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INVESTMENTS (Tables)
 9 Months Ended
Sep. 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
September 30, 2025:
Senior debt and 1st lien notes
$1,813,919 70 %$1,785,626 70 %153 %
Subordinated debt and 2nd lien notes
209,181 8 201,371 8 17 
Structured products43,554 2 33,602 1 3 
Equity shares373,866 15 425,580 17 36 
Equity warrants76 — 1,068 — — 
Royalty rights1,318 — 1,581 — — 
Investment in joint ventures122,088 5 87,487 4 8 
$2,564,002 100 %$2,536,315 100 %217 %
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 %$2,449,272 100 %206 %
As of September 30, 2025 and December 31, 2024, the Jocassee investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2025:
Senior debt and 1st lien notes
$1,175,738 95 %$1,160,662 97 %
Subordinated debt and 2nd lien notes
10,526 1 10,405 1 
Equity shares874 — 337 — 
Investment in joint ventures36,268 3 11,886 1 
Short-term investments11,671 1 11,671 1 
$1,235,077 100 %$1,194,961 100 %
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 %$1,095,308 100 %
The industry composition of Jocassee’s investments at fair value at September 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands)September 30, 2025December 31, 2024
Aerospace & Defense$66,732 6 %$61,069 6 %
Automotive11,341 1 11,236 1 
Banking, Finance, Insurance, & Real Estate114,462 10 115,269 11 
Beverage, Food, & Tobacco32,437 3 28,657 3 
Capital Equipment39,637 3 13,376 1 
Chemicals, Plastics, & Rubber26,448 2 30,248 3 
Construction & Building24,080 2 21,805 2 
Consumer goods: Durable24,600 2 26,531 2 
Consumer goods: Non-durable23,429 2 21,629 2 
Containers, Packaging, & Glass32,719 3 28,616 3 
Energy: Electricity8,937 1 10,005 1 
Energy: Oil & Gas12,004 1 11,209 1 
Environmental Industries14,520 1 6,237 — 
Forest Products & Paper2,018 — 1,156 — 
Healthcare & Pharmaceuticals133,698 11 113,530 10 
High Tech Industries111,563 10 87,247 8 
Hotel, Gaming, & Leisure27,652 2 22,031 2 
Investment Funds & Vehicles11,886 1 20,427 2 
Media: Advertising, Printing, & Publishing10,142 1 10,420 1 
Media: Broadcasting & Subscription16,069 1 17,297 2 
Media: Diversified & Production48,282 4 41,913 4 
Metals & Mining4,661 — 4,028 — 
Retail9,726 1 12,361 1 
Services: Business212,533 18 213,492 20 
Services: Consumer63,644 5 58,080 5 
Telecommunications36,630 3 36,205 3 
Transportation: Cargo41,779 4 41,968 4 
Transportation: Consumer8,306 1 8,529 1 
Utilities: Electric12,231 1 10,454 1 
Utilities: Oil & Gas1,124 — — — 
Total$1,183,290 100 %$1,085,025 100 %
Schedule of Investment Portfolio
The geographic composition of Jocassee’s investments at fair value at September 30, 2025 and December 31, 2024, excluding short-term investments, was as follows:
($ in thousands)September 30, 2025December 31, 2024
Australia$23,903 2 %$23,187 2 %
Austria6,463 1 5,695 1 
Belgium20,614 2 20,741 2 
Canada373 — 590 — 
France107,376 10 124,810 12 
Germany48,368 4 35,691 3 
Hong Kong14,950 1 14,843 1 
Ireland13,607 1 7,302 1 
Luxembourg2,427 — 2,128 — 
Netherlands44,489 4 39,504 4 
Panama— — 1,470 — 
Singapore4,945 — 5,000 1 
Spain3,182 — 2,078 — 
Sweden— — 3,523 — 
Switzerland592 — 595 — 
United Kingdom122,695 10 111,097 10 
USA769,306 65 686,771 63 
Total$1,183,290 100 %$1,085,025 100 %
As of September 30, 2025 and December 31, 2024, Jocassee had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 30, 2025
As of
December 31, 2024
Total contributed capital by Barings BDC, Inc.$35,000 $35,000 
Total contributed capital by all members385,000 385,000 
Total unfunded commitments by Barings BDC, Inc.65,000 65,000 
Total unfunded commitments by all members215,000 215,000 
As of September 30, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2025:
Federal Housing Administration (“FHA”) loans $124,090 94 %$117,042 94 %
Veterans Affairs (“VA”) loans8,037 6 7,647 6 
$132,127 100 %$124,689 100 %
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 %$193,351 100 %
As of September 30, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 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 $162.1 million as of both September 30, 2025 and December 31, 2024.
As of September 30, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:
($ in thousands)
As of
September 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 $82.0 million of total contributed capital by related parties as of both September 30, 2025 and December 31, 2024.
As of September 30, 2025 and December 31, 2024, the Sierra JV investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio		Fair ValuePercentage of
Total
Portfolio
September 30, 2025:
Senior debt and 1st lien notes
$15,165 100 %$13,746 100 %
Equity shares— — 22 — 
$15,165 100 %$13,768 100 %
December 31, 2024:
Senior debt and 1st lien notes
$36,083 100 %$33,389 100 %
Equity shares— — 33 — 
$36,083 100 %$33,422 100 %
The industry composition of Sierra JV’s investments at fair value at September 30, 2025 and December 31, 2024 was as follows:
($ in thousands)September 30, 2025December 31, 2024
Automotive$— — %$2,746 8 %
Banking, Finance, Insurance, & Real Estate22 — 33 — 
Beverage, Food, & Tobacco— — 3,578 11 
Chemicals, Plastics, & Rubber— — 2,954 9 
Consumer goods: Durable— — 232 1 
Healthcare & Pharmaceuticals— — 3,821 11 
High Tech Industries9,402 68 9,363 28 
Services: Business4,344 32 4,411 13 
Transportation: Cargo— — 6,284 19 
Total$13,768 100 %$33,422 100 %
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of September 30, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.
September 30, 2025:
($ 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
$1,482,773 Yield AnalysisMarket Yield
6.6% – 27.0%
10.2%Decrease
73,057 Market ApproachAdjusted EBITDA Multiple
0.2x – 9.8x
5.6xIncrease
182,237 Recent TransactionTransaction Price
97.8% – 100.0%
98.9%Increase
Subordinated debt and 2nd lien notes
141,659 Yield AnalysisMarket Yield
7.0% – 21.5%
13.0%Decrease
47,513 Market ApproachAdjusted EBITDA Multiple
0.7x – 25.9x
11.9xIncrease
2,500 Recent TransactionTransaction Price100.0%100.0%Increase
Structured products(1)
2,064 Yield AnalysisMarket Yield
9.3% – 10.3%
9.8%Decrease
Equity shares(2)
44,191 Yield AnalysisMarket Yield
11.7% – 29.4%
16.9%Decrease
341,961 Market ApproachAdjusted EBITDA Multiple
0.2x – 27.5x
13.7xIncrease
784 Market ApproachRevenue Multiple
5.5x – 8.8x
5.9xIncrease
19,983 Discounted Cash Flow AnalysisDiscount Rate12.4%12.4%Decrease
5,492 Net Asset ApproachLiabilities
$(45,292.5) – $(117,088.0)
$(80,417.9)Decrease
44 Expected RecoveryExpected Recovery
$2.5 – $41.7
$39.5Increase
5,602 Recent TransactionTransaction Price
$0.00 – $100.00
$2.81Increase
Equity warrants1,065 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.3x
11.3xIncrease
3 Expected RecoveryExpected Recovery$3.0$3.0Increase
Royalty rights1,581 Yield AnalysisMarket Yield
28.0% – 30.0%
29.0%Decrease
(1)Excludes investments with an aggregate fair value amounting to $15,713, 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 $2,886, 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$19,250 Income ApproachDiscount Rate
5.4% - 6.4%
5.9%Decrease
Time Until Exit
(years)
1.5 - 4.5
3.0Decrease
The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 Sierra Credit Support Agreement as of September 30, 2025 and December 31, 2024. The average range of unobservable inputs is based on fair value of the Sierra Credit Support Agreement.
September 30, 2025:
($ in thousands)
Fair ValueValuation
Model		Level 3
Input		Range of
Inputs		 
Average		Impact to Valuation from an Increase in Input
Sierra Credit Support Agreement$52,800 Simulation AnalysisEnterprise Value
$0 - $399,400
$199,700Decrease
Asset Volatility
20.0% - 50.0%
35.0%Increase
Time Until Exit (years)
0.0 - 5.8
2.9Decrease
Discount Rate5.7%5.7%Decrease
Recovery Rate
5.0% - 80.0%
42.5%Decrease
December 31, 2024:
($ 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%Decrease
Schedule of Fair Value, Assets Measured on Recurring Basis
The following tables present the Company’s investment portfolio at fair value as of September 30, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
 
Fair Value as of September 30, 2025
($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
$— $47,559 $1,738,067 $1,785,626 
Subordinated debt and 2nd lien notes
— 9,699 191,672 201,371 
Structured products— 15,825 17,777 33,602 
Equity shares— 4,637 420,943 425,580 
Equity warrants— — 1,068 1,068 
Royalty rights— — 1,581 1,581 
Investments subject to leveling$— $77,720 $2,371,108 $2,448,828 
Investment in joint ventures (1)87,487 
$2,536,315 
Fair Value as of December 31, 2024
($ 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 
$2,449,272 
(1)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet.
(2)The Company’s investments in Jocassee, Sierra JV, Thompson Rivers, Waccamaw River and MVC Private Equity Fund LP are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Audited Consolidated Balance Sheet.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2025 and 2024:
Nine Months Ended
September 30, 2025:
($ 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 investments459,219 60,065 7,500 18,825 — — 545,609 
Investment restructuring424 (424)— — — — — 
Transfers into Level 3 (1)— 5,989 — — — — 5,989 
Transfers out of
Level 3 (1)		— (10,159)(3,310)(13,156)— — (26,625)
Proceeds from sales of investments / return of capital(154,807)— (1,998)(15,265)— (4,776)(176,846)
Loan origination fees received(7,929)(1,650)— — — — (9,579)
Principal repayments received(208,334)(20,684)(31,922)— — — (260,940)
Payment-in-kind interest / dividends6,831 3,824 — 8,885 — — 19,540 
Accretion of loan premium / discount248 — — — — — 248 
Accretion of deferred loan origination revenue7,200 615 143 — — — 7,958 
Realized gain (loss)(23,320)(9,384)(1,560)5,976 — 2,467 (25,821)
Unrealized appreciation (depreciation)33,034 9,777 260 7,203 (1,664)(1,943)46,667 
Fair value, end of period$1,738,067 $191,672 $17,777 $420,943 $1,068 $1,581 $2,371,108 
Nine Months Ended
September 30, 2024:
($ 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 investments291,822 28,741 48 7,440 — 3,871 331,922 
Investment restructuring(22,249)— — — — — (22,249)
Transfers into (out of) Level 3, net (1)(5,770)— — (6,269)— — (12,039)
Proceeds from sales of investments / return of capital(18,512)(4,975)— (4,238)— (81)(27,806)
Loan origination fees received(5,463)(296)— — — — (5,759)
Principal repayments received(271,403)(62,050)(1,483)— — — (334,936)
Payment-in-kind interest / dividends4,590 1,313 — 8,065 — — 13,968 
Accretion of loan premium / discount313 83 — — — — 396 
Accretion of deferred loan origination revenue7,391 651 — — — — 8,042 
Realized gain (loss)(19,528)(5,461)42 (1,486)— — (26,433)
Unrealized appreciation (depreciation)4,832 5,501 4,103 124 208 29 14,797 
Fair value, end of period$1,559,820 $187,305 $45,682 $378,208 $2,600 $3,819 $2,177,434 
(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For both the nine months ended September 30, 2025 and 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.
Schedule of PIK Interest and Dividend Income
PIK interest and dividend income for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months EndedThree Months EndedNine Months
Ended		Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
PIK interest income$5,199 $4,802 $14,025 $12,124 
PIK interest income as a % of investment income7.2 %6.8 %6.6 %5.6 %
PIK dividend income$3,525 $3,239 $10,132 $9,430 
PIK dividend income as % of investment income4.9 %4.6 %4.8 %4.4 %
Total PIK income$8,724 $8,041 $24,157 $21,554 
Total PIK income as a % of investment income12.0 %11.3 %11.4 %10.0 %
Schedule of Fee and Other Income
Fee and other income for the three and nine months ended September 30, 2025 and 2024 was as follows:
Three Months Ended
Three Months Ended
Nine Months
Ended
Nine Months
Ended
($ in thousands)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees$1,780 $1,743 $5,453 $5,191 
Management, valuation and other fees656 403 1,883 1,244 
Royalty income36 176 339 251 
Total Recurring Fee and Other Income2,472 2,322 7,675 6,686 
Non-Recurring Fee and Other Income:
Prepayment fees124 44 320 316 
Acceleration of unamortized loan origination fees969 855 2,509 2,880 
Advisory, loan amendment and other fees439 1,068 1,955 1,650 
Total Non-Recurring Fee and Other Income1,532 1,967 4,784 4,846 
Total Fee and Other Income$4,004 $4,289 $12,459 $11,532