Private company

Barings Capital Investment Corp

Investment fund that raised $568.5 million in 2020 (SEC Form D)2

In its 2026 annual report the company says: “We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. We have elected for federal income tax purposes to be treated and intend to qualify annually as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.”4 It is headquartered in Baltimore, United States.2

Last updated Oct 20, 2026.

Overview

  • HeadquartersBaltimore, United States2
  • Incorporated inMD3
  • Business address300 South Tryon Street, Suite 2500, Charlotte, Nc 282023
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formCorporation2
  • Kind of organizationInvestment fund2
  • LEI549300G36F1EZS4MQM372
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC-Lawyers Incorporating Service Company, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D205261172

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Barings Capital Investment Corporation (the “Company,” “we,” “us,” or “our”) was formed on February 20, 2020 as a Maryland limited liability company and converted to a Maryland corporation on April 28, 2020. On July 13, 2020, we commenced investment operations and made our first portfolio company investment. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We have elected for federal income tax purposes to be treated and intend to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income567$75.2M in 2025+124% since 2021
0$25.0M$50.0M$75.0M$100.0M2021: $33.6M$33.6M20212022: $33.7M$33.7M2022+0%2023: $87.8M$87.8M2023+160%2024: $85.1M$85.1M2024−3%2025: $75.2M$75.2M2025−12%
Fiscal year202120222023202420252026
Interest$8.0M5$26.2M5$51.8M5
Net income$33.6M5$33.7M6$87.8M7$85.1M7$75.2M7
Earnings per share$2.065$2.436$2.817$2.857$2.587
Earnings per share (diluted)$2.065$2.436$2.817$2.857$2.587
Shares (weighted, basic)11.9M shares526.0M shares628.4M shares730.0M shares731.5M shares7
Shares (weighted, diluted)11.9M shares526.0M shares628.4M shares730.0M shares731.5M shares7

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Corporate structure

Barings Capital Investment Corp sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Barings Capital Investment Corp

  • Alberta Investment Management Corporation Filed SCHEDULE 13G/A on Barings Capital Investment Corp, latest Apr 25, 2025 (4 filings since Feb 14, 2022)
  • MASSACHUSETTS MUTUAL LIFE INSURANCE CO Filed SC 13D/A on Barings Capital Investment Corp, latest Apr 6, 2022
  • Barings Capital Investment Corp Baltimore, Maryland, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Barings Capital Investment Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation or any of our subsidiaries. Our headquarters is currently located at 300 South Tryon Street, Suite 2500, Charlotte, North Carolina 28202, where we occupy office space pursuant to the Administration Agreement with Barings. We believe that our current office facilities are adequate to meet our needs.

Item 2 of the 10-K filed Feb 19, 2026.4

Leadership

Who has led Barings Capital Investment Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ian M. Fowler2020

President

  1. Ian M. Fowler2020
  2. Matthew Freund2023

Chief financial officer

  1. Jonathan Bock2020
2025
Board members and other officers (19)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorBernard Harris named Dec 2, 202132

Timeline

  1. May 7, 20268-K Shareholder vote33
  2. May 8, 20258-K Shareholder vote34
  3. Nov 19, 20248-K Entered a material agreement; New debt or obligation35
  4. May 7, 20248-K Shareholder vote36
  5. Apr 8, 20248-K Other events37
  6. Mar 19, 20248-K Executive or director change38
  7. Mar 11, 20248-K Other events39
  8. May 4, 20238-K Shareholder vote40
  9. Apr 4, 20238-K Executive or director change41
  10. Dec 15, 20228-K Executive or director change42
  11. Dec 2, 20228-K Executive or director change43
  12. Oct 17, 20228-K Entered a material agreement; New debt or obligation44
  13. Aug 24, 2020New chief executive Ian M. Fowler becomes CEO10
  14. Apr 28, 2020Founded Barings Capital Investment Corp is founded2

Filings

78 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 20 major events, 18 insider forms, 5 large holders, 2 private raises, 13 other. The latest 20:

  1. Aug 21, 202640-17G BARINGS CAPITAL INVESTMENT CORP. EDGAR
  2. Aug 5, 202610-Q EDGAR
  3. May 7, 202610-Q EDGAR
  4. May 7, 20268-K EDGAR
  5. Mar 10, 2026DEF 14A EDGAR
  6. Feb 19, 202610-K EDGAR
  7. Jan 5, 20263 EDGAR
  8. Nov 12, 20253 EDGAR
  9. Nov 6, 202510-Q EDGAR
  10. Aug 15, 202540-17G BARINGS CAPITAL INVESTMENT CORP. EDGAR
  11. Aug 7, 202510-Q EDGAR
  12. May 8, 202510-Q EDGAR
  13. May 8, 20258-K EDGAR
  14. Apr 25, 2025SCHEDULE 13G/A EDGAR
  15. Mar 11, 2025DEF 14A EDGAR
  16. Feb 20, 202510-K EDGAR
  17. Jan 21, 20253 EDGAR
  18. Jan 13, 20253 EDGAR
  19. Nov 19, 20248-K EDGAR
  20. Nov 6, 202410-Q EDGAR

The 78 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 5 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 24, 2022MASSACHUSETTS MUTUAL LIFE INSURANCE CO10% ownerBuy897,263$22.29$20.0MForm 4
Mar 24, 2022PDL FL US Holdings LP10% ownerBuy897,263$22.29$20.0MForm 4
Dec 20, 2021MASSACHUSETTS MUTUAL LIFE INSURANCE CO10% ownerBuy453,578$22.19$10.1MForm 4
Dec 20, 2021Alberta Investment Management Corp10% ownerBuy450,653$22.19$10.0MForm 4
Oct 15, 2021Alberta Investment Management Corp10% ownerBuy359,712$22.24$8.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 30, 2020Raised $568.5 million in a private offering of equity Form D: 468 investors so far Form D

SEC filer profile

How Barings Capital Investment Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBarings Capital Investment Corp1
  • CIK0001811972
  • Employer ID (EIN)85-06540074
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Business address300 South Tryon Street, Suite 2500, Charlotte, NC 282021
  • Phone(704) 805-72001
  • Shares outstanding33,524,275 as of Aug 5, 20269
  • Public float$0 as of Jun 30, 20257
  • AuditorKPMG LLP, New York, New York PCAOB ID 185; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 26, 20201
  • Filings159 in all: 3 (47), 8-K (29), 10-Q (18), 4 (10), SC 13G/A (9), 40-17G (7), 10-K (6), DEF 14A (6)1
    All 22 form types

    40-APP/A (5), CORRESP (4), D/A (4), 40-APP (2), SC 13G (2), SCHEDULE 13G/A (2), 10-12G (1), 10-12G/A (1), 8-K/A (1), D (1), N-54A (1), SC 13D (1), SC 13D/A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Feb 19, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Mar 10, 2026
    Latest 8-K (8-K) May 7, 2026

Risk factors and legal proceedings

The risks Barings Capital Investment Corp names in Item 1A of its 10-K filed Feb 19, 2026: 69 risks under these headings, as written.4

  • Risks Relating to Our Business and Structure
  • We are dependent upon Barings’ access to its investment professionals for our success.
  • Our business model depends to a significant extent upon strong referral relationships, and our inability to maintain or develop these relationships, as well as the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • Our financial condition and results of operations will depend on our ability to manage and deploy capital effectively.
  • We invest in revolving credit facilities or may make other similar financial commitments.
  • Our investment portfolio is and will continue to be recorded at fair value as determined in accordance with the Adviser’s valuation policies and procedures and, as a result, there is and will continue to be uncertainty as to the value of our portfolio investments.
  • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.
  • There are potential conflicts of interest, including the management of other investment funds and accounts by Barings, which could impact our investment returns.
  • Barings may exercise significant influence over us in connection with MassMutual’s direct and indirect ownership of our common stock.
  • Barings, its relevant investment committee members, or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.
  • Our ability to enter into transactions with Barings and its affiliates is restricted.
  • We are subject to risks associated with investing alongside other third parties.
The other 58 risks
  • The fee structure under the Advisory Agreement may induce Barings to pursue speculative investments and incur leverage, which may not be in the best interests of our stockholders.
  • The structure of the Income-Based Fee may allow the hurdle rate to be more easily achieved in future periods.
  • Barings’ liability is limited under the Advisory Agreement, and we are required to indemnify Barings against certain liabilities, which may lead Barings to act in a riskier manner on our behalf than it would when acting for its own account.
  • Barings is able to resign as our investment adviser and/or our administrator upon 90 days’ notice, and we may not be able to find a suitable replacement within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • Our long-term ability to fund new investments and make distributions to our stockholders could be limited if we are unable to renew, extend, replace or expand our current borrowing arrangements, or if financing becomes more expensive or less available.
  • We may be subject to PIK interest payments.
  • Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital.
  • Our financing agreements contain various covenants, which, if not complied with, could accelerate our repayment obligations thereunder, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions.
  • We are exposed to risks associated with changes in interest rates.
  • Incurring additional leverage may magnify our exposure to risks associated with changes in leverage, including fluctuations in interest rates that could adversely affect our profitability.
  • We may invest in derivatives or other assets that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • Our Board of Directors may change our investment objectives, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.
  • We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code, which will adversely affect our results of operations and financial condition.
  • There may be a possibility of the need to raise additional capital.
  • We may not be able to pay distributions to our stockholders, our distributions may not grow over time, a portion of distributions paid to our stockholders may be a return of capital and investors in any debt securities we may issue may not receive all of the interest income to which they are entitled.
  • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.
  • Because we intend to distribute substantially all of our income to our stockholders to maintain our tax treatment as a RIC, we will continue to need additional capital to finance our growth, and regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital and make distributions.
  • There may be withholding of U.S. federal income tax on dividends for non-U.S. stockholders.
  • There may be potential adverse tax consequences as a result of not being treated as a “publicly offered regulated investment company.”
  • We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition, and results of operations.
  • Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • Risks Relating to Our Investments
  • Inflation could adversely affect the business, results of operations, and financial condition of our portfolio companies.
  • Our investments in portfolio companies may be risky, and we could lose all or part of our investment.
  • The lack of liquidity in our investments may adversely affect our business.
  • Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies may not generate sufficient cash flow to service their debt obligations to us.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • Covenant-Lite Loans may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants.
  • Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
  • We generally do not control our portfolio companies.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Any unrealized depreciation we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Defaults by our portfolio companies may harm our operating results.
  • We may not realize gains from our equity investments.
  • Our investments in asset-backed securities are subject to additional risks.
  • Our investments in collateralized loan obligation vehicles are subject to additional risks.
  • We may be subject to risks associated with syndicated loans.
  • Our special situations investments involve a high degree of credit and market risk.
  • Risks Relating to an Investment in Our Common Stock
  • There is no public market for shares of our common stock, and we do not expect there to be a market for our shares.
  • There are restrictions on the ability of holders of our common stock to transfer shares in excess of the restrictions typically associated with a private placement of securities under Regulation D and other exemptions from registration under the Securities Act, including restrictions to prevent all or any portions of our assets to constitute “plan assets” under ERISA or Section 4975 of the Code.
  • You may have a current tax liability on distributions reinvested in our common stock pursuant to our dividend reinvestment plan or otherwise but would not receive cash from such distributions to pay such tax liability.
  • The net asset value of our shares of common stock may fluctuate significantly.
  • General Risk Factors
  • We are currently operating in a period of capital markets disruption and economic uncertainty.
  • Global capital markets may experience periods of disruption and instability or an economic recession in the future. These conditions have historically affected and could again materially and adversely affect debt and equity capital markets in the United States and around the world and could impair our portfolio companies and harm our operating results.
  • Terrorist attacks, acts of war, national disasters, or public health crises (such as outbreaks or pandemics) may affect any market for our securities, impact the businesses in which we invest and harm our business, operating results and financial condition.
  • We are subject to risks related to corporate social responsibility.
  • We may experience fluctuations in our quarterly results.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • The outcome of the U.S. presidential, congressional and other elections creates significant uncertainty with respect to the legal, tax and regulatory regime in which we and our portfolio companies will operate.
  • Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.
  • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
  • We, the Adviser, and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.

Legal proceedings

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise, including in connection with strategic transactions. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

The opening of Item 3, Legal Proceedings.4

Sources

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