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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
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)CostPercentage of
Total Portfolio		Fair ValuePercentage of
Total Portfolio		Percentage of
Total
Net Assets
March 31, 2025:
Senior debt and 1st lien notes
$1,874,402 72 %$1,819,640 71 %153 %
Subordinated debt and 2nd lien notes
166,374 6 159,085 6 13 
Structured products63,423 3 53,766 2 4 
Equity shares376,154 14 434,144 17 37 
Equity warrants76 — 2,802 — — 
Royalty rights3,544 — 6,379 — 1 
Investment in joint ventures126,702 5 95,412 4 8 
$2,610,675 100 %$2,571,228 100 %216 %
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 products89,543 4 79,548 3 7 
Equity shares360,691 14 409,129 17 34 
Equity warrants76 — 2,732 — — 
Royalty rights3,627 — 5,833 — 1 
Investment in joint ventures / PE fund136,875 6 100,164 4 8 
$2,522,696 100 %$2,449,272 100 %206 %
As of March 31, 2025 and December 31, 2024, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
March 31, 2025:
Senior debt and 1st lien notes
$1,070,331 94 %$1,036,494 96 %
Subordinated debt and 2nd lien notes11,879 1 11,645 1 
Equity shares874 — 611 — 
Equity warrants— — 433 — 
Investment in joint ventures41,378 4 17,067 2 
Short-term investments15,639 1 15,639 1 
$1,140,101 100 %$1,081,889 100 %
December 31, 2024:
Senior debt and 1st lien notes
$1,092,038 94 %$1,052,366 96 %
Subordinated debt and 2nd lien notes11,388 1 11,141 1 
Equity shares874 — 636 — 
Equity warrants— — 455 — 
Investment in joint ventures44,416 4 20,427 2 
Short-term investments10,283 1 10,283 1 
$1,158,999 100 %$1,095,308 100 %
The industry composition of Jocassee’s investments at fair value at March 31, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands)March 31, 2025December 31, 2024
Aerospace & Defense$58,174 5 %$61,069 6 %
Automotive12,547 1 11,236 1 
Banking, Finance, Insurance, & Real Estate116,515 11 115,269 11 
Beverage, Food, & Tobacco31,883 3 28,657 3 
Capital Equipment13,413 1 13,376 1 
Chemicals, Plastics, & Rubber26,491 2 30,248 3 
Construction & Building24,073 2 21,805 2 
Consumer goods: Durable22,351 2 26,531 2 
Consumer goods: Non-durable22,863 2 21,629 2 
Containers, Packaging, & Glass28,413 3 28,616 3 
Energy: Electricity9,867 1 10,005 1 
Energy: Oil & Gas12,223 1 11,209 1 
Environmental Industries6,051 1 6,237 — 
Forest Products & Paper1,140 — 1,156 — 
Healthcare & Pharmaceuticals116,717 11 113,530 10 
High Tech Industries93,469 9 87,247 8 
Hotel, Gaming, & Leisure21,258 2 22,031 2 
Investment Funds & Vehicles17,067 2 20,427 2 
Media: Advertising, Printing, & Publishing17,579 2 10,420 1 
Media: Broadcasting & Subscription16,356 1 17,297 2 
Media: Diversified & Production48,538 4 41,913 4 
Metals & Mining4,035 — 4,028 — 
Retail9,137 1 12,361 1 
Services: Business177,600 17 213,492 20 
Services: Consumer59,822 6 58,080 5 
Telecommunications37,325 4 36,205 3 
Transportation: Cargo41,871 4 41,968 4 
Transportation: Consumer8,900 1 8,529 1 
Utilities: Electric10,375 1 10,454 1 
Utilities: Oil & Gas197 — — — 
Total$1,066,250 100 %$1,085,025 100 %
Schedule of Investment Portfolio
The geographic composition of Jocassee’s investments at fair value at March 31, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands)March 31, 2025December 31, 2024
Australia$22,858 2 %$23,187 2 %
Austria5,941 1 5,695 1 
Belgium21,637 2 20,741 2 
Canada496 — 590 — 
France113,624 11 124,810 12 
Germany36,570 3 35,691 3 
Hong Kong14,940 1 14,843 1 
Ireland7,619 1 7,302 1 
Luxembourg2,195 — 2,128 — 
Netherlands41,528 4 39,504 4 
Panama— — 1,470 — 
Singapore5,000 1 5,000 1 
Spain— — 2,078 — 
Sweden— — 3,523 — 
Switzerland588 — 595 — 
United Kingdom111,432 10 111,097 10 
USA681,822 64 686,771 63 
Total$1,066,250 100 %$1,085,025 100 %
As of March 31, 2025 and December 31, 2024, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2025
As of
December 31, 2024
Total contributed capital by Barings BDC, Inc.$35,000 $35,000 
Total contributed capital by all members385,000 385,000 
Total unfunded commitments by Barings BDC, Inc.65,000 65,000 
Total unfunded commitments by all members215,000 215,000 
As of March 31, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
March 31, 2025:
Federal Housing Administration (“FHA”) loans $168,675 94 %$158,498 94 %
Veterans Affairs (“VA”) loans11,611 6 10,986 6 
$180,286 100 %$169,484 100 %
December 31, 2024:
Federal Housing Administration (“FHA”) loans$193,265 93 %$179,963 93 %
Veterans Affairs (“VA”) loans14,305 7 13,388 7 
$207,570 100 %$193,351 100 %
As of March 31, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2025
As of
December 31, 2024
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 $162.1 million as of both March 31, 2025 and December 31, 2024.
As of March 31, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
March 31, 2025
As of
 December 31, 2024
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 $82.0 million of total contributed capital by related parties as of both March 31, 2025 and December 31, 2024.
As of March 31, 2025 and December 31, 2024, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
March 31, 2025:
Senior debt and 1st lien notes
$27,686 100 %$25,115 100 %
$27,686 100 %$25,115 100 %
December 31, 2024:
Senior debt and 1st lien notes
$36,083 100 %$33,389 100 %
Equity shares— — 33 — 
$36,083 100 %$33,422 100 %
The industry composition of Sierra JV’s investments at fair value at March 31, 2025 and December 31, 2024 was as follows:
($ in thousands)March 31, 2025December 31, 2024
Automotive$— — %$2,746 8 %
Banking, Finance, Insurance, & Real Estate— — 33 — 
Beverage, Food, & Tobacco3,750 15 3,578 11 
Chemicals, Plastics, & Rubber2,971 12 2,954 9 
Consumer goods: Durable263 1 232 1 
Healthcare & Pharmaceuticals— — 3,821 11 
High Tech Industries9,289 37 9,363 28 
Services: Business4,244 17 4,411 13 
Transportation: Cargo4,598 18 6,284 19 
Total$25,115 100 %$33,422 100 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of March 31, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.
March 31, 2025:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$1,474,172 Yield AnalysisMarket Yield
5.4% – 22.1%
10.6%Decrease
39,634 Market ApproachAdjusted EBITDA Multiple
0.5x – 10.5x
5.7xIncrease
250,306 Recent TransactionTransaction Price
97.5% – 100.0%
99.0%Increase
Subordinated debt and 2nd lien notes
89,687 Yield AnalysisMarket Yield
8.6% – 20.0%
12.8%Decrease
49,993 Market ApproachAdjusted EBITDA Multiple
0.9x – 27.7x
13.4xIncrease
792 Recent TransactionTransaction Price98.0%98.0%Increase
Structured products(2)
2,739 Yield AnalysisMarket Yield
9.3% – 10.3%
9.7%Decrease
469 Expected RecoveryExpected Recovery$469.4$469.4Increase
Equity shares(3)
31,197 Yield AnalysisMarket Yield
11.5% – 30.5%
16.1%Decrease
355,198 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
14.7xIncrease
712 Market ApproachRevenue Multiple
5.5x – 8.5x
5.9xIncrease
19,983 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
4,497 Net Asset ApproachLiabilities$(100,714.1)$(100,714.1)Decrease
55 Expected RecoveryExpected Recovery
$2.5 – $52.1
$49.8Increase
14,602 Recent TransactionTransaction Price
$0.00 – $1,000.00
$144.06Increase
Equity warrants2,799 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.5x
8.7xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
Royalty rights6,379 Yield AnalysisMarket Yield
15.6% – 30.0%
19.6%Decrease
(1)Excludes investments with an aggregate fair value amounting to $3,680, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $20,296, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $2,799, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
The changes in approach were driven by considerations given to the financial performance of each portfolio company.

December 31, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		Weighted
Average		Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes(1)
$1,323,618 Yield AnalysisMarket Yield
6.5% – 75.8%
10.5%Decrease
50,535 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.0x
6.3xIncrease
247,508 Recent TransactionTransaction Price
95.0% – 100.0%
98.7%Increase
Subordinated debt and 2nd lien notes(2)
94,912 Yield AnalysisMarket Yield
8.0% – 18.6%
12.7%Decrease
47,775 Market ApproachAdjusted EBITDA Multiple
0.9x – 22.4x
11.7xIncrease
3,791 Expected RecoveryExpected Recovery$3,790.6$3,790.6Increase
702 Recent TransactionTransaction Price98.0%98.0%Increase
Structured products(3)
28,904 Yield AnalysisMarket Yield
7.6% – 10.3%
8.2%Decrease
1,733 Expected RecoveryExpected Recovery$1,733.3$1,733.3Increase
5,250 Recent TransactionTransaction Price100.0%100.0%Increase
Equity shares(4)
30,302 Yield AnalysisMarket Yield
10.8% – 30.5%
15.7%Decrease
339,142 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
12.9xIncrease
1,353 Market ApproachRevenue Multiple
5.5x – 8.8x
6.0xIncrease
16,852 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
3,875 Net Asset ApproachLiabilities$(96,678.3)$(96,678.3)Decrease
59 Expected RecoveryExpected Recovery
$2.5 – $56.9
$54.6Increase
10,008 Recent TransactionTransaction Price
$1.00 – $1,847.58
$1,525.9Increase
Equity warrants2,729 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.8x
8.1xIncrease
3Expected RecoveryExpected Recovery$3.0$3.0Increase
Royalty rights5,833 Yield AnalysisMarket Yield
18.6% – 26.4%
21.0%Decrease
(1)Excludes investments with an aggregate fair value amounting to $3,840, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(2)Excludes investments with an aggregate fair value amounting to $6,523, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(3)Excludes investments with an aggregate fair value amounting to $12,777, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
(4)Excludes investments with an aggregate fair value amounting to $6,884, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available.
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 MVC Credit Support Agreement as of December 31, 2024. The average range of unobservable inputs is based on fair value of the MVC Credit Support Agreement.
December 31, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
MVC Credit Support Agreement$19,250 Income ApproachDiscount Rate
5.4% - 6.4%
5.9%Decrease
Time Until Exit
(years)
1.5 - 4.5
3.0Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of March 31, 2025 and December 31, 2024. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
March 31, 2025:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$44,800 Simulation AnalysisEnterprise Value
$44 - $356,400
$178,222Decrease
Asset Volatility
25.0% - 55.0%
40.0%Increase
Time Until Exit (years)
0.0 - 6.3
3.2Decrease
Discount Rate6.1%6.1%Decrease
Recovery Rate
5.0% - 70.0%
37.5%Increase
December 31, 2024:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$44,200 Simulation AnalysisEnterprise Value
$15 - $393,900
$196,958Decrease
Asset Volatility
25.0% - 55.0%
40.0%Increase
Time Until Exit (years)
0.0 - 6.6
3.3Decrease
Discount Rate6.3%6.3%Decrease
Recovery Rate
5.0% - 70.0%
37.5%Increase
Schedule of Fair Value, Assets Measured on Recurring Basis
The following tables present the Company’s investment portfolio at fair value as of March 31, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of March 31, 2025
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $51,848 $1,767,792 $1,819,640 
Subordinated debt and 2nd lien notes
— 18,613 140,472 159,085 
Structured products— 30,262 23,504 53,766 
Equity shares— 5,101 429,043 434,144 
Equity warrants— — 2,802 2,802 
Royalty rights— — 6,379 6,379 
Investments subject to leveling$— $105,824 $2,369,992 $2,475,816 
Investment in joint ventures (1)95,412 
$2,571,228 
Fair Value as of December 31, 2024
($ in thousands)Level 1Level 2Level 3Total
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 (2)100,164 
$2,449,272 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
(2)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet and Consolidated Balance Sheet.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2025 and 2024:
Three Months Ended
March 31, 2025:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsRoyalty RightsTotal
Fair value, beginning of period$1,625,501 $153,703 $48,664 $408,475 $2,732 $5,833 $2,244,908 
New investments184,010 1,974 7,500 13,587 — — 207,071 
Transfers out of Level 3— (6,523)— (4,085)— — (10,608)
Proceeds from sales of investments / return of capital(347)(3)(1,251)(940)— (83)(2,624)
Loan origination fees received(4,156)(5)— — — — (4,161)
Principal repayments received(48,208)(12,592)(29,730)— — — (90,530)
Payment-in-kind interest / dividends2,125 942 — 2,573 — — 5,640 
Accretion of loan premium / discount85 — — — — — 85 
Accretion of deferred loan origination revenue2,257 248 143 — — — 2,648 
Realized gain (loss)(486)(8,517)(1,590)243 — — (10,350)
Unrealized appreciation (depreciation)7,011 11,245 (232)9,190 70 629 27,913 
Fair value, end of period$1,767,792 $140,472 $23,504 $429,043 $2,802 $6,379 $2,369,992 
Three Months Ended
March 31, 2024:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares		Equity WarrantsTotal
Fair value, beginning of period$1,593,797 $223,798 $42,972 $374,572 $2,392 $2,237,531 
New investments117,843 18,330 49 4,831 — 141,053 
Investment restructuring(22,249)— — — — (22,249)
Transfers into (out of) Level 3, net(2,596)— — (4,829)— (7,425)
Proceeds from sales of investments(187)— — — — (187)
Loan origination fees received(2,238)(281)— — — (2,519)
Principal repayments received(78,200)(11,091)(357)— — (89,648)
Payment-in-kind interest / dividends921 1,363 — 2,062 — 4,346 
Accretion of loan premium / discount134 27 — — — 161 
Accretion of deferred loan origination revenue2,266 133 — — — 2,399 
Realized gain (loss)(7,528)(5,107)(6)— — (12,641)
Unrealized appreciation (depreciation)(6,546)5,036 2,551 14,480 117 15,638 
Fair value, end of period$1,595,417 $232,208 $45,209 $391,116 $2,509 $2,266,459 
Schedule of PIK Interest and Dividend Income
PIK interest and dividend income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months EndedThree Months Ended
($ in thousands)March 31, 2025March 31, 2024
PIK interest income$4,318 $3,124 
PIK interest income as a % of investment income6.7 %4.5 %
PIK dividend income$3,149 $2,977 
PIK dividend income as % of investment income4.9 %4.3 %
Total PIK income$7,467 $6,101 
Total PIK income as a % of investment income11.6 %8.7 %
Schedule of Fee and Other Income
Fee and other income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months Ended
Three Months Ended
($ in thousands)March 31, 2025March 31, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees$1,764 $1,685 
Management, valuation and other fees566 445 
Royalty income155 — 
Total Recurring Fee and Other Income2,485 2,130 
Non-Recurring Fee and Other Income:
Prepayment fees140 1 
Acceleration of unamortized loan origination fees884 734 
Advisory, loan amendment and other fees64 609 
Total Non-Recurring Fee and Other Income1,088 1,344 
Total Fee and Other Income$3,573 $3,474