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INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 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
June 30, 2025:
Senior debt and 1st lien notes
$1,875,449 71 %$1,851,109 71 %157 %
Subordinated debt and 2nd lien notes
197,950 8 192,468 7 16 
Structured products55,023 2 45,658 2 4 
Equity shares381,508 14 440,536 17 38 
Equity warrants76 — 1,087 — — 
Royalty rights1,341 — 1,542 — — 
Investment in joint ventures124,483 5 91,482 3 8 
$2,635,830 100 %$2,623,882 100 %223 %
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 %$2,449,272 100 %206 %
As of June 30, 2025 and December 31, 2024, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
June 30, 2025:
Senior debt and 1st lien notes
$1,101,609 95 %$1,090,810 97 %
Subordinated debt and 2nd lien notes
10,218 1 10,009 1 
Equity shares874 — 559 — 
Investment in joint ventures38,938 3 14,573 1 
Short-term investments14,138 1 14,138 1 
$1,165,777 100 %$1,130,089 100 %
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 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 %$1,095,308 100 %
The industry composition of Jocassee’s investments at fair value at June 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands)June 30, 2025December 31, 2024
Aerospace & Defense$55,159 5 %$61,069 6 %
Automotive10,770 1 11,236 1 
Banking, Finance, Insurance, & Real Estate112,211 10 115,269 11 
Beverage, Food, & Tobacco33,178 3 28,657 3 
Capital Equipment13,388 1 13,376 1 
Chemicals, Plastics, & Rubber27,236 2 30,248 3 
Construction & Building24,688 2 21,805 2 
Consumer goods: Durable22,791 2 26,531 2 
Consumer goods: Non-durable24,122 2 21,629 2 
Containers, Packaging, & Glass26,907 2 28,616 3 
Energy: Electricity9,056 1 10,005 1 
Energy: Oil & Gas12,620 1 11,209 1 
Environmental Industries14,603 1 6,237 — 
Forest Products & Paper2,031 — 1,156 — 
Healthcare & Pharmaceuticals118,844 11 113,530 10 
High Tech Industries112,171 10 87,247 8 
Hotel, Gaming, & Leisure21,530 2 22,031 2 
Investment Funds & Vehicles14,573 1 20,427 2 
Media: Advertising, Printing, & Publishing17,598 2 10,420 1 
Media: Broadcasting & Subscription16,105 2 17,297 2 
Media: Diversified & Production48,892 4 41,913 4 
Metals & Mining4,753 1 4,028 — 
Retail9,453 1 12,361 1 
Services: Business198,164 18 213,492 20 
Services: Consumer64,549 6 58,080 5 
Telecommunications37,863 3 36,205 3 
Transportation: Cargo41,553 4 41,968 4 
Transportation: Consumer9,288 1 8,529 1 
Utilities: Electric11,463 1 10,454 1 
Utilities: Oil & Gas392 — — — 
Total$1,115,951 100 %$1,085,025 100 %
Schedule of Investment Portfolio
The geographic composition of Jocassee’s investments at fair value at June 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands)June 30, 2025December 31, 2024
Australia$23,632 2 %$23,187 2 %
Austria6,456 1 5,695 1 
Belgium20,579 2 20,741 2 
Canada397 — 590 — 
France107,694 10 124,810 12 
Germany39,868 4 35,691 3 
Hong Kong14,906 1 14,843 1 
Ireland13,560 1 7,302 1 
Luxembourg2,397 — 2,128 — 
Netherlands44,668 4 39,504 4 
Panama— — 1,470 — 
Singapore4,938 — 5,000 1 
Spain— — 2,078 — 
Sweden— — 3,523 — 
Switzerland593 — 595 — 
United Kingdom118,800 11 111,097 10 
USA717,463 64 686,771 63 
Total$1,115,951 100 %$1,085,025 100 %
As of June 30, 2025 and December 31, 2024, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 2025
As of
December 31, 2024
Total contributed capital by Barings BDC, Inc.$35,000 $35,000 
Total contributed capital by all members385,000 385,000 
Total unfunded commitments by Barings BDC, Inc.65,000 65,000 
Total unfunded commitments by all members215,000 215,000 
As of June 30, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
June 30, 2025:
Federal Housing Administration (“FHA”) loans $139,967 90 %$131,667 90 %
Veterans Affairs (“VA”) loans15,923 10 14,934 10 
$155,890 100 %$146,601 100 %
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 %$193,351 100 %
As of June 30, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 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 $162.1 million as of both June 30, 2025 and December 31, 2024.
As of June 30, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
June 30, 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 $82.0 million of total contributed capital by related parties as of both June 30, 2025 and December 31, 2024.
As of June 30, 2025 and December 31, 2024, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
June 30, 2025:
Senior debt and 1st lien notes
$20,671 100 %$18,094 100 %
$20,671 100 %$18,094 100 %
December 31, 2024:
Senior debt and 1st lien notes
$36,083 100 %$33,389 100 %
Equity shares— — 33 — 
$36,083 100 %$33,422 100 %
The industry composition of Sierra JV’s investments at fair value at June 30, 2025 and December 31, 2024 was as follows:
($ in thousands)June 30, 2025December 31, 2024
Automotive$— — %$2,746 8 %
Banking, Finance, Insurance, & Real Estate— — 33 — 
Beverage, Food, & Tobacco— — 3,578 11 
Chemicals, Plastics, & Rubber— — 2,954 9 
Consumer goods: Durable172 1 232 1 
Healthcare & Pharmaceuticals— — 3,821 11 
High Tech Industries9,339 52 9,363 28 
Services: Business3,966 22 4,411 13 
Transportation: Cargo4,617 25 6,284 19 
Total$18,094 100 %$33,422 100 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of June 30, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.
June 30, 2025:
($ 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)
$1,498,836 Yield AnalysisMarket Yield
5.3% – 27.0%
10.5%Decrease
64,628 Market ApproachAdjusted EBITDA Multiple
0.5x – 10.5x
5.9xIncrease
228,094 Recent TransactionTransaction Price
96.0% – 100.0%
98.3%Increase
Subordinated debt and 2nd lien notes(2)
88,629 Yield AnalysisMarket Yield
8.0% – 21.1%
12.9%Decrease
49,804 Market ApproachAdjusted EBITDA Multiple
0.8x – 28.5x
12.0xIncrease
42,547 Recent TransactionTransaction Price
96.0% – 100.0%
96.5%Increase
Structured products(3)
2,207 Yield AnalysisMarket Yield
9.3% – 10.3%
9.8%Decrease
469 Expected RecoveryExpected Recovery$469.4$469.4Increase
Equity shares(4)
42,879 Yield AnalysisMarket Yield
11.3% – 28.3%
16.8%Decrease
365,080 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
16.8xIncrease
776 Market ApproachRevenue Multiple
5.5x – 9.0x
5.9xIncrease
19,807 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
4,808 Net Asset ApproachLiabilities$(115,370.3)$(115,370.3)Decrease
49 Expected RecoveryExpected Recovery
$2.5 – $47.0
$44.8Increase
3,454 Recent TransactionTransaction Price
$0.00 – $135.00
$5.02Increase
Equity warrants1,084 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.4x
11.4xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
Royalty rights1,542 Yield AnalysisMarket Yield
28.0% – 30.0%
29.0%Decrease
(1)Excludes investments with an aggregate fair value amounting to $3,694, 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 $3,636, 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 $16,578, 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 $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$19,250 Income ApproachDiscount Rate
5.4% - 6.4%
5.9%Decrease
Time Until Exit
(years)
1.5 - 4.5
3.0Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of June 30, 2025 and December 31, 2024. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
June 30, 2025:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$51,200 Simulation AnalysisEnterprise Value
$7 - $361,800
$180,904Decrease
Asset Volatility
20.0% - 50.0%
35.0%Increase
Time Until Exit (years)
0.0 - 6.1
3.1Decrease
Discount Rate6.0%6.0%Decrease
Recovery Rate
5.0% - 70.0%
37.5%Increase
December 31, 2024:
($ 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 June 30, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of June 30, 2025
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $55,857 $1,795,252 $1,851,109 
Subordinated debt and 2nd lien notes
— 7,852 184,616 192,468 
Structured products— 26,404 19,254 45,658 
Equity shares— 884 439,652 440,536 
Equity warrants— — 1,087 1,087 
Royalty rights— — 1,542 1,542 
Investments subject to leveling$— $90,997 $2,441,403 $2,532,400 
Investment in joint ventures (1)91,482 
$2,623,882 
Fair Value as of December 31, 2024
($ 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 
$2,449,272 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited and Audited Consolidated Balance Sheets.
(2)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited and Audited Consolidated Balance Sheets.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2025 and 2024:
Six Months Ended
June 30, 2025:
($ 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 investments331,359 46,395 7,500 17,158 — — 402,412 
Transfers into Level 3 (1)— 5,989 — — — — 5,989 
Transfers out of
Level 3 (1)		— (6,523)(3,310)(4,085)— — (13,918)
Proceeds from sales of investments / return of capital(61,189)(3)(1,933)(4,065)— (4,753)(71,943)
Loan origination fees received(6,628)(1,615)— — — — (8,243)
Principal repayments received(121,005)(16,935)(30,903)— — — (168,843)
Payment-in-kind interest / dividends4,148 2,267 — 7,029 — — 13,444 
Accretion of loan premium / discount159 — — — — — 159 
Accretion of deferred loan origination revenue4,626 444 143 — — — 5,213 
Realized gain (loss)(18,792)(9,417)(1,595)2,616 — 2,467 (24,721)
Unrealized appreciation (depreciation)37,073 10,311 688 12,524 (1,645)(2,005)56,946 
Fair value, end of period$1,795,252 $184,616 $19,254 $439,652 $1,087 $1,542 $2,441,403 
Six Months Ended
June 30, 2024:
($ 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$1,593,797 $223,798 $42,972 $374,572 $2,392 $— $2,237,531 
New investments176,984 26,325 48 5,524 — 3,871 212,752 
Investment restructuring(22,249)— — — — — (22,249)
Transfers into (out of) Level 3, net (1)(1,862)— — (130)— — (1,992)
Proceeds from sales of investments / return of capital(18,512)(4,975)— (1,040)— — (24,527)
Loan origination fees received(3,473)(296)— — — — (3,769)
Principal repayments received(191,286)(32,222)(357)— — — (223,865)
Payment-in-kind interest / dividends2,002 1,708 — 5,849 — — 9,559 
Accretion of loan premium / discount221 55 — — — — 276 
Accretion of deferred loan origination revenue4,969 487 — — — — 5,456 
Realized gain (loss)(7,040)(5,107)(6)(4,179)— — (16,332)
Unrealized appreciation (depreciation)(13,604)3,250 2,843 1,999 232 — (5,280)
Fair value, end of period$1,519,947 $213,023 $45,500 $382,595 $2,624 $3,871 $2,167,560 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For both the six months ended June 30, 2025 and 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
Schedule of PIK Interest and Dividend Income
PIK interest and dividend income for the three and six months ended June 30, 2025 and 2024 was as follows:
Three Months EndedThree Months EndedSix Months
Ended		Six Months
Ended
($ in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
PIK interest income$4,508 $4,198 $8,827 $7,323 
PIK interest income as a % of investment income6.1 %5.6 %6.4 %5.1 %
PIK dividend income$3,458 $3,031 $6,607 $6,008 
PIK dividend income as % of investment income4.6 %4.0 %4.8 %4.2 %
Total PIK income$7,966 $7,229 $15,434 $13,331 
Total PIK income as a % of investment income10.7 %9.7 %11.1 %9.2 %
Schedule of Fee and Other Income
Fee and other income for the three and six months ended June 30, 2025 and 2024 was as follows:
Three Months Ended
Three Months Ended
Six Months
Ended
Six Months
Ended
($ in thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees$1,909 $1,763 $3,673 $3,449 
Management, valuation and other fees660 396 1,226 840 
Royalty income148 75 303 75 
Total Recurring Fee and Other Income2,717 2,234 5,202 4,364 
Non-Recurring Fee and Other Income:
Prepayment fees55 271 196 272 
Acceleration of unamortized loan origination fees656 1,290 1,540 2,024 
Advisory, loan amendment and other fees1,452 (26)1,516 582 
Total Non-Recurring Fee and Other Income2,163 1,535 3,252 2,878 
Total Fee and Other Income$4,880 $3,769 $8,454 $7,242