Barings BDC, Inc
(NYSE:BBDC)

Barings BDC, Inc. (NYSE: BBDC) is a publicly traded, externally managed investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Barings BDC seeks to invest primarily in senior secured loans to private U.S. middle-market companies ...

Website: http://www.baringsbdc.com

Founded: 2006

Full Time Employees: 2

Sector: Financial Services

Industry: Credit Services

Financial Services

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Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-03-31	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-03-31	2019-12-31	2019-06-30	2019-03-31	2018-12-31	2017-09-30	2017-03-31	2016-12-31	2016-06-30	2016-03-31	2015-12-31	2015-06-30	2015-03-31	2014-12-31	2013-06-30	2013-03-31	2012-12-31	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-03-31	2008-12-31	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31

investment income:
interest income:
non-control / non-affiliate investments	44,183,000	47,746,000	48,899,000	44,627,000		53,190,000	40,010,000	31,624,000	25,458,952	24,315,519	26,597,095	17,396,411	17,416,996	18,169,034	17,861,319		17,507,637	19,006,050	-1,532,386	20,629,534	20,470,837		17,486,022	18,182,654		16,982,885	21,784,751		19,696,422	17,187,501				10,715,995			5,217,203				4,191,620		1,921,769
affiliate investments	1,441,000	911,000	1,181,000	873,000		957,000	411,000	172,000	214,657	195,561	109,301		207,065.5	40,119			2,250,311	2,660,187	-5,000,925	3,329,256	3,372,135		3,356,738	3,384,369		4,199,380	4,944,559		3,246,452	2,963,029		1,724,555	1,374,243	2,409,455	1,724,555	1,374,243	1,078,074	1,030,596	1,225,709	1,374,819	931,836		748,766	440,086	574,964	519,000	274,614
control investments	201,000	151,000	137,000	120,000		386,000	363,000	273,000	109,621	109,621	108,429						278,091	275,036	-216,489	281,147	269,536		267,298	193,616		49,481	100,000		46,194	49,371		888,593	258,268	96,535	888,593	258,268	369,325	353,145	429,211	232,575	237,957		487,434	478,740	361,395	408,023	75,718
total interest income	45,825,000	48,808,000	50,217,000	45,620,000		54,533,000	40,784,000	32,069,000	25,783,323	24,622,330	26,819,189	17,674,402	17,433,263	18,448,942	18,034,014		20,036,039	21,941,273	-5,799,064	24,239,937	24,112,508		21,110,058	21,760,639		21,231,746
dividend income:
total dividend income	11,649,000	14,177,000	14,593,000	10,742,000		8,477,000	7,246,000	7,693,000	5,546,089	2,866,668	394,901			4,221			401,232	190,262	-665,906	194,985	281,229		650,796	-1,086,705		327,058
fee and other income:
total fee and other income	5,246,000	4,004,000	4,880,000	3,573,000		3,474,000	5,072,000	1,197,000	3,830,268	4,488,346	2,568,455	960,993	1,700,084	848,792	301,057		2,769,579	1,787,990	-1,069,767	2,691,725	2,317,502		2,779,343	2,033,901		2,435,188
payment-in-kind interest income:
total payment-in-kind interest income	4,973,000	5,199,000	4,508,000	4,318,000		3,124,000	2,474,000	2,798,000	1,445,153	3,006,481	3,370,885	43,572	749,217				1,544,886	1,728,721	-5,098,168	2,586,138	3,377,848		3,826,211	3,910,817		3,763,536	3,897,324		4,222,617	4,214,794							1,573,061
interest income from cash	276,000	216,000	200,000	185,000		199,000	16,000				58	631		2,152	4,687		721,755	427,841
total investment income	67,969,000	72,404,000	74,398,000	64,438,000		69,807,000	55,592,000	43,757,000	36,604,833	34,983,825	33,153,488	18,679,598	19,882,564	19,304,107	18,339,758		25,473,491	26,076,087	-11,068,970	29,888,058	30,190,770		28,421,860	26,655,870		27,824,904	30,779,570		27,256,148	24,465,935		16,413,746	12,425,397	16,220,810	16,413,746	12,425,397	8,294,147	7,484,907	7,584,436	7,096,643	6,504,500		3,863,984	3,742,216	3,594,287	3,287,224	2,112,116
operating expenses:
interest and other financing fees	21,198,000	21,508,000	22,176,000	20,196,000		21,082,000	13,168,000	11,661,000	9,631,464	8,103,044	7,994,447	6,004,133	5,444,856	6,727,780	5,844,172		7,344,335	7,590,548	2,468,960	7,394,241	6,910,303		6,764,654	6,518,570		7,325,340	6,432,455					2,753,751
base management fee	8,563,000	8,415,000	8,193,000	8,019,000		8,279,000	7,381,000	5,872,000	5,422,322	5,273,797	4,891,372	3,912,373	3,413,271	3,263,803	2,450,995
incentive management fees	7,019,000	5,634,000	11,117,000	7,738,000		8,167,000		4,754,000	4,067,256	4,442,607	3,510,345
general and administrative expenses	1,931,000	1,896,000	2,294,000	1,694,000		2,676,000	3,269,000	2,455,000	2,312,263	2,281,825	2,199,666	1,420,613	1,749,427	1,217,570	1,968,860		4,224,631	1,668,509	12,774,149	1,019,192	1,210,621		1,221,821	1,088,724		4,333,379	6,577,536		5,994,702	4,120,958		3,436,474	2,397,523	2,927,465	3,436,474	2,397,523	1,797,889	1,854,812	1,682,158	1,538,693	1,719,266		1,348,333	1,203,294	1,048,690	1,094,092	548,164
total operating expenses	38,711,000	37,453,000	43,780,000	37,647,000		40,204,000	23,818,000	24,742,000	21,433,305	20,101,273	18,595,830	11,385,529	10,607,525	11,316,932	10,382,471		15,411,622	13,351,909	44,799,671	12,737,141	12,371,337		12,082,947	17,057,787		11,658,719	13,009,991
net investment income before taxes	29,258,000	34,951,000	30,618,000	26,791,000		29,603,000	31,774,000	19,015,000
income taxes, including excise tax expense	1,228,000	1,338,000	808,000	401,000		250,000		6,000
net investment income after taxes	28,030,000	33,613,000	29,810,000	26,390,000		29,353,000	31,774,000	19,009,000	15,171,528	14,857,019	14,557,658	7,294,069
barings bdc, inc.unaudited consolidated statements of operations —
realized gains and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts:
net realized gains:
net realized gains on investments	27,160,514	1,615,000	-11,085,000	-17,731,000		-12,608,000	-7,514,000	-149,000	-1,647,903	925,986	553,013	-157,978					-36,905,059
credit support agreements	-9,390,600		9,400,000	4,350,000		-6,350,000	-13,361,000	-400,000
foreign currency transactions	-2,304,361	76,000	787,000	1,448,000		241,000	-2,709,000	-1,293,000	-151,699	-4,687,686	-210,353	-144,394	1,102,530	83,037
forward currency contracts	2,044,713	-2,998,000	-14,259,000	15,213,000		-9,086,000
net realized gains	17,510,266	-1,307,000	-15,157,000	-1,070,000		-21,453,000	-10,223,000	-1,442,000			342,660	-302,372					-37,246,974				-13,318,959		3,937,396	586,214		-17,066,405	3,264,371
net unrealized appreciation	-4,399,079	-8,756,000	5,906,000	7,256,000		36,101,000	-44,654,000	3,465,000	-1,893,635	3,315,063	14,409,413	-119,396,053	16,954,949	-1,794,828	25,397,188		42,990,830	9,053,425	143,063,016	-65,765,558	2,692,766		-13,589,232	2,231,800		14,469,825	-12,542,133
net unrealized appreciation (depreciation) on investments	-44,329,830	-16,079,000	27,455,000	33,000,000		23,102,000	-61,813,000	-947,000	2,257,432.5	-7,561,801	12,759,174	-121,194,279	837,762.75	-2,169,106	25,397,188				142,325,495	-64,867,824
net realized gains and unrealized appreciation (depreciation) on investments, credit support agreements, foreign currency transactions and forward currency contracts	13,111,187	-10,063,000	-9,251,000	6,186,000		14,648,000
net increase in net assets resulting from operations	-76,584,076	23,550,000	20,559,000	32,576,000		44,001,000	-24,993,000	21,032,000	11,478,737	14,410,382	29,308,031	-112,521,747	22,772,205	5,195,491	33,162,313		15,316,880	14,471,653	-61,950,954	-57,496,676	7,193,240		6,686,827	12,427,258		12,175,588	8,353,942		21,848,467	18,419,816		14,545,231	12,351,241	17,470,243	14,545,231	12,351,241	6,867,280	4,149,329	8,250,576	-778,659	-583,357		765,391	2,150,498	3,366,681	2,230,084	1,065,835
net investment income per share — basic and diluted	0.27	0.32	0.28	0.25		0.28																												0.52	0.55	0.46	0.38	0.32	0.38	0.41	0.43		0.28				0.12
net increase in net assets resulting from operations per share — basic and diluted	0.24	0.22	0.2	0.31		0.41																												0.87	0.78	0.73	0.57	0.35	1	-0.09	-0.08		0.11				0.16
dividends / distributions per share:
regular quarterly dividends / distributions	0.26	0.26	0.26	0.26
special dividends / distributions		0.05	0.05	0.05
total dividends / distributions per share	0.26	0.31	0.31	0.31
weighted-average shares outstanding — basic and diluted		105,158,938	105,232,015	105,373,382		106,038,873
benefit from income taxes
dividends/distributions per share:
total dividends/distributions per share						0.26	0.24	0.23	0.15	0.21	0.2	0.16	0.12	0.14	0.12			0.3	0.338	0.45	0.45		0.45	0.54		0.59
short-term investments									93	1,629	4,364	277,991	16,267	279,908	172,695
realized gains and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions:
net realized gains and unrealized appreciation (depreciation) on investments, credit support agreements and foreign currency transactions							-54,877,000	2,023,000
provision for income taxes							-1,890,000
net investment income per share—basic and diluted							0.29	0.23	0.168	0.23	0.22	0.15	0.113	0.16	0.16		0.21	0.27	0.295	0.36	0.42		0.49	0.29		0.49	0.54		0.59	0.56		0.55	0.47
net increase in net assets resulting from operations per share—basic and diluted							-0.23	0.25	0.253	0.22	0.45	-2.3	-0.075	0.1	0.65		0.32	0.3	-0.285	-1.2	0.17		0.2	0.37		0.37	0.25		0.79	0.67		0.78	0.73
weighted-average shares outstanding—basic and diluted							110,759,443	82,656,326		65,316,085	65,316,085	48,887,393		49,987,312	51,157,646		48,041,540	47,898,859		47,743,990	42,743,469		33,584,466	33,480,346		33,234,532
compensation expenses												48,410	-29	107,779	118,444		3,842,656	4,092,852	25,337,934	4,323,708	4,250,413		4,096,472	9,450,493
net investment income									10,949,076.5	14,882,552	14,557,658	7,294,069	5,445,841	7,987,175	7,957,287		10,061,869	12,724,178	-54,382,034	17,150,917	17,819,433		16,338,913	9,598,083		16,166,185	17,769,579		16,271,923	15,233,465		10,223,521	7,885,717	10,392,256	10,223,521	7,728,127	4,558,624	3,793,684	4,043,838	3,717,857	3,037,582		1,913,695	1,982,480	1,992,001	1,643,998	804,730
income taxes, including excise tax provision									1,873.75	25,533
realized and unrealized gains on investments, credit support agreement and foreign currency transactions:
net realized losses									-1,799,602	-3,761,700			-966,126	-983,499	-129,775			-7,255,160	-4,257,614.25	-8,881,050
credit support agreement									1,099,994		2,300,005
net realized gains and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions									-3,693,237	-446,637	14,752,073	-119,698,425
loss on extinguishment of debt												-137,390	-2,428,662	-13,357	-44,395											-1,394,017				-412,673			-157,590
benefit from taxes									446		-1,700	19,999	7,604				-488,845
income taxes, including excise tax benefit
barings bdc, inc. unaudited consolidated statements of operations -
realized and unrealized gains on investments and foreign currency transactions:
net realized losses on investments													-2,068,656	-1,066,536	-129,775			-8,678,286
net realized losses and unrealized appreciation (depreciation) on investments and foreign currency transactions													15,988,823	-2,778,327	25,267,413
net realized losses:
provision for taxes															-17,992			-50,790									-137,875										39,846	52,898
realized and unrealized gains on investments and foreign currency borrowings:
foreign currency borrowings																	-341,915	1,423,126	2,682,712	-897,734	-178,792		-59,268	-852,523		-312,322	1,173,707
net unrealized appreciation on investments																	42,891,395	10,016,840
net realized and unrealized appreciation on investments and foreign currency borrowings																	5,743,856	1,798,265
interest income from cash and cash equivalents																			105,265.5	175,273	101,683		55,452	37,218		67,376
net realized and unrealized losses on investments and foreign currency borrowings																			1,700,925	-74,646,608			-9,651,836
tax benefit																			-76,291.5	-985
regular quarterly dividends/distributions																			0.338	0.45	0.45		0.45	0.54		0.54	0.54
investments																					2,871,558		-13,529,964	3,084,323		14,782,147	-13,715,840
net realized and unrealized gains on investments and foreign currency borrowings																					-10,626,193			2,818,014		-2,596,580	-9,277,762
benefit for taxes																							-250	11,161
supplemental dividends/distributions																										0.05	0.05
loan interest, fee and dividend income:
total loan interest, fee and dividend income																											26,829,310		22,989,068	20,199,901		13,838,039	10,381,960	13,221,985	13,838,039	10,381,960	6,664,602	6,185,383	5,892,810	5,457,699	5,361,413		3,157,969	2,944,178	2,665,041	2,276,037	1,505,954
interest income from cash and cash equivalent investments																											52,936		44,463	51,240		85,973	101,149	94,489	85,973	101,149	56,484	83,298	204,593	203,792	67,761		137,432	321,178	508,652	634,521	359,168
dividends/distributions paid per share:
total dividends/distributions																											0.59
weighted-average number of shares outstanding—basic and diluted																											33,099,197		27,569,524	27,433,290		18,570,929	16,848,570
expenses:
interest and other debt financing fees																													4,989,523	5,111,512
total expenses																													10,984,225	9,232,470		6,190,225	4,539,680	5,828,554	6,190,225	4,697,270	3,735,523	3,691,223	3,540,598	3,378,786	3,466,918		1,950,289	1,759,736	1,602,286	1,643,226	1,307,386
net realized gain on investments – non-control / non-affiliate																													2,428,668	578,782
net realized gain on investments – affiliate																													3,321,999	1,274,000														35,253.5	141,014
net realized gain on investments – control																													-2,290,919
net unrealized appreciation (depreciation) of investments																													2,116,796						-8,659,059		1,840,049	209,343	4,718,302	-4,504,933			-1,021,883	-483,974	1,233,666	586,086
total net gain on investments																													5,576,544	3,619,327		4,321,710												555,467.75	1,374,680	586,086	261,105
income tax benefit																														-20,303			27,359	34,269		27,359			-9,569.25	8,417
dividends declared per common share																													0.54	0.54		0.44	0.42	0.44	0.44	0.42	0.41	0.41	0.41	0.41	0.4			0.57	0.26	0.15
net unrealized appreciation of investments																														1,766,545			4,595,755	9,030,048		4,595,755											1,725,329
non–control / non–affiliate investments																																11,224,891	8,749,449											1,058,329.5	1,728,682	1,349,014
paid–in–kind interest income:
total paid–in–kind interest income																																2,489,734	1,942,288											261,063.5	420,594	376,666
net realized gain on investments—non control / non–affiliate																																827,599
net realized gain on investments—control																																12,153,170
net unrealized depreciation of investments																																-8,659,059									-3,605,144
interest and credit facility fees																																	1,989,984
amortization of deferred financing fees																																	152,173	202,518	212,382	309,763	99,630	96,431	95,008	90,500	90,661		40,141	28,929	28,515	28,108	27,108
total net gain on investments before income taxes																																	4,595,755	7,043,718	4,321,710	4,595,755	2,348,502	408,543	4,318,302	-4,504,933			-1,021,883
paid-in-kind interest income:
total paid-in-kind interest income																																		2,904,336	2,489,734						1,075,326		568,583
interest expense																																		2,698,571	2,541,369	1,989,984	1,838,004	1,739,980	1,763,432	1,749,593	1,656,991		561,815	527,513	525,081	521,026	499,691
net realized gain on investments — non control / non-affiliate																																		1,011,649
net realized gain on investments — control																																		-2,997,979	12,153,170
net realized gain on investments — affiliate
weighted-average number of shares outstanding — basic and diluted	105,200,841				105,793,123				65,316,085				48,575,139			50,185,300			49,897,085			36,405,024			33,234,319			29,775,099			26,740,776			20,015,230	18,570,929	16,848,570	12,003,068	11,877,688	8,593,143	9,129,192	6,997,411	6,877,669	6,803,863	6,728,733			6,686,760
non-control/non-affiliate investments																																			11,224,891
net realized gain on investments — non control/non-affiliate																																			827,599
non—control / non—affiliate investments																																				8,749,449		4,801,642	3,063,013.25	3,850,305							1,155,622
paid—in—kind interest income:
total paid—in—kind interest income																																				1,942,288			896,946.5	1,435,152							246,994
net realized gains on investments — non-control/non-affiliate																																					-3,032,785		212,041
realized gain on investment — affiliate																																					3,541,238
distributions of capital gains declared per common share																																							0.013		0.05
payment—in—kind interest income:
total payment—in—kind interest income																																						1,216,226
realized gain on investments — non-control/non-affiliate																																						199,200
total net loss on investments before income taxes																																									-3,605,144
income tax expense																																									15,795		126,421
management fees																																															232,423
net realized loss on investment — non control / non-affiliate
net realized gain on investments – non control / non–affiliate																																												-366,056
net investment income per share – basic and diluted																																												0.165	0.3	0.25
net increase in net assets resulting from operations per share – basic and diluted																																												0.248	0.5	0.33
weighted-average number of shares outstanding – basic and diluted																																													6,735,177	6,687,773
allocation of net increase in net assets resulting from operations to:
general partner
limited partners
net realized loss on investment — non control / non—affiliate																																															-1,464,224

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-03-31	2023-09-30	2023-06-30	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-06-30	2019-03-31	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31

assets:
investments at fair value:
non-control / non-affiliate investments	2,041,097,000	2,128,553,000	2,077,039,000	1,972,373,000	2,015,336,000	2,044,426,000	2,053,044,000	1,915,108,000	1,928,010,000	1,917,558,000	1,490,112,663	1,355,088,125	1,414,823,146	1,401,742,025	1,325,783,281	886,610,176	960,061,063	964,896,944	1,161,189,262	1,126,969,755	679,265,155	788,115,373	908,181,226	956,156,761	922,229,496	748,363,034	717,643,399	740,511,577	712,063,003	662,866,063	651,682,278	683,606,374	612,117,936	578,923,349	519,185,426	537,770,803	587,495,700				355,987,618					183,794,529					140,399,949		126,979,495		79,704,224
affiliate investments	413,489,000	409,706,000	408,937,000	397,236,000	409,085,000	382,346,000	345,990,000	300,258,000	322,321,000	364,753,000	288,068,788	222,999,987	126,432,371	100,429,674	78,598,633	19,158,075	15,933,845	6,396,590	5,000,210		153,530,254	136,933,857	146,607,453	190,754,277	192,981,537	170,111,172	183,475,354	173,842,446	230,108,814	197,281,194	213,255,812	146,887,741	110,910,292	97,897,491	108,028,880	109,258,133	123,444,532	128,065,635	116,191,443	101,197,149	101,105,447	90,921,038	63,438,848	55,661,878	35,987,510	35,048,700	39,467,209		49,780,689	33,012,463	33,744,178		33,725,587	32,661,279	29,866,379		13,946,303	17,393,567	10,388,346
control investments	81,729,000	85,623,000	85,252,000	79,663,000	103,116,000	94,863,000	106,958,000	117,126,000	138,745,000	121,114,000	22,412,501	24,394,808	23,279,660	26,386,362	25,855,796						25,610,000	38,936,000	36,403,000	22,401,769	17,997,769	29,257,769	29,704,233	25,622,233	25,927,233	24,751,233	12,473,000	11,128,000	13,248,925	13,189,579	3,261,887	3,068,541	4,585,685	5,216,666	5,777,993	6,818,996	7,287,251	7,641,249	30,011,421	24,936,571	23,755,121	22,471,048	21,015,301		11,093,125	11,025,921	12,066,784		17,058,874	18,411,040	17,821,613		18,483,136	15,277,748	2,657,884
total investments at fair value	2,536,315,000	2,623,882,000	2,571,228,000	2,449,272,000	2,527,537,000	2,521,635,000	2,505,992,000	2,332,492,000	2,389,076,000	2,403,425,000	1,800,593,952	1,652,482,920	1,575,109,373	1,602,123,737	1,495,795,937	1,116,271,641	1,034,041,032	1,071,753,340	1,200,612,963	1,189,384,128	858,405,409	963,985,230	1,091,191,679	1,169,312,807	1,133,208,802	947,731,975	930,822,986	939,976,256	968,099,050	884,898,490	877,411,090	841,622,115	736,277,153	690,010,419	630,476,193	650,097,477	715,525,917	631,309,953	598,403,874	544,435,197	464,380,316	409,399,685	384,186,630	325,990,593	240,578,399	241,314,277	210,476,758		188,391,036	176,495,277	186,210,911		177,763,956	165,983,562	127,392,216		95,878,851	84,328,042	54,091,884
cash	71,329,000	39,963,000	87,600,000	74,381,000	48,777,000	33,118,000	63,410,000	96,655,000	138,092,000	106,400,000	49,987,222	30,248,388	21,559,624	21,168,184	62,651,340	7,112,312	18,453,504	7,458,729	12,926,602	3,056,609																																								31,397
foreign currencies	11,877,000	9,298,000	13,016,000	16,958,000	15,336,000	16,640,000	16,920,000	40,668,000	59,678,000	48,031,000	34,266,378	11,137,184	9,144,010	19,346,907	29,836,121	7,675,046
interest and fees receivable	41,502,000	41,811,000	37,822,000	39,914,000	41,672,000	47,268,000	46,582,000	60,114,000	77,235,000	43,096,000	33,644,942	24,997,260	26,718,726	19,637,124	21,617,843	7,749,841	6,493,056	6,575,093	5,208,059	5,247,730								6,783,399	5,585,320	6,834,561	7,205,672	4,491,235	4,069,696	3,705,941	3,885,283	4,179,016	4,131,647	3,969,957	4,447,983	2,745,074	2,328,572	1,579,634	1,400,613	867,627	603,892	1,051,665	1,240,315	677,000	365,532	520,411	468,625	680,000	268,488	459,990	404,084	305,000	304,831	129,207	181,601
prepaid expenses and other assets	1,014,000	463,000	1,541,000	1,745,000	3,254,000	2,237,000	1,576,000	1,191,000	14,180,000	2,662,000	4,297,383	1,785,731	2,318,215	1,123,361	2,014,558	3,831,057	857,173	1,984,055	1,318,240	2,885,001
credit support agreements	52,800,000	51,200,000	67,800,000	63,450,000	51,450,000	54,200,000	60,650,000	49,480,000	46,040,000	59,400,000
derivative assets	5,291,000	3,361,000	3,708,000	24,816,000	5,011,000	8,240,000	2,644,000
deferred financing fees	7,381,000	7,807,000	8,254,000	8,697,000	3,490,000	4,411,000	4,859,000	3,603,000	3,982,000	4,102,000	2,984,872	3,144,557	3,475,563	3,802,971	4,110,564	4,440,269	4,705,974	5,032,860	6,001,589	6,472,994	4,673,000	4,931,031	5,439,945	5,372,998	3,001,250	2,897,224	3,093,052	3,287,455	3,672,028	3,682,831		10,639,376	10,263,133	10,665,772	11,441,030	11,828,830	11,521,363	8,635,658	8,314,210	8,485,166	6,741,219	6,904,285	6,414,292	6,200,254	4,355,344	4,668,738	3,444,061	3,540,000	3,470,600	3,367,100	3,454,749	3,546,000	3,106,419	2,716,415	1,752,488	999,000	998,746	1,027,261	1,055,369
receivable from unsettled transactions	94,383,000	15,522,000	340,000	16,427,000	2,159,000	53,961,000	27,780,000	46,880,000	101,195,000	182,294,000	219,731,592	61,438,187	153,721,772	47,911,907	47,412,382	75,486,443	575,630	4,138,890	115,302	4,124,686
total assets	2,821,892,000	2,793,307,000	2,791,309,000	2,695,660,000	2,698,686,000	2,741,710,000	2,730,413,000	2,646,988,000	2,829,478,000	2,849,410,000	2,160,906,341	1,799,534,233	1,806,347,289	1,727,114,191	1,677,038,745	1,222,566,609	1,065,126,369	1,096,942,967	1,226,182,755	1,211,171,148	1,093,294,587	1,187,114,769	1,189,298,950	1,250,870,713	1,234,263,231	1,127,745,188	1,070,294,615	1,016,167,651	1,031,487,510	1,013,725,812	997,111,772	941,506,420	830,871,021	798,769,932	806,663,110	783,799,749	768,870,920	704,532,190	705,351,306	698,710,332	559,457,206	486,732,343	465,819,038	388,045,494	319,910,659	292,221,114	258,806,175	261,052,000	225,952,263	216,565,212	207,904,017	213,667,000	197,231,404	188,067,528	143,798,855	136,179,000	131,911,581	129,550,997	127,467,667	1,052,043
liabilities:
accounts payable and accrued liabilities	6,125,000	3,943,000	3,409,000	5,567,000	2,156,000	1,709,000	1,856,000	8,986,000	12,300,000	10,444,000	2,340,624	2,710,698	2,723,517	2,528,070	6,045,443	1,373,856	1,213,146	5,620,633	5,852,451	6,039,494	8,904,672	7,286,501	5,540,240	3,589,695	3,301,982	4,636,217	3,374,178	2,238,206	5,297,604	3,417,774	3,113,643	3,800,689	3,216,190	1,743,559	7,128,708	4,451,101	1,707,249	4,885,429	2,719,650	1,510,224	2,661,947	2,273,598	927,738	2,268,898	1,627,793	1,141,368	1,030,064	2,222,000	1,450,875	1,023,659	809,372	1,609,000	1,116,926	737,742	643,633	1,144,000	740,300	470,460	560,144
interest payable	12,848,000	15,430,000	15,473,000	16,245,000	12,452,000	11,358,000	8,193,000	9,719,000	6,731,000	10,450,000	5,704,470	4,318,110	4,224,298	4,084,372	2,219,274	766,815	1,306,052	2,019,724	2,339,146	334,161	3,727,446	1,802,490	1,723,664	4,137,636	1,559,113	1,537,490	3,841,477	1,558,369	1,266,454	3,577,430	1,435,372	1,089,844	3,022,415	1,093,587	1,072,595	2,955,187	1,065,668	857,450	3,551,367	1,205,864	814,105	3,112,355	613,677	2,388,505	524,319	2,433,873	595,868	2,334,000	570,519	2,242,908	512,333	1,882,000	266,973	1,084,994	185,999	699,000	171,222	677,866	156,840
administrative fees payable	351,000	356,000	349,000	540,000	582,000	483,000	486,000	895,000	860,000	973,000	750,000	750,000	500,000	500,000	675,000	300,000	200,000
base management fees payable	8,415,000	8,193,000	8,019,000	7,888,000	8,279,000	8,315,000	8,134,000	8,267,000	7,381,000	5,872,000	5,422,322	5,273,797	4,891,372	3,929,251	3,413,270	3,375,262	3,616,787
incentive management fees payable	5,634,000	11,117,000	7,738,000	7,871,000	8,167,000	4,618,000	10,086,000	1,825,000		4,754,000	4,067,256	4,442,599	3,510,339	2,721,741
derivative liabilities	1,640,000	5,863,000	4,894,000	9,394,000	3,675,000	266,000	2,049,000		2,135,000	3,108,000		228,700	821,828	142,099
payable from unsettled transactions	553,000	4,189,000	47,075,000	7,380,000	336,000	424,000	135,000	18,768,000	14,594,000	21,195,000	26,785,566	59,063	2,872,973		1,548,578			13,862,282	2,970,000	636,179
borrowings under credit facility	353,981,000	547,313,000	497,268,000																		10,000,000	125,001,284	141,118,837	125,315,242	91,090,267	91,427,900	152,070,309	128,109,192	120,677,107	88,758,498	20,323,357	10,754,616	31,255,980	10,860,711	11,636,928			26,000,000
notes payable	1,265,550,000	1,021,059,000	1,018,281,000	1,011,831,000	1,010,811,000	720,187,000	719,790,000	718,592,000	718,222,000	717,841,000	717,556,296	374,265,334	374,222,921	374,181,388	224,335,666	49,534,479
total liabilities	1,655,097,000	1,617,463,000	1,602,506,000	1,505,306,000	1,486,810,000	1,543,486,000	1,522,816,000	1,418,927,000	1,576,603,000	1,531,854,000	1,418,975,578	1,054,712,668	1,062,219,728	999,231,444	959,234,221	696,589,668	574,653,175	651,198,059	643,103,050	627,009,834	434,988,094	545,603,067	558,905,534	542,925,739	505,055,942	508,389,979	572,043,943	511,819,737	515,753,833	498,909,031	477,496,324	394,056,844	385,096,605	360,138,908	365,397,605	352,707,720	346,557,618	285,829,585	290,191,749	286,567,067	228,012,731	229,932,010	216,600,540	207,566,335	141,481,838	158,411,756	129,112,815	131,952,000	121,736,076	122,284,850	120,095,277	122,242,000	102,062,077	93,061,235	49,561,111	42,706,000	36,711,522	36,948,326	36,737,031	1,050,646
commitments and contingencies
net assets:
common stock, 0.001 par value per share...	105,000	105,000	105,000	105,000	106,000	107,000	107,000	109,000	110,000	111,000	65,316	65,316	65,316	65,316	65,316	47,962	47,962	48,289	50,314	50,691	48,051	48,025	47,741	47,746	47,681	40,405	33,630	33,576	33,321	33,272	33,226	32,906	27,940	27,904	27,678	27,600	27,563	27,320	27,289	27,263	22,715	18,625	18,570	14,929	14,885	12,074	11,935		9,828	8,333	7,047		6,917	6,917	6,804		6,804	6,733	6,687
additional paid-in capital	1,844,638,000	1,844,638,000	1,845,526,000	1,846,977,000	1,853,350,000	1,845,122,000	1,845,122,000	1,575,568,000	1,584,076,000	1,597,257,000	1,027,686,768	1,027,707,047	1,027,707,047	1,027,707,047	1,027,707,047	846,636,727	846,636,727	848,982,942	875,245,919	879,033,345	825,264,541	823,786,656	822,780,495	821,351,998	819,123,942	684,618,304	553,234,755	550,903,360	547,444,138																182,663,381	140,279,496	138,107,049		115,370,671	100,628,226	87,972,856		87,121,265	87,013,500	86,949,189		87,599,046	86,617,869	85,972,950	1,500
total distributable earnings	-677,948,000	-668,899,000	-656,828,000	-656,728,000	-641,580,000	-647,005,000	-637,632,000	-347,616,000	-331,311,000	-279,812,000		-282,950,798	-283,644,802	-299,889,616		-320,707,748	-356,211,495	-403,286,323	-292,216,528	-294,922,722
total net assets	1,166,795,000	1,175,844,000	1,188,803,000	1,190,354,000	1,211,876,000	1,198,224,000	1,207,597,000	1,228,061,000	1,252,875,000	1,317,556,000	741,930,763	744,821,565	744,127,561	727,882,747	717,804,524	525,976,941	490,473,194	445,744,908	583,079,705	584,161,314	658,306,493	641,511,702	630,393,416	707,944,974	729,207,289	619,355,209	498,250,672	504,347,914	515,733,677	514,816,781	519,615,448	547,449,576	445,774,416	438,631,024	441,265,505	431,092,029	422,313,302	418,702,605	415,159,557	412,143,265	331,444,475	256,800,333	249,218,498	180,479,159	178,428,821	133,809,358	129,693,360		104,216,187	94,280,362	87,808,740		95,169,327	95,006,293	94,237,744		95,200,059	92,602,671	90,730,636
total liabilities and net assets	2,821,892,000	2,793,307,000	2,791,309,000	2,695,660,000	2,698,686,000	2,741,710,000	2,730,413,000	2,646,988,000	2,829,478,000	2,849,410,000	2,160,906,341	1,799,534,233	1,806,347,289	1,727,114,191	1,677,038,745	1,222,566,609	1,065,126,369	1,096,942,967	1,226,182,755	1,211,171,148	1,093,294,587	1,187,114,769	1,189,298,950	1,250,870,713	1,234,263,231	1,127,745,188	1,070,294,615	1,016,167,651	1,031,487,510	1,013,725,812	997,111,772	941,506,420	830,871,021	798,769,932	806,663,110	783,799,749	768,870,920	704,532,190	705,351,306	698,710,332	559,457,206	486,732,343	465,819,038	388,045,494	319,910,659	292,221,114	258,806,175		225,952,263	216,565,212	207,904,017		197,231,404	188,067,528	143,798,855		131,911,581	129,550,997	127,467,667
net asset value per share	11,100	11,180	11,290	11,290	11,440	11,250	11,340	11,280	11,410	11,860	11.36	11.4	11.39	11.14	10.99	10.97	10.23	9.23	11.59	11.52	13.7	13.36	13.2	14.83	15.29	15.33	14.82	15.02	15.48	15.47	15.64	16.64	15.95	15.72	15.94	15.62	15.32	15.33	15.21	15.12	14.59	13.79	13.42	12.09	11.99	11.08	10.87		10.6	11.31	12.46		13.76	13.73	13.85		13.99	13.75	13.57
investment income:
interest income:
total interest income	48,808,000	50,217,000							40,784,000	32,069,000	102,439,082	24,622,330	26,819,189	25,214,241	65,620,891	15,217,547	15,295,679	17,674,402	19,074,824	18,034,014	20,036,039	21,941,273	24,239,937	25,845,236	24,112,508	20,954,875	21,110,058	21,760,639	22,594,607	21,231,746
dividend income:
total dividend income	14,177,000	14,593,000							7,246,000	7,693,000	8,879,156	2,866,668	394,901	71,500	2,603		2,603		4,711		401,232	190,262	194,985	1,084,248	281,229	411,701	650,796	-1,086,705	582,722	327,058
fee and other income:
total fee and other income	4,004,000	4,880,000							5,072,000	1,197,000	13,020,244	4,488,346	2,568,455	2,133,175	4,080,636	769,126	650,433	960,993	519,970	301,057	2,769,579	1,787,990	2,691,725	1,229,441	2,317,502	2,014,692	2,779,343	2,033,901	3,745,770	2,435,188
payment-in-kind interest income:
total payment-in-kind interest income	5,199,000	4,508,000							2,474,000	2,798,000	10,996,305	3,006,481	3,370,885	3,173,787	1,326,307	342,469	191,049	43,572			1,544,886	1,728,721	2,586,138	2,910,736	3,377,848	3,895,730	3,826,211	3,910,817	3,861,945	3,763,536	3,897,324	3,755,665	4,146,883	3,734,421	4,539,849	4,222,617	4,214,794									1,573,061
interest income from cash	216,000	200,000							16,000		587		58	528	631			631	2,183	4,687
total investment income	72,404,000	74,398,000							55,592,000	43,757,000	135,335,374	34,983,825	33,153,488	30,593,231	71,031,068	16,329,142	16,139,764	18,679,598	19,601,688	18,339,758	25,473,491	26,076,087	29,888,058	31,213,767	30,190,770	27,412,457	28,421,860	26,655,870	30,843,445	27,824,904	30,779,570	24,875,770	24,939,766	24,038,945	27,315,168	27,256,148	24,465,935	24,326,708	21,962,466	19,111,853	16,220,810	16,413,746	12,425,397	35,985,494	9,787,085	8,294,147	7,484,907		7,096,643	6,576,403	6,504,500		5,869,637	5,020,091	3,863,984		3,594,287	3,287,224	2,112,116
operating expenses:
interest and other financing fees	21,508,000	22,176,000							13,168,000	11,661,000	33,013,665	8,103,044	7,994,447	7,284,709	19,812,711	3,738,991	4,624,731	6,004,133	7,027,040	5,844,172	7,344,335	7,590,548	7,394,241	7,113,827	6,910,303	6,757,718	6,764,654	6,518,570	6,561,298	7,325,340	6,432,455	5,292,967	5,158,543	5,139,512				4,046,885	4,144,623
base management fee	8,415,000	8,193,000							7,381,000	5,872,000	19,516,741	5,273,797	4,891,372	3,929,251	14,317,693	3,375,262	3,616,787	3,912,373	3,130,955	2,450,995
incentive management fees	5,634,000	11,117,000								4,754,000	14,741,949	4,442,607	3,510,345	2,721,741
general and administrative expenses	1,896,000	2,294,000							3,269,000	2,455,000	9,095,185	2,281,825	2,199,666	2,301,434	5,793,880	1,254,723	1,369,117	1,400,614	1,922,165	1,968,860	4,224,631	1,668,509	1,019,192	1,173,572	1,210,621	859,785	1,221,821	1,088,724	5,764,151	4,333,379	6,577,536	4,166,165	5,122,875	5,056,092	5,537,980	5,994,702	4,120,958	4,403,469	3,767,420	3,607,267	2,927,465	3,436,474	2,397,523	7,689,015	1,840,794	1,797,889	1,854,812		1,538,693	1,508,882	1,719,266		1,467,866	1,522,626	1,348,333		1,048,690	1,094,092	548,164
total operating expenses	37,453,000	43,780,000							23,818,000	24,742,000	76,367,540	20,101,273	18,595,830	16,237,135	39,972,665	8,368,976	9,610,635	11,365,530	12,188,806	10,382,471	15,411,622	13,351,909	12,737,141	11,862,805	12,371,337	11,581,300	12,082,947	17,057,787	12,325,449	11,658,719	13,009,991	9,459,132	10,281,418	10,195,604	10,535,600
net investment income before taxes	34,951,000	30,618,000							31,774,000	19,015,000	58,967,834				31,058,403
income taxes, including excise tax expense	1,338,000	808,000								6,000	7,495				70,599
net investment income after taxes	33,613,000	29,810,000							31,774,000	19,009,000	58,960,339	14,857,019	14,557,658	14,374,134	30,987,804
borrowings under credit facilities				438,590,000	440,352,000	796,126,000	772,087,000	650,989,000	814,380,000	757,217,000	655,189,256	662,664,367	668,452,480	611,144,523	719,660,707	463,703,208	342,921,705	339,825,929	285,500,000	620,000,000
derivative asset								15,905,000
derivative liability								886,000
short-term investments												50,000,000	10,574,196	73,565,676	65,558,227	210,503,390	58,046,124	100,459,806	34,423,491	62,414,373
credit support agreement											15,400,000	14,300,006	14,300,006	12,000,000	13,600,000
derivatives liabilities											1,159,788				1,336,283
total distributable loss											-285,821,321				-309,967,839
compensation expenses															48,381			48,410	108,646	118,444	3,842,656	4,092,852	4,323,708	3,575,406	4,250,413	3,963,797	4,096,472	9,450,493
net investment income												14,882,552	14,557,658	14,356,096		7,960,166	6,529,129	7,314,068	7,412,882	7,957,287	10,061,869	12,724,178	17,150,917	19,350,962	17,819,433	15,831,157	16,338,913	9,598,083	18,517,996	16,166,185	17,769,579	15,416,638	14,658,348	13,843,341	16,779,568	16,271,923	15,233,465	15,876,354	14,050,423	12,193,849	10,392,256	10,223,521	7,728,127	20,149,473	5,612,455	4,558,624	3,793,684		3,717,857	3,249,297	3,037,582		3,211,706	2,542,442	1,913,695		1,992,001	1,643,998	804,730
income taxes, including excise tax provision												25,533
income taxes, including excise tax benefit														-18,038
debt securitization																177,536,048	225,395,485	289,869,491	346,441,453
base management fee waived
net operating expenses															39,972,665
realized and unrealized gains on investments and foreign currency transactions:
net realized gains																	-16,514,997		50,024		-37,246,974			5,169,552	-13,318,959	-11,211,455	3,937,396	586,214	-16,495,673	-17,066,405	3,264,371	5,031,548	11,690,527	63,648	1,024,150
net realized losses on investments																-19,477,823		-157,978		-129,775		-8,678,286
foreign currency transactions																-1,028,262	82,868	-144,394
net realized losses																-20,506,085		-302,372		-129,775		-7,255,160	-8,881,050
net unrealized appreciation																55,947,382	65,043,310	-119,396,053	1,852,007	25,397,188	42,990,830	9,053,425	-65,765,558		2,692,766	3,223,540	-13,589,232	2,231,800	15,456,612	-34,789,836	-49,259,661	-24,398,324	4,739,750	6,307,499	13,994,635
net unrealized appreciation (depreciation) on investments																58,091,432	66,453,899	-121,194,279			42,891,395		-64,867,824
net realized losses and unrealized appreciation (depreciation) on investments and foreign currency transactions																35,441,297	48,528,313	-119,698,425
loss on extinguishment of debt																-216,474	-306,202	-137,390	-85,356	-44,395										-1,394,017							-412,673	-624,768		-205,043
benefit from taxes																-7,362	-2,532		17,493	-17,992	-488,845	-50,790									-137,875		-586,788	-266,555										220,740		39,846	52,898
net increase in net assets resulting from operations																43,177,627	54,748,708	-112,521,747	9,247,050	33,162,313	15,316,880	14,471,653	-57,496,676	-2,027,746	7,193,240	7,879,673	6,686,827	12,427,258	17,872,372	12,175,588	8,353,942	-8,812,327	24,194,338	12,502,499	23,171,664	21,848,467	18,419,816	16,231,786	15,626,201	12,617,508	17,470,243	14,545,231	12,351,241	25,390,549	7,183,182	6,867,280	4,149,329		-778,659	-2,851,857	-583,357		2,476,346	2,848,507	765,391		3,366,681	2,230,084	1,065,835
net investment income per share—basic and diluted																0.17	0.14	0.15	0.15	0.16	0.21	0.27	0.36	0.41	0.42	0.42	0.49	0.29	0.56	0.49	0.54	0.51	0.53	0.5	0.61	0.59	0.56	0.58	0.52	0.49
net increase in net assets resulting from operations per share—basic and diluted																0.9	1.14	-2.3	0.18	0.65	0.32	0.3	-1.2	-0.04	0.17	0.21	0.2	0.37	0.54	0.37	0.25	-0.29	0.87	0.45	0.84	0.79	0.67	0.59	0.57	0.5
dividends/distributions per share:
total dividends/distributions per share																0.16	0.16	0.16	0.13	0.12		0.3	0.45	0.45	0.45	0.45	0.45	0.54	0.59	0.59
weighted-average shares outstanding—basic and diluted																47,961,753	47,977,481	48,887,393	50,473,640	51,157,646	48,041,540	47,898,859	47,743,990	47,695,007	42,743,469	38,115,449	33,584,466	33,480,346	33,274,586	33,234,532
net realized gains on investments																	-16,597,865		50,024		-36,905,059
net realized losses:
realized and unrealized gains on investments and foreign currency borrowings:
foreign currency borrowings																					-341,915	1,423,126	-897,734	-524,975	-178,792	342,409	-59,268	-852,523	1,081,391	-312,322	1,173,707	501,364	-395,269	360,535	-11,274
net unrealized appreciation on investments																			1,852,007	25,397,188		10,016,840
net realized and unrealized appreciation on investments and foreign currency borrowings																			1,902,031	25,267,413
cash and cash equivalents																					216,487,786	207,911,913	81,003,756	64,999,516	90,603,276	168,336,823	124,929,733	64,162,614	53,034,307	117,547,039	111,763,958	84,012,141	79,593,085	90,838,247	160,020,438	117,131,063	37,041,674	60,110,779	93,727,621	142,514,158	85,449,077	68,242,549	73,420,711	54,820,222	74,087,213	44,885,473	43,272,690	55,201,000	33,414,295	35,918,700	17,432,238	27,193,000	15,931,088	18,706,661	15,611,011	21,788,000	35,789,724	45,148,032	72,791,346
interest, fees and other receivables																					11,395,287	7,806,038	9,744,381	9,155,222	5,494,514	6,966,478	9,425,610
prepaid expenses and other current assets																					2,279,370	2,413,115	1,827,994	1,933,748	1,848,178	1,690,182	1,903,714	1,833,905	977,569	646,272	615,625	643,796	592,716	3,473,128	785,992	509,768	593,736	451,017	401,771	470,126	508,278	554,905	338,094	119,151	240,009	261,749	349,163	287,000	276,297	226,845	295,045	95,000	113,367	160,989	177,962	47,000
property and equipment																					53,735	67,442	91,195	96,422	107,211	122,506	119,520	124,022	119,236	116,619	115,427	97,757	75,238	76,425	54,174	53,595	56,583	54,826	55,847	60,611	49,744	51,285	58,698	47,647	45,802	39,212	23,188	29,000	34,503	36,879	42,449	48,000	48,086	39,911	32,916	34,000	34,701	21,497	12,547
taxes payable																					126,587	126,587							54,152	54,152	56,002	428,033	408,686		40,249	234,796	234,796	307,000	203,893	203,893	6,307	6,307	6,307	197,979	49,573	52,348	31,933		24,899	24,899
deferred income taxes																					1,680,591	1,249,627	1,196,745	955,545	570,505	3,027,000	5,375,894	4,551,800	6,050,113	4,117,502	3,208,718	3,751,194	4,317,331	3,610,610	2,780,236	2,373,214	901,067	1,220,454	802,079	775,953	291,760	352,316	402,787	208,587	211,187	246,667	614,267	577,000	437,827	512,707	844,507	844,000	2,418,178	2,128,499	1,585,899	1,760,000
notes																					163,750,577	163,578,086	163,241,179	163,076,680	162,914,760	162,598,503	162,444,085	162,292,089	161,995,214	161,850,261	229,425,841	149,500,000	149,500,000	149,500,000	149,500,000	149,500,000	149,500,000
sba-guaranteed debentures payable																					246,798,221	246,558,492	246,084,869	245,850,941	245,619,315	245,162,869	244,938,000	213,070,081	220,413,189	220,171,914	219,933,391	224,732,468	193,376,003	193,330,441	193,238,889	193,193,422	193,148,838	183,559,252	213,914,760	213,871,133	224,193,394	224,149,934	214,607,244					121,910,000				115,110,000				37,010,000
net investment income in excess of distributions																					16,144,459	6,571,435
accumulated realized losses																					-129,385,757	-92,138,783	-41,242,051	-32,361,001	-37,530,553	-32,501,174	-21,289,719	-25,227,115
net unrealized depreciation																					-53,764,801	-96,755,631	-146,708,986	-80,943,428	-54,699,349	-39,355,763	-42,579,303	-28,990,071	-19,333,224
interest income from cash and cash equivalents																					721,755	427,841	175,273	144,106	101,683	135,459	55,452	37,218	58,401	67,376
net realized and unrealized gains on investments and foreign currency borrowings																					5,743,856	1,798,265			-10,626,193			2,818,014	-1,039,061	-2,596,580	-9,277,762	-24,106,526	10,122,778	-1,074,287	5,905,683
regular quarterly dividends/distributions																						0.3	0.45	0.45	0.45	0.45	0.45	0.54	0.54	0.54	0.54	0.54
net investment income in excess of (less than) distributions																							-4,483,783	-150,341
net realized and unrealized losses on investments and foreign currency borrowings																							-74,646,608	-21,074,527		-7,987,915	-9,651,836
tax benefit																							-985	-304,181		36,431
net unrealized depreciation:
investments																								-25,719,104	2,871,558	2,881,131	-13,529,964	3,084,323	14,375,221	14,782,147	-13,715,840	-29,639,438	-1,172,480	-1,498,470	4,892,807
investment income in excess of distributions																									2,265,568	6,553,437	8,851,309	7,628,164	13,665,361	6,138,723	10,976,071	13,283,742	6,132,527	7,134,163	10,432,313	8,098,018	6,714,859	7,501,895	6,475,047	6,054,619	5,860,838	5,400,419	3,347,637	3,365,548	195,415				1,902,083	2,205,265	2,320,044		4,589,197	3,848,381	3,526,071
supplemental dividends/distributions																													0.05	0.05	0.05	0.05
benefit for taxes																											-250	11,161	393,437			-122,439
net realized gains:
accumulated realized gains																													-26,075,919	-1,337,335	15,729,070	17,826,437	24,051,059	16,547,531	8,309,620
payable from unsettled transaction																														16,961,500
additional paid in capital																														544,771,957	542,136,742	540,704,815	410,823,140	408,613,927	408,501,259	406,567,839
loan interest, fee and dividend income:
total loan interest, fee and dividend income																															26,829,310	21,058,208	20,735,995	20,229,916	22,694,248	22,989,068	20,199,901	20,264,493	18,065,920	15,740,524	13,221,985	13,838,039	10,381,960	29,660,994	8,032,622	6,664,602	6,185,383		5,457,699	5,362,184	5,361,413		4,699,549	4,076,534	3,157,969		2,665,041	2,276,037	1,505,954
interest income from cash and cash equivalent investments																															52,936	61,897	56,888	74,608	81,071	44,463	51,240	78,500	156,049	109,858	94,489	85,973	101,149	344,642	67,501	56,484	83,298		203,792	136,911	67,761		57,661	69,514	137,432		508,652	634,521	359,168
dividends/distributions paid per share:
total dividends/distributions																															0.59	0.59
weighted-average number of shares outstanding—basic and diluted																															33,099,197	30,412,036	27,910,468	27,805,108	27,619,464	27,569,524	27,433,290	27,290,493	27,262,646	25,075,300
dividends per share																																	0.54	0.54
capital gain distributions per share																																	0.15	0.15
interest and other debt financing fees																																			4,997,620	4,989,523	5,111,512
non-control / non-affiliate																																			1,006,339
affiliate																																			17,811
control
income tax benefit																																			486,413		-20,303	-34,388		7,231	34,269		27,359		20,410				8,417
dividends declared per common share																																			0.54	0.54	0.54	0.52	0.5	0.47	0.44	0.44	0.42	1.61	0.41	0.41	0.41		0.41	0.4	0.4		0.35				0.26	0.15
accumulated realized gains on investments																																				7,285,470	3,825,722	6,235,321	4,633,796	1,011,649				-8,244,376	2,347,198	1,155,817	647,364		852,293	852,293	4,129
net unrealized appreciation of investments																																				9,113,102	6,996,306	6,095,941	6,682,878	8,729,247	6,707,047		6,336,058										4,019,479	4,756,115	4,374,300		5,880,157	4,646,491	4,060,405
expenses:
total expenses																																				10,984,225	9,232,470	8,450,354	7,912,043	6,918,004	5,828,554	6,190,225	4,697,270	15,836,021	4,174,630	3,735,523	3,691,223	14,000	3,378,786	3,327,106	3,466,918	11,300	2,657,931	2,477,649	1,950,289	6,800	1,602,286	1,643,226	1,307,386
net realized gain on investments – non-control / non-affiliate																																				2,428,668	578,782
net realized gain on investments – affiliate																																				3,321,999	1,274,000	785,132																			141,014
net realized gain on investments – control																																				-2,290,919
net unrealized appreciation (depreciation) of investments																																				2,116,796		-586,937				-2,323,001		1,740,303	358,936	1,840,049	209,343		-13,918,688	-9,413,755	-2,495,336		-736,636	381,815	-1,021,883		1,233,666	586,086
total net gain on investments																																				5,576,544	3,619,327	1,014,588	1,575,778																		1,374,680	586,086	261,105
additional paid-in-capital																																					404,748,852	398,842,128	397,340,547	396,320,487	316,103,812	248,967,897	247,760,609	183,602,755
non–control / non–affiliate investments																																						498,027,652	476,434,438	436,419,052																	63,449,412	51,656,727
senior notes																																						69,000,000	69,000,000	69,000,000
payment–in–kind interest income:
total payment–in–kind interest income																																						3,983,715
net realized gain on investments – non–control / non–affiliate																																						816,393
assets
liabilities
net assets
paid–in–kind interest income:
total paid–in–kind interest income																																							3,740,497	3,261,471																	420,594	376,666
net realized gain on investments—non control / non–affiliate																																							2,784,108
net realized gain on investments—control																																							838,039
net unrealized depreciation of investments																																							-2,046,369						-6,792,058	-7,150,994	-8,991,043				-3,605,144
interest and credit facility fees																																								3,087,820
amortization of deferred financing fees																																								222,917	202,518	212,382	309,763	796,994	469,394	99,630	96,431		90,500	87,649	90,661		64,596	56,028	40,141		28,515	28,108	27,108
total net gain on investments before income taxes																																								621,471	7,043,718	4,321,710	4,595,755	5,461,816	1,550,317	2,348,502	408,543		-4,504,933	-6,070,255			-685,547	381,815	-1,021,883
deferred revenue																																									45,218	37,500	42,787	37,500	47,500	37,500	37,500	75,000	112,500	37,500			50,000
accumulated realized gain on investments																																									2,750,063	4,736,393
paid-in-kind interest income:
total paid-in-kind interest income																																									2,904,336	2,489,734									1,075,326		1,112,427		568,583
interest expense																																									2,698,571	2,541,369	1,989,984	7,350,012	1,864,442	1,838,004	1,739,980		1,749,593	1,730,575	1,656,991		1,125,469	898,995	561,815		525,081	521,026	499,691
net realized gain on investments — non control / non-affiliate																																									1,011,649
net realized gain on investments — control																																									-2,997,979	12,153,170
net realized gain on investments — affiliate
net investment income per share — basic and diluted																																									0.52	0.55	0.46	1.58	0.46	0.38	0.32		0.41	0.41	0.43		0.46	0.37	0.28				0.12
net increase in net assets resulting from operations per share — basic and diluted																																									0.87	0.78	0.73	1.99	0.59	0.57	0.35		-0.09	-0.36	-0.08		0.36	0.41	0.11				0.16
weighted-average number of shares outstanding — basic and diluted																																									20,015,230	18,570,929	16,848,570	12,763,243	12,258,614	12,003,068	11,877,688		9,129,192	7,924,772	6,997,411		6,917,363	6,871,215	6,803,863				6,686,760
non-control/non-affiliate investments																																										310,837,398
net realized gain on investments — non control/non-affiliate																																										827,599
non—control / non—affiliate investments																																											290,736,361		180,835,768		149,994,248		127,517,222	132,456,893				114,911,243					41,045,654
accumulated realized losses on investments																																											-8,244,376										-567,531	-618,620	-618,620
paid—in—kind interest income:
total paid—in—kind interest income																																											1,942,288						1,435,152	1,077,308				874,043					246,994
non – control / non – affiliate investments																																												245,392,144
dividends payable																																															4,893,183		4,029,456	3,333,177	2,819,065
sba guaranteed debentures payable																																												202,464,866	139,021,466	154,500,000	121,910,000		115,110,000	115,110,000	115,110,000		93,110,000	89,110,000	47,050,000		35,800,000	35,800,000	35,800,000
paid – in – kind interest income:
total paid – in – kind interest income																																												5,979,858
net realized gain on investments — non control / non — affiliate																																												-1,623,104
net realized loss on investment — affiliate																																												-3,855,769
net realized gain on investment — control
capital gains distributions declared per common share																																												0.04
payment—in—kind interest income:
total payment—in—kind interest income																																													1,686,962		1,216,226
net realized gain on investments — non-control/non-affiliate																																													1,210,481
net realized gain on investment — affiliate																																													-19,100
distributions of capital gains declared per common share																																																			0.05
investment income in excess of (less than) distributions																																														-487,035	-81,945
net realized gains on investments — non-control/non-affiliate																																														-3,032,785				848,164
realized gain on investment — affiliate																																														3,541,238
realized gain on investments — non-control/non-affiliate																																															199,200
balance sheet data:
investments at fair value																																																201,318,000				182,105,000				114,374,000
deferred offering costs																																																												1,020,646
liabilities and partners’ capital:
distribution / dividends payable																																																4,775,000				2,767,000
income taxes payable																																																59,000				30,000			95,580	52,000
total partners’ capital / stockholders’ equity																																																129,100,000
total liabilities and partners’ capital / stockholders’ equity																																																261,052,000
other data:
weighted-average yield on investments																																																13,500				13,200				12,600
number of portfolio companies																																																37,000				34,000				26,000
expense ratios
operating expenses																																																6,600				6,600				4,400
interest expense and deferred financing fees																																																7,400				4,700				2,400
income tax expense																																																		30,899	15,795		49,813	75,750	126,421
total net income on investments before income taxes																																																			-3,605,144
total partners’ capital / shareholders’ equity																																																				91,425,000
total liabilities and partners’ capital																																																				213,667,000				136,179,000
short-term borrowings																																																					5,100,000
management fees																																																											232,423
net realized gain on investment — non control / non-affiliate																																																					51,089
net realized loss on investment — non control / non—affiliate																																																											-1,464,224
deferred loan origination revenue																																																							-1,571,822	-1,368,000	-1,125,654	-1,172,366	-754,659
net realized loss on investment — non control / non-affiliate
distribution/dividends payable																																																								2,041,000
total partners’ capital/shareholders’ equity																																																								93,473,000
prepaid expenses																																																									30,382	50,637	70,892
partners tax distribution payable																																																											220,047
payable to triangle capital partners, llc																																																												30,000
general partner’s capital
limited partners’ capital
accumulated undistributed net realized earnings																																																									1,714,052	1,331,578	690,594
net realized gain on investments – non control / non–affiliate
net investment income per share – basic and diluted																																																									0.3	0.25
net increase in net assets resulting from operations per share – basic and diluted																																																									0.5	0.33
weighted-average number of shares outstanding – basic and diluted																																																									6,735,177	6,687,773
allocation of net increase in net assets resulting from operations to:
general partner
limited partners
receivable from triangle capital partners, llc																																																										18,687	18,687
liabilities and shareholder’s equity
accounts payable																																																												702,841
payable to triangle mezzanine fund lllp																																																												317,805
shareholder’s equity:
accumulated deficit																																																												-103
total shareholder’s equity																																																												1,397
total liabilities and shareholder’s equity																																																												1,052,043

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-03-31	2023-09-30	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-06-30	2019-03-31	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2009-12-31	2009-03-31	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31

cash flows from operating activities:
net increase in net assets resulting from operations	23,551,000	20,559,000	32,576,000	44,001,000	18,321,000	9,894,000	-24,994,000	21,032,000	11,478,737	14,410,382	29,308,031	22,488,279	22,772,205	43,177,628	54,748,707	-112,521,747	9,247,050	33,162,313	7,193,240	7,262,674	7,879,673	6,686,827	12,427,258	9,455,350	17,872,372	12,175,588	8,353,942	477,938	-8,812,327	24,194,338	12,502,499	23,171,664	21,848,467	18,419,816	16,231,786	15,626,201	12,617,508	17,470,243	14,545,231	12,351,241	8,250,576	-583,357	2,848,507	765,391	2,150,498	3,366,681	2,230,084	1,065,835
adjustments to reconcile net increase in net assets resulting from operations to net cash from operating activities:
purchases of portfolio investments	-152,404,000	-241,934,000	-167,244,000	-143,128,000	-144,763,000	-229,950,000	-373,184,000	-335,519,000	-644,249,459	-278,795,597	-261,556,092	-276,455,607	-564,447,089	-145,200,654	-48,322,637	-123,200,667	-78,095,163	-93,255,027	-161,518,093	-155,599,315	-88,423,214	-63,632,106	-11,812,331	-101,483,024	-189,174,463	-65,057,368	-98,213,197	-128,958,581	-180,777,159	-87,341,860	-77,498,482	-75,292,548	-26,853,276	-10,259,545	-71,939,167	-114,618,366	-41,952,989	-47,852,785	-68,016,377	-68,275,512	-20,531,835	-9,193,735	-43,188,568	-14,123,791	-21,624,197	-13,121,373	-29,350,000	-63,602
repayments received / sales of portfolio investments	150,816,000	152,258,000	122,362,000	118,008,000					295,546,930	325,963,766	134,196,074	188,160,373	267,541,441	177,330,595	83,805,920	155,852,583
loan origination and other fees received	1,336,000	4,082,000	4,161,000	2,520,000	2,976,000	4,471,000	6,178,000	5,314,000	16,810,245	3,670,036	5,445,692	4,578,368	13,118,225	2,943,234	427,362	2,704,423	1,433,151	987,006	2,638,485	2,608,531	1,582,469	1,348,833	274,158	1,358,256	2,922,167	1,212,303	1,606,861	1,804,569	2,831,183	1,470,607	1,367,819	599,991	366,281	255,159	1,256,667	1,642,809	666,420		1,222,880	1,466,292	412,500	175,000	688,107	403,889	377,098	252,779	614,625	27,500
net realized (gain) loss on investments	-1,616,000	11,085,000	17,731,000	12,608,000	16,696,000	2,850,000	7,514,000	149,000	1,647,903	-925,986	-553,013	-2,814,409
net realized (gain) loss of csas	0
net realized (gain) loss on foreign currency transactions	-77,000	-787,000	-1,448,000	-241,000	-16,580,000
net realized (gain) loss on forward currency contracts	2,999,000	14,259,000	-15,213,000	9,086,000
net unrealized (appreciation) depreciation on investments	16,079,000	-27,455,000	-33,000,000	-23,102,000	6,479,000	46,793,000																									1,402,236
net unrealized (appreciation) depreciation of csas	-1,600,000	3,000,000	-4,350,000	6,350,000	6,450,000	-3,440,000
net unrealized (appreciation) depreciation on foreign currency transactions	1,536,000	15,206,000	7,777,000	-3,516,000	8,204,000
net unrealized (appreciation) depreciation on forward currency contracts	-7,260,000	3,344,000	22,317,000	-15,833,000
payment-in-kind interest / dividends	-8,450,000	-4,351,000	-6,707,000	-5,800,000	-6,703,000
amortization of deferred financing fees	1,271,000	1,197,000	1,183,000	1,041,000	860,000	777,000	766,000	732,000	533,387	373,418	369,368	343,997	364,525	376,222	362,360	375,257	377,966	180,746	587,438	581,240	575,115	537,718	531,993	526,338	529,017	595,343	511,864	430,108	425,232	402,639	397,944	387,800	376,827	389,394	284,860	281,702	222,917	202,518	212,382	309,763	95,008	90,661	56,028	40,141	28,929	28,515	28,108	27,108
accretion of loan origination and other fees	-2,749,000	-2,565,000	-2,648,000	-2,419,000	-1,948,000	-3,266,000	-3,790,000	-1,523,000	-2,857,091	-3,073,899	-2,031,905	-1,481,038	-1,040,702	-534,350	-483,708	-658,005	-319,104	-224,397	-1,349,409	-892,396	-1,125,380	-1,415,622	-1,135,001	-1,267,655	-1,695,166	-1,242,468	-1,960,200	-1,115,439	-921,474	-948,067	-835,536	-1,204,307	-1,509,034	-734,094	-842,549	-1,078,214	-476,512	-317,796	-296,108	-415,247
amortization / accretion of purchased loan premium / discount	-127,000	-177,000	-718,000	-261,000	-178,000	-316,000	-901,000	-339,000	-396,304	-428,046	-1,842,148	-1,979,787	-667,972
proceeds from termination of csa	0
payments for derivative contracts	-5,863,000	-16,654,000	-4,930,000	-11,265,000	-2,022,000
proceeds from derivative contracts	2,864,000	2,395,000	20,143,000	2,178,000	1,789,000
changes in operating assets and liabilities:
interest and fees receivable	2,722,000	-4,883,000	4,192,000	10,729,000	-13,000																		-1,891,253	693,174	1,249,241	371,111	203,433	-2,917,870	-421,539	-363,755	1,549,819	293,733	-47,369	-1,481,469	478,026	-1,702,909	-861,679	-748,938	-179,021	-532,986	-311,429	211,203	-55,906	-98,925	-328	-175,624	52,394	-46,782
prepaid expenses and other assets	-551,000	1,077,000	205,000	313,000	-1,292,000	-3,578,000	2,134,000	-1,881,000	-1,610,162	1,142,388	-1,010,543	1,264,058	2,524,449	-2,824,442	1,054,033	-798,647	1,566,761	1,238,741
accounts payable and accrued liabilities	-3,425,000	4,051,000	-3,328,000	-388,000	-5,438,000	5,124,000	-115,000	-2,962,000	-787,717	730,036	1,810,584	-1,668,440	4,009,635	25,148	-596,664	452,640	-187,043	712,245	-3,495,262	2,161,027	1,262,039	1,135,972	-5,225,308	2,165,910	1,879,830	304,131	-4,031,030	3,343,984	584,499	1,472,631	-5,750,369	2,677,607	2,743,852	-4,698,321	2,165,779	1,209,426	-2,606,598	388,349	1,345,860	-1,341,160	846,302	-799,537	94,109	-500,589	403,922	269,840	-89,684	-234,839
interest payable	-2,575,000	-17,000	-813,000	4,010,000	3,169,000	2,988,000	-3,713,000	4,746,000	1,376,613	95,624	142,415	1,868,804	312,583	-539,664	-713,087	-471,825	2,004,985	-415,364	-2,437,827	2,459,450	-2,303,987	2,283,108	-2,156,101	2,448,016	-2,310,976	2,142,058	-1,929,865	2,275,393	-1,932,571	1,928,828	-1,924,058	-1,882,592	1,889,519	-2,070,906	-2,693,917	2,345,503	-2,316,068	-2,298,250	2,498,678	-1,774,828	1,763,433	-1,369,428	898,995	-512,736	527,513	-506,644	521,026	-449,456
net cash from operating activities	16,477,000	-52,710,000	-7,752,000	4,891,000	-34,864,000	122,351,000	6,162,000	-18,832,000	-280,679,693	23,117,311	-53,877,867	-85,112,187	-222,954,528	-115,132,431	83,992,497	35,963,975	8,249,116	-40,955,860	-89,269,767	-78,956,843	-7,879,841	19,571,449	44,129,329	7,193,117	-78,571,345	29,475,459	10,668,613	-39,082,580			-21,438,870	45,415,191	94,896,238	-676,765	-14,586,884	-35,338,838	-30,294,341	-39,422,613	-6,517,220	-48,931,364	-2,037,328	-6,643,903	-35,789,470	-13,380,095	-13,342,913	-8,573,270	-27,054,562	1,127,632
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-18,507	-1,727	-21,923	-13,338	-33,916	-2,154	-17,944	-15,248	-21,843	-25,947			-25,552	-11,911	-6,925	-10,220	-7,313	-3,698	-9,656	-5,152	0	-18,115	0		-10,543	-2,015	-2,674	-15,745	-10,656	-12,905
free cash flows	16,477,000	-52,710,000	-7,752,000	4,891,000	-34,864,000	122,351,000	6,162,000	-18,832,000	-280,679,693	23,117,311	-53,877,867	-85,112,187	-222,954,528	-115,132,431	83,992,497	35,963,975	8,249,116	-40,955,860	-89,288,274	-78,958,570	-7,901,764	19,558,111	44,095,413	7,190,963	-78,589,289	29,460,211	10,646,770	-39,108,527			-21,464,422	45,403,280	94,889,313	-686,985	-14,594,197	-35,342,536	-30,303,997	-39,427,765	-6,517,220	-48,949,479	-2,037,328		-35,800,013	-13,382,110	-13,345,587	-8,589,015	-27,065,218	1,114,727
cash flows from financing activities:
borrowings under credit facility	261,339,000	66,500,000	104,000,000																50,000,000	36,000,000	0	38,901,849	30,000,000	41,000,000	91,000,000	75,000,000	8,000,000	72,469,873	0
repayments of credit facility	-456,024,000	-31,627,000	-52,844,000																-86,100,000		-60,300,000	-15,000,000	-34,000,000		-58,000,000	-8,000,000	-48,000,000								0	0	-15,000,000
proceeds from notes				300,000,000					350,000,000	0	0	150,000,000	175,000,000											0	0	-192,942	83,565,582
repayments of notes
financing fees paid				-7,122,000	-14,000	-28,000	-264,000	-1,565,000	-7,082,741	1	-427	-190,682	-229,078				-1,800,464	-6,446,227	-500,000	-1	0			0	-179,387			-7,549				0			-1,231,076	-110,746	-2,230,237	-39,452	-702,375	-523,801	-164,900		-1,019,955	-793,470	-29,342	0	0	-97,000
purchases of shares in repurchase plan	0	-888,000	-1,451,000	-1,107,000	0	-8,510,000	-13,007,000	-2,106,000					0	0	-2,346,542	-4,784,090	-3,787,803	-5,861,497
cash dividends / distributions paid	-32,600,000	-32,630,000	-32,676,000	-27,577,000	-27,694,000	-26,199,000	-26,505,000	-15,023,000	-14,369,539	-13,716,378	-13,063,217	-12,410,056	-8,153,498	-7,673,880	-7,673,880	-7,823,964
net cash from financing activities	17,468,000	1,355,000	17,029,000	-11,306,000	4,292,000	-182,798,000	37,177,000	89,010,000	323,547,721	-12,435,373	44,066,410	33,139,817	300,654,631	111,466,285	-72,997,722	-50,496,811	1,620,877	31,585,487	72,803,887	17,709,410	51,308,854	41,209,008	-32,548,217	-7,609,852	14,076,557	-23,677,130	22,358,162	33,855,412	119,489,985	1,458,716	-21,001,677	-2,513,905	-14,799,924	-34,571,764	-19,022,645	-13,444,001	105,949,815	56,634,293	1,339,058	67,549,968	23,823,454	-3,117,146	38,895,663	7,205,371	-656,387	-769,293	-578,096	69,120,117
net increase in cash and foreign currencies	33,945,000	-51,355,000	9,277,000	-6,415,000	-30,572,000	-60,447,000	43,339,000	70,178,000
cash and foreign currencies, beginning of period	0	0	91,339,000	70,528,000	0	0	0	84,253,000		0	0	92,487,461
cash and foreign currencies, end of period	33,945,000	-51,355,000	100,616,000	64,113,000	-30,572,000	-60,447,000	43,339,000	154,431,000		10,681,938	-9,811,457	40,515,091
supplemental information:
cash paid for interest	21,923,000	20,773,000	17,680,000	15,580,000	17,504,000	11,269,000	15,800,000	5,966,000	7,543,292	7,473,591	7,282,826	4,903,435	3,324,613	3,480,613	4,484,365	5,407,506	3,861,359	5,589,938	8,541,314	3,437,106	8,304,075	3,693,308	7,932,474	3,222,849	8,124,491	4,029,040	7,644,734	2,705,748	6,616,495	2,604,436	6,404,312	6,290,269	2,490,469	6,594,078	6,327,534	1,381,917	5,289,789	4,953,361	1	3,722,434	-1	3,026,419	0	1,074,552	-1	1,031,725	0	949,148
excise taxes paid during the period	336,000	0	3,665,000	1,700,000	212,000
portfolio company
non–control / non–affiliate investments:
debt investments
aerospace & defense
accurus aerospace corporation
atl ii mro holdings inc.
compass precision, llc
gb eagle buyer, inc.
jade bidco limited
m-personal protection management gmbh
megawatt acquisitionco, inc.
protego bidco b.v.
sisu acquisitionco., inc.
trident maritime systems, inc.
whitcraft holdings, inc.
subtotal aerospace & defense (8.1%)*
automotive
burgess point purchaser corporation
oac holdings i corp
randys holdings, inc.
spatco energy solutions, llc
svi international llc
subtotal automotive (2.5%)*
subtotal aerospace & defense (8.9%)*
banking, finance, insurance, & real estate
aegros holdco 2 ltd
adb safegate
narda acquisitionco., inc.
subtotal aerospace & defense (9.8%)*
net cash acquired from sierra merger
transaction costs from sierra merger
borrowings under credit facilities				24,500,000	32,000,000	0	76,953,000	107,704,000	320,000,001	25,000,000	80,907,941	29,823,707	400,468,031	128,115,478	50,038,382	58,085,614	35,000,000	85,000,000
repayments of credit facilities				-300,000,000					-325,000,000	-23,718,996	-23,777,887	-134,083,152	-152,999,999	-10,323,364	-48,200,000	-69,000,000	-369,500,000	-35,000,000
barings bdc, inc.consolidated statements of cash flows -
supplemental non-cash information
acquisitions
fair value of net assets acquired, net of cash
transaction costs						-1,200,000	-3,764,000	7,520,000
common stock issued in acquisition of net assets
credit support agreement						0	0	-44,400,000
deemed contribution — from adviser
deemed contributions — csa
1worldsync, inc.
a.t. holdings ii ltd
accelerant holdings
acclime holdings hk limited
acogroup
ad bidco, inc.
adhefin international
advantage software company (the), llc
air canada 2020-2 class b pass through trust
air comm corporation, llc
net cash acquired from mergers						0	0	101,896,000
transaction costs from mergers						-1,200,000	-3,938,000	-2,866,000
repayments received/sales of portfolio investments					85,128,000	297,174,000	392,676,000	210,493,000									46,063,114	58,368,472	53,770,711	54,538,971	62,669,698	65,863,516	53,620,680	82,266,368	106,791,064	57,116,785	97,094,750	67,140,508	49,864,697	53,217,712	51,808,786	98,417,655	102,420,401	9,274,946	42,458,227	63,186,009	8,253,844	1,912,308	46,585,406	14,936,864	12,142,592	2,246,284	4,144,755	475,404	5,592,596	3,344,096	109,999	1,424,112
deemed contribution - from adviser
deemed contributions - csa						0	0	44,400,000
ait worldwide logistics holdings, inc.
purchases of short-term investments									-803	-80,000,970	-19,009,180	-198,550,029	-485,043,978	-293,170,217	-182,055,048	-221,916,363	-142,554,389	-174,926,000
sales of short-term investments									50,000,803	40,575,165	82,000,660	190,541,780	629,976,968	140,710,124	224,485,357	218,025,496	170,545,271	157,735,568
net unrealized appreciation on foreign currency transactions						-17,231,000	-30,520,000	-4,812,000
payment-in-kind interest and dividends
interest and fees receivables						14,240,000	-37,358,000	-13,134,000		814,017	-3,577,864	-2,935,424		-1,325,059	108,956	-1,483,011	39,671	760,970
fair value of sierra net assets acquired, net of cash						0	0	-435,811,000
common stock issued in acquisition of sierra net assets						0	0	499,418,000
accelerate learning, inc.
alpine sg, llc
alpine us bidco llc
net realized loss on foreign currency transactions							2,709,000	1,293,000		4,687,686	210,353	974,829
payment-in-kind interest							-2,475,000	-2,798,000	-1,445,152	-2,805,646	-3,370,886	-3,173,786
deemed contribution -from adviser							-175,000	27,904,000
ammc clo 22, limited series 2018-22a
net unrealized appreciation on investments								947,000											-1,388,362
net unrealized depreciation of csa								400,000				1,600,000
accelerant holdings (0.4%)*
advantage software company (the), llc (0.1%)*
aftermath bidco corporation
air canada 2020-2 class b pass through trust (0.5%)*
ait worldwide logistics holdings, inc. (0.5%)*
alpine us bidco llc (2.4%)*
ammc clo 23, ltd. series 2020-23a
acquisition of mvc capital, net of cash acquired
net unrealized appreciation of csa									-1,099,994	0
loss on extinguishment of debt													2,428,662	216,474	306,202	137,390	85,356	44,395						0	0							0	0	412,673	624,768	0	205,043
proceeds from debt securitization
repayments of debt securitization
redemption of notes																								0	0
net proceeds related to issuance of common stock for mvc acquisition
cash and foreign currencies, beginning of year
cash and foreign currencies, end of year
advantage software company (the), llc (0.0%)*
air canada 2020-2 class b pass through trust (0.9%)*
ait worldwide logistics holdings, inc. (1.0%)*
amtech llc (0.5%)*
anagram holdings, llc(2.2%)*
analytichem holding gmbh
anju software, inc. (1.8%)*
net unrealized appreciation of investments																	-1,852,007	-25,397,188																-1,325,156			-768,682			-4,789,955							-586,086	-1,725,329
net unrealized appreciation of foreign currency transactions										-10,876,864	649,766	-4,041,797			1,410,588	-1,798,226
repayment of debt securitization														-48,107,075	-64,815,682	-26,974,371
net decrease in cash and foreign currencies										10,681,938	-9,811,457	-51,972,370
supplemental disclosure of cash flow information:
1a smart start llc
advantage software company (the), llc (2.7%)*
air canada 2020-2 class b pass through trust (1.0%)*
ait worldwide logistics holdings, inc. (0.9%)*
apex bidco limited (0.3%)*
aptus 1829. gmbh (0.6%)*
net unrealized (appreciation) depreciation of investments											-12,759,173	-3,832,358			-66,453,898	121,194,279
advantage software company (the), llc (2.6%)*
aep holdings, inc. (1.9%)*
anchorage capital clo ltd: series 2013-1a
apus bidco limited
aqa acquisition holding, inc.
1worldsync, inc. (3.8%)*
ade holdings
advantage software company
aep holdings, inc. (2.4%)*
ahead db borrower, llc.
air canada 2020-2 class b pass through trust (1.1%)*
american dental partners, inc.
american scaffold, inc.
anju software, inc. (1.9%)*
proceeds from sale of portfolio to asset buyer
net realized loss on investments													2,068,656	19,477,823	16,597,866	157,978	-50,024	129,775	13,318,959																										-704,590	-141,014	0	1,464,224
net realized gain on foreign currency transactions																144,394
net unrealized depreciation on foreign currency transactions
payment-in-kind interest / fees accrued, net of payments received
loss on disposal of property and equipment
depreciation expense																			17,790	17,739	18,937	17,840	15,592	15,692	15,327	14,056	15,169	14,951	13,298	10,462	9,652	11,332	9,913	9,172	8,334	8,462	7,349	6,693	7,413	7,064		5,571	3,548	3,265		2,541	1,706	358
stock-based compensation																			1,453,904	2,828,964	1,616,010	1,585,372	4,301,118	1,788,580	1,788,580	1,769,884	1,642,297	1,506,027	1,506,027	1,490,338	1,338,072	1,141,371	1,045,890	630,006	702,831	723,346	648,750	500,154	495,171	414,329	189,153	136,200
cash flows from investing activities:
proceeds from sales of property and equipment
net cash from investing activities																			-18,507	-1,727	-21,923	-13,338	-33,916	-2,154	-17,944	-15,248	-21,843	-25,947	-35,817	-9,275	-25,552	-11,911	-6,925	-10,220	-7,313	-3,698	-9,656	-5,152	0	-18,115	0		-10,543	-2,015	-2,674	-15,745	-10,656	-12,905
repayments of sba-guaranteed debentures payable																				0	0	0	-7,800,000									0	0	-20,500,000	-30,400,000	0	-10,410,000	0	0	-9,500,000
common stock withheld for taxes upon vesting of restricted stock
purchase of common stock in tender offer
net increase in cash																	9,869,993	-9,370,373
net unrealized (appreciation) depreciation of foreign currency transactions
payment-in-kind interest accrued, net of payments received														-342,469	-191,049	-43,572			-690,432	-1,494,155	-2,184,394	-1,675,316	-317,840	-489,509	-2,107,806	-787,046	810,547	-752,387	-1,351,164	-1,141,984	-1,472,204	3,803,711	-1,578,274	-3,685,061				-2,414,270
acrisure, llc (0.4%)*
ade holding
admi corp. (0.6%)*
air canada 2020-2 class b pass through trust (1.5%)*
altice usa, inc. (0.5%)*
anagram holdings, llc(2.7%)*
anju software, inc.
apex bidco limited
apex tool group, llc (0.4%)*
amortization / accretion of purchased loan premium/discount															-415,894	-188,402
cash, beginning of period															0	21,991,565	0	12,426,982
cash, end of period															10,994,775	7,458,729	9,869,993	3,056,609
1worldsync, inc. (4.3%)*
accelerate learning, inc. (1.4%)*
accurus aerospace corporation (4.3%)*
ade holding (d/b/a ad education) (1.8%)*
aftermath bidco corporation (2.4%)*
alliant holdings lp (0.9%)*
american dental partners, inc. (1.8%)*
american scaffold, inc. (1.9%)*
anchorage capital clo ltd: series 2013-1a (0.4%)*
anju software, inc. (2.6%)*
apex bidco limited (1.1%)*
apex tool group, llc (1.3%)*
applied systems inc. (1.0%)*
aqa acquisition holding, inc. (f/k/a smartbear) (1.0%)*
net decrease in cash																-14,532,836
barings bdc, inc.unaudited consolidated schedule of investmentsmarch 31, 2020
1worldsync, inc. (4.7%)*
24 hour fitness worldwide, inc. (0.2%)*
accelerate learning, inc. (1.5%)*
accurus aerospace corporation (4.7%)*
ade holding (1.6%)*
aftermath bidco corporation (2.6%)*
alixpartners llp (1.1%)*
alliant holdings lp (1.0%)*
altice usa, inc.
american dental partners, inc. (2.0%)*
american scaffold, inc. (2.1%)*
anchorage capital clo ltd: series 2013-1a (0.3%)*
anju software, inc. (2.8%)*
apex bidco limited (1.2%)*
apex tool group, llc (1.2%)*
purchases of property and equipment																			-18,507	-1,727	-21,923	-13,338	-33,916	-2,154	-17,944	-15,248	-21,843	-25,947	-35,817	-9,275	-25,552	-11,911	-6,925	-10,220	-7,313	-3,698	-9,656	-5,152	0	-18,115	0		-10,543	-2,015	-2,674	-15,745	-10,656	-12,905
net proceeds related to issuance of common stock
cash, beginning of year
cash, end of year
summary of non-cash financing transactions:
dividends paid through drip share issuances																																792,127	773,134	797,027	798,781
net realized gain on foreign currency borrowings
net unrealized depreciation of foreign currency borrowings
amortization/accretion of purchased loan premium/discount																	-56,479	-58,115
common stock withheld for payroll taxes upon vesting of restricted stock																			-2,113,620		-97,798	0	-3,484,074		-97,360	0	-2,400,352		-133,910	0	-2,474,121				0	-213,807	-897,637	0	-157,713	-485,595	0
cash dividends/distributions paid																	-6,540,856	-6,106,789	-20,688,424	-17,412,826	-17,429,644	-14,369,441	-17,264,143	-18,609,852	-18,646,696	-18,744,139	-18,752,101	-18,516,149	-18,706,007	-18,541,284	-18,527,556
barings bdc, inc.unaudited consolidated schedule of investmentsjune 30, 2019
24 hour fitness worldwide, inc. (1.6%)*
accurus aerospace corporation (4.2%)*
acrisure, llc (1.7%)*
aftermath bidco corporation (2.1%)*
alixpartners llp (1.4%)*
alliant holdings lp (0.8%)*
american airlines group inc. (1.3%)*
american dental partners, inc. (1.7%)*
amscan holdings inc. (0.4%)*
anju software, inc. (1.0%)*
applied systems inc. (1.6%)*
aqa acquisition holding, inc. (f/k/a smartbear) (0.8%)*
arch global precision llc (0.9%)*
armstrong transport group (pele buyer, llc ) (0.9%)*
ascend learning, llc (1.3%)*
barings bdc, inc.unaudited consolidated schedule of investmentsmarch 31, 2019
assuredpartners capital, inc. (2.0%)*
aveanna healthcare holdings, inc. (0.8%)*
net realized losses on investments
net unrealized depreciation on foreign currency borrowings																			178,792											395,269	-360,535
accretion of discount on sba-guaranteed debentures payable																				0	0	0	31,899	48,110	47,401	46,562	46,222	47,338	46,465	45,562	45,230	45,467	44,584	44,259	44,492	43,627	43,629	43,460	42,690	42,378
borrowings under sba-guaranteed debentures payable																				0	0							0										0	9,500,000	21,600,000
net increase in cash and cash equivalents																			-16,484,387	-61,249,160	43,407,090	60,767,119	11,547,196			5,783,081	33,004,932	-5,253,115	4,419,056			42,889,375	80,089,389	-35,258,749	-33,616,842	-48,786,537	75,645,818	17,206,528	-5,178,162	18,600,489	21,786,126		3,095,650	-6,176,739	-14,001,974	-9,358,308	-27,643,314	70,234,844
deferred income taxes																			-1,483,196	-973,299	-2,348,894	824,094	-436,517	-1,061,796	1,932,611	908,784	-154,951	-387,525	-566,137	706,721	96,234	407,022	1,472,147	-441,389	418,375	26,126	147,211	-60,556	-50,471	194,200	139,440	560	542,600	-174,360
accretion of loan discounts																			-83,480	-90,023	-107,384	-104,509	-95,188	-124,739	-124,195	-105,080	-133,149	-185,406	-165,072	-298,374	-346,201	-379,239	-368,967	-396,661	-670,717	-437,649	-374,341	-325,197	-257,351	-260,986	-115,420	-104,626	-25,211	-24,420	-46,974	-52,503	-54,295	-51,953
interest, fees and other receivables																			4,695,274		2,459,132
prepaid expenses and other current assets																			-188,608	30,612	213,532	-69,809	-886,837	30,501	-331,297	-30,647	-176,764	254,691	-51,080	2,880,412	-2,641,584										-10,493
taxes payable																			-489,691	489,691	0	0	-735,498	681,346	0	-1,850	-2,450,029	2,077,998	19,347	408,686	-1,064,544	-194,547	0	-2,976,193	103,107	0	-1,198,973	0	0	-191,672	34,279	-30,436
net proceeds related to public offering of common stock																			132,205,931
cash and cash equivalents, beginning of period																			107,087,663		0	0	52,615,418		0	0	78,759,026		0	0	133,304,346	0	0	72,300,423	0	0	66,868,340	0	0	54,820,222		27,193,287	0	21,787,750		0	0	2,556,502
cash and cash equivalents, end of period																			90,603,276		43,407,090	60,767,119	64,162,614		-64,512,732	5,783,081	111,763,958		4,419,056	-11,245,162	90,838,247	42,889,375	80,089,389	37,041,674	-33,616,842	-48,786,537	142,514,158	17,206,528	-5,178,162	73,420,711		17,432,238	3,095,650	15,611,011		-9,358,308	-27,643,314	72,791,346
dividends/distributions paid through drip share issuances																			749,953		735,816	746,077	844,078		981,010	865,377	830,046		693,147	718,911	707,290
net unrealized depreciation on investments																											13,870,791
net unrealized (appreciation) depreciation on foreign currency borrowings
repayments of borrowings under credit facility
net proceeds (expenses) related to public offerings of common stock
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
net unrealized depreciation (appreciation) on investments																					-532,239				-16,307,834				30,205,575
net unrealized depreciation (appreciation) on foreign currency borrowings																					-342,409	59,268	852,523
net proceeds (expenses) related to public offering of common stock
net realized gain on investments																						-3,937,396	-586,214				-3,264,371	3,154,395	-5,031,548	-11,690,527	-63,648	-1,024,150	-3,459,748	-1,852,782				1,986,330
payable from unsettled transaction
net expenses related to public offering of common stock
net unrealized depreciation appreciation on investments																							-2,647,804
net unrealized appreciation on foreign currency borrowings																								-420,438			-1,173,707
net decrease in cash and cash equivalents																															-42,466,099											-9,761,049
expenses related to public offering of common stock																										0	-54,967
proceeds from public stock offerings, net of expenses																												-90,763							0	-125,100	77,248,074	65,666,777	-145,159	63,138,255
taxes paid on deemed distribution of long-term capital gains
net cash (provided by) used in operating activities
prepaid expenses																																-276,224	83,968	-190,613	-49,246	68,355	153,192	46,627	-216,811	-218,943		-199,720		-130,485		20,255	20,255	-70,892
cash dividends paid																																-14,139,559	-14,115,630	-14,071,764	-13,391,569	-12,994,348	-11,760,385	-8,993,032	-7,155,695	-6,678,891		-2,764,780	-2,144,382	-2,041,159	-1,837,045	-769,293
net unrealized depreciation (appreciation) of investments																																											-924,415	1,196,243
payment–in–kind interest accrued, net of payments received																																			-1,735,577	-1,061,363	-2,704,362
deferred revenue																																								5,287
proceeds from senior notes																																			0	0	69,000,000
net unrealized depreciation of investments																																										3,604,584
loan origination and other loan discounts and fees received
payment—in—kind interest accrued, net of payments received																																								-857,493
paid – in – kind interest accrued, net of payments received
accretion of discount on sba guaranteed debentures payable
borrowings under sba guaranteed debentures payable																																											42,060,000	10,040,000	1,210,000	0	0	4,000,000
repayments of sba guaranteed debentures payable
cash distributions paid																																										-352,366
dividends declared but not paid
recognition of loan origination and other fees																																									-220,371	-184,906	-10,108	-200,670	-134,149	-299,491	-196,918	-47,057
expenses related to public offerings
non—control / non—affiliate investments:
ambient air corporation (“aa”) and peaden-hobbs mechanical, llc (“phm”) (5%)*
american de-rosa lamparts, llc and hallmark lighting (3%)*
american direct marketing resources, llc (3%)*
assurance operations corporation (2%)*
botanical laboratories, inc. (8%)*
crs reprocessing, llc (4%)*
cv holdings, llc (9%)*
electronic systems protection, inc. (3%)*
energy hardware holdings, llc (0%)*
paid - in - kind interest accrued, net of payments received
depreciation
payable to triangle capital partners, llc
proceeds from public offerings, net of expenses
change in deferred offering costs																																													0	0	0	1,020,646
distribution to partners
paid—in—kind interest accrued, net of payments received																																																-142,908
short-term borrowings
proceeds from common stock offerings, net of expenses
proceeds from common stock offering, net of expenses
paid-in-kind interest accrued, net of payments received																																										-648,221		-541,434
issuance of common stock
proceeds from initial public offering, net of expenses																																													0	0	0	64,728,037
partners’ capital contributions
accrued distribution to partners
income taxes payable																																											-95,580	42,982
receivable from / payable to triangle capital partners, llc																																														18,687	0	-48,687
tax distribution to partners																																															-220,047	-531,566
accrued tax distribution to partners																																																220,047
paid–in–kind interest accrued, net of payments received																																														-346,349
distributions to partners

Barings BDC, Inc(NYSE:BBDC)

Barings BDC, Inc
(NYSE:BBDC)