Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

Form 10-Q

(Mark One)
ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021March 31, 2022
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number 814-01348 

Barings Capital Investment Corporation
(Exact name of registrant as specified in its charter)

Maryland 85-06454007
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
300 South Tryon Street, Suite 2500
Charlotte, North Carolina
 28202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (704) 805-7200
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A
Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ¨    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filer¨
Non-accelerated filerýSmaller reporting company¨
Emerging growth companyý
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
The number of shares outstanding of the registrant’s common stock on November 9, 2021May 5, 2022 was 17,053,136.26,939,328.



BARINGS CAPITAL INVESTMENT CORPORATION
TABLE OF CONTENTS
QUARTERLY REPORT ON FORM 10-Q
  Page
PART I – FINANCIAL INFORMATION
Item 1.
Unaudited Consolidated Balance Sheet as of September 30, 2021March 31, 2022 and Consolidated Balance Sheet as of December 31, 20202021
Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021March 31, 2022 and for the period from July 13, 2020 (commencement of operations) to September 30, 20202021
Unaudited Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2021March 31, 2022 and for the period from July 13, 2020 (commencement of operations) to September 30, 20202021
Unaudited Consolidated Statements of Cash Flows for theNine Three Months Ended September 30, 2021March 31, 2022 and for the period from July 13, 2020 (commencement of operations) to September 30, 20202021
March 31, 2022
Consolidated Schedule of Investments as of December 31, 20202021
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
Barings Capital Investment Corporation
Consolidated Balance Sheets
September 30, 2021December 31, 2020
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $538,537,704 and $177,837,323 as of September 30, 2021 and December 31, 2020, respectively)$545,529,331 $183,961,244 
Affiliate investments (cost of $98,556,895 as of September 30, 2021 and $0 as of December 31, 2020, respectively)98,796,639 — 
Short-term investments (cost of $65,000,000 and $31,100,605 as of September 30, 2021 and December 31, 2020, respectively)65,000,000 31,100,444 
Total investments at fair value709,325,970 215,061,688 
Cash10,892,604 1,928,403 
Foreign currencies (cost of $7,917,144 and $4,516,684 as of September 30, 2021 and December 31, 2020, respectively)7,801,178 4,577,775 
Interest and fees receivable8,882,740 1,955,371 
Prepaid expenses and other assets964,655 1,168,788 
Deferred financing fees3,770,325 913,375 
Receivable from unsettled transactions2,770,561 2,616,480 
Total assets$744,408,033 $228,221,880 
Liabilities:
Accounts payable and accrued liabilities$827,839 $331,717 
Interest payable329,323 32,527 
Administrative fees payable200,000 10,000 
Base management fees payable208,028 50,811 
Incentive management fees payable2,639,195 1,058,352 
Derivative liability850,066 1,150,208 
Payable from unsettled transactions— 1,603,129 
Borrowings under subscription and credit facilities397,579,405 116,593,920 
Total liabilities402,633,856 120,830,664 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (500,000,000 shares authorized, 15,365,946 and 4,976,474 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)15,366 4,976 
Additional paid-in capital327,253,935 99,655,070 
Total distributable earnings14,504,876 7,731,170 
Total net assets341,774,177 107,391,216 
Total liabilities and net assets$744,408,033 $228,221,880 
Net asset value per share$22.24 $21.58 
(in thousands, except share and per share data)
March 31, 2022December 31, 2021
(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $888,894 and $748,498 as of March 31, 2022 and December 31, 2021, respectively)$888,788 $754,861 
Affiliate investments (cost of $115,328 and $106,145 as of March 31, 2022 and December 31, 2021, respectively)128,377 110,281 
Total investments at fair value1,017,165 865,142 
Cash163,066 41,951 
Foreign currencies (cost of $8,536 and $3,072 as of March 31, 2022 and December 31, 2021, respectively)8,583 3,098 
Interest and fees receivable16,842 11,876 
Prepaid expenses and other assets1,081 640 
Deferred financing fees2,899 3,338 
Receivable from unsettled transactions156 40,994 
Total assets$1,209,792 $967,039 
Liabilities:
Accounts payable and accrued liabilities$980 $854 
Interest payable1,219 515 
Administrative fees payable335 200 
Base management fees payable355 285 
Incentive management fees payable4,383 3,570 
Derivative liability1,227 537 
Payable from unsettled transactions7,458 18,141 
Borrowings under credit facility484,366 458,109 
Notes payable (net of deferred financing fees)99,870 — 
Total liabilities600,193 482,211 
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (500,000,000 shares authorized, 26,939,328 and 21,614,872 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)27 22 
Additional paid-in capital584,338 465,631 
Total distributable earnings25,234 19,175 
Total net assets609,599 484,828 
Total liabilities and net assets$1,209,792 $967,039 
Net asset value per share$22.63 $22.43 
See accompanying notes.

3


Barings Capital Investment Corporation
Unaudited Consolidated Statements of Operations
Three Months EndedFor the period from July 13, 2020 (commencement of operations) toNine Months
 Ended
For the period from July 13, 2020 (commencement of operations) to
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$8,338,075 $804,162 $19,855,667 $804,162 
Affiliate investments39,228 — 39,228 — 
Short-term investments1,037 13,498 7,292 13,498 
Total interest income8,378,340 817,660 19,902,187 817,660 
Dividend income:
Non-Control / Non-Affiliate investments64,618 — 97,644 — 
Affiliate investments1,869,802 — 2,204,015 — 
Total dividend income1,934,420 — 2,301,659 — 
Fee and other income:
Non-Control / Non-Affiliate investments852,424 42,164 1,618,296 42,164 
Affiliate investments6,729 — 6,729 — 
Total fee and other income859,153 42,164 1,625,025 42,164 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments545,186 85,956 1,399,079 85,956 
Total payment-in-kind interest income545,186 85,956 1,399,079 85,956 
Total investment income11,717,099 945,780 25,227,950 945,780 
Operating expenses:
Interest and other financing fees2,414,874 37,685 5,158,858 37,685 
Base management fee (Note 2)208,028 32,077 434,239 32,077 
Incentive management fees (Note 2)1,147,944 22,212 2,966,638 22,212 
Offering costs749 68,325 136,291 68,325 
Professional fees262,205 215,356 763,841 215,356 
Directors fees75,000 45,000 180,000 45,000 
Custody and administrative fees104,516 55,146 278,684 55,146 
Other general and administrative expenses (Note 2)250,385 33,596 735,124 33,596 
Total operating expenses4,463,701 509,397 10,653,675 509,397 
Net investment income before taxes7,253,398 436,383 14,574,275 436,383 
Income taxes, including excise tax expense— — 7,665  
Net investment income after taxes7,253,398 436,383 14,566,610 436,383 
(in thousands, except share and per share data)
Three Months EndedThree Months Ended
March 31, 2022March 31, 2021
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$13,321 $4,442 
Affiliate investments58 — 
Short-term investments— 
Total interest income13,379 4,448 
Dividend income:
Non-Control / Non-Affiliate investments123 — 
Affiliate investments3,667 — 
Total dividend income3,790 — 
Fee and other income:
Non-Control / Non-Affiliate investments1,016 295 
Total fee and other income1,016 295 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments1,135 309 
Total payment-in-kind interest income1,135 309 
Total investment income19,320 5,052 
Operating expenses:
Interest and other financing fees3,751 1,023 
Base management fee (Note 2)355 88 
Incentive management fees (Note 2)2,323 874 
Offering costs— 67 
Professional fees216 288 
Directors fees75 45 
Custody and administrative fees193 79 
Other general and administrative expenses (Note 2)391 229 
Total operating expenses7,304 2,693 
Net investment income before taxes12,016 2,359 
Income taxes, including excise tax expense— 
Net investment income after taxes12,016 2,352 
4


Barings Capital Investment Corporation
Unaudited Consolidated Statements of Operations — (Continued)
Barings Capital Investment Corporation
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Barings Capital Investment Corporation
Unaudited Consolidated Statements of Operations — (Continued)
(in thousands, except share and per share data)
Three Months EndedFor the period from July 13, 2020 (commencement of operations) toNine Months
 Ended
For the period from July 13, 2020 (commencement of operations) toThree Months EndedThree Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020March 31, 2022March 31, 2021
Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions:Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions:Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions:
Net realized gains (losses):Net realized gains (losses):Net realized gains (losses):
Non-Control / Non-Affiliate investmentsNon-Control / Non-Affiliate investments(430,838)314,362 863,929 314,362 Non-Control / Non-Affiliate investments190 546 
Net realized gains (losses) on investments(430,838)314,362 863,929 314,362 
Affiliate investmentsAffiliate investments39 — 
Net realized gains on investmentsNet realized gains on investments229 546 
Foreign currency transactionsForeign currency transactions(1,400,805)(242,156)(1,228,494)(242,156)Foreign currency transactions2,688 (339)
Net realized gains (losses)(1,831,643)72,206 (364,565)72,206 
Net realized gainsNet realized gains2,917 207 
Net unrealized appreciation (depreciation):Net unrealized appreciation (depreciation):Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investmentsNon-Control / Non-Affiliate investments(2,167,251)1,621,321 767,948 1,621,321 Non-Control / Non-Affiliate investments(6,546)1,982 
Affiliate investmentsAffiliate investments549,265 — 239,743 — Affiliate investments8,912 (185)
Net unrealized appreciation (depreciation) on investments(1,617,986)1,621,321 1,007,691 1,621,321 
Net unrealized appreciation on investmentsNet unrealized appreciation on investments2,366 1,797 
Foreign currency transactionsForeign currency transactions4,231,842 101,319 5,549,064 101,319 Foreign currency transactions(35)1,754 
Net unrealized appreciationNet unrealized appreciation2,613,856 1,722,640 6,556,755 1,722,640 Net unrealized appreciation2,331 3,551 
Net realized gains and unrealized appreciation on investments and foreign currency transactions782,213 1,794,846 6,192,190 1,794,846 
Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactionsNet realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions5,248 3,758 
Loss on extinguishment of debtLoss on extinguishment of debt(181)— 
Net increase in net assets resulting from operationsNet increase in net assets resulting from operations$8,035,611 $2,231,229 $20,758,800 $2,231,229 Net increase in net assets resulting from operations$17,083 $6,110 
Net investment income per share—basic and dilutedNet investment income per share—basic and diluted$0.54 $0.11 $1.45 $0.11 Net investment income per share—basic and diluted$0.54 $0.34 
Net increase in net assets resulting from operations per share—basic and dilutedNet increase in net assets resulting from operations per share—basic and diluted$0.60 $0.55 $2.07 $0.55 Net increase in net assets resulting from operations per share—basic and diluted$0.77 $0.88 
Dividends/distributions per share:Dividends/distributions per share:Dividends/distributions per share:
Total dividends/distributionsTotal dividends/distributions$0.50 $— $1.33 $— Total dividends/distributions$0.51 $0.38 
Weighted average shares outstanding—basic and dilutedWeighted average shares outstanding—basic and diluted13,313,188 4,078,752 10,012,047 4,078,752 Weighted average shares outstanding—basic and diluted22,048,100 6,944,860 
See accompanying notes.

5


Barings Capital Investment Corporation
Unaudited Consolidated Statements of Changes in Net Assets
For the period from July 13, 2020
(commencement of operations) to September 30, 2020
Common StockAdditional
Paid-In
Capital
Total Distributable EarningsTotal
Net
Assets
Number
of Shares
Par
Value
Balance, July 13, 2020(1)— $— $— $(280,896)$(280,896)
Net investment income— — — 436,383 436,383 
Net realized gain on investments / foreign currency transactions— — — 72,206 72,206 
Net unrealized appreciation on investments / foreign currency transactions— — — 1,722,640 1,722,640 
Issuance of common stock4,976,474 4,976 99,995,024 — 100,000,000 
Balance, September 30, 20204,976,474 $4,976 $99,995,024 $1,950,333 $101,950,333 
 
(in thousands, except share amounts)
(1)The beginning balance of $(280,896) relates to organizational costs and professional fees incurred prior to commencement of operations.
Common StockAdditional
Paid-In
Capital
Total Distributable EarningsTotal
Net
Assets
Number
of Shares
Par
Value
Balance, December 31, 20204,976,474 $$99,655 $7,731 $107,391 
Net investment income— — — 2,352 2,352 
Net realized gain on investments / foreign currency transactions— — — 207 207 
Net unrealized appreciation on investments / foreign currency transactions— — — 3,551 3,551 
Distributions declared from earnings— — — (2,930)(2,930)
Issuance of common stock2,734,012 58,997 — 59,000 
Balance, March 31, 20217,710,486 $8 $158,652 $10,911 $169,571 
 
Three Months Ended September 30, 2021Common StockAdditional
Paid-In
Capital
Total Distributable EarningsTotal
Net
Assets
Number
of Shares
Par
Value
Balance, June 30, 202110,185,518 $10,186 $213,041,267 $12,994,079 $226,045,532 
Common StockAdditional
Paid-In
Capital
Total Distributable EarningsTotal
Net
Assets
Number
of Shares
Par
Value
Balance, December 31, 2021Balance, December 31, 202121,614,871 $22 $465,631 $19,175 $484,828 
Net investment incomeNet investment income— — — 7,253,398 7,253,398 Net investment income— — — 12,016 12,016 
Net realized loss on investments / foreign currency transactions— — — (1,831,643)(1,831,643)
Net realized gain on investments / foreign currency transactionsNet realized gain on investments / foreign currency transactions— — — 2,917 2,917 
Net unrealized appreciation on investments / foreign currency transactionsNet unrealized appreciation on investments / foreign currency transactions— — — 2,613,856 2,613,856 Net unrealized appreciation on investments / foreign currency transactions— — — 2,331 2,331 
Loss on extinguishment of debtLoss on extinguishment of debt— — — (181)(181)
Distributions declared from earnings and dividends reinvestedDistributions declared from earnings and dividends reinvested152,028 152 3,373,362 (6,524,814)(3,151,300)Distributions declared from earnings and dividends reinvested214,914 — 4,820 (11,024)(6,204)
Issuance of common stockIssuance of common stock5,028,400 5,028 110,839,306 — 110,844,334 Issuance of common stock5,109,543 113,887 — 113,892 
Balance, September 30, 202115,365,946 $15,366 $327,253,935 $14,504,876 $341,774,177 
Balance, March 31, 2022Balance, March 31, 202226,939,328 $27 $584,338 $25,234 $609,599 
See accompanying notes.



6


Barings Capital Investment Corporation
Unaudited Consolidated Statements of Changes in Net Assets — (Continued)
 
For the period from July 13, 2020
(commencement of operations) to September 30, 2020
Common StockAdditional
Paid-In
Capital
Total Distributable EarningsTotal
Net
Assets
Number
of Shares
Par
Value
Balance, July 13, 2020(1)— $— $— $(280,896)$(280,896)
Net investment income— — — 436,383 436,383 
Net realized gain on investments / foreign currency transactions— — — 72,206 72,206 
Net unrealized appreciation on investments / foreign currency transactions— — — 1,722,640 1,722,640 
Issuance of common stock4,976,474 4,976 99,995,024 — 100,000,000 
Balance, September 30, 20204,976,474 $4,976 $99,995,024 $1,950,333 $101,950,333 

(1)
The beginning balance of $(280,896) relates to organizational costs and professional fees incurred prior to commencement of operations.
Nine Months Ended September 30, 2021Common StockAdditional
Paid-In
Capital
Total Distributable EarningsTotal
Net
Assets
Number
of Shares
Par
Value
Balance, December 31, 20204,976,474 $4,976 $99,655,070 $7,731,170 $107,391,216 
Net investment income— — — 14,566,610 14,566,610 
Net realized gain on investments / foreign currency transactions— — — (364,565)(364,565)
Net unrealized appreciation on investments / foreign currency transactions— — — 6,556,755 6,556,755 
Distributions declared from earnings and dividends reinvested354,435 354 7,789,567 (13,985,094)(6,195,173)
Issuance of common stock10,035,037 10,036 219,809,298 — 219,819,334 
Balance, September 30, 202115,365,946 $15,366 $327,253,935 $14,504,876 $341,774,177 
See accompanying notes.
76


Barings Capital Investment Corporation
Unaudited Consolidated Statement of Cash Flows 
Nine Months EndedFor the period from July 13, 2020 (commencement of operations) to
September 30, 2021September 30, 2020
Cash flows from operating activities:
Net increase in net assets resulting from operations$20,758,800 $2,231,229 
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of portfolio investments(619,995,630)(95,974,340)
Repayments received / sales of portfolio investments151,221,196 8,916,129 
Purchases of short-term investments(187,907,259)(129,309,981)
Sales of short-term investments154,006,553 81,950,000 
Loan origination and other fees received12,315,267 827,455 
Net realized gain on investments(863,929)(314,362)
Net realized gain on foreign currency transactions1,228,494 242,156 
Net unrealized appreciation of investments(1,007,691)(1,621,321)
Net unrealized appreciation of foreign currency transactions(5,549,064)(101,319)
Payment-in-kind interest(1,399,079)(85,956)
Amortization of deferred financing fees824,580 15,321 
Amortization of offering costs136,292 68,325 
Accretion of loan origination and other fees(1,064,912)(4,319)
Amortization / accretion of purchased loan premium / discount(1,332,521)(142,818)
Changes in operating assets and liabilities:
Interest and fees receivables(8,396,931)(838,607)
Prepaid expenses and other assets1,354,468 (120,542)
Accounts payable and accrued liabilities970,991 (296,902)
Interest payable298,599 12,924 
Net cash used in operating activities(484,401,776)(134,546,928)
Cash flows from financing activities:
Borrowings under subscription and credit facilities356,878,147 38,533,452 
Repayments of credit facilities(70,231,398)— 
Financing fees paid(3,681,530)(1,120,000)
Issuance of common stock219,819,334 100,000,000 
Cash dividends / distributions paid(6,195,173)— 
Net cash provided by financing activities496,589,380 137,413,452 
Net increase in cash and foreign currencies12,187,604 2,866,524 
Cash and foreign currencies, beginning of period6,506,178 — 
Cash and foreign currencies, end of period$18,693,782 $2,866,524 
Supplemental disclosure of cash flow information:
Cash paid for interest$3,433,313 $— 
Summary of non-cash financing transactions:
Dividends/distributions paid through DRIP share issuances$7,789,921 $— 
(in thousands)
Three Months EndedThree Months Ended
March 31, 2022March 31, 2021
Cash flows from operating activities:
Net increase in net assets resulting from operations$17,083 $6,111 
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of portfolio investments(163,045)(144,775)
Repayments received / sales of portfolio investments42,857 19,404 
Purchases of short-term investments— (49,905)
Sales of short-term investments— 62,700 
Loan origination and other fees received2,693 3,227 
Net realized gain on investments(229)(546)
Net realized gain (loss) on foreign currency transactions(2,688)339 
Net unrealized appreciation of investments(2,366)(1,797)
Net unrealized appreciation (depreciation) of foreign currency transactions35 (1,754)
Payment-in-kind interest(1,135)(309)
Amortization of deferred financing fees260 253 
Amortization of offering costs— 67 
Loss on extinguishment of debt181 — 
Accretion of loan origination and other fees(710)(221)
Amortization / accretion of purchased loan premium / discount(258)(426)
Changes in operating assets and liabilities:
Interest and fees receivables(5,263)(1,214)
Prepaid expenses and other assets512 995 
Accounts payable and accrued liabilities830 187 
Interest payable704 61 
Net cash used in operating activities(110,539)(107,603)
Cash flows from financing activities:
Borrowings under subscription and credit facilities95,957 59,298 
Repayments of subscription facility(66,373)— 
Proceeds from notes100,000 — 
Financing fees paid(133)(612)
Issuance of common stock113,892 59,000 
Cash dividends / distributions paid(6,204)— 
Net cash provided by financing activities237,139 117,686 
Net increase in cash and foreign currencies126,600 10,083 
Cash and foreign currencies, beginning of period45,049 6,506 
Cash and foreign currencies, end of period$171,649 $16,589 
Supplemental disclosure of cash flow information:
Cash paid for interest$2,673 $602 
Summary of non-cash financing transactions:
Dividend declared but not paid$— $2,930 
Dividends/distributions paid through DRIP share issuances$4,820 $— 
See accompanying notes.
87

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments
September 30, 2021March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Non–Control / Non–Affiliate Investments:
1A Smart Start LLC (0.4%)*(6) (7) (10)
Technology DistributorsSecond Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 06/21, Due 05/28)$1,391,234 $1,371,075 $1,372,648 
1,391,234 1,371,075 1,372,648 
Acclime Holdings HK Limited (0.7%)*(3) (6) (7) (10)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27)2,470,323 2,330,280 2,327,044 
2,470,323 2,330,280 2,327,044 
ADB Safegate (1.5%)*(3) (7) (10)
Aerospace & DefenseSecond Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 10/25)5,500,000 5,069,046 5,180,340 
5,500,000 5,069,046 5,180,340 
Advantage Software Company (The), LLC (2.0%)*(6)
Advertising, Printing & Publishing
First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 01/21, Due 01/27)(7) (8)
6,323,129 6,172,579 6,310,482 
Class A Partnership Units (2,443.37 units, Acquired 01/21)244,337 252,449 
Class B Partnership Units (1,210.95 units, Acquired 01/21)7,847 443,087 
6,323,129 6,424,763 7,006,018 
Air Canada 2020-2 Class B Pass Through Trust (0.7%)*
AirlinesStructured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)2,278,387 2,278,387 2,548,857 
2,278,387 2,278,387 2,548,857 
Air Comm Corporation, LLC (1.7%)* (6) (7) (10)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27)5,931,081 5,738,948 5,731,378 
5,931,081 5,738,948 5,731,378 
AIT Worldwide Logistics Holdings, Inc. (1.5%)*(6)
Transportation Services
Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/28)(7) (10)
4,849,092 4,744,691 4,829,695 
Partnership Units (161.64 units, Acquired 04/21)161,636 236,182 
4,849,092 4,906,327 5,065,877 
Alpine US Bidco LLC (5.3%)*(6) (7) (11)
Agricultural ProductsSecond Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29)18,156,509 17,630,157 18,247,292 
18,156,509 17,630,157 18,247,292 
Anagram Holdings, LLC (1.9%)*(3)
Chemicals, Plastics, & RubberFirst Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25)5,758,085 5,365,367 6,506,636 
5,758,085 5,365,367 6,506,636 
Aptus 1829. GmbH (0.9%)*(3) (6)
Chemicals, Plastics, & Rubber
First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27)(7) (14)
3,112,292 3,091,487 3,034,485 
Preferred Equity Units (9 units, Acquired 09/21)78,595 78,583 
Committed Equity Units (32 units, Acquired 09/21)7,860 7,768 
3,112,292 3,177,942 3,120,836 
Apus Bidco Limited (0.8%)*(3) (6) (7) (13)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28)2,777,199 2,767,306 2,714,473 
2,777,199 2,767,306 2,714,473 
AQA Acquisition Holding, Inc. (f/k/a SmartBear) (6.0%)*(6) (7) (10)
High Tech IndustriesSecond Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29)21,000,000 20,491,059 20,541,108 
21,000,000 20,491,059 20,541,108 
Archimede (3.4%)*(3) (6) (7) (15)
Consumer ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)11,705,395 11,928,350 11,611,752 
11,705,395 11,928,350 11,611,752 
Argus Bidco Limited (0.2%)*(3) (6) (7)
High Tech Industries
First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(12)
516,053 494,207 516,053 
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(10)
119,048 115,650 119,048 
635,101 609,857 635,101 
Ascensus, Inc (2.2%)*(6) (7) (10)
Brokerage, Asset Managers & ExchangesSecond Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 05/21, Due 08/29)7,510,730 7,436,692 7,435,622 
7,510,730 7,436,692 7,435,622 
AVSC Holding Corp. (1.4%)*Advertising
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/20, Due 10/26)(7)(10)
249,417 230,035 229,730 
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)3,696,604 3,613,227 4,445,166 
3,946,021 3,843,262 4,674,896 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Non–Control / Non–Affiliate Investments:
Accelerant Holdings (0.4%)*(6)
Banking, Finance, Insurance & Real EstateClass A Convertible Preferred Equity (2,500 shares, Acquired 01/22)$2,500 $2,552 
2,500 2,552 
Acclime Holdings HK Limited (0.6%)*(3) (6) (7) (10)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27)$4,023 3,894 3,907 
4,023 3,894 3,907 
Acogroup (1.2%)*(3) (6) (7) (14)
Business ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 03/22, Due 10/26)7,488 7,215 7,301 
7,488 7,215 7,301 
ADB Safegate (0.8%)*(3) (7) (9)
Aerospace & DefenseSecond Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 10/25)5,500 5,113 5,118 
5,500 5,113 5,118 
Advantage Software Company (The), LLC (0.1%)*(6)
Advertising, Printing & PublishingClass A1 Partnership Units (3,012.94 units, Acquired 12/21)97 312 
Class A2 Partnership Units (777.09 units, Acquired 12/21)25 80 
Class B1 Partnership Units (3,012.94 units, Acquired 12/21)
Class B2 Partnership Units (777.09 units, Acquired 12/21)
126 395 
Air Canada 2020-2 Class B Pass Through Trust (0.4%)*
AirlinesStructured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)2,057 2,057 2,195 
2,057 2,057 2,195 
Air Comm Corporation, LLC (2.7%)* (6) (7) (9)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27)16,707 16,382 16,404 
16,707 16,382 16,404 
AIT Worldwide Logistics Holdings, Inc. (0.8%)*(6)
Transportation Services
Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/29)(7) (9)
4,849 4,750 4,744 
Partnership Units (161.64 units, Acquired 04/21)162 318 
4,849 4,912 5,062 
Alpine US Bidco LLC (2.9%)*(6) (7) (8)
Agricultural ProductsSecond Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29)18,156 17,654 17,612 
18,156 17,654 17,612 
Amtech LLC (0.2%)*(6) (7)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(8)
1,363 1,321 1,324 
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(9)
— (4)(4)
1,363 1,317 1,320 
Anagram Holdings, LLC (1.0%)*(3)
Chemicals, Plastics, & RubberFirst Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25)5,902 5,547 6,286 
5,902 5,547 6,286 
AnalytiChem Holding Gmbh (0.6%)* (3) (6) (7)
Chemicals
First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.3% Cash, Acquired 11/21, Due 12/28)(22)
968 919 947 
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 12/28)(14)
1,967 1,926 1,871 
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 12/28)(9)
614 614 601 
3,549 3,459 3,419 
Aptus 1829. GmbH (0.6%)*(3) (6)
Chemicals, Plastics, & Rubber
First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27)(7) (14)
3,477 3,578 3,404 
Preferred Stock (9 Units, Acquired 09/21)79 77 
Common Stock (32 Units, Acquired 09/21)
3,477 3,665 3,489 
8

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Apus Bidco Limited (0.4%)*(3) (6) (7) (20)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28)$2,712 $2,772 $2,663 
2,712 2,772 2,663 
AQA Acquisition Holding, Inc. (f/k/a SmartBear) (3.4%)*(6) (7) (9)
High Tech IndustriesSecond Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29)21,000 20,517 20,629 
21,000 20,517 20,629 
Aquavista Watersides 2 LTD (0.3%)*(3) (6) (7) (20)
Transportation ServicesFirst Lien Senior Secured Term Loan (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28)1,757 1,708 1,694 
Revolver (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/22)— (1)(1)
Second Lien Senior Secured Term Loan (SONIA + 10.5% PIK, Acquired 12/21, Due 12/28)439 433 430 
2,196 2,140 2,123 
Archimede (1.8%)*(3) (6) (7) (14)
Consumer ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)11,238 11,947 11,047 
11,238 11,947 11,047 
Argus Bidco Limited (0.1%)*(3) (6) (7)
High Tech Industries
First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(19)
504 495 502 
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(9)
119 116 119 
623 611 621 
Ascensus, Inc (1.2%)*(6) (7) (9)
Brokerage, Asset Managers & ExchangesSecond Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 05/21, Due 08/29)7,511 7,440 7,436 
7,511 7,440 7,436 
Astra Bidco Limited (0.3%)*(3) (6) (7) (19)
HealthcareFirst Lien Senior Secured Term Loan (SONIA + 5.75%, 5.8% Cash, Acquired 11/21, Due 11/28)1,683 1,641 1,620 
1,683 1,641 1,620 
Avance Clinical Bidco Pty Ltd (0.3%)*(3) (6) (7) (22)
HealthcareFirst Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 11/21, Due 11/27)1,995 1,810 1,914 
1,995 1,810 1,914 
AVSC Holding Corp. (0.8%)*Advertising
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/20, Due 10/26)(7) (9)
249 232 237 
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)3,886 3,810 4,482 
4,135 4,042 4,719 
Azalea Buyer, Inc. (0.6%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(7) (9)
3,070 3,000 3,005 
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(7) (9)
— (6)(6)
Subordinated Term Loan (12.0% PIK, Acquired 11/21, Due 05/28)840 824 825 
Common Stock (128,205.13 Shares, Acquired 11/21)128 128 
3,910 3,946 3,952 
Bariacum S.A. (0.3%)*(3) (6) (7) (14)
Consumer ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28)1,891 1,861 1,830 
1,891 1,861 1,830 
Beyond Risk Management, Inc.
(0.4%)*(6) (7) (9)
Other FinancialFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/21, Due 10/27)2,426 2,345 2,343 
2,426 2,345 2,343 
Bidwax (0.4%)*(3) (6) (7) (14)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28)2,336 2,420 2,281 
2,336 2,420 2,281 
BigHand UK Bidco Limited (0.2%)*(3) (6) (7) (19)
High Tech IndustriesFirst Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 01/21, Due 01/28)1,059 1,039 1,027 
1,059 1,039 1,027 
9

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Bidwax (0.5%)*(3) (6) (7) (14)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28)$1,854,320 $1,852,544 $1,813,989 
1,854,320 1,852,544 1,813,989 
BigHand UK Bidco Limited (0.1%)*(3) (6) (7) (13)
High Tech IndustriesFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 01/21, Due 01/28)218,599 212,035 212,250 
218,599 212,035 212,250 
Blue Ribbon, LLC (3.7%)*(7) (10)
BrewersFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 05/21, Due 05/28)12,880,435 12,572,251 12,622,826 
12,880,435 12,572,251 12,622,826 
Bounteous, Inc. (1.8%)*(6) (7) (10)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)6,255,186 6,122,244 6,118,935 
6,255,186 6,122,244 6,118,935 
Brightline Trains Florida LLC (0.6%)*(6)
TransportationSenior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28)2,000,000 2,000,000 1,976,450 
2,000,000 2,000,000 1,976,450 
British Airways 2020-1 Class B Pass Through Trust (0.3%)*AirlinesStructured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28)836,486 836,486 979,265 
836,486 836,486 979,265 
British Engineering Services Holdco Limited (0.7%)*(3) (6) (7) (13)
Engineering ServicesFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.0% Cash, Acquired 12/20, Due 12/27)2,429,821 2,364,408 2,400,042 
2,429,821 2,364,408 2,400,042 
Canadian Orthodontic Partners Corp.(1.3%)*(3) (6) (7) (18)
HealthcareFirst Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)4,327,021 4,487,545 4,284,306 
4,327,021 4,487,545 4,284,306 
Carlson Travel, Inc. (1.7%)*Business Equipment & ServicesFirst Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25)2,000,000 1,575,000 1,780,000 
Super Senior Senior Secured Term Loan (10.5% Cash, Acquired 11/20, Due 03/25)3,711,738 3,663,886 3,897,325 
Common Stock (1,231 units, Acquired 11/20)(6)
55,395 1,231 
5,711,738 5,294,281 5,678,556 
Cineworld Group PLC
(2.1%)*(3)
Leisure Products
First Lien Senior Secured Term Loan (LIBOR + 2.5%, 3.5% Cash, 2.5% PIK, Acquired 10/20, Due 02/25)(7) (11)
6,067,349 4,179,342 4,986,997 
Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)1,173,041 1,035,289 1,446,266 
Super Senior Secured Term Loan (8.25% Cash, 9.3% Cash, Acquired 07/21, Due 05/24)666,118 642,277 711,081 
Warrants (371,024 units, Acquired 12/20)68,122 184,099 
7,906,508 5,925,030 7,328,443 
Coyo Uprising GmbH (3.0%)*(3) (6)
Technology
First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/28)(7) (14)
9,871,654 9,696,524 9,583,731 
Class A Units (531 units, Acquired 09/21)247,800 244,426 
Class B Units (231 units, Acquired 09/21)538,100 531,407 
9,871,654 10,482,424 10,359,564 
Crash Champions (1.7%)*(6) (7) (10)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25)6,032,860 5,893,726 5,882,860 
6,032,860 5,893,726 5,882,860 
CSL DualCom (0.3%)*(3) (6) (7) (13)
Tele-communicationsFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27)1,208,362 1,078,928 1,159,866 
1,208,362 1,078,928 1,159,866 
Cvent, Inc. (0.6%)*(7) (8)
Internet Software & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.8% Cash, Acquired 07/20, Due 11/24)1,956,209 1,735,901 1,947,348 
1,956,209 1,735,901 1,947,348 
CW Group Holdings, LLC (2.5%)*(6)
High Tech Industries
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(7) (10)
8,069,468 7,904,837 8,069,468 
LLC Units (403,441.04 units, Acquired 01/21)403,441 357,045 
8,069,468 8,308,278 8,426,513 
Discovery Education, Inc. (1.2%)*(6) (7) (10)
PublishingFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)3,961,294 3,901,122 3,961,294 
3,961,294 3,901,122 3,961,294 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Blue Ribbon, LLC (2.1%)*(7) (9)
BrewersFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 05/21, Due 05/28)$12,799 $12,511 $12,530 
12,799 12,511 12,530 
Bounteous, Inc. (1.0%)*(6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)6,083 5,924 5,933 
6,083 5,924 5,933 
Brightline Trains Florida LLC (0.3%)*(6)
TransportationSenior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28)2,000 2,000 1,930 
2,000 2,000 1,930 
Brightpay Limited (0.3%)*(3) (6) (7) (14)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)1,854 1,872 1,812 
1,854 1,872 1,812 
BrightSign LLC (1.2%)*(6)
Media & Entertainment
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27)(7) (9)
6,879 6,815 6,762 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27)(7) (9)
— (7)(12)
LLC units (596,181.48 Units, Acquired 10/21)596 596 
6,879 7,404 7,346 
British Airways 2020-1 Class B Pass Through Trust (0.1%)*AirlinesStructured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28)783 783 862 
783 783 862 
British Engineering Services Holdco Limited (0.4%)*(3) (6) (7) (20)
Commercial Services & SuppliesFirst Lien Senior Secured Term Loan (SONIA + 7.03%, 7.0% Cash, Acquired 12/20, Due 12/27)2,373 2,369 2,309 
2,373 2,369 2,309 
CAi Software, LLC (1.1%)*(6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)6,793 6,661 6,670 
Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)— (14)(13)
6,793 6,647 6,657 
Canadian Orthodontic Partners Corp.(0.3%)*(3) (6) (7) (23)
HealthcareFirst Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)1,635 1,667 1,600 
1,635 1,667 1,600 
Carlson Travel, Inc. (0.8%)*Business Equipment & ServicesFirst Lien Senior Secured Note (8.5% Cash, Acquired 11/21, Due 11/26)2,898 2,666 2,855 
Common Stock (62,770 Shares, Acquired 11/21)1,104 1,858 
2,898 3,770 4,713 
Ceres Pharma NV (0.3%)*(3) (6) (7) (15)
PharmaceuticalsFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 10/21, Due 10/28)2,066 2,063 1,988 
2,066 2,063 1,988 
CGI Parent, LLC (3.0%)*(6)
Business Equipment & Services
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28)(7) (9)
17,796 17,446 17,440 
Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28)(7) (9)
441 408 408 
Preferred Stock (551 Shares, Acquired 02/22)551 551 
18,237 18,405 18,399 
Cineworld Group PLC (0.4%)*(3)
Leisure ProductsSuper Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)1,223 1,099 1,443 
Super Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 07/21, Due 02/25)(7) (10)
666 646 708 
Warrants (371,024 Units, Acquired 12/20)68 56 
1,889 1,813 2,207 
Coastal Marina Holdings, LLC (1.5%)*(6)
Other FinancialSubordinated Term Loan (10.0% PIK, Acquired 11/21, Due 11/31)2,450 2,236 2,224 
Subordinated Term Loan (8.0% Cash, Acquired 11/21, Due 11/31)6,522 5,937 5,915 
LLC Units (273,796 Units, Acquired 11/21)821 1,088 
8,972 8,994 9,227 
10

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Dragon Bidco (0.9%)*(3) (6) (7) (15)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28)$3,129,165 $3,170,474 $3,062,019 
3,129,165 3,170,474 3,062,019 
Dune Group (0.9%)*(3) (6) (7)
Health Care Equipment
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(10)
3,177,252 3,121,668 3,121,650 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(14)
— (32,311)(31,871)
3,177,252 3,089,357 3,089,779 
Dwyer Instruments, Inc. (2.1%)*(6) (7) (10)
ElectricFirst Lien Senior Secured Term Loan (LIBOR + 5.50%, 6.3% Cash, Acquired 07/21, Due 07/27)7,219,519 7,059,368 7,053,251 
7,219,519 7,059,368 7,053,251 
Ellkay, LLC (1.1%)*(6) (7) (10)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27)3,771,263 3,696,066 3,695,838 
3,771,263 3,696,066 3,695,838 
Entact Environmental Services, Inc. (1.2%)*(6) (7) (10)
Environmental IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25)4,053,762 4,017,872 4,025,386 
4,053,762 4,017,872 4,025,386 
EPS NASS Parent, Inc. (1.7%)*(6) (7) (10)
Electrical Components & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28)6,072,990 5,946,304 5,959,298 
6,072,990 5,946,304 5,959,298 
Ferrellgas L.P. (0.9%)*(3) (6)
Oil & Gas Equipment & ServicesOpCo Preferred Units (2,886 units, Acquired 3/21)2,799,420 2,972,580 
2,799,420 2,972,580 
Fineline Technologies, Inc. (0.5%)*(6) (7) (10)
Consumer ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/27)1,749,000 1,717,246 1,749,000 
1,749,000 1,717,246 1,749,000 
FitzMark Buyer, LLC (0.7%)*(6) (7) (10)
Cargo & TransportationFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.5% Cash, Acquired 12/20, Due 12/26)2,484,926 2,440,866 2,479,957 
2,484,926 2,440,866 2,479,957 
Foundation Risk Partners, Corp. (1.1%)*(6) (7) (10)
Financial ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23)3,308,318 3,256,707 3,308,318 
Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 09/20, Due 11/24)555,556 520,246 555,556 
3,863,874 3,776,953 3,863,874 
FragilePak LLC (2.8%)*(6)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(7) (10)
8,871,177 8,523,007 8,546,301 
Partnership Units (889.3 units, Acquired 05/21)889,341 878,331 
8,871,177 9,412,348 9,424,632 
FSS Buyer LLC (4.9%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(7) (10)
16,893,491 16,559,011 16,555,621 
LP Interest (1,973.6 units, Acquired 08/21)19,736 19,736 
LP Units (8,677.3 units, Acquired 08/21)86,773 86,773 
16,893,491 16,665,520 16,662,130 
Halo Technology Bidco, Inc. (2.2%)*(6) (7) (10)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/27)7,481,250 7,372,937 7,378,383 
7,481,250 7,372,937 7,378,383 
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (1.1%)*
AirlinesStructured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)3,156,618 3,156,618 3,610,726 
3,156,618 3,156,618 3,610,726 
Hoffmaster Group Inc. (0.7%)*(7) (10)
PackagingFirst Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 07/20, Due 11/23)2,520,710 2,236,017 2,423,033 
2,520,710 2,236,017 2,423,033 
Home Care Assistance, LLC (1.2%)*(6) (7) (10)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/21, Due 03/27)4,341,456 4,257,193 4,265,661 
4,341,456 4,257,193 4,265,661 
Houghton Mifflin Harcourt Publishers Inc. (0.0%)*(7) (8)
Paper ProductsFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/20, Due 11/24)157,041 148,522 156,796 
157,041 148,522 156,796 
IGL Holdings III Corp. (0.9%)*(6) (7) (10)
Commercial PrintingFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)2,991,754 2,921,102 2,911,750 
2,991,754 2,921,102 2,911,750 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Cobham Slip Rings SAS (0.3%)*(3) (6) (7) (9)
Diversified ManufacturingFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 11/21, Due 11/28)$1,995 $1,948 $1,952 
1,995 1,948 1,952 
Core Scientific, Inc. (1.5%)*(3) (6)
TechnologyFirst Lien Senior Secured Term Loan (9.8% Cash, Acquired 03/22, Due 03/25)9,003 9,093 9,003 
9,003 9,093 9,003 
Coyo Uprising GmbH (1.7%)*(3) (6)
Technology
First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, 3.5% PIK, Acquired 09/21, Due 09/28)(7) (14)
9,561 9,798 9,320 
Class A Units (531 Units, Acquired 09/21)248 240 
Class B Units (231 Units, Acquired 09/21)538 632 
9,561 10,584 10,192 
Crash Champions (2.3%)*(6) (7) (9)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25)14,750 14,424 14,150 
14,750 14,424 14,150 
CSL DualCom (0.2%)*(3) (6) (7) (12)
Tele-communicationsFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27)1,180 1,084 1,145 
1,180 1,084 1,145 
Cvent, Inc. (0.1%)*(7) (8)
Internet Software & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.8% Cash, Acquired 07/20, Due 11/24)679 608 670 
679 608 670 
CVL 3 (1.6%)*(3) (6) (7)
Capital Equipment
First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(14)
5,786 5,729 5,655 
First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(17)
3,382 3,300 3,305 
6-Month Bridge Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/22)(14)
779 787 771 
9,947 9,816 9,731 
CW Group Holdings, LLC (1.3%)*(6)
High Tech Industries
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(7) (9)
8,022 7,871 7,589 
LLC Units (403,441.04 Units, Acquired 01/21)403 249 
8,022 8,274 7,838 
DecksDirect, LLC (0.2%)*(6)
Building Materials
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(7) (8)
727 713 714 
Revolver (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(7) (9)
160 156 156 
LLC Units (1,280.8 Units, Acquired 12/21)55 55 
887 924 925 
Discovery Education, Inc. (0.6%)*(6) (7) (9)
PublishingFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)3,941 3,887 3,941 
3,941 3,887 3,941 
Dragon Bidco (1.1%)*(3) (6) (7) (15)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28)6,898 6,887 6,726 
6,898 6,887 6,726 
Dune Group (0.5%)*(3) (6) (7)
Health Care Equipment
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.0% Cash, Acquired 09/21, Due 09/28)(9)
3,177 3,125 3,131 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(14)
202 174 177 
3,379 3,299 3,308 
Dwyer Instruments, Inc. (0.8%)*(6) (7) (9)
ElectricFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 07/21, Due 07/27)5,206 5,098 5,110 
5,206 5,098 5,110 
Echo Global Logistics, Inc. (1.8%)*(6)
Air Transportation
Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 7.8% Cash, Acquired 11/21, Due 11/29)(7) (8)
10,605 10,425 10,441 
Partnership Units (289.22 units, Acquired 11/21)289 289 
10,605 10,714 10,730 
11

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
IM Square (2.8%)*(3) (6) (7) (14)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 05/28)$9,735,180 $9,819,652 $9,515,301 
9,735,180 9,819,652 9,515,301 
IMIA Holdings, Inc. (4.9%)*(6) (7) (10)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/27)16,915,000 16,598,705 16,813,510 
16,915,000 16,598,705 16,813,510 
Infoblox, Inc. (0.8%)*(7) (11)
TechnologySecond Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 09/20, Due 11/28)2,842,720 2,829,623 2,862,846 
2,842,720 2,829,623 2,862,846 
Innovad Group II BV (1.2%)*(3) (6) (7) (14)
Beverage, Food & TobaccoFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28)4,213,024 4,172,894 4,099,655 
4,213,024 4,172,894 4,099,655 
INOS 19-090 GmbH (0.3%)*(3) (6) (7) (14)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27)890,050 904,266 886,480 
890,050 904,266 886,480 
JetBlue 2019-1 Class B Pass Through Trust (0.6%)*
AirlinesStructured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)1,777,355 1,777,355 2,079,709 
1,777,355 1,777,355 2,079,709 
JF Acquisition, LLC (1.0%)*(6) (7) (10)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24)3,650,868 3,549,171 3,587,722 
3,650,868 3,549,171 3,587,722 
Kano Laboratories LLC (1.0%)*(6)
Chemicals, Plastics & Rubber
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26)(7) (10)
3,393,911 3,307,567 3,393,911 
Partnership Equity (78.7 units, Acquired 11/20)78,690 89,187 
3,393,911 3,386,257 3,483,098 
Kona Buyer, LLC (1.7%)*(6) (7) (10)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27)5,808,914 5,680,494 5,808,914 
5,808,914 5,680,494 5,808,914 
LAF International (0.1%)*(3) (6) (7) (15)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)347,685 355,922 339,947 
347,685 355,922 339,947 
Learfield Communications, LLC (1.6%)*Broadcasting
First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(7)(8)
67,867 47,846 65,034 
First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(10)
5,538,571 5,502,908 5,559,341 
5,606,438 5,550,754 5,624,375 
LivTech Purchaser, Inc. (1.0%)*(6) (7) (10)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/21, Due 12/25)3,533,189 3,491,467 3,485,081 
3,533,189 3,491,467 3,485,081 
MC Group Ventures Corporation (1.2%)*(6)
Business Services
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27)(7) (10)
3,899,847 3,802,320 3,804,639 
Partnership Equity Units (373.33 Units, Acquired 06/21)373,331 373,330 
3,899,847 4,175,651 4,177,969 
MNS Buyer, Inc. (0.3%)*(6)
Construction & Building
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27)(7) (8)
923,077 904,955 904,615 
Partnership Units (76.92 Units, Acquired 08/21)76,923 76,920 
923,077 981,878 981,535 
Modern Star Holdings Bidco Pty Limited (0.2%)*(3) (6) (7) (16)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26)753,640 742,018 753,640 
753,640 742,018 753,640 
MSG National Properties (1.5%)*(3) (6) (7) (10)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25)4,962,500 4,835,648 5,074,156 
4,962,500 4,835,648 5,074,156 
Murphy Midco Limited (0.2%)*(3) (6) (7) (12)
Media, Diversified & ProductionFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 11/20, Due 11/27)849,419 783,837 821,736 
849,419 783,837 821,736 
Music Reports, Inc. (0.7%)*(6) (7) (8)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 08/20, Due 08/26)2,262,509 2,214,601 2,262,509 
2,262,509 2,214,601 2,262,509 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Ellkay, LLC (0.6%)*(6) (7) (9)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27)$3,752 $3,683 $3,691 
3,752 3,683 3,691 
EMI Porta Holdco LLC (1.5%)*(6) (7) (9)
Diversified ManufacturingFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)8,924 8,662 8,679 
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)259 235 237 
9,183 8,897 8,916 
Entact Environmental Services, Inc. (0.6%)*(6) (7) (9)
Environmental IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25)4,033 4,001 3,937 
4,033 4,001 3,937 
EPS NASS Parent, Inc. (0.7%)*(6) (7) (9)
Electrical Components & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28)4,229 4,146 4,165 
4,229 4,146 4,165 
eShipping, LLC (1.4%)*(6) (7)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(8)
8,255 8,063 8,079 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(9)
500 479 481 
8,755 8,542 8,560 
Events Software BidCo Pty Ltd (0.3%)*(3) (6) (7) (22)
TechnologyFirst Lien Senior Secured Term Loan (BBSY + 5.50%, 5.5% Cash, Acquired 03/22, Due 03/28)1,924 1,850 1,852 
1,924 1,850 1,852 
Ferrellgas L.P. (0.5%)*(3) (6)
Oil & Gas Equipment & ServicesOpCo Preferred Units (2,886 Units, Acquired 3/21)2,799 3,030 
2,799 3,030 
Fineline Technologies, Inc. (0.3%)*(6) (7) (9)
Consumer ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28)1,740 1,711 1,740 
1,740 1,711 1,740 
Finexvet (0.2%)*(3) (6) (7) (14)
Consumer CyclicalFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 03/22, Due 03/29)1,536 1,472 1,467 
1,536 1,472 1,467 
FinThrive Software Intermediate Holdings Inc. (0.6%)*Business Equipment & ServicesPreferred Stock (3,188.51 shares, Acquired 03/22)3,518 3,518 
3,518 3,518 
FitzMark Buyer, LLC (0.4%)*(6) (7) (9)
Cargo & TransportationFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/20, Due 12/26)2,479 2,438 2,429 
2,479 2,438 2,429 
Flexential Issuer, LLC (1.5%)*Information TechnologyStructured Secured Note - Class C (6.9% Cash, Acquired 11/21, Due 11/51)10,000 9,264 9,400 
10,000 9,264 9,400 
FragilePak LLC (1.3%)*(6)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(7) (9)
7,520 7,247 6,899 
Partnership Units (889.3 Units, Acquired 05/21)889 767 
7,520 8,136 7,666 
Front Line Power Construction LLC (0.1%)*Construction Machinery
First Lien Senior Secured Term Loan (LIBOR + 12.5%, 13.5% Cash, Acquired 11/21, 11/28)(6) (7) (9)
700 678 679 
Common Stock (8,898 shares, Acquired 11/21)23 16 
700 701 695 
FSS Buyer LLC (2.4%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(7) (9)
14,814 14,538 14,575 
LP Interest (1,973.6 Units, Acquired 08/21)20 20 
LP Units (8,677.3 Units, Acquired 08/21)87 87 
14,814 14,645 14,682 
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (0.5%)AirlinesStructured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)2,792 2,792 3,043 
2,792 2,792 3,043 
12

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Navia Benefit Solutions, Inc. (2.3%)* (6) (7) (10)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27)$8,215,526 $8,001,496 $8,026,340 
8,215,526 8,001,496 8,026,340 
Odeon Cinemas Group Limited (2.4%)*(3) (6)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23)7,991,501 8,077,784 8,151,331 
7,991,501 8,077,784 8,151,331 
OG III B.V. (3.2%)*(3) (6) (7) (14)
Containers & Glass ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)11,355,540 11,507,036 11,045,943 
11,355,540 11,507,036 11,045,943 
Omni Intermediate Holdings, LLC (1.5%)*(6) (7) (8)
TransportationFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)5,022,672 4,907,460 5,022,672 
5,022,672 4,907,460 5,022,672 
Oracle Vision Bidco Limited (0.4%)*(3) (6) (7) (19)
HealthcareFirst Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28)1,430,621 1,454,685 1,393,664 
1,430,621 1,454,685 1,393,664 
Origin Bidco Limited (0.3%)*(3) (6) (7)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(10)
597,094 581,267 582,346 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(14)
384,446 393,491 374,950 
981,540 974,758 957,296 
Pacific Health Supplies Bidco Pty Limited (0.2%)*(3) (6) (7) (17)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25)841,383 836,381 824,829 
841,383 836,381 824,829 
PDQ.Com Corporation (4.1%)*(6)
Business Equipment & Services
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/21, Due 08/28)(7) (10)
14,083,601 13,824,948 13,821,946 
Class A-2 Partnership Units (78.95 units, Acquired 08/21)78,947 78,950 
14,083,601 13,903,895 13,900,896 
PerTronix, LLC (0.8%)*(6) (7) (10)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26)2,570,426 2,536,867 2,570,426 
2,570,426 2,536,867 2,570,426 
Premium Franchise Brands, LLC (4.3%)*(6) (7) (10)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26)14,987,500 14,700,410 14,687,750 
14,987,500 14,700,410 14,687,750 
Premium Invest (3.0%)*(3) (6) (7) (14)
Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28)10,430,550 10,582,410 10,107,756 
10,430,550 10,582,410 10,107,756 
Preqin MC Limited (0.9%)*(3) (6) (7) (20)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28)3,147,172 3,054,456 3,052,757 
3,147,172 3,054,456 3,052,757 
Protego Bidco B.V. (0.3%)*(3) (6) (7) (14)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27)786,251 799,493 786,251 
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)377,128 372,162 362,207 
1,163,379 1,171,655 1,148,458 
QPE7 SPV1 BidCo Pty Ltd (0.7%)*(3) (6) (7) (17)
Consumer CyclicalFirst Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26)2,595,656 2,516,103 2,549,850 
2,595,656 2,516,103 2,549,850 
Questel Unite (0.8%)*(3) (6) (7)
Business Services
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/20, Due 12/27)(14)
2,500,080 2,437,109 2,390,360 
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27)(10)
367,305 362,301 365,836 
2,867,385 2,799,410 2,756,196 
Recovery Point Systems, Inc. (1.5%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 07/26)(7) (10)
5,071,510 4,985,982 5,071,510 
Partnership Equity (81,313 units, Acquired 03/21)81,313 69,523 
5,071,510 5,067,295 5,141,033 
REP SEKO MERGER SUB LLC
(4.1%)*(6) (7) (10)
Air Freight & LogisticsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)14,112,802 13,851,711 13,964,401 
14,112,802 13,851,711 13,964,401 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Heartland Veterinary Partners, LLC (0.5%)*(6)
HealthcareSubordinated Term Loan (11.0% PIK, Acquired 11/21, Due 11/28)$3,339 $3,255 $3,261 
3,339 3,255 3,261 
Hoffmaster Group Inc. (0.4%)*(7) (9)
PackagingFirst Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 07/20, Due 11/23)2,514 2,291 2,390 
2,514 2,291 2,390 
Home Care Assistance, LLC (0.7%)*(6) (7) (9)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 03/21, Due 03/27)4,536 4,459 4,459 
4,536 4,459 4,459 
Houghton Mifflin Harcourt Publishers Inc. (0.0%)*(7) (8)
Paper ProductsFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/20, Due 11/24)148 141 147 
148 141 147 
IGL Holdings III Corp. (0.6%)*(6) (7) (9)
Commercial PrintingFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)3,617 3,553 3,555 
3,617 3,553 3,555 
IM Square (0.6%)*(3) (6) (7) (15)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/28)3,560 3,747 3,496 
3,560 3,747 3,496 
Infoblox, Inc. (0.5%)*(7) (9)
TechnologySecond Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 09/20, Due 12/28)2,843 2,830 2,781 
2,843 2,830 2,781 
Infoniqa Holdings GmbH (0.4%)*(3) (6) (7) (14)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 11/21, Due 11/28)2,706 2,679 2,640 
2,706 2,679 2,640 
Innovad Group II BV (0.6%)*(3) (6) (7) (14)
Beverage, Food & TobaccoFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28)4,045 4,181 3,689 
4,045 4,181 3,689 
INOS 19-090 GmbH (0.1%)*(3) (6) (7) (14)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27)854 906 854 
854 906 854 
ITI Intermodal, Inc. (0.1%)*(6)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(7) (9)
721 706 706 
Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(7) (9)
— (2)(2)
Common Stock (1,433.4 shares, Acquired 01/22)144 143 
721 848 847 
Jaguar Merger Sub Inc. (d/b/a National Auto Care) (0.4%)*(6) (7) (9)
Other FinancialFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 9/24)2,722 2,671 2,671 
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 9/24)— (6)(6)
2,722 2,665 2,665 
JetBlue 2019-1 Class B Pass Through Trust (0.3%)*AirlinesStructured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)1,666 1,666 1,775 
1,666 1,666 1,775 
JF Acquisition, LLC (0.6%)*(6) (7) (9)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24)3,633 3,541 3,473 
3,633 3,541 3,473 
Jon Bidco Limited (0.8%)*(3) (6) (7) (24)
HealthcareFirst Lien Senior Secured Term Loan (BKBM + 5.50%, 6.0% Cash, Acquired 03/22, Due 03/27)5,029 4,875 4,864 
5,029 4,875 4,864 
13

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Resonetics, LLC (0.3%)*(6) (7) (10)
Health Care EquipmentSecond Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 04/21, Due 04/29)$968,101 $949,492 $951,464 
968,101 949,492 951,464 
Reward Gateway (UK) Ltd (4.8%)*(3) (6) (7) (19)
Precious Metals & MineralsFirst Lien Senior Secured Term Loan (SONIA + 6.75%, 6.8% Cash, Acquired 08/21, Due 06/28)16,885,629 16,869,140 16,359,475 
16,885,629 16,869,140 16,359,475 
RPX Corporation (4.5%)*(6) (7) (10)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25)15,783,985 15,446,464 15,428,845 
15,783,985 15,446,464 15,428,845 
Safety Products Holdings, LLC (1.4%)*(6)
Non-durable Consumer Goods
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(7) (8)
4,850,509 4,695,419 4,683,016 
Common Stock (84.8 units, Acquired 12/20)84,818 109,772 
4,850,509 4,780,237 4,792,788 
Serta Simmons Bedding LLC
(0.5%)*(7) (8)
Home FurnishingsSuper Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 09/20, Due 08/23)1,980,000 1,739,236 1,878,961 
1,980,000 1,739,236 1,878,961 
Sigmatek Systems, LLC (0.7%)*(6) (7) (10)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 01/21, Due 01/27)2,481,250 2,436,952 2,471,325 
2,481,250 2,436,952 2,471,325 
SISU ACQUISITIONCO., INC. (1.4%)*(6) (7) (10)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26)4,962,500 4,874,027 4,813,625 
4,962,500 4,874,027 4,813,625 
SN BUYER, LLC (1.4%)*(6) (7) (9)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/20, Due 12/26)4,733,333 4,648,941 4,733,333 
4,733,333 4,648,941 4,733,333 
SPT Acquico Limited (0.3%)*(3) (6) (7) (10)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/27)920,709 899,649 920,709 
920,709 899,649 920,709 
SSCP Pegasus Midco Limited (0.1%)*(3) (6) (7) (12)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27)516,662 452,236 502,242 
516,662 452,236 502,242 
Syniverse Holdings, Inc. (1.4%)*(7) (10)
Technology DistributorsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/20, Due 03/23)4,637,120 4,020,323 4,633,549 
4,637,120 4,020,323 4,633,549 
TA SL Cayman Aggregator Corp.
(0.3%)*(6)
TechnologyUnsecured HoldCo Note (8.8% PIK, Acquired 07/21, Due 07/28)924,672 906,612 906,179 
Common Stock (569.17 shares, Acquired 07/21)23,110 23,120 
924,672 929,722 929,299 
Trident Maritime Systems, Inc. (4.9%)*(6) (7) (10)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/21, Due 02/27)16,915,000 16,649,529 16,677,649 
16,915,000 16,649,529 16,677,649 
Turnberry Solutions, Inc. (2.2%)*(6) (7) (10)
Consumer CyclicalFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/21, Due 09/26)7,500,000 7,354,974 7,350,000 
7,500,000 7,354,974 7,350,000 
UKFast Leaders Limited (0.3%)*(3) (6) (7) (12)
TechnologyFirst Lien Senior Secured Term Loan (GBP LIBOR + 7.0%, 7.1% Cash, Acquired 09/20, Due 09/27)1,123,982 1,044,153 1,102,189 
1,123,982 1,044,153 1,102,189 
Utac Ceram (0.3%)*(3) (6) (7)
Business Services
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/20, Due 09/27)(14)
811,265 821,345 793,893 
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 5.8% Cash, Acquired 02/21, Due 09/27)(10)
363,900 363,900 356,107 
1,175,165 1,185,245 1,150,000 
Vital Buyer, LLC (4.3%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 06/21, Due 06/28)(7) (10)
14,806,548 14,521,540 14,543,050 
Partnership Equity (16,442.9 units, Acquired 06/21)164,429 178,156 
14,806,548 14,685,969 14,721,206 
W2O Holdings, Inc. (0.3%)*(6) (7) (8)
Healthcare TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 10/20, Due 06/25)869,906 843,654 869,906 
869,906 843,654 869,906 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Jones Fish Hatcheries & Distributors LLC (0.5%)*(6)
Consumer Products
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 02/28)(7) (10)
$2,785 $2,730 $2,729 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 02/22, Due 02/28)(7) (9)
— (8)(8)
LLC Units (974.60 units, Acquired 02/22)97 97 
2,785 2,819 2,818 
Kano Laboratories LLC (1.0%)*(6)
Chemicals, Plastics & Rubber
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 11/26)(7) (9)
6,422 6,250 6,250 
Partnership Equity (78.7 Units, Acquired 11/20)79 79 
6,422 6,329 6,329 
Kid Distro Holdings, LLC (3.2%)*(6)
Media & Entertainment
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 10/21, Due 10/27)(7) (9)
19,101 18,745 18,783 
LLC Units (850,236.1 units, Acquired 10/21)851 850 
19,101 19,596 19,633 
Kona Buyer, LLC (0.9%)*(6) (7) (9)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.5% Cash, Acquired 12/20, Due 12/27)5,692 5,577 5,635 
5,692 5,577 5,635 
LAF International (0.1%)*(3) (6) (7) (15)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 03/21, Due 03/28)334 356 330 
334 356 330 
Lambir Bidco Limited (0.7%)*(3) (6)
Healthcare
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/28)(7) (13)
3,474 3,381 3,345 
Revolver (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/24)(7) (13)
217 207 194 
Second Lien Senior Secured Term Loan (12.0% PIK, Acquired 12/21, Due 06/29)982 966 955 
4,673 4,554 4,494 
LeadsOnline, LLC (2.1%)*(6)
Business Equipment & Services
First Lien Senior Secured Term Loan (LIBOR + 5.00%, 6.0% Cash, Acquired 02/22, Due 02/28)(7) (9)
13,015 12,792 12,787 
Revolver (LIBOR + 5.00%, 6.0% Cash, Acquired 02/22, Due 02/28)(7) (9)
— (33)(34)
LLC Units (39,370.08 units, Acquired 02/22)39 39 
13,015 12,798 12,792 
Learfield Communications, LLC (1.0%)*Broadcasting
First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(7) (8)
68 48 64 
First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(9)
5,824 5,796 5,824 
5,892 5,844 5,888 
LivTech Purchaser, Inc. (0.5%)*(6) (7) (9)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/21, Due 12/25)3,319 3,286 3,285 
3,319 3,286 3,285 
Marmoutier Holding B.V. (0.3%)*(3) (6) (7) (14)
Consumer ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/21, Due 12/28)1,902 1,874 1,845 
Revolver (EURIBOR + 5.0%, 5.0% Cash, Acquired 12/21, Due 6/27)— (4)(4)
1,902 1,870 1,841 
Marshall Excelsior Co. (1.1%)*(6) (7) (17)
Capital GoodsFirst Lien Senior Secured Term Loan (SOFR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28)6,327 6,218 6,216 
Revolver (SOFR + 5.5%, 6.5% Cash, Acquired 02/22, Due 02/28)366 349 349 
6,693 6,567 6,565 
MC Group Ventures Corporation (0.7%)*(6)
Business Services
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27)(7) (9)
3,873 3,783 3,798 
Partnership Equity Units (373.33 units, Acquired 06/21)373 367 
3,873 4,156 4,165 
Median B.V. (0.6%)*(3) (7) (19)
Business ServicesFirst Lien Senior Secured Term Loan (SONIA + 6.0%, 7.0% Cash, Acquired 02/22, Due 11/27)4,082 4,062 3,949 
4,082 4,062 3,949 
14

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Willis Engine Structured Trust VI (0.8%)*Structured FinanceStructured Secured Note - Series 2021-1 Class C (7.4% Cash, Acquired 05/21, Due 05/46)$2,613,586 $2,613,552 $2,626,507 
2,613,586 2,613,552 2,626,507 
Subtotal Non–Control / Non–Affiliate Investments (159.6%)544,682,534 538,537,704 545,529,331 
Affiliate Investments: (4)
Banff Partners LP (3.7%)*(3)
Investment Funds & Vehicles10% Partnership Interest, Acquired 03/2112,645,628 12,707,068 
12,645,628 12,707,068 
Eclipse Business Capital, LLC (13.6%)*(6)
Banking, Finance, Insurance & Real Estate
Second Lien Senior Secured Term Loan (7.5% Cash, Acquired 07/21, Due 07/28)2,245,989 2,224,102 2,245,989 
Revolver (LIBOR + 7.25%, Acquired 07/21. Due 07/28)(10)
(65,202)— 
LLC Units (44,396,237 units, Acquired 07/21)44,396,237 44,396,237 
2,245,989 46,555,137 46,642,226 
Thompson Rivers LLC (8.8%)*(3)
Investment Funds & Vehicles7.14% Member Interest, Acquired 06/2130,000,000 30,131,940 
30,000,000 30,131,940 
Waccamaw River LLC (2.7%)*(3)
Investment Funds & Vehicles20% Member Interest, Acquired 02/219,356,130 9,315,405 
9,356,130 9,315,405 
Subtotal Affiliate Investments (28.9%)2,245,989 98,556,895 98,796,639 
Short-Term Investment:
BlackRock, Inc. (9.5%)*Money Market FundBlackRock Liquidity Temporary Fund (0.04% yield)32,500,000 32,500,000 
32,500,000 32,500,000 
JPMorgan Chase & Co. (9.5%)*Money Market FundJPMorgan Prime Money Market Fund (0.05% yield)32,500,000 32,500,000 
32,500,000 32,500,000 
Subtotal Short-Term Investment (19.0%)65,000,000 65,000,000 
Total Investments, September 30, 2021 (207.5%)*$546,928,523 $702,094,599 $709,325,970 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
MNS Buyer, Inc. (0.2%)*(6)
Construction & Building
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27)(7) (8)
$921 $904 $906 
Partnership Units (76.92 Units, Acquired 08/21)77 77 
921 981 983 
Modern Star Holdings Bidco Pty Limited (0.3%)*(3) (6) (7) (21)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26)2,181 2,067 2,112 
2,181 2,067 2,112 
MSG National Properties (0.8%)*(3) (6) (7) (9)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25)4,950 4,837 4,925 
4,950 4,837 4,925 
Murphy Midco Limited (0.2%)*(3) (6) (7) (20)
Media, Diversified & ProductionFirst Lien Senior Secured Term Loan (SONIA + 5.0%, 5.0% Cash, Acquired 11/20, Due 11/27)1,050 1,012 1,018 
1,050 1,012 1,018 
Music Reports, Inc. (0.9%)*(6) (7) (9)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 08/20, Due 08/26)5,355 5,254 5,240 
5,355 5,254 5,240 
Napa Bidco Pty Ltd (1.2%)*(3) (6) (7) (22)
HealthcareFirst Lien Senior Secured Term Loan (BBSY + 6.0%, 6.1% Cash, Acquired 03/22, Due 03/28)7,835 7,298 7,581 
7,835 7,298 7,581 
Narda Acquisitionco., Inc. (0.5%)*(6)
Aerospace & Defense
First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(7) (9)
2,963 2,913 2,915 
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(7) (9)
— (11)(11)
Class B Common Stock (265.88 Shares, Acquired 12/21)27 27 
Class A Preferred Stock (2,392.92 Shares, Acquired 12/21)239 244 
2,963 3,168 3,175 
Navia Benefit Solutions, Inc. (1.5%)* (6) (7) (9)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27)9,362 9,169 9,213 
9,362 9,169 9,213 
Nexus Underwriting Management Limited (0.4%)*(3) (6) (7) (20)
Other FinancialFirst Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)2,646 2,631 2,563 
Revolver (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 4/22)52 52 52 
2,698 2,683 2,615 
Northstar Recycling, LLC (0.6%)*(6) (7) (9)
Environmental IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/21, Due 9/27)3,994 3,920 3,928 
3,994 3,920 3,928 
Novotech Aus Bidco Pty Ltd (1.5%)*(3) (6) (7)
Healthcare
First Lien Senior Secured Term Loan (BBSY + 5.75%, 6.3% Cash, Acquired 01/22, Due 01/28)(21)
4,642 4,395 4,537 
First Lien Senior Secured Term Loan (SOFR + 5.75%, 6.3% Cash, Acquired 01/22, Due 01/28)(16)
4,479 4,359 4,355 
9,121 8,754 8,892 
OA Buyer, Inc. (1.4%)*(6)
Healthcare
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(7) (9)
8,501 8,336 8,346 
Revolver (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(7) (9)
— (26)(24)
Partnership Units (210,920.1 units, Acquired 12/21)211 211 
8,501 8,521 8,533 
OAC Holdings I Corp (0.3%)*(6) (7) (17)
HealthcareFirst Lien Senior Secured Term Loan (SOFR + 5.0%, 6.0% Cash, Acquired 03/22, Due 04/28)1,815 1,779 1,779 
Revolver (SOFR + 5.0%, 6.0% Cash, Acquired 03/22, Due 04/28)343 329 329 
2,158 2,108 2,108 
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldSettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$5,141,817$3,724,48010/06/21$(7,702)
Foreign currency forward contract (AUD)$3,734,196A$5,141,81710/06/2117,419 
Foreign currency forward contract (AUD)A$1,231,210$884,84701/06/225,596 
Foreign currency forward contract (CAD)C$6,031,236$4,735,29010/06/2124,909 
Foreign currency forward contract (CAD)$4,887,602C$6,031,23610/06/21127,403 
Foreign currency forward contract (CAD)$4,373,494C$5,580,27401/06/22(31,164)
Foreign currency forward contract (DKK)3,505,000kr.$547,01410/06/21(1,314)
Foreign currency forward contract (DKK)$557,4713,505,000kr.10/06/2111,770 
Foreign currency forward contract (DKK)$551,3853,525,861kr.01/06/221,280 
Foreign currency forward contract (EUR)€18,129,840$21,217,59210/06/21(226,096)
Foreign currency forward contract (EUR)$21,316,726€18,129,84010/06/21325,231 
Foreign currency forward contract (EUR)$5,206,902€4,476,83101/06/2212,423 
Foreign currency forward contract (GBP)£15,519,300$21,486,75510/06/21(583,790)
Foreign currency forward contract (GBP)$21,207,202£15,519,30010/06/21304,236 
Foreign currency forward contract (GBP)£8,565,540$11,504,27901/06/2235,733 
Total Foreign Currency Forward Contracts, September 30, 2021$15,934 
15

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Odeon Cinemas Group Limited (1.3%)*(3) (6)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23)$7,719 $8,123 $7,873 
7,719 8,123 7,873 
OG III B.V. (0.9%)*(3) (6) (7) (14)
Containers & Glass ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)5,678 5,954 5,551 
5,678 5,954 5,551 
Omni Intermediate Holdings, LLC (2.0%)*(6) (7) (8)
TransportationFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)12,373 12,173 12,108 
12,373 12,173 12,108 
Oracle Vision Bidco Limited (0.2%)*(3) (6) (7) (20)
HealthcareFirst Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28)1,397 1,457 1,391 
1,397 1,457 1,391 
Origin Bidco Limited (0.2%)*(3) (6) (7)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(9)
597 582 585 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(14)
369 394 362 
966 976 947 
OSP Hamilton Purchaser, LLC (0.4%)*(6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)2,281 2,237 2,239 
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)— (4)(3)
2,281 2,233 2,236 
Pacific Health Supplies Bidco Pty Limited (0.1%)*(3) (6) (7) (21)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25)875 840 847 
875 840 847 
PDQ.Com Corporation (2.4%)*(6)
Business Equipment & Services
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)(7) (9)
14,917 14,675 14,677 
Class A-2 Partnership Units (86.39 Units, Acquired 08/21)86 110 
14,917 14,761 14,787 
Permaconn BidCo Pty Ltd (0.9%)*(3) (6) (7) (22)
Tele-communicationsFirst Lien Senior Secured Term Loan (BBSY + 6.5%, 6.5% Cash, Acquired 12/21, Due 12/27)5,409 5,023 5,272 
5,409 5,023 5,272 
Polara Enterprises, L.L.C. (0.4%)*(6)
Capital Equipment
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(7) (9)
2,121 2,081 2,045 
Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(7) (9)
— (5)(10)
Partnership Units (1,910.22 Units, Acquired 12/21)191 191 
2,121 2,267 2,226 
Policy Services Company, LLC (3.0%)*(6)
Property & Casualty Insurance
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, 4.0% PIK, Acquired 12/21, Due 06/26)(7) (9)
18,595 18,025 17,990 
Warrants - Class A (10,710 units, Acquired 12/21)— — 
Warrants - Class B (3,614 units, Acquired 12/21)— — 
Warrants - Class CC (372 units, Acquired 12/21)— — 
Warrants - Class D (955 units, Acquired 12/21)— — 
18,595 18,025 17,990 
Premium Franchise Brands, LLC (2.4%)*(6) (7) (9)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26)14,912 14,650 14,643 
14,912 14,650 14,643 
Premium Invest (0.8%)*(3) (6) (7) (14)
Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28)5,007 5,241 5,007 
5,007 5,241 5,007 
Preqin MC Limited (0.5%)*(3) (6) (7) (18)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28)3,147 3,060 3,091 
3,147 3,060 3,091 
16

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
ProfitOptics, LLC (0.1%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 03/22, Due 02/28)(7) (9)
$708 $694 $694 
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 03/22, Due 02/28)(7) (9)
— (4)(4)
Subordinated Term Loan (8.0% Cash, Acquired 03/22, Due 02/29)32 32 32 
LLC Units (96,774.2 units, Acquired 03/22)65 65 
740 787 787 
Protego Bidco B.V. (0.2%)*(3) (6) (7) (14)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27)755 786 745 
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)362 373 351 
1,117 1,159 1,096 
QPE7 SPV1 BidCo Pty Ltd (0.5%)*(3) (6) (7) (22)
Consumer CyclicalFirst Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26)3,175 2,998 3,136 
3,175 2,998 3,136 
Questel Unite (0.5%)*(3) (6) (7)
Business Services
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/20, Due 12/27)(14)
2,400 2,445 2,400 
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27)(9)
367 363 367 
2,767 2,808 2,767 
Recovery Point Systems, Inc. (0.8%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 08/26)(7) (9)
5,046 4,968 5,006 
Partnership Equity (81,313 units, Acquired 03/21)81 55 
5,046 5,049 5,061 
Renovation Parent Holdings, LLC (1.6%)*(6)
Home Furnishings
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 11/21, Due 11/27)(7) (9)
9,709 9,479 9,497 
Partnership Units (394,736.8 units, Acquired 11/21)395 395 
9,709 9,874 9,892 
REP SEKO MERGER SUB LLC
(2.2%)*(6) (7)
Air Freight & Logistics
First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)(14)
9,478 9,736 9,359 
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)(9)
4,305 4,201 4,243 
13,783 13,937 13,602 
Resonetics, LLC (0.3%)*(6) (7) (9)
Health Care EquipmentSecond Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 04/21, Due 04/29)1,859 1,824 1,827 
1,859 1,824 1,827 
Reward Gateway (UK) Ltd (1.6%)*(3) (6) (7) (19)
Precious Metals & MineralsFirst Lien Senior Secured Term Loan (SONIA + 6.75%, 6.8% Cash, Acquired 08/21, Due 06/28)9,959 10,201 9,728 
9,959 10,201 9,728 
Riedel Beheer B.V. (0.3%)*(3) (6) (7) (14)
Food & BeverageFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)1,858 1,836 1,808 
1,858 1,836 1,808 
RPX Corporation (2.5%)*(6) (7) (9)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25)15,505 15,209 15,215 
15,505 15,209 15,215 
Safety Products Holdings, LLC (0.8%)*(6)
Non-durable Consumer Goods
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(7) (8)
4,847 4,715 4,832 
Preferred Stock (84.8 units, Acquired 12/20)85 117 
4,847 4,800 4,949 
Scaled Agile, Inc. (0.3%)*(6) (7) (9)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28)1,748 1,707 1,728 
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28)— (6)(3)
1,748 1,701 1,725 
17

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Serta Simmons Bedding LLC
(0.3%)*(7) (8)
Home FurnishingsSuper Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 09/20, Due 08/23)$1,970 $1,788 $1,853 
1,970 1,788 1,853 
SISU ACQUISITIONCO., INC. (0.8%)*(6) (7) (9)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26)4,950 4,869 4,736 
4,950 4,869 4,736 
Smartling, Inc. (1.3%)*(6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27)8,235 8,058 8,073 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27)— (11)(10)
8,235 8,047 8,063 
SN BUYER, LLC (0.8%)*(6) (7) (8)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/20, Due 12/26)4,633 4,558 4,633 
4,633 4,558 4,633 
SPT Acquico Limited (0.2%)*(3) (6) (7) (9)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/27)921 901 921 
921 901 921 
SSCP Pegasus Midco Limited (0.1%)*(3) (6) (7) (11)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.7% Cash, Acquired 12/20, Due 11/27)505 457 466 
505 457 466 
Starnmeer B.V. (1.4%)*(3) (6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 6.4%, 6.9% Cash, Acquired 10/21, Due 04/27)8,640 8,519 8,529 
8,640 8,519 8,529 
Superjet Buyer, LLC (3.0%)*(6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)18,540 18,182 18,200 
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)(28)(27)
18,540 18,154 18,173 
Syniverse Holdings, Inc. (0.7%)*(7) (9)
Technology DistributorsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/20, Due 03/23)4,601 4,187 4,453 
4,601 4,187 4,453 
Syntax Systems Ltd (0.7%)*(3) (6) (7) (8)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/28)4,158 4,109 4,105 
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/26)333 327 327 
4,491 4,436 4,432 
TA SL Cayman Aggregator Corp.
(0.2%)*(6)
TechnologySubordinated Term Loan (7.75% PIK, Acquired 07/21, Due 07/28)966 949 951 
Common Stock (736 Shares, Acquired 07/21)23 35 
966 972 986 
Tank Holding Corp (2.3%)*(6) (7) (16)
Metal & Glass ContainersFirst Lien Senior Secured Term Loan (SOFR + 6.00%, 6.8% Cash, Acquired 03/22, Due 03/28)14,345 14,023 14,023 
Revolver (SOFR + 6.00%, 6.8% Cash, Acquired 03/22, Due 03/28)— (15)(15)
14,345 14,008 14,008 
Techone B.V. (0.4%)*(3) (6) (7) (14)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28)2,554 2,524 2,481 
Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 05/28)32 29 29 
2,586 2,553 2,510 
Tencarva Machinery Company, LLC (0.6%)*(6) (7) (9)
Capital EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)3,657 3,586 3,590 
Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)— (13)(12)
3,657 3,573 3,578 
18

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) (0.6%)*(6)
Brokerage, Asset Managers & Exchanges
First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(7) (9)
$816 $750 $768 
Revolver (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(7) (9)
— (13)(11)
Subordinated Term Loan (7.75% PIK, Acquired 10/21, Due 10/28)3,210 3,148 3,155 
4,026 3,885 3,912 
Trident Maritime Systems, Inc. (2.8%)*(6) (7) (9)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/21, Due 02/27)16,873 16,634 16,872 
16,873 16,634 16,872 
TSM II Luxco 10 SARL (0.9%)*(3) (6) (7) (15)
Chemical & PlasticsSecond Lien Senior Secured Term Loan (EURIBOR + 8.75%, 8.8% Cash, Acquired 03/22, Due 03/27)5,563 5,329 5,341 
5,563 5,329 5,341 
Turbo Buyer, Inc. (1.0%)*(6) (7) (9)
Finance CompaniesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/21, Due 12/25)6,071 5,918 5,888 
6,071 5,918 5,888 
Turnberry Solutions, Inc. (1.3%)*(6) (7) (17)
Consumer CyclicalFirst Lien Senior Secured Term Loan (SOFR + 6.0%, 7.0% Cash, Acquired 07/21, Due 09/26)8,017 7,876 7,857 
8,017 7,876 7,857 
UKFast Leaders Limited (0.2%)*(3) (6) (7) (19)
TechnologyFirst Lien Senior Secured Term Loan (SONIA + 7.12%, 7.1% Cash, Acquired 09/20, Due 09/27)1,098 1,047 1,074 
1,098 1,047 1,074 
Utac Ceram (0.2%)*(3) (6) (7)
Business Services
First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/20, Due 09/27)(14)
779 823 766 
First Lien Senior Secured Term Loan (LIBOR + 5.25%, 5.5% Cash, Acquired 02/21, Due 09/27)(9)
364 364 358 
1,143 1,187 1,124 
Victoria Bidco Limited (1.2%)*(3) (6) (7) (20)
Industrial MachineryFirst Lien Senior Secured Term Loan (SONIA + 6.50%, 6.5% Cash, Acquired 03/22, Due 01/29)7,707 7,652 7,452 
7,707 7,652 7,452 
VistaJet Pass Through Trust 2021-1B (1.6%)*(6)
AirlinesStructured Secured Note - Class B (6.3% Cash, Acquired 11/21, Due 02/29)10,000 10,000 9,973 
10,000 10,000 9,973 
Vital Buyer, LLC (2.1%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 06/28)(7) (9)
12,742 12,512 12,742 
Partnership Equity (16,442.9 Units, Acquired 06/21)164 283 
12,742 12,676 13,025 
W2O Holdings, Inc. (0.1%)*(6) (9)
Healthcare TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.1% Cash, Acquired 10/20, Due 06/25)868 868 868 
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.7% Cash, Acquired 10/20, Due 06/25)(7)
— (24)— 
868 844 868 
Willis Engine Structured Trust VI (0.4%)*Structured FinanceStructured Secured Note - Series 2021-1 Class C (7.4% Cash, Acquired 05/21, Due 05/46)2,440 2,440 2,207 
2,440 2,440 2,207 
Woodland Foods, LLC (1.0%)*(6)
Food & Beverage
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)(7) (9)
5,380 5,277 5,283 
Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)(7) (9)
238 218 219 
Common Stock (777.26 shares, Acquired 12/21)777 777 
5,618 6,272 6,279 
ZB Holdco LLC (0.2%)*(6)
Food & Beverage
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 02/22, Due 02/28)(7) (9)
1,352 1,313 1,312 
Revolver (LIBOR + 5.0%, 6.0% Cash, Acquired 02/22, Due 02/28)(7) (9)
— (8)(8)
LLC Units (76.34 units, Acquired 03/22)76 76 
1,352 1,381 1,380 
19

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Zeppelin Bidco Limited (0.4%)*(3) (6) (7) (19)
Services: BusinessFirst Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 03/22, Due 03/29)$2,827 $2,714 $2,701 
Revolver (SONIA + 6.25%, 6.3% Cash, Acquired 03/22, Due 03/23)— (1)(1)
2,827 2,713 2,700 
Subtotal Non–Control / Non–Affiliate Investments (145.6%)886,257 888,894 888,788 
Affiliate Investments: (4)
Banff Partners LP (2.5%)*(3)
Investment Funds & Vehicles10% Partnership Interest, Acquired 03/2114,646 15,009 
14,646 15,009 
Eclipse Business Capital, LLC (10.2%)*(6)
Banking, Finance, Insurance & Real Estate
Second Lien Senior Secured Term Loan (7.5% Cash, Acquired 07/21, Due 07/28)2,246 2,225 2,246 
Revolver (LIBOR + 7.25%, Acquired 07/21. Due 07/28)(8)
1,348 1,287 1,347 
LLC Units (44,197,541 units, Acquired 07/21)44,396 58,487 
3,594 47,908 62,080 
Thompson Rivers LLC (5.1%)*(3)
Investment Funds & Vehicles6.6% Member Interest, Acquired 06/2132,318 31,266 
32,318 31,266 
Waccamaw River LLC (3.3%)*(3)
Investment Funds & Vehicles20% Member Interest, Acquired 04/2120,456 20,022 
20,456 20,022 
Subtotal Affiliate Investments (21.2%)3,594 115,328 128,377 
Total Investments, March 31, 2022 (166.8%)*$889,851 $1,004,222 $1,017,165 
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)$13,916A$19,200BNP Paribas SA04/08/22$(481)
Foreign currency forward contract (AUD)$14,369A$19,659HSBC Bank USA04/08/22(373)
Foreign currency forward contract (AUD)A$38,859$29,102BNP Paribas SA04/08/2238 
Foreign currency forward contract (AUD)$29,465A$39,283BNP Paribas SA07/07/22(42)
Foreign currency forward contract (CAD)C$6,151$4,911BNP Paribas SA04/08/2217 
Foreign currency forward contract (CAD)$370C$476BNP Paribas SA04/08/22(12)
Foreign currency forward contract (CAD)$4,439C$5,675HSBC Bank USA04/08/22(107)
Foreign currency forward contract (CAD)$4,606C$5,765BNP Paribas SA07/07/22(11)
Foreign currency forward contract (DKK)3,481kr.$518BNP Paribas SA04/08/22
Foreign currency forward contract (DKK)$5313,481kr.HSBC Bank USA04/08/2212 
Foreign currency forward contract (DKK)$5313,552kr.BNP Paribas SA07/07/22(1)
Foreign currency forward contract (EUR)€5,000$5,540HSBC Bank USA04/01/2223 
Foreign currency forward contract (EUR)€38,157$42,268BNP Paribas SA04/08/2270 
Foreign currency forward contract (EUR)$17,698€15,800BNP Paribas SA04/08/22167 
Foreign currency forward contract (EUR)$25,362€22,357HSBC Bank USA04/08/22555 
Foreign currency forward contract (EUR)$43,848€39,433BNP Paribas SA07/07/22(68)
Foreign currency forward contract (EUR)$5,562€5,000HSBC Bank USA07/07/22(7)
Foreign currency forward contract (NZD)$4,824NZD$7,000BNP Paribas SA04/08/22(37)
Foreign currency forward contract (NZD)NZD$7,000$4,845BNP Paribas SA04/08/2216 
Foreign currency forward contract (NZD)$4,852NZD$7,023BNP Paribas SA07/07/22(17)
Foreign currency forward contract (GBP)£342$447BNP Paribas SA04/08/22
Foreign currency forward contract (GBP)$5,939£4,410BNP Paribas SA04/08/22140 
Foreign currency forward contract (GBP)£4,068US$5,418HSBC Bank USA04/08/22(69)
Foreign currency forward contract (GBP)$300£230BNP Paribas SA07/07/22(2)
Total Foreign Currency Forward Contracts, March 31, 2022$(185)
20

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. Eclipse Business Capital, LLC, Ferrellgas L.P.L.P., Kano Laboratories LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing. The Board of Directors (the “Board”) of Barings Capital Investment Corporation (the “Company”) determined in good faith that all investments were valued at fair value in accordance with the Company’s valuation policies and procedures and the Investment Company Act of 1940, as amended (the “1940 Act”), based on, among other things, the input of the Company’s external investment adviser, Barings LLC (“Barings” or the “Adviser”), the Company’s Audit Committee and an independent valuation firm that has been engaged to assist in the valuation of the Company’s middle-market equity and debt investments. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest
15

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
September 30, 2021
rates are generally subject to a contractual minimum interest rate. A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, GBP LIBOR, BBSY, CDOR, SONIA, BKBM, SOFR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments, (including short-term investments), which as of September 30, 2021March 31, 2022 represented 207.5%166.8% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company's initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 27.6%26.2% of total investments at fair value as of September 30, 2021.March 31, 2022. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled "Affiliate Investments" for the nine monthsyear ended September 30, 2021March 31, 2022 were as follows:
December 31, 2020
Value
Gross Additions
(b)
Gross Reductions (c)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)
September 30, 2021
Value
Amount of Interest or Dividends Credited to Income(d)December 31, 2021
Value
Gross Additions
(b)
Gross Reductions (c)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)
March 31, 2022
Value
Amount of Interest or Dividends Credited to Income(d)
Portfolio CompanyPortfolio CompanyType of Investment(a)Portfolio CompanyType of Investment(a)
Banff Partners LPBanff Partners LP10% Partnership Interest$— $12,645,628 $— $— $61,440 $12,707,068 $— Banff Partners LP10% Partnership Interest$12,859 $2,000 $— $— $150 $15,009 $— 
— 12,645,628 — — 61,440 12,707,068 — 12,859 2,000 — — 150 15,009 — 
Eclipse Business Capital, LLC (e)
Eclipse Business Capital, LLC (e)
Second Lien Senior Secured Term Loan (7.5% Cash)— 2,224,103 — — 21,886 2,245,989 43,778 
Eclipse Business Capital, LLC (e)
Second Lien Senior Secured Term Loan (7.5% Cash)2,341 — — (97)2,246 41 
Revolver (LIBOR + 7.25%)— 2,178 (67,380)— 65,202 — 2,178 Revolver (LIBOR + 7.25%)898 451 — — (2)1,347 17 
LLC Units (44,396,237 units)— 44,396,237 — — — 44,396,237 836,839 LLC Units (44,197,541 units)45,789 — — — 12,698 58,487 2,016 
— 46,622,518 (67,380)— 87,088 46,642,226 882,795 49,028 453 — — 12,599 62,080 2,074 
Thompson Rivers LLCThompson Rivers LLC7.14% Member Interest— 30,000,000 — — 131,940 $30,131,940 1,227,177 Thompson Rivers LLC6.6% Member Interest34,893 31 — — (3,658)31,266 1,351 
— 30,000,000 — — 131,940 30,131,940 1,227,177 34,893 31 — — (3,658)31,266 1,351 
Waccamaw River LLCWaccamaw River LLC20% Member Interest— 9,356,129 — — (40,724)$9,315,405 140,000 Waccamaw River LLC20% Member Interest13,501 6,700 (39)39 (179)20,022 300 
— 9,356,129 — — (40,724)9,315,405 140,000 13,501 6,700 (39)39 (179)20,022 300 
Total Affiliate InvestmentsTotal Affiliate Investments$ $98,624,275 $(67,380)$ $239,744 $98,796,639 $2,249,972 Total Affiliate Investments$110,281 $9,184 $(39)$39 $8,912 $128,377 $3,725 
(a) Eclipse Business Capital, LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing.
(b) Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.
(d)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(e) The fair value of the investment was determined using significant unobservable inputs.
(5)Some or all of the investment is or will be encumbered as security for the Company's senior secured revolving credit facility with ING Capital LLC (the(as amended, the "ING Credit Facility").
(6)The fair value of the investment was determined using significant unobservable inputs.
(7)Debt investment includes interest rate floor feature.
(8)The interest rate on these loans is subject to 1 Month LIBOR, which as of September 30, 2021March 31, 2022 was 0.08025%0.45200%.
(9)The interest rate on these loans is subject to 2 Month LIBOR, which as of September 30, 2021 was 0.11138%.
(10)The interest rate on these loans is subject to 3 Month LIBOR, which as of September 30, 2021March 31, 2022 was 0.13013%0.96157%.
(11)(10)The interest rate on these loans is subject to 6 Month LIBOR, which as of September 30, 2021March 31, 2022 was 0.15850%1.46986%.
21

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
March 31, 2022
(Amounts in thousands, except share amounts)
(12)(11)The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of September 30, 2021March 31, 2022 was 0.08188%1.03540%%.
(13)(12)The interest rate on these loans is subject to 6 Month GBP LIBOR, which as of September 30, 2021March 31, 2022 was 0.17463%1.47070%.
(13)The interest rate on these loans is subject to 1 Month EURIBOR, which as of March 31, 2022 was -0.53200%.
(14)The interest rate on these loans is subject to 3 Month EURIBOR, which as of September 30, 2021March 31, 2022 was -0.54500%-0.45800%.
(15)The interest rate on these loans is subject to 6 Month EURIBOR, which as of September 30, 2021March 31, 2022 was -0.52800%-0.36700%.
(16)The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2022 was 0.30240%.
(17)The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2022 was 0.67512%.
(18)The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2022 was 1.07915%.
(19)The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2022 was 0.91610%.
(20)The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2022 was 1.19410%.
(21)The interest rate on these loans is subject to 1 Month BBSY, which as of September 30, 2021March 31, 2022 was 0.01000%0.01270%.
(17)(22)The interest rate on these loans is subject to 3 Month BBSY, which as of September 30, 2021March 31, 2022 was 0.01960%0.23150%.
(18)(23)The interest rate on these loans is subject to 3 Month CDOR, which as of September 30, 2021March 31, 2022 was 0.44468%1.26000%.
(19)(24)The interest rate on these loans is subject to 63 Month SONIA,BKBM, which as of September 30, 2021March 31, 2022 was 0.16350%.
(20)The interest rate on these loans is subject to 6 Month SOFR, which as of September 30, 2021 was 0.05628%1.49000%.

See accompanying notes.
16


Barings Capital Investment Corporation
Consolidated Schedule of Investments
December 31, 2020
Portfolio CompanyIndustry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Non–Control / Non–Affiliate Investments:
AEP Holdings, Inc. (4.2%)*(4) (5)
WholesaleFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25)(13)$1,511,059 $1,435,213 $1,480,838 
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/25)(7)3,083,397 3,022,858 3,021,729 
4,594,456 4,458,071 4,502,567 
Ahead DB Borrower, LLC. (0.7%)*(4) (5) (7)
Technology DistributorsSecond Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 10/20, Due 10/28)741,557 719,673 719,310 
741,557 719,673 719,310 
Air Canada 2020-2 Class B Pass Through Trust (2.5%)*AirlinesStructured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)2,500,000 2,500,000 2,692,389 
2,500,000 2,500,000 2,692,389 
Anagram Holdings, LLC (5.8%)*(3)
Chemicals, Plastics, & RubberFirst Lien Senior Secured Note (10.0% Cash, 5% PIK, Acquired 08/20, Due 08/25)5,469,512 5,026,115 6,235,244 
5,469,512 5,026,115 6,235,244 
Apex Tool Group, LLC (0.4%)*(5) (6)
Industrial MachineryFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.5% Cash, Acquired 07/20, Due 08/24)411,915 392,826 406,371 
411,915 392,826 406,371 
Archimede (7.0%)*(3) (4) (5) (12)
Consumer ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)7,708,364 7,320,487 7,515,655 
7,708,364 7,320,487 7,515,655 
Argus Bidco Limited (0.9%)*(3) (4) (5) (10)
High Tech IndustriesFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.50%, 5.8% Cash, Acquired 12/20, Due 12/27)1,012,555 953,786 982,179 
1,012,555 953,786 982,179 
AVSC Holding Corp. (3.8%)*(5)
AdvertisingFirst Lien Senior Secured Term Loan (LIBOR + 4.50%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25) (7)249,372 227,574 221,941 
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)3,404,342 3,310,680 3,897,972 
3,653,714 3,538,254 4,119,913 
British Airways 2020-1 Class B Pass Through Trust (1.5%)*AirlinesStructured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28)1,500,000 1,500,000 1,661,827 
1,500,000 1,500,000 1,661,827 
British Engineering Services Holdco Limited (1.3%)*(3) (4) (5) (10)
Engineering ServicesFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.5% Cash, Acquired 12/20, Due 12/27)1,478,002 1,368,637 1,403,233 
1,478,002 1,368,637 1,403,233 
Carlson Travel, Inc. (4.1%)*Business Equipment & ServicesFirst Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25)2,000,000 1,575,000 1,647,500 
Super Senior Senior Secured Term Loan (10.5% Cash, Acquired 11/20, Due 03/25)2,660,000 2,603,913 2,746,450 
Common Stock (1,231 units, Acquired 11/20)(4)
55,395 43,085 
4,660,000 4,234,308 4,437,035 
Cineworld Group PLC
(5.1%)*(3) (5)
Leisure ProductsFirst Lien Senior Secured Term Loan (LIBOR + 2.50%, 2.8% Cash, Acquired 04/20, Due 02/25) (7)6,081,689 3,874,533 4,104,167 
Super Senior Secured Term Loan (7.00% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)1,084,989 970,160 1,287,524 
Warrants (371,024 units, Acquired 12/20)68,122 111,578 
7,166,678 4,912,815 5,503,269 
CSL DualCom (4.2%)*(3) (4) (5) (10)
Tele-communicationsFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 09/20, Due 09/27)4,702,236 4,209,846 4,539,434 
4,702,236 4,209,846 4,539,434 
Cvent, Inc. (1.8%)*(5) (6)
Internet Software & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.9% Cash, Acquired 07/20, Due 11/24)1,971,413 1,704,131 1,892,557 
1,971,413 1,704,131 1,892,557 
Discovery Education, Inc. (6.9%)*(4) (5) (6)
PublishingFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)7,500,000 7,371,942 7,368,750 
7,500,000 7,371,942 7,368,750 
FitzMark Buyer, LLC (1.6%)*(4) (5) (6)
Cargo & TransportationFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26)1,764,706 1,714,927 1,714,706 
1,764,706 1,714,927 1,714,706 

1722

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments
December 31, 2021
(Amounts in thousands, except share amounts)

Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Non–Control / Non–Affiliate Investments:
Acclime Holdings HK Limited (0.8%)*(3) (6) (7) (9)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27)$4,023 $3,888 $3,895 
4,023 3,888 3,895 
ADB Safegate (1.1%)*(3) (7) (9)
Aerospace & DefenseSecond Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 07/25)5,500 5,091 5,106 
5,500 5,091 5,106 
Advantage Software Company (The), LLC (0.0%)*(6)
Advertising, Printing & PublishingClass A1 Partnership Units (3,012.94 Units, Acquired 12/21)97 97 
Class A2 Partnership Units (777.09 Units, Acquired 12/21)25 25 
Class B1 Partnership Units (3,012.94 Units, Acquired 12/21)
Class B2 Partnership Units 777.09 Units, Acquired 12/21)
126 126 
Air Canada 2020-2 Class B Pass Through Trust (0.5%)*
AirlinesStructured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25)2,057 2,057 2,274 
2,057 2,057 2,274 
Air Comm Corporation, LLC (3.4%)* (6) (7) (9)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27)16,717 16,372 16,358 
16,717 16,372 16,358 
AIT Worldwide Logistics Holdings, Inc. (1.1%)*(6)
Transportation Services
Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/29)(7) (9)
4,849 4,747 4,849 
Partnership Units (161.64 Units, Acquired 04/21)162 319 
4,849 4,909 5,168 
Alpine US Bidco LLC (3.7%)*(6) (7) (9)
Agricultural ProductsSecond Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29)18,157 17,642 17,975 
18,157 17,642 17,975 
Amtech LLC (0.3%)*(6) (7)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(8)
1,364 1,319 1,318 
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 11/27)(9)
— (4)(5)
1,364 1,315 1,313 
Anagram Holdings, LLC (1.3%)*(3)
Chemicals, Plastics, & RubberFirst Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25)5,758 5,384 6,420 
5,758 5,384 6,420 
AnalytiChem Holding Gmbh (0.7%)* (3) (6) (7)
Chemicals
First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28)(18)
937 919 914 
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28)(13)
2,010 1,922 1,896 
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.3% Cash, Acquired 11/21, Due 11/28)(9)
614 614 599 
3,561 3,455 3,409 
Aptus 1829. GmbH (0.6%)*(3) (6)
Chemicals, Plastics, & Rubber
First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27)(7) (13)
3,054 3,094 2,986 
Preferred Stock (9 Units, Acquired 09/21)79 77 
Common Stock (32 Units, Acquired 09/21)
3,054 3,181 3,071 
Apus Bidco Limited (0.6%)*(3) (6) (7) (16)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (SONIA + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28)2,790 2,770 2,733 
2,790 2,770 2,733 
AQA Acquisition Holding, Inc. (f/k/a SmartBear) (4.3%)*(6) (7) (9)
High Tech IndustriesSecond Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29)21,000 20,504 21,000 
21,000 20,504 21,000 
23

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 20202021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Foundation Risk Partners, Corp. (3.1%)*(4) (5) (7)
Financial ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23)$2,835,412 $2,766,405 $2,766,684 
Second Lien Senior Secured Term Loan (LIBOR + 8.50%, 9.5% Cash, Acquired 09/20, Due 11/24)555,556 512,450 516,889 
3,390,968 3,278,855 3,283,573 
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (3.7%)*AirlinesStructured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)3,885,806 3,885,806 4,009,264 
3,885,806 3,885,806 4,009,264 
Hoffmaster Group Inc. (2.1%)*(5) (7)
PackagingFirst Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 07/20, Due 11/23)2,540,558 2,167,502 2,222,988 
2,540,558 2,167,502 2,222,988 
Houghton Mifflin Harcourt Publishers Inc. (0.4%)*(3) (5) (6)
Paper ProductsFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/20, Due 11/24)487,179 455,484 466,679 
487,179 455,484 466,679 
IGL Holdings III Corp. (4.4%)*(4) (5) (7)
Commercial PrintingFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)4,857,627 4,722,806 4,719,507 
4,857,627 4,722,806 4,719,507 
Infoblox, Inc. (2.7%)*(5) (8)
TechnologySecond Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 09/20, Due 11/28)2,842,720 2,828,609 2,860,487 
2,842,720 2,828,609 2,860,487 
INOS 19-090 GmbH (3.8%)*(3) (4) (5) (13)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 6.1%, 6.1% Cash, Acquired 12/20, Due 10/27)4,251,776 4,117,699 4,133,671 
4,251,776 4,117,699 4,133,671 
JetBlue 2019-1 Class B Pass Through Trust (1.9%)*AirlinesStructured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)1,888,677 1,888,677 2,019,218 
1,888,677 1,888,677 2,019,218 
Kano Laboratories LLC (3.2%)*(4) (5) (7)
Chemicals, Plastics & RubberFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26)3,419,558 3,321,458 3,319,691 
Partnership Equity (78.7 units, Acquired 11/20)78,690 78,690 
3,419,558 3,400,148 3,398,381 
Kona Buyer, LLC (9.1%)*(4) (5) (7)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27)10,000,000 9,752,134 9,750,000 
10,000,000 9,752,134 9,750,000 
Learfield Communications, LLC (4.8%)*BroadcastingFirst Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(5)(6)68,401 48,223 61,536 
First Lien Senior Secured Term Loan (LIBOR + 3.00%, 3.2% Cash, 10.0% PIK, Acquired 08/20, Due 12/23)(7)5,129,549 5,083,688 5,095,335 
5,197,950 5,131,911 5,156,871 
Modern Star Holdings Bidco Pty Limited. (3.3%)*(3) (4) (5) (15)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26)3,630,729 3,454,445 3,498,798 
3,630,729 3,454,445 3,498,798 
MSG National Properties (4.7%)*(3) (4) (5) (7)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25)5,000,000 4,852,932 5,025,000 
5,000,000 4,852,932 5,025,000 
Murphy Midco Limited (3.1%)*(3) (4) (5) (11)
Media, Diversified & ProductionFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.50%, 5.5% Cash, Acquired 11/20, Due 11/27)3,430,406 3,196,205 3,293,189 
3,430,406 3,196,205 3,293,189 
Music Reports, Inc. (2.1%)*(4) (5) (6)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 08/20, Due 08/26)2,285,363 2,230,977 2,234,894 
2,285,363 2,230,977 2,234,894 
Omni Intermediate Holdings, LLC (2.3%)*(4) (5) (6)
TransportationFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)2,500,000 2,425,066 2,425,000 
2,500,000 2,425,066 2,425,000 
Omnitracs, LLC (4.6%)*(5) (6)
Application SoftwareSecond Lien Senior Secured Term Loan (LIBOR + 8.0%, 8.1% Cash, Acquired 09/20, Due 09/28)5,000,000 4,902,454 4,925,000 
5,000,000 4,902,454 4,925,000 
Pacific Health Supplies Bidco Pty Limited (4.5%)*(3) (4) (5) (14)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25)4,947,897 4,612,849 4,795,353 
4,947,897 4,612,849 4,795,353 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Aquavista Watersides 2 LTD (0.4%)*(3) (6) (7) (16)
Transportation ServicesFirst Lien Senior Secured Term Loan (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28)$1,808 $1,704 $1,725 
Second Lien Senior Secured Term Loan (SONIA + 10.5% PIK, Acquired 12/21, Due 12/28)452 433 438 
Revolver (SONIA + 6.0%, 6.1% Cash, Acquired 12/21, Due 12/28)— (1)(2)
2,260 2,136 2,161 
Archimede (2.3%)*(3) (6) (7) (13)
Consumer ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27)11,486 11,938 11,267 
11,486 11,938 11,267 
Argus Bidco Limited (0.1%)*(3) (6) (7)
High Tech Industries
First Lien Senior Secured Term Loan (SONIA + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(15)
518 495 518 
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(9)
119 116 119 
637 611 637 
Ascensus, Inc (1.5%)*(7) (9)
Brokerage, Asset Managers & ExchangesSecond Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 05/21, Due 08/29)7,511 7,439 7,511 
7,511 7,439 7,511 
Astra Bidco Limited (0.3%)*(3) (6) (7) (15)
HealthcareFirst Lien Senior Secured Term Loan (SONIA + 5.75%, 5.8% Cash, Acquired 11/21, Due 11/28)1,731 1,639 1,656 
1,731 1,639 1,656 
Avance Clinical Bidco Pty Ltd (0.4%)*(3) (6) (7) (18)
HealthcareFirst Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 11/21, Due 11/27)1,932 1,807 1,842 
1,932 1,807 1,842 
AVSC Holding Corp. (1.0%)*Advertising
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/20, Due 10/26)(7) (9)
249 231 231 
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26)3,791 3,711 4,403 
4,040 3,942 4,634 
Azalea Buyer, Inc. (0.8%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(9)
3,070 2,997 2,996 
Subordinated Term Loan (12.0% PIK, Acquired 11/21, Due 05/28)840 823 823 
Common Stock (108,205.13 Shares, Acquired 11/21)128 128 
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 11/21, Due 11/27)(9)
— (6)(6)
3,910 3,942 3,941 
Bariacum S.A. (0.4%)*(3) (6) (7) (13)
Consumer ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28)1,933 1,859 1,861 
1,933 1,859 1,861 
Beyond Risk Management, Inc.
(0.5%)*(6) (7) (9)
Other FinancialFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.3% Cash, Acquired 10/21, Due 09/27)2,427 2,336 2,327 
2,427 2,336 2,327 
Bidwax (0.5%)*(3) (6) (7) (13)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28)2,388 2,418 2,322 
2,388 2,418 2,322 
BigHand UK Bidco Limited (0.0%)*(3) (6) (7) (12)
High Tech IndustriesFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.25%, 5.4% Cash, Acquired 01/21, Due 01/28)220 212 212 
220 212 212 
Blue Ribbon, LLC (2.6%)*(6) (7) (9)
BrewersFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 05/21, Due 05/28)12,799 12,502 12,767 
12,799 12,502 12,767 
Bounteous, Inc. (1.2%)*(6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)6,091 5,919 5,917 
6,091 5,919 5,917 
1824

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 20202021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
PerTronix, LLC (2.6%)*(4) (5) (8)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26)$2,877,664 $2,835,535 $2,834,499 
2,877,664 2,835,535 2,834,499 
Playtika Holding Corp. (0.5%)*(5) (7)
Leisure, Amusement & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 12/24)487,179 491,628 489,562 
487,179 491,628 489,562 
Premium Franchise Brands, LLC (4.6%)*(4) (5) (7)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26)5,000,000 4,900,333 4,900,000 
5,000,000 4,900,333 4,900,000 
Questel Unite (1.6%)*(3) (4) (5) (13)
Business ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/27)1,791,868 1,734,376 1,748,611 
1,791,868 1,734,376 1,748,611 
Radwell International, LLC (0.7%)*(4) (5) (7)
WholesaleFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/20, Due 12/26)815,089 795,255 795,089 
815,089 795,255 795,089 
Recovery Point Systems, Inc. (4.8%)*(4) (5) (6)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 07/26)5,122,737 5,025,591 5,109,930 
5,122,737 5,025,591 5,109,930 
REP SEKO MERGER SUB LLC
(3.9%)*(4) (5) (6)
Air Freight & LogisticsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)4,272,727 4,145,244 4,172,727 
4,272,727 4,145,244 4,172,727 
RPX Corporation (4.6%)*(4) (5) (7)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25)5,000,000 4,891,445 4,887,500 
5,000,000 4,891,445 4,887,500 
Safety Products Holdings, LLC (3.3%)* (4) (5)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26) (7)3,621,713 3,511,811 3,511,122 
Common Stock (84.8 units, Acquired 12/20)84,818 84,820 
3,621,713 3,596,629 3,595,942 
Serta Simmons Bedding LLC
(1.7%)*(5) (6)
Home FurnishingsSuper Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 09/20, Due 08/23)1,995,000 1,672,442 1,791,929 
1,995,000 1,672,442 1,791,929 
SISU ACQUISITIONCO., INC. (4.6%)*(4) (5) (7)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26)5,000,000 4,900,380 4,900,000 
5,000,000 4,900,380 4,900,000 
SN BUYER, LLC (4.6%)*(4) (5) (7)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 11/26)5,000,000 4,900,628 4,900,000 
5,000,000 4,900,628 4,900,000 
SSCP Pegasus Midco Limited (2.5%)*(3) (4) (5) (11)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27)2,874,608 2,692,724 2,730,986 
2,874,608 2,692,724 2,730,986 
Syniverse Holdings, Inc. (3.9%)*(5) (7)
Technology DistributorsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/20, Due 03/23)4,661,084 3,771,502 4,199,497 
4,661,084 3,771,502 4,199,497 
UKFast Leaders Limited (5.5%)*(3) (4) (5) (9)
TechnologyFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 09/20, Due 09/27)6,056,570 5,535,216 5,906,367 
6,056,570 5,535,216 5,906,367 
Utac Ceram (4.6%)*(3) (4) (5) (13)
Business ServicesFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/20, Due 09/27)5,138,910 4,732,803 4,981,607 
5,138,910 4,732,803 4,981,607 
W2O Holdings, Inc. (-0.0%)*(4) (5)
Healthcare TechnologyUndrawn Delayed Draw Term Loan (LIBOR + 5.0%, 5.0% Cash, Acquired 10/20, Due 06/25)— (46,877)(42,121)
— (46,877)(42,121)
Winebow Group, LLC, (The) (2.0%)* (5) (6)
Consumer GoodsFirst Lien Senior Secured Term Loan (LIBOR + 3.75%, 4.8% Cash, Acquired 08/20, Due 07/21)2,348,162 2,032,092 2,146,807 
2,348,162 2,032,092 2,146,807 
Subtotal Non���Control / Non–Affiliate Investments188,455,633 177,837,323 183,961,244 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Brightline Trains Florida LLC (0.4%)*(6)
TransportationSenior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28)$2,000 $2,000 $2,002 
2,000 2,000 2,002 
Brightpay Limited (0.3%)*(3) (6) (7) (13)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)1,728 1,708 1,677 
1,728 1,708 1,677 
BrightSign LLC (1.5%)*(6)
Media & Entertainment
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27)(7) (9)
6,896 6,829 6,827 
LLC units (596,181.48 Units, Acquired 10/21)596 611 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 10/27)(7) (9)
— (7)(7)
6,896 7,418 7,431 
British Airways 2020-1 Class B Pass Through Trust (0.2%)*AirlinesStructured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28)810 810 916 
810 810 916 
British Engineering Services Holdco Limited (0.5%)*(3) (6) (7) (16)
Commercial Services & SuppliesFirst Lien Senior Secured Term Loan (SONIA + 6.75%, 7.0% Cash, Acquired 12/20, Due 12/27)2,441 2,367 2,421 
Revolver (SONIA + 6.75%, 7.0% Cash, Acquired 12/20, Due 06/22)— — (1)
2,441 2,367 2,420 
CAi Software, LLC (1.4%)*(6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)6,793 6,658 6,657 
Revolver (LIBOR + 6.25%, 7.3% Cash, Acquired 12/21, Due 12/28)— (14)(14)
6,793 6,644 6,643 
Canadian Orthodontic Partners Corp.(0.3%)*(3) (6) (7) (19)
HealthcareFirst Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26)1,575 1,624 1,561 
1,575 1,624 1,561 
Carlson Travel, Inc. (1.0%)*Business Equipment & ServicesFirst Lien Senior Secured Note (8.5% Cash, Acquired 11/21, Due 11/26)2,898 2,657 2,951 
Common Stock (62,770 Shares, Acquired 11/21)1,104 2,056 
2,898 3,761 5,007 
Ceres Pharma NV (0.4%)*(3) (6) (7) (14)
PharmaceuticalsFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 10/21, Due 10/28)2,112 2,060 2,019 
2,112 2,060 2,019 
Cineworld Group PLC
(0.5%)*(3)
Leisure ProductsSuper Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24)1,198 1,067 1,426 
Super Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 07/21, Due 05/24)(7) (10)
666 644 707 
Warrants (371,024 Units, Acquired 12/20)68 163 
1,864 1,779 2,296 
Coastal Marina Holdings, LLC (1.8%)*(6)
Other FinancialSubordinated Term Loan (10.0% PIK, Acquired 11/21, Due 11/31)8,804 7,983 7,983 
LLC Units (273,796 Units, Acquired 11/21)821 821 
8,804 8,804 8,804 
Cobham Slip Rings SAS (0.4%)*(3) (6) (7) (9)
Diversified ManufacturingFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.4% Cash, Acquired 11/21, Due 11/28)1,995 1,946 1,945 
1,995 1,946 1,945 
Coyo Uprising GmbH (2.1%)*(3) (6)
Technology
First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/28)(7) (13)
9,686 9,705 9,418 
Class A Units (531 Units, Acquired 09/21)248 708 
Class B Units (231 Units, Acquired 09/21)538 305 
9,686 10,491 10,431 
Crash Champions (2.4%)*(6) (7) (9)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25)12,276 11,925 11,826 
12,276 11,925 11,826 
1925

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 20202021
(Amounts in thousands, except share amounts)
Portfolio CompanyIndustry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Short-Term Investments:
BlackRock, Inc. (14.2%)*Money Market FundBlackRock Liquidity Temporary Fund (0.08% yield)$15,201,727 $15,201,647 
15,201,727 15,201,647 
HSBC Holdings PLC (0.1%)*Money Market FundHSBC Funds U.S. Government Money Market Fund (0.03% yield)95,051 95,051 
95,051 95,051 
JPMorgan Chase & Co. (14.7%)*Money Market FundJPMorgan Prime Money Market Fund (0.09% yield)15,803,827 15,803,746 
15,803,827 15,803,746 
Subtotal Short-Term Investments31,100,605 31,100,444 
Total Investments, December 31, 2020 (200.26%)*$188,455,633 $208,937,928 $215,061,688 
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
CSL DualCom (0.2%)*(3) (6) (7) (12)
Tele-communicationsFirst Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27)$1,214 $1,081 $1,171 
1,214 1,081 1,171 
Cvent, Inc. (0.1%)*(7) (8)
Internet Software & ServicesFirst Lien Senior Secured Term Loan (LIBOR + 3.75%, 3.8% Cash, Acquired 07/20, Due 11/24)679 602 677 
679 602 677 
CVL 3 (2.0%)*(3) (6) (7)
Capital Equipment
First Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(13)
5,912 5,724 5,766 
First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)(20)
3,382 3,298 3,298 
6-Month Bridge Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/22)(13)
796 772 788 
10,090 9,794 9,852 
CW Group Holdings, LLC (1.7%)*(6)
High Tech Industries
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(7) (9)
8,042 7,885 7,917 
LLC Units (403,441.04 Units, Acquired 01/21)403 280 
8,042 8,288 8,197 
DecksDirect, LLC (0.2%)*(6)
Building Materials
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(7) (8)
727 713 713 
Revolver (LIBOR + 6.0%, 7.0% Cash, Acquired 12/21, Due 12/26)(7) (9)
— (4)(4)
LLC Units (1,280.8 Units, Acquired 12/21)55 55 
727 764 764 
Discovery Education, Inc. (0.8%)*(6) (7) (9)
PublishingFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26)3,951 3,894 3,951 
3,951 3,894 3,951 
Dragon Bidco (0.6%)*(3) (6) (7) (14)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28)3,070 3,173 3,011 
3,070 3,173 3,011 
Dune Group (0.7%)*(3) (6) (7)
Health Care Equipment
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.0% Cash, Acquired 09/21, Due 09/28)(9)
3,177 3,123 3,104 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(13)
207 173 178 
3,384 3,296 3,282 
Dwyer Instruments, Inc. (1.1%)*(6) (7) (9)
ElectricFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 07/21, Due 07/27)5,220 5,099 5,163 
5,220 5,099 5,163 
Echo Global Logistics, Inc. (2.2%)*(6)
Air Transportation
Second Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 11/21, Due 11/29)(7) (9)
10,605 10,421 10,419 
Partnership Units (289.22 units, Acquired 11/21)289 289 
10,605 10,710 10,708 
Ellkay, LLC (0.8%)*(6) (7) (9)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27)3,762 3,689 3,694 
3,762 3,689 3,694 
EMI Porta Holdco LLC (1.7%)*(6) (7) (9)
Diversified ManufacturingFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)8,390 8,118 8,115 
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)— (25)(25)
8,390 8,093 8,090 
Entact Environmental Services, Inc. (0.8%)*(6) (7) (9)
Environmental IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25)4,044 4,010 3,991 
4,044 4,010 3,991 
EPS NASS Parent, Inc. (0.9%)*(6) (7) (9)
Electrical Components & EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28)4,244 4,154 4,173 
4,244 4,154 4,173 
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldSettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)$1,487,900A$2,000,00001/05/21$(53,700)
Foreign currency forward contract (AUD)A$2,000,000$1,511,04001/05/2130,560 
Foreign currency forward contract (EUR)$6,397,074€5,400,00001/05/21(206,855)
Foreign currency forward contract (EUR)€5,400,000$6,492,42001/05/21111,509 
Foreign currency forward contract (GBP)$13,554,563£10,570,00001/05/21(889,334)
Foreign currency forward contract (GBP)$93,335£68,49704/06/21(319)
Foreign currency forward contract (GBP)£10,570,000$13,618,93501/05/21824,961 
Total Foreign Currency Forward Contracts, December 31, 2020$(183,178)
26

Barings Capital Investment Corporation

Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
eShipping, LLC (1.7%)*(6) (7)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(8)
$8,276 $8,076 $8,072 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)(9)
192 170 170 
8,468 8,246 8,242 
Ferrellgas L.P. (0.6%)*(3) (6)
Oil & Gas Equipment & ServicesOpCo Preferred Units (2,886 Units, Acquired 3/21)2,799 3,146 
2,799 3,146 
Fineline Technologies, Inc. (0.4%)*(6) (7) (9)
Consumer ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28)1,745 1,714 1,745 
1,745 1,714 1,745 
FitzMark Buyer, LLC (0.5%)*(6) (7) (9)
Cargo & TransportationFirst Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/20, Due 12/26)2,485 2,443 2,435 
2,485 2,443 2,435 
Flexential Issuer, LLC (2.0%)*Information TechnologyStructured Secured Note - Class C (6.9% Cash, Acquired 11/21, Due 11/51)10,000 9,261 9,755 
10,000 9,261 9,755 
FragilePak LLC (1.7%)*(6)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(7) (8)
7,539 7,247 7,289 
Partnership Units (889.3 Units, Acquired 05/21)889 878 
7,539 8,136 8,167 
Front Line Power Construction LLC (0.1%)*Construction Machinery
First Lien Senior Secured Term Loan (LIBOR + 12.5%, 13.5% Cash, Acquired 11/21, 11/28)(6) (7) (9)
700 678 679 
Common Stock (8,898 shares, Acquired 11/21)23 19 
700 701 698 
FSS Buyer LLC (3.1%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(7) (9)
14,851 14,561 14,587 
LP Interest (1,973.6 Units, Acquired 08/21)20 51 
LP Units (8,677.3 Units, Acquired 08/21)87 224 
14,851 14,668 14,862 
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (0.8%)AirlinesStructured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25)3,157 3,157 3,737 
3,157 3,157 3,737 
Heartland Veterinary Partners, LLC (0.7%)*(6)
HealthcareSubordinated Term Loan (11.0% PIK, Acquired 11/21, Due 11/28)3,339 3,252 3,250 
3,339 3,252 3,250 
Hoffmaster Group Inc. (0.5%)*(7) (9)
PackagingFirst Lien Senior Secured Term Loan (LIBOR + 4.0%, 5.0% Cash, Acquired 07/20, Due 11/23)2,514 2,260 2,333 
2,514 2,260 2,333 
Home Care Assistance, LLC (0.9%)*(6) (7) (9)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 03/21, Due 03/27)4,546 4,466 4,455 
4,546 4,466 4,455 
Houghton Mifflin Harcourt Publishers Inc. (0.0%)*(7) (8)
Paper ProductsFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/20, Due 11/24)148 141 148 
148 141 148 
IGL Holdings III Corp. (0.7%)*(6) (7) (9)
Commercial PrintingFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26)3,625 3,557 3,585 
3,625 3,557 3,585 
IM Square (0.7%)*(3) (6) (7) (14)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 04/28)3,639 3,724 3,581 
3,639 3,724 3,581 
Infoblox, Inc. (0.6%)*(7) (9)
TechnologySecond Lien Senior Secured Term Loan (LIBOR + 7.25%, 8.0% Cash, Acquired 09/20, Due 12/28)2,843 2,830 2,854 
2,843 2,830 2,854 
27

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Infoniqa Holdings GmbH (0.6%)*(3) (6) (7) (13)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 11/21, Due 11/28)$2,766 $2,677 $2,689 
2,766 2,677 2,689 
Innovad Group II BV (0.8%)*(3) (6) (7) (13)
Beverage, Food & TobaccoFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28)4,134 4,177 3,883 
4,134 4,177 3,883 
INOS 19-090 GmbH (0.2%)*(3) (6) (7) (13)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27)873 905 872 
873 905 872 
ITI Intermodal, Inc. (0.1%)*(6) (7)
Transportation Services
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(8)
721 705 705 
Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(9)
— (2)(2)
721 703 703 
Jaguar Merger Sub Inc. (d/b/a National Auto Care) (0.5%)*(6) (7) (9)
Other FinancialFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 9/24)2,543 2,487 2,486 
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 9/24)— (6)(6)
2,543 2,481 2,480 
JetBlue 2019-1 Class B Pass Through Trust (0.4%)*AirlinesStructured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27)1,666 1,666 1,922 
1,666 1,666 1,922 
JF Acquisition, LLC (0.7%)*(6) (7) (9)
AutomotiveFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24)3,642 3,545 3,496 
3,642 3,545 3,496 
Kano Laboratories LLC (1.3%)*(6)
Chemicals, Plastics & Rubber
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 11/26)(7) (10)
6,422 6,243 6,224 
Partnership Equity (78.7 Units, Acquired 11/20)79 79 
6,422 6,322 6,303 
Kid Distro Holdings, LLC (4.0%)*(6)
Media & Entertainment
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/21, Due 10/27)(7) (9)
19,149 18,779 18,766 
Partnership Units (850,236.1 Units, Acquired 10/21)851 850 
19,149 19,630 19,616 
Kona Buyer, LLC (1.2%)*(6) (7) (9)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27)5,707 5,586 5,707 
5,707 5,586 5,707 
LAF International (0.1%)*(3) (6) (7) (14)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)341 356 334 
341 356 334 
Lambir Bidco Limited (0.9%)*(3) (6)
Healthcare
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/28)(7) (13)
3,551 3,377 3,405 
Second Lien Senior Secured Term Loan (12.0% PIK, Acquired 12/21, Due 06/29)1,003 965 973 
Revolver (EURIBOR + 6.0%, 6.0% Cash, Acquired 12/21, Due 12/24)(7) (13)
222 207 209 
4,776 4,549 4,587 
Learfield Communications, LLC (1.2%)*Broadcasting
First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(7) (8)
68 48 64 
First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(9)
5,680 5,648 5,683 
5,748 5,696 5,747 
LivTech Purchaser, Inc. (0.7%)*(6) (7) (9)
Business ServicesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/25)3,533 3,494 3,502 
3,533 3,494 3,502 
28

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Marmoutier Holding B.V. (0.4%)*(3) (6) (7) (13)
Consumer ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/21, Due 12/28)$1,944 $1,872 $1,880 
Revolver (EURIBOR + 5.0%, 5.0% Cash, Acquired 12/21, Due 6/27)— (4)(4)
1,944 1,868 1,876 
MC Group Ventures Corporation (0.9%)*(6)
Business Services
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27)(7) (9)
3,883 3,789 3,850 
Partnership Equity Units (373.33 units, Acquired 06/21)373 381 
3,883 4,162 4,231 
MNS Buyer, Inc. (0.2%)*(6)
Construction & Building
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27)(7) (8)
921 903 905 
Partnership Units (76.92 Units, Acquired 08/21)77 78 
921 980 983 
Modern Star Holdings Bidco Pty Limited (0.4%)*(3) (6) (7) (17)
Non-durable Consumer GoodsFirst Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26)2,112 2,064 2,088 
2,112 2,064 2,088 
MSG National Properties (1.0%)*(3) (6) (7) (9)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25)4,950 4,830 5,049 
4,950 4,830 5,049 
Murphy Midco Limited (0.2%)*(3) (6) (7) (12)
Media, Diversified & ProductionFirst Lien Senior Secured Term Loan (GBP LIBOR + 4.75%, 4.8% Cash, Acquired 11/20, Due 11/27)1,080 1,010 1,043 
1,080 1,010 1,043 
Music Reports, Inc. (1.1%)*(6) (7) (9)
Media & EntertainmentFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 08/20, Due 08/26)5,355 5,249 5,248 
5,355 5,249 5,248 
Narda Acquisitionco., Inc. (0.7%)*(6)
Aerospace & Defense
First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(7) (9)
2,963 2,911 2,911 
Revolver (LIBOR + 5.25%, 6.3% Cash, Acquired 12/21, Due 12/27)(7) (9)
— (12)(12)
Class B Common Stock (265.88 Shares, Acquired 12/21)27 27 
Class A Preferred Stock (2,392.92 Shares, Acquired 12/21)239 239 
2,963 3,165 3,165 
Navia Benefit Solutions, Inc. (1.9%)* (6) (7) (9)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27)9,382 9,179 9,300 
9,382 9,179 9,300 
Nexus Underwriting Management Limited (0.6%)*(3) (6) (7) (16)
Other FinancialFirst Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 10/28)2,722 2,628 2,620 
Revolver (SONIA + 5.25%, 5.3% Cash, Acquired 10/21, Due 4/22)53 52 52 
2,775 2,680 2,672 
Northstar Recycling, LLC (0.8%)*(6) (7) (9)
Environmental IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/21, Due 9/27)3,994 3,917 3,915 
3,994 3,917 3,915 
OA Buyer, Inc. (1.8%)*(6)
Healthcare
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(7) (9)
8,501 8,331 8,331 
Revolver (LIBOR + 6.0%, 6.8% Cash, Acquired 12/21, Due 12/28)(7) (9)
— (27)(27)
Partnership Units (210,920.1 units, Acquired 12/21)211 211 
8,501 8,515 8,515 
Odeon Cinemas Group Limited (1.7%)*(3)
Hotel, Gaming, & LeisureFirst Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23)7,908 8,101 8,066 
7,908 8,101 8,066 
OG III B.V. (1.2%)*(3) (6) (7) (13)
Containers & Glass ProductsFirst Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)5,960 6,096 5,817 
5,960 6,096 5,817 
29

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
Omni Intermediate Holdings, LLC (2.1%)*(6) (7) (8)
TransportationFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)$10,578 $10,287 $10,279 
10,578 10,287 10,279 
Oracle Vision Bidco Limited (0.3%)*(3) (6) (7) (16)
HealthcareFirst Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28)1,437 1,456 1,404 
1,437 1,456 1,404 
Origin Bidco Limited (0.2%)*(3) (6) (7)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(9)
597 582 584 
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(13)
377 394 369 
974 976 953 
OSP Hamilton Purchaser, LLC (0.5%)*(6) (7)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27)(8)
2,281 2,235 2,235 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 12/21, Due 12/27)(9)
— (4)(4)
2,281 2,231 2,231 
Pacific Health Supplies Bidco Pty Limited (0.2%)*(3) (6) (7) (18)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25)847 838 817 
847 838 817 
PDQ.Com Corporation (2.9%)*(6)
Business Equipment & Services
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27)(7) (9)
14,048 13,798 13,787 
Class A-2 Partnership Units (86.39 Units, Acquired 08/21)86 87 
14,048 13,884 13,874 
Permaconn BidCo Pty Ltd (1.0%)*(3) (6) (7) (17)
Tele-communicationsFirst Lien Senior Secured Term Loan (BBSY + 6.5%, 6.5% Cash, Acquired 12/21, Due 12/27)5,236 5,018 5,092 
5,236 5,018 5,092 
Polara Enterprises, L.L.C. (0.5%)*(6)
Capital Equipment
First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(7) (9)
2,121 2,079 2,079 
Revolver (LIBOR + 4.75%, 5.8% Cash, Acquired 12/21, Due 12/27)(7) (9)
— (5)(6)
Partnership Units (1,910.22 Units, Acquired 12/21)191 191 
2,121 2,265 2,264 
Policy Services Company, LLC (3.4%)*(6)
Property & Casualty Insurance
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, 4.0% PIK, Acquired 12/21, Due 06/26)(7) (9)
17,368 16,681 16,678 
Warrants - Class A (10,710 units, Acquired 12/21)— — 
Warrants - Class B (3,614 units, Acquired 12/21)— — 
Warrants - Class CC (372 units, Acquired 12/21)— — 
Warrants - Class D (955 units, Acquired 12/21)— — 
17,368 16,681 16,678 
Premium Franchise Brands, LLC (3.0%)*(6) (7) (9)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26)14,988 14,712 14,688 
14,988 14,712 14,688 
Premium Invest (1.0%)*(3) (6) (7) (13)
Brokerage, Asset Managers & ExchangesFirst Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28)5,079 5,173 4,997 
5,079 5,173 4,997 
Preqin MC Limited (0.6%)*(3) (6) (7) (21)
Banking, Finance, Insurance & Real EstateFirst Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28)3,147 3,057 3,119 
3,147 3,057 3,119 
Protego Bidco B.V. (0.2%)*(3) (6) (7) (13)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27)771 786 760 
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28)370 373 357 
1,141 1,159 1,117 
30

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
QPE7 SPV1 BidCo Pty Ltd (0.5%)*(3) (6) (7) (18)
Consumer CyclicalFirst Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26)$2,613 $2,518 $2,572 
2,613 2,518 2,572 
Questel Unite (0.6%)*(3) (6) (7)
Business Services
First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/20, Due 12/27)(13)
2,453 2,441 2,421 
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27)(9)
367 362 365 
2,820 2,803 2,786 
Recovery Point Systems, Inc. (1.1%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 08/20, Due 08/26)(7) (9)
5,059 4,977 5,059 
Partnership Equity (81,313 Units, Acquired 03/21)81 65 
5,059 5,058 5,124 
Renovation Parent Holdings, LLC (2.0%)*(6)
Home Furnishings
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 11/21, Due 11/27)(7) (10)
9,709 9,470 9,466 
Partnership Units (394,736.8 Units, Acquired 11/21)395 407 
9,709 9,865 9,873 
REP SEKO MERGER SUB LLC
(2.8%)*(6) (7)
Air Freight & Logistics
First Lien Senior Secured Term Loan (EURIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)(13)
9,687 9,730 9,541 
First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26)(9)
4,230 4,122 4,156 
13,917 13,852 13,697 
Resonetics, LLC (0.4%)*(6) (7) (9)
Health Care EquipmentSecond Lien Senior Secured Term Loan (LIBOR + 7.0%, 7.8% Cash, Acquired 04/21, Due 04/29)1,859 1,824 1,822 
1,859 1,824 1,822 
Reward Gateway (UK) Ltd (2.0%)*(3) (6) (7) (16)
Precious Metals & MineralsFirst Lien Senior Secured Term Loan (SONIA + 6.75%, 6.8% Cash, Acquired 08/21, Due 06/28)9,772 9,702 9,509 
9,772 9,702 9,509 
Riedel Beheer B.V. (0.4%)*(3) (6) (7) (13)
Food & BeverageFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)1,899 1,835 1,843 
Super Senior Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 06/28)230 222 223 
Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 12/21, Due 12/28)— (6)(5)
2,129 2,051 2,061 
RPX Corporation (3.2%)*(6) (7) (9)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 10/20, Due 10/25)15,644 15,328 15,323 
15,644 15,328 15,323 
Safety Products Holdings, LLC (1.0%)*(6)
Non-durable Consumer Goods
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(7) (8)
4,847 4,704 4,680 
Common Stock (84.8 Units, Acquired 12/20)85 116 
4,847 4,789 4,796 
Scaled Agile, Inc. (0.3%)*(6) (7) (9)
Research & Consulting ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28)1,748 1,705 1,705 
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 12/21, Due 12/28)— (7)(7)
1,748 1,698 1,698 
Serta Simmons Bedding LLC
(0.4%)*(7) (8)
Home FurnishingsSuper Priority Second Out (LIBOR + 7.5%, 8.5% Cash, Acquired 09/20, Due 08/23)1,975 1,763 1,842 
1,975 1,763 1,842 
SISU ACQUISITIONCO., INC. (1.0%)*(6) (7) (9)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 12/20, Due 12/26)4,950 4,865 4,782 
4,950 4,865 4,782 
Smartling, Inc. (1.7%)*(6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)8,235 8,051 8,047 
Revolver (LIBOR + 5.75%, 6.8% Cash, Acquired 11/21, Due 11/27)— (12)(12)
8,235 8,039 8,035 
31

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
SN BUYER, LLC (1.0%)*(6) (7) (8)
Health Care ServicesFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 12/20, Due 12/26)$4,633 $4,554 $4,633 
4,633 4,554 4,633 
SPT Acquico Limited (0.2%)*(3) (6) (7) (9)
High Tech IndustriesFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 01/21, Due 12/27)921 900 921 
921 900 921 
SSCP Pegasus Midco Limited (0.1%)*(3) (6) (7) (11)
Healthcare & PharmaceuticalsFirst Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 6.8% Cash, Acquired 12/20, Due 11/27)519 455 509 
519 455 509 
Starnmeer B.V. (1.8%)*(3) (6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 6.4%, 6.9% Cash, Acquired 10/21, Due 04/27)8,640 8,514 8,510 
8,640 8,514 8,510 
Superjet Buyer, LLC (3.7%)*(6) (7) (9)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)18,540 18,169 18,169 
Revolver (LIBOR + 5.75%, 6.5% Cash, Acquired 12/21, Due 12/27)— (29)(29)
18,540 18,140 18,140 
Syniverse Holdings, Inc. (0.9%)*(7) (9)
Technology DistributorsFirst Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/20, Due 03/23)4,625 4,109 4,592 
4,625 4,109 4,592 
Syntax Systems Ltd (0.9%)*(3) (6) (7) (8)
TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/28)4,168 4,117 4,115 
Revolver (LIBOR + 5.5%, 6.3% Cash, Acquired 11/21, Due 10/26)261 255 255 
4,429 4,372 4,370 
TA SL Cayman Aggregator Corp.
(0.2%)*(6)
TechnologySubordinated Term Loan (8.8% PIK, Acquired 07/21, Due 07/28)925 907 909 
Common Stock (736 Shares, Acquired 07/21)23 30 
925 930 939 
Techone B.V. (0.5%)*(3) (6) (7) (13)
TechnologyFirst Lien Senior Secured Term Loan (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 11/28)2,611 2,521 2,526 
Revolver (EURIBOR + 5.5%, 5.5% Cash, Acquired 11/21, Due 05/28)32 29 29 
2,643 2,550 2,555 
Tencarva Machinery Company, LLC (0.7%)*(6) (7) (9)
Capital EquipmentFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)3,657 3,593 3,593 
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/23)— (10)(10)
Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)— (13)(13)
3,657 3,570 3,570 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) (0.8%)*(6)
Brokerage, Asset Managers & Exchanges
First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(7) (9)
815 747 747 
Revolver (LIBOR + 4.25%, 5.3% Cash, Acquired 10/21, Due 12/27)(7) (9)
— (14)(14)
Subordinated Term Loan (7.75% PIK, Acquired 10/21, Due 10/28)3,210 3,147 3,145 
4,025 3,880 3,878 
Trident Maritime Systems, Inc. (3.5%)*(6) (7) (9)
Aerospace & DefenseFirst Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/21, Due 02/27)16,873 16,621 16,873 
16,873 16,621 16,873 
Turbo Buyer, Inc. (1.2%)*(6) (7) (9)
Finance CompaniesFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/21, Due 12/25)6,082 5,935 5,931 
6,082 5,935 5,931 
Turnberry Solutions, Inc. (1.5%)*(6) (7) (9)
Consumer CyclicalFirst Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/21, Due 09/26)7,500 7,362 7,371 
7,500 7,362 7,371 
32

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Portfolio Company (5)
Industry
Type of Investment(1) (2)
Principal
Amount
CostFair
Value
UKFast Leaders Limited (0.2%)*(3) (6) (7) (15)
TechnologyFirst Lien Senior Secured Term Loan (SONIA + 7.0%, 7.1% Cash, Acquired 09/20, Due 09/27)$1,129 $1,045 $1,109 
1,129 1,045 1,109 
Utac Ceram (0.2%)*(3) (6) (7)
Business Services
First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/20, Due 09/27)(13)
796 822 781 
First Lien Senior Secured Term Loan (LIBOR + 5.25%, 5.5% Cash, Acquired 02/21, Due 09/27)(9)
364 364 357 
1,160 1,186 1,138 
VistaJet Pass Through Trust 2021-1B (2.0%)AirlinesStructured Secured Note - Class B (6.3% Cash, Acquired 11/21, Due 02/29)10,000 10,000 9,811 
10,000 10,000 9,811 
Vital Buyer, LLC (2.6%)*(6)
Technology
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 06/28)(7) (9)
12,742 12,500 12,537 
Partnership Equity (16,442.9 Units, Acquired 06/21)164 171 
12,742 12,664 12,708 
W2O Holdings, Inc. (0.2%)*(6) (7) (9)
Healthcare TechnologyFirst Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 06/25)870 845 870 
870 845 870 
Willis Engine Structured Trust VI (0.5%)*Structured FinanceStructured Secured Note - Series 2021-1 Class C (7.4% Cash, Acquired 05/21, Due 05/46)2,527 2,527 2,484 
2,527 2,527 2,484 
Woodland Foods, LLC (1.3%)*(6)
Food & Beverage
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)(7) (9)
5,380 5,273 5,272 
Revolver (LIBOR + 5.5%, 6.5% Cash, Acquired 12/21, Due 12/27)(7) (9)
80 60 60 
Common Stock (777,260.13 shares, Acquired 12/21)777 777 
5,460 6,110 6,109 
Subtotal Non–Control / Non–Affiliate Investments (155.7%)753,265 748,497 754,861 
Affiliate Investments: (4)
Banff Partners LP (2.6%)*(3)
Investment Funds & Vehicles10% Partnership Interest, Acquired 03/2112,646 12,859 
12,646 12,859 
Eclipse Business Capital, LLC (10.1%)*(6)
Banking, Finance, Insurance & Real Estate
Second Lien Senior Secured Term Loan (7.5% Cash, Acquired 07/21, Due 07/28)2,246 2,225 2,341 
Revolver (LIBOR + 7.25%, Acquired 07/21. Due 07/28)(9)
898 836 898 
LLC Units (44,197,541 units, Acquired 07/21)44,396 45,789 
3,144 47,457 49,028 
Thompson Rivers LLC (7.2%)*(3)
Investment Funds & Vehicles6.5% Member Interest, Acquired 06/2132,287 34,893 
32,287 34,893 
Waccamaw River LLC (2.8%)*(3)
Investment Funds & Vehicles20% Member Interest, Acquired 04/2113,756 13,501 
13,756 13,501 
Subtotal Affiliate Investments (22.7%)3,144 106,146 110,281 
Total Investments, December 31, 2021 (178.4%)*$756,409 $854,643 $865,142 
33

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
Foreign Currency Forward Contracts:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$12,250$8,906HSBC Bank USA01/06/22$(1)
Foreign currency forward contract (AUD)$8,834A$12,250HSBC Bank USA01/06/22(71)
Foreign currency forward contract (AUD)$5,503A$7,659HSBC Bank USA04/08/22(66)
Foreign currency forward contract (CAD)C$5,580$4,366HSBC Bank USA01/06/2244 
Foreign currency forward contract (CAD)$4,373C$5,580HSBC Bank USA01/06/22(36)
Foreign currency forward contract (CAD)$270C$349BNP Paribas SA04/08/22(6)
Foreign currency forward contract (CAD)$4,439C$5,675HSBC Bank USA04/08/22(44)
Foreign currency forward contract (DKK)3,526kr.$537HSBC Bank USA01/06/22
Foreign currency forward contract (DKK)$5513,526kr.HSBC Bank USA01/06/2212 
Foreign currency forward contract (DKK)$5313,481kr.HSBC Bank USA04/08/22(2)
Foreign currency forward contract (EUR)€20,807$23,557HSBC Bank USA01/06/22119 
Foreign currency forward contract (EUR)$5,181€4,500BNP Paribas SA01/06/2261 
Foreign currency forward contract (EUR)$18,704€16,307HSBC Bank USA01/06/22149 
Foreign currency forward contract (EUR)$10,436€9,200BNP Paribas SA04/08/22(54)
Foreign currency forward contract (EUR)$25,362€22,357HSBC Bank USA04/08/22(129)
Foreign currency forward contract (GBP)£8,566$11,504HSBC Bank USA01/06/2296 
Foreign currency forward contract (GBP)£4,068$5,418HSBC Bank USA04/08/2288 
Foreign currency forward contract (GBP)$11,472£8,566HSBC Bank USA01/06/22(129)
Total Foreign Currency Forward Contracts, December 31, 2021$33 
*    Fair value as a percentage of net assets.
(1)All debt investments are income producing, unless otherwise noted. EquityEclipse Business Capital, LLC, Ferrellgas L.P., Kano Laboratories LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing, unless otherwise noted.producing. The Board the Company determined in good faith that all investments were valued at fair value in accordance with the Company’s valuation policies and procedures and the 1940 Act, based on, among other things, the input of the Company’s external investment adviser, Barings, the Company’s Audit Committee and an independent valuation firm that has been engaged to assist in the valuation of the Company’s middle-market equity and debt investments. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, GBP LIBOR, BBSY, CDOR, SONIA, SOFR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan.
(2)All of the Company’s portfolio company investments, (including short-term investments), which as of December 31, 2020 represented 200.3%2021 represented 178.1% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’sCompany's initial investment in the relevant portfolio company.
(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 29.2%represent 25.6% of totaltotal investments at fair value as of December 31, 2020.2021. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’sCompany's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).
(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled "Affiliate Investments" for the year ended December 31, 2021 were as follows:
34

Barings Capital Investment Corporation
Unaudited Consolidated Schedule of Investments — (Continued)
December 31, 2021
(Amounts in thousands, except share amounts)
December 31, 2020
Value
Gross Additions
(b)
Gross Reductions (c)Amount of Realized Gain (Loss)Amount of Unrealized Gain (Loss)December 31, 2021
Value
Amount of Interest or Dividends Credited to Income(d)
Portfolio CompanyType of Investment(a)
Banff Partners LP10% Partnership Interest$— $12,646 $— $— $213 $12,859 $— 
— 12,646 — — 213 12,859 — 
Eclipse Business Capital, LLC (e)
Second Lien Senior Secured Term Loan (7.5% Cash)— 2,225 — — 116 2,341 90 
Revolver (LIBOR + 7.25%)— 835 — — 63 898 22 
LLC Units (44,197,541 units)— 44,396 — — 1,393 45,789 1,770 
— 47,456 — — 1,572 49,028 1,882 
Thompson Rivers LLC6.5% Member Interest— 32,287 — — 2,606 $34,893 2,621 
— 32,287 — — 2,606 34,893 2,621 
Waccamaw River LLC20% Member Interest— 13,756 — — (255)$13,501 280 
— 13,756 — — (255)13,501 280 
Total Affiliate Investments$ $106,145 $ $ $4,136 $110,281 $4,783 
(a) Eclipse Business Capital, LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing.
(b) Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.
(c)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.
(d)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.
(e) The fair value of the investment was determined using significant unobservable inputs.
(5)Some or all of the investment is or will be encumbered as security for the Company's senior secured revolving credit facility with ING Capital LLC (as amended, the "ING Credit Facility").
(6)The fair value of the investment was determined using significant unobservable inputs.
(5)(7)Debt investment includes interest rate floor feature.
(6)(8)The interest rate on these loans is subject to 1 Month LIBOR, which as of December 31, 2020 was 0.14388%2021 was 0.10125%.
(7)(9)The interest rate on these loans is subject to 3 Month LIBOR, which as of December 31, 20202021 was 0.23838%0.20913%.
(8)(10)The interest rate on these loans is subject to 6 Month LIBOR, which as of December 31, 20202021 was 0.25763%0.33875%.
(9)The interest rate on these loans is subject to 2 Month GBP LIBOR, which as of December 31, 2020 was 0.06088%.
(10)(11)The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of December 31, 20202021 was 0.02550%0.26225%.
(11)(12)The interest rate on these loans is subject to 6 Month GBP LIBOR, which as of December 31, 20202021 was 0.02988%.
(12)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2020 was -0.55400%0.47363%.
(13)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 20202021 was -0.54500%-0.58300%.
(14)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2021 was -0.54600%.
(15)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2021 was 0.33830%.
(16)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2021 was 0.49870%.
(17)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 20202021 was 0.01000%0.01500%.
(15)(18)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 20202021 was 0.01000%0.06770%.

(19)
The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2021 was 0.51750%.
(20)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2021 was 0.09125%.
(21)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2021 was 0.19947%.

See accompanying notes.
2035

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Business
Barings Capital Investment Corporation ("BCIC" or the "Company")The Company was formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, the Company commenced operations and made its first portfolio company investment. The Company is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company ("BDC"(“BDC”) under the Investment Company Act of 1940 as amended (the "1940 Act").Act. In addition, the Company has elected to be treated and intends to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Description of Business
The Company is a financial services company that primarily lends to and invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. The Company is externally managed by Barings, LLC (“Barings” or “Adviser”), an investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is a leading global asset management firm, with $387.2$371.7 billion in assets under management as of September 30, 2021.March 31, 2022.
Basis of Presentation
The financial statements of the Company include the accounts of Barings Capital Investment Corporation and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies. ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in Note 3 – Investments, with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statement of Operations.
The accompanying unaudited consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the unaudited consolidated financial statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the unaudited consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020.2021. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the unaudited consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
Recently Issued Accounting Standards
In March 2020, the FASB issued Accounting Standards Update, 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements.
2136

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
2. AGREEMENTS AND RELATED PARTY TRANSACTIONS
Investment Advisory Agreement
On June 24, 2020, the Company entered into an investment advisory agreement (the "Advisory Agreement")
with the Adviser. Pursuant to the Advisory Agreement, the Adviser manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.
The Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Advisory Agreement is not adversely affected.
The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited (“BIIL”), as a sub-adviser to manage European investments for the Company. BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London.London, England. As of September 30, 2021,March 31, 2022, BIIL had approximately £15.1£14.5 billion in assets under management.
Under the Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.
Base Management Fee
The Base Management Fee is calculated at an annual rate of 0.15% of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding (i) cash and cash equivalents (as defined below) and (ii) net unsettled purchases and sales of investments. For services rendered under the Advisory Agreement, the Base Management Fee is payable quarterly in arrears. The Base Management Fee is calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters (including the quarter for which such fees are being calculated) and appropriately adjusted for any share issuances or repurchases during the quarter. For the Company’s first quarter, the Base Management Fee was calculated based on the value of the Company’s gross assets as of such quarter-end. The Base Management Fee for any partial quarter is appropriately pro-rated. For purposes of the Advisory Agreement, “cash equivalents” means U.S. government securities, money market fund investments, commercial paper instruments and other similar cash equivalent investments maturing within one year of purchase.
For the three and nine months ended September 30,March 31, 2022 and 2021, the Base Management Fee determined in accordance with the terms of the Advisory Agreement was approximately $0.2$0.4 million and $0.4$0.1 million, respectively. For the period from July 13, 2020 (commencement of operations) to September 30, 2020, the amount of base management fee incurred was $32,077. As of September 30, 2021,March 31, 2022, the Base Management Fee of $0.2$0.4 million for the three months ended September 30, 2021March 31, 2022 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2020,2021, the Base Management Fee of $50,811$0.3 million for the three months ended December 31, 20202021 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.
22

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Incentive Fee
The Incentive Fee consists of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”) and (ii) an incentive fee based on capital gains (the “Capital Gains Fee”), which are described in more detail below.
37

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Income-Based Fee
The Income-Based Fee is payable quarterly in arrears to the extent the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the most recently completed calendar quarter divided by the Company’s net assets as of the end of such calendar quarter (defined as total assets less indebtedness and before taking into account any Income-Based Fees and Capital Gains Fees payable during the calendar quarter, and appropriately adjusted for any share issuances or repurchases during the calendar quarter) (the “PIFNII Return”) exceeds the Hurdle Rate (as defined below) and is an amount less than or equal to the Incentive Fee Cap (as defined below). The Income-Based Fee is calculated as follows:
(a) No Income-Based Fee in any calendar quarter in which the PIFNII Return does not exceed the Hurdle Rate;
(b) 25% of Pre-Incentive Fee Net Investment Income with respect to that portion of the PIFNII Return that exceeds the Hurdle Rate but is less than or equal to the Catch-Up Hurdle Rate (as defined below) for such calendar quarter, which is referred to as the “Catch-Up”. The Catch-Up is intended to provide the Adviser with an Income-Based Fee equal to 12.5% of all of our Pre-Incentive Fee Net Investment Income if the Company’s PIFNII Return equals or exceeds the quarterly Catch-Up Hurdle Rate in any calendar quarter; plus
(c) 12.5% of all Pre-Incentive Fee Net Investment Income with respect to that portion of the PIFNII Return that exceeds the Catch-Up Hurdle Rate.
The Income-Based Fee paid to the Adviser is subject to the Incentive Fee Cap.
(a) In any quarter that the Incentive Fee Cap is zero or a negative value, the Company pays no Income-Based Fee to the Adviser for such quarter.
(b) In any quarter that the Incentive Fee Cap for such quarter is a positive value but is less than the Income-Based Fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap), the Company pays an Income-Based Fee to the Adviser equal to the Incentive Fee Cap for such quarter.
(c) In any quarter that the Incentive Fee Cap for such quarter is equal to or greater than the Income-Based Fee that is payable to the Adviser for such quarter (before giving effect to the Incentive Fee Cap), the Company pays an Income-Based Fee to the Adviser equal to the Income-Based Fee calculated as described above for such quarter without regard to the Incentive Fee Cap.
For purposes of the calculation of the Income-Based Fee, the following terms have the following meaning:
• “Hurdle Rate” for any calendar quarter means one fourth of the average daily Floating Rate over the applicable quarter.
• “Floating Rate” means, initially, the three-month LIBOR; provided that if a Floating Rate Transition Event and its related Floating Rate Replacement Date have occurred with respect to LIBOR, then “Floating Rate” means the Replacement Rate. In the event that the Floating Rate is a negative value, then the Floating Rate shall be zero.
• “Floating Rate Transition Event” means the occurrence of one or more of the following events with respect to the Floating Rate:
1. a public statement or publication of information by or on behalf of the administrator of the Floating Rate announcing that the administrator has ceased or will cease to provide the Floating Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating Rate;
2. a public statement or publication of information by the regulatory supervisor for the administrator of the Floating Rate, the central bank for the currency of the Floating Rate, an insolvency official with jurisdiction over the administrator for the Floating Rate, a resolution authority with jurisdiction over the administrator for the Floating Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Floating Rate, which states that the administrator of the Floating Rate has ceased or
23

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
will cease to provide the Floating Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Floating Rate; or
3. a public statement or publication of information by the regulatory supervisor for the administrator of the Floating Rate announcing that the Floating Rate is no longer representative.
38

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
• “Floating Rate Replacement Date” means:
1. in the case of clause (1) or (2) of the definition of “Floating Rate Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the relevant Floating Rate permanently or indefinitely ceases to provide such Floating Rate; or
2. in the case of clause (3) of the definition of “Floating Rate Transition Event,” the date of the public statement or publication of information.
• “Replacement Rate” means the first alternative set forth in the order below that can be determined as of the Floating Rate Replacement Date.
1. the sum of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment; and
2. the sum of: (a) Compounded SOFR and (b) the applicable Benchmark Replacement Adjustment.
If a Replacement Rate is selected pursuant to clause (2) above, then each calendar quarter following such selection, if a redetermination of the Replacement Rate on such date would result in the selection of a Replacement Rate under clause (1) above, then (x) the Replacement Rate shall be redetermined on such date utilizing Term SOFR and (y) such redetermined Replacement Rate shall become the Floating Rate on or after such date. If redetermination of the Replacement Rate on such date as described in the preceding sentence would not result in the selection of a Replacement Rate under clause (1), then the Floating Rate shall remain the Replacement Rate as previously determined pursuant to clause (2) above.
• “Term SOFR” means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body.
• “Compounded SOFR” means the compounded average of SOFR for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which, for example, may be compounded in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable for the applicable calendar quarter or compounded in advance) being established in accordance with the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR.
• “SOFR” means with respect to any day means the Secured Overnight Financing Rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.
• “Corresponding Tenor” with respect to a Replacement Rate means a tenor (or observation period) having approximately the same length (disregarding business day adjustment) as the applicable tenor (or observation period) for the then-current Floating Rate.
• “Benchmark Replacement Adjustment” means the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the transition to the applicable Floating Rate.
• “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
• “Catch-Up Hurdle Rate” for any calendar quarter means a rate that is equal to 200% of the Hurdle Rate.
• “Incentive Fee Cap” means for any calendar quarter an amount equal to (a) 12.5% of the Cumulative Net Return (as defined below) minus (b) the aggregate Income-Based Fee that was paid in respect of the period ending with the calendar quarter immediately preceding the most recently completed calendar quarter (or the portion thereof) included in the period for calculation of the Cumulative Net Return.
24

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
• “Cumulative Net Return” means (x) the aggregate Pre-Incentive Fee Net Investment Income in respect of either (i) the trailing twelve calendar quarters ending with the calendar quarter in which the Income-Based Fee is calculated or (ii) prior to the end of the twelfth calendar quarter after the effective date of the Advisory Agreement, the period from the effective date of the Advisory Agreement through the last day of the calendar quarter for which the
39

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Income-Based Fee is calculated minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant period.
• “Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.
• “Pre-Incentive Fee Net Investment Income” in respect of a period means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management Fee, any expenses payable under the Administration Agreement,administration agreement between the Company and the Adviser (the “Administration Agreement”), and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, original issue discount (OID), debt instruments with payment-in-kind (PIK) interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.
Capital Gains Fee
The Capital Gains Fee is determined and payable in arrears as of the end of each calendar year (or upon a liquidity event or a termination of the Advisory Agreement), and will equal 12.5% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is zero or negative, then no Capital Gains Fee is payable for such year.
While the Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future.
For the three and nine months ended September 30,March 31, 2022 and 2021, the Income-Based Fee determined in accordance with the terms of the Advisory Agreement was $1.1$1.8 million and $2.2$0.4 million, respectively. For the period from July 13, 2020 (commencement of operations) to September 30, 2020, the amount of incentive fee incurred was $22,212. As of September 30, 2021,March 31, 2022, the Income-Based Fee of $1.1$1.8 million for the three months ended September 30, 2021March 31, 2022 was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2020,2021, the Income-BasedIncentive-Based Fee of $0.2$1.5 million for the three months ended December 31, 20202021 was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.
For both the three and nine months ended September 30,March 31, 2022 and 2021, the Company accrued $0.1$0.5 million and $0.8 million, respectively, of Capital Gains Fee. As of September 30, 2021,March 31, 2022, the Capital Gains Fee of $1.6$2.6 million accrued for the three months ended December 31, 2020 and the nine months ended September 30, 2021,since inception was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2020,2021, the Capital Gains Fee of $0.8$2.1 million for the three months ended December 31, 2020accrued since inception was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.
The Advisory Agreement has an initial term of two years. Thereafter, it shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the directors who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act. The Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (i) by the vote of a majority of the outstanding voting securities of the Company or (ii) by the vote of the Board, or (iii) by the Adviser upon 90 days' written notice. The Advisory Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).
2540

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Administration Agreement
On June 24, 2020, the Company entered into the Administration Agreement with the Adviser. Under the terms of the Administration Agreement, the Adviser also provides the administrative services necessary for the Company to operate (in such capacity, the “Administrator”), including, but not limited to, office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Administrator, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Administrator also, on behalf of the Company and subject to the Board’s approval, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.
The Company will reimbursereimburses Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount.
The costs and expenses incurred by the Administrator on behalf of the Company under the Administration Agreement include, but are not limited to:
• the allocable portion of the Administrator’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;
• the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;
• the actual cost of goods and services used for the Company and obtained by the Administrator from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles;
• all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and
• costs associated with (a) the monitoring and preparation of regulatory reporting, including registration statements and amendments thereto, prospectus supplements,filings with the SEC and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.
For the three and nine months ended September 30,March 31, 2022 and 2021, the Company incurred and was invoiced by the Administrator expenses of approximately $0.3 million and $0.2 million, and $0.6 million, respectively. For the period from July 13, 2020 (commencement of operations) to September 30, 2020, the Company did not pay the Adviser any administrative fees. As of September 30, 2021,March 31, 2022, the administrative expenses of $0.2$0.3 million incurred during the three months ended September 30, 2021March 31, 2022 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2020,2021, the administrative expenses of $10,000$0.2 million incurred during the three months ended December 31, 20202021 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.
The Administration Agreement has an initial term of two years and thereafter will continue automatically for successive one-year periods so long as such continuance is specifically approved at least annually by the Board, including a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act. The Administration Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board, or by the Adviser, upon 90 days’ written notice to the other party. The Administration Agreement may not be assigned by a party without the consent of the other party.
2641

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
3. INVESTMENTS
Portfolio Composition
The Company predominately invests 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-registeredSEC regulated 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:
CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
Percentage of
Total
Net Assets
September 30, 2021:
($ in thousands)($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
Percentage of
Total
Net Assets
March 31, 2022:March 31, 2022:
Senior debt and 1st lien notes
Senior debt and 1st lien notes
$459,356,650 66 %$463,508,863 66 %136 %
Senior debt and 1st lien notes
$747,135 74 %$744,891 73 %122 %
Subordinated debt and 2nd lien notes
Subordinated debt and 2nd lien notes
64,107,594 65,128,739 19 
Subordinated debt and 2nd lien notes
97,176 10 97,269 16 
Structured productsStructured products10,662,396 11,845,064 Structured products29,002 29,455 
Equity sharesEquity shares50,898,080 51,504,791 15 Equity shares63,421 79,197 13 
Equity warrantsEquity warrants68,122 — 184,100 — — Equity warrants68 — 56 — — 
Investments in joint venturesInvestments in joint ventures52,001,757 52,154,413 15 Investments in joint ventures67,420 66,297 11 
Short-term investments65,000,000 65,000,000 19 
$702,094,599 100 %$709,325,970 100 %208 %
$1,004,222 100 %$1,017,165 100 %167 %
CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
Percentage of
Total
Net Assets
December 31, 2020:
($ in thousands)($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
Percentage of
Total
Net Assets
December 31, 2021:December 31, 2021:
Senior debt and 1st lien notes
Senior debt and 1st lien notes
$158,812,630 76 %$164,238,687 76 %153 %
Senior debt and 1st lien notes
$618,911 72 %$620,928 72 %128 %
Subordinated debt and 2nd lien notes
Subordinated debt and 2nd lien notes
8,963,185 9,021,686 
Subordinated debt and 2nd lien notes
91,067 11 92,297 11 19 
Structured productsStructured products9,774,483 10,382,698 10 Structured products29,477 30,900 
Equity sharesEquity shares218,903 — 206,595 — — Equity shares56,431 59,601 12 
Equity warrantsEquity warrants68,122 — 111,578 — — Equity warrants68 — 163 — — 
Short-term investments31,100,605 15 31,100,444 14 29 
Investments in joint venturesInvestments in joint ventures58,689 61,253 13 
$208,937,928 100 %$215,061,688 100 %200 %
$854,643 100 %$865,142 100 %178 %
During the three months ended September 30, 2021,March 31, 2022, the Company made 21 new investments totaling $140.0$127.8 million, made investments in existing portfolio companies totaling $27.6$15.9 million and made additional investments in a joint venture equity portfolio companycompanies totaling $3.8 million and made a $44.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies.$8.7 million. During the ninethree months ended September 30,March 31, 2021, the Company made 6418 new investments totaling $486.7$126.0 million, made investments in existing portfolio companies totaling $35.2$12.6 million and made a new joint venture equity investmentsinvestment totaling $52.0 million and made a $44.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies.
During the period from July 13, 2020 (commencement of operations) to September 30, 2020, the Company made 59 new investments totaling $104.9 million (excluding short-term investments).$4.6 million.

2742

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Industry Composition
The industry composition of investments at fair value at September 30, 2021March 31, 2022 and December 31, 2020,2021, excluding short-term investments, was as follows:
September 30, 2021December 31, 2020
($ in thousands)($ in thousands)March 31, 2022December 31, 2021
Aerospace and DefenseAerospace and Defense$51,251,441 8.0 %$9,033,671 4.9 %Aerospace and Defense$48,258 4.7 %$48,271 5.6 %
AutomotiveAutomotive8,453,286 1.3 2,834,499 1.6 Automotive16,258 1.6 11,826 1.4 
Banking, Finance, Insurance and Real EstateBanking, Finance, Insurance and Real Estate83,332,009 12.9 3,283,573 1.8 Banking, Finance, Insurance and Real Estate115,848 11.4 99,003 11.5 
Beverage, Food and TobaccoBeverage, Food and Tobacco34,969,772 5.4 2,146,807 1.2 Beverage, Food and Tobacco43,299 4.2 42,795 4.9 
Capital EquipmentCapital Equipment24,052 2.4 17,630 2.0 
Chemicals, Plastics, and RubberChemicals, Plastics, and Rubber13,110,570 2.0 9,633,625 5.2 Chemicals, Plastics, and Rubber24,863 2.4 19,202 2.2 
Construction and BuildingConstruction and Building981,535 0.2 — — Construction and Building9,899 1.0 9,073 1.1 
Consumer Goods: DurableConsumer Goods: Durable1,878,961 0.3 2,198,300 1.2 Consumer Goods: Durable20,121 2.0 12,478 1.4 
Consumer Goods: Non-durableConsumer Goods: Non-durable7,360,417 1.1 7,094,740 3.9 Consumer Goods: Non-durable9,342 0.9 9,207 1.1 
Containers, Packaging and GlassContainers, Packaging and Glass13,468,975 2.1 2,222,988 1.2 Containers, Packaging and Glass21,950 2.2 8,150 0.9 
Energy: Oil and GasEnergy: Oil and Gas2,972,580 0.5 — — Energy: Oil and Gas3,030 0.3 3,146 0.4 
Environmental IndustriesEnvironmental Industries4,025,386 0.6 — — Environmental Industries7,865 0.8 7,906 0.9 
Healthcare and PharmaceuticalsHealthcare and Pharmaceuticals32,107,404 5.0 12,426,339 6.8 Healthcare and Pharmaceuticals78,863 7.7 53,681 6.2 
High Tech IndustriesHigh Tech Industries65,331,718 10.1 14,801,538 8.0 High Tech Industries80,396 7.9 63,862 7.4 
Hotel, Gaming and LeisureHotel, Gaming and Leisure20,553,930 3.2 10,528,269 5.7 Hotel, Gaming and Leisure24,233 2.4 24,216 2.8 
Investment Funds and VehiclesInvestment Funds and Vehicles52,154,413 8.1 — — Investment Funds and Vehicles66,297 6.5 61,253 7.1 
Media: Advertising, Printing and PublishingMedia: Advertising, Printing and Publishing15,799,004 2.4 11,955,342 6.5 Media: Advertising, Printing and Publishing9,201 0.9 8,860 1.0 
Media: Broadcasting and SubscriptionMedia: Broadcasting and Subscription2,327,543 0.4 2,296,431 1.2 Media: Broadcasting and Subscription5,304 0.5 5,312 0.6 
Media: Diversified and ProductionMedia: Diversified and Production6,381,077 1.0 8,388,524 4.6 Media: Diversified and Production14,189 1.4 14,157 1.6 
Services: BusinessServices: Business139,220,292 21.6 29,137,858 15.8 Services: Business240,811 23.7 194,120 22.4 
Services: ConsumerServices: Consumer31,970,999 5.0 12,415,655 6.7 Services: Consumer55,338 5.4 53,624 6.2 
Structured ProductsStructured Products11,845,064 1.8 10,382,698 5.6 Structured Products20,054 2.0 21,144 2.4 
TelecommunicationsTelecommunications6,895,604 1.1 14,645,298 8.0 Telecommunications11,943 1.2 11,965 1.4 
Transportation: CargoTransportation: Cargo35,957,539 5.6 13,237,433 7.2 Transportation: Cargo61,004 6.0 59,400 6.9 
Transportation: ConsumerTransportation: Consumer1,976,451 0.3 — — Transportation: Consumer4,052 0.4 4,164 0.5 
Utilities: ElectricUtilities: Electric695 0.1 697 0.1 
Wholesale— — 5,297,656 2.9 
TotalTotal$644,325,970 100.0 %$183,961,244 100.0 %Total$1,017,165 100.0 %$865,142 100.0 %
Banff Partners LP
On February 18, 2021, the Company established a joint venture, Banff Partners LP ("Banff"), with a controlled affiliate of Alberta Investment Management Corporation to invest in senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. During the ninethree months ended September 30, 2021,March 31, 2022, the Company contributed $12.6$2.0 million of capital and held a 10.0% partnership interest in Banff. As of September 30, 2021,March 31, 2022, the cost and fair value of the Company's investment in Banff was $12.6$14.6 million and $12.7$15.0 million, respectively.
As of September 30, 2021, Banff had investments with an aggregate cost of $100.6 million and total fair value of $99.5 million. As of September 30, 2021, the Banff investment portfolio consisted of the following investments:
CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
September 30, 2021:
Senior debt and 1st lien notes
$96,671,379 96 %$95,541,748 96 %
Subordinated debt and 2nd lien notes
3,891,328 3,912,592 
$100,562,707 100 %$99,454,340 100 %
As of September 30, 2021, the weighted average yield on the principal amount of Banff’s outstanding debt investments was approximately 6.2%.
2843

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
The total value of Banff’s investment portfolio was $131.5 million as of March 31, 2022, as compared to $132.2 million as of December 31, 2021. As of March 31, 2022, Banff’s investments had an aggregate cost of $135.1 million, as compared to $133.7 million as of December 31, 2021. As of March 31, 2022 and December 31, 2021, the Banff investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
March 31, 2022:
Senior debt and 1st lien notes
$131,197 97 %$127,595 97 %
Subordinated debt and 2nd lien notes
3,897 3,929 
$135,094 100 %$131,524 100 %
December 31, 2021:
Senior debt and 1st lien notes$129,777 97 %$128,231 97 %
Subordinated debt and 2nd lien notes3,894 %4,000 %
$133,671 100 %$132,231 100 %
As of both March 31, 2022 and December 31, 2021, the weighted average yield on the principal amount of Banff’s outstanding debt investments was approximately 6.1%.
The industry composition of Banff’s investments at fair value at September 30,March 31, 2022 and December 31, 2021, was as follows:
September 30, 2021
($ in thousands)($ in thousands)March 31, 2022December 31, 2021
Aerospace and DefenseAerospace and Defense$21,302,451 21.4 %Aerospace and Defense$15,262 11.6 %$15,346 11.6 %
Banking, Finance, Insurance and Real EstateBanking, Finance, Insurance and Real Estate11,200,254 11.3 Banking, Finance, Insurance and Real Estate22,679 17.3 23,178 17.5 
Beverage, Food and TobaccoBeverage, Food and Tobacco6,454,976 6.5 Beverage, Food and Tobacco5,801 4.4 6,114 4.6 
Consumer Goods: Non-durableConsumer Goods: Non-durable6,522,509 6.5 Consumer Goods: Non-durable6,368 4.8 6,422 4.9 
Containers, Packaging and GlassContainers, Packaging and Glass5,750 4.4 5,705 4.3 
Healthcare and PharmaceuticalsHealthcare and Pharmaceuticals12,525,274 12.6 Healthcare and Pharmaceuticals16,092 12.3 15,760 11.9 
High Tech IndustriesHigh Tech Industries13,801,069 13.9 High Tech Industries17,689 13.4 17,511 13.2 
Media: Advertising, Printing and PublishingMedia: Advertising, Printing and Publishing3,482,456 3.5 Media: Advertising, Printing and Publishing3,465 2.6 3,474 2.6 
Media: Diversified and ProductionMedia: Diversified and Production2,498,832 2.5 Media: Diversified and Production2,434 1.9 2,498 1.9 
Services: BusinessServices: Business8,306,708 8.3 Services: Business21,839 16.6 21,776 16.5 
Services: ConsumerServices: Consumer9,997,942 10.1 Services: Consumer9,627 7.3 9,773 7.4 
TelecommunicationsTelecommunications3,361,869 3.4 Telecommunications3,300 2.5 3,386 2.6 
Transportation: CargoTransportation: Cargo1,218 0.9 1,288 1.0 
TotalTotal$99,454,340 100 %Total$131,524 100 %$132,231 100 %
44

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
The geographic composition of Banff’s investments at fair value at September 30,March 31, 2022 and December 31, 2021, was as follows:
September 30, 2021
($ in thousands)($ in thousands)March 31, 2022December 31, 2021
AustraliaAustralia$6,425,383 6.5 %Australia$6,572 5.0 %$6,426 4.9 %
BelgiumBelgium6,454,976 6.5 Belgium5,801 4.4 6,114 4.6 
CanadaCanada2,798 2.1 2,729 2.1 
FranceFrance20,104,663 20.2 France31,258 23.8 31,521 23.9 
GermanyGermany3,130,970 3.1 Germany3,027 2.3 3,075 2.3 
NetherlandsNetherlands2,410,935 2.4 Netherlands8,083 6.2 8,080 6.1 
United KingdomUnited Kingdom21,382,207 21.5 United Kingdom28,580 21.7 28,496 21.5 
USAUSA39,545,206 39.8 USA45,405 34.5 45,790 34.6 
TotalTotal$99,454,340 100 %Total$131,524 100 %$132,231 100 %
The Company may sell portions of its investments via assignment to Banff. AsSince inception, as of September 30,both March 31, 2022 and December 31, 2021, the Company had sold $103.4$143.0 million of its investments to Banff. For the three months ended December 31, 2021, the Company realized a loss on the sales of its investments to Banff of $1.1 million. As of September 30,December 31, 2021, the Company had no$39.9 million in unsettled receivables due from Banff that were included in "Receivable from unsettled transactions" in the accompanying UnauditedAudited Consolidated Balance Sheet. 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:
Assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership:
each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and
the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.
The Company has determined that Banff is an investment company under ASC, Topic 946, Financial Services - Investment Companies, 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 Banff as it is not a substantially wholly owned investment company subsidiary. In addition, Banff is not an operating company and the Company does not control Banff due to the allocation of voting rights among Banff members.
29

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Thompson Rivers LLC
On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On May 13, 2020, Barings BDC, Inc. entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, pursuant to which the Company became a party in June 2021, the Company has a capital commitment of $30.0 million of equity capital to Thompson Rivers, all of which has been funded as of September 30, 2021.March 31, 2022. As of September 30, 2021,March 31, 2022, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $405.0$450.0 million, all of which has been funded.
For the three and nine months ended September 30, 2021,March 31, 2022, Thompson Rivers declared $12.5 million and $16.0$20.0 million in dividends, respectively, of which $0.9$1.4 million and $1.2 million, respectively, werewas recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.
As of September 30, 2021,March 31, 2022, Thompson Rivers had $3.2$2.7 billion in Ginnie Mae early buyout loans and $117.5$117.4 million in cash. As of December 31, 2020,2021, Thompson Rivers had $715.2 million$3.1 billion in Ginnie Mae early buyout loans.loans and $220.6 million in cash. As of September 30, 2021,March 31, 2022, Thompson Rivers had 15,37414,270 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.18%3.9%. As of December 31, 2020,2021, Thompson Rivers had 3,02315,617 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.65%4.0%.
45

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of September 30, 2021March 31, 2022 and December 31, 2020,2021, the Thompson Rivers investment portfolio consisted of the following investments:
CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
September 30, 2021:
($ in thousands)($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
March 31, 2022:March 31, 2022:
Federal Housing Administration (“FHA”) loansFederal Housing Administration (“FHA”) loans$3,050,510,898 97 %$3,068,818,458 97 %Federal Housing Administration (“FHA”) loans$2,399,678 90 %$2,381,614 90 %
Veterans Affairs (“VA”) loansVeterans Affairs (“VA”) loans104,545,047 102,597,178 Veterans Affairs (“VA”) loans277,194 10 271,393 10 
$3,155,055,945 100 %$3,171,415,636 100 %$2,676,872 100 %$2,653,007 100 %
December 31, 2020:
December 31, 2021:December 31, 2021:
Federal Housing Administration (“FHA”) loansFederal Housing Administration (“FHA”) loans$712,854,085 100 $712,854,085 100 Federal Housing Administration (“FHA”) loans$2,799,869 93 $2,839,495 93 
Veterans Affairs (“VA”) loansVeterans Affairs (“VA”) loans— — — — Veterans Affairs (“VA”) loans224,660 223,540 
$712,854,085 100 %$712,854,085 100 %$3,024,529 100 %$3,063,035 100 %
Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $757.4$572.4 million and $670.1$694.8 million outstanding as of September 30, 2021March 31, 2022 and December 31, 2020,2021, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $894.1$1,087.3 million and $1,245.2 million outstanding as of September 30, 2021.March 31, 2022 and December 31, 2021, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $1,220.8$749.7 million and $933.1 million outstanding as of September 30, 2021.March 31, 2022 and December 31, 2021, respectively.
The Company has determined that Thompson Rivers is an investment company under ASC, Topic 946, Financial Services - Investment Companies, 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.
30

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of September 30, 2021March 31, 2022 and December 31, 2020,2021, Thompson Rivers had the following contributed capital and unfunded commitments from its members:
As of September 30, 2021As of December 31, 2020
($ in thousands)($ in thousands)
As of
 March 31, 2022
As of December 31, 2021
Total contributed capital by Barings Capital Investment Corporation(1)Total contributed capital by Barings Capital Investment Corporation(1)$30,000,000 $— Total contributed capital by Barings Capital Investment Corporation(1)$32,318 $32,287 
Total contributed capital by all membersTotal contributed capital by all members$405,000,000 (1)$100,000,000 (2)Total contributed capital by all members$482,083 (2)$482,120 (3)
Total unfunded commitments by Barings Capital Investment CorporationTotal unfunded commitments by Barings Capital Investment Corporation$— $— Total unfunded commitments by Barings Capital Investment Corporation$— $— 
Total unfunded commitments by all membersTotal unfunded commitments by all members$— $— Total unfunded commitments by all members$— $— 
(1)Includes $150.0$2.3 million of dividend re-investments.
(2)Includes dividend re-investments of $32.1 million and $209.2 million of total contributed capital by related parties.
(2)(3)Includes $100.0dividend re-investments of $32.1 million and $209.4 million of total contributed capital by related parties.

Waccamaw River LLC
On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On February 8, 2021, Barings BDC, Inc. entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, pursuant to which the Company became a party in May 2021, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, of which approximately $11.1$20.4 million (including approximately $1.7 million of recallable return of capital) has been funded as of September 30, 2021.March 31, 2022. As of September 30, 2021,March 31, 2022, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, of which $60.6$102.1 million (including $14.0 million of recallable return of capital) has been funded.
On September 30, 2021,March 31, 2022, Waccamaw River declared a $0.7$1.5 million dividend,in dividends, of which $0.1$0.3 million was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.
46

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of September 30, 2021,March 31, 2022, Waccamaw River had $33.8$89.7 million in unsecured consumer loans and $11.7$8.5 million in cash. As of September 30,December 31, 2021, Waccamaw River had 3,178$60.8 million in unsecured consumer loans and $4.9 million in cash. As of March 31, 2022, Waccamaw River had 7,964 outstanding loans with an average loan size of $10,000,$11,522, remaining average life to maturity of 44.245.9 months and weighted average interest rate of 10.58%10.9%. As of December 31, 2021, Waccamaw River had 5,500 outstanding loans with an average loan size of $11,280, remaining average life to maturity of 46.5 months and weighted average interest rate of 10.9%.
The Company has determined that Waccamaw River is an investment company under ASC, Topic 946, Financial Services - Investment Companies, 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.
31

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of September 30,March 31, 2022 and December 31, 2021, Waccamaw River had the following contributed capital and unfunded commitments from its members:
As of September 30, 2021
($ in thousands)($ in thousands)
As of
March 31, 2022
As of December 31, 2021
Total contributed capital by Barings Capital Investment CorporationTotal contributed capital by Barings Capital Investment Corporation$11,050,000 Total contributed capital by Barings Capital Investment Corporation$22,150 $15,450 
Total contributed capital by all membersTotal contributed capital by all members$60,620,000 (1)Total contributed capital by all members$116,120 (1)$82,620 (4)
Total return of capital (recallable) by Barings Capital Investment CorporationTotal return of capital (recallable) by Barings Capital Investment Corporation$(1,730,000)Total return of capital (recallable) by Barings Capital Investment Corporation$(1,730)$(1,730)
Total return of capital (recallable) by all members(2)Total return of capital (recallable) by all members(2)$(14,020,000)(2)Total return of capital (recallable) by all members(2)$(14,020)$(14,020)
Total unfunded commitments by Barings Capital Investment CorporationTotal unfunded commitments by Barings Capital Investment Corporation$15,680,000 Total unfunded commitments by Barings Capital Investment Corporation$4,580 $11,280 
Total unfunded commitments by all membersTotal unfunded commitments by all members$78,400,000 (3)Total unfunded commitments by all members$22,900 (3)$56,400 (5)
(1)Includes $38.5$71.8 million of total contributed capital by related parties.
(2)Includes ($10.6) million of total return of capital (recallable) by related parties.
(3)Includes $47.0$13.7 million of unfunded commitments by related parties.
(4)Includes $51.7 million of total contributed capital by related parties.
(5)Includes $33.8 million of unfunded commitments by related parties.
47

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Eclipse Business Capital Holdings LLC
On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $44.4 million, a second lien senior secured loan of $2.2 million and unfunded revolver of $6.7 million, alongside other related party affiliates. As of March 31, 2022 and December 31, 2021, $1.3 million and $0.9 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, Financial Services - Investment Companies. 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 scope exception in ASC 810-10-12(d),company. Thus, the Company is not required to consolidate Eclipse.Eclipse because it does not provide services to the Company. Instead the Company accounts for its investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.
Valuation of Investments
The Company conducts the valuation of its investments, upon which its net asset value is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company's current valuation policy and processes were established by the Adviser and have been approved by the Board.
Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. Under ASC Topic 820, the fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. Under ASC Topic 820, if no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
32

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Company determines the fair value of its investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Company assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.
48

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
Investment Valuation Process
The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third partythird-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.
At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investmentsproducts are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service.The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.
Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to an independent provider to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect their valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following the initial acquisition, such loans and equity investments are sent to a valuation provider which will determine the fair value of each investment. The independent valuation provider applies various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use in making valuation recommendations to the Board, and will report to the Board on its rationale for each such determination. The Adviser uses its internal valuation model as a comparison point to validate the price range provided by the valuation provider and, where applicable, in determining the point within that range that it will use in
33

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
making valuation recommendations to the Board. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Board that is outside of the range provided by the independent valuation provider, and will notify the Board of any such override and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request the independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio. Pursuant to these procedures, the Board determines in good faith whether the Company’s investments were valued at fair value in accordance with the Company’s valuation policies and procedures and the 1940 Act based on, among other things, the input of Barings, the Company’s Audit Committee and the independent valuation firm.
Valuation Techniques
The Company’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions.
49

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Company will utilize alternative approaches such as broker quotes or manual prices. The Company attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of InvestmentInvestments in Banff, Thompson Rivers and Waccamaw River
TheAs Banff, Thompson Rivers and Waccamaw River are investment companies with no readily determinable fair values, the Company estimates the fair value of itsthe Company’s investments in Banff, Thompson Rivers and Waccamaw Riverthese entities using the net asset value of each company and itsthe Company’s ownership percentage.percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.
Level 3 Unobservable Inputs
The following tables summarize the significant unobservable inputs the Company used in the valuation of its Level 3 debt and equity securities as of September 30, 2021March 31, 2022 and December 31, 2020.2021. The weighted average range of unobservable inputs is based on fair value of investments.
September 30, 2021Fair ValueValuation
Model
Level 3
Input
Range of
Inputs
Weighted
Average
Impact to Valuation from an Increase in Input
March 31, 2022
($ in thousands)
March 31, 2022
($ 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)
Senior debt and 1st lien notes(1)
$228,791,430 Yield AnalysisMarket Yield5.2% – 12.2%6.9%Decrease
Senior debt and 1st lien notes(1)
$553,892 Yield AnalysisMarket Yield5.5% – 17.4%8.4%Decrease
166,225,407 Recent TransactionTransaction Price97.0% – 100.0%98.0%Increase128,380 Recent TransactionTransaction Price96.8% – 100.0%97.9%Increase
Subordinated debt and 2nd lien notes(2)
Subordinated debt and 2nd lien notes(2)
28,250,470 Yield AnalysisMarket Yield8.3% – 11.0%9.3%Decrease
Subordinated debt and 2nd lien notes(2)
58,949 Yield AnalysisMarket Yield6.7% – 13.9%10.3%Decrease
3,152,168 Recent TransactionTransaction Price98% – 100%99.4%Increase32 Recent TransactionTransaction Price100%100.0%Increase
Structured productsStructured products9,973 Discounted Cash Flow AnalysisDiscount Rate6.3%6.3%Decrease
Equity shares(3)
Equity shares(3)
2,613,730 Market ApproachAdjusted EBITDA Multiple10.8x – 17.8x14.0xIncrease
Equity shares(3)
69,166 Market ApproachAdjusted EBITDA Multiple6.1x – 50.0x11.1xIncrease
45,917,250 Recent TransactionTransaction Price$1 – $8,731.41$56.6Increase1,609 Recent TransactionTransaction Price$0.67 – $1,000$396.61Increase
(1) Excludes investments with an aggregate fair value amounting to $15,201,937,$14,728, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(2) Excludes investments with an aggregate fair value amounting to $25,682,914,$30,389, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(3)Excludes investments with an aggregate fair value amounting to $3,030, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
50

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
December 31, 2021
($ 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)
$320,216 Yield AnalysisMarket Yield5.2% – 16.2%7.4%Decrease
243,352 Recent TransactionTransaction Price97.0% – 99.0%97.8%Increase
Subordinated debt and 2nd lien notes(2)
39,802 Yield AnalysisMarket Yield5.3% – 9.9%9.1%Decrease
19,049 Recent TransactionTransaction Price97.0% – 98.3%98.0%Increase
Equity shares(3)
51,487 Market ApproachAdjusted EBITDA Multiple6.5x – 54.0x15.3xIncrease
2,893 Recent TransactionTransaction Price$1 – $1000$119Increase
(1) Excludes investments with an aggregate fair value amounting to $20,721, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(2) Excludes investments with an aggregate fair value amounting to $17,975, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(3) Excludes investments with an aggregate fair value amounting to $2,973,811, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
34

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
December 31, 2020: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)
$60,618,463 Yield AnalysisMarket Yield5.7% – 13.2%7.3%Decrease
59,681,166 Recent TransactionTransaction Price96.0% – 100%97.6%Increase
Subordinated debt and 2nd lien notes(2)
516,889 Yield AnalysisMarket Yield10.1% – 10.9%10.2%Decrease
Equity shares(3)
78,690 Recent TransactionTransaction Price$1,000$1,000Increase
(1) Excludes investments with an aggregate fair value amounting to $5,025,000, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(2) Excludes investments with an aggregate fair value amounting to $719,311, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.
(3) Excludes investments with an aggregate fair value amounting to $43,085,$3,146, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

The following tables present the Company’s investment portfolio at fair value as of September 30, 2021March 31, 2022 and December 31, 2020,2021, categorized by the ASC Topic 820 valuation hierarchy, as previously described:
Fair Value as of September 30, 2021 Fair Value as of March 31, 2022
Level 1Level 2Level 3Total
($ in thousands)($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
Senior debt and 1st lien notes
$— $53,290,089 $410,218,774 $463,508,863 
Senior debt and 1st lien notes
$— $47,891 $697,000 $744,891 
Subordinated debt and 2nd lien notes
Subordinated debt and 2nd lien notes
— 8,043,187 57,085,552 65,128,739 
Subordinated debt and 2nd lien notes
— 7,899 89,370 97,269 
Structured productsStructured products— 11,845,064 — 11,845,064 Structured products— 19,482 9,973 29,455 
Equity sharesEquity shares— — 51,504,791 51,504,791 Equity shares16 5,376 73,805 79,197 
Equity warrantsEquity warrants— 184,100 — 184,100 Equity warrants— 56 — 56 
Short-term investmentsShort-term investments65,000,000 — — 65,000,000 Short-term investments— — — — 
$65,000,000 $73,362,440 $518,809,117 $657,171,557 
Investments subject to levelingInvestments subject to leveling$16 $80,704 $870,148 $950,868 
Investments in joint ventures(1)
Investments in joint ventures(1)
52,154,413 
Investments in joint ventures(1)
66,297 
$709,325,970 $1,017,165 
(1) The Company's investments in Banff, Thompson Rivers and Waccamaw River are measured at fair value using net asset value and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited Consolidated Balance Sheet.
Fair Value as of December 31, 2020 Fair Value as of December 31, 2021
Level 1Level 2Level 3Total
($ in thousands)($ in thousands)Level 1Level 2Level 3Total
Senior debt and 1st lien notes
Senior debt and 1st lien notes
$— $38,914,058 $125,324,629 $164,238,687 
Senior debt and 1st lien notes
$— $36,640 $584,289 $620,929 
Subordinated debt and 2nd lien notes
Subordinated debt and 2nd lien notes
— 7,785,486 1,236,200 9,021,686 
Subordinated debt and 2nd lien notes
— 15,471 76,826 92,297 
Structured productsStructured products— 10,382,698 — 10,382,698 Structured products— 30,900 — 30,900 
Equity sharesEquity shares— 84,820 121,775 206,595 Equity shares19 2,056 57,526 59,601 
Equity warrantsEquity warrants— 111,578 — 111,578 Equity warrants— 163 — 163 
Short-term investments31,100,444 — — 31,100,444 
$31,100,444 $57,278,640 $126,682,604 $215,061,688 
Investments subject to levelingInvestments subject to leveling$19 $85,230 $718,641 $803,890 
Investment in joint ventures (1)Investment in joint ventures (1)$61,253 
$865,143 
3551

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
(1)The Company's investments in Banff, Thompson Rivers and Waccamaw River are measured at fair value using NAV 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.
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 ninethree months ended September 30, 2021March 31, 2022 and for the period from July 13, 2020 (commencement of operations) to September 30, 2020:2021:
Nine Months Ended
September 30, 2021:
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Equity SharesTotal
Three Months Ended
March 31, 2022:
($ in thousands)
Three Months Ended
March 31, 2022:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity SharesTotal
Fair value, beginning of periodFair value, beginning of period$125,324,629 $1,236,200 $121,775 $126,682,604 Fair value, beginning of period$584,289 $76,826 $— $57,526 $718,641 
New investmentsNew investments432,079,379 61,046,326 47,879,758 541,005,463 New investments126,891 5,811 — 3,472 136,174 
Transfers into Level 3— — 2,884,240 2,884,240 
Transfers into (out of) Level 3Transfers into (out of) Level 3(7,606)7,511 9,811 — 9,716 
Proceeds from sales of investmentsProceeds from sales of investments(128,966,390)(3,888,800)— (132,855,190)Proceeds from sales of investments(237)— — — (237)
Loan origination fees receivedLoan origination fees received(10,472,781)(1,516,400)— (11,989,181)Loan origination fees received(2,711)18 — — (2,693)
Principal repayments receivedPrincipal repayments received(7,217,424)(741,557)— (7,958,981)Principal repayments received(1,499)— — — (1,499)
Payment in kind interest earnedPayment in kind interest earned425,661 — — 425,661 Payment in kind interest earned259 210 — — 469 
Accretion of loan discountsAccretion of loan discounts20,216 41,298 — 61,514 Accretion of loan discounts14 — — 21 
Accretion of deferred loan origination revenueAccretion of deferred loan origination revenue936,498 39,557 — 976,055 Accretion of deferred loan origination revenue642 34 — — 676 
Realized gainRealized gain838,932 (3,622)— 835,310 Realized gain208 — — — 208 
Unrealized appreciation (depreciation)Unrealized appreciation (depreciation)(2,749,946)872,550 619,018 (1,258,378)Unrealized appreciation (depreciation)(3,243)(1,054)162 128078,672 
Fair value, end of periodFair value, end of period$410,218,774 $57,085,552 $51,504,791 $518,809,117 Fair value, end of period$697,000 $89,370 $9,973 $73,805 $870,148 
For the period from July 13, 2020
(commencement of operations) to September 30, 2020:
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsTotal
Three Months Ended
March 31, 2021:
($ in thousands)
Three Months Ended
March 31, 2021:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Equity SharesTotal
Fair value, beginning of periodFair value, beginning of period$— $— $— $— Fair value, beginning of period$125,325 $1,236 $122 $126,683 
New investmentsNew investments25,136,294 — — 25,136,294 New investments129,988 5,014 729 135,731 
Transfers into Level 3Transfers into Level 3— — 85 85 
Proceeds from sales of investmentsProceeds from sales of investments(44,997)— — (44,997)
Loan origination fees receivedLoan origination fees received(377,230)— — (377,230)Loan origination fees received(3,088)(139)— (3,227)
Principal repayments receivedPrincipal repayments received(3,423)— — (3,423)Principal repayments received(417)— — (417)
Accretion of loan discountsAccretion of loan discounts10,620 — — 10,620 Accretion of loan discounts— — 
Accretion of deferred loan origination revenueAccretion of deferred loan origination revenue11,195 — — 11,195 Accretion of deferred loan origination revenue190 — 194 
Realized gainRealized gain598 — — 598 Realized gain516 — — 516 
Unrealized appreciation812,950 — — 812,950 
Unrealized appreciation (depreciation)Unrealized appreciation (depreciation)(781)14 18 (749)
Fair value, end of periodFair value, end of period$25,591,004 $— $— $25,591,004 Fair value, end of period$206,742 $6,129 $954 $213,825 
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 Unaudited Consolidated Statement of Operations. Pre-tax net unrealized depreciation on Level 3 investments of $1.5 million and $0.5 million during the three and nine months ended September 30, 2021, respectively, were related to portfolio company investments that were still held by the Company as of September 30, 2021. Pre-tax net unrealized appreciation on Level 3 investments of $0.8$8.8 million forduring the period from July 13, 2020 (commencement of operations) to September 30, 2020,three months ended March 31, 2022, was related to portfolio company investments that were still held by the Company as of September 30, 2020.March 31, 2022. Pre-tax net unrealized appreciation on Level 3 investments of $0.4 million during the three months ended March 31, 2021, was related to portfolio company investments that were still held by the Company as of March 31, 2021.
Exclusive of short-term investments, during the ninethree months ended September 30, 2021,March 31, 2022, the Company made investments of approximately $610.1$134.9 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the ninethree months ended September 30, 2021,March 31, 2022, the Company made investments of $8.1$17.6 million in portfolio companies to which it was previously committed to provide such financing.
Exclusive of short-term investments, during the three months ended March 31, 2021, the Company made investments of approximately $140.6 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2021, the Company made investments of $2.6 million in portfolio companies to which it was previously committed to provide such financing.
52

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Unsettled Purchases and Sales of Investments
Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchase and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company is contractually owed and recognizes interest income equal to the applicable margin ("spread") beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.
36

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments
Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.
Investment Classification
In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. As of September 30, 2021,March 31, 2022, the Company does not “Control” any of its portfolio companies for the purposes of the 1940 Act. Under the 1940 Act, the Company is deemed to be an Affiliated Person of a company in which the Company has invested if it owns at least 5.0%, but no more than 25.0%, of the outstanding voting securities of such company.
Short-Term Investments
Short-term investments represent investments in money market funds.
Investment Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of September 30, 2021,March 31, 2022, the Company had no non-accrual assets. Dividend income is recorded on the ex-dividend date.
Payment-in-Kind Interest
The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
53

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned.
37

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Fee income for the three and nine months ended September 30,March 31, 2022 and 2021 and for the period from July 13, 2020 (commencement of operations) to September 30, 2020 was as follows:
Three Months EndedFor the period from July 13, 2020 (commencement of operations) toNine Months
 Ended
For the period from July 13, 2020 (commencement of operations) toThree Months EndedThree Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
($ in thousands)($ in thousands)March 31, 2022March 31, 2021
Recurring Fee Income:Recurring Fee Income:Recurring Fee Income:
Amortization of loan origination feesAmortization of loan origination fees$385,701 $4,319 $913,119 $4,319 Amortization of loan origination fees$688 $200 
Management, valuation and other feesManagement, valuation and other fees143,366 — 323,826 — Management, valuation and other fees270 74 
Total Recurring Fee IncomeTotal Recurring Fee Income529,067 4,319 1,236,945 4,319 Total Recurring Fee Income958 274 
Non-Recurring Fee Income:Non-Recurring Fee Income:Non-Recurring Fee Income:
Prepayment fees9,955 — 9,955 — 
Acceleration of unamortized loan origination feesAcceleration of unamortized loan origination fees108,180 — 151,793 — Acceleration of unamortized loan origination fees22 21 
Advisory, loan amendment and other feesAdvisory, loan amendment and other fees211,951 37,845 226,332 37,845 Advisory, loan amendment and other fees36 — 
Total Non-Recurring Fee IncomeTotal Non-Recurring Fee Income330,086 37,845 388,080 37,845 Total Non-Recurring Fee Income58 21 
Total Fee IncomeTotal Fee Income$859,153 $42,164 $1,625,025 $42,164 Total Fee Income$1,016 $295 
Offering ExpensesCosts
Costs associated with the offering of common stock of the Company are capitalized as deferred offering expenses and included on the Consolidated Balance Sheet in "Prepaid expenses and other assets" and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s private offering of common stock and the preparation of the Company’s amended registration statement on Form 10.10, as filed with the Securities and Exchange Commission (the “SEC”) on August 5, 2020 (the “Form 10”).
Other General and Administrative Expenses
Other general and administrative expenses include bank service fees and expenses reimbursable to the Adviser under the terms of an administration agreement (the “Administration Agreement”)the Administration Agreement and other costs related to operating the Company.
Concentration of Credit Risk
As of both September 30, 2021March 31, 2022 and December 31, 2020,2021, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of September 30, 2021March 31, 2022 and December 31, 2020,2021, the Company’s largest single portfolio company investment, excluding short-term investments, represented approximately 7.2%6.1% and 5.3%5.7%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.
As of September 30, 2021,March 31, 2022, all of the Company's assets were or will be pledged as collateral for the ING Credit Facility.
The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.
54

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Investments Denominated in Foreign Currency
As of September 30, 2021March 31, 2022 the Company held threenine investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 18one investment that was denominated in New Zealand dollars, 31 investments that were denominated in Euros and 1218 investments that were denominated in British pounds sterling. As of December 31, 2020,2021, the Company held twosix investments that were denominated in Australian dollars, fiveone investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 28 investments that were denominated in Euros and seven15 investments that were denominated in British pounds sterling.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.
38

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rates fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statement of Operations.
In addition, during both the ninethree months ended September 30,March 31, 2022 and March 31, 2021, and for the period from July 13, 2020 (commencement of operations) to September 30, 2020, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on the Company's investments denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
4. INCOME TAXES
The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively) and certain built-in gains. The Company has historically met its source of income, asset diversification and minimum distribution requirements for 2020 and continually monitors theseits distribution requirements with the goal of ensuring compliance with the Code.
Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax.
Tax positions taken or expected to be taken in the course of preparing the Company's tax returns are evaluated to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company's tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal year 2020), and has concluded that the provision for uncertain tax positions in the Company's financial statements is appropriate.
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis
55

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.
For federal income tax purposes, the cost of investments owned as of September 30, 2021March 31, 2022 and December 31, 20202021 was approximately $701.9$1,004.2 million and $208.8$854.7 million, respectively. As of September 30, 2021,March 31, 2022, net unrealized appreciation on the Company's investments (tax basis) was approximately $10.7$18.2 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $14.4$28.5 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $3.7$10.3 million. As of December 31, 2020,2021, net unrealized appreciation on the Company’s investments (tax basis) was approximately $4.2$15.8 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $6.2$20.5 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $2.0 million.$4.7 million
In addition, the Company has a wholly-owned taxable subsidiary (the "Taxable Subsidiary"), which holds certain portfolio investments. The Taxable Subsidiary is consolidated for financial reporting purposes, such that the Company's consolidated financial statements reflects the Company’s investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit the Company to hold certain portfolio companies that are organized as LLCs (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of
39

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company's ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, their income is taxed to the Taxable Subsidiary and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for income tax purposes and may generate income tax expense or benefit as a result of their ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company's Unaudited and Audited Consolidated Statement of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiary (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiary), if any, will be reflected net of applicable federal and state income taxes, if any, in the Company's Unaudited Consolidated Statement of Operations, with the related deferred tax assets or liabilities, if any, included in "Accounts payable and accrued liabilities" in the Company’s Unaudited and Audited Consolidated Balance Sheet. As of September 30, 2021,March 31, 2022, the Company recorded a net deferred tax liability of $0.1 million.million pertaining to tax basis differences in the Taxable Subsidiary's investment in certain partnership interests.
5. BORROWINGS
The Company had the following borrowings outstanding as of September 30, 2021March 31, 2022 and December 31, 2020:2021: 
Issuance DateMaturity DateInterest Rate as of September 30, 2021September 30, 2021December 31, 2020
Issuance Date
($ in thousands)
Issuance Date
($ in thousands)
Maturity DateInterest Rate as of March 31, 2022March 31, 2022December 31, 2021
Subscription Facility:Subscription Facility:Subscription Facility:
September 21, 2020September 21, 2020September 21, 20221.892%$111,630,190 $116,593,920 September 21, 2020NANA$— $67,954 
Total Subscription FacilityTotal Subscription Facility$111,630,190 $116,593,920 Total Subscription Facility$— $67,954 
Credit Facility:Credit Facility:Credit Facility:
January 15, 2021January 15, 2021April 30, 20261.813%$285,949,215 $— January 15, 2021April 30, 20262.482%$484,366 $390,155 
Total Credit FacilityTotal Credit Facility$285,949,215 $— Total Credit Facility$484,366 $390,155 
Notes:Notes:
February 22, 2022February 22, 2022February 22, 20274.750%$100,000 $— 
(Less: Deferred financing fees)(Less: Deferred financing fees)$(130)$— 
Total NotesTotal Notes$99,870 $— 
The Company is required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of the Company's total assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities, of at least 150% after each issuance of senior securities. The Company’s asset coverage ratio was 186.0%204.3% as of September 30, 2021.March 31, 2022.
56

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
September 2020 Subscription Facility
On September 21, 2020, the Company entered into a revolving credit agreement (as subsequently amended, the “September 2020 Subscription Facility”) with Société Générale, as administrative agent and a lender, and the other lenders from time to time party thereto. The September 2020 Subscription Facility allowsinitially allowed the Company to borrow up to $160 million, reduced to $110 million in October 2021, at any one time outstanding, subject to certain restrictions, including availability under the borrowing base, which iswas based on the sum of a portion of the Company’s undrawnunused capital commitments from different categories of investors (with varying advance rates amongst the different categories of investors).
The amount of permissible borrowings under the September 2020 Subscription Facility maycould be increased to an agreed-upon amount with the consent of the administrative agent. The September 2020 Subscription Facility hashad a maturity date of September 21, 2022. On March 25, 2022, which date may be extended byfollowing the repayment of all borrowings, interest, and fees payable thereunder, and at the election of the Company, for one additional term of 364 days subjectthe September 2020 Subscription Facility was terminated, including all commitments and obligations with Société Générale to satisfaction of certain conditionslend and make advances to the consentCompany. In connection with the termination, the pro rata portion of the administrative agentunamortized deferred financing costs related to the September 2020 Subscription Facility was written off and recognized as a loss on extinguishment of debt in the lenders.Company’s Unaudited Consolidated Statements of Operations.
Borrowings under the September 2020 Subscription Facility bearbore interest at a rate equal to, at the election of the Company, either (i) with respect to loans bearing interest at a rate based on LIBOR (as such term is defined in the September 2020 Subscription Facility which definition includes different LIBOR calculations based on the applicable currency), the rate per annum determined by the administrative agent to be equal to (a) the quotient obtained by dividing: (1) LIBOR for such loan for such one-month, three-months or other period requested by the Company or otherwise consented to by the administrative agent; by (2) one minus the maximum rate at which reserves (including, without limitation, any marginal, special, supplemental, or emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) by member banks of the Federal Reserve System against “Eurocurrency liabilities” (as such term is used in Regulation D) for such loan for such one-month, three-months or other period requested by the Company, provided that if the calculation above results in a rate of less than zero (0), the rate shall be deemed to be zero (0) for all purposes, plus (b) 185 basis points per annum; or (ii) with respect to loans bearing interest at a rate based on the rate of interest per annum publicly announced from time to time by the administrative agent as its prime rate (the “Prime Rate”) or the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with
40

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
members of the Federal Reserve System arranged by Federal funds brokers (the “Federal Funds Rate”) the greater of (a) the Prime Rate plus 185 basis points and (b) the Federal Funds Rate plus fifty basis points plus 185 basis points. The Company iswas required to pay a commitment fee on the unused portion of the September 2020 Subscription Facility.
The Company and the administrative agent, for the benefit of the secured parties, have entered into a borrower security agreement pursuant to which the Company’s obligations under the September 2020 Subscription Facility arewere secured by a first-priority security interest in the Company’s right, title and interest in the capital commitments of the Company’s investors. In addition, the Company and the administrative agent, for the benefit of the secured parties, have entered into a borrower pledge of collateral account pursuant to which the Company’s obligations under the September 2020 Subscription Facility arewere secured by a first-priority security interest in the Company’s account held at State Street Bank and all of the Company’s right, title and interest in the amounts or property held in such account.
The Company has made customary representations and warranties and iswas required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the September 2020 Subscription Facility arewere subject to the leverage restrictions applicable to the Company that are contained in the 1940 Act. As of September 30, 2021, the Company was in compliance with all covenants of the September 2020 Subscription Facility.
As of September 30,December 31, 2021, the Company had borrowings denominated in British pounds sterling of £19.3 million ($26.1 million U.S. dollar borrowings of $40.5 milliondollars) outstanding under the September 2020 Subscription Facility with a weighted average interest rate of 1.930% (weighted average one month LIBOR of 0.080%), borrowings denominated in British pounds sterling of £21.3 million ($28.7 million U.S. dollars) with a weighted average interest rate of 1.899%1.920% (weighted average one month GBP LIBOR of 0.049%0.070%), borrowings denominated in Australian dollars of A$10.9 million ($7.9 million U.S dollars) with a weighted average interest rate of 1.860%1.866% (weighted average one month BBSY of 0.010%0.016%) and borrowings denominated in Euros of €29.8 million ($34.533.9 million U.S. dollars) with an interest rate of 1.850% (one(weighted average one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the September 2020 Subscription Facility borrowings is included in “unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
As of December 31, 2020, the Company had U.S. dollar borrowings of $65.0 million outstanding under the September 2020 Subscription Facility with a weighted average interest rate of 2.000% (weighted average one month LIBOR of 0.150%), borrowings denominated in British pounds sterling of £15.3 million ($20.9 million U.S. dollars) with a weighted average interest rate of 1.871% (weighted average one month GBP LIBOR of 0.021%), borrowings denominated in Australian dollars of A$10.9 million ($8.4 million U.S dollars) with a weighted average interest rate of 1.866% (weighted average one month BBSY of 0.016%) and borrowings denominated in Euros of €18.2 million ($22.3 million U.S. dollars) with an interest rate of 1.850% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
57

Barings Capital Investment Corporation
As of September 30, 2021 and December 31, 2020, the fair value of the borrowings outstanding under the September 2020 Subscription Facility was $111.6 million and $116.6 million, respectively. The fair values of the borrowings outstanding under the September 2020 Subscription Facility are based on a market yield approach and current interest rates, which are Level 3 inputsNotes to the market yield model.Unaudited Consolidated Financial Statements — (Continued)
ING Capital Credit Facility
On January 15, 2021, the Company entered into the ING Credit Facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto. The initial commitments under the ING Credit Facility totaled $65.0 million.
On April 30, 2021, the Company amended and restated the credit agreement governing the ING Credit Facility to increase the total commitments under the facility to $325.0 million and include a $25.0 million letter of credit sub-facility. As amended, the ING Credit Facility has an accordion feature that allows for an increase in total commitments of up to $500.0 million, subject to certain conditions and the satisfaction of specified financial covenants. On July 22, 2021, the Company entered into an incremental commitment and assumption agreement to increase the aggregate commitments under the ING Credit Facility to $500.0 million. As amended as of March 31, 2022, the Company had aggregate commitments from lenders of $500.0 million under the ING Credit Facility, the maximum commitment then allowed under the ING Credit Facility. Subsequent to quarter-end, on April 25, 2022, the Company amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million and (ii) upsize the accordion feature under the ING Credit Facility to allow for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants.
The Company can borrow foreign currencies directly under the ING Credit Facility. The ING Credit Facility is secured primarily by a material portion of the Company’s present and future property and assets and is guaranteed by certain of the Company’s subsidiaries. The revolving period under the ING Credit Facility terminates on April 30, 2025, and the final maturity date of the ING Credit Facility is scheduled for April 30, 2026.
41

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Borrowings under the ING Credit Facility bear interest on a per annum basis equal to (i) for borrowings denominated in U.S. Dollars, subject to the Company’s election, the alternate base rate plus 1.15% or the adjusted eurocurrency rate plus 2.15%, (ii) for borrowings denominated in Pounds Sterling, Swiss Francs, Euros, Canadian Dollars, Danish Krone, Norwegian Krone or Swedish Krona, the adjusted eurocurrency rate plus 2.15%, (iii) for borrowings denominated in Australian Dollars, the adjusted eurocurrency rate plus 2.35%, or (iv) for borrowings denominated in New Zealand Dollars, the adjusted eurocurrency rate plus 2.45%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50%, (iii) the overnight bank funding rate plus 0.50%, (iv) the adjusted three-month LIBOR plus 1.00% and (v) 1.00%. The adjusted eurocurrency rate is equal to the eurocurrency rate for the applicable interest period plus any applicable statutory reserve rate for such interest period, subject to a 0.00% floor. The ING Credit Facility also includes provisions regarding the unavailability of LIBOR, including a fallback that would apply in the absence of LIBOR. The Company pays a commitment fee on undrawn amounts under the ING Credit Facility. In connection with the amendment to the ING Credit Facility on April 25, 2022, the Company replaced the LIBOR benchmark provisions under the ING Credit Facility with SOFR benchmark provisions.
The ING Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining a minimum asset coverage ratio of (a) 150% at any time that more than 70% of the total fair value of the Company’s portfolio comprises cash, cash equivalents, long-term U.S. government securities or first lien loans to portfolio companies, or (b) 167% or 200% at specified concentrations of such assets at amounts less than or equal to 70% of the total fair value of the Company’s portfolio, (iii) meeting a minimum liquidity test, (iv) meeting a minimum net worth test, and (v) maintaining the Company’s status as a RIC under the Code and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for the Company. As of September 30, 2021,March 31, 2022, the Company was in compliance with all covenants of the ING Credit Facility.
The Company, one of its subsidiaries, BCIC Holdings, Inc., ING, as administrative agent, the financing agents and designated indebtedness holders that become parties thereto and ING, as collateral agent, also entered into a guarantee, pledge and security agreement, dated as of January 15, 2021, pursuant to which the Company’s obligations under the ING Credit Facility are secured by a first-priority security interest (subject to certain exceptions) in substantially all of the Company’s and its subsidiary guarantors’ present and future property and assets.
As of September 30,March 31, 2022, the Company had U.S. dollar borrowings of $370.0 million under the ING Credit Facility with an interest rate of 2.528% (one month LIBOR of 0.378%), borrowings denominated in British pounds sterling of £33.2 million ($43.7 million U.S. dollars) with an interest rate of 2.627% (one month GBP LIBOR of 0.477%) and borrowings denominated in Euros of €63.5 million ($70.7 million U.S. dollars) with an interest rate of 2.150% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in
58

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
“unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
As of December 31, 2021, the Company had U.S. dollar borrowings of $220.0$325.0 million under the ING Credit Facility with an interest rate of 2.275% (one month LIBOR of 0.125%), borrowings denominated in British pounds sterling of £14.1 million ($19.019.1 million U.S. dollars) with an interest rate of 2.213% (one month GBP LIBOR of 0.063%) and borrowings denominated in Euros of €40.5 million ($46.946.1 million U.S. dollars) with an interest rate of 2.150% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in “unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
As of September 30, 2021,March 31, 2022, the fair value of the borrowings outstanding under the ING Credit Facility was $285.9$484.4 million. The fair values of the borrowings outstanding under the ING Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February 2027 Notes
On February 22, 2022, the Company entered into a Note Purchase Agreement (the “February 2022 NPA”) governing the issuance of $100.0 million in aggregate principal amount of senior unsecured notes due February 22, 2027 (the “February 2027 Notes”), in each case, to qualified institutional investors in a private placement. The February 2027 Notes were delivered and paid for on February 22, 2022.
The February 2027 Notes, for which the Company is required to obtain an initial rating by June 30, 2022, have a fixed interest rate of 4.75% per year, subject to a step up of (x) 1.25% per year, to the extent that the initial rating for the February 2027 Notes does not satisfy certain investment grade rating conditions, and (y) at any time after the Company has received an investment grade rating for the February 2027 Notes, 0.75% per year, to the extent the February 2027 Notes thereafter fail to satisfy certain investment grade rating conditions.
The February 2027 Notes will mature on February 22, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2022 NPA. Interest on the February 2027 Notes will be due semiannually in February and August of each year, beginning in August 2022. In addition, the Company is obligated to offer to repay the February 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2022 NPA, the Company may redeem the February 2027 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 22, 2026, a make-whole premium.
The February 2022 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, liens, restricted payments, and investments. In addition, the February 2022 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.
The February 2022 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February 2027 Notes at the time outstanding may declare all February 2027 Notes then outstanding to be immediately due and payable.
The Company’s obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of March 31, 2022, the Company was in compliance with all covenants under the February 2022 NPA.
The February 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The February 2027 Notes have not and will not be registered under the Securities Act or any state securities
42
59

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2022, the fair value of the February 2027 Notes was $94.9 million. The fair value determinations of the February 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
6. DERIVATIVE INSTRUMENTS
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Unaudited Consolidated Statement of Operations. Forward currency contracts are considered undesignated derivative instruments.
The following tables present the Company's foreign currency forward contracts as of September 30, 2021March 31, 2022 and December 31, 2020:2021:
As of September 30, 2021
Description
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
As of March 31, 2022
Description
($ in thousands)
As of March 31, 2022
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)Foreign currency forward contract (AUD)$13,916A$19,20004/08/22$(481)Derivative liability
Foreign currency forward contract (AUD)Foreign currency forward contract (AUD)A$5,141,817$3,724,48010/06/21$(7,702)Derivative liabilityForeign currency forward contract (AUD)$14,369A$19,65904/08/22(373)Derivative liability
Foreign currency forward contract (AUD)Foreign currency forward contract (AUD)$3,734,196A$5,141,81710/06/2117,419 Prepaid expense and other assetsForeign currency forward contract (AUD)A$38,859$29,10204/08/2238 Prepaid expense and other assets
Foreign currency forward contract (AUD)Foreign currency forward contract (AUD)A$1,231,210$884,84701/06/225,596 Prepaid expense and other assetsForeign currency forward contract (AUD)$29,465A$39,28307/07/22(42)Derivative liability
Foreign currency forward contract (CAD)Foreign currency forward contract (CAD)C$6,151$4,91104/08/2217 Prepaid expense and other assets
Foreign currency forward contract (CAD)Foreign currency forward contract (CAD)C$6,031,236$4,735,29010/06/2124,909 Prepaid expense and other assetsForeign currency forward contract (CAD)$370C$47604/08/22(12)Derivative liability
Foreign currency forward contract (CAD)Foreign currency forward contract (CAD)$4,887,602C$6,031,23610/06/21127,403 Prepaid expense and other assetsForeign currency forward contract (CAD)$4,439C$5,67504/08/22(107)Derivative liability
Foreign currency forward contract (CAD)Foreign currency forward contract (CAD)$4,373,494C$5,580,27401/06/22(31,164)Derivative liabilityForeign currency forward contract (CAD)$4,606C$5,76507/07/22(11)Derivative liability
Foreign currency forward contract (DKK)Foreign currency forward contract (DKK)3,505,000kr.$547,01410/06/21(1,314)Derivative liabilityForeign currency forward contract (DKK)3,481kr.$51804/08/22Prepaid expense and other assets
Foreign currency forward contract (DKK)Foreign currency forward contract (DKK)$557,4713,505,000kr.10/06/2111,770 Prepaid expense and other assetsForeign currency forward contract (DKK)$5313,481kr.04/08/2212 Prepaid expense and other assets
Foreign currency forward contract (DKK)Foreign currency forward contract (DKK)$551,3853,525,861kr.01/06/221,280 Prepaid expense and other assetsForeign currency forward contract (DKK)$5313,552kr.07/07/22(1)Derivative liability
Foreign currency forward contract (EUR)Foreign currency forward contract (EUR)€18,129,840$21,217,59210/06/21(226,096)Derivative liabilityForeign currency forward contract (EUR)€5,000$5,54004/01/2223 Prepaid expense and other assets
Foreign currency forward contract (EUR)Foreign currency forward contract (EUR)$21,316,726€18,129,84010/06/21325,231 Prepaid expense and other assetsForeign currency forward contract (EUR)€38,157$42,26804/08/2270 Prepaid expense and other assets
Foreign currency forward contract (EUR)Foreign currency forward contract (EUR)$5,206,902€4,476,83101/06/2212,423 Prepaid expense and other assetsForeign currency forward contract (EUR)$17,698€15,80004/08/22167 Prepaid expense and other assets
Foreign currency forward contract (EUR)Foreign currency forward contract (EUR)$25,362€22,35704/08/22555 Prepaid expense and other assets
Foreign currency forward contract (EUR)Foreign currency forward contract (EUR)$43,848€39,43307/07/22(68)Derivative liability
Foreign currency forward contract (EUR)Foreign currency forward contract (EUR)$5,562€5,00007/07/22(7)Derivative liability
Foreign currency forward contract (NZD)Foreign currency forward contract (NZD)£4,824NZD$7,00004/08/22(37)Derivative liability
Foreign currency forward contract (NZD)Foreign currency forward contract (NZD)NZD$7,000$4,84504/08/2216 Prepaid expense and other assets
Foreign currency forward contract (NZD)Foreign currency forward contract (NZD)£4,852NZD$7,02307/07/22(17)Derivative liability
Foreign currency forward contract (GBP)Foreign currency forward contract (GBP)£15,519,300$21,486,75510/06/21(583,790)Derivative liabilityForeign currency forward contract (GBP)£342$44704/08/22Prepaid expense and other assets
Foreign currency forward contract (GBP)Foreign currency forward contract (GBP)$21,207,202£15,519,30010/06/21304,236 Prepaid expense and other assetsForeign currency forward contract (GBP)$5,939£4,41004/08/22140 Prepaid expense and other assets
Foreign currency forward contract (GBP)Foreign currency forward contract (GBP)£8,565,540$11,504,27901/06/2235,733 Prepaid expense and other assetsForeign currency forward contract (GBP)£4,068$5,41804/08/22(69)Derivative liability
Foreign currency forward contract (GBP)Foreign currency forward contract (GBP)$300£23007/07/22(2)Derivative liability
TotalTotal$15,934 Total$(185)
As of December 31, 2020
Description
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)$1,487,900A$2,000,00001/05/21$(53,700)Derivative liability
Foreign currency forward contract (AUD)A$2,000,000$1,511,04001/05/2130,560 Prepaid expense and other assets
Foreign currency forward contract (EUR)$6,397,074€5,400,00001/05/21(206,855)Derivative liability
Foreign currency forward contract (EUR)€5,400,000$6,492,42001/05/21111,509 Prepaid expense and other assets
Foreign currency forward contract (GBP)$13,554,563£10,570,00001/05/21(889,334)Derivative liability
Foreign currency forward contract (GBP)$93,335£68,49704/06/21(319)Derivative liability
Foreign currency forward contract (GBP)£10,570,000$13,618,93501/05/21824,961 Prepaid expense and other assets
Total$(183,178)
60

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2021
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)$12,250A$8,90601/06/22$(1)Derivative liability
Foreign currency forward contract (AUD)A$8,834$12,25001/06/22(71)Derivative liability
Foreign currency forward contract (AUD)$5,503€7,65904/08/22(66)Derivative liability
Foreign currency forward contract (CAD)€5,580$4,36601/06/2244 Prepaid expense and other assets
Foreign currency forward contract (CAD)€4,373$5,58001/06/22(36)Derivative liability
Foreign currency forward contract (CAD)$270£34904/08/22(6)Derivative liability
Foreign currency forward contract (CAD)$4,439£5,67504/08/22(44)Derivative liability
Foreign currency forward contract (DKK)£3,526$53701/06/22Prepaid expense and other assets
Foreign currency forward contract (DKK)£551$3,52601/06/2212 Prepaid expense and other assets
Foreign currency forward contract (DKK)£531$3,48104/08/22(2)Derivative liability
Foreign currency forward contract (EUR)£20,807$23,55701/06/22119 Prepaid expense and other assets
Foreign currency forward contract (EUR)£5,181$4,50001/06/2261 Prepaid expense and other assets
Foreign currency forward contract (EUR)£18,704$16,30701/06/22149 Prepaid expense and other assets
Foreign currency forward contract (EUR)£10,436$9,20004/08/22(54)Derivative liability
Foreign currency forward contract (EUR)£25,362$22,35704/08/22(129)Derivative liability
Foreign currency forward contract (GBP)£8,566$11,50401/06/2296 Prepaid expense and other assets
Foreign currency forward contract (GBP)£4,068$5,41804/08/2288 Prepaid expense and other assets
Foreign currency forward contract (GBP)£11,472$8,56601/06/22(129)Derivative liability
Total$33 
As of September 30, 2021March 31, 2022 and December 31, 2020,2021, the total fair value of the Company's foreign currency forward contracts was $15,934$(0.2) million and $(0.2) million,$33,665, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
43

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
7. COMMITMENTS AND CONTINGENCIES
As of September 30, 2021,March 31, 2022, the Company had $497.3$568.7 million in total capital commitments from investors of which $5.0 million was from C.M. Life Insurance Company, an affiliate of MassMutual and the Adviser, and $95.0 million was from MassMutual. As of March 31, 2022, all commitments have been funded.
As of December 31, 2021, the Company had $568.5 million in total capital commitments from investors ($177.5211.1 million unfunded), of which $5.0 million was from C.M. Life Insurance Company ($1.5 million unfunded), an affiliate of MassMutual and the Adviser, and $95.0 million was from MassMutual ($28.6 million unfunded).
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2021 and DecemberMarch 31, 2020,2022, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2021March 31, 2022 and December 31, 20202021 were as follows:
Portfolio CompanyInvestment TypeSeptember 30,
2021
December 31,
2020
Acclime Holdings HK Limited(1)(2)Delayed Draw Term Loan$2,470,322 $— 
Air Comm Corporation, LLC(1)(2)Delayed Draw Term Loan4,054,054 — 
BigHand UK Bidco Limited(1)(3)Acquisition Capex Facility98,870 — 
Bounteous, Inc.(1)(2)Delayed Draw Term Loan557,393 — 
British Engineering Services Holdco Limited(1)(3)Bridge Revolver85,758 1,072,276 
Canadian Orthodontic Partners Corp(1)(2)(6)Delayed Draw Term Loan438,605 — 
Coyo Uprising GmbH(1)(2)(4)Delayed Draw Term Loan1,096,850 — 
Crash Champions, LLC(1)(2)Delayed Draw Term Loan1,467,140 — 
CSL DualCom(1)(3)Acquisition Capex Facility1,236,869 1,253,930 
Dune Group(1)(4)Delayed Draw Term Loan1,274,845 — 
Dwyer Instruments, Inc.(1)(2)Delayed Draw Term Loan1,093,866 — 
Eclipse Business Capital, LLC(1)Revolver6,737,968 — 
EPS NASS Parent, Inc(1)Delayed Draw Term Loan607,299 — 
Fineline Technologies, Inc.(1)Delayed Draw Term Loan240,000 — 
FitzMark Buyer, LLC(1)Delayed Draw Term Loan— 735,294 
Foundation Risk Partners, Corp.(1)Delayed Draw Term Loan1,111,111 1,607,991 
FragilePak LLC(1)Delayed Draw Term Loan4,446,706 — 
Home Care Assistance, LLC(1)Delayed Draw Term Loan206,199 — 
IGL Holdings III Corp.(1)(2)Delayed Draw Term Loan1,008,433 2,048,397 
Innovad Group II BV(1)(2)(4)Delayed Draw Term Loan1,228,800 — 
INOS 19-090 GmbH(1)(2)(4)Acquisition Facility894,954 944,839 
Kano Laboratories LLC(1)Delayed Draw Term Loan1,573,803 1,573,803 
LivTech Purchaser, Inc.(1)(2)Delayed Draw Term Loan315,504 — 
MC Group Ventures Corporation(1)Delayed Draw Term Loan860,530 — 
Modern Star Holdings Bidco Pty Limited(1)(5)Capex Term Loan750,890 802,138 
Murphy Midco Limited(1)(3)Delayed Draw Term Loan1,127,910 1,143,468 
Navia Benefit Solutions, Inc.(1)Delayed Draw Term Loan5,504,540 — 
OG III B.V.(1)(2)(4)Acquisition Capex Facility2,979,876 — 
Pacific Health Supplies Bidco Pty Limited(1)(2)(5)Delayed Draw Term Loan341,006 410,784 
PDQ.Com Corporation(1)(2)Delayed Draw Term Loan868,167 — 
Premium Invest(1)(2)(4)Acquisition Facility2,665,585 — 
Protego Bidco B.V.(1)(2)(4)Delayed Draw Term Loan228,464 — 
QPE7 SPV1 BidCo Pty Ltd(1)(5)Acquisition Capex Facility458,057 — 
Questel Unite(1)(2)(4)Acquisition Capex Facility3,000,656 735,780 
Radwell International, LLC(1)Delayed Draw Term Loan— 184,911 
REP SEKO MERGER SUB LLC(1)Delayed Draw Term Loan727,273 727,273 
Reward Gateway (UK) Ltd(1)(2)(3)Acquisition Facility2,247,224 — 
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Acclime Holdings HK Limited(1)Delayed Draw Term Loan$141 $141 
Acclime Holdings HK Limited(1)Delayed Draw Term Loan776 776 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan108 108 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan1,150 1,150 
Amtech LLC(1)Delayed Draw Term Loan909 909 
Amtech LLC(1)Revolver227 227 
AnalytiChem Holding GmbH(1)(2)(3)Delayed Draw Term Loan2,526 2,582 
Aquavista Watersides 2 LTD(1)(2)(4)Bridge Revolver146 151 
Aquavista Watersides 2 LTD(1)(2)(4)Acquisition Facility915 941 
Astra Bidco Limited(1)(2)(4)Delayed Draw Term Loan748 769 
Avance Clinical Bidco Pty Ltd(1)(5)Delayed Draw Term Loan1,081 1,046 
4461

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio CompanyInvestment TypeSeptember 30,
2021
December 31,
2020
Safety Products Holdings, LLC(1)Delayed Draw Term Loan2,593,581 1,293,469 
SSCP Pegasus Midco Limited(1)(3)Delayed Draw Term Loan1,886,767 1,912,793 
Utac Ceram(1)(2)(4)Delayed Draw Term Loan— 1,101,195 
Waccamaw River(2)Joint Venture15,680,000 — 
W2O Holdings, Inc.(1)Delayed Draw Term Loan1,548,621 2,420,752 
Total unused commitments to extend financing$75,714,496 $19,969,093 
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Azalea Buyer, Inc.(1)Delayed Draw Term Loan641 641 
Azalea Buyer, Inc.(1)Revolver321 321 
Bariacum S.A(1)(2)(3)Acquisition Facility668 682 
Beyond Risk Management, Inc.(1)(2)Delayed Draw Term Loan2,573 2,573 
BigHand UK Bidco Limited(1)(2)(4)Acquisition Facility— 99 
Bounteous, Inc.(1)Delayed Draw Term Loan2,580 2,580 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan217 389 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan127 130 
BrightSign LLC(1)(2)Revolver715 715 
British Engineering Services Holdco Limited(1)(4)Bridge Revolver— 86 
CAi Software, LLC(1)Revolver707 707 
Canadian Orthodontic Partners Corp.(1)(2)(6)Delayed Draw Term Loan115 160 
Ceres Pharma NV(1)(2)(3)Delayed Draw Term Loan975 996 
CGI Parent, LLC(1)(2)Revolver1,212 — 
Coastal Marina Holdings, LLC(1)(2)PIK Tranche B Term Loan656 656 
Coastal Marina Holdings, LLC(1)(2)Tranche A Term Loan1,788 1,788 
Coyo Uprising GmbH(1)(2)(3)Delayed Draw Term Loan1,053 1,076 
Crash Champions, LLC(1)(2)Delayed Draw Term Loan237 2,712 
CSL DualCom(1)(4)Acquisition Term Loan1,208 1,242 
DecksDirect, LLC(1)Revolver58 218 
Dune Group(1)(3)Delayed Draw Term Loan1,022 1,044 
Dwyer Instruments, Inc.(1)Delayed Draw Term Loan1,094 1,094 
Eclipse Business Capital, LLC(1)Revolver5,390 5,840 
EMI Porta Holdco LLC(1)Delayed Draw Term Loan4,805 5,339 
EMI Porta Holdco LLC(1)Revolver1,012 1,271 
EPS NASS Parent, Inc.(1)Delayed Draw Term Loan425 425 
eShipping, LLC(1)Delayed Draw Term Loan1,923 1,923 
eShipping, LLC(1)Revolver622 930 
Events Software BidCo Pty Ltd(1)(5)Delayed Draw Term Loan481 — 
Fineline Technologies, Inc.(1)Delayed Draw Term Loan240 240 
Finexvet(1)(2)(3)Acquisition Facility967 — 
FragilePak LLC(1)(2)Delayed Draw Term Loan3,779 3,779 
Heartland Veterinary Partners, LLC(1)Delayed Draw Term Loan235 235 
IGL Holdings III Corp.(1)Delayed Draw Term Loan360 360 
Innovad Group II BV(1)(2)(3)Delayed Draw Term Loan1,180 1,206 
INOS 19-090 GmbH(1)(2)(3)Acquisition Facility859 878 
ITI Intermodal, Inc.(1)Delayed Draw Term Loan103 103 
ITI Intermodal, Inc.(1)Revolver124 124 
Jaguar Merger Sub Inc.(1)(2)Delayed Draw Term Loan1,781 1,961 
Jaguar Merger Sub Inc.(1)(2)Revolver490 490 
Jon Bidco Limited(1)(2)(7)Capex & Acquisition Facility958 — 
Jones Fish Hatcheries & Distributors LLC(1)(2)Revolver418 — 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan1,574 1,903 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan1,903 1,574 
Lambir Bidco Limited(1)(2)(3)Bridge Revolver651 666 
Lambir Bidco Limited(1)(2)(3)Delayed Draw Term Loan1,303 1,332 
LeadsOnline, LLC(1)(2)Revolver1,952 — 
62

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
LivTech Purchaser, Inc.(1)(2)Delayed Draw Term Loan130 316 
Marmoutier Holding B.V.(1)(2)(3)Delayed Draw Term Loan396 405 
Marmoutier Holding B.V.(1)(2)(3)Revolver159 162 
Marshall Excelsior Co.(1)(2)Revolver633 — 
MC Group Ventures Corporation(1)(2)Delayed Draw Term Loan861 861 
Modern Star Holdings Bidco Pty Limited(1)(5)CapEx Term Loan371 360 
Murphy Midco Limited(1)(4)Delayed Draw Term Loan881 906 
Narda Acquisitionco., Inc.(1)Revolver684 684 
Navia Benefit Solutions, Inc.(1)Delayed Draw Term Loan4,338 4,338 
Nexus Underwriting Management Limited(1)(2)(4)Revolver52 53 
Nexus Underwriting Management Limited(1)(2)(4)Acquisition Facility962 989 
Novotech Aus Bidco Pty Ltd(1)(2)Capex & Acquisition Facility C1,042 — 
OA Buyer, Inc.(1)Revolver1,331 1,331 
OAC Holdings I Corp(1)Revolver343 — 
OG III B.V.(1)(2)(3)Acquisition CapEx Facility1,217 1,087 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan— 683 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan2,505 3,643 
OSP Hamilton Purchaser, LLC(1)Revolver187 187 
Pacific Health Supplies Bidco Pty Limited(1)(5)CapEx Term Loan355 343 
PDQ.Com Corporation(1)(2)Delayed Draw Term Loan— 868 
Polara Enterprises, L.L.C.(1)(2)Revolver273 273 
Policy Services Company, LLC(1)(2)Delayed Draw Term Loan1,579 2,632 
Premium Invest(1)(2)(3)Acquisition Facility779 834 
ProfitOptics, LLC(1)(2)Revolver194 — 
Protego Bidco B.V.(1)(2)(3)Delayed Draw Term Loan219 224 
QPE7 SPV1 BidCo Pty Ltd(1)(5)Acquisition Term loan— 461 
Questel Unite(1)(2)(3)Incremental Term Loan2,881 2,944 
REP SEKO MERGER SUB LLC(1)(2)Delayed Draw Term Loan653 727 
Reward Gateway (UK) Ltd(1)(2)(4)Acquisition Facility804 1,301 
Riedel Beheer B.V.(1)(3)Revolver— 230 
Riedel Beheer B.V.(1)(2)(3)Delayed Draw Term Loan150 153 
Safety Products Holdings, LLC(1)Delayed Draw Term Loan2,594 2,594 
Scaled Agile, Inc.(1)Delayed Draw Term Loan416 416 
Scaled Agile, Inc.(1)Revolver336 336 
Smartling, Inc.(1)Delayed Draw Term Loan1,176 1,177 
Smartling, Inc.(1)Revolver588 588 
SSCP Pegasus Midco Limited(1)(4)Delayed Draw Term Loan1,842 1,895 
Superjet Buyer, LLC(1)Revolver1,460 1,460 
Syntax Systems Ltd(1)(2)Revolver264 336 
Syntax Systems Ltd(1)(2)Delayed Draw Term Loan1,142 1,142 
Tank Holding Corp(1)Revolver655 — 
Techone B.V.(1)(2)(3)Delayed Draw Term Loan475 485 
Techone B.V.(1)(2)(3)Revolver127 129 
Tencarva Machinery Company, LLC(1)Delayed Draw Term Loan591 591 
Tencarva Machinery Company, LLC(1)Revolver752 752 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Delayed Draw Term Loan2,707 2,707 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Revolver796 796 
63

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Turbo Buyer, Inc.(1)Delayed Draw Term Loan1,493 1,494 
Turbo Buyer, Inc.(1)Delayed Draw Term Loan1,623 — 
Victoria Bidco Limited(1)(2)(4)Delayed Draw Term Loan790 — 
W2O Holdings, Inc.(1)Delayed Draw Term Loan1,549 1,549 
Waccamaw River(2)Joint Venture4,580 11,280 
Woodland Foods, LLC(1)Revolver810 967 
ZB Holdco LLC(1)(2)Delayed Draw Term Loan676 — 
ZB Holdco LLC(1)(2)Revolver423 — 
Zeppelin Bidco Limited(1)(2)(4)Capex / Acquisition Facility1,736 — 
Zeppelin Bidco Limited(1)(2)(4)Revolver289 — 
Total unused commitments to extend financing$114,098 $116,977 
(1)The Company’s estimate of the fair value of the current investments in this portfolio company includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in British pounds sterling.Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in Euros.British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
COVID-19 Developments
During the ninethree months ended September 30, 2021, the Coronavirus andMarch 31, 2022, the COVID-19 pandemic continued to have a significant impact on the U.S and global economies. To the extent the Company’s portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company’s future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of the Company’s portfolio companies.
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Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the ninethree months ended or as of, September 30, 2021March 31, 2022 and for the period from July 13, 2020 (commencement of operations) to September 30, 2020, or as of, September 30, 2020:2021:
Nine Months EndedFor the period from July 13, 2020 (commencement of operations) to or as ofThree Months Ended March 31,
September 30, 2021September 30, 2020
($ in thousands, except share and per share amounts)($ in thousands, except share and per share amounts)20222021
Per share data:Per share data:Per share data:
Net asset value at beginning of periodNet asset value at beginning of period$21.58 $— Net asset value at beginning of period$22.43 $21.58 
Net investment income(1)Net investment income(1)1.45 0.11 Net investment income(1)0.54 0.34 
Net realized gain on investments / foreign currency transactions(1)Net realized gain on investments / foreign currency transactions(1)(0.04)0.02 Net realized gain on investments / foreign currency transactions(1)0.13 0.03 
Net unrealized appreciation on investments / foreign currency transactions(1)Net unrealized appreciation on investments / foreign currency transactions(1)0.65 0.42 Net unrealized appreciation on investments / foreign currency transactions(1)0.11 0.51 
Total increase from investment operations(1)Total increase from investment operations(1)2.06 0.55 Total increase from investment operations(1)0.78 0.88 
Dividends declared from net investment incomeDividends declared from net investment income(1.13)— Dividends declared from net investment income(0.44)(0.34)
Dividends declared from realized gainsDividends declared from realized gains(0.20)— Dividends declared from realized gains(0.07)(0.04)
Total dividends declaredTotal dividends declared(1.33)— Total dividends declared(0.51)(0.38)
Issuance of common stock— 20.00 
Loss on extinguishment of debt(1)Loss on extinguishment of debt(1)(0.01)— 
Other(2)Other(2)(0.07)(0.06)Other(2)(0.06)(0.09)
Net asset value at end of periodNet asset value at end of period$22.24 $20.49 Net asset value at end of period$22.63 $21.99 
Shares outstanding at end of periodShares outstanding at end of period15,365,946 4,976,474Shares outstanding at end of period26,939,328 7,710,486
Net assets at end of periodNet assets at end of period$341,774,177 $101,950,333Net assets at end of period$609,599 $169,571
Average net assetsAverage net assets$214,043,175 $50,481,157Average net assets$487,448 $148,878
Ratio of total expenses, to average net assets (annualized)(3)6.64 %3.33 %
Ratio of total expenses to average net assets (annualized)(3)Ratio of total expenses to average net assets (annualized)(3)6.14 %7.25 %
Ratio of net investment income to average net assets (annualized)(3)Ratio of net investment income to average net assets (annualized)(3)9.08 %4.17 %Ratio of net investment income to average net assets (annualized)(3)9.71 %6.32 %
Portfolio turnover ratio (annualized)Portfolio turnover ratio (annualized)47.52 %90.34 %Portfolio turnover ratio (annualized)0.36 %33.24 %
Total return(4)Total return(4)9.43 %2.45 %Total return(4)3.19 %3.66 %
(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)Represents the impact of the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
(3)Does not include expenses of underlying investment companies, including joint ventures and short-term investments.
(4)Total return is calculated as the change in net asset value ("NAV") per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at NAV. Total return is not annualized.prices obtained by the Company’s dividend reinvestment plan during the period.
9. SUBSEQUENT EVENTS
Subsequent to September 30, 2021,March 31, 2022, the Company made approximately $129.7$101.1 million of new commitments, of which $91.4$76.3 million closed and funded. The $91.4$76.3 million of investments consistconsists of $78.2$64.1 million of first lien senior secured debt investments, $8.5$9.2 million of second lien senior secured and subordinated debt investments and $4.7$2.9 million of equity investments. The weighted average yield of the debt investments was 6.8%7.3%. In addition, the Company funded $6.6$8.2 million of previously committed delayed draw term loans.
On October 15, 2021,April 25, 2022, the Company issued and sold 1,687,189.750 shares of its common stockamended the ING Credit Facility to, investors, pursuantamong other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million, (ii) upsize the terms of subscription agreements with such investors,accordion feature under the ING Credit Facility to allow for an increase in aggregate offering pricecommitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of approximately $37.6 million. The Company effectuated$800.0 million, subject to certain conditions and the issuancesatisfaction of specified financial covenants, and sale of such shares in transactions exempt from(iii) replace the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder.
Following the issuance and sale of shares on October 15, 2021, the Company repaid approximately $9.0 million of outstanding borrowingsLIBOR benchmark provisions under the September 2020 SubscriptionING Credit Facility with proceeds from the issuance and sale of such shares. In addition, the Company reduced its commitments under the September 2020 Subscription Facility from $160.0 million to $110.0 million, effective October 18, 2021.SOFR benchmark provisions.
On November 9, 2021,May 5, 2022, the Board declared a quarterly dividend of $0.50$0.52 per share payable on December 1, 2021June 15, 2022 to holders of record as of November 24, 2021.June 8, 2022.

4665


Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our unaudited consolidated financial statements for the three and nine months ended September 30, 2021,March 31, 2022, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2020.2021. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.
Forward-Looking Statements
Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as "expect," "anticipate," "target," "goals," "project," "intend," "plan," "believe," "seek," "estimate," "continue," "forecast," "may," "should," "potential," variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A entitled "Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 20202021 and in Item 1A entitled "Risk Factors" in Part II of our subsequently filed Quarterly Reports on Form 10-Q. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including with respect to changes from the impact of the COVID-19 pandemic; the length and duration of the COVID-19 outbreak in the United States as well as worldwide and the magnitude of the economic impact of that outbreak; the effect of the COVID-19 pandemic on our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives; the effect of the disruptions caused by the COVID-19 pandemic on our ability to continue to effectively manage our business and on the availability of equity and debt capital and our use of borrowed money to finance a portion of our investments; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview of Our Business
We were formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, we commenced operations and made our first portfolio company investment. We are externally managed by Barings LLC ("Barings"), an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). An externally-managed BDCbusiness development company (“BDC”) generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and an administration agreement. Instead of directly compensating employees, we pay Barings for investment management and managementadministrative services pursuant to the terms of an investment advisory agreement (the "Advisory Agreement") and an administration agreement (the "Administration Agreement").
Our investment objective is to provide consistently attractive returns. Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality (i.e., the risk of business cycles or other economic cycles adversely affecting them) and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has
66


experience managing levered vehicles, both public and private, and seeks to enhance our returns through the use of leverage
47


with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We invest in predominately 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. Syndicated senior secured loans are either (i) marketed by investment banks, which are mandated to bring lenders together and underwrite the deal, to institutional investors or (ii) bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market. On the other hand, senior secured private debt investments are negotiated directly with the borrower, rather than marketed by a third party or bought and sold in the secondary market. We believe senior secured private debt investments may offer higher returns and certain more favorable protections than syndicated senior secured loans. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. We currently intend to invest primarily in senior secured private debt investments that have terms of between five and seven years and bear interest between the London Interbank Offered Rate (“LIBOR”) (or an applicable successor rate) plus 450 basis points and LIBOR plus 650 basis points per annum.
As of September 30, 2021both March 31, 2022 and December 31, 2020,2021, the weighted average yield on the principal amount of our outstanding debt investments was approximately 7.0% and 7.2%, respectively. The weighted average yield on the principal amount on all of our outstanding investments (including equity, equity-linked investments and short-term investments) was approximately 5.4% and 6.2% as of September 30, 2021 and December 31, 2020, respectively..
COVID-19 Developments
The spread of the Coronavirus and the COVID-19 pandemic, and the related effect on the U.S. and global economies, has had adverse consequences for the business operations of some of our portfolio companies and has adversely affected, and threatens to continue to adversely affect, our operations and the operations of Barings, including with respect to us. Barings has taken proactive steps around COVID-19 to address the potential impacts on their people, clients, communities and everyone they come in contact with, directly or through their premises. Protecting their employees and supporting the communities in which they live and work is a priority. Barings continues to operate with the majority of employees in the United Stateshas now adopted a hybrid working remotelymodel globally while maintaining service levels to our partners and clients. In the United States, all offices are open for associates who wish to work from an office location. In Europe and Asia-Pac a hybrid working model is now in place with the majority of associates working from office locations on average 2-3 days per week. Barings’ return-to-office taskforce continues to plan formonitor the safe returnCOVID-19 situation globally and is prepared to adapt office working patterns as required to ensure the safety of associates to allits employees and clients who visit Barings office locations but is no longer targeting a set date for this given the continued uncertainty around COVID-related case numbers.locations. Barings’ cybersecurity policies are applied consistently when working remotely or in the office.
We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide and the magnitude of the economic impact of the outbreak, including with respect to the travel restrictions, business closures and other quarantine measures imposed on service providers and other individuals by various local, state, and federal governmental authorities, as well as non-U.S. governmental authorities. We are unable to predict the extent and duration of any business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. Depending on the duration and extent of the disruption to the operations of our portfolio companies, we expect that certain portfolio companies could experience financial distress and possibly default on their financial obligations to us and their other capital providers. Some of our portfolio companies may significantly curtail business operations, furlough or lay off employees and terminate service providers, and defer capital expenditures if subjected to prolonged and severe financial distress, which would likely impair their business on a permanent basis. These developments would likely result in a decrease in the value of our investment in any such portfolio company.
We will continue to monitor the situation relating to the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and may take additional actions based on their recommendations. In these circumstances, there may be developments outside our control requiring us to adjust our plan of operation. As such, given the dynamic nature of this situation, we cannot reasonably estimate the impacts of COVID-19 on our financial condition, results of operations or cash flows in the future. However, to the extent our portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on our future net
48


investment income, the fair value of our portfolio investments, our financial condition and the results of operations and financial condition of our portfolio companies.
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Relationship with Our Adviser, Barings
Our Adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is a leading global asset management firm and is registered with the SEC as an investment adviser under the Advisers Act. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our board of directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $300.4$290.9 billion Global Fixed Income Platform that invests in liquid, private and structured credit. Barings GPFG manages private funds and separately managed accounts, along with multiple public vehicles. The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited (“BIIL”), as a sub-adviser to manage European investments for us. BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London.London, England. As of September 30, 2021,March 31, 2022, BIIL had approximately £15.1£14.5 billion in assets under management.
Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.
Portfolio Investment Composition
The total value of our investment portfolio was $709.3$1,017.2 million as of September 30, 2021,March 31, 2022, as compared to $215.1$865.1 million as of December 31, 2020.2021. As of September 30,March 31, 2022, we had investments in 172 portfolio companies with an aggregate cost of $1,004.2 million. As of December 31, 2021, we had investments in 108151 portfolio companies and two money market funds with an aggregate cost of $702.1 million. As of December 31, 2020, we had investments in 52 portfolio companies and three money market funds with an aggregate cost of $208.9$854.6 million. As of both September 30, 2021March 31, 2022 and December 31, 2020,2021, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
As of September 30, 2021March 31, 2022 and December 31, 2020,2021, our investment portfolio consisted of the following investments:
CostPercentage of
Total
Portfolio
Fair ValuePercentage of
Total
Portfolio
September 30, 2021:
($ in thousands)($ in thousands)CostPercentage of
Total
Portfolio
Fair ValuePercentage of
Total
Portfolio
March 31, 2022:March 31, 2022:
Senior debt and 1st lien notes
Senior debt and 1st lien notes
$459,356,650 66 %$463,508,863 66 %
Senior debt and 1st lien notes
$747,135 74 %$744,891 73 %
Subordinated debt and 2nd lien notes
Subordinated debt and 2nd lien notes
64,107,594 65,128,739 
Subordinated debt and 2nd lien notes
97,176 10 97,269 
Structured productsStructured products10,662,396 11,845,064 Structured products29,002 29,455 
Equity sharesEquity shares50,898,080 51,504,791 Equity shares63,421 79,197 
Equity warrantsEquity warrants68,122 — 184,100 — Equity warrants68 — 56 — 
Investments in joint venturesInvestments in joint ventures52,001,757 52,154,413 Investments in joint ventures67,420 66,297 
Short-term investments65,000,000 65,000,000 
$702,094,599 100 %$709,325,970 100 %
$1,004,222 100 %$1,017,165 100 %
4968


CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
December 31, 2020:
($ in thousands)($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
December 31, 2021:December 31, 2021:
Senior debt and 1st lien notes
Senior debt and 1st lien notes
$158,812,630 76 %$164,238,687 76 
Senior debt and 1st lien notes
$618,911 72 %$620,928 72 
Subordinated debt and 2nd lien notes
Subordinated debt and 2nd lien notes
8,963,185 9,021,686 
Subordinated debt and 2nd lien notes
91,067 11 92,297 11 
Structured productsStructured products9,774,483 10,382,698 Structured products29,477 30,900 
Equity sharesEquity shares218,903 — 206,595 — Equity shares56,431 59,601 
Equity warrantsEquity warrants68,122 — 111,578 — Equity warrants68 — 163 — 
Short-term investments31,100,605 15 31,100,444 14 
Investments in joint venturesInvestments in joint ventures58,689 61,253 
$208,937,928 100 %$215,061,688 100 %
$854,643 100 %$865,142 100 %
Investment Activity
During the ninethree months ended September 30, 2021,March 31, 2022, we made 6421 new investments totaling $486.7$127.8 million, made investments in existing portfolio companies totaling $35.2$15.9 million and made newadditional investments in joint venture equity investmentsportfolio companies totaling $52.0 million and made a $44.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies.$8.7 million. We had five loans repaid at par totaling $12.5 million, received $5.7$2.0 million of portfolio company principal payments and sold $29.9 million of loans. In addition, we sold $103.4 million of middle-market portfolio company debt investments to one of our joint ventures, realizing a gain on these transactions of $0.8 million.
During the period from July 13, 2020 (commencement of operations) to September 30, 2020, we made 59 new investments totaling $104.9 million. We received $0.2 million of portfolio company principal payments and sold $14.0 million of loans, recognizing a net realized gain on these transactions of $0.3$0.2 million.
During the three months ended March 31, 2021, we made 18 new investments totaling $126.0 million, made investments in existing portfolio companies totaling $12.6 million and made a new joint venture equity investment totaling $4.6 million. We received $1.4 million of portfolio company principal payments and sold $15.5 million of loans, recognizing a net realized gain on these transactions of $0.4 million. In addition, we sold $29.9 million of middle-market portfolio company debt investments to our joint venture, realizing a gain on these transactions of $0.1 million.
Total portfolio investment activity for the ninethree months ended September 30,March 31, 2022 and 2021 and for the period from July 13, 2020 (commencement of operations) to September 30, 2020 was as follows:
Nine Months Ended
September 30, 2021:
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares
Equity
Warrants
Investments in Joint VenturesShort-term
Investments
Total
Three Months Ended
March 31, 2022:
($ in thousands)
Three Months Ended
March 31, 2022:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares
Equity
Warrants
Investments in Joint VenturesTotal
Fair value, beginning of periodFair value, beginning of period$164,238,687 $9,021,686 $10,382,698 $206,595 $111,578$— $31,100,444 $215,061,688 Fair value, beginning of period$620,928 $92,297 $30,900 $59,601 $163 $61,253 $865,142 
New investmentsNew investments446,814,607 66,106,327 2,699,965 50,679,177 — 52,001,758 187,907,259 806,209,093 New investments130,953 5,811 — 6,990 8,731 152,485 
Proceeds from sales of investmentsProceeds from sales of investments(129,377,865)(3,888,800)— — — — (154,006,553)(287,273,218)Proceeds from sales of investments(276)— — — — — (276)
Loan origination fees receivedLoan origination fees received(10,798,867)(1,516,401)— — — — — (12,315,268)Loan origination fees received(2,711)18 — — — — (2,693)
Principal repayments receivedPrincipal repayments received(10,678,572)(5,741,557)(1,812,053)— — — — (18,232,182)Principal repayments received(1,532)— (478)— — — (2,010)
Payment-in-kind interest earnedPayment-in-kind interest earned1,506,885 — — — — — — 1,506,885 Payment-in-kind interest earned668 210 — — — — 878 
Accretion of loan discountAccretion of loan discount1,183,616 148,904 — — — — — 1,332,520 Accretion of loan discount219 36 — — — 258 
Accretion of deferred loan origination revenueAccretion of deferred loan origination revenue1,025,356 39,557 — — — — — 1,064,913 Accretion of deferred loan origination revenue675 35 — — — — 710 
Realized gainRealized gain868,861 (3,622)— — — — (1,310)863,929 Realized gain229 — — — — — 229 
Unrealized appreciation (depreciation)Unrealized appreciation (depreciation)(1,273,845)962,645 574,454 619,019 72,522 152,655 160 1,107,610 Unrealized appreciation (depreciation)(4,262)(1,138)(970)12,606 (107)(3,687)2,442 
Fair value, end of periodFair value, end of period$463,508,863 $65,128,739 $11,845,064 $51,504,791 $184,100 $52,154,413 $65,000,000 $709,325,970 Fair value, end of period$744,891 $97,269 $29,455 $79,197 $56 $66,297 $1,017,165 
5069


From July 13, 2020 (commencement of operations) to September 30, 2020:
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsShort-term
Investments
Total
Three Months Ended
March 31, 2021:
($ in thousands)
Three Months Ended
March 31, 2021:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares
Equity
Warrants
Investments in Joint VenturesShort-term
Investments
Total
Fair value, beginning of periodFair value, beginning of period$— $— $— $— $— Fair value, beginning of period$164,239 $9,022 $10,383 $207 $112 $— $31,100 $215,062 
New investmentsNew investments90,178,702 6,377,639 8,385,806 129,309,981 234,252,128 New investments129,987 5,014 — 3,529 — 4,642 49,905 193,077 
Proceeds from sales of investmentsProceeds from sales of investments(13,961,744)— — (81,950,000)(95,911,744)Proceeds from sales of investments(45,408)— — — — — (62,700)(108,108)
Loan origination fees receivedLoan origination fees received(781,623)(45,832)— — (827,455)Loan origination fees received(3,088)(139)— — — — — (3,227)
Principal repayments receivedPrincipal repayments received(162,903)— — — (162,903)Principal repayments received(973)— (390)— — — — (1,363)
Accretion of loan discount124,139 18,679 — — 142,818 
Payment-in-kind interest earnedPayment-in-kind interest earned306 — — — — — — 306 
Accretion of loan premium/ discountAccretion of loan premium/ discount423 — — — — — 426 
Accretion of deferred loan origination revenueAccretion of deferred loan origination revenue4,319 — — — 4,319 Accretion of deferred loan origination revenue217 — — — — — 221 
Realized gain (loss)318,658 — — (4,296)314,362 
Realized gainRealized gain546 — — — — — — 546 
Unrealized appreciation (depreciation)Unrealized appreciation (depreciation)1,412,764 3,820 206,178 (1,440)1,621,322 Unrealized appreciation (depreciation)1,085 135 550 18 195 (185)(1)1,797 
Fair value, end of periodFair value, end of period$77,132,312 $6,354,306 $8,591,984 $47,354,245 $139,432,847 Fair value, end of period$247,334 $14,039 $10,543 $3,754 $307 $4,457 $18,304 $298,737 
Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of both September 30, 2021March 31, 2022 and December 31, 2020,2021, we had no non-accrual assets.
ResultsInvestment Income
Interest income, including amortization of Operationspremium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of March 31, 2022, the Company had no non-accrual assets. Dividend income is recorded on the ex-dividend date.
ForPayment-in-Kind Interest
The Company currently holds, and expects to hold in the threefuture, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and nine months ended September 30, 2021is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the periodCompany has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
53

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from July 13, 2020 (commencement of operations) to September 30, 2020portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned.
Operating resultsFee income for the three and nine months ended September 30,March 31, 2022 and 2021 and for the period from July 13, 2020 (commencement of operations) to September 30, 2020 werewas as follows:
Three Months
 Ended
For the period from July 13, 2020 (commencement of operations) toNine Months
 Ended
For the period from July 13, 2020 (commencement of operations) to
September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
Total investment income$11,717,099 $945,780 $25,227,950 $945,780 
Total operating expenses4,463,701 509,397 10,653,675 509,397 
Net investment income before taxes7,253,398 436,383 14,574,275 436,383 
Income taxes, including excise tax expense— — 7,665 — 
Net investment income7,253,398 436,383 14,566,610 436,383 
Net realized gains (losses)(1,831,643)72,206 (364,565)72,206 
Net unrealized appreciation2,613,856 1,722,640 6,556,755 1,722,640 
Net realized gains and unrealized appreciation on investments and foreign currency borrowings782,213 1,794,846 6,192,190 1,794,846 
Net increase in net assets resulting from operations$8,035,611 $2,231,229 $20,758,800 $2,231,229 
Three Months EndedThree Months Ended
($ in thousands)March 31, 2022March 31, 2021
Recurring Fee Income:
Amortization of loan origination fees$688 $200 
Management, valuation and other fees270 74 
Total Recurring Fee Income958 274 
Non-Recurring Fee Income:
Acceleration of unamortized loan origination fees22 21 
Advisory, loan amendment and other fees36 — 
Total Non-Recurring Fee Income58 21 
Total Fee Income$1,016 $295 
Offering Costs
Costs associated with the offering of common stock of the Company are capitalized as deferred offering expenses and included on the Consolidated Balance Sheet in "Prepaid expenses and other assets" and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s private offering of common stock and the preparation of the Company’s amended registration statement on Form 10, as filed with the Securities and Exchange Commission (the “SEC”) on August 5, 2020 (the “Form 10”).
Other General and Administrative Expenses
Other general and administrative expenses include bank service fees and expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating the Company.
Concentration of Credit Risk
As of both March 31, 2022 and December 31, 2021, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of March 31, 2022 and December 31, 2021, the Company’s largest single portfolio company investment, excluding short-term investments, represented approximately 6.1% and 5.7%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.
As of March 31, 2022, all of the Company's assets were or will be pledged as collateral for the ING Credit Facility.
The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.
54

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Investments Denominated in Foreign Currency
As of March 31, 2022 the Company held nine investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, one investment that was denominated in New Zealand dollars, 31 investments that were denominated in Euros and 18 investments that were denominated in British pounds sterling. As of December 31, 2021, the Company held six investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 28 investments that were denominated in Euros and 15 investments that were denominated in British pounds sterling.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rates fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statement of Operations.
In addition, during both the three months ended March 31, 2022 and March 31, 2021, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on the Company's investments denominated in foreign currencies. Net increases (decreases)unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
4. INCOME TAXES
The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively) and certain built-in gains. The Company has historically met its minimum distribution requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.
Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax.
Tax positions taken or expected to be taken in the course of preparing the Company's tax returns are evaluated to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company's tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal year 2020), and has concluded that the provision for uncertain tax positions in the Company's financial statements is appropriate.
Taxable income generally differs from increase in net assets resulting from operations can vary substantially from period to period due to various factors, includingtemporary and permanent differences in the recognition of realizedincome and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis
55

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.
For federal income tax purposes, the cost of investments owned as of March 31, 2022 and December 31, 2021 was approximately $1,004.2 million and $854.7 million, respectively. As of March 31, 2022, net unrealized appreciation on the Company's investments (tax basis) was approximately $18.2 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $28.5 million and depreciation.gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $10.3 million. As of December 31, 2021, net unrealized appreciation on the Company’s investments (tax basis) was approximately $15.8 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $20.5 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $4.7 million
In addition, the Company has a wholly-owned taxable subsidiary (the "Taxable Subsidiary"), which holds certain portfolio investments. The Taxable Subsidiary is consolidated for financial reporting purposes, such that the Company's consolidated financial statements reflects the Company’s investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit the Company to hold certain portfolio companies that are organized as LLCs (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company's ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, their income is taxed to the Taxable Subsidiary and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for income tax purposes and may generate income tax expense or benefit as a result comparisons of their ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company's Unaudited and Audited Consolidated Statement of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiary (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiary), if any, will be reflected net of applicable federal and state income taxes, if any, in the Company's Unaudited Consolidated Statement of Operations, with the related deferred tax assets or liabilities, if any, included in "Accounts payable and accrued liabilities" in the Company’s Unaudited and Audited Consolidated Balance Sheet. As of March 31, 2022, the Company recorded a net deferred tax liability of $0.1 million pertaining to tax basis differences in the Taxable Subsidiary's investment in certain partnership interests.
5. BORROWINGS
The Company had the following borrowings outstanding as of March 31, 2022 and December 31, 2021:
Issuance Date
($ in thousands)
Maturity DateInterest Rate as of March 31, 2022March 31, 2022December 31, 2021
Subscription Facility:
September 21, 2020NANA$— $67,954 
Total Subscription Facility$— $67,954 
Credit Facility:
January 15, 2021April 30, 20262.482%$484,366 $390,155 
Total Credit Facility$484,366 $390,155 
Notes:
February 22, 2022February 22, 20274.750%$100,000 $— 
(Less: Deferred financing fees)$(130)$— 
Total Notes$99,870 $— 
The Company is required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of the Company's total assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities, of at least 150% after each issuance of senior securities. The Company’s asset coverage ratio was 204.3% as of March 31, 2022.
56

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
September 2020 Subscription Facility
On September 21, 2020, the Company entered into a revolving credit agreement (as subsequently amended, the “September 2020 Subscription Facility”) with Société Générale, as administrative agent and a lender, and the other lenders from time to time party thereto. The September 2020 Subscription Facility initially allowed the Company to borrow up to $160 million, reduced to $110 million in October 2021, at any one time outstanding, subject to certain restrictions, including availability under the borrowing base, which was based on unused capital commitments from different categories of investors (with varying advance rates amongst the different categories of investors).
The amount of permissible borrowings under the September 2020 Subscription Facility could be increased to an agreed-upon amount with the consent of the administrative agent. The September 2020 Subscription Facility had a maturity date of September 21, 2022. On March 25, 2022, following the repayment of all borrowings, interest, and fees payable thereunder, and at the election of the Company, the September 2020 Subscription Facility was terminated, including all commitments and obligations with Société Générale to lend and make advances to the Company. In connection with the termination, the pro rata portion of the unamortized deferred financing costs related to the September 2020 Subscription Facility was written off and recognized as a loss on extinguishment of debt in the Company’s Unaudited Consolidated Statements of Operations.
Borrowings under the September 2020 Subscription Facility bore interest at a rate equal to, at the election of the Company, either (i) with respect to loans bearing interest at a rate based on LIBOR (as such term is defined in the September 2020 Subscription Facility which definition includes different LIBOR calculations based on the applicable currency), the rate per annum determined by the administrative agent to be equal to (a) the quotient obtained by dividing: (1) LIBOR for such loan for such one-month, three-months or other period requested by the Company or otherwise consented to by the administrative agent; by (2) one minus the maximum rate at which reserves (including, without limitation, any marginal, special, supplemental, or emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) by member banks of the Federal Reserve System against “Eurocurrency liabilities” (as such term is used in Regulation D) for such loan for such one-month, three-months or other period requested by the Company, provided that if the calculation above results in a rate of less than zero (0), the rate shall be deemed to be zero (0) for all purposes, plus (b) 185 basis points per annum; or (ii) with respect to loans bearing interest at a rate based on the rate of interest per annum publicly announced from time to time by the administrative agent as its prime rate (the “Prime Rate”) or the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers (the “Federal Funds Rate”) the greater of (a) the Prime Rate plus 185 basis points and (b) the Federal Funds Rate plus fifty basis points plus 185 basis points. The Company was required to pay a commitment fee on the unused portion of the September 2020 Subscription Facility.
The Company and the administrative agent, for the benefit of the secured parties, entered into a borrower security agreement pursuant to which the Company’s obligations under the September 2020 Subscription Facility were secured by a first-priority security interest in the Company’s right, title and interest in the capital commitments of the Company’s investors. In addition, the Company and the administrative agent, for the benefit of the secured parties, entered into a borrower pledge of collateral account pursuant to which the Company’s obligations under the September 2020 Subscription Facility were secured by a first-priority security interest in the Company’s account held at State Street Bank and all of the Company’s right, title and interest in the amounts or property held in such account.
The Company has made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the September 2020 Subscription Facility were subject to the leverage restrictions applicable to the Company that are contained in the 1940 Act.
As of December 31, 2021, the Company had borrowings denominated in British pounds sterling of £19.3 million ($26.1 million U.S. dollars) outstanding under the September 2020 Subscription Facility with a weighted average interest rate of 1.920% (weighted average one month GBP LIBOR of 0.070%), borrowings denominated in Australian dollars of A$10.9 million ($7.9 million U.S dollars) with a weighted average interest rate of 1.866% (weighted average one month BBSY of 0.016%) and borrowings denominated in Euros of €29.8 million ($33.9 million U.S. dollars) with an interest rate of 1.850% (weighted average one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the September 2020 Subscription Facility borrowings is included in “unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
57

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
ING Capital Credit Facility
On January 15, 2021, the Company entered into the ING Credit Facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto. The initial commitments under the ING Credit Facility totaled $65.0 million.
On April 30, 2021, the Company amended and restated the credit agreement governing the ING Credit Facility to increase the total commitments under the facility to $325.0 million and include a $25.0 million letter of credit sub-facility. On July 22, 2021, the Company entered into an incremental commitment and assumption agreement to increase the aggregate commitments under the ING Credit Facility to $500.0 million. As amended as of March 31, 2022, the Company had aggregate commitments from lenders of $500.0 million under the ING Credit Facility, the maximum commitment then allowed under the ING Credit Facility. Subsequent to quarter-end, on April 25, 2022, the Company amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million and (ii) upsize the accordion feature under the ING Credit Facility to allow for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants.
The Company can borrow foreign currencies directly under the ING Credit Facility. The ING Credit Facility is secured primarily by a material portion of the Company’s present and future property and assets and is guaranteed by certain of the Company’s subsidiaries. The revolving period under the ING Credit Facility terminates on April 30, 2025, and the final maturity date of the ING Credit Facility is scheduled for April 30, 2026.
Borrowings under the ING Credit Facility bear interest on a per annum basis equal to (i) for borrowings denominated in U.S. Dollars, subject to the Company’s election, the alternate base rate plus 1.15% or the adjusted eurocurrency rate plus 2.15%, (ii) for borrowings denominated in Pounds Sterling, Swiss Francs, Euros, Canadian Dollars, Danish Krone, Norwegian Krone or Swedish Krona, the adjusted eurocurrency rate plus 2.15%, (iii) for borrowings denominated in Australian Dollars, the adjusted eurocurrency rate plus 2.35%, or (iv) for borrowings denominated in New Zealand Dollars, the adjusted eurocurrency rate plus 2.45%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50%, (iii) the overnight bank funding rate plus 0.50%, (iv) the adjusted three-month LIBOR plus 1.00% and (v) 1.00%. The adjusted eurocurrency rate is equal to the eurocurrency rate for the applicable interest period plus any applicable statutory reserve rate for such interest period, subject to a 0.00% floor. The Company pays a commitment fee on undrawn amounts under the ING Credit Facility. In connection with the amendment to the ING Credit Facility on April 25, 2022, the Company replaced the LIBOR benchmark provisions under the ING Credit Facility with SOFR benchmark provisions.
The ING Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining a minimum asset coverage ratio of (a) 150% at any time that more than 70% of the total fair value of the Company’s portfolio comprises cash, cash equivalents, long-term U.S. government securities or first lien loans to portfolio companies, or (b) 167% or 200% at specified concentrations of such assets at amounts less than or equal to 70% of the total fair value of the Company’s portfolio, (iii) meeting a minimum liquidity test, (iv) meeting a minimum net assetsworth test, and (v) maintaining the Company’s status as a RIC under the Code and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for the Company. As of March 31, 2022, the Company was in compliance with all covenants of the ING Credit Facility.
The Company, one of its subsidiaries, BCIC Holdings, Inc., ING, as administrative agent, the financing agents and designated indebtedness holders that become parties thereto and ING, as collateral agent, also entered into a guarantee, pledge and security agreement, dated as of January 15, 2021, pursuant to which the Company’s obligations under the ING Credit Facility are secured by a first-priority security interest (subject to certain exceptions) in substantially all of the Company’s and its subsidiary guarantors’ present and future property and assets.
As of March 31, 2022, the Company had U.S. dollar borrowings of $370.0 million under the ING Credit Facility with an interest rate of 2.528% (one month LIBOR of 0.378%), borrowings denominated in British pounds sterling of £33.2 million ($43.7 million U.S. dollars) with an interest rate of 2.627% (one month GBP LIBOR of 0.477%) and borrowings denominated in Euros of €63.5 million ($70.7 million U.S. dollars) with an interest rate of 2.150% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from operationschanges in foreign exchange rates on the ING Credit Facility borrowings is included in
58

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
“unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
As of December 31, 2021, the Company had U.S. dollar borrowings of $325.0 million under the ING Credit Facility with an interest rate of 2.275% (one month LIBOR of 0.125%), borrowings denominated in British pounds sterling of £14.1 million ($19.1 million U.S. dollars) with an interest rate of 2.213% (one month GBP LIBOR of 0.063%) and borrowings denominated in Euros of €40.5 million ($46.1 million U.S. dollars) with an interest rate of 2.150% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in “unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
As of March 31, 2022, the fair value of the borrowings outstanding under the ING Credit Facility was $484.4 million. The fair values of the borrowings outstanding under the ING Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February 2027 Notes
On February 22, 2022, the Company entered into a Note Purchase Agreement (the “February 2022 NPA”) governing the issuance of $100.0 million in aggregate principal amount of senior unsecured notes due February 22, 2027 (the “February 2027 Notes”), in each case, to qualified institutional investors in a private placement. The February 2027 Notes were delivered and paid for on February 22, 2022.
The February 2027 Notes, for which the Company is required to obtain an initial rating by June 30, 2022, have a fixed interest rate of 4.75% per year, subject to a step up of (x) 1.25% per year, to the extent that the initial rating for the February 2027 Notes does not satisfy certain investment grade rating conditions, and (y) at any time after the Company has received an investment grade rating for the February 2027 Notes, 0.75% per year, to the extent the February 2027 Notes thereafter fail to satisfy certain investment grade rating conditions.
The February 2027 Notes will mature on February 22, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2022 NPA. Interest on the February 2027 Notes will be due semiannually in February and August of each year, beginning in August 2022. In addition, the Company is obligated to offer to repay the February 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2022 NPA, the Company may redeem the February 2027 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 22, 2026, a make-whole premium.
The February 2022 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, liens, restricted payments, and investments. In addition, the February 2022 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.
The February 2022 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February 2027 Notes at the time outstanding may declare all February 2027 Notes then outstanding to be immediately due and payable.
The Company’s obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of March 31, 2022, the Company was in compliance with all covenants under the February 2022 NPA.
The February 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The February 2027 Notes have not and will not be registered under the Securities Act or any state securities
59

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
laws and, unless so registered, may not be meaningful.offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2022, the fair value of the February 2027 Notes was $94.9 million. The fair value determinations of the February 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
6. DERIVATIVE INSTRUMENTS
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Unaudited Consolidated Statement of Operations. Forward currency contracts are considered undesignated derivative instruments.
The following tables present the Company's foreign currency forward contracts as of March 31, 2022 and December 31, 2021:
As of March 31, 2022
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)$13,916A$19,20004/08/22$(481)Derivative liability
Foreign currency forward contract (AUD)$14,369A$19,65904/08/22(373)Derivative liability
Foreign currency forward contract (AUD)A$38,859$29,10204/08/2238 Prepaid expense and other assets
Foreign currency forward contract (AUD)$29,465A$39,28307/07/22(42)Derivative liability
Foreign currency forward contract (CAD)C$6,151$4,91104/08/2217 Prepaid expense and other assets
Foreign currency forward contract (CAD)$370C$47604/08/22(12)Derivative liability
Foreign currency forward contract (CAD)$4,439C$5,67504/08/22(107)Derivative liability
Foreign currency forward contract (CAD)$4,606C$5,76507/07/22(11)Derivative liability
Foreign currency forward contract (DKK)3,481kr.$51804/08/22Prepaid expense and other assets
Foreign currency forward contract (DKK)$5313,481kr.04/08/2212 Prepaid expense and other assets
Foreign currency forward contract (DKK)$5313,552kr.07/07/22(1)Derivative liability
Foreign currency forward contract (EUR)€5,000$5,54004/01/2223 Prepaid expense and other assets
Foreign currency forward contract (EUR)€38,157$42,26804/08/2270 Prepaid expense and other assets
Foreign currency forward contract (EUR)$17,698€15,80004/08/22167 Prepaid expense and other assets
Foreign currency forward contract (EUR)$25,362€22,35704/08/22555 Prepaid expense and other assets
Foreign currency forward contract (EUR)$43,848€39,43307/07/22(68)Derivative liability
Foreign currency forward contract (EUR)$5,562€5,00007/07/22(7)Derivative liability
Foreign currency forward contract (NZD)£4,824NZD$7,00004/08/22(37)Derivative liability
Foreign currency forward contract (NZD)NZD$7,000$4,84504/08/2216 Prepaid expense and other assets
Foreign currency forward contract (NZD)£4,852NZD$7,02307/07/22(17)Derivative liability
Foreign currency forward contract (GBP)£342$44704/08/22Prepaid expense and other assets
Foreign currency forward contract (GBP)$5,939£4,41004/08/22140 Prepaid expense and other assets
Foreign currency forward contract (GBP)£4,068$5,41804/08/22(69)Derivative liability
Foreign currency forward contract (GBP)$300£23007/07/22(2)Derivative liability
Total$(185)
5160

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2021
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)$12,250A$8,90601/06/22$(1)Derivative liability
Foreign currency forward contract (AUD)A$8,834$12,25001/06/22(71)Derivative liability
Foreign currency forward contract (AUD)$5,503€7,65904/08/22(66)Derivative liability
Foreign currency forward contract (CAD)€5,580$4,36601/06/2244 Prepaid expense and other assets
Foreign currency forward contract (CAD)€4,373$5,58001/06/22(36)Derivative liability
Foreign currency forward contract (CAD)$270£34904/08/22(6)Derivative liability
Foreign currency forward contract (CAD)$4,439£5,67504/08/22(44)Derivative liability
Foreign currency forward contract (DKK)£3,526$53701/06/22Prepaid expense and other assets
Foreign currency forward contract (DKK)£551$3,52601/06/2212 Prepaid expense and other assets
Foreign currency forward contract (DKK)£531$3,48104/08/22(2)Derivative liability
Foreign currency forward contract (EUR)£20,807$23,55701/06/22119 Prepaid expense and other assets
Foreign currency forward contract (EUR)£5,181$4,50001/06/2261 Prepaid expense and other assets
Foreign currency forward contract (EUR)£18,704$16,30701/06/22149 Prepaid expense and other assets
Foreign currency forward contract (EUR)£10,436$9,20004/08/22(54)Derivative liability
Foreign currency forward contract (EUR)£25,362$22,35704/08/22(129)Derivative liability
Foreign currency forward contract (GBP)£8,566$11,50401/06/2296 Prepaid expense and other assets
Foreign currency forward contract (GBP)£4,068$5,41804/08/2288 Prepaid expense and other assets
Foreign currency forward contract (GBP)£11,472$8,56601/06/22(129)Derivative liability
Total$33 
As of March 31, 2022 and December 31, 2021, the total fair value of the Company's foreign currency forward contracts was $(0.2) million and $33,665, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
7. COMMITMENTS AND CONTINGENCIES
As of March 31, 2022, the Company had $568.7 million in total capital commitments from investors of which $5.0 million was from C.M. Life Insurance Company, an affiliate of MassMutual and the Adviser, and $95.0 million was from MassMutual. As of March 31, 2022, all commitments have been funded.
As of December 31, 2021, the Company had $568.5 million in total capital commitments from investors ($211.1 million unfunded), of which $5.0 million was from C.M. Life Insurance Company ($1.5 million unfunded) and $95.0 million was from MassMutual ($28.6 million unfunded).
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2022, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2022 and December 31, 2021 were as follows:
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Acclime Holdings HK Limited(1)Delayed Draw Term Loan$141 $141 
Acclime Holdings HK Limited(1)Delayed Draw Term Loan776 776 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan108 108 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan1,150 1,150 
Amtech LLC(1)Delayed Draw Term Loan909 909 
Amtech LLC(1)Revolver227 227 
AnalytiChem Holding GmbH(1)(2)(3)Delayed Draw Term Loan2,526 2,582 
Aquavista Watersides 2 LTD(1)(2)(4)Bridge Revolver146 151 
Aquavista Watersides 2 LTD(1)(2)(4)Acquisition Facility915 941 
Astra Bidco Limited(1)(2)(4)Delayed Draw Term Loan748 769 
Avance Clinical Bidco Pty Ltd(1)(5)Delayed Draw Term Loan1,081 1,046 
61

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Azalea Buyer, Inc.(1)Delayed Draw Term Loan641 641 
Azalea Buyer, Inc.(1)Revolver321 321 
Bariacum S.A(1)(2)(3)Acquisition Facility668 682 
Beyond Risk Management, Inc.(1)(2)Delayed Draw Term Loan2,573 2,573 
BigHand UK Bidco Limited(1)(2)(4)Acquisition Facility— 99 
Bounteous, Inc.(1)Delayed Draw Term Loan2,580 2,580 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan217 389 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan127 130 
BrightSign LLC(1)(2)Revolver715 715 
British Engineering Services Holdco Limited(1)(4)Bridge Revolver— 86 
CAi Software, LLC(1)Revolver707 707 
Canadian Orthodontic Partners Corp.(1)(2)(6)Delayed Draw Term Loan115 160 
Ceres Pharma NV(1)(2)(3)Delayed Draw Term Loan975 996 
CGI Parent, LLC(1)(2)Revolver1,212 — 
Coastal Marina Holdings, LLC(1)(2)PIK Tranche B Term Loan656 656 
Coastal Marina Holdings, LLC(1)(2)Tranche A Term Loan1,788 1,788 
Coyo Uprising GmbH(1)(2)(3)Delayed Draw Term Loan1,053 1,076 
Crash Champions, LLC(1)(2)Delayed Draw Term Loan237 2,712 
CSL DualCom(1)(4)Acquisition Term Loan1,208 1,242 
DecksDirect, LLC(1)Revolver58 218 
Dune Group(1)(3)Delayed Draw Term Loan1,022 1,044 
Dwyer Instruments, Inc.(1)Delayed Draw Term Loan1,094 1,094 
Eclipse Business Capital, LLC(1)Revolver5,390 5,840 
EMI Porta Holdco LLC(1)Delayed Draw Term Loan4,805 5,339 
EMI Porta Holdco LLC(1)Revolver1,012 1,271 
EPS NASS Parent, Inc.(1)Delayed Draw Term Loan425 425 
eShipping, LLC(1)Delayed Draw Term Loan1,923 1,923 
eShipping, LLC(1)Revolver622 930 
Events Software BidCo Pty Ltd(1)(5)Delayed Draw Term Loan481 — 
Fineline Technologies, Inc.(1)Delayed Draw Term Loan240 240 
Finexvet(1)(2)(3)Acquisition Facility967 — 
FragilePak LLC(1)(2)Delayed Draw Term Loan3,779 3,779 
Heartland Veterinary Partners, LLC(1)Delayed Draw Term Loan235 235 
IGL Holdings III Corp.(1)Delayed Draw Term Loan360 360 
Innovad Group II BV(1)(2)(3)Delayed Draw Term Loan1,180 1,206 
INOS 19-090 GmbH(1)(2)(3)Acquisition Facility859 878 
ITI Intermodal, Inc.(1)Delayed Draw Term Loan103 103 
ITI Intermodal, Inc.(1)Revolver124 124 
Jaguar Merger Sub Inc.(1)(2)Delayed Draw Term Loan1,781 1,961 
Jaguar Merger Sub Inc.(1)(2)Revolver490 490 
Jon Bidco Limited(1)(2)(7)Capex & Acquisition Facility958 — 
Jones Fish Hatcheries & Distributors LLC(1)(2)Revolver418 — 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan1,574 1,903 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan1,903 1,574 
Lambir Bidco Limited(1)(2)(3)Bridge Revolver651 666 
Lambir Bidco Limited(1)(2)(3)Delayed Draw Term Loan1,303 1,332 
LeadsOnline, LLC(1)(2)Revolver1,952 — 
62

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
LivTech Purchaser, Inc.(1)(2)Delayed Draw Term Loan130 316 
Marmoutier Holding B.V.(1)(2)(3)Delayed Draw Term Loan396 405 
Marmoutier Holding B.V.(1)(2)(3)Revolver159 162 
Marshall Excelsior Co.(1)(2)Revolver633 — 
MC Group Ventures Corporation(1)(2)Delayed Draw Term Loan861 861 
Modern Star Holdings Bidco Pty Limited(1)(5)CapEx Term Loan371 360 
Murphy Midco Limited(1)(4)Delayed Draw Term Loan881 906 
Narda Acquisitionco., Inc.(1)Revolver684 684 
Navia Benefit Solutions, Inc.(1)Delayed Draw Term Loan4,338 4,338 
Nexus Underwriting Management Limited(1)(2)(4)Revolver52 53 
Nexus Underwriting Management Limited(1)(2)(4)Acquisition Facility962 989 
Novotech Aus Bidco Pty Ltd(1)(2)Capex & Acquisition Facility C1,042 — 
OA Buyer, Inc.(1)Revolver1,331 1,331 
OAC Holdings I Corp(1)Revolver343 — 
OG III B.V.(1)(2)(3)Acquisition CapEx Facility1,217 1,087 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan— 683 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan2,505 3,643 
OSP Hamilton Purchaser, LLC(1)Revolver187 187 
Pacific Health Supplies Bidco Pty Limited(1)(5)CapEx Term Loan355 343 
PDQ.Com Corporation(1)(2)Delayed Draw Term Loan— 868 
Polara Enterprises, L.L.C.(1)(2)Revolver273 273 
Policy Services Company, LLC(1)(2)Delayed Draw Term Loan1,579 2,632 
Premium Invest(1)(2)(3)Acquisition Facility779 834 
ProfitOptics, LLC(1)(2)Revolver194 — 
Protego Bidco B.V.(1)(2)(3)Delayed Draw Term Loan219 224 
QPE7 SPV1 BidCo Pty Ltd(1)(5)Acquisition Term loan— 461 
Questel Unite(1)(2)(3)Incremental Term Loan2,881 2,944 
REP SEKO MERGER SUB LLC(1)(2)Delayed Draw Term Loan653 727 
Reward Gateway (UK) Ltd(1)(2)(4)Acquisition Facility804 1,301 
Riedel Beheer B.V.(1)(3)Revolver— 230 
Riedel Beheer B.V.(1)(2)(3)Delayed Draw Term Loan150 153 
Safety Products Holdings, LLC(1)Delayed Draw Term Loan2,594 2,594 
Scaled Agile, Inc.(1)Delayed Draw Term Loan416 416 
Scaled Agile, Inc.(1)Revolver336 336 
Smartling, Inc.(1)Delayed Draw Term Loan1,176 1,177 
Smartling, Inc.(1)Revolver588 588 
SSCP Pegasus Midco Limited(1)(4)Delayed Draw Term Loan1,842 1,895 
Superjet Buyer, LLC(1)Revolver1,460 1,460 
Syntax Systems Ltd(1)(2)Revolver264 336 
Syntax Systems Ltd(1)(2)Delayed Draw Term Loan1,142 1,142 
Tank Holding Corp(1)Revolver655 — 
Techone B.V.(1)(2)(3)Delayed Draw Term Loan475 485 
Techone B.V.(1)(2)(3)Revolver127 129 
Tencarva Machinery Company, LLC(1)Delayed Draw Term Loan591 591 
Tencarva Machinery Company, LLC(1)Revolver752 752 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Delayed Draw Term Loan2,707 2,707 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Revolver796 796 
63

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Turbo Buyer, Inc.(1)Delayed Draw Term Loan1,493 1,494 
Turbo Buyer, Inc.(1)Delayed Draw Term Loan1,623 — 
Victoria Bidco Limited(1)(2)(4)Delayed Draw Term Loan790 — 
W2O Holdings, Inc.(1)Delayed Draw Term Loan1,549 1,549 
Waccamaw River(2)Joint Venture4,580 11,280 
Woodland Foods, LLC(1)Revolver810 967 
ZB Holdco LLC(1)(2)Delayed Draw Term Loan676 — 
ZB Holdco LLC(1)(2)Revolver423 — 
Zeppelin Bidco Limited(1)(2)(4)Capex / Acquisition Facility1,736 — 
Zeppelin Bidco Limited(1)(2)(4)Revolver289 — 
Total unused commitments to extend financing$114,098 $116,977 
(1)The Company’s estimate of the fair value of the current investments in this portfolio company includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
COVID-19 Developments
During the three months ended March 31, 2022, the COVID-19 pandemic continued to have a significant impact on the U.S and global economies. To the extent the Company’s portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company’s future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of the Company’s portfolio companies.
64

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the three months ended March 31, 2022 and 2021:
Three Months Ended March 31,
($ in thousands, except share and per share amounts)20222021
Per share data:
Net asset value at beginning of period$22.43 $21.58 
Net investment income(1)0.54 0.34 
Net realized gain on investments / foreign currency transactions(1)0.13 0.03 
Net unrealized appreciation on investments / foreign currency transactions(1)0.11 0.51 
Total increase from investment operations(1)0.78 0.88 
Dividends declared from net investment income(0.44)(0.34)
Dividends declared from realized gains(0.07)(0.04)
Total dividends declared(0.51)(0.38)
Loss on extinguishment of debt(1)(0.01)— 
Other(2)(0.06)(0.09)
Net asset value at end of period$22.63 $21.99 
Shares outstanding at end of period26,939,328 7,710,486
Net assets at end of period$609,599 $169,571
Average net assets$487,448 $148,878
Ratio of total expenses to average net assets (annualized)(3)6.14 %7.25 %
Ratio of net investment income to average net assets (annualized)(3)9.71 %6.32 %
Portfolio turnover ratio (annualized)0.36 %33.24 %
Total return(4)3.19 %3.66 %
(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)Represents the impact of the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
(3)Does not include expenses of underlying investment companies, including joint ventures and short-term investments.
(4)Total return is calculated as the change in net asset value ("NAV") per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period.
9. SUBSEQUENT EVENTS
Subsequent to March 31, 2022, the Company made approximately $101.1 million of new commitments, of which $76.3 million closed and funded. The $76.3 million of investments consists of $64.1 million of first lien senior secured debt investments, $9.2 million of second lien senior secured and subordinated debt investments and $2.9 million of equity investments. The weighted average yield of the debt investments was 7.3%. In addition, the Company funded $8.2 million of previously committed delayed draw term loans.
On April 25, 2022, the Company amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million, (ii) upsize the accordion feature under the ING Credit Facility to allow for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants, and (iii) replace the LIBOR benchmark provisions under the ING Credit Facility with SOFR benchmark provisions.
On May 5, 2022, the Board declared a quarterly dividend of $0.52 per share payable on June 15, 2022 to holders of record as of June 8, 2022.

65


Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our unaudited consolidated financial statements for the three months ended March 31, 2022, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2021. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.
Forward-Looking Statements
Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as "expect," "anticipate," "target," "goals," "project," "intend," "plan," "believe," "seek," "estimate," "continue," "forecast," "may," "should," "potential," variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A entitled "Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2021 and in Item 1A entitled "Risk Factors" in Part II of our subsequently filed Quarterly Reports on Form 10-Q. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including with respect to changes from the impact of the COVID-19 pandemic; the length and duration of the COVID-19 outbreak in the United States as well as worldwide and the magnitude of the economic impact of that outbreak; the effect of the COVID-19 pandemic on our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives; the effect of the disruptions caused by the COVID-19 pandemic on our ability to continue to effectively manage our business and on the availability of equity and debt capital and our use of borrowed money to finance a portion of our investments; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview of Our Business
We were formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, we commenced operations and made our first portfolio company investment. We are externally managed by Barings LLC ("Barings"), an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). An externally-managed business development company (“BDC”) generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and an administration agreement. Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an investment advisory agreement (the "Advisory Agreement") and an administration agreement (the "Administration Agreement").
Our investment objective is to provide consistently attractive returns. Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality (i.e., the risk of business cycles or other economic cycles adversely affecting them) and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has
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experience managing levered vehicles, both public and private, and seeks to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We invest in predominately 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. Syndicated senior secured loans are either (i) marketed by investment banks, which are mandated to bring lenders together and underwrite the deal, to institutional investors or (ii) bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market. On the other hand, senior secured private debt investments are negotiated directly with the borrower, rather than marketed by a third party or bought and sold in the secondary market. We believe senior secured private debt investments may offer higher returns and certain more favorable protections than syndicated senior secured loans. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. We currently intend to invest primarily in senior secured private debt investments that have terms of between five and seven years and bear interest between the London Interbank Offered Rate (“LIBOR”) (or an applicable successor rate) plus 450 basis points and LIBOR plus 650 basis points per annum. As of both March 31, 2022 and December 31, 2021, the weighted average yield on the principal amount of our outstanding debt investments was approximately 7.0%.
COVID-19 Developments
The spread of the Coronavirus and the COVID-19 pandemic, and the related effect on the U.S. and global economies, has had adverse consequences for the business operations of some of our portfolio companies and has adversely affected, and threatens to continue to adversely affect, our operations and the operations of Barings, including with respect to us. Barings has taken proactive steps around COVID-19 to address the potential impacts on their people, clients, communities and everyone they come in contact with, directly or through their premises. Protecting their employees and supporting the communities in which they live and work is a priority. Barings has now adopted a hybrid working model globally while maintaining service levels to our partners and clients. Barings’ return-to-office taskforce continues to monitor the COVID-19 situation globally and is prepared to adapt office working patterns as required to ensure the safety of its employees and clients who visit Barings office locations. Barings’ cybersecurity policies are applied consistently when working remotely or in the office.
We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide and the magnitude of the economic impact of the outbreak, including with respect to the travel restrictions, business closures and other quarantine measures imposed on service providers and other individuals by various local, state, and federal governmental authorities, as well as non-U.S. governmental authorities. We are unable to predict the extent and duration of any business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. Depending on the duration and extent of the disruption to the operations of our portfolio companies, we expect that certain portfolio companies could experience financial distress and possibly default on their financial obligations to us and their other capital providers. Some of our portfolio companies may significantly curtail business operations, furlough or lay off employees and terminate service providers, and defer capital expenditures if subjected to prolonged and severe financial distress, which would likely impair their business on a permanent basis. These developments would likely result in a decrease in the value of our investment in any such portfolio company.
We will continue to monitor the situation relating to the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and may take additional actions based on their recommendations. In these circumstances, there may be developments outside our control requiring us to adjust our plan of operation. As such, given the dynamic nature of this situation, we cannot reasonably estimate the impacts of COVID-19 on our financial condition, results of operations or cash flows in the future. However, to the extent our portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on our future net investment income, the fair value of our portfolio investments, our financial condition and the results of operations and financial condition of our portfolio companies.
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Relationship with Our Adviser, Barings
Our Adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is a leading global asset management firm and is registered with the SEC as an investment adviser under the Advisers Act. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our board of directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $290.9 billion Global Fixed Income Platform that invests in liquid, private and structured credit. Barings GPFG manages private funds and separately managed accounts, along with multiple public vehicles. The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited (“BIIL”), as a sub-adviser to manage European investments for us. BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London, England. As of March 31, 2022, BIIL had approximately £14.5 billion in assets under management.
Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.
Portfolio Investment Composition
The total value of our investment portfolio was $1,017.2 million as of March 31, 2022, as compared to $865.1 million as of December 31, 2021. As of March 31, 2022, we had investments in 172 portfolio companies with an aggregate cost of $1,004.2 million. As of December 31, 2021, we had investments in 151 portfolio companies with an aggregate cost of $854.6 million. As of both March 31, 2022 and December 31, 2021, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
As of March 31, 2022 and December 31, 2021, our investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio
Fair ValuePercentage of
Total
Portfolio
March 31, 2022:
Senior debt and 1st lien notes
$747,135 74 %$744,891 73 %
Subordinated debt and 2nd lien notes
97,176 10 97,269 
Structured products29,002 29,455 
Equity shares63,421 79,197 
Equity warrants68 — 56 — 
Investments in joint ventures67,420 66,297 
$1,004,222 100 %$1,017,165 100 %
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($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
December 31, 2021:
Senior debt and 1st lien notes
$618,911 72 %$620,928 72 
Subordinated debt and 2nd lien notes
91,067 11 92,297 11 
Structured products29,477 30,900 
Equity shares56,431 59,601 
Equity warrants68 — 163 — 
Investments in joint ventures58,689 61,253 
$854,643 100 %$865,142 100 %
Investment Activity
During the three months ended March 31, 2022, we made 21 new investments totaling $127.8 million, made investments in existing portfolio companies totaling $15.9 million and made additional investments in joint venture equity portfolio companies totaling $8.7 million. We received $2.0 million of portfolio company principal payments and sold $0.2 million of loans, recognizing a net realized gain on these transactions of $0.2 million.
During the three months ended March 31, 2021, we made 18 new investments totaling $126.0 million, made investments in existing portfolio companies totaling $12.6 million and made a new joint venture equity investment totaling $4.6 million. We received $1.4 million of portfolio company principal payments and sold $15.5 million of loans, recognizing a net realized gain on these transactions of $0.4 million. In addition, we sold $29.9 million of middle-market portfolio company debt investments to our joint venture, realizing a gain on these transactions of $0.1 million.
Total portfolio investment activity for the three months ended March 31, 2022 and 2021 was as follows:
Three Months Ended
March 31, 2022:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares
Equity
Warrants
Investments in Joint VenturesTotal
Fair value, beginning of period$620,928 $92,297 $30,900 $59,601 $163 $61,253 $865,142 
New investments130,953 5,811 — 6,990 8,731 152,485 
Proceeds from sales of investments(276)— — — — — (276)
Loan origination fees received(2,711)18 — — — — (2,693)
Principal repayments received(1,532)— (478)— — — (2,010)
Payment-in-kind interest earned668 210 — — — — 878 
Accretion of loan discount219 36 — — — 258 
Accretion of deferred loan origination revenue675 35 — — — — 710 
Realized gain229 — — — — — 229 
Unrealized appreciation (depreciation)(4,262)(1,138)(970)12,606 (107)(3,687)2,442 
Fair value, end of period$744,891 $97,269 $29,455 $79,197 $56 $66,297 $1,017,165 
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Three Months Ended
March 31, 2021:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares
Equity
Warrants
Investments in Joint VenturesShort-term
Investments
Total
Fair value, beginning of period$164,239 $9,022 $10,383 $207 $112 $— $31,100 $215,062 
New investments129,987 5,014 — 3,529 — 4,642 49,905 193,077 
Proceeds from sales of investments(45,408)— — — — — (62,700)(108,108)
Loan origination fees received(3,088)(139)— — — — — (3,227)
Principal repayments received(973)— (390)— — — — (1,363)
Payment-in-kind interest earned306 — — — — — — 306 
Accretion of loan premium/ discount423 — — — — — 426 
Accretion of deferred loan origination revenue217 — — — — — 221 
Realized gain546 — — — — — — 546 
Unrealized appreciation (depreciation)1,085 135 550 18 195 (185)(1)1,797 
Fair value, end of period$247,334 $14,039 $10,543 $3,754 $307 $4,457 $18,304 $298,737 
Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of both March 31, 2022 and December 31, 2021, we had no non-accrual assets.
Investment Income
Three Months
 Ended
For the period from July 13, 2020 (commencement of operations) toNine Months
 Ended
For the period from July 13, 2020 (commencement of operations) to
September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
Investment income:
Interest income$8,378,340 $817,660 $19,902,187 $817,660 
Dividend income1,934,420 — 2,301,659 — 
Fee and other income859,153 42,164 1,625,025 42,164 
Payment-in-kind interest income545,186 85,956 1,399,079 85,956 
Total investment income$11,717,099 $945,780 $25,227,950 $945,780 
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of March 31, 2022, the Company had no non-accrual assets. Dividend income is recorded on the ex-dividend date.
Payment-in-Kind Interest
The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
53

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned.
Fee income for the three months ended March 31, 2022 and 2021 was as follows:
Three Months EndedThree Months Ended
($ in thousands)March 31, 2022March 31, 2021
Recurring Fee Income:
Amortization of loan origination fees$688 $200 
Management, valuation and other fees270 74 
Total Recurring Fee Income958 274 
Non-Recurring Fee Income:
Acceleration of unamortized loan origination fees22 21 
Advisory, loan amendment and other fees36 — 
Total Non-Recurring Fee Income58 21 
Total Fee Income$1,016 $295 
Offering Costs
Costs associated with the offering of common stock of the Company are capitalized as deferred offering expenses and included on the Consolidated Balance Sheet in "Prepaid expenses and other assets" and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s private offering of common stock and the preparation of the Company’s amended registration statement on Form 10, as filed with the Securities and Exchange Commission (the “SEC”) on August 5, 2020 (the “Form 10”).
Other General and Administrative Expenses
Other general and administrative expenses include bank service fees and expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating the Company.
Concentration of Credit Risk
As of both March 31, 2022 and December 31, 2021, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of March 31, 2022 and December 31, 2021, the Company’s largest single portfolio company investment, excluding short-term investments, represented approximately 6.1% and 5.7%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.
As of March 31, 2022, all of the Company's assets were or will be pledged as collateral for the ING Credit Facility.
The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.
54

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Investments Denominated in Foreign Currency
As of March 31, 2022 the Company held nine investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, one investment that was denominated in New Zealand dollars, 31 investments that were denominated in Euros and 18 investments that were denominated in British pounds sterling. As of December 31, 2021, the Company held six investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 28 investments that were denominated in Euros and 15 investments that were denominated in British pounds sterling.
At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.
Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rates fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statement of Operations.
In addition, during both the three months ended March 31, 2022 and March 31, 2021, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on the Company's investments denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.
4. INCOME TAXES
The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively) and certain built-in gains. The Company has historically met its minimum distribution requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.
Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax.
Tax positions taken or expected to be taken in the course of preparing the Company's tax returns are evaluated to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company's tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal year 2020), and has concluded that the provision for uncertain tax positions in the Company's financial statements is appropriate.
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis
55

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.
For federal income tax purposes, the cost of investments owned as of March 31, 2022 and December 31, 2021 was approximately $1,004.2 million and $854.7 million, respectively. As of March 31, 2022, net unrealized appreciation on the Company's investments (tax basis) was approximately $18.2 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $28.5 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $10.3 million. As of December 31, 2021, net unrealized appreciation on the Company’s investments (tax basis) was approximately $15.8 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $20.5 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $4.7 million
In addition, the Company has a wholly-owned taxable subsidiary (the "Taxable Subsidiary"), which holds certain portfolio investments. The Taxable Subsidiary is consolidated for financial reporting purposes, such that the Company's consolidated financial statements reflects the Company’s investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit the Company to hold certain portfolio companies that are organized as LLCs (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company's ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, their income is taxed to the Taxable Subsidiary and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for income tax purposes and may generate income tax expense or benefit as a result of their ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company's Unaudited and Audited Consolidated Statement of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiary (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiary), if any, will be reflected net of applicable federal and state income taxes, if any, in the Company's Unaudited Consolidated Statement of Operations, with the related deferred tax assets or liabilities, if any, included in "Accounts payable and accrued liabilities" in the Company’s Unaudited and Audited Consolidated Balance Sheet. As of March 31, 2022, the Company recorded a net deferred tax liability of $0.1 million pertaining to tax basis differences in the Taxable Subsidiary's investment in certain partnership interests.
5. BORROWINGS
The Company had the following borrowings outstanding as of March 31, 2022 and December 31, 2021:
Issuance Date
($ in thousands)
Maturity DateInterest Rate as of March 31, 2022March 31, 2022December 31, 2021
Subscription Facility:
September 21, 2020NANA$— $67,954 
Total Subscription Facility$— $67,954 
Credit Facility:
January 15, 2021April 30, 20262.482%$484,366 $390,155 
Total Credit Facility$484,366 $390,155 
Notes:
February 22, 2022February 22, 20274.750%$100,000 $— 
(Less: Deferred financing fees)$(130)$— 
Total Notes$99,870 $— 
The Company is required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of the Company's total assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities, of at least 150% after each issuance of senior securities. The Company’s asset coverage ratio was 204.3% as of March 31, 2022.
56

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
September 2020 Subscription Facility
On September 21, 2020, the Company entered into a revolving credit agreement (as subsequently amended, the “September 2020 Subscription Facility”) with Société Générale, as administrative agent and a lender, and the other lenders from time to time party thereto. The September 2020 Subscription Facility initially allowed the Company to borrow up to $160 million, reduced to $110 million in October 2021, at any one time outstanding, subject to certain restrictions, including availability under the borrowing base, which was based on unused capital commitments from different categories of investors (with varying advance rates amongst the different categories of investors).
The amount of permissible borrowings under the September 2020 Subscription Facility could be increased to an agreed-upon amount with the consent of the administrative agent. The September 2020 Subscription Facility had a maturity date of September 21, 2022. On March 25, 2022, following the repayment of all borrowings, interest, and fees payable thereunder, and at the election of the Company, the September 2020 Subscription Facility was terminated, including all commitments and obligations with Société Générale to lend and make advances to the Company. In connection with the termination, the pro rata portion of the unamortized deferred financing costs related to the September 2020 Subscription Facility was written off and recognized as a loss on extinguishment of debt in the Company’s Unaudited Consolidated Statements of Operations.
Borrowings under the September 2020 Subscription Facility bore interest at a rate equal to, at the election of the Company, either (i) with respect to loans bearing interest at a rate based on LIBOR (as such term is defined in the September 2020 Subscription Facility which definition includes different LIBOR calculations based on the applicable currency), the rate per annum determined by the administrative agent to be equal to (a) the quotient obtained by dividing: (1) LIBOR for such loan for such one-month, three-months or other period requested by the Company or otherwise consented to by the administrative agent; by (2) one minus the maximum rate at which reserves (including, without limitation, any marginal, special, supplemental, or emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) by member banks of the Federal Reserve System against “Eurocurrency liabilities” (as such term is used in Regulation D) for such loan for such one-month, three-months or other period requested by the Company, provided that if the calculation above results in a rate of less than zero (0), the rate shall be deemed to be zero (0) for all purposes, plus (b) 185 basis points per annum; or (ii) with respect to loans bearing interest at a rate based on the rate of interest per annum publicly announced from time to time by the administrative agent as its prime rate (the “Prime Rate”) or the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers (the “Federal Funds Rate”) the greater of (a) the Prime Rate plus 185 basis points and (b) the Federal Funds Rate plus fifty basis points plus 185 basis points. The Company was required to pay a commitment fee on the unused portion of the September 2020 Subscription Facility.
The Company and the administrative agent, for the benefit of the secured parties, entered into a borrower security agreement pursuant to which the Company’s obligations under the September 2020 Subscription Facility were secured by a first-priority security interest in the Company’s right, title and interest in the capital commitments of the Company’s investors. In addition, the Company and the administrative agent, for the benefit of the secured parties, entered into a borrower pledge of collateral account pursuant to which the Company’s obligations under the September 2020 Subscription Facility were secured by a first-priority security interest in the Company’s account held at State Street Bank and all of the Company’s right, title and interest in the amounts or property held in such account.
The Company has made customary representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the September 2020 Subscription Facility were subject to the leverage restrictions applicable to the Company that are contained in the 1940 Act.
As of December 31, 2021, the Company had borrowings denominated in British pounds sterling of £19.3 million ($26.1 million U.S. dollars) outstanding under the September 2020 Subscription Facility with a weighted average interest rate of 1.920% (weighted average one month GBP LIBOR of 0.070%), borrowings denominated in Australian dollars of A$10.9 million ($7.9 million U.S dollars) with a weighted average interest rate of 1.866% (weighted average one month BBSY of 0.016%) and borrowings denominated in Euros of €29.8 million ($33.9 million U.S. dollars) with an interest rate of 1.850% (weighted average one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the September 2020 Subscription Facility borrowings is included in “unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
57

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
ING Capital Credit Facility
On January 15, 2021, the Company entered into the ING Credit Facility with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto. The initial commitments under the ING Credit Facility totaled $65.0 million.
On April 30, 2021, the Company amended and restated the credit agreement governing the ING Credit Facility to increase the total commitments under the facility to $325.0 million and include a $25.0 million letter of credit sub-facility. On July 22, 2021, the Company entered into an incremental commitment and assumption agreement to increase the aggregate commitments under the ING Credit Facility to $500.0 million. As amended as of March 31, 2022, the Company had aggregate commitments from lenders of $500.0 million under the ING Credit Facility, the maximum commitment then allowed under the ING Credit Facility. Subsequent to quarter-end, on April 25, 2022, the Company amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million and (ii) upsize the accordion feature under the ING Credit Facility to allow for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants.
The Company can borrow foreign currencies directly under the ING Credit Facility. The ING Credit Facility is secured primarily by a material portion of the Company’s present and future property and assets and is guaranteed by certain of the Company’s subsidiaries. The revolving period under the ING Credit Facility terminates on April 30, 2025, and the final maturity date of the ING Credit Facility is scheduled for April 30, 2026.
Borrowings under the ING Credit Facility bear interest on a per annum basis equal to (i) for borrowings denominated in U.S. Dollars, subject to the Company’s election, the alternate base rate plus 1.15% or the adjusted eurocurrency rate plus 2.15%, (ii) for borrowings denominated in Pounds Sterling, Swiss Francs, Euros, Canadian Dollars, Danish Krone, Norwegian Krone or Swedish Krona, the adjusted eurocurrency rate plus 2.15%, (iii) for borrowings denominated in Australian Dollars, the adjusted eurocurrency rate plus 2.35%, or (iv) for borrowings denominated in New Zealand Dollars, the adjusted eurocurrency rate plus 2.45%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50%, (iii) the overnight bank funding rate plus 0.50%, (iv) the adjusted three-month LIBOR plus 1.00% and (v) 1.00%. The adjusted eurocurrency rate is equal to the eurocurrency rate for the applicable interest period plus any applicable statutory reserve rate for such interest period, subject to a 0.00% floor. The Company pays a commitment fee on undrawn amounts under the ING Credit Facility. In connection with the amendment to the ING Credit Facility on April 25, 2022, the Company replaced the LIBOR benchmark provisions under the ING Credit Facility with SOFR benchmark provisions.
The ING Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining a minimum asset coverage ratio of (a) 150% at any time that more than 70% of the total fair value of the Company’s portfolio comprises cash, cash equivalents, long-term U.S. government securities or first lien loans to portfolio companies, or (b) 167% or 200% at specified concentrations of such assets at amounts less than or equal to 70% of the total fair value of the Company’s portfolio, (iii) meeting a minimum liquidity test, (iv) meeting a minimum net worth test, and (v) maintaining the Company’s status as a RIC under the Code and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions. ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for the Company. As of March 31, 2022, the Company was in compliance with all covenants of the ING Credit Facility.
The Company, one of its subsidiaries, BCIC Holdings, Inc., ING, as administrative agent, the financing agents and designated indebtedness holders that become parties thereto and ING, as collateral agent, also entered into a guarantee, pledge and security agreement, dated as of January 15, 2021, pursuant to which the Company’s obligations under the ING Credit Facility are secured by a first-priority security interest (subject to certain exceptions) in substantially all of the Company’s and its subsidiary guarantors’ present and future property and assets.
As of March 31, 2022, the Company had U.S. dollar borrowings of $370.0 million under the ING Credit Facility with an interest rate of 2.528% (one month LIBOR of 0.378%), borrowings denominated in British pounds sterling of £33.2 million ($43.7 million U.S. dollars) with an interest rate of 2.627% (one month GBP LIBOR of 0.477%) and borrowings denominated in Euros of €63.5 million ($70.7 million U.S. dollars) with an interest rate of 2.150% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in
58

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
“unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
As of December 31, 2021, the Company had U.S. dollar borrowings of $325.0 million under the ING Credit Facility with an interest rate of 2.275% (one month LIBOR of 0.125%), borrowings denominated in British pounds sterling of £14.1 million ($19.1 million U.S. dollars) with an interest rate of 2.213% (one month GBP LIBOR of 0.063%) and borrowings denominated in Euros of €40.5 million ($46.1 million U.S. dollars) with an interest rate of 2.150% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in “unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statement of Operations.
As of March 31, 2022, the fair value of the borrowings outstanding under the ING Credit Facility was $484.4 million. The fair values of the borrowings outstanding under the ING Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
February 2027 Notes
On February 22, 2022, the Company entered into a Note Purchase Agreement (the “February 2022 NPA”) governing the issuance of $100.0 million in aggregate principal amount of senior unsecured notes due February 22, 2027 (the “February 2027 Notes”), in each case, to qualified institutional investors in a private placement. The February 2027 Notes were delivered and paid for on February 22, 2022.
The February 2027 Notes, for which the Company is required to obtain an initial rating by June 30, 2022, have a fixed interest rate of 4.75% per year, subject to a step up of (x) 1.25% per year, to the extent that the initial rating for the February 2027 Notes does not satisfy certain investment grade rating conditions, and (y) at any time after the Company has received an investment grade rating for the February 2027 Notes, 0.75% per year, to the extent the February 2027 Notes thereafter fail to satisfy certain investment grade rating conditions.
The February 2027 Notes will mature on February 22, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the February 2022 NPA. Interest on the February 2027 Notes will be due semiannually in February and August of each year, beginning in August 2022. In addition, the Company is obligated to offer to repay the February 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2022 NPA, the Company may redeem the February 2027 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before August 22, 2026, a make-whole premium.
The February 2022 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, liens, restricted payments, and investments. In addition, the February 2022 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.
The February 2022 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February 2027 Notes at the time outstanding may declare all February 2027 Notes then outstanding to be immediately due and payable.
The Company’s obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. As of March 31, 2022, the Company was in compliance with all covenants under the February 2022 NPA.
The February 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The February 2027 Notes have not and will not be registered under the Securities Act or any state securities
59

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2022, the fair value of the February 2027 Notes was $94.9 million. The fair value determinations of the February 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
6. DERIVATIVE INSTRUMENTS
The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Unaudited Consolidated Statement of Operations. Forward currency contracts are considered undesignated derivative instruments.
The following tables present the Company's foreign currency forward contracts as of March 31, 2022 and December 31, 2021:
As of March 31, 2022
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)$13,916A$19,20004/08/22$(481)Derivative liability
Foreign currency forward contract (AUD)$14,369A$19,65904/08/22(373)Derivative liability
Foreign currency forward contract (AUD)A$38,859$29,10204/08/2238 Prepaid expense and other assets
Foreign currency forward contract (AUD)$29,465A$39,28307/07/22(42)Derivative liability
Foreign currency forward contract (CAD)C$6,151$4,91104/08/2217 Prepaid expense and other assets
Foreign currency forward contract (CAD)$370C$47604/08/22(12)Derivative liability
Foreign currency forward contract (CAD)$4,439C$5,67504/08/22(107)Derivative liability
Foreign currency forward contract (CAD)$4,606C$5,76507/07/22(11)Derivative liability
Foreign currency forward contract (DKK)3,481kr.$51804/08/22Prepaid expense and other assets
Foreign currency forward contract (DKK)$5313,481kr.04/08/2212 Prepaid expense and other assets
Foreign currency forward contract (DKK)$5313,552kr.07/07/22(1)Derivative liability
Foreign currency forward contract (EUR)€5,000$5,54004/01/2223 Prepaid expense and other assets
Foreign currency forward contract (EUR)€38,157$42,26804/08/2270 Prepaid expense and other assets
Foreign currency forward contract (EUR)$17,698€15,80004/08/22167 Prepaid expense and other assets
Foreign currency forward contract (EUR)$25,362€22,35704/08/22555 Prepaid expense and other assets
Foreign currency forward contract (EUR)$43,848€39,43307/07/22(68)Derivative liability
Foreign currency forward contract (EUR)$5,562€5,00007/07/22(7)Derivative liability
Foreign currency forward contract (NZD)£4,824NZD$7,00004/08/22(37)Derivative liability
Foreign currency forward contract (NZD)NZD$7,000$4,84504/08/2216 Prepaid expense and other assets
Foreign currency forward contract (NZD)£4,852NZD$7,02307/07/22(17)Derivative liability
Foreign currency forward contract (GBP)£342$44704/08/22Prepaid expense and other assets
Foreign currency forward contract (GBP)$5,939£4,41004/08/22140 Prepaid expense and other assets
Foreign currency forward contract (GBP)£4,068$5,41804/08/22(69)Derivative liability
Foreign currency forward contract (GBP)$300£23007/07/22(2)Derivative liability
Total$(185)
60

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2021
Description
($ in thousands)
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)$12,250A$8,90601/06/22$(1)Derivative liability
Foreign currency forward contract (AUD)A$8,834$12,25001/06/22(71)Derivative liability
Foreign currency forward contract (AUD)$5,503€7,65904/08/22(66)Derivative liability
Foreign currency forward contract (CAD)€5,580$4,36601/06/2244 Prepaid expense and other assets
Foreign currency forward contract (CAD)€4,373$5,58001/06/22(36)Derivative liability
Foreign currency forward contract (CAD)$270£34904/08/22(6)Derivative liability
Foreign currency forward contract (CAD)$4,439£5,67504/08/22(44)Derivative liability
Foreign currency forward contract (DKK)£3,526$53701/06/22Prepaid expense and other assets
Foreign currency forward contract (DKK)£551$3,52601/06/2212 Prepaid expense and other assets
Foreign currency forward contract (DKK)£531$3,48104/08/22(2)Derivative liability
Foreign currency forward contract (EUR)£20,807$23,55701/06/22119 Prepaid expense and other assets
Foreign currency forward contract (EUR)£5,181$4,50001/06/2261 Prepaid expense and other assets
Foreign currency forward contract (EUR)£18,704$16,30701/06/22149 Prepaid expense and other assets
Foreign currency forward contract (EUR)£10,436$9,20004/08/22(54)Derivative liability
Foreign currency forward contract (EUR)£25,362$22,35704/08/22(129)Derivative liability
Foreign currency forward contract (GBP)£8,566$11,50401/06/2296 Prepaid expense and other assets
Foreign currency forward contract (GBP)£4,068$5,41804/08/2288 Prepaid expense and other assets
Foreign currency forward contract (GBP)£11,472$8,56601/06/22(129)Derivative liability
Total$33 
As of March 31, 2022 and December 31, 2021, the total fair value of the Company's foreign currency forward contracts was $(0.2) million and $33,665, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.
7. COMMITMENTS AND CONTINGENCIES
As of March 31, 2022, the Company had $568.7 million in total capital commitments from investors of which $5.0 million was from C.M. Life Insurance Company, an affiliate of MassMutual and the Adviser, and $95.0 million was from MassMutual. As of March 31, 2022, all commitments have been funded.
As of December 31, 2021, the Company had $568.5 million in total capital commitments from investors ($211.1 million unfunded), of which $5.0 million was from C.M. Life Insurance Company ($1.5 million unfunded) and $95.0 million was from MassMutual ($28.6 million unfunded).
In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2022, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2022 and December 31, 2021 were as follows:
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Acclime Holdings HK Limited(1)Delayed Draw Term Loan$141 $141 
Acclime Holdings HK Limited(1)Delayed Draw Term Loan776 776 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan108 108 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan1,150 1,150 
Amtech LLC(1)Delayed Draw Term Loan909 909 
Amtech LLC(1)Revolver227 227 
AnalytiChem Holding GmbH(1)(2)(3)Delayed Draw Term Loan2,526 2,582 
Aquavista Watersides 2 LTD(1)(2)(4)Bridge Revolver146 151 
Aquavista Watersides 2 LTD(1)(2)(4)Acquisition Facility915 941 
Astra Bidco Limited(1)(2)(4)Delayed Draw Term Loan748 769 
Avance Clinical Bidco Pty Ltd(1)(5)Delayed Draw Term Loan1,081 1,046 
61

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Azalea Buyer, Inc.(1)Delayed Draw Term Loan641 641 
Azalea Buyer, Inc.(1)Revolver321 321 
Bariacum S.A(1)(2)(3)Acquisition Facility668 682 
Beyond Risk Management, Inc.(1)(2)Delayed Draw Term Loan2,573 2,573 
BigHand UK Bidco Limited(1)(2)(4)Acquisition Facility— 99 
Bounteous, Inc.(1)Delayed Draw Term Loan2,580 2,580 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan217 389 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan127 130 
BrightSign LLC(1)(2)Revolver715 715 
British Engineering Services Holdco Limited(1)(4)Bridge Revolver— 86 
CAi Software, LLC(1)Revolver707 707 
Canadian Orthodontic Partners Corp.(1)(2)(6)Delayed Draw Term Loan115 160 
Ceres Pharma NV(1)(2)(3)Delayed Draw Term Loan975 996 
CGI Parent, LLC(1)(2)Revolver1,212 — 
Coastal Marina Holdings, LLC(1)(2)PIK Tranche B Term Loan656 656 
Coastal Marina Holdings, LLC(1)(2)Tranche A Term Loan1,788 1,788 
Coyo Uprising GmbH(1)(2)(3)Delayed Draw Term Loan1,053 1,076 
Crash Champions, LLC(1)(2)Delayed Draw Term Loan237 2,712 
CSL DualCom(1)(4)Acquisition Term Loan1,208 1,242 
DecksDirect, LLC(1)Revolver58 218 
Dune Group(1)(3)Delayed Draw Term Loan1,022 1,044 
Dwyer Instruments, Inc.(1)Delayed Draw Term Loan1,094 1,094 
Eclipse Business Capital, LLC(1)Revolver5,390 5,840 
EMI Porta Holdco LLC(1)Delayed Draw Term Loan4,805 5,339 
EMI Porta Holdco LLC(1)Revolver1,012 1,271 
EPS NASS Parent, Inc.(1)Delayed Draw Term Loan425 425 
eShipping, LLC(1)Delayed Draw Term Loan1,923 1,923 
eShipping, LLC(1)Revolver622 930 
Events Software BidCo Pty Ltd(1)(5)Delayed Draw Term Loan481 — 
Fineline Technologies, Inc.(1)Delayed Draw Term Loan240 240 
Finexvet(1)(2)(3)Acquisition Facility967 — 
FragilePak LLC(1)(2)Delayed Draw Term Loan3,779 3,779 
Heartland Veterinary Partners, LLC(1)Delayed Draw Term Loan235 235 
IGL Holdings III Corp.(1)Delayed Draw Term Loan360 360 
Innovad Group II BV(1)(2)(3)Delayed Draw Term Loan1,180 1,206 
INOS 19-090 GmbH(1)(2)(3)Acquisition Facility859 878 
ITI Intermodal, Inc.(1)Delayed Draw Term Loan103 103 
ITI Intermodal, Inc.(1)Revolver124 124 
Jaguar Merger Sub Inc.(1)(2)Delayed Draw Term Loan1,781 1,961 
Jaguar Merger Sub Inc.(1)(2)Revolver490 490 
Jon Bidco Limited(1)(2)(7)Capex & Acquisition Facility958 — 
Jones Fish Hatcheries & Distributors LLC(1)(2)Revolver418 — 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan1,574 1,903 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan1,903 1,574 
Lambir Bidco Limited(1)(2)(3)Bridge Revolver651 666 
Lambir Bidco Limited(1)(2)(3)Delayed Draw Term Loan1,303 1,332 
LeadsOnline, LLC(1)(2)Revolver1,952 — 
62

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
LivTech Purchaser, Inc.(1)(2)Delayed Draw Term Loan130 316 
Marmoutier Holding B.V.(1)(2)(3)Delayed Draw Term Loan396 405 
Marmoutier Holding B.V.(1)(2)(3)Revolver159 162 
Marshall Excelsior Co.(1)(2)Revolver633 — 
MC Group Ventures Corporation(1)(2)Delayed Draw Term Loan861 861 
Modern Star Holdings Bidco Pty Limited(1)(5)CapEx Term Loan371 360 
Murphy Midco Limited(1)(4)Delayed Draw Term Loan881 906 
Narda Acquisitionco., Inc.(1)Revolver684 684 
Navia Benefit Solutions, Inc.(1)Delayed Draw Term Loan4,338 4,338 
Nexus Underwriting Management Limited(1)(2)(4)Revolver52 53 
Nexus Underwriting Management Limited(1)(2)(4)Acquisition Facility962 989 
Novotech Aus Bidco Pty Ltd(1)(2)Capex & Acquisition Facility C1,042 — 
OA Buyer, Inc.(1)Revolver1,331 1,331 
OAC Holdings I Corp(1)Revolver343 — 
OG III B.V.(1)(2)(3)Acquisition CapEx Facility1,217 1,087 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan— 683 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan2,505 3,643 
OSP Hamilton Purchaser, LLC(1)Revolver187 187 
Pacific Health Supplies Bidco Pty Limited(1)(5)CapEx Term Loan355 343 
PDQ.Com Corporation(1)(2)Delayed Draw Term Loan— 868 
Polara Enterprises, L.L.C.(1)(2)Revolver273 273 
Policy Services Company, LLC(1)(2)Delayed Draw Term Loan1,579 2,632 
Premium Invest(1)(2)(3)Acquisition Facility779 834 
ProfitOptics, LLC(1)(2)Revolver194 — 
Protego Bidco B.V.(1)(2)(3)Delayed Draw Term Loan219 224 
QPE7 SPV1 BidCo Pty Ltd(1)(5)Acquisition Term loan— 461 
Questel Unite(1)(2)(3)Incremental Term Loan2,881 2,944 
REP SEKO MERGER SUB LLC(1)(2)Delayed Draw Term Loan653 727 
Reward Gateway (UK) Ltd(1)(2)(4)Acquisition Facility804 1,301 
Riedel Beheer B.V.(1)(3)Revolver— 230 
Riedel Beheer B.V.(1)(2)(3)Delayed Draw Term Loan150 153 
Safety Products Holdings, LLC(1)Delayed Draw Term Loan2,594 2,594 
Scaled Agile, Inc.(1)Delayed Draw Term Loan416 416 
Scaled Agile, Inc.(1)Revolver336 336 
Smartling, Inc.(1)Delayed Draw Term Loan1,176 1,177 
Smartling, Inc.(1)Revolver588 588 
SSCP Pegasus Midco Limited(1)(4)Delayed Draw Term Loan1,842 1,895 
Superjet Buyer, LLC(1)Revolver1,460 1,460 
Syntax Systems Ltd(1)(2)Revolver264 336 
Syntax Systems Ltd(1)(2)Delayed Draw Term Loan1,142 1,142 
Tank Holding Corp(1)Revolver655 — 
Techone B.V.(1)(2)(3)Delayed Draw Term Loan475 485 
Techone B.V.(1)(2)(3)Revolver127 129 
Tencarva Machinery Company, LLC(1)Delayed Draw Term Loan591 591 
Tencarva Machinery Company, LLC(1)Revolver752 752 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Delayed Draw Term Loan2,707 2,707 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Revolver796 796 
63

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Turbo Buyer, Inc.(1)Delayed Draw Term Loan1,493 1,494 
Turbo Buyer, Inc.(1)Delayed Draw Term Loan1,623 — 
Victoria Bidco Limited(1)(2)(4)Delayed Draw Term Loan790 — 
W2O Holdings, Inc.(1)Delayed Draw Term Loan1,549 1,549 
Waccamaw River(2)Joint Venture4,580 11,280 
Woodland Foods, LLC(1)Revolver810 967 
ZB Holdco LLC(1)(2)Delayed Draw Term Loan676 — 
ZB Holdco LLC(1)(2)Revolver423 — 
Zeppelin Bidco Limited(1)(2)(4)Capex / Acquisition Facility1,736 — 
Zeppelin Bidco Limited(1)(2)(4)Revolver289 — 
Total unused commitments to extend financing$114,098 $116,977 
(1)The Company’s estimate of the fair value of the current investments in this portfolio company includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
COVID-19 Developments
During the three months ended March 31, 2022, the COVID-19 pandemic continued to have a significant impact on the U.S and global economies. To the extent the Company’s portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company’s future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of the Company’s portfolio companies.
64

Barings Capital Investment Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
8. FINANCIAL HIGHLIGHTS
The following is a schedule of financial highlights for the three months ended March 31, 2022 and 2021:
Three Months Ended March 31,
($ in thousands, except share and per share amounts)20222021
Per share data:
Net asset value at beginning of period$22.43 $21.58 
Net investment income(1)0.54 0.34 
Net realized gain on investments / foreign currency transactions(1)0.13 0.03 
Net unrealized appreciation on investments / foreign currency transactions(1)0.11 0.51 
Total increase from investment operations(1)0.78 0.88 
Dividends declared from net investment income(0.44)(0.34)
Dividends declared from realized gains(0.07)(0.04)
Total dividends declared(0.51)(0.38)
Loss on extinguishment of debt(1)(0.01)— 
Other(2)(0.06)(0.09)
Net asset value at end of period$22.63 $21.99 
Shares outstanding at end of period26,939,328 7,710,486
Net assets at end of period$609,599 $169,571
Average net assets$487,448 $148,878
Ratio of total expenses to average net assets (annualized)(3)6.14 %7.25 %
Ratio of net investment income to average net assets (annualized)(3)9.71 %6.32 %
Portfolio turnover ratio (annualized)0.36 %33.24 %
Total return(4)3.19 %3.66 %
(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.
(2)Represents the impact of the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
(3)Does not include expenses of underlying investment companies, including joint ventures and short-term investments.
(4)Total return is calculated as the change in net asset value ("NAV") per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period.
9. SUBSEQUENT EVENTS
Subsequent to March 31, 2022, the Company made approximately $101.1 million of new commitments, of which $76.3 million closed and funded. The $76.3 million of investments consists of $64.1 million of first lien senior secured debt investments, $9.2 million of second lien senior secured and subordinated debt investments and $2.9 million of equity investments. The weighted average yield of the debt investments was 7.3%. In addition, the Company funded $8.2 million of previously committed delayed draw term loans.
On April 25, 2022, the Company amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million, (ii) upsize the accordion feature under the ING Credit Facility to allow for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants, and (iii) replace the LIBOR benchmark provisions under the ING Credit Facility with SOFR benchmark provisions.
On May 5, 2022, the Board declared a quarterly dividend of $0.52 per share payable on June 15, 2022 to holders of record as of June 8, 2022.

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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion is designed to provide a better understanding of our unaudited consolidated financial statements for the three months ended March 31, 2022, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2021. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.
Forward-Looking Statements
Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as "expect," "anticipate," "target," "goals," "project," "intend," "plan," "believe," "seek," "estimate," "continue," "forecast," "may," "should," "potential," variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A entitled "Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2021 and in Item 1A entitled "Risk Factors" in Part II of our subsequently filed Quarterly Reports on Form 10-Q. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including with respect to changes from the impact of the COVID-19 pandemic; the length and duration of the COVID-19 outbreak in the United States as well as worldwide and the magnitude of the economic impact of that outbreak; the effect of the COVID-19 pandemic on our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives; the effect of the disruptions caused by the COVID-19 pandemic on our ability to continue to effectively manage our business and on the availability of equity and debt capital and our use of borrowed money to finance a portion of our investments; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview of Our Business
We were formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, we commenced operations and made our first portfolio company investment. We are externally managed by Barings LLC ("Barings"), an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). An externally-managed business development company (“BDC”) generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an investment advisory agreement and an administration agreement. Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an investment advisory agreement (the "Advisory Agreement") and an administration agreement (the "Administration Agreement").
Our investment objective is to provide consistently attractive returns. Barings employs fundamental credit analysis, and targets investments in businesses with relatively low levels of cyclicality (i.e., the risk of business cycles or other economic cycles adversely affecting them) and operating risk. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has
66


experience managing levered vehicles, both public and private, and seeks to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.
We invest in predominately 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. Syndicated senior secured loans are either (i) marketed by investment banks, which are mandated to bring lenders together and underwrite the deal, to institutional investors or (ii) bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market. On the other hand, senior secured private debt investments are negotiated directly with the borrower, rather than marketed by a third party or bought and sold in the secondary market. We believe senior secured private debt investments may offer higher returns and certain more favorable protections than syndicated senior secured loans. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. We currently intend to invest primarily in senior secured private debt investments that have terms of between five and seven years and bear interest between the London Interbank Offered Rate (“LIBOR”) (or an applicable successor rate) plus 450 basis points and LIBOR plus 650 basis points per annum. As of both March 31, 2022 and December 31, 2021, the weighted average yield on the principal amount of our outstanding debt investments was approximately 7.0%.
COVID-19 Developments
The spread of the Coronavirus and the COVID-19 pandemic, and the related effect on the U.S. and global economies, has had adverse consequences for the business operations of some of our portfolio companies and has adversely affected, and threatens to continue to adversely affect, our operations and the operations of Barings, including with respect to us. Barings has taken proactive steps around COVID-19 to address the potential impacts on their people, clients, communities and everyone they come in contact with, directly or through their premises. Protecting their employees and supporting the communities in which they live and work is a priority. Barings has now adopted a hybrid working model globally while maintaining service levels to our partners and clients. Barings’ return-to-office taskforce continues to monitor the COVID-19 situation globally and is prepared to adapt office working patterns as required to ensure the safety of its employees and clients who visit Barings office locations. Barings’ cybersecurity policies are applied consistently when working remotely or in the office.
We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide and the magnitude of the economic impact of the outbreak, including with respect to the travel restrictions, business closures and other quarantine measures imposed on service providers and other individuals by various local, state, and federal governmental authorities, as well as non-U.S. governmental authorities. We are unable to predict the extent and duration of any business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. Depending on the duration and extent of the disruption to the operations of our portfolio companies, we expect that certain portfolio companies could experience financial distress and possibly default on their financial obligations to us and their other capital providers. Some of our portfolio companies may significantly curtail business operations, furlough or lay off employees and terminate service providers, and defer capital expenditures if subjected to prolonged and severe financial distress, which would likely impair their business on a permanent basis. These developments would likely result in a decrease in the value of our investment in any such portfolio company.
We will continue to monitor the situation relating to the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and may take additional actions based on their recommendations. In these circumstances, there may be developments outside our control requiring us to adjust our plan of operation. As such, given the dynamic nature of this situation, we cannot reasonably estimate the impacts of COVID-19 on our financial condition, results of operations or cash flows in the future. However, to the extent our portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on our future net investment income, the fair value of our portfolio investments, our financial condition and the results of operations and financial condition of our portfolio companies.
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Relationship with Our Adviser, Barings
Our Adviser, Barings, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is a leading global asset management firm and is registered with the SEC as an investment adviser under the Advisers Act. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our board of directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $290.9 billion Global Fixed Income Platform that invests in liquid, private and structured credit. Barings GPFG manages private funds and separately managed accounts, along with multiple public vehicles. The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited (“BIIL”), as a sub-adviser to manage European investments for us. BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London, England. As of March 31, 2022, BIIL had approximately £14.5 billion in assets under management.
Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.
Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.
Portfolio Investment Composition
The total value of our investment portfolio was $1,017.2 million as of March 31, 2022, as compared to $865.1 million as of December 31, 2021. As of March 31, 2022, we had investments in 172 portfolio companies with an aggregate cost of $1,004.2 million. As of December 31, 2021, we had investments in 151 portfolio companies with an aggregate cost of $854.6 million. As of both March 31, 2022 and December 31, 2021, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.
As of March 31, 2022 and December 31, 2021, our investment portfolio consisted of the following investments:
($ in thousands)CostPercentage of
Total
Portfolio
Fair ValuePercentage of
Total
Portfolio
March 31, 2022:
Senior debt and 1st lien notes
$747,135 74 %$744,891 73 %
Subordinated debt and 2nd lien notes
97,176 10 97,269 
Structured products29,002 29,455 
Equity shares63,421 79,197 
Equity warrants68 — 56 — 
Investments in joint ventures67,420 66,297 
$1,004,222 100 %$1,017,165 100 %
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($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
December 31, 2021:
Senior debt and 1st lien notes
$618,911 72 %$620,928 72 
Subordinated debt and 2nd lien notes
91,067 11 92,297 11 
Structured products29,477 30,900 
Equity shares56,431 59,601 
Equity warrants68 — 163 — 
Investments in joint ventures58,689 61,253 
$854,643 100 %$865,142 100 %
Investment Activity
During the three months ended March 31, 2022, we made 21 new investments totaling $127.8 million, made investments in existing portfolio companies totaling $15.9 million and made additional investments in joint venture equity portfolio companies totaling $8.7 million. We received $2.0 million of portfolio company principal payments and sold $0.2 million of loans, recognizing a net realized gain on these transactions of $0.2 million.
During the three months ended March 31, 2021, we made 18 new investments totaling $126.0 million, made investments in existing portfolio companies totaling $12.6 million and made a new joint venture equity investment totaling $4.6 million. We received $1.4 million of portfolio company principal payments and sold $15.5 million of loans, recognizing a net realized gain on these transactions of $0.4 million. In addition, we sold $29.9 million of middle-market portfolio company debt investments to our joint venture, realizing a gain on these transactions of $0.1 million.
Total portfolio investment activity for the three months ended March 31, 2022 and 2021 was as follows:
Three Months Ended
March 31, 2022:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares
Equity
Warrants
Investments in Joint VenturesTotal
Fair value, beginning of period$620,928 $92,297 $30,900 $59,601 $163 $61,253 $865,142 
New investments130,953 5,811 — 6,990 8,731 152,485 
Proceeds from sales of investments(276)— — — — — (276)
Loan origination fees received(2,711)18 — — — — (2,693)
Principal repayments received(1,532)— (478)— — — (2,010)
Payment-in-kind interest earned668 210 — — — — 878 
Accretion of loan discount219 36 — — — 258 
Accretion of deferred loan origination revenue675 35 — — — — 710 
Realized gain229 — — — — — 229 
Unrealized appreciation (depreciation)(4,262)(1,138)(970)12,606 (107)(3,687)2,442 
Fair value, end of period$744,891 $97,269 $29,455 $79,197 $56 $66,297 $1,017,165 
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Three Months Ended
March 31, 2021:
($ in thousands)
Senior Debt
and 1st Lien
Notes
Subordinated Debt and 2nd Lien Notes
Structured ProductsEquity
Shares
Equity
Warrants
Investments in Joint VenturesShort-term
Investments
Total
Fair value, beginning of period$164,239 $9,022 $10,383 $207 $112 $— $31,100 $215,062 
New investments129,987 5,014 — 3,529 — 4,642 49,905 193,077 
Proceeds from sales of investments(45,408)— — — — — (62,700)(108,108)
Loan origination fees received(3,088)(139)— — — — — (3,227)
Principal repayments received(973)— (390)— — — — (1,363)
Payment-in-kind interest earned306 — — — — — — 306 
Accretion of loan premium/ discount423 — — — — — 426 
Accretion of deferred loan origination revenue217 — — — — — 221 
Realized gain546 — — — — — — 546 
Unrealized appreciation (depreciation)1,085 135 550 18 195 (185)(1)1,797 
Fair value, end of period$247,334 $14,039 $10,543 $3,754 $307 $4,457 $18,304 $298,737 
Non-Accrual Assets
Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of both March 31, 2022 and December 31, 2021, we had no non-accrual assets.
Results of Operations
Comparison of the three months ended March 31, 2022 and 2021
Operating results for the three months ended March 31, 2022 and 2021 were as follows:
Three Months
 Ended
Three Months Ended
($ in thousands)March 31,
2022
March 31,
2021
Total investment income$19,320 $5,052 
Total operating expenses7,304 2,693 
Net investment income before taxes12,016 2,359 
Income taxes, including excise tax expense— 
Net investment income after taxes12,016 2,352 
Net realized gains2,917 207 
Net unrealized appreciation2,331 3,551 
Net realized gains and unrealized appreciation on investments and foreign currency borrowings5,248 3,758 
Loss on extinguishment of debt(181)— 
Net increase in net assets resulting from operations$17,083 $6,110 
Net increases (decreases) in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.
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Investment Income
Three Months
 Ended
Three Months Ended
($ in thousands)March 31,
2022
March 31,
2021
Investment income:
Interest income$13,379 $4,448 
Dividend income3,790 — 
Fee and other income1,016 295 
Payment-in-kind interest income1,135 309 
Total investment income$19,320 $5,052 
The change in investment income for the three and nine months ended September 30, 2021,March 31, 2022, as compared to the period from July 13, 2020 (commencement of operations) to September 30, 2020,three months ended March 31, 2021, was primarily due to an increase in the average size of our portfolio, acceleration of unamortized OID and unamortized loan origination fee income associated with repayments of loans and dividends from portfolio companies and joint venture investments.investments and payment-in-kind (“PIK”) interest income. For the three and nine months ended September 30, 2021, acceleration of unamortized OID income and unamortized loan origination fees totaled $0.1 million and $0.4 million, respectively. For the three and nine months ended September 30, 2021,March 31, 2022, dividends from portfolio companies and joint venture investments were $1.9$3.8 million, and $2.3compared to zero for the three months ended March 31, 2021. For the three months ended March 31, 2022, PIK interest income was $1.1 million, respectively. The weighted average yield on the principal amount of our outstanding debt investments was 7.0% as of September 30, 2021, as compared to 7.2% as of September 30, 2020.$0.3 million for the three months ended March 31, 2021.
Operating Expenses
Three Months
 Ended
For the period from July 13, 2020 (commencement of operations) toNine Months
 Ended
For the period from July 13, 2020 (commencement of operations) toThree Months
 Ended
Three Months Ended
September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
($ in thousands)($ in thousands)March 31,
2022
March 31,
2021
Operating expenses:Operating expenses:Operating expenses:
Interest and other financing feesInterest and other financing fees$2,414,874 $37,685 $5,158,858 $37,685 Interest and other financing fees$3,751 $1,023 
Base management feeBase management fee208,028 32,077 434,239 32,077 Base management fee355 88 
Incentive feeIncentive fee1,147,944 22,212 2,966,638 22,212 Incentive fee2,323 874 
Offering costsOffering costs749 68,325 136,291 68,325 Offering costs— 67 
Professional feesProfessional fees262,205 215,356 763,841 215,356 Professional fees216 288 
Directors feesDirectors fees75,000 45,000 180,000 45,000 Directors fees75 45 
Custody and administrative feesCustody and administrative fees104,516 55,146 278,684 55,146 Custody and administrative fees193 79 
Other general and administrative expensesOther general and administrative expenses250,385 33,596 735,124 33,596 Other general and administrative expenses391 229 
Total operating expensesTotal operating expenses$4,463,701 $509,397 $10,653,675 $509,397 Total operating expenses$7,304 $2,693 
Interest and Other Financing Fees
Interest and other financing fees during the three and nine months ended March 31, 2022 were attributable to borrowings under the February 2027 Notes, the September 30,2020 Subscription Facility and the ING Credit Facility (each as defined below under “Financial Condition, Liquidity and Capital Resources”). The September 2020 Subscription Facility was repaid on March 25, 2022 and subsequently terminated. Interest and other financing fees during the three months ended March 31, 2021 were attributable to borrowings under the September 2020 Subscription Facility and the ING Credit Facility (each as defined below under “Liquidity and Capital Resources”).Facility.
Base Management Fee
Under the Advisory Agreement, we pay Barings a base management fee quarterly in arrears on a calendar quarter basis. The base management fee is calculated based on the average value of our gross assets at the end of the two most recently completed calendar quarters (including the quarter for which such fees are being calculated) and appropriately adjusted for any share issuances or repurchases during the quarter. The base management fee for any partial quarter is appropriately pro-rated. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the Advisory Agreement and the fee arrangement thereunder. For the three and nine months ended September 30,March 31, 2022 and 2021, the amount of base management fee incurred was $0.2$0.4 million and $0.4$0.1 million, respectively. For the period from July 13, 2020 (commencement of operations) to September 30, 2020, the amount of base management fee incurred was $32,077.
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Incentive Fees
Under the Advisory Agreement, we pay Barings an incentive fee. The incentive fee consists of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”) and (ii) an incentive fee based on the net capital gains received on our portfolio of securities on a cumulative basis through the end of each calendar year, net of all realized capital losses and all unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains (the “Capital Gains Fee”). The Income-Based Fee is subject to a floating “hurdle rate” based on LIBOR (or an alternate “floating” benchmark rate), a “catch-up” feature and an incentive fee cap. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the Advisory Agreement and the fee arrangements thereunder. For the three and nine months ended September 30,March 31, 2022, the amount of Income-Based Fee incurred was $1.8 million, and we accrued $0.5 million for the Capital Gains Fee. For the three months ended March 31, 2021, the amount of Income-Based Fee incurred was $1.1$0.4 million, and $2.2 million, respectively, and we accrued $0.1$0.5 million and $0.8 million, respectively for the Capital Gains Fee. As required by U.S. GAAP, we accrue the Capital Gains Fee on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if our entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the period from July 13, 2020 (commencement of operations) to September 30, 2020, the amount of incentive fee incurred was $22,212.
Professional Fees
Professional fees generally include legal and accounting expenses.
Other General and Administrative Expenses
On June 24, 2020, weWe have entered into the Administration Agreement with Barings. Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We will reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount to be negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. For the three and nine months ended September 30,March 31, 2022 and 2021, the amount of administration expense incurred and invoiced by Barings for expenses was approximately $0.3 million and $0.2 million, and $0.6 million, respectively. For the period from July 13, 2020 (commencement of operations) to September 30, 2020, we did not pay Barings for any administrative expenses under the Administration Agreement.
Net Realized Gains (Losses)
Net realized gains (losses) during the three and nine months ended September 30,March 31, 2022 and 2021 and during the period from July 13, 2020 (commencement of operations) to September 30, 2020 were as follows:
Three Months
 Ended
For the period from July 13, 2020 (commencement of operations) toNine Months
 Ended
For the period from July 13, 2020 (commencement of operations) to
September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
Net realized gain (losses):
Non-Control / Non-Affiliate investments$(430,838)$314,362 $863,929 $314,362 
Net realized gains (losses) on investments(430,838)314,362 863,929 314,362 
Foreign currency transactions(1,400,805)(242,156)(1,228,494)(242,156)
Net realized gains (losses)$(1,831,643)$72,206 $(364,565)$72,206 
Three Months
 Ended
Three Months Ended
($ in thousands)March 31,
2022
March 31,
2021
Net realized gains:
Non-Control / Non-Affiliate investments$190 $546 
Affiliate investments39 — 
Net realized gains on investments229 546 
Foreign currency transactions2,688 (339)
Net realized gains$2,917 $207 
For the three months ended September 30, 2021, we recognized net realized losses totaling $1.8 million, which consisted primarily of a net loss on our loan portfolio of $0.4 million and a net loss on foreign currency transactions of $1.4 million. For the nine months ended September 30, 2021, we recognized net realized losses totaling $0.4 million, which consisted primarily of a net loss on foreign currency transactions of $1.2 million, partially offset by a net gain on our loan portfolio of $0.9 million.
For the period from July 13, 2020 (commencement of operations) to September 30, 2020,March 31, 2022, we recognized net realized gains totaling $0.1$2.9 million, which consisted primarily of a net gain on our loan portfolio of $0.3$0.2 million and a net gain on foreign currency transactions of $2.7 million. For the three months ended March 31, 2021, we recognized net realized gains totaling $0.2 million, which consisted primarily of a net gain on our loan portfolio of $0.5 million, partially offset by a net loss on foreign currency transactions of $0.2$0.3 million.
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Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation (depreciation) during the three and nine months ended September 30,March 31, 2022 and 2021 and during the period from July 13, 2020 (commencement of operations) to September 30, 2020 was as follows:
Three Months
 Ended
Three Months
 Ended
($ in thousands)($ in thousands)March 31,
2022
March 31,
2021
Three Months
 Ended
For the period from July 13, 2020 (commencement of operations) toNine Months
 Ended
For the period from July 13, 2020 (commencement of operations) to
September 30,
2021
September 30,
2020
September 30,
2021
September 30,
2020
Net unrealized appreciation (depreciation)
Net unrealized appreciationNet unrealized appreciation
Non-Control / Non-Affiliate investmentsNon-Control / Non-Affiliate investments$(2,167,251)$1,621,321 $767,948 $1,621,321 Non-Control / Non-Affiliate investments$(6,546)$1,982 
Affiliate investmentsAffiliate investments549,265 — 239,743 — Affiliate investments8,912 (185)
Net unrealized appreciation (depreciation) on investments(1,617,986)1,621,321 1,007,691 1,621,321 
Net unrealized appreciation on investmentsNet unrealized appreciation on investments2,366 1,797 
Foreign currency transactionsForeign currency transactions4,231,842 101,319 5,549,064 101,319 Foreign currency transactions(35)1,754 
Net unrealized appreciationNet unrealized appreciation$2,613,856 $1,722,640 $6,556,755 $1,722,640 Net unrealized appreciation$2,331 $3,551 
During the three months ended September 30, 2021,March 31, 2022, we recorded net unrealized appreciation totaling $2.6$2.3 million, consisting of net unrealized appreciation related to foreign currency transactionson our current portfolio of $4.2$2.6 million, andpartially offset by net unrealized appreciationdepreciation reclassification adjustments of $0.1$0.2 million related to realized gains and losses recognized during the year, partially offset byyear. The net unrealized depreciationappreciation on our current portfolio of $1.6 million. The net unrealized depreciation on our current portfolio of $1.6$2.6 million was driven primarily by the credit or fundamental performance of investments of $12.5 million, partially offset by the impact of foreign currency exchange rates on investments of $3.0$2.8 million partially offset byand broad market moves for investments of $1.1 million and the credit or fundamental performance of investments of $0.2$7.1 million.
During the ninethree months ended September 30,March 31, 2021, we recorded net unrealized appreciation totaling $6.6$3.6 million, consisting of net unrealized appreciation on our current portfolio of $2.3$2.9 million, and net unrealized appreciation related to foreign currency transactions of $5.5$1.8 million partially offset byand net unrealized depreciation reclassification adjustments of $1.2 million related to realized gains and losses recognized during the year. The net unrealized appreciation on our current portfolio of $2.3$2.9 million was driven primarily by broad market moves for investments of $6.8 million and the credit or fundamental performance of investments of $0.3$3.7 million, partially offset by the impact of foreign currency exchange rates on investments of $4.8 million.
For the period from July 13, 2020 (commencement of operations) to September 30, 2020, we recorded net unrealized appreciation totaling $1.7 million, consisting of net unrealized appreciation on our current portfolio of $1.6 million and net unrealized appreciation related to foreign currency transactions of $0.1$0.8 million.
Financial Condition, Liquidity and Capital Resources
We believe that our current cash and cash equivalentsforeign currencies on hand, our short-term investments, our available borrowing capacity under the September 2020 Subscription Facility and the ING Credit Facility, unfunded capital commitments and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This “Liquidity“Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with “COVID-19 Developments” above.above, as well as with the notes to our Unaudited Consolidated Financial Statements.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), we are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. Our asset coverage ratio was 186.0%204.3% as of September 30, 2021.March 31, 2022.
Cash Flows
For the ninethree months ended March 31, 2022, we experienced a net increase in cash in the amount of $126.6 million. During that period, our operating activities used $110.5 million in cash, consisting primarily of purchases of portfolio investments of $163.0 million, partially offset by proceeds from sales of portfolio investments totaling $42.9 million. In addition, our financing activities provided $237.1 million of cash, consisting primarily of net proceeds from the issuance the February 2027 Notes of $99.9 million, borrowings under the ING Credit Facility totaling $96.0 million and proceeds from the issuance of common stock of $113.9 million, partially offset by repayment of the September 30,2020 Subscription Facility totaling $66.4 million and dividends paid in the amount of $6.2 million. As of March 31, 2022, we had $171.6 million of cash on hand, including foreign currencies.
For the three months ended March 31, 2021, we experienced a net increase in cash in the amount of $12.2$10.1 million. During that period, our operating activities used $484.4$107.6 million in cash, consisting primarily of purchases of portfolio investments of $620.0$144.8 million and purchases of short-term investments of $187.9$49.9 million, partially offset by proceeds from sales of portfolio investments totaling $151.2$19.4 million and sales of short-term investments of $154.0$62.7 million. In addition, our financing activities provided $496.6$117.7 million of cash, consisting primarily of net borrowings under the September 2020 Subscription Facility and the ING Credit Facility totaling $283.0$59.3 million and proceeds from the issuance of common stock of $219.8 million, partially offset by dividends paid in the amount of $6.2$59.0 million. As of September 30,March 31, 2021, we had $18.7$16.6 million of cash on hand, including foreign currencies.
For the period from July 13, 2020 (commencement of operations) to September 30, 2020, we experienced a net increase in cash in the amount of $2.9 million. During that period, our operating activities used $134.5 million in cash, consisting
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primarily of purchases of portfolio investments of $96.0 million and purchases of short-term investments of $129.3 million, partially offset by proceeds from sales of portfolio investments totaling $8.9 million and sales of short-term investments of $82.0 million. In addition, our financing activities provided $137.4 million of cash, consisting primarily of borrowings under the September 2020 Subscription Facility (as defined below under "Financing Transactions") of $38.5 million and proceeds from the issuance of common stock of $100.0 million. As of September 30, 2020, we had $2.9 million of cash on hand.
Financing Transactions
September 2020 Subscription Facility
On September 21, 2020, we entered into a revolving credit agreement (as subsequently amended, the “September 2020 Subscription Facility”) with Société Générale, as administrative agent and a lender, and the other lenders from time to time party thereto. The September 2020 Subscription Facility allowsinitially allowed us to borrow up to $160 million, reduced to $110 million in October 2021, at any one time outstanding, subject to certain restrictions, including availability under the borrowing base, which iswas based on the sum of a portion of our undrawnunused capital commitments from different categories of investors (with varying advance rates amongst the different categories of investors).
The amount of permissible borrowings under the September 2020 Subscription Facility maycould be increased to an agreed-upon amount with the consent of the administrative agent. The September 2020 Subscription Facility hashad a maturity date of September 21, 2022. On March 25, 2022, which date may be extended by us for one additional termfollowing the repayment of 364 days subjectall borrowings, interest, and fees payable thereunder, and at our the election, the September 2020 Subscription Facility was terminated, including all commitments and obligations with Société Générale to satisfaction of certain conditionslend and make advances to us. In connection with the consenttermination, the pro rata portion of the administrative agentunamortized deferred financing costs related to the September 2020 Subscription Facility was written off and the lenders.recognized as a loss on extinguishment of debt in our Unaudited Consolidated Statements of Operations.
Borrowings under the September 2020 Subscription Facility bearbore interest at a rate equal to, at our election, either (i) with respect to loans bearing interest at a rate based on LIBOR (as such term is defined in the September 2020 Subscription Facility which definition includes different LIBOR calculations based on the applicable currency), the rate per annum determined by the administrative agent to be equal to (a) the quotient obtained by dividing: (1) LIBOR for such loan for such one-month, three-months or other period requested by us or otherwise consented to by the administrative agent; by (2) one minus the maximum rate at which reserves (including, without limitation, any marginal, special, supplemental, or emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) by member banks of the Federal Reserve System against “Eurocurrency liabilities” (as such term is used in Regulation D) for such loan for such one-month, three-months or other period requested by us, provided that if the calculation above results in a rate of less than zero (0), the rate shall be deemed to be zero (0) for all purposes, plus (b) 185 basis points per annum; or (ii) with respect to loans bearing interest at a rate based on the rate of interest per annum publicly announced from time to time by the administrative agent as its prime rate (the “Prime Rate”) or the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers (the “Federal Funds Rate”) the greater of (a) the Prime Rate plus 185 basis points and (b) the Federal Funds Rate plus fifty basis points plus 185 basis points. We arewere required to pay a commitment fee on the unused portion of the September 2020 Subscription Facility.
We and the administrative agent, for the benefit of the secured parties, have entered into a borrower security agreement pursuant to which our obligations under the September 2020 Subscription Facility arewere secured by a first-priority security interest in our right, title and interest in the capital commitments of our investors. In addition, we and the administrative agent, for the benefit of the secured parties, have entered into a borrower pledge of collateral account pursuant to which our obligations under the September 2020 Subscription Facility arewere secured by a first-priority security interest in our account held at State Street Bank and all of our right, title and interest in the amounts or property held in such account.
We have made customary representations and warranties and arewere required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the September 2020 Subscription Facility arewere subject to the leverage restrictions applicable to us that are contained in the 1940 Act. As of September 30, 2021, we were in compliance with all covenants of the September 2020 Subscription Facility.
As of September 30, 2021, we had U.S. dollar borrowings of $40.5 million outstanding under the September 2020 Subscription Facility with a weighted average interest rate of 1.930% (weighted average one month LIBOR of 0.080%), borrowings denominated in British pounds sterling of £21.3 million ($28.7 million U.S. dollars) with a weighted average interest rate of 1.899% (weighted average one month GBP LIBOR of 0.049%), borrowings denominated in Australian dollars of A$10.9 million ($7.9 million U.S dollars) with a weighted average interest rate of 1.860% (weighted average one month BBSY of 0.010%) and borrowings denominated in Euros of €29.8 million ($34.5 million U.S. dollars) with an interest rate of 1.850% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the
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September 2020 Subscription Facility borrowings is included in “unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statement of Operations.
ING Capital Credit Facility
On January 15, 2021, we entered into a senior secured revolving credit facility (as subsequently amended and restated, the “ING Credit Facility”) with ING Capital LLC (“ING”), as administrative agent, and the lenders party thereto. The initial commitments under the ING Credit Facility totaled $65.0 million.
On April 30, 2021, we amended and restated the credit agreement governing the ING Credit Facility. The amended and restated credit agreement increasedFacility to increase the initialtotal commitments under the facility to $325.0 million from $65.0 million, and includesinclude a $25.0 million letter of credit sub-facility. As amended, the ING Credit Facility has an accordion feature that allows for an increase in the total commitments of up to $500.0 million, subject to certain conditions and the satisfaction of specified financial covenants. On July 22, 2021, we entered into an incremental commitment and assumption agreement to increase the aggregate commitments under the ING Credit Facility to $500.0 million. As amended as of March 31, 2022, we had aggregate commitments from lenders of $500.0 million under the ING Credit Facility, the maximum commitment then allowed under the ING Credit Facility. Subsequent to quarter-end, on April 25, 2022, we amended the ING Credit Facility to, among other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million and (ii) upsize the accordion feature under the ING Credit Facility to allow
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for an increase in aggregate commitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of $800.0 million, subject to certain conditions and the satisfaction of specified financial covenants.
We can borrow foreign currencies directly under the ING Credit Facility. The ING Credit Facility is secured primarily by a material portion of our present and future property and assets and is guaranteed by certain of our subsidiaries. The revolving period under the ING Credit Facility terminates on April 30, 2025, and the final maturity date of the ING Credit Facility is scheduled for April 30, 2026.
Borrowings under the ING Credit Facility bear interest on a per annum basis equal to (i) for borrowings denominated in U.S. Dollars, subject to our election, the alternate base rate plus 1.15% or the adjusted eurocurrency rate plus 2.15%, (ii) for borrowings denominated in Pounds Sterling, Swiss Francs, Euros, Canadian Dollars, Danish Krone, Norwegian Krone or Swedish Krona, the adjusted eurocurrency rate plus 2.15%, (iii) for borrowings denominated in Australian Dollars, the adjusted eurocurrency rate plus 2.35%, or (iv) for borrowings denominated in New Zealand Dollars, the adjusted eurocurrency rate plus 2.45%. The alternate base rate is equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50%, (iii) the overnight bank funding rate plus 0.50%, (iv) the adjusted three-month LIBOR plus 1.00% and (v) 1.00%. The adjusted eurocurrency rate is equal to the eurocurrency rate for the applicable interest period plus any applicable statutory reserve rate for such interest period, subject to a 0.00% floor. The ING Credit Facility also includes provisions regarding the unavailability of LIBOR, including a fallback that would apply in the absence of LIBOR. We pay a commitment fee on undrawn amounts under the ING Credit Facility. In connection with the amendment to the ING Credit Facility on April 25, 2022, we replaced the LIBOR benchmark provisions under the ING Credit Facility with SOFR benchmark provisions.
The ING Credit Facility contains certain affirmative and negative covenants, including but not limited to (i) maintaining minimum stockholders’ equity, (ii) maintaining a minimum asset coverage ratio of (a) 150% at any time that more than 70% of the total fair value of our portfolio comprises cash, cash equivalents, long-term U.S. government securities or first lien loans to portfolio companies, or (b) 167% or 200% at specified concentrations of such assets at amounts less than or equal to 70% of the total fair value of our portfolio, (iii) meeting a minimum liquidity test, (iv) meeting a minimum net worth test, and (v) maintaining our status as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), and as a BDC under the 1940 Act. The ING Credit Facility also contains customary events of default with customary cure and notice provisions, including, without limitation, nonpayment, misrepresentation of representations and warranties in a material respect, breach of covenant, cross-default to other indebtedness, bankruptcy, certain change of control events, and the occurrence of a material adverse effect. The ING Credit Facility also permits the administrative agent to select an independent third-party valuation firm to determine valuations of certain portfolio investments for purposes of borrowing base provisions.
ING and other lenders under the ING Credit Facility, and their respective affiliates, may from time to time receive customary fees and expenses in the performance of investment banking, financial advisory or other services for us. As of September 30, 2021,March 31, 2022, we were in compliance with all covenants of the ING Credit Facility.
We, one of our subsidiaries, BCIC Holdings, Inc., ING, as administrative agent, the financing agents and designated indebtedness holders that become parties thereto and ING, as collateral agent, also entered into a guarantee, pledge and security agreement, dated as of January 15, 2021, pursuant to which our obligations under the ING Credit Facility are secured by a first-priority security interest (subject to certain exceptions) in substantially all of our and our subsidiary guarantors’ present and future property and assets.
As of September 30, 2021,March 31, 2022, we had U.S. dollar borrowings of $220.0$370.0 million under the ING Credit Facility with an interest rate of 2.275%2.528% (one month LIBOR of 0.125%0.378%), borrowings denominated in British pounds sterling of £14.1£33.2 million ($19.043.7 million U.S. dollars) with an interest rate of 2.213%2.627% (one month GBP LIBOR of 0.063%0.477%) and borrowings denominated in Euros of €40.5€63.5 million ($46.970.7 million U.S. dollars) with an interest rate of 2.150% (one month EURIBOR of 0.000%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the ING Credit Facility borrowings is included in
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“unrealized “unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statement of Operations.
February 2027 Notes
On February 22, 2022, we entered into a Note Purchase Agreement (the “February 2022 NPA”) governing the issuance of $100.0 million in aggregate principal amount of senior unsecured notes due February 22, 2027 (the “February 2027 Notes”), in each case, to qualified institutional investors in a private placement. The February 2027 Notes were delivered and paid for on February 22, 2022.
The February 2027 Notes, for which we are required to obtain an initial rating by June 30, 2022, have a fixed interest rate of 4.75% per year, subject to a step up of (x) 1.25% per year, to the extent that the initial rating for the February 2027 Notes
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does not satisfy certain investment grade rating conditions, and (y) at any time after we have received an investment grade rating for the February 2027 Notes, 0.75% per year, to the extent the February 2027 Notes thereafter fail to satisfy certain investment grade rating conditions.
The February 2027 Notes will mature on February 22, 2027 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the February 2022 NPA. Interest on the February 2027 Notes will be due semiannually in February and August of each year, beginning in August 2022. In addition, we are obligated to offer to repay the February 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the February 2022 NPA, we may redeem the February 2027 Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if redeemed on or before August 22, 2026, a make-whole premium.
The February 2022 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, liens, restricted payments, and investments. In addition, the February 2022 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting our asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to shareholders, to be less than the statutory minimum then applicable to us under the 1940 Act; and (c) not permitting our net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.
The February 2022 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of our subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February 2027 Notes at the time outstanding may declare all February 2027 Notes then outstanding to be immediately due and payable.
Our obligations under the February 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of March 31, 2022, we were in compliance with all covenants under the February 2022 NPA.
The February 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The February 2027 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.
As of March 31, 2022, the fair value of the February 2027 Notes was $94.9 million. The fair value determinations of the February 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.
Distributions to Stockholders
We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.
We have elected for federal income tax purposes to be treated, and intend to qualify annually, as a RIC under the Code, and intend to make the required distributions to our stockholders as specified therein. In order to maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we are generally required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively) and certain built-in gains. We monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing agreement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. A stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though a portion of the dividend was paid in shares of our common stock.
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The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income (“ICTI”), as defined by the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward income in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover income must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such income.
ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (“OID”) (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any OID or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.
Recent Developments
Subsequent to September 30, 2021,March 31, 2022, we made approximately made approximately $129.7$101.1 million of new commitments, of which $91.4$76.3 million closed and funded. The $91.4$76.3 million of investments consistconsists of $78.2$64.1 million of first lien senior secured debt investments, $8.5$9.2 million of second lien senior secured and subordinated debt investments and $4.7$2.9 million of equity investments. The weighted average yield of the debt investments was 6.8%7.3%. In addition, wethe Company funded $6.6$8.2 million of previously committed delayed draw term loans.
On October 15, 2021,April 25, 2022, we issued and sold 1,687,189.750 shares of our common stockamended the ING Credit Facility to, investors, pursuantamong other things, (i) increase total commitments from lenders to $625.0 million from $500.0 million, (ii) upsize the terms of subscription agreements with such investors,accordion feature under the ING Credit Facility to allow for an increase in aggregate offering pricecommitments thereunder from new and existing lenders on the same terms and conditions as the existing commitments up to a total of approximately $37.6 million. We effectuated$800.0 million, subject to certain conditions and the issuancesatisfaction of specified financial covenants, and sale of such shares in transactions exempt from(iii) replace the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder.
Following the issuance and sale of shares on October 15, 2021, we repaid approximately $9.0 million of outstanding borrowingsLIBOR benchmark provisions under the September 2020 SubscriptionING Credit Facility with proceeds from the issuance and sale of such shares. In addition, we reduced our commitments under the September 2020 Subscription Facility from $160.0 million to $110.0 million, effective October 18, 2021.
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SOFR benchmark provisions.
On November 9, 2021,May 5, 2022, the Board declared a quarterly dividend of $0.50$0.52 per share payable on December 1, 2021June 15, 2022 to holders of record as of November 24, 2021.June 8, 2022.
Critical Accounting Policies and Use of Estimates
The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.
Investment Valuation
The most significant estimate inherent in the preparation of our financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. We have a valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures, or ASC Topic 820. Our current valuation policy and processes were established by Barings and were approved by the Board.
As of March 31, 2022, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 167% of our total net assets, as compared to approximately 178% of our total net assets as of December 31, 2021.
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Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.
Under ASC Topic 820, there are three levels of valuation inputs, as follows:
Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.
A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidatedUnaudited Consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).
Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, we determine the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, we assess the appropriateness of the use of these third-party quotes in determining fair value based on (i) our understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.
There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.
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Investment Valuation Process
Barings has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.
At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).
Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.
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Independent Valuation
The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to an independent provider to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect their valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following the initial acquisition, such loans and equity investments are sent to a valuation provider which will determine the fair value of each investment. The independent valuation provider applies various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use in making valuation recommendations to the Board, and will report to the Board on its rationale for each such determination. Barings uses its internal valuation model as a comparison point to validate the price range provided by the valuation provider and, where applicable, in determining the point within that range that it will use in making valuation recommendations to the Board. If Barings’ pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Board that is outside of the range provided by the independent valuation provider, and will notify the Board of any such override and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request the independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio. Pursuant to these procedures, the Board determines in good faith whether our investments were valued at fair value in accordance with our valuation policies and procedures and the 1940 Act based on, among other things, the input of Barings, our Audit Committee and the independent valuation firm.
The SEC has adopted new Rule 2a-5 under the 1940 Act. This rule establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We will comply with the new rule’s valuation requirements on or before the SEC’s September 8, 2022 compliance date in 2022.date.
Valuation Techniques
Our valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however,
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to the extent the independent pricing service provider price is unavailable or not relevant and reliable, we will utilize alternative approaches such as broker quotes or manual prices. We attempt to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.
Valuation of InvestmentInvestments in Banff Partners LP, Thompson Rivers LLC and Waccamaw River LLC
WeAs Banff Partners LP, Thompson Rivers LLC and Waccamaw River LLC are investment companies with no readily determinable fair values, we estimate the fair value of our investments in Banff, Thompson Rivers and Waccamaw Riverthese entities using the net asset value of each company and our ownership percentage.percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.
Revenue Recognition
Interest and Dividend Income
Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the
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investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. Dividend income is recorded on the ex-dividend date.
We may have to include interest income in our ICTI, including OID income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.
Fee Income
Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course
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of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, advisory, loan amendment and other fees, and are recorded as investment income when earned.
Fee income for the three and nine months ended September 30,March 31, 2022 and 2021 and for the period from July 13, 2020 (commencement of operations) to September 30, 2020 was as follows:
Three Months EndedFor the period from July 13, 2020 (commencement of operations) toNine Months
 Ended
For the period from July 13, 2020 (commencement of operations) toThree Months EndedThree Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
($ in thousands)($ in thousands)March 31, 2022March 31, 2021
Recurring Fee Income:Recurring Fee Income:Recurring Fee Income:
Amortization of loan origination feesAmortization of loan origination fees$385,701 $4,319 $913,119 $4,319 Amortization of loan origination fees$688 $200 
Management, valuation and other feesManagement, valuation and other fees143,366 — 323,826 — Management, valuation and other fees270 74 
Total Recurring Fee IncomeTotal Recurring Fee Income529,067 4,319 1,236,945 4,319 Total Recurring Fee Income958 274 
Non-Recurring Fee Income:Non-Recurring Fee Income:Non-Recurring Fee Income:
Prepayment fees9,955 — 9,955 — 
Acceleration of unamortized loan origination feesAcceleration of unamortized loan origination fees108,180 — 151,793 — Acceleration of unamortized loan origination fees22 21 
Advisory, loan amendment and other feesAdvisory, loan amendment and other fees211,951 37,845 226,332 37,845 Advisory, loan amendment and other fees36 — 
Total Non-Recurring Fee IncomeTotal Non-Recurring Fee Income330,086 37,845 388,080 37,845 Total Non-Recurring Fee Income58 21 
Total Fee IncomeTotal Fee Income$859,153 $42,164 $1,625,025 $42,164 Total Fee Income$1,016 $295 
Payment-in-Kind (PIK) Interest Income
We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.
We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.

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Off-Balance Sheet ArrangementsUnused Commitments
In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn
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upon, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2021,March 31, 2022, we believe we have adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2021March 31, 2022 and December 31, 20202021 were as follows:
Portfolio CompanyInvestment TypeSeptember 30,
2021
December 31,
2020
Acclime Holdings HK Limited(1)(2)Delayed Draw Term Loan$2,470,322 $— 
Air Comm Corporation, LLC(1)(2)Delayed Draw Term Loan$4,054,054 $— 
BigHand UK Bidco Limited(1)(3)Acquisition Capex Facility98,870 — 
Bounteous, Inc.(1)(2)Delayed Draw Term Loan557,393 — 
British Engineering Services Holdco Limited(1)(3)Bridge Revolver85,758 1,072,276 
Canadian Orthodontic Partners Corp(1)(2)(6)Delayed Draw Term Loan438,605 — 
Coyo Uprising GmbH(1)(2)(4)Delayed Draw Term Loan1,096,850 — 
Crash Champions, LLC(1)(2)Delayed Draw Term Loan1,467,140 — 
CSL DualCom(1)(3)Acquisition Capex Facility1,236,869 1,253,930 
Dune Group(1)(4)Delayed Draw Term Loan1,274,845 — 
Dwyer Instruments, Inc.(1)(2)Delayed Draw Term Loan1,093,866 — 
Eclipse Business Capital, LLC(1)Revolver6,737,968 — 
EPS NASS Parent, Inc(1)Delayed Draw Term Loan607,299 — 
Fineline Technologies, Inc.(1)Delayed Draw Term Loan240,000 — 
FitzMark Buyer, LLC(1)Delayed Draw Term Loan— 735,294 
Foundation Risk Partners, Corp.(1)Delayed Draw Term Loan1,111,111 1,607,991 
FragilePak LLC(1)Delayed Draw Term Loan4,446,706 — 
Home Care Assistance, LLC(1)Delayed Draw Term Loan206,199 — 
IGL Holdings III Corp.(1)(2)Delayed Draw Term Loan1,008,433 2,048,397 
Innovad Group II BV(1)(2)(4)Delayed Draw Term Loan1,228,800 — 
INOS 19-090 GmbH(1)(2)(4)Acquisition Facility894,954 944,839 
Kano Laboratories LLC(1)Delayed Draw Term Loan1,573,803 1,573,803 
LivTech Purchaser, Inc.(1)(2)Delayed Draw Term Loan315,504 — 
MC Group Ventures Corporation(1)Delayed Draw Term Loan860,530 — 
Modern Star Holdings Bidco Pty Limited(1)(5)Capex Term Loan750,890 802,138 
Murphy Midco Limited(1)(3)Delayed Draw Term Loan1,127,910 1,143,468 
Navia Benefit Solutions, Inc.(1)Delayed Draw Term Loan5,504,540 — 
OG III B.V.(1)(2)(4)Acquisition Capex Facility2,979,876 — 
Pacific Health Supplies Bidco Pty Limited(1)(2)(5)Delayed Draw Term Loan341,006 410,784 
PDQ.Com Corporation(1)(2)Delayed Draw Term Loan868,167 — 
Premium Invest(1)(2)(4)Acquisition Facility2,665,585 — 
Protego Bidco B.V.(1)(2)(4)Delayed Draw Term Loan228,464 — 
QPE7 SPV1 BidCo Pty Ltd(1)(5)Acquisition Capex Facility458,057 — 
Questel Unite(1)(2)(4)Acquisition Capex Facility3,000,656 735,780 
Radwell International, LLC(1)Delayed Draw Term Loan— 184,911 
REP SEKO MERGER SUB LLC(1)Delayed Draw Term Loan727,273 727,273 
Reward Gateway (UK) Ltd(1)(2)(3)Acquisition Facility2,247,224 — 
Safety Products Holdings, LLC(1)Delayed Draw Term Loan2,593,581 1,293,469 
SSCP Pegasus Midco Limited(1)(3)Delayed Draw Term Loan1,886,767 1,912,793 
Utac Ceram(1)(2)(4)Delayed Draw Term Loan— 1,101,195 
Waccamaw River(2)Joint Venture15,680,000 — 
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Acclime Holdings HK Limited(1)Delayed Draw Term Loan$141 $141 
Acclime Holdings HK Limited(1)Delayed Draw Term Loan776 776 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan108 108 
Air Comm Corporation, LLC(1)Delayed Draw Term Loan1,150 1,150 
Amtech LLC(1)Delayed Draw Term Loan909 909 
Amtech LLC(1)Revolver227 227 
AnalytiChem Holding GmbH(1)(2)(3)Delayed Draw Term Loan2,526 2,582 
Aquavista Watersides 2 LTD(1)(2)(4)Bridge Revolver146 151 
Aquavista Watersides 2 LTD(1)(2)(4)Acquisition Facility915 941 
Astra Bidco Limited(1)(2)(4)Delayed Draw Term Loan748 769 
Avance Clinical Bidco Pty Ltd(1)(5)Delayed Draw Term Loan1,081 1,046 
Azalea Buyer, Inc.(1)Delayed Draw Term Loan641 641 
Azalea Buyer, Inc.(1)Revolver321 321 
Bariacum S.A(1)(2)(3)Acquisition Facility668 682 
Beyond Risk Management, Inc.(1)(2)Delayed Draw Term Loan2,573 2,573 
BigHand UK Bidco Limited(1)(2)(4)Acquisition Facility— 99 
Bounteous, Inc.(1)Delayed Draw Term Loan2,580 2,580 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan217 389 
Brightpay Limited(1)(2)(3)Delayed Draw Term Loan127 130 
BrightSign LLC(1)(2)Revolver715 715 
British Engineering Services Holdco Limited(1)(4)Bridge Revolver— 86 
CAi Software, LLC(1)Revolver707 707 
Canadian Orthodontic Partners Corp.(1)(2)(6)Delayed Draw Term Loan115 160 
Ceres Pharma NV(1)(2)(3)Delayed Draw Term Loan975 996 
CGI Parent, LLC(1)(2)Revolver1,212 — 
Coastal Marina Holdings, LLC(1)(2)PIK Tranche B Term Loan656 656 
Coastal Marina Holdings, LLC(1)(2)Tranche A Term Loan1,788 1,788 
Coyo Uprising GmbH(1)(2)(3)Delayed Draw Term Loan1,053 1,076 
Crash Champions, LLC(1)(2)Delayed Draw Term Loan237 2,712 
CSL DualCom(1)(4)Acquisition Term Loan1,208 1,242 
DecksDirect, LLC(1)Revolver58 218 
Dune Group(1)(3)Delayed Draw Term Loan1,022 1,044 
Dwyer Instruments, Inc.(1)Delayed Draw Term Loan1,094 1,094 
Eclipse Business Capital, LLC(1)Revolver5,390 5,840 
EMI Porta Holdco LLC(1)Delayed Draw Term Loan4,805 5,339 
EMI Porta Holdco LLC(1)Revolver1,012 1,271 
EPS NASS Parent, Inc.(1)Delayed Draw Term Loan425 425 
eShipping, LLC(1)Delayed Draw Term Loan1,923 1,923 
eShipping, LLC(1)Revolver622 930 
Events Software BidCo Pty Ltd(1)(5)Delayed Draw Term Loan481 — 
Fineline Technologies, Inc.(1)Delayed Draw Term Loan240 240 
Finexvet(1)(2)(3)Acquisition Facility967 — 
FragilePak LLC(1)(2)Delayed Draw Term Loan3,779 3,779 
Heartland Veterinary Partners, LLC(1)Delayed Draw Term Loan235 235 
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Portfolio CompanyInvestment TypeSeptember 30,
2021
December 31,
2020
W2O Holdings, Inc.(1)Delayed Draw Term Loan1,548,621 2,420,752 
Total unused commitments to extend financing$75,714,496 $19,969,093 
Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
IGL Holdings III Corp.(1)Delayed Draw Term Loan360 360 
Innovad Group II BV(1)(2)(3)Delayed Draw Term Loan1,180 1,206 
INOS 19-090 GmbH(1)(2)(3)Acquisition Facility859 878 
ITI Intermodal, Inc.(1)Delayed Draw Term Loan103 103 
ITI Intermodal, Inc.(1)Revolver124 124 
Jaguar Merger Sub Inc.(1)(2)Delayed Draw Term Loan1,781 1,961 
Jaguar Merger Sub Inc.(1)(2)Revolver490 490 
Jon Bidco Limited(1)(2)(7)Capex & Acquisition Facility958 — 
Jones Fish Hatcheries & Distributors LLC(1)(2)Revolver418 — 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan1,574 1,903 
Kano Laboratories LLC(1)(2)Delayed Draw Term Loan1,903 1,574 
Lambir Bidco Limited(1)(2)(3)Bridge Revolver651 666 
Lambir Bidco Limited(1)(2)(3)Delayed Draw Term Loan1,303 1,332 
LeadsOnline, LLC(1)(2)Revolver1,952 — 
LivTech Purchaser, Inc.(1)(2)Delayed Draw Term Loan130 316 
Marmoutier Holding B.V.(1)(2)(3)Delayed Draw Term Loan396 405 
Marmoutier Holding B.V.(1)(2)(3)Revolver159 162 
Marshall Excelsior Co.(1)(2)Revolver633 — 
MC Group Ventures Corporation(1)(2)Delayed Draw Term Loan861 861 
Modern Star Holdings Bidco Pty Limited(1)(5)CapEx Term Loan371 360 
Murphy Midco Limited(1)(4)Delayed Draw Term Loan881 906 
Narda Acquisitionco., Inc.(1)Revolver684 684 
Navia Benefit Solutions, Inc.(1)Delayed Draw Term Loan4,338 4,338 
Nexus Underwriting Management Limited(1)(2)(4)Revolver52 53 
Nexus Underwriting Management Limited(1)(2)(4)Acquisition Facility962 989 
Novotech Aus Bidco Pty Ltd(1)(2)Capex & Acquisition Facility C1,042 — 
OA Buyer, Inc.(1)Revolver1,331 1,331 
OAC Holdings I Corp(1)Revolver343 — 
OG III B.V.(1)(2)(3)Acquisition CapEx Facility1,217 1,087 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan— 683 
Omni Intermediate Holdings, LLC(1)(2)Delayed Draw Term Loan2,505 3,643 
OSP Hamilton Purchaser, LLC(1)Revolver187 187 
Pacific Health Supplies Bidco Pty Limited(1)(5)CapEx Term Loan355 343 
PDQ.Com Corporation(1)(2)Delayed Draw Term Loan— 868 
Polara Enterprises, L.L.C.(1)(2)Revolver273 273 
Policy Services Company, LLC(1)(2)Delayed Draw Term Loan1,579 2,632 
Premium Invest(1)(2)(3)Acquisition Facility779 834 
ProfitOptics, LLC(1)(2)Revolver194 — 
Protego Bidco B.V.(1)(2)(3)Delayed Draw Term Loan219 224 
QPE7 SPV1 BidCo Pty Ltd(1)(5)Acquisition Term loan— 461 
Questel Unite(1)(2)(3)Incremental Term Loan2,881 2,944 
REP SEKO MERGER SUB LLC(1)(2)Delayed Draw Term Loan653 727 
Reward Gateway (UK) Ltd(1)(2)(4)Acquisition Facility804 1,301 
Riedel Beheer B.V.(1)(3)Revolver— 230 
Riedel Beheer B.V.(1)(2)(3)Delayed Draw Term Loan150 153 
Safety Products Holdings, LLC(1)Delayed Draw Term Loan2,594 2,594 
Scaled Agile, Inc.(1)Delayed Draw Term Loan416 416 
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Portfolio Company
($ in thousands)
Investment TypeMarch 31, 2022December 31, 2021
Scaled Agile, Inc.(1)Revolver336 336 
Smartling, Inc.(1)Delayed Draw Term Loan1,176 1,177 
Smartling, Inc.(1)Revolver588 588 
SSCP Pegasus Midco Limited(1)(4)Delayed Draw Term Loan1,842 1,895 
Superjet Buyer, LLC(1)Revolver1,460 1,460 
Syntax Systems Ltd(1)(2)Revolver264 336 
Syntax Systems Ltd(1)(2)Delayed Draw Term Loan1,142 1,142 
Tank Holding Corp(1)Revolver655 — 
Techone B.V.(1)(2)(3)Delayed Draw Term Loan475 485 
Techone B.V.(1)(2)(3)Revolver127 129 
Tencarva Machinery Company, LLC(1)Delayed Draw Term Loan591 591 
Tencarva Machinery Company, LLC(1)Revolver752 752 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Delayed Draw Term Loan2,707 2,707 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)Revolver796 796 
Turbo Buyer, Inc.(1)Delayed Draw Term Loan1,493 1,494 
Turbo Buyer, Inc.(1)Delayed Draw Term Loan1,623 — 
Victoria Bidco Limited(1)(2)(4)Delayed Draw Term Loan790 — 
W2O Holdings, Inc.(1)Delayed Draw Term Loan1,549 1,549 
Waccamaw River(2)Joint Venture4,580 11,280 
Woodland Foods, LLC(1)Revolver810 967 
ZB Holdco LLC(1)(2)Delayed Draw Term Loan676 — 
ZB Holdco LLC(1)(2)Revolver423 — 
Zeppelin Bidco Limited(1)(2)(4)Capex / Acquisition Facility1,736 — 
Zeppelin Bidco Limited(1)(2)(4)Revolver289 — 
Total unused commitments to extend financing$114,098 $116,977 
(1)Our estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.
(2)Represents a commitment to extend financing to a portfolio company where one or more of our current investments in the portfolio company are carried at less than cost.
(3)Actual commitment amount is denominated in British pounds sterling.Euros. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(4)Actual commitment amount is denominated in Euros.British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(5)Actual commitment amount is denominated in Australian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(6)Actual commitment amount is denominated in Canadian dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
(7)Actual commitment amount is denominated in New Zealand dollars. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.
In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect,
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among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including LIBOR, BBSY, EURIBOR and GBP LIBOR, BBSY, CDOR and SONIA.LIBOR. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. As of September 30, 2021,March 31, 2022, we were not a party to any interest rate hedging arrangements.
As of September 30, 2021,March 31, 2022, approximately $511.4$810.8 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based (or based on an equivalent comparable applicable currency rate), and many of which are subject to certain floors. A hypothetical 200 basis point increase or decrease in the interest rates on our variable-rate debt investments could increase or decrease, as applicable, our investment income by a maximum of $10.2$16.2 million on an annual basis.
Borrowings under the September 2020 Subscription Facility bear interest at a rate equal to, at our election, either (i) with respect to loans bearing interest at a rate based on LIBOR (as such term is defined in the September 2020 Subscription Facility which definition includes different LIBOR calculations based on the applicable currency), the rate per annum determined by the administrative agent to be equal to (a) the quotient obtained by dividing: (1) LIBOR for such loan for such one-month, three-months or other period requested by us or otherwise consented to by the administrative agent; by (2) one minus the maximum rate at which reserves (including, without limitation, any marginal, special, supplemental, or emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) by member banks of the Federal Reserve System against “Eurocurrency liabilities” (as such term is used in Regulation D) for such loan for such one-month, three-months or other period requested by us, provided that if the calculation above results in a rate of less than zero (0), the rate shall be deemed to be zero (0) for all purposes, plus (b) 185 basis points per annum; or (ii) with respect to loans bearing interest at a rate based on the rate of interest per annum publicly announced from time to time by the administrative agent as its prime rate (the “Prime Rate”) or the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers (the “Federal Funds Rate”) the greater of (a) the Prime Rate plus 185 basis points and (b) the Federal Funds Rate plus fifty basis points plus 185 basis points. A hypothetical 200 basis point increase or decrease in the interest rates on the September 2020 Subscription Facility could increase or decrease, as applicable, our interest expense by a maximum of $2.2
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million on an annual basis (based on the amount of outstanding borrowings under the September 2020 Subscription Facility as of September 30, 2021).
Borrowings under the ING Credit Facility bear interest on a per annum basis equal to (i) for borrowings denominated in U.S. Dollars, subject to our election, the alternate base rate plus 1.15% or the adjusted eurocurrency rate plus 2.15%, (ii) for borrowings denominated in Pounds Sterling, Swiss Francs, Euros, Canadian Dollars, Danish Krone, Norwegian Krone or Swedish Krona, the adjusted eurocurrency rate plus 2.15%, (iii) for borrowings denominated in Australian Dollars, the adjusted eurocurrency rate plus 2.35%, or (iv) for borrowings denominated in New Zealand Dollars, the adjusted eurocurrency rate plus 2.45%. TheAs of March 31, 2022, the alternate base rate iswas equal to the greatest of (i) the prime rate, (ii) the federal funds rate plus 0.50%, (iii) the overnight bank funding rate plus 0.50%, (iv) the adjusted three-month LIBOR plus 1.00% and (v) 1.00%. The adjusted eurocurrency rate is equal to the eurocurrency rate for the applicable interest period plus any applicable statutory reserve rate for such interest period, subject to a 0.00% floor. The ING Credit Facility also includes provisions regarding the unavailability of LIBOR, including a fallback that would apply in the absence of LIBOR. A hypothetical 200 basis point increase or decrease in the interest rates on the ING Credit Facility could increase or decrease, as applicable, our interest expense by a maximum of $5.7$9.7 million on an annual basis (based on the amount of outstanding borrowings under the ING Credit Facility as of September 30, 2021)March 31, 2022). On April 25, 2022, the Company amended the ING Credit Facility to, among other things, replace the LIBOR benchmark provisions with SOFR benchmark provisions.
In July 2017, the head of the U.K. Financial Conduct Authority (the “FCA”), announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of sterling, euro, Swiss franc, and Japanese yen, and the one week and two month U.S. dollar settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar settings.settings. In addition, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities ceased to enter into new LIBOR contracts after January 1, 2022. At this time, no consensus exists as to what rate or rates will become accepted alternatives to LIBOR, although the Alternative Reference Rates Committee, a steering committee convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York and comprised of large U.S. financial institutions, has recommended the use of the Secured Overnight Financing Rate, SOFR. There is currently no definitive informationare many uncertainties regarding a transition from LIBOR to SOFR or any other alternative benchmark rate that may be established, including, but not limited to, the future utilization of LIBOR or of any particular replacement rate. As such, the potential effecttiming of any such eventtransition, the need to amend all contracts with LIBOR as the referenced rate and, given the inherent differences between LIBOR and SOFR or any other alternative benchmark rate, how any transition may impact the cost and performance of impacted securities, variable rate debt and derivative financial instruments. In addition, SOFR or another alternative benchmark rate may fail to gain market acceptance, which could adversely affect the return on, value of and market for securities, variable rate debt and derivative financial instruments linked to such rates. The effects of a transition from LIBOR to SOFR or any other alternative benchmark rate on our cost of capital and net investment income cannot yet be determined.determined definitively. All of our loan agreements with our portfolio companies include fallback language in the event that LIBOR becomes unavailable. This language generally either includes a clearly defined alternative reference rate after LIBOR’s discontinuation or provides that the administrative agent may identify a replacement reference rate, typically with the consent of (or prior consultation with) the borrower. In certain cases, the administrative agent will be required to obtain the consent of either a majority of the lenders under the facility, or the consent of each lender, prior to identifying a replacement reference rate. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market value for or value of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us and could have a material adverse effect on our business, financial condition and results of operations.
Because we have previously borrowed, and plan to borrow in the future, money to make investments, our net investment income will be dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds would increase, which
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could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio.
We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the September 2020 Subscription Facility and under the ING Credit Facility to finance such investments. As of September 30, 2021,March 31, 2022, we had U.S. dollar borrowings of $40.5 million outstanding under the September 2020 Subscription Facility with a weighted average interest rate of 1.930% (weighted average one month LIBOR of 0.080%), borrowings denominated in British pounds sterling of £21.3 million ($28.7 million U.S. dollars) with a weighted average interest rate of 1.899% (weighted average one month GBP LIBOR of 0.049%), borrowings denominated in Australian dollars of A$10.9 million ($7.9 million U.S dollars) with a weighted average interest rate of 1.860% (weighted average one month BBSY of 0.010%) and borrowings denominated in Euros of €29.8 million ($34.5 million U.S. dollars) with an interest rate of 1.850% (one month EURIBOR of 0.000%).
As of September 30, 2021, we had U.S. dollar borrowings of $220.0$370.0 million under the ING Credit Facility with an interest rate of 2.275%2.528% (one month LIBOR of 0.125%0.378%), borrowings denominated in British pounds sterling of £14.1£33.2 million ($19.043.7 million U.S. dollars) with a weighted average interest rate of 2.213%2.627% (one month GBP LIBOR of 0.063%0.477%) and borrowings denominated in Euros of €40.5€63.5 million ($46.970.7 million U.S. dollars) with an interest rate of 2.150% (one month EURIBOR of 0.000%).
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Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2021.March 31, 2022. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the thirdfirst quarter of 20212022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.
Item 1A. Risk Factors.
You should carefully consider the risks described in Item 1A entitled "Risk Factors" in Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2020,2021, which was filed with the SEC on MarchFebruary 23, 2021,2022, and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. RisksThe risks and uncertainties referenced herein and in our most recent Annual Report on Form 10-K are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the value of our securities.
There have been no material changes during the three months ended September 30, 2021March 31, 2022 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020.2021. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
Except as previously reported by us on our current reports on Form 8-K, we did not sell any equity securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.
We entered into Subscription Agreements with a number of investors for the private placement of our common stock. Under the terms of the Subscription Agreements, investors are required to make capital contributions to purchase our common stock at a price at least equal to the net asset value per share as determined by the Board (or an authorized committee thereof) within no more than 48 hours of the share issuance up to the amount of their respective capital commitments on an as-needed basis as determined by us with a minimum of 10 calendar days’ prior notice.notice, at a per share price that is at least equal to the net asset value per share of the common stock to be acquired.
The below table sets forth the total shares of our common stock issued and aggregate purchase price related to drawdown notices delivered pursuant to the Subscription Agreements during the three months ended September 30, 2021:March 31, 2022:
For the Three Months Ended September 30, 2021For the Three Months Ended March 31, 2022
Share Issue DateShare Issue DateShares IssuedAggregate Offering PriceShare Issue DateShares IssuedAggregate Offering Price
($ in thousands)
July 15, 20212,864,110 $63,554,600 (1)
August 31, 20212,164,290 47,289,734 
March 24, 2022March 24, 20225,109,543 $113,892 (1)
TotalTotal5,028,400 $110,844,334 Total5,109,543 $113,892 
(1)Includes 12,085.6244,863.18 shares issued at an aggregate offering price of $0.3$1.0 million to C.M. Life Insurance Company, an affiliate of MassMutual and the Adviser, and includes 229,626.86852,400.18 shares issued at an aggregate offering price of $5.1$19.0 million to MassMutual.
Issuer Purchases of Equity Securities
We did not repurchase any of our equity securities during the three months ended September 30, 2021.March 31, 2022.
Item 3. Defaults Upon Senior Securities.
None.
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Item 4. Mine Safety Disclosures.
Not applicable.
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Item 5. Other Information.
None.
Item 6. Exhibits.
NumberExhibit
3.1
3.2
10.1
10.2
31.1
31.2
32.1
32.2
*    Filed Herewith.
**    Furnished Herewith.
^    Exhibits and/or schedules to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and/or schedules to the SEC upon its request.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BARINGS CAPITAL INVESTMENT CORPORATION
Date:November 9, 2021May 5, 2022/s/    Ian Fowler
Ian Fowler
Chief Executive Officer
(Principal Executive Officer)
Date:November 9, 2021May 5, 2022/s/    Jonathan Bock
Jonathan Bock
Chief Financial Officer
(Principal Financial Officer)
Date:November 9, 2021May 5, 2022/s/    Elizabeth A. Murray
Elizabeth A. Murray
Principal Accounting Officer
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