The Company invests predominantly in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured product investments, bonds and other fixed income securities. Structured product investments include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC-registered funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.

The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and PIK interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, are shown in the following tables:


($ in thousands)	Cost		Percent of Total Portfolio		Fair Value		Percent of Total Portfolio		Percent of Total Net Assets
December 31, 2024:
Senior debt and 1st lien notes	$	1,747,841	69	%	$	1,686,411	69	%	142	%
Subordinated debt and 2nd 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 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	%

During the year ended December 31, 2024, the Company made 45 new investments totaling $341.7 million, made investments in existing portfolio companies totaling $298.6 million and made a $3.5 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation.

During the year ended December 31, 2023, the Company made 39 new investments totaling $264.6 million, made investments in existing portfolio companies totaling $205.9 million, made a $67.5 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation and made additional investments in joint venture equity portfolio companies totaling $2.5 million.

During the year ended December 31, 2022, the Company made 95 new investments totaling $884.8 million, purchased $442.2 million of investments as part of the Sierra Merger, made investments in existing portfolio companies totaling $258.5 million and made additional investments in joint venture equity portfolio companies totaling $13.8 million.


	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 1st lien notes	$	—	$	76,503	$	1,593,797	$	1,670,300
Subordinated debt and 2nd 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.


Year Ended December 31, 2024: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd 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 1st Lien Notes		Subordinated Debt and 2nd 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

All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Consolidated Statements of Operations. Pre-tax net unrealized depreciation on Level 3 investments of $55.9 million during the year ended December 31, 2024 was related to portfolio company investments that were still held by the Company as of December 31, 2024. Pre-tax net unrealized appreciation on Level 3 investments of $4.0 million during the year ended December 31, 2023 was related to portfolio company investments that were still held by the Company as of December 31, 2023.

During the year ended December 31, 2024, the Company made investments of approximately $548.8 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the year ended December 31, 2024, the Company made investments of $95.0 million in companies to which it was previously committed to provide such financing.

During the year ended December 31, 2023, the Company made investments of approximately $421.2 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the year ended December 31, 2023, the Company made investments of $119.3 million in companies to which it was previously committed to provide such financing.

On May 8, 2019, the Company entered into an agreement with South Carolina Retirement Systems Group Trust (“SCRS”) to create and co-manage Jocassee Partners LLC (“Jocassee”), a joint venture, which invests in a highly diversified asset mix including senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. The Company and SCRS committed to initially provide $50.0 million and $500.0 million, respectively, of equity capital to Jocassee. On June 2, 2022, the Company committed an additional $50.0 million to Jocassee. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.

The total value of Jocassee’s investment portfolio was $1,095.3 million as of December 31, 2024, as compared to $1,330.5 million as of December 31, 2023. As of December 31, 2024, Jocassee’s investments had an aggregate cost of $1,159.0 million, as compared to $1,375.7 million as of December 31, 2023. As of December 31, 2024 and December 31, 2023, the weighted average yield on the principal amount of Jocassee’s outstanding debt investments other than non-accrual debt investments was approximately 9.2% and 9.9%, respectively. 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 1st lien notes	$	1,092,038	94	%	$	1,052,366	96	%
Subordinated debt and 2nd 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 1st 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	%


($ 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	%


	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	%

Jocassee’s subscription facility with Bank of America N.A., which is non-recourse to the Company, had approximately $173.5 million and $177.7 million outstanding as of December 31, 2024 and December 31, 2023, respectively. Jocassee’s credit facility with Citibank, N.A., which is non-recourse to the Company, had approximately $266.7 million and $398.2 million outstanding as of December 31, 2024 and December 31, 2023, respectively. Jocassee’s term debt securitization, which is non-recourse to the Company, had approximately $323.7 million and $323.5 million outstanding as of December 31, 2024 and December 31, 2023, respectively.

The Company may sell portions of its investments via assignment to Jocassee. Since inception, as of December 31, 2024, and December 31, 2023, the Company had sold $1,063.3 million and $1,036.1 million, respectively, of its investments to Jocassee. For the years ended December 31, 2024 and December 31, 2023, the Company realized a gain on the sales of its investments to Jocassee of $0.4 million and $0.1 million, respectively. As of both December 31, 2024 and December 31, 2023, the Company had nil in unsettled receivables due from Jocassee that were included in “Receivable from unsettled transactions” in the accompanying Consolidated Balance Sheets. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale and satisfies the following conditions:

The Company has determined that Jocassee is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Jocassee as it is not a substantially wholly owned investment company subsidiary. In addition, Jocassee is not an operating company and the Company does not control Jocassee due to the allocation of voting rights among Jocassee members.

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

On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $75.0 million of equity capital to Thompson Rivers, all of which has been funded as of December 31, 2024. As of December 31, 2024, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

For the years ended December 31, 2024 and 2023, Thompson Rivers declared $37.5 million and $111.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Consolidated Statements of Operations. In addition, for the years ended December 31, 2024 and 2023, the Company recognized $6.0 million and $17.7 million of the dividends, respectively, as a return of capital.

As of December 31, 2024, Thompson Rivers had $193.4 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of December 31, 2023, Thompson Rivers had $366.7 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of December 31, 2024, Thompson Rivers had 1,243 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2023, Thompson Rivers had 2,305 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.


($ 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	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $43.5 million and $83.5 million outstanding as of December 31, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $90.3 million and $170.8 million outstanding as of December 31, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $28.7 million and $50.0 million outstanding as of December 31, 2024 and December 31, 2023, respectively.

The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.


($ 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	—		—

On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On February 8, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded as of December 31, 2024. As of December 31, 2024, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded.

For the years ended December 31, 2024 and 2023, Waccamaw River declared $28.1 million and $7.3 million in dividends, respectively, of which $3.5 million and $1.5 million, respectively, was recognized as dividend income in the Company’s Consolidated Statements of Operations. In addition, for the years ended December 31, 2024 and 2023, the Company recognized $2.1 million and nil of the dividends, respectively, as a return of capital.

As of December 31, 2024, Waccamaw River had $45.5 million in unsecured consumer loans and $4.3 million in cash. As of December 31, 2023, Waccamaw River had $182.3 million in unsecured consumer loans and $6.6 million in cash. As of December 31, 2024, Waccamaw River had 8,095 outstanding loans with an average loan size of $7,791, remaining average life to maturity of 35.5 months and weighted average interest rate of 12.0%. As of December 31, 2023, Waccamaw River had 21,435 outstanding loans with an average loan size of $10,338, remaining average life to maturity of 40.0 months and weighted average interest rate of 12.7%.

Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $71.0 million outstanding as of December 31, 2023. On April 15, 2024, Waccamaw River’s secured borrowing with JPMorgan Chase Bank, N.A. was terminated and fully repaid. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $51.3 million outstanding as of December 31, 2023. On September 26, 2024, Waccamaw River’s secured borrowing with Barclays Bank PLC was terminated and fully repaid.

The Company has determined that Waccamaw River is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.

On February 25, 2022, as part of the Sierra Merger, the Company purchased its interest in Sierra Senior Loan Strategy JV I LLC (“Sierra JV”). The Company and MassMutual Ascend Life Insurance Company (“MMALIC”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company, are the members of Sierra JV, a joint venture formed as a Delaware limited liability company and commenced operations on July 15, 2015. Sierra JV’s investment objective is to generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies with a focus on senior secured first lien term loans. The members of Sierra JV make capital contributions as investments by Sierra JV are completed, and all portfolio and other material decisions regarding Sierra JV must be submitted to Sierra JV’s board of managers, which is comprised of four members, two of whom are selected by the Company and the other two are selected by MMALIC. Approval of Sierra JV’s board of managers requires the unanimous approval of a quorum of the board of managers, with a quorum consisting of equal representation of members appointed by each of the Company and MMALIC.

As of December 31, 2024, Sierra JV had total capital commitments of $124.5 million with the Company committing $110.1 million and MMALIC committing $14.5 million. The Company had fully funded its $110.1 million commitment and total commitments of $124.5 million were fully funded as of December 31, 2024.

For the years ended December 31, 2024 and 2023, Sierra JV declared $2.5 million and $8.4 million in dividends, respectively, of which $2.2 million and $5.7 million, respectively, was recognized as dividend income in the Company’s Consolidated Statements of Operations. In addition, for the years ended December 31, 2024 and December 31, 2023, the Company recognized nil and $1.8 million, respectively, of the dividends as a return of capital.

The Company has determined that Sierra JV is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Sierra JV as it is not a substantially wholly owned investment company subsidiary. In addition, Sierra JV is not an operating company and the Company does not control Sierra JV due to the allocation of voting rights among Sierra JV members.

The total value of Sierra JV’s investment portfolio was $33.4 million as of December 31, 2024, as compared to $79.6 million, as of December 31, 2023. As of December 31, 2024, Sierra JV’s investments had an aggregate cost of $36.1 million, as compared to $85.3 million as of December 31, 2023. As of December 31, 2024 and December 31, 2023, the weighted average yield on the principal amount of Sierra JV’s outstanding debt investments was approximately 9.4% and 10.1%, respectively. 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 1st lien notes	$	36,083	100	%	$	33,389	100	%
Equity shares	—		—		33		—
	$	36,083	100	%	$	33,422	100	%
December 31, 2023:
Senior debt and 1st lien notes	$	85,304	100	%	$	79,599	100	%
	$	85,304	100	%	$	79,599	100	%


($ 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	%

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $89.8 million, a second lien senior secured loan of $4.5 million and unfunded revolver of $13.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $22.7 million. As of December 31, 2024 and December 31, 2023, $10.1 million and $5.5 million, respectively, of the revolver was funded. Eclipse conducts its business through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.

The Company has determined that Eclipse is not an investment company under ASC Topic 946. Under ASC Topic 810, Consolidation, Subtopic 10, Consolidation — Overall, Section 15, Scope and Scope Exceptions, paragraph 12, subparagraph d (“ASC 810-10-15-12(d)”), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead the Company accounts for its equity investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.

On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $45.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal years ended December 31, 2023 and December 31, 2024 of $22.5 million and $3.5 million, respectively. The total equity invested in Rocade as of December 31, 2024 was $71.0 million (excluding preferred dividends) and the Company had $14.0 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.

The Company has determined that Rocade is not an investment company under ASC Topic 946. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead the Company accounts for its equity investment in Rocade in accordance with ASC 946-320, presented as a single investment measured at fair value.