0001379785 2025-01-01 2025-12-31 0001379785 bbdc:August2020NPAMember 2025-01-01 2025-12-31 0001379785 bbdc:SeriesBSeniorUnsecuredNotesDueNovember2025Member 2025-01-01 2025-12-31 0001379785 bbdc:February2020NotePurchaseAgreementMember 2025-01-01 2025-12-31 0001379785 bbdc:November2026NotesMember 2025-01-01 2025-12-31 0001379785 bbdc:February2029NotesMember 2025-01-01 2025-12-31 0001379785 bbdc:September2028NotesMember 2025-01-01 2025-12-31 0001379785 false DEF 14A Barings BDC, Inc. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:254.21pt;position:var(--position);text-decoration:none;white-space:pre">VOTING SECURITIES</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:514.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">You may vote at the Annual Meeting only if you were a holder of record of the Company's common stock at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:526.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">close of business on </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:154.72pt;position:var(--position);text-decoration:none;white-space:pre">March 6, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:213.3pt;position:var(--position);text-decoration:none;white-space:pre"> or if you hold a valid proxy from a stockholder of record as of such record date. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:538.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">As of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:96.44pt;position:var(--position);text-decoration:none;white-space:pre">March 6, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:155.01999999999998pt;position:var(--position);text-decoration:none;white-space:pre">, there were </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:204.39pt;position:var(--position);text-decoration:none;white-space:pre">104,706,884</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:254.39pt;position:var(--position);text-decoration:none;white-space:pre"> shares of the Company's common stock outstanding. Each share of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:550.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">common stock is entitled to one vote on each matter submitted to a vote at the Annual Meeting. Stockholders do not </span></div>have the right to cumulate votes in the election of directors. true <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">August 2020 Note Purchase Agreement</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">August 2020 Note Purchase Agreement</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On August 3, 2020, the Company entered into a Note Purchase Agreement (the “August 2020 NPA”) with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Massachusetts Mutual Life Insurance Company, which wholly-owns Barings, governing the issuance of (1) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">$50.0 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:125.85pt;position:var(--position);text-decoration:none;white-space:pre"> in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes”) with a fixed interest rate of 4.66% per year, and (2) up to </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:335.61pt;position:var(--position);text-decoration:none;white-space:pre">$50.0 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:389.46pt;position:var(--position);text-decoration:none;white-space:pre"> in aggregate principal amount of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“Additional Notes” and, collectively with the Series A Notes, the “August 2025 Notes”), in each case, to qualified </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">institutional investors in a private placement. The Company issued an aggregate principal amount of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:475.67pt;position:var(--position);text-decoration:none;white-space:pre">$25.0 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:529.52pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Series A Notes on September 24, 2020 and an aggregate principal amount of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:406.67pt;position:var(--position);text-decoration:none;white-space:pre">$25.0 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:460.52pt;position:var(--position);text-decoration:none;white-space:pre"> of the Series A </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes on September 29, 2020, both of which matured on August 4, 2025. Interest on the August 2025 Notes was due </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">semiannually in March and September of each year, beginning in March 2021. In addition, the Company was </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company could have redeemed the August 2025 Notes in whole or in part at any time or from time to time at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2024, a make-whole premium. The August 2025 Notes were guaranteed by certain of the Company’s subsidiaries </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and are the Company’s general unsecured obligations that ranked pari passu with all outstanding and future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unsecured unsubordinated indebtedness issued by the Company. Upon the occurrence of an event of default, the </span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding could have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">declared all August 2025 Notes then outstanding to be immediately due and payable.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Company's permitted issuance period for the Additional Notes under the August 2020 NPA expired on February </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">3, 2022, prior to which date the Company had issued no Additional Notes.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On August 4, 2025, the August 2025 Notes matured in accordance with the terms of the August 2020 NPA and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company repaid in full the par amount plus accrued and unpaid interest.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:171pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November 2020 Note Purchase Agreement</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On November 4, 2020, the Company entered into a Note Purchase Agreement (the “November 2020 NPA”) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">governing the issuance of (1) </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:191.06pt;position:var(--position);text-decoration:none;white-space:pre">$62.5 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:244.91pt;position:var(--position);text-decoration:none;white-space:pre"> in aggregate principal amount of Series B senior unsecured notes due </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes” and, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">5, 2020. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Series B Notes matured on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November Notes is due semiannually in May and November, beginning in May 2021. In addition, the Company is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company could have redeemed the Series B Notes in whole or in part at any time or from time to time at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">make-whole premium. Subject to the terms of the November 2020 NPA, we may redeem the Series C Notes in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and, if redeemed on or before May 4, 2027, a make-whole premium. The November Notes are guaranteed by certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Company’s subsidiaries, and are the Company's general unsecured obligations that rank pari passu with all </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">outstanding and future unsecured unsubordinated indebtedness issued by the Company. Upon the occurrence of an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may declare all November Notes then outstanding to be immediately due and payable.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:500.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On November 4, 2025, the Series B Notes matured in accordance with the terms of the November 2020 NPA and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:512.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company repaid in full the par amount plus accrued and unpaid interest. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:533.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, held $25.0 million in aggregate principal </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:545.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">amount of the Series B Notes which was paid at maturity. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:566.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">February 2021 Note Purchase Agreement</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:587.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On February 25, 2021, the Company entered into a Note Purchase Agreement (the “February 2021 NPA”) governing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:599.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:611.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:623.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:635.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:647.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:659.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:671.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:683.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.</span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">beginning in August 2021. In addition, the Company is obligated to offer to repay the February Notes at par (plus </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Subject to the terms of the February 2021 NPA, the Company may redeem the Series D Notes and the Series E </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">certain of the Company’s subsidiaries, and are the Company's general unsecured obligations that rank pari passu </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. Upon the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the time outstanding may declare all February Notes then outstanding to be immediately due and payable. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, holds $25.0 million in aggregate </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:249pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">principal amount of the Series D Notes. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:270pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November 2026 Notes Indenture</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:291pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On November 23, 2021, the Company and U.S. Bank Trust Company, National Association (the “Trustee”) entered </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and, together with the Base Indenture, the “November 2026 Notes Indenture”). The First Supplemental Indenture </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">relates to the Company’s issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“November 2026 Notes”).</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s option at any time or from time to time at the redemption prices set forth in the November 2026 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually in May and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November of each year, commencing in May 2022. The November 2026 Notes are general unsecured obligations of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The November 2026 Notes Indenture contains certain covenants, including covenants requiring the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November 2026 Notes Indenture.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture, the Company will generally be required to make an offer to purchase the outstanding November 2026 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interest to the repurchase date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:639pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:651pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Concurrent with the closing of November 2026 Notes offering, the Company entered into a registration rights </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:663pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:675pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">rights agreement, the Company filed a registration statement on Form N-14 with the SEC, which was subsequently </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:687pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:699pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Exchange Notes.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, and certain of its subsidiaries collectively </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">hold $50.0 million in aggregate principal amount of the November 2026 Notes. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:162pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">February 2029 Notes Indenture</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:183pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On February 12, 2024, the Company issued $300 million in aggregate principal amount of 7.000% senior unsecured </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:195pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">notes due 2029 (the “February 2029 Notes”) under a Second Supplemental Indenture, dated February 12, 2024, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:207pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">between the Company and the Trustee (the “Second Supplemental Indenture” and, together with the Base Indenture, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the “February 2029 Notes Indenture”) to the Base Indenture.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The February 2029 Notes will mature on February 15, 2029 and may be redeemed in whole or in part at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s option at any time or from time to time at the redemption prices set forth in the February 2029 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually in February </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and August of each year, commencing in August 2024. The February 2029 Notes are general unsecured obligations </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expressly subordinated in right of payment to the February 2029 Notes, rank pari passu with all existing and future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The February 2029 Notes Indenture contains certain covenants, including covenants requiring the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company by the SEC), and to provide financial information to the holders of the February 2029 Notes and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are subject to important limitations and exceptions that are described in the February 2029 Notes Indenture.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture, the Company may be required by the holders of the February 2029 Notes to make an offer to purchase the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accrued and unpaid interest to the repurchase date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, and certain of its subsidiaries collectively </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">hold $125.0 million in aggregate principal amount of the February 2029 Notes.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">September 2028 Notes</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:561pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On September 15, 2025, the Company issued $300 million in aggregate principal amount of 5.200% senior </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unsecured notes due 2028 (the  “September 2028 Notes”) under a Third Supplemental Indenture, dated September </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">15, 2025, between the Company and the Trustee (the “Third Supplemental Indenture” and, together with the Base </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture, the  “September 2028 Notes Indenture”) to the Base Indenture.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The September 2028 Notes will mature on September 15, 2028 and may be redeemed in whole or in part at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company's option at any time or from time to time prior to August 15, 2028 at par value plus a  “make whole” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">premium calculated in accordance with the terms under the  “optional redemption” in the September 2028 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture and at par value on August 15, 2028 or thereafter. The September 2028 Notes bear interest at a rate of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">5.200% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2026. The September 2028 Notes are general unsecured obligations of the Company that rank senior in right of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to the September 2028 Notes, rank </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:213.26pt;position:var(--position);text-decoration:none;white-space:pre">pari passu </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:257.7pt;position:var(--position);text-decoration:none;white-space:pre">with all existing and future unsecured unsubordinated indebtedness </span></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subsidiaries, financing vehicles or similar facilities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The September 2028 Notes Indenture contains certain covenants, including covenants requiring the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company by the SEC), and to provide financial information to the holders of the September 2028 Notes and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are subject to important limitations and exceptions that are described in the September 2028 Notes Indenture. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, on the occurrence of a “change of control repurchase event,” as defined in the September 2028 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture, the Company may be required by the holders of the September 2028 Notes to make an offer to purchase </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the outstanding September 2028 Notes at a price equal to 100% of the principal amount of such September 2028 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes plus accrued and unpaid interest to the repurchase date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, holds $15 million in aggregate principal </span></div>amount of the September 2028 Notes. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On August 3, 2020, the Company entered into a Note Purchase Agreement (the “August 2020 NPA”) with </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:498pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Massachusetts Mutual Life Insurance Company, which wholly-owns Barings, governing the issuance of (1) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">$50.0 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:125.85pt;position:var(--position);text-decoration:none;white-space:pre"> in aggregate principal amount of Series A senior unsecured notes due August 2025 (the “Series A </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes”) with a fixed interest rate of 4.66% per year, and (2) up to </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:335.61pt;position:var(--position);text-decoration:none;white-space:pre">$50.0 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:389.46pt;position:var(--position);text-decoration:none;white-space:pre"> in aggregate principal amount of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:534pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">additional senior unsecured notes due August 2025 with a fixed interest rate per year to be determined (the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:546pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“Additional Notes” and, collectively with the Series A Notes, the “August 2025 Notes”), in each case, to qualified </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:558pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">institutional investors in a private placement. The Company issued an aggregate principal amount of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:475.67pt;position:var(--position);text-decoration:none;white-space:pre">$25.0 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:529.52pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Series A Notes on September 24, 2020 and an aggregate principal amount of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:406.67pt;position:var(--position);text-decoration:none;white-space:pre">$25.0 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:460.52pt;position:var(--position);text-decoration:none;white-space:pre"> of the Series A </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes on September 29, 2020, both of which matured on August 4, 2025. Interest on the August 2025 Notes was due </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">semiannually in March and September of each year, beginning in March 2021. In addition, the Company was </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">obligated to offer to repay the August 2025 Notes at par (plus accrued and unpaid interest to, but not including, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">date of prepayment) if certain change in control events occur. Subject to the terms of the August 2020 NPA, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company could have redeemed the August 2025 Notes in whole or in part at any time or from time to time at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 3, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2024, a make-whole premium. The August 2025 Notes were guaranteed by certain of the Company’s subsidiaries </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and are the Company’s general unsecured obligations that ranked pari passu with all outstanding and future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unsecured unsubordinated indebtedness issued by the Company. Upon the occurrence of an event of default, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">holders of at least 66-2/3% in principal amount of the August 2025 Notes at the time outstanding could have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">declared all August 2025 Notes then outstanding to be immediately due and payable.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Company's permitted issuance period for the Additional Notes under the August 2020 NPA expired on February </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">3, 2022, prior to which date the Company had issued no Additional Notes.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:138pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On August 4, 2025, the August 2025 Notes matured in accordance with the terms of the August 2020 NPA and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:150pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company repaid in full the par amount plus accrued and unpaid interest.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November 2020 Note Purchase Agreement</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On November 4, 2020, the Company entered into a Note Purchase Agreement (the “November 2020 NPA”) </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">governing the issuance of (1) </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:191.06pt;position:var(--position);text-decoration:none;white-space:pre">$62.5 million</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:244.91pt;position:var(--position);text-decoration:none;white-space:pre"> in aggregate principal amount of Series B senior unsecured notes due </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November 2025 (the “Series B Notes”) with a fixed interest rate of 4.25% per year and (2) $112.5 million in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:228pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">aggregate principal amount of Series C senior unsecured notes due November 2027 (the “Series C Notes” and, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">collectively with the Series B Notes, the “November Notes”) with a fixed interest rate of 4.75% per year, in each </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">case, to qualified institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">0.75% per year, to the extent the applicable November Notes do not satisfy certain investment grade conditions and/</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">or (y) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">thresholds, measured as of each fiscal quarter end. The November Notes were delivered and paid for on November </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">5, 2020. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:321pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Series B Notes matured on November 4, 2025, and the Series C Notes will mature on November 4, 2027 unless </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:333pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">redeemed, purchased or prepaid prior to such date by the Company in accordance with their terms. Interest on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:345pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November Notes is due semiannually in May and November, beginning in May 2021. In addition, the Company is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:357pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">obligated to offer to repay the November Notes at par (plus accrued and unpaid interest to, but not including, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">date of prepayment) if certain change in control events occur. Subject to the terms of the November 2020 NPA, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company could have redeemed the Series B Notes in whole or in part at any time or from time to time at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before May 4, 2025, a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">make-whole premium. Subject to the terms of the November 2020 NPA, we may redeem the Series C Notes in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and, if redeemed on or before May 4, 2027, a make-whole premium. The November Notes are guaranteed by certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:441pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Company’s subsidiaries, and are the Company's general unsecured obligations that rank pari passu with all </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:453pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">outstanding and future unsecured unsubordinated indebtedness issued by the Company. Upon the occurrence of an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:465pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">event of default, the holders of at least 66-2/3% in principal amount of the November Notes at the time outstanding </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:477pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">may declare all November Notes then outstanding to be immediately due and payable.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:500.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On November 4, 2025, the Series B Notes matured in accordance with the terms of the November 2020 NPA and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:512.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company repaid in full the par amount plus accrued and unpaid interest. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:533.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, held $25.0 million in aggregate principal </span></div>amount of the Series B Notes which was paid at maturity. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">February 2021 Note Purchase Agreement</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On February 25, 2021, the Company entered into a Note Purchase Agreement (the “February 2021 NPA”) governing </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:599.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the issuance of (1) $80.0 million in aggregate principal amount of Series D senior unsecured notes due February 26, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:611.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2026 (the “Series D Notes”) with a fixed interest rate of 3.41% per year and (2) $70.0 million in aggregate principal </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:623.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">amount of Series E senior unsecured notes due February 26, 2028 (the “Series E Notes” and, collectively with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:635.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Series D Notes, the “February Notes”) with a fixed interest rate of 4.06% per year, in each case, to qualified </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:647.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">institutional investors in a private placement. Each stated interest rate is subject to a step up of (x) 0.75% per year, to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:659.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the extent the applicable February Notes do not satisfy certain investment grade rating conditions and/or (y) 1.50% </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:671.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:683.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">as of each fiscal quarter end. The February Notes were delivered and paid for on February 26, 2021.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The Series D Notes will mature on February 26, 2026, and the Series E Notes will mature on February 26, 2028 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">February 2021 NPA. Interest on the February Notes is due semiannually in February and August of each year, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">beginning in August 2021. In addition, the Company is obligated to offer to repay the February Notes at par (plus </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:120pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:132pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Subject to the terms of the February 2021 NPA, the Company may redeem the Series D Notes and the Series E </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:144pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:156pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">prepayment date and, if redeemed on or before August 26, 2025, with respect to the Series D Notes, or on or before </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">August 26, 2027, with respect to the Series E Notes, a make-whole premium. The February Notes are guaranteed by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:180pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">certain of the Company’s subsidiaries, and are the Company's general unsecured obligations that rank pari passu </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:192pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. Upon the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:204pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the February Notes at </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:216pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the time outstanding may declare all February Notes then outstanding to be immediately due and payable. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:237pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, holds $25.0 million in aggregate </span></div>principal amount of the Series D Notes. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November 2026 Notes Indenture</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On November 23, 2021, the Company and U.S. Bank Trust Company, National Association (the “Trustee”) entered </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:303pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">into an Indenture (the “Base Indenture”) and a First Supplemental Indenture (the “First Supplemental Indenture” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and, together with the Base Indenture, the “November 2026 Notes Indenture”). The First Supplemental Indenture </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">relates to the Company’s issuance of $350.0 million aggregate principal amount of its 3.300% notes due 2026 (the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“November 2026 Notes”).</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:360pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The November 2026 Notes will mature on November 23, 2026 and may be redeemed in whole or in part at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:372pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s option at any time or from time to time at the redemption prices set forth in the November 2026 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:384pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture. The November 2026 Notes bear interest at a rate of 3.300% per year payable semi-annually in May and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November of each year, commencing in May 2022. The November 2026 Notes are general unsecured obligations of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:408pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:420pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expressly subordinated in right of payment to the November 2026 Notes, rank pari passu with all existing and future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:432pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:489pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The November 2026 Notes Indenture contains certain covenants, including covenants requiring the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November 2026 Notes Indenture.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:570pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, on the occurrence of a “change of control repurchase event,” as defined in the November 2026 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:582pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture, the Company will generally be required to make an offer to purchase the outstanding November 2026 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes at a price equal to 100% of the principal amount of such November 2026 Notes plus accrued and unpaid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">interest to the repurchase date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:627pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The November 2026 Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:639pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Act and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:651pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Concurrent with the closing of November 2026 Notes offering, the Company entered into a registration rights </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:663pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">agreement for the benefit of the purchasers of the November 2026 Notes. Pursuant to the terms of this registration </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:675pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">rights agreement, the Company filed a registration statement on Form N-14 with the SEC, which was subsequently </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:687pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">declared effective, to permit electing holders of the November 2026 Notes to exchange all of their outstanding </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:699pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">restricted November 2026 Notes for an equal aggregate principal amount of new November 2026 Notes (the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">“Exchange Notes”). The Exchange Notes have terms substantially identical to the terms of the November 2026 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes, except that the Exchange Notes are registered under the Securities Act, and certain transfer restrictions, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">registration rights, and additional interest provisions relating to the November 2026 Notes do not apply to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Exchange Notes.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, and certain of its subsidiaries collectively </span></div>hold $50.0 million in aggregate principal amount of the November 2026 Notes. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The November 2026 Notes Indenture contains certain covenants, including covenants requiring the Company to </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:501pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Sections 61(a)(1) and (2) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:513pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act, whether or not it is subject to those requirements, and to provide financial information to the holders of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:525pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the November 2026 Notes and the Trustee if the Company is no longer subject to the reporting requirements under </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:537pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:549pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">November 2026 Notes Indenture.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">February 2029 Notes Indenture</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On February 12, 2024, the Company issued $300 million in aggregate principal amount of 7.000% senior unsecured </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:195pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">notes due 2029 (the “February 2029 Notes”) under a Second Supplemental Indenture, dated February 12, 2024, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:207pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">between the Company and the Trustee (the “Second Supplemental Indenture” and, together with the Base Indenture, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:219pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the “February 2029 Notes Indenture”) to the Base Indenture.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The February 2029 Notes will mature on February 15, 2029 and may be redeemed in whole or in part at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:252pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company’s option at any time or from time to time at the redemption prices set forth in the February 2029 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:264pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture. The February 2029 Notes bear interest at a rate of 7.000% per year payable semi-annually in February </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:276pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">and August of each year, commencing in August 2024. The February 2029 Notes are general unsecured obligations </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:300pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">expressly subordinated in right of payment to the February 2029 Notes, rank pari passu with all existing and future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:324pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:336pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:348pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:369pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The February 2029 Notes Indenture contains certain covenants, including covenants requiring the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company by the SEC), and to provide financial information to the holders of the February 2029 Notes and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are subject to important limitations and exceptions that are described in the February 2029 Notes Indenture.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, on the occurrence of a “change of control repurchase event,” as defined in the February 2029 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:462pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture, the Company may be required by the holders of the February 2029 Notes to make an offer to purchase the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:474pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:486pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">accrued and unpaid interest to the repurchase date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:507pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, and certain of its subsidiaries collectively </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:519pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">hold $125.0 million in aggregate principal amount of the February 2029 Notes.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The February 2029 Notes Indenture contains certain covenants, including covenants requiring the Company to </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:381pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:393pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:405pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company by the SEC), and to provide financial information to the holders of the February 2029 Notes and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:417pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:429pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are subject to important limitations and exceptions that are described in the February 2029 Notes Indenture.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:bold;left:72pt;position:var(--position);text-decoration:none;white-space:pre">September 2028 Notes</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">On September 15, 2025, the Company issued $300 million in aggregate principal amount of 5.200% senior </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:573pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">unsecured notes due 2028 (the  “September 2028 Notes”) under a Third Supplemental Indenture, dated September </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:585pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">15, 2025, between the Company and the Trustee (the “Third Supplemental Indenture” and, together with the Base </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:597pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture, the  “September 2028 Notes Indenture”) to the Base Indenture.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:618pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The September 2028 Notes will mature on September 15, 2028 and may be redeemed in whole or in part at the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:630pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company's option at any time or from time to time prior to August 15, 2028 at par value plus a  “make whole” </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:642pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">premium calculated in accordance with the terms under the  “optional redemption” in the September 2028 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:654pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture and at par value on August 15, 2028 or thereafter. The September 2028 Notes bear interest at a rate of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">5.200% per year payable semi-annually on March 15 and September 15 of each year, commencing on March 15, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">2026. The September 2028 Notes are general unsecured obligations of the Company that rank senior in right of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:690pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:702pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">to the September 2028 Notes, rank </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:213.26pt;position:var(--position);text-decoration:none;white-space:pre">pari passu </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:257.7pt;position:var(--position);text-decoration:none;white-space:pre">with all existing and future unsecured unsubordinated indebtedness </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:72pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:84pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:96pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">subsidiaries, financing vehicles or similar facilities.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The September 2028 Notes Indenture contains certain covenants, including covenants requiring the Company to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company by the SEC), and to provide financial information to the holders of the September 2028 Notes and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">are subject to important limitations and exceptions that are described in the September 2028 Notes Indenture. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:210pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">In addition, on the occurrence of a “change of control repurchase event,” as defined in the September 2028 Notes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:222pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Indenture, the Company may be required by the holders of the September 2028 Notes to make an offer to purchase </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:234pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">the outstanding September 2028 Notes at a price equal to 100% of the principal amount of such September 2028 </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Notes plus accrued and unpaid interest to the repurchase date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:267pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Barings’ parent company, Massachusetts Mutual Life Insurance Company, holds $15 million in aggregate principal </span></div>amount of the September 2028 Notes. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">The September 2028 Notes Indenture contains certain covenants, including covenants requiring the Company to </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">1940 Act, whether or not it is subject to those requirements (but giving effect to exemptive relief granted to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Company by the SEC), and to provide financial information to the holders of the September 2028 Notes and the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:72pt;position:var(--position);text-decoration:none;white-space:pre">Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants </span></div>are subject to important limitations and exceptions that are described in the September 2028 Notes Indenture.