COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Balances of Unused Commitments

The balances of unused commitments to extend financing as of March 31, 2025 and December 31, 2024 were as follows:


Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025		December 31, 2024
Accelevation LLC(2)	Delayed Draw Term Loan	$	671	$	—
Accelevation LLC(2)	Revolver	497		—
Accurus Aerospace Corporation(2)	Revolver	64		—
Accurus Aerospace Corporation(2)	Revolver	—		184
AD Bidco, Inc.	Delayed Draw Term Loan	1,174		1,174
AD Bidco, Inc.	Revolver	434		434
Adhefin International(3)	Delayed Draw Term Loan	410		393
AirX Climate Solutions, Inc.	Delayed Draw Term Loan	489		489
AirX Climate Solutions, Inc.	Revolver	163		163
AlliA Insurance Brokers NV(3)	Delayed Draw Term Loan	271		259
Americo Chemical Products, LLC(2)	Revolver	471		471
Aquavista Watersides 2 LTD(2)(4)	Capex / Acquisition Facility	—		653
Arc Education(3)	Delayed Draw Term Loan	1,040		997
Argus Bidco Limited(2)(4)	Capex / Acquisition Facility	184		179
Artemis Bidco Limited(3)	Delayed Draw Term Loan	692		663
ASC Communications, LLC	Revolver	658		658
Astra Bidco Limited(2)(4)	Delayed Draw Term Loan	101		144
ATL II MRO Holdings Inc.	Revolver	1,912		1,912
Avance Clinical Bidco Pty Ltd(2)(5)	Delayed Draw Term Loan	897		891
Azalea Buyer, Inc.	Delayed Draw Term Loan	—		429
Azalea Buyer, Inc.	Revolver	321		321
Basin Innovation Group, LLC	Delayed Draw Term Loan	295		295
Basin Innovation Group, LLC	Revolver	255		255
Biolam Group(2)(3)	Delayed Draw Term Loan	983		943
BKF Buyer, Inc.(2)	Revolver	1,253		1,253
Brightpay Limited(2)(3)	Delayed Draw Term Loan	—		118
BrightSign LLC	Revolver	131		131
Broadstone Group UK LTD(4)	Delayed Draw Term Loan	278		—
Broadstone Group UK LTD(4)	Delayed Draw Term Loan	116		—
CAi Software, LLC	Revolver	354		354
Caldwell & Gregory LLC	Delayed Draw Term Loan	1,838		1,987
Caldwell & Gregory LLC	Revolver	1,500		1,500
Canadian Orthodontic Partners Corp.(2)(6)	Delayed Draw Term Loan	51		63
Cascade Residential Services LLC(2)	Delayed Draw Term Loan	314		314
Cascade Residential Services LLC(2)	Revolver	8		—
CCFF Buyer, LLC	Delayed Draw Term Loan	811		811
CCFF Buyer, LLC	Revolver	608		608


Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
CGI Parent, LLC	Revolver	1,102	1,653
Comply365, LLC(2)	Revolver	556	556
Coyo Uprising GmbH(2)(3)	Delayed Draw Term Loan	511	490
CSL DualCom(4)	Capex / Acquisition Facility	—	184
DataServ Integrations, LLC	Revolver	481	481
DAWGS Intermediate Holding Co.	Revolver	558	—
DecksDirect, LLC(2)	Revolver	127	34
DISA Holdings Corp.	Revolver	229	286
Discovery Buyer, L.P.(2)	Delayed Draw Term Loan	2,515	—
Discovery Buyer, L.P.(2)	Revolver	625	—
Dune Group(2)(3)	Delayed Draw Term Loan	688	660
EB Development(3)	Capex / Acquisition Facility	223	—
EB Development(3)	Delayed Draw Term Loan	577	553
Eclipse Business Capital, LLC	Revolver	5,660	6,244
Electrical Components International, Inc.(2)	Delayed Draw Term Loan	195	195
EMI Porta Holdco LLC(2)	Revolver	1,042	966
eShipping, LLC	Revolver	1,122	1,122
Events Software BidCo Pty Ltd(2)	Delayed Draw Term Loan	620	620
Expert Institute Group Inc.(2)	Delayed Draw Term Loan	985	—
Expert Institute Group Inc.(2)	Revolver	530	—
Express Wash Acquisition Company, LLC(2)	Revolver	77	77
Faraday(3)	Delayed Draw Term Loan	—	928
Finaxy Holding(3)	Delayed Draw Term Loan	950	1,064
Footco 40 Limited(4)	Delayed Draw Term Loan	531	515
Forest Buyer, LLC	Revolver	298	298
Fortis Payment Systems, LLC(2)	Delayed Draw Term Loan	—	1
Fortis Payment Systems, LLC(2)	Revolver	—	2
GB Eagle Buyer, Inc.	Delayed Draw Term Loan	1,734	1,734
GB Eagle Buyer, Inc.	Revolver	1,520	1,737
GCDL LLC	Delayed Draw Term Loan	108	108
GCDL LLC	Revolver	108	108
Global Academic Group Limited(2)(7)	Term Loan	9	155
GPNZ II GmbH(2)(3)	Delayed Draw Term Loan	43	—
GPNZ II GmbH(2)(3)	Delayed Draw Term Loan	—	49
Graphpad Software, LLC	Delayed Draw Term Loan	1,256	1,256
Graphpad Software, LLC	Revolver	523	523
Greenhill II BV(3)	Capex / Acquisition Facility	—	28
Groupe Product Life(3)	Delayed Draw Term Loan	99	145
Haystack Holdings LLC(2)	Delayed Draw Term Loan	1,699	—
Haystack Holdings LLC(2)	Revolver	412	—
HeartHealth Bidco Pty Ltd(2)(5)	Delayed Draw Term Loan	165	164
HEKA Invest(3)	Delayed Draw Term Loan	562	539
HemaSource, Inc.	Revolver	902	902
HomeX Services Group LLC	Delayed Draw Term Loan	260	260
HomeX Services Group LLC	Revolver	135	135
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	1,200	—
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	427	—


Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	220	—
HS Advisory Buyer LLC(2)	Revolver	200	—
HSL Compliance(4)	Delayed Draw Term Loan	484	—
HTI Technology & Industries(2)	Delayed Draw Term Loan	1,023	1,023
HTI Technology & Industries(2)	Revolver	682	682
Hydratech Holdings, Inc.	Delayed Draw Term Loan	96	1,029
Hydratech Holdings, Inc.	Revolver	215	551
Ice House America, L.L.C.(2)	Revolver	65	128
Interstellar Group B.V.(2)(3)	Delayed Draw Term Loan	578	582
InvoCare Limited(2)(5)	Delayed Draw Term Loan	111	110
ISTO Technologies II, LLC	Revolver	238	238
ITI Intermodal, Inc.	Revolver	530	530
Jon Bidco Limited(2)(7)	Capex / Acquisition Facility	219	216
Jones Fish Hatcheries & Distributors LLC	Revolver	167	418
Keystone Bidco B.V.(2)(3)	Delayed Draw Term Loan	61	185
Keystone Bidco B.V.(2)(3)	Revolver	29	28
Lambir Bidco Limited(2)(3)	Delayed Draw Term Loan	337	719
LeadsOnline, LLC	Revolver	1,952	1,952
Marmoutier Holding B.V.(2)(3)	Delayed Draw Term Loan	24	23
Marmoutier Holding B.V.(2)(3)	Revolver	68	65
MB Purchaser, LLC	Delayed Draw Term Loan	258	258
MB Purchaser, LLC	Revolver	103	103
MC Group Ventures Corporation(2)	Delayed Draw Term Loan	290	290
Media Recovery, Inc. (SpotSee)(2)	Revolver	406	434
Media Recovery, Inc. (SpotSee)(2)(4)	Revolver	522	506
Megawatt Acquisitionco, Inc.(2)	Revolver	238	238
Mercell Holding AS(2)(8)	Capex / Acquisition Facility	373	346
Modern Star Holdings Bidco Pty Limited(2)(5)	Term Loan	308	306
Modern Star Holdings Bidco Pty Limited(2)(5)	Term Loan	70	69
Momentum Textiles, LLC	Revolver	280	—
Moonlight Bidco Limited(4)	Delayed Draw Term Loan	569	552
MSI Express Inc.(2)	Delayed Draw Term Loan	375	—
MSI Express Inc.(2)	Revolver	375	—
MSI Express Inc.(2)	Revolver	120	—
Narda Acquisitionco., Inc.	Revolver	684	684
NAW Buyer LLC	Delayed Draw Term Loan	1,477	1,477
NAW Buyer LLC	Revolver	379	379
Next Holdco, LLC(2)	Delayed Draw Term Loan	189	189
Next Holdco, LLC(2)	Revolver	73	73
NF Holdco, LLC(2)	Revolver	552	552
Northstar Recycling, LLC	Delayed Draw Term Loan	859	859
Northstar Recycling, LLC	Revolver	705	706
NPM Investments 28 B.V.(3)	Delayed Draw Term Loan	468	—
NPM Investments 28 B.V.(3)	Delayed Draw Term Loan	—	449
OA Buyer, Inc.	Revolver	1,331	1,331
OAC Holdings I Corp	Revolver	440	685
OSP Hamilton Purchaser, LLC	Revolver	189	189


Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
Parkview Dental Holdings LLC(2)	Delayed Draw Term Loan	262	262
Polara Enterprises, L.L.C.	Revolver	273	273
Premium Invest(3)	Capex / Acquisition Facility	419	401
Process Insights Acquisition, Inc.(2)	Delayed Draw Term Loan	312	623
Process Insights Acquisition, Inc.(2)	Revolver	322	69
ProfitOptics, LLC(2)	Revolver	97	97
Pro-Vision Solutions Holdings, LLC(2)	Revolver	1,713	2,063
PSP Intermediate 4, LLC(3)	Delayed Draw Term Loan	202	193
Qualified Industries, LLC	Revolver	242	242
R1 Holdings, LLC	Revolver	628	801
Randys Holdings, Inc.	Delayed Draw Term Loan	1,416	2,327
Randys Holdings, Inc.	Revolver	784	924
Rapid Buyer LLC	Delayed Draw Term Loan	1,762	1,762
Rapid Buyer LLC	Revolver	881	881
Rocade Holdings LLC(2)	Preferred Equity	4,500	4,500
Rock Labor LLC(2)	Revolver	625	625
ROI Solutions LLC	Delayed Draw Term Loan	2,168	2,168
ROI Solutions LLC	Revolver	1,940	1,940
Royal Buyer, LLC	Revolver	874	874
RPX Corporation	Revolver	1,008	1,008
Saab Purchaser, Inc.	Delayed Draw Term Loan	1,915	1,915
Saab Purchaser, Inc.	Revolver	957	958
Sanoptis S.A.R.L.(3)	Term Loan	2,562	2,456
Sansidor BV(2)(3)	Capex / Acquisition Facility	281	396
SBP Holdings LP	Revolver	532	532
Scout Bidco B.V.(2)(3)	Revolver	521	500
Sinari Invest(3)	Delayed Draw Term Loan	468	449
SISU ACQUISITIONCO., INC.(2)	Delayed Draw Term Loan	—	156
Skyvault Holdings LLC(2)	Delayed Draw Term Loan	1,322	3,033
Smartling, Inc.	Revolver	588	588
SmartShift Group, Inc.	Revolver	1,101	1,101
Solo Buyer, L.P.(2)	Revolver	678	878
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Delayed Draw Term Loan	231	232
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	78	156
SPATCO Energy Solutions, LLC	Delayed Draw Term Loan	727	727
SPATCO Energy Solutions, LLC	Revolver	594	594
Spatial Business Systems LLC	Revolver	703	703
SSCP Pegasus Midco Limited(4)	Delayed Draw Term Loan	184	803
Superjet Buyer, LLC(2)	Revolver	1,460	1,460
SVI International LLC	Delayed Draw Term Loan	74	74
SVI International LLC	Revolver	74	74
Tank Holding Corp(2)	Delayed Draw Term Loan	—	92
Tank Holding Corp	Revolver	655	655
Tanqueray Bidco Limited(4)	Capex / Acquisition Facility	1,168	1,133
TAPCO Buyer LLC	Delayed Draw Term Loan	1,603	1,603
TAPCO Buyer LLC	Revolver	583	583
Technology Service Stream BidCo Pty Ltd(2)(5)	Delayed Draw Term Loan	234	233


Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025		December 31, 2024
Techone B.V.(2)(3)	Revolver	154		147
Tencarva Machinery Company, LLC(2)	Revolver	752		752
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	796		796
THG Acquisition, LLC	Delayed Draw Term Loan	799		814
THG Acquisition, LLC	Revolver	511		496
Trintech, Inc.	Revolver	255		255
TSYL Corporate Buyer, Inc.(2)	Delayed Draw Term Loan	211		211
TSYL Corporate Buyer, Inc.(2)	Revolver	122		122
UBC Ledgers Holding AB(9)	Delayed Draw Term Loan	258		234
UHY Advisors, Inc.	Delayed Draw Term Loan	6,623		6,623
UHY Advisors, Inc.	Revolver	1,364		1,753
Union Bidco Limited(4)	Capex / Acquisition Facility	68		66
United Therapy Holding III GmbH(2)(3)	Capex / Acquisition Facility	668		641
Unither (Uniholding)(3)	Delayed Draw Term Loan	468		449
WEST-NR ACQUISITIONCO, LLC	Delayed Draw Term Loan	599		599
Whitcraft Holdings, Inc.	Revolver	316		446
White Bidco Limited	Delayed Draw Term Loan	257		257
Woodland Foods, LLC(2)	Line of Credit	706		550
World 50, Inc.	Revolver	243		243
WWEC Holdings III Corp(2)	Revolver	932		932
ZB Holdco LLC(2)	Revolver	181		169















Total unused commitments to extend financing		$	125,544	$	123,644

(1)The Adviser’s 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 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.

(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

Barings Capital Investment Corp 10-Q