, excluding short-term investments, was as follows:
| December 31, 2024 |  | December 31, 2023
Australia | $ | 23,187 |  |  | 2.1 | % |  | $ | 26,291 |  |  | 2.0 | %
Austria | 5,695 |  |  | 0.5 | % |  | 6,026 |  |  | 0.5 |
Belgium | 20,741 |  |  | 1.9 |  |  | 20,379 |  |  | 1.5 |
Canada | 590 |  |  | 0.1 |  |  | 3,998 |  |  | 0.3 |
Denmark | — |  |  | — |  |  | 1,082 |  |  | 0.1 |
Finland | — |  |  | — |  |  | 2,207 |  |  | 0.2 |
France | 124,810 |  |  | 11.5 |  |  | 137,072 |  |  | 10.4 |
Germany | 35,691 |  |  | 3.3 |  |  | 50,672 |  |  | 3.9 |
Hong Kong | 14,843 |  |  | 1.4 |  |  | 14,162 |  |  | 1.1 |
Ireland | 7,302 |  |  | 0.7 |  |  | 7,445 |  |  | 0.6 |
Luxembourg | 2,128 |  |  | 0.2 |  |  | 1,839 |  |  | 0.1 |
Netherlands | 39,504 |  |  | 3.6 |  |  | 41,260 |  |  | 3.1 |
Panama | 1,470 |  |  | 0.1 |  |  | 1,466 |  |  | 0.1 |
Singapore | 5,000 |  |  | 0.5 |  |  | 4,980 |  |  | 0.4 |
Spain | 2,078 |  |  | 0.2 |  |  | 4,777 |  |  | 0.4 |
Sweden | 3,523 |  |  | 0.3 |  |  | 4,519 |  |  | 0.3 |
Switzerland | 595 |  |  | 0.1 |  |  | 592 |  |  | — |
United Kingdom | 111,097 |  |  | 10.2 |  |  | 120,398 |  |  | 9.2 |
USA | 686,771 |  |  | 63.3 |  |  | 866,465 |  |  | 65.8 |
Total | $ | 1,085,025 |  |  | 100.0 | % |  | $ | 1,315,630 |  |  | 100.0 | %
As of December 31, 2024 and December 31, 2023, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands) |  | As of December 31, 2024 |  | As of December 31, 2023
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, 2024 and December 31, 2023, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio
December 31, 2024: |  |  |  |  |  |  |
Federal Housing Administration (“FHA”) loans | $ | 193,265 |  |  | 93 | % |  | $ | 179,963 |  |  | 93 | %
Veterans Affairs (“VA”) loans | 14,305 |  |  | 7 | % |  | 13,388 |  |  | 7 | %
| $ | 207,570 |  |  | 100 | % |  | $ | 193,351 |  |  | 100 | %
December 31, 2023: |  |  |  |  |  |  |
Federal Housing Administration (“FHA”) loans | $ | 360,847 |  |  | 93 | % |  | $ | 342,240 |  |  | 93 | %
Veterans Affairs (“VA”) loans | 25,810 |  |  | 7 |  |  | 24,491 |  |  | 7 |
| $ | 386,657 |  |  | 100 | % |  | $ | 366,731 |  |  | 100 | %
As of December 31, 2024 and December 31, 2023, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands) |  | As of December 31, 2024 |  | As of December 31, 2023
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 total contributed capital by related parties of $162.1 million as of both December 31, 2024 and December 31, 2023. As of December 31, 2024 and December 31, 2023, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands) |  | As of December 31, 2024 |  | As of December 31, 2023
Total contributed capital by Barings BDC, Inc. |  | $ | 30,280 |  |  | $ | 30,280 |
Total contributed capital by all members (1) |  | 139,020 |  |  | 139,020 |
Total unfunded commitments by Barings BDC, Inc. |  | — |  |  | — |
Total unfunded commitments by all members |  | — |  |  | — |
(1)Includes $82.0 million of total contributed capital by related parties as of both December 31, 2024 and December 31, 2023. As of December 31, 2024 and December 31, 2023, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands) | Cost |  | Percentage of Total Portfolio |  | Fair Value |  | Percentage of Total Portfolio
December 31, 2024: |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 36,083 |  |  | 100 | % |  | $ | 33,389 |  |  | 100 | %
Equity shares | — |  |  | — |  |  | 33 |  |  | — |
| $ | 36,083 |  |  | 100 | % |  | $ | 33,422 |  |  | 100 | %
December 31, 2023: |  |  |  |  |  |  |
Senior debt and 1 st lien notes | $ | 85,304 |  |  | 100 | % |  | $ | 79,599 |  |  | 100 | %
| $ | 85,304 |  |  | 100 | % |  | $ | 79,599 |  |  | 100 | %
The industry composition of Sierra JV’s investments at fair value at December 31, 2024 and December 31, 2023 was as follows:
($ in thousands) | December 31, 2024 |  | December 31, 2023
Automotive | $ | 2,746 |  |  | 8.2 | % |  | $ | 2,463 |  |  | 3.1 | %
Banking, Finance, Insurance, & Real Estate | 33 |  |  | 0.1 |  |  | 254 |  |  | 0.3 |
Beverage, Food, & Tobacco | 3,578 |  |  | 10.7 |  |  | 3,172 |  |  | 4.0 |
Capital Equipment | — |  |  | — |  |  | 5,271 |  |  | 6.6 |
Chemicals, Plastics, & Rubber | 2,954 |  |  | 8.9 |  |  | 2,942 |  |  | 3.7 |
Construction & Building | — |  |  | — |  |  | 1,867 |  |  | 2.4 |
Consumer goods: Durable | 232 |  |  | 0.7 |  |  | 1,042 |  |  | 1.3 |
Environmental Industries | — |  |  | — |  |  | 3,487 |  |  | 4.4 |
Healthcare & Pharmaceuticals | 3,821 |  |  | 11.4 |  |  | 12,880 |  |  | 16.2 |
High Tech Industries | 9,363 |  |  | 28.0 |  |  | 14,661 |  |  | 18.4 |
Retail | — |  |  | — |  |  | 6,255 |  |  | 7.9 |
Services: Business | 4,411 |  |  | 13.2 |  |  | 6,798 |  |  | 8.5 |
Services: Consumer | — |  |  | — |  |  | 8,525 |  |  | 10.7 |
Transportation: Cargo | 6,284 |  |  | 18.8 |  |  | 6,296 |  |  | 7.9 |
Transportation: Consumer | — |  |  | — |  |  | 3,686 |  |  | 4.6 |
Total | $ | 33,422 |  |  | 100.0 | % |  | $ | 79,599 |  |  | 100.0 | %

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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