UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

__________________________________________________________

Form 10-Q

__________________________________________________________

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 814-01397 

______________________________________________________________________

Barings Private Credit Corporation

(Exact name of registrant as specified in its charter)

__________________________________________________________

Maryland	86-3780522
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)
300 South Tryon Street, Suite 2500 Charlotte, North Carolina	28202
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (704) 805-7200

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

________________________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	ý	Smaller reporting company	¨
		Emerging growth company	ý
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

The number of shares outstanding of the registrant’s common stock on May 8, 2025 was 109,458,785.

BARINGS PRIVATE CREDIT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q

		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Consolidated Balance Sheet as of March 31, 2025 and Consolidated Balance Sheet as of December 31, 2024	3
	Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024	4
	Unaudited Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024	6
	Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	7
	Unaudited Consolidated Schedule of Investments as of March 31, 2025	8
	Consolidated Schedule of Investments as of December 31, 2024	32
	Notes to Unaudited Consolidated Financial Statements	55
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	95
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	122
Item 4.	Controls and Procedures	123
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	124
Item 1A.	Risk Factors	124
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	124
Item 3.	Defaults Upon Senior Securities	125
Item 4.	Mine Safety Disclosures	125
Item 5.	Other Information	125
Item 6.	Exhibits	126
Signatures		127

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings Private Credit Corporation

Consolidated Balance Sheets

(in thousands, except share and per share data)

	March 31, 2025		December 31, 2024
	(Unaudited)
Assets:
Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $3,139,630 and $2,837,742 as of March 31, 2025 and December 31, 2024, respectively)	$	3,123,231	$	2,802,456
Affiliate investments (cost of $257,328 and $261,736 as of March 31, 2025 and December 31, 2024, respectively)	270,674		273,758
Control investments (cost of $25,910 and $7,651 as of March 31, 2025 and December 31, 2024, respectively)	25,896		7,651
Short-term investments (cost of $10,201 as of both March 31, 2025 and December 31, 2024)	10,200		10,200
Total investments at fair value	3,430,001		3,094,065
Cash (restricted cash of $4,422 and $7,932 as of March 31, 2025 and December 31, 2024, respectively)	189,421		108,470
Foreign currencies (cost of $24,144 and $23,188 as of March 31, 2025 and December 31, 2024, respectively)	23,955		22,596
Interest and fees receivable	49,640		49,593
Prepaid expenses and other assets	2,544		321
Derivative assets	2,298		41,184
Deferred financing fees	8,617		9,179
Receivable from unsettled transactions	1,815		3,016
Total assets	$	3,708,291	$	3,328,424
Liabilities:
Accounts payable and accrued liabilities	$	5,449	$	6,244
Share repurchases payable	12,793		5,847
Interest payable	15,202		14,916
Administrative fees payable	353		541
Base management fees payable	5,723		5,243
Incentive management fees payable	3,801		3,563
Derivative liabilities	9,749		12,875
Payable from unsettled transactions	95,528		2,580
Borrowings under credit facilities	671,534		594,357
Debt securitization (net of deferred financing fees)	406,104		406,020
Notes payable (net of deferred financing fees)	303,596		299,602
Total liabilities	1,529,832		1,351,788
Commitments and contingencies (Note 7)
Net Assets:
Common stock, $0.001 par value per share (499,950,000 shares authorized, 104,987,948 and 95,007,965 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)	105		95
Additional paid-in capital	2,160,942		1,953,628
Total distributable earnings	17,412		22,913
Total net assets	2,178,459		1,976,636
Total liabilities and net assets	$	3,708,291	$	3,328,424
Net asset value per share	$	20.75	$	20.80

See accompanying notes.

3

Barings Private Credit Corporation

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)

	Three Months Ended		Three Months Ended
	March 31, 2025		March 31, 2024
Investment income:
Interest income:
Non-Control / Non-Affiliate investments	$	68,905	$	60,264
Affiliate investments	503		289
Total interest income	69,408		60,553
Dividend income:
Non-Control / Non-Affiliate investments	777		938
Affiliate investments	6,513		5,801
Total dividend income	7,290		6,739
Fee and other income:
Non-Control / Non-Affiliate investments	5,222		4,347
Affiliate investments	18		29
Total fee and other income	5,240		4,376
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	3,224		2,274
Affiliate investments	—		91
Control investments	231		—
Total payment-in-kind interest income	3,455		2,365
Interest income from cash	664		261
Total investment income	86,057		74,294
Operating expenses:
Interest and other financing fees	20,915		24,152
Base management fee (Note 2)	5,723		4,593
Incentive management fees (Note 2)	3,801		3,067
Other general and administrative expenses (Note 2)	1,734		1,667
Total operating expenses	32,173		33,479
Net investment income before taxes	53,884		40,815
Income taxes, including excise tax expense	400		250
Net investment income	$	53,484	$	40,565

4

Barings Private Credit Corporation Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
	Three Months Ended		Three Months Ended
	March 31, 2025		March 31, 2024
Realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts:
Net realized gains (losses):
Non-Control / Non-Affiliate investments	$	(465)	$	(3,559)
Net realized gains (losses) on investments	(465)		(3,559)
Foreign currency transactions	722		(397)
Forward currency contracts	25,952		(14,917)
Net realized gains (losses)	26,209		(18,873)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	18,070		2,907
Affiliate investments	1,325		(991)
Control investments	(14)		—
Net unrealized appreciation (depreciation) on investments	19,381		1,916
Foreign currency transactions	(3,917)		1,850
Forward currency contracts	(39,714)		25,940
Net unrealized appreciation (depreciation)	(24,250)		29,706
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts	1,959		10,833
Net increase in net assets resulting from operations	$	55,443	$	51,398
Net investment income per share — basic and diluted	$	0.53	$	0.57
Net increase in net assets resulting from operations per share — basic and diluted	$	0.55	$	0.72
Dividends / distributions per share:
Total dividends / distributions per share	$	0.60	$	0.60
Weighted average shares outstanding — basic and diluted	101,251,032		71,002,621

See accompanying notes.

5

Barings Private Credit Corporation

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)

Three Months Ended March 31, 2025	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, December 31, 2024	95,007,965	$	95	$	1,953,628	$	22,913	$	1,976,636
Net investment income	—	—		—		53,484		53,484
Net realized gain on investments / foreign currency transactions / forward currency contracts	—	—		—		26,209		26,209
Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		(24,250)		(24,250)
Purchases of shares in repurchase plan	(617,210)	—		(12,789)		—		(12,789)
Dividends / distributions	268,425	—		5,574		(60,944)		(55,370)
Issuance of common stock	10,328,768	10		214,529		—		214,539
Balance, March 31, 2025	104,987,948	$	105	$	2,160,942	$	17,412	$	2,178,459

 

Three Months Ended March 31, 2024	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, December 31, 2023	62,714,487	$	63	$	1,281,007	$	25,925	$	1,306,995
Net investment income	—	—		—		40,565		40,565
Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(18,873)		(18,873)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		29,706		29,706
Purchases of shares in repurchase plan	(1,538,740)	(2)		(32,158)		—		(32,160)
Dividends / distributions	213,981	—		4,466		(42,678)		(38,212)
Issuance of common stock	16,812,748	17		351,159		—		351,176
Balance, March 31, 2024	78,202,476	$	78	$	1,604,474	$	34,645	$	1,639,197

See accompanying notes.

6

Barings Private Credit Corporation

Unaudited Consolidated Statements of Cash Flows 

(in thousands)

	Three Months Ended		Three Months Ended
	March 31, 2025		March 31, 2024
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	55,443	$	51,398
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of portfolio investments	(336,180)		(277,584)
Repayments received / sales of portfolio investments	116,581		168,751
Loan origination and other fees received	9,512		6,096
Net realized (gain) loss on investments	465		3,559
Net realized (gain) loss on foreign currency transactions	(722)		397
Net realized (gain) loss on forward currency contracts	(25,952)		14,917
Net unrealized (appreciation) depreciation on investments	(19,381)		(1,916)
Net unrealized (appreciation) depreciation on foreign currency transactions	3,917		(1,850)
Net unrealized (appreciation) depreciation on forward currency contracts	39,714		(25,940)
Payment-in-kind interest / dividends	(7,426)		(5,648)
Amortization of deferred financing fees	687		549
Accretion of loan origination and other fees	(3,268)		(3,191)
Amortization / accretion of purchased loan premium / discount	(2,189)		(245)
Payments for derivative contracts	(7,769)		(18,996)
Proceeds from derivative contracts	33,721		4,080
Changes in operating assets and liabilities:
Interest and fees receivable	1,865		4,338
Prepaid expenses and other assets	(2,222)		(2,389)
Accounts payable and accrued liabilities	(1,081)		(398)
Interest payable	243		(5,173)
Net cash provided by (used in) operating activities	(144,042)		(89,245)
Cash flows from financing activities:
Borrowings under credit facilities	169,781		56,510
Repayments under credit facilities	(96,754)		(182,625)
Repayments of debt securitization	—		(4,849)
Financing fees paid	—		(117)
Issuance of common stock	214,539		351,176
Cash dividends / distributions paid	(55,370)		(38,212)
Purchases of shares in repurchase plan	(5,844)		(307)
Net cash provided by (used in) financing activities	226,352		181,576
Net increase (decrease) in cash and foreign currencies	82,310		92,331
Cash and foreign currencies, beginning of period	131,066		83,563
Cash and foreign currencies, end of period	$	213,376	$	175,894
Supplemental disclosure of cash flow information:
Cash paid for interest	$	18,799	$	27,228
Excise taxes paid during the period	$	2,447	$	1,190
Summary of non-cash financing transactions:
Dividends / distributions paid through DRIP share issuances	$	5,574	$	4,466
Share repurchases payable	$	12,793	$	32,160

See accompanying notes.

7

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace Corporation	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	04/22	04/28	$	13,022	$	12,912	$	12,761	0.6	%	(7)(8)(16)(30)
Accurus Aerospace Corporation	Revolver	SOFR + 5.75%, 10.2% Cash	04/22	04/28	1,528		1,512		1,495		0.1	%	(7)(8)(16)(31) (32)
ATL II MRO Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	11/22	11/28	46,002		45,253		45,404		2.1	%	(6)(7)(8)(16) (30)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	11/22	11/28	—		(95)		(83)		—	%	(7)(8)(16)(31) (32)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	650		644		644		—	%	(7)(30)(32)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	12/22	12/30	11,099		10,847		11,015		0.5	%	(7)(8)(16)(30) (31)(32)
GB Eagle Buyer, Inc.	Revolver	SOFR + 4.75%, 9.0% Cash	12/22	12/30	362		308		344		—	%	(7)(8)(16)(31) (32)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.9% Cash	05/21	02/29	3,569		3,576		3,569		0.2	%	(3)(7)(8)(11) (30)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	05/21	02/29	21,141		20,829		21,142		1.0	%	(3)(7)(8)(17) (30)
M-Personal Protection Management GMBH	First Lien Senior Secured Term Loan	EURIBOR + 5.38%, 8.1% Cash	10/24	09/31	10,802		10,644		10,662		0.5	%	(3)(7)(8)(10) (30)
Megawatt Acquisitionco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	03/24	03/30	7,944		7,807		7,467		0.3	%	(6)(7)(8)(16)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	03/24	03/30	568		536		449		—	%	(7)(8)(16)(31) (32)
Narda Acquisitionco., Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27	4,091		4,056		4,091		0.2	%	(6)(7)(8)(15)
Narda Acquisitionco., Inc.	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27	—		(8)		—		—	%	(7)(8)(15)(31) (32)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.9% Cash	05/21	03/28	568		615		554		—	%	(3)(7)(8)(11) (30)(32)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 8.9% Cash	05/21	03/27	129		140		126		—	%	(3)(7)(8)(11) (32)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	05/21	12/26	2,540		2,524		2,317		0.1	%	(7)(8)(16)(30) (32)
Trident Maritime Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash, 2.0% PIK	05/21	02/27	9,150		9,095		8,418		0.4	%	(7)(8)(16)(30)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	02/23	02/29	11,407		11,406		11,279		0.5	%	(7)(8)(16)(30)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	07/24	06/29	7,522		7,346		7,316		0.3	%	(7)(8)(16)(30) (31)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	02/23	02/29	10,170		9,874		10,170		0.5	%	(7)(8)(16)(32)
Whitcraft Holdings, Inc.	Revolver	SOFR + 6.50%, 10.8% Cash	02/23	02/29	1,673		1,607		1,673		0.1	%	(7)(8)(16)(31) (32)
Subtotal Aerospace & Defense (7.4%)*					163,937		161,428		160,813
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 13.4% Cash	07/22	07/30	4,545		4,411		4,218		0.2	%	(7)(8)(16)(30)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	03/22	03/29	3,312		3,273		3,312		0.2	%	(6)(7)(8)(16)
OAC Holdings I Corp	Revolver	SOFR + 5.00%, 9.5% Cash	03/22	03/28	489		475		489		—	%	(7)(8)(16)(31) (32)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	11/29	14,417		14,087		14,319		0.7	%	(6)(7)(8)(16) (30)(31)
Randys Holdings, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	11/28	1,025		984		1,011		—	%	(7)(8)(16)(31) (32)
SPATCO Energy Solutions, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	07/24	07/30	24,868		24,324		24,407		1.1	%	(7)(8)(16)(30) (31)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	07/24	07/30	—		(74)		(64)		—	%	(7)(8)(16)(31) (32)
SVI International LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.0% Cash	03/24	03/30	588		576		588		—	%	(7)(8)(16)(30) (31)

8

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
SVI International LLC	Revolver	SOFR + 6.75%, 11.0% Cash	03/24	03/30	$	—	$	(1)	$	—	—	%	(7)(8)(16)(31) (32)
Subtotal Automotive (2.2%)*					49,244		48,055		48,280
Banking, Finance, Insurance, & Real Estate
Apus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.2% Cash	05/21	03/28	1,227		1,321		1,227		0.1	%	(3)(7)(8)(20) (30)
Aspen Insurance Holdings Ltd.	First Lien Senior Secured Term Loan	9.3% Cash	10/24	10/28	9,406		9,321		9,321		0.4	%	(7)(32)
Beyond Risk Management, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	10/21	10/27	7,587		7,242		7,587		0.3	%	(7)(8)(16)(30) (31)
Broadstone Group UK LTD	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.0% Cash	03/25	03/30	3,247		3,072		3,117		0.1	%	(3)(7)(19)(30) (31)
DreamStart BidCo SAS (d/b/a SmartTrade)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.0% Cash	05/21	03/27	864		953		864		—	%	(3)(7)(8)(10) (30)(32)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	11/23	11/30	8,116		7,987		7,969		0.4	%	(3)(7)(8)(11) (30)(32)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	05/22	11/30	874		721		764		—	%	(3)(7)(8)(11) (30)(31)
Findex Group Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.4% Cash	03/23	12/26	2,250		2,346		2,250		0.1	%	(3)(7)(13)(30)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.8% Cash	10/23	09/30	2,517		2,412		2,482		0.1	%	(3)(7)(8)(11) (30)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.1% Cash	05/21	09/26	8,952		9,778		8,952		0.4	%	(3)(7)(8)(9)(11) (30)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.8% Cash	05/21	05/28	4,537		4,912		4,449		0.2	%	(3)(7)(8)(10) (30)(32)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash	12/22	05/28	3,457		3,306		3,436		0.2	%	(3)(7)(8)(10) (30)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash, 4.0% PIK	12/21	06/26	53,851		53,302		53,415		2.5	%	(7)(8)(16) (32)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.1% Cash	06/21	12/30	6,846		6,665		6,781		0.3	%	(3)(7)(8)(10) (30)(31)
Russell Investments US Institutional Holdco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 7.8% Cash, 1.5% PIK	04/24	05/27	4,179		3,932		4,094		0.2	%	(7)(8)(16)(30)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 9.3% Cash	10/24	10/31	44,428		44,216		44,219		2.0	%	(3)(7)(8)(16) (32)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	First Lien Senior Secured Term Loan	SOFR + 4.25%, 8.6% Cash	10/21	12/27	3,947		3,911		3,947		0.2	%	(6)(7)(8)(15) (30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	SOFR + 4.25%, 8.6% Cash	10/21	12/27	—		(10)		—		—	%	(7)(8)(15)(31) (32)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Subordinated Term Loan	SOFR + 7.75%, 12.2% PIK	10/21	10/28	5,656		5,598		5,656		0.3	%	(7)(8)(17)(32)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/24	10/31	9,925		9,812		9,821		0.5	%	(7)(8)(15)(30) (31)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/24	10/31	66		53		54		—	%	(7)(8)(15)(31) (32)
Turbo Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	11/21	12/25	12,352		12,307		11,648		0.5	%	(6)(7)(8)(16) (30)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/23	12/27	18,296		18,056		18,040		0.8	%	(7)(8)(16)(30) (31)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	12/24	12/29	5,175		4,754		4,767		0.2	%	(7)(8)(16)(30) (31)
Subtotal Banking, Finance, Insurance, & Real Estate (9.9%)*					217,755		215,967		214,860
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	2024 LIFO Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26	8,739		8,478		8,739		0.4	%	(7)(8)(16)(32)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26	4,308		4,202		4,308		0.2	%	(7)(8)(16)(32)
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 7.00%, 11.6% PIK	02/24	05/26	1,617		1,617		1,617		0.1	%	(7)(8)(16)(32)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 9.00%, 13.6% PIK	02/24	05/26	1,236		1,236		1,236		0.1	%	(7)(8)(16)(32)

9

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Innovad Group II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.4% Cash	05/21	04/28	$	1,054	$	1,148	$	1,054	—	%	(3)(7)(8)(10) (30)(32)
Innovad Group II BV	First Lien Senior Secured Term Loan	SARON + 5.00%, 5.2% Cash	05/23	04/28	164		161		164		—	%	(3)(7)(8)(24) (32)
KSLB Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	01/25	01/30	4,000		3,962		3,960		0.2	%	(7)(8)(16)(30)
KSLB Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	05/21	07/27	17,589		17,558		17,413		0.8	%	(7)(8)(16)(30)
Riedel Beheer B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	12/21	12/28	2,240		2,267		1,942		0.1	%	(3)(7)(8)(10) (30)
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	12/21	12/27	17,469		17,229		17,186		0.8	%	(6)(7)(8)(16) (30)(31)
Woodland Foods, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	12/21	12/27	691		667		659		—	%	(7)(8)(16)(31) (32)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	02/22	02/28	12,119		11,930		11,950		0.5	%	(6)(7)(8)(16) (30)(31)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	01/25	01/30	—		(30)		(31)		—	%	(7)(8)(16)(30) (31)
ZB Holdco LLC	Revolver	SOFR + 5.50%, 10.0% Cash	02/22	02/28	1,228		1,205		1,201		0.1	%	(7)(8)(16) (31)(32)
Subtotal Beverage, Food, & Tobacco (3.3%)*					72,454		71,630		71,398
Capital Equipment
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/23	11/29	14,020		13,842		13,862		0.6	%	(7)(8)(16)(30)
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	11/23	11/29	9,082		8,798		8,965		0.4	%	(6)(7)(8)(16) (30)(31)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 10.1% Cash	11/23	11/29	—		(61)		—		—	%	(7)(8)(16)(31) (32)
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.6% Cash	07/22	07/29	2,484		2,327		2,484		0.1	%	(3)(7)(8)(10) (30)
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	03/23	07/29	23,460		22,138		20,879		1.0	%	(7)(8)(16)(32)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	11/21	11/28	3,091		3,054		3,091		0.1	%	(3)(7)(8)(16) (30)
DAWGS Intermediate Holdings Co.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	03/25	03/30	10,035		9,935		9,935		0.5	%	(7)(16)(30)
DAWGS Intermediate Holdings Co.	Revolver	SOFR + 4.50%, 8.8% Cash	03/25	03/30	126		95		95		—	%	(7)(16)(31)(32)
Polara Enterprises, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27	5,775		5,716		5,775		0.3	%	(6)(7)(8)(15)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27	—		(9)		—		—	%	(7)(8)(15)(31) (32)
Process Insights Acquisition, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	07/23	07/29	3,526		3,465		3,435		0.2	%	(6)(7)(8)(16) (30)(31)
Process Insights Acquisition, Inc.	Revolver	SOFR + 6.25%, 10.6% Cash	07/23	07/29	693		669		664		—	%	(7)(8)(16)(31) (32)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/24	10/30	5,213		5,110		5,111		0.2	%	(7)(8)(16)(30) (31)
Rapid Buyer LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/24	10/30	—		(18)		(18)		—	%	(7)(8)(16)(31) (32)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24	11/30	19,341		18,913		18,941		0.9	%	(7)(8)(16)(30)
TAPCO Buyer LLC	Revolver	SOFR + 5.00%, 9.3% Cash	11/24	11/30	—		(53)		(53)		—	%	(7)(8)(16)(31) (32)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/21	12/27	24,606		23,998		23,938		1.1	%	(6)(7)(8)(16) (30)(31)
Tencarva Machinery Company, LLC	Revolver	SOFR + 4.75%, 9.2% Cash	12/21	12/27	—		(51)		(61)		—	%	(7)(8)(16)(31) (32)
Subtotal Capital Equipment (5.4%)*					121,452		117,868		117,043
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	04/23	04/29	5,371		5,286		5,275		0.2	%	(7)(8)(15)(30) (32)
Americo Chemical Products, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	04/23	04/29	—		(24)		(25)		—	%	(7)(8)(15)(31) (32)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	BBSY + 6.08%, 10.2% Cash	11/21	10/28	1,245		1,424		1,235		0.1	%	(3)(7)(8)(13) (30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.08%, 8.6% Cash	11/21	10/28	14,085		14,187		13,976		0.6	%	(3)(7)(8)(10) (30)

10

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.83%, 10.1% Cash	01/23	10/28	$	2,248	$	2,162	$	2,248	0.1	%	(3)(7)(8)(11) (30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 6.08%, 10.7% Cash	11/21	10/28	2,235		2,235		2,218		0.1	%	(3)(7)(8)(16) (30)
Aptus 1829. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	09/21	09/27	2,362		2,527		2,116		0.1	%	(3)(7)(8)(11) (30)
Vibrantz Technologies Inc.	First Lien Senior Secured Term Loan	SOFR + 4.25%, 8.7% Cash	02/22	04/29	12,468		11,989		10,925		0.5	%	(16)(32)
Subtotal Chemicals, Plastics, & Rubber (1.7%)*					40,014		39,786		37,968
Construction & Building
BKF Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/24	08/30	7,800		7,673		7,676		0.4	%	(7)(8)(15)(30)
BKF Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	08/24	08/30	—		(45)		(46)		—	%	(7)(8)(15) (31)(32)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	12/21	12/27	44,627		44,438		41,905		1.9	%	(7)(8)(16)(30)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 10.2% Cash	12/21	12/27	458		435		303		—	%	(7)(8)(15)(31) (32)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/21	08/27	660		654		660		—	%	(7)(8)(15)(30)
Ocelot Holdco LLC	Super Senior Takeback Loan	10.0% Cash	10/23	10/27	172		172		172		—	%	(7)(32)
Ocelot Holdco LLC	Takeback Term Loan	10.0% Cash	10/23	10/27	917		917		917		—	%	(7)(32)
Subtotal Construction & Building (2.4%)*					54,634		54,244		51,587
Consumer goods: Durable
DecksDirect, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.0% Cash	12/21	12/28	1,553		1,534		1,295		0.1	%	(7)(8)(16)(30)
DecksDirect, LLC	Revolver	SOFR + 6.50%, 11.0% Cash	12/21	12/28	254		250		191		—	%	(7)(8)(16)(31) (32)
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 9.50%, 13.8% Cash	10/23	10/28	25,733		25,150		25,183		1.2	%	(7)(8)(15)(32)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.0% Cash	07/22	01/26	8,840		8,816		8,155		0.4	%	(6)(7)(8)(17) (30)(31)(32)
HTI Technology & Industries	Revolver	SOFR + 8.50%, 13.0% Cash	07/22	01/26	—		(2)		(73)		—	%	(7)(8)(17)(31) (32)
Momentum Textiles, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	03/25	03/30	10,781		10,673		10,673		0.5	%	(7)(15)(30)
Momentum Textiles, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	03/25	03/30	(14)		(27)		(27)		—	%	(7)(15)(31)(32)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	11/21	11/27	14,090		13,925		13,089		0.6	%	(6)(7)(8)(16)
Team Air Distributing, LLC	Subordinated Term Loan	14.0% Cash	05/23	05/28	753		740		739		—	%	(7)(32)
Terrybear, Inc.	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	288		285		266		—%		(7)(32)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.2% Cash	03/22	09/30	5,456		5,551		5,320		0.2	%	(3)(7)(8)(20) (30)
Subtotal Consumer goods: Durable (3.0%)*					67,734		66,895		64,811
Consumer goods: Non-durable
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.40%, 9.2% Cash	05/21	02/28	4,969		5,367		4,959		0.2	%	(3)(7)(8)(11) (30)(32)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	02/24	02/30	3,174		3,099		3,116		0.1	%	(7)(8)(17)(30) (31)
CCFF Buyer, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	02/24	02/30	—		(17)		(13)		—	%	(7)(8)(17)(31) (32)
David Wood Baking UK Ltd	First Lien Senior Secured Term Loan	SONIA + 10.00%, 14.7% Cash	04/24	04/29	13,311		12,323		12,739		0.6	%	(3)(7)(8)(20) (32)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.1% Cash	04/24	04/29	13,162		12,370		13,169		0.6	%	(3)(8)(15)(32)
Ice House America, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	01/24	01/30	4,365		4,273		4,279		0.2	%	(7)(8)(16)(30)
Ice House America, L.L.C.	Revolver	SOFR + 5.50%, 9.8% Cash	01/24	01/30	480		469		469		—	%	(7)(8)(16)(31) (32)

11

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Image International Intermediate Holdco II, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	05/21	07/25	$	24,175	$	24,175	$	23,256	1.1	%	(7)(8)(16)(30)
Modern Star Holdings Bidco Pty Limited	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.1% Cash	05/21	12/26	1,754		1,914		1,754		0.1	%	(3)(7)(8)(12) (30)(31)(32)
Safety Products Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	05/21	12/26	6,987		6,947		6,987		0.3	%	(6)(7)(8)(16) (30)(32)
Subtotal Consumer goods: Non-durable (3.2%)*					72,377		70,920		70,715
Containers, Packaging, & Glass
Cosmelux International	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.6% Cash	05/21	09/31	2,698		2,732		2,587		0.1	%	(3)(7)(8)(10) (30)
Cosmelux International	Revolver	EURIBOR + 5.25%, 7.6% Cash	05/21	09/30	—		(2)		(10)		—	%	(3)(7)(8)(10) (31)(32)
Diversified Packaging Holdings LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29	1,011		993		990		—	%	(7)(8)(30)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.6% Cash	05/22	05/30	7,152		7,051		6,930		0.3	%	(7)(8)(16)(30)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	09/24	09/30	5,420		5,351		5,352		0.2	%	(7)(8)(16)(30)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SONIA + 4.50%, 9.0% Cash	09/24	09/30	11,177		11,466		11,038		0.5	%	(7)(8)(18)(30)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.50%, 8.8% Cash	09/24	09/30	125		100		100		—	%	(7)(8)(16)(31) (32)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.50%, 9.0% Cash	09/24	09/30	—		(31)		(29)		—	%	(7)(8)(18)(31) (32)
Mold-Rite Plastics, LLC	Second Lien Second Out Term Loan	SOFR + 1.50%, 5.8% Cash, 2.3% PIK	06/24	10/28	3,272		2,760		2,766		0.1	%	(16)(30)
MSI Express Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	03/25	03/30	8,177		8,049		8,048		0.4	%	(7)(16)(30)(31)
MSI Express Inc.	Revolver	SOFR + 4.75%, 9.1% Cash	03/25	03/30	965		919		919		—	%	(7)(16)(30)(31) (32)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.8% Cash	06/21	06/28	11,228		12,429		11,123		0.5	%	(3)(7)(8)(10) (30)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	06/21	06/28	3,879		3,855		3,843		0.2	%	(3)(7)(8)(10) (30)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	13,951		13,772		13,792		0.6	%	(6)(7)(8)(15)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	05/23	03/28	6,710		6,576		6,634		0.3	%	(7)(8)(15)(32)
Tank Holding Corp	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28	—		(7)		(7)		—	%	(7)(8)(15)(31) (32)
Subtotal Containers, Packaging, & Glass (3.4%)*					75,765		76,013		74,076
Energy: Electricity
WWEC Holdings III Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/22	10/28	9,126		8,869		8,891		0.4	%	(7)(8)(16)(30) (31)
WWEC Holdings III Corp	Revolver	SOFR + 5.00%, 9.3% Cash	10/22	10/28	—		(49)		(50)		—	%	(7)(8)(16)(31) (32)
Subtotal Energy: Electricity (0.4%)*					9,126		8,820		8,841
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Municipal Revenue Bond	11.5% Cash	07/22	09/27	32,980		32,980		33,952		1.6	%	(32)
Entact Environmental Services, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	05/21	01/27	1,841		1,832		1,836		0.1	%	(6)(7)(8)(16) (30)
Northstar Recycling, LLC	First Lien Senior Secured Term Loan	SOFR + 4.65%, 9.0% Cash	06/22	12/30	17,479		17,221		17,479		0.8	%	(7)(8)(16)(30) (31)
Northstar Recycling, LLC	Revolver	SOFR + 4.65%, 9.0% Cash	06/22	12/30	—		(43)		—		—	%	(7)(8)(16)(31) (32)
Subtotal Environmental Industries (2.4%)*					52,300		51,990		53,267
Healthcare & Pharmaceuticals
A.T. Holdings II LTD	First Lien Senior Secured Term Loan	6.7% Cash, 7.6% PIK	11/22	09/29	15,791		14,250		9,964		0.5	%	(3)(7)(29)(32)
Amalfi Midco	Second Lien Senior Secured Term Loan	17.5% PIK	09/22	10/28	299		301		311		—	%	(3)(7)(32)
Amalfi Midco	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28	6,125		5,415		5,819		0.3	%	(3)(7)(32)
Astra Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	11/21	11/28	499		493		498		—	%	(3)(7)(8)(10) (30)

12

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Astra Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.5% Cash	11/21	11/28	$	3,031	$	3,054	$	3,024	0.1	%	(3)(7)(8)(20) (30)(31)
Avance Clinical Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.7% Cash	11/21	11/27	2,053		2,287		2,053		0.1	%	(3)(7)(8)(13) (30)(31)
Biolam Group	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 8.2% PIK	12/22	12/29	6,744		5,672		3,210		0.1	%	(3)(7)(8)(11) (28)(30)(31) (32)
Canadian Orthodontic Partners Corp.	First Lien Senior Secured Term Loan	CORRA + 7.0% PIK, 10.3% PIK	06/21	12/26	4,180		4,909		798		—	%	(3)(7)(8)(22) (28)(30)
Canadian Orthodontic Partners Corp.	Super Senior Secured Term Loan	15.0% PIK	04/24	12/26	80		79		256		—	%	(3)(7)(30)(31)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.9% Cash	10/21	10/28	4,575		4,658		4,538		0.2	%	(3)(7)(8)(11) (30)
Coherus Biosciences, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% Cash	05/24	05/29	9,977		9,718		9,758		0.4	%	(7)(8)(16)(32)
Dune Group	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.6% Cash	09/21	09/28	303		296		235		—	%	(3)(7)(8)(11) (30)(31)
Dune Group	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.3% Cash	09/21	09/28	5,335		5,288		5,063		0.2	%	(3)(7)(8)(16) (30)
EB Development	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	11/24	11/31	7,085		6,645		6,834		0.3	%	(3)(7)(8)(10) (30)(31)
Ellkay, LLC	First Lien Senior Secured Term Loan	SOFR + 7.50%, 10.0% Cash, 2.0% PIK	09/21	09/27	5,716		5,663		5,224		0.2	%	(7)(8)(16)(30)
Faraday	First Lien Senior Secured Term Loan	EURIBOR + 6.10%, 8.5% Cash	01/23	01/29	3,291		3,290		3,265		0.1	%	(3)(7)(8)(10) (30)(32)
Finexvet	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.1% Cash	03/22	03/29	9,775		9,745		9,696		0.4	%	(3)(7)(8)(11) (30)(32)
Forest Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	03/24	03/30	12,197		12,034		12,197		0.6	%	(7)(8)(16)(30)
Forest Buyer, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	03/24	03/30	—		(12)		—		—	%	(7)(8)(16)(31) (32)
GCDL LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	08/24	08/27	538		529		529		—	%	(7)(8)(16)(30) (31)
GCDL LLC	Revolver	SOFR + 6.00%, 10.3% Cash	08/24	08/27	—		(2)		(2)		—	%	(7)(8)(16)(31) (32)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	294		296		294		—	%	(3)(7)(32)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	11/24	02/30	86		85		86		—	%	(3)(7)(32)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	03/25	06/30	—		—		—		—	%	(3)(7)(31)(32)
GPNZ II GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% PIK	06/22	06/29	465		446		24		—	%	(3)(7)(9)(28) (30)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.70%, 8.1% Cash	10/22	10/29	2,034		1,905		2,004		0.1	%	(3)(7)(8)(10) (30)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.95%, 8.4% Cash	10/22	10/29	6,674		6,484		6,674		0.3	%	(3)(7)(8)(10) (30)(31)
HeartHealth Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.4% Cash	09/22	09/28	698		705		601		—	%	(3)(7)(8)(13) (30)(31)
Heartland Veterinary Partners, LLC	Subordinated Term Loan	11.0% PIK	11/21	12/28	7,968		7,891		7,370		0.3	%	(7)(32)
HemaSource, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	08/23	08/29	7,200		7,056		7,200		0.3	%	(7)(8)(15)(30)
HemaSource, Inc.	Revolver	SOFR + 4.75%, 9.1% Cash	08/23	08/29	—		(61)		—		—	%	(7)(8)(15)(31) (32)
Home Care Assistance, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	05/21	03/27	1,512		1,500		1,335		0.1	%	(7)(8)(17)(30) (32)
Hygie 31 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.88%, 8.2% Cash	09/22	09/29	594		519		591		—	%	(3)(7)(8)(11) (30)(32)
ISTO Technologies II, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	10/23	10/28	6,834		6,703		6,834		0.3	%	(7)(8)(16)(30)
ISTO Technologies II, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	10/23	10/28	—		(20)		—		—	%	(7)(8)(16)(31) (32)
Jon Bidco Limited	First Lien Senior Secured Term Loan	BKBM + 4.50%, 8.7% Cash	03/22	03/27	3,828		4,520		3,828		0.2	%	(3)(7)(8)(23) (30)(31)
Keystone Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	08/24	08/31	857		857		847		—	%	(3)(7)(8)(11) (30)(31)
Keystone Bidco B.V.	Revolver	EURIBOR + 5.25%, 7.8% Cash	08/24	05/31	19		18		19		—	%	(3)(7)(8)(11) (31)(32)

13

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Lambir Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.6% Cash	12/21	12/28	$	2,546	$	2,582	$	2,400	0.1	%	(3)(7)(8)(11) (30)(31)
Lambir Bidco Limited	Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	890		903		818		—	%	(3)(7)(32)
Listrac Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 12.00%, 16.5% Cash	02/23	08/26	174		159		189		—	%	(3)(7)(20)(32)
Listrac Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.5% Cash	02/23	02/27	1,022		946		1,022		—	%	(3)(7)(20)(32)
Median B.V.	First Lien Senior Secured Term Loan	SONIA + 5.93%, 10.5% Cash	02/22	10/27	6,389		6,596		6,183		0.3	%	(3)(8)(19)(30)
Medical Solutions Parent Holdings, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% Cash	11/21	11/29	4,421		4,392		2,211		0.1	%	(8)(16)(30)
Mertus 522. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.7% Cash	05/21	05/26	420		458		409		—	%	(3)(7)(8)(11) (30)
Mertus 522. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 7.50%, 9.9% Cash	05/21	05/26	3,499		3,626		3,454		0.2	%	(3)(7)(8)(11) (30)
Moonlight Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.5% Cash	07/23	07/30	1,917		1,886		1,917		0.1	%	(3)(7)(8)(19) (31)(32)
Napa Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.2% Cash	03/22	03/28	12,224		13,913		12,224		0.6	%	(3)(7)(8)(13) (30)
NAPA Management Services Corp	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	02/22	02/29	6,433		5,978		5,910		0.3	%	(15)(32)
Navia Benefit Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	05/21	02/27	6,456		6,409		6,456		0.3	%	(6)(7)(8)(15) (32)
NPM Investments 28 B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash	09/22	10/29	3,933		3,799		3,933		0.2	%	(3)(7)(8)(10) (30)(31)(32)
OA Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	12/21	12/28	9,351		9,240		9,351		0.4	%	(6)(7)(8)(15)
OA Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	12/21	06/31	36,033		35,879		36,033		1.7	%	(6)(7)(8)(15) (30)
OA Buyer, Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	12/21	12/28	—		(14)		—		—	%	(7)(8)(15)(31) (32)
Ocular Therapeutix, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.1% Cash	08/23	07/29	7,859		7,673		9,698		0.4	%	(3)(7)(8)(15) (32)
Oracle Vision Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.7% Cash	06/21	06/28	7,064		7,088		6,915		0.3	%	(3)(7)(8)(20) (30)(31)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.6% Cash	05/21	12/26	529		587		529		—	%	(3)(7)(8)(10) (30)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/22	11/25	—		(25)		—		—	%	(3)(7)(8)(16) (30)(31)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/22	12/26	4,800		4,741		4,800		0.2	%	(3)(7)(8)(16) (30)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.25%, 12.6% Cash	10/23	10/29	29		24		25		—	%	(7)(8)(15)(31) (32)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.30%, 12.7% Cash	10/23	10/29	595		585		588		—	%	(7)(8)(15)(32)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.8% Cash	06/22	07/29	17,279		16,824		16,846		0.8	%	(3)(7)(8)(11) (30)(31)(32)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 5.75%, 6.2% Cash	06/22	07/29	6,731		6,337		6,584		0.3	%	(3)(7)(8)(25) (30)(32)
SSCP Pegasus Midco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.6% Cash	05/21	11/27	1,081		1,123		1,081		—	%	(3)(7)(8)(19) (30)(31)(32)
SSCP Spring Bidco 3 Limited	First Lien Senior Secured Term Loan	SONIA + 6.45%, 11.2% Cash	11/23	08/30	989		936		972		—	%	(3)(7)(8)(20) (30)
Union Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.59%, 9.3% Cash	06/22	06/29	2,577		2,391		2,573		0.1	%	(3)(7)(8)(19) (30)(31)
United Therapy Holding III GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.2% Cash	04/22	03/29	1,799		1,750		1,353		0.1	%	(3)(7)(8)(10) (30)(31)
Unither (Uniholding)	First Lien Senior Secured Term Loan	EURIBOR + 4.93%, 7.3% Cash	03/23	03/30	2,047		1,968		2,047		0.1	%	(3)(7)(8)(10) (30)(31)
VB Spine Intermediary II LLC	First Lien Senior Secured Term Loan	SOFR + 8.50%, 12.8% Cash	03/25	03/30	68,012		65,291		65,291		3.0	%	(7)(8)(16)(32)
Subtotal Healthcare & Pharmaceuticals (15.3%)*					353,756		347,261		332,789
High Tech Industries
1WorldSync, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	05/21	07/25	10,644		10,637		10,644		0.5	%	(6)(7)(8)(16) (30)
Argus Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK	07/22	07/29	3,967		3,778		3,661		0.2	%	(3)(7)(11)(30) (32)

14

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Argus Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.8% Cash, 3.3% PIK	07/22	07/29	$	272	$	267	$	251	—	%	(3)(7)(17)(30)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.9% Cash, 2.8% PIK	07/22	07/29	3,543		3,319		3,214		0.1	%	(3)(7)(20) (30)(31)(32)
Argus Bidco Limited	Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29	1,742		1,623		1,585		0.1	%	(3)(7)(30)(32)
Audio Precision, Inc.	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.4% Cash	05/21	08/25	2,645		2,948		2,407		0.1	%	(7)(8)(10)(30)
Audio Precision, Inc.	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% Cash	05/21	08/25	4,822		4,821		4,388		0.2	%	(7)(8)(15)(30)
CAi Software, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	12/21	12/28	17,496		17,259		17,496		0.8	%	(6)(7)(8)(16) (30)
CAi Software, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	12/21	12/28	1,870		1,817		1,870		0.1	%	(7)(8)(16)(31) (32)
Contabo Finco S.À R.L	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 7.8% Cash	10/22	10/29	10,454		9,477		10,454		0.5	%	(3)(7)(8)(10) (30)
CW Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	05/21	01/27	3,993		3,961		3,993		0.2	%	(7)(8)(16)(30)
Discovery Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	02/25	02/32	15,949		15,643		15,635		0.7	%	(7)(16)(30)(31)
Discovery Buyer, L.P.	Revolver	SOFR + 5.00%, 9.3% Cash	02/25	02/32	—		(28)		(29)		—	%	(7)(16)(31)(32)
Dragon Bidco	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.9% Cash	05/21	04/28	1,296		1,346		1,296		0.1	%	(3)(7)(8)(10) (30)
Dwyer Instruments, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	07/21	07/29	6,649		6,586		6,572		0.3	%	(7)(8)(16)(30)
Dwyer Instruments, Inc.	Revolver	SOFR + 4.75%, 9.1% Cash	12/23	07/29	130		128		128		—	%	(7)(8)(16)(30)
Electrical Components International, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	05/24	05/29	21,170		20,803		20,790		1.0	%	(7)(8)(16)(31) (32)
Ensono	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.4% Cash	05/21	05/28	7,481		7,436		7,358		0.3	%	(15)(32)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.4% PIK	12/22	12/29	1,745		1,497		834		—	%	(3)(7)(11) (28)(30)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% PIK	12/22	12/29	913		781		437		—	%	(3)(7)(16)(28) (30)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SONIA + 7.00%, 12.4% PIK	12/22	12/29	2,388		1,194		1,141		0.1	%	(3)(7)(20)(28) (32)
Eurofins Digital Testing International LUX Holding SARL	Senior Subordinated Term Loan	11.5% PIK	12/22	12/30	745		642		—		—	%	(3)(7)(28)(32)
FinThrive Software Intermediate Holdings Inc.	Second Out Term Loan	SOFR + 4.00%, 8.3% Cash	03/25	12/28	7,774		6,651		6,642		0.3	%	(15)(32)
FSS Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/21	08/28	23,974		23,716		23,974		1.1	%	(6)(7)(8)(15) (30)
Graphpad Software, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	06/24	06/31	22,769		22,642		22,769		1.0	%	(6)(7)(8)(16) (30)(31)
Graphpad Software, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	06/24	06/31	—		(9)		—		—	%	(7)(8)(16)(31) (32)
Haystack Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	01/25	01/28	12,651		12,456		12,450		0.6	%	(7)(16)(30)(31)
Haystack Holdings LLC	Revolver	SOFR + 4.75%, 9.0% Cash	01/25	01/28	—		(17)		(18)		—	%	(7)(16)(31)(32)
Heavy Construction Systems Specialists, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	11/21	11/28	22,294		22,077		22,294		1.0	%	(6)(7)(8)(16) (30)
Heavy Construction Systems Specialists, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	11/21	11/27	—		(19)		—		—	%	(7)(8)(16)(31) (32)
HW Holdco, LLC (Hanley Wood LLC)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	05/21	05/26	18,816		18,755		18,816		0.9	%	(6)(7)(8)(16) (30)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	05/22	05/29	738		723		734		—	%	(3)(7)(8)(17) (30)(31)

15

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Lattice Group Holdings Bidco Limited	Revolver	SOFR + 5.50%, 10.3% Cash	05/22	11/28	$	—	$	—	$	—	—	%	(3)(7)(8)(17) (31)(32)
NAW Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	09/23	09/29	11,504		11,105		11,504		0.5	%	(7)(8)(16)(30) (31)
NAW Buyer LLC	Revolver	SOFR + 5.50%, 9.8% Cash	09/23	09/29	—		(43)		—		—	%	(7)(8)(16)(31) (32)
NeoxCo	First Lien Senior Secured Term Loan	EURIBOR + 6.35%, 8.9% Cash	01/23	01/30	2,583		2,527		2,583		0.1	%	(3)(7)(8)(11) (30)
Next Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/23	11/30	43,646		43,098		43,149		2.0	%	(7)(8)(16)(30) (31)
Next Holdco, LLC	Revolver	SOFR + 5.25%, 9.6% Cash	11/23	11/29	—		(28)		(23)		—	%	(7)(8)(16)(31) (32)
ORTEC INTERNATIONAL NEWCO B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	12/23	12/30	4,937		4,881		4,867		0.2	%	(3)(7)(8)(10) (30)
OSP Hamilton Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/21	12/29	19,289		18,994		19,035		0.9	%	(6)(7)(8)(16) (30)(31)
OSP Hamilton Purchaser, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	12/21	12/29	643		617		625		—	%	(7)(8)(16) (31)(32)
PDQ.Com Corporation	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	08/21	08/27	16,788		16,546		16,564		0.8	%	(6)(7)(8)(16) (30)(31)
Perforce Software, Inc.	Second Lien Senior Secured Term Loan	SOFR + 8.00%, 12.4% Cash	05/21	07/27	6,497		6,463		6,497		0.3	%	(7)(8)(15)(30)
PowerGEM Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24	11/29	11,733		11,664		11,585		0.5	%	(7)(8)(16)(30) (31)
PowerGEM Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/24	11/29	—		(35)		(32)		—	%	(7)(8)(16)(31) (32)
ProfitOptics, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	643		636		643		—	%	(7)(8)(15)(30)
ProfitOptics, LLC	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28	97		95		97		—	%	(7)(8)(15)(31) (32)
ProfitOptics, LLC	Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	32		32		31		—	%	(7)(32)
Pro-Vision Solutions Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	09/24	09/30	12,405		12,235		12,252		0.6	%	(7)(8)(15)(30)
Pro-Vision Solutions Holdings, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	09/24	09/29	564		519		523		—	%	(7)(8)(15)(31) (32)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	05/22	05/29	883		847		883		—	%	(3)(7)(8)(10) (30)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.3% Cash	05/22	05/29	1,411		1,395		1,411		0.1	%	(3)(7)(8)(16) (30)(31)
Saab Purchaser, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24	11/31	28,511		28,164		28,196		1.3	%	(7)(8)(16)(30) (31)
Saab Purchaser, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	11/24	11/31	—		(36)		(33)		—	%	(7)(8)(16)(31) (32)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.2% Cash	05/22	05/29	3,924		3,826		3,920		0.2	%	(3)(7)(8)(10) (30)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	08/23	05/29	508		508		508		—	%	(3)(7)(8)(16) (30)
Scout Bidco B.V.	Revolver	EURIBOR + 5.75%, 8.2% Cash	05/22	05/29	—		(2)		(6)		—	%	(3)(7)(8)(10) (31)(32)
Sinari Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	07/23	07/30	1,974		1,945		1,969		0.1	%	(3)(7)(8)(11) (30)(31)
Smartling, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.9% Cash	11/21	11/27	16,091		15,935		16,091		0.7	%	(6)(7)(8)(17) (30)
Smartling, Inc.	Revolver	SOFR + 4.50%, 8.9% Cash	11/21	11/27	—		(9)		—		—	%	(7)(8)(17)(31) (32)
Validity, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	05/21	05/26	939		937		939		—	%	(7)(8)(17)(30)
White Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	10/23	10/30	1,749		1,697		1,749		0.1	%	(3)(7)(8)(16) (30)(31)(32)
Subtotal High Tech Industries (18.7%)*					416,281		407,423		407,313
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTD	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.6% Cash	12/21	12/28	3,017		3,033		3,005		0.1	%	(3)(7)(8)(20) (30)
Aquavista Watersides 2 LTD	Second Lien Senior Secured Term Loan	SONIA + 10.50% PIK, 15.6% PIK	12/21	12/28	1,012		1,014		1,004		—	%	(3)(7)(8)(20) (32)

16

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Bucharest Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.7% Cash	05/21	03/27	$	175	$	172	$	175	—	%	(3)(7)(8)(17) (32)
Bucharest Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.7% Cash	05/21	03/27	798		843		798		—	%	(3)(7)(8)(20) (32)
Subtotal Hotel, Gaming, & Leisure (0.2%)*					5,002		5,062		4,982
Media: Advertising, Printing, & Publishing
ASC Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	07/22	07/27	3,204		3,177		3,204		0.1	%	(6)(7)(8)(15)
ASC Communications, LLC	Revolver	SOFR + 4.75%, 9.2% Cash	07/22	07/27	—		(5)		—		—	%	(7)(8)(15)(31) (32)
Superjet Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	12/21	12/27	36,179		35,506		35,459		1.6	%	(6)(7)(8)(16) (30)(31)
Superjet Buyer, LLC	Revolver	SOFR + 5.50%, 10.1% Cash	12/21	12/27	—		(52)		(57)		—	%	(7)(8)(16)(31) (32)
Subtotal Media: Advertising, Printing, & Publishing (1.8%)*					39,383		38,626		38,606
Media: Broadcasting & Subscription
Music Reports, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	05/21	08/26	2,441		2,428		2,329		0.1	%	(6)(7)(8)(16)
The Octave Music Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	06/24	03/29	10,753		10,753		10,511		0.5	%	(8)(16)(30)
Subtotal Media: Broadcasting & Subscription (0.6%)*					13,194		13,181		12,840
Media: Diversified & Production
BrightSign LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	10/21	10/27	10,340		10,293		10,340		0.5	%	(6)(7)(8)(15)
BrightSign LLC	Revolver	SOFR + 5.50%, 9.9% Cash	10/21	10/27	905		901		905		—	%	(7)(8)(15)(31) (32)
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 3.50%, 5.3% Cash, 2.5% PIK	05/21	05/25	1,128		1,128		1,099		0.1	%	(7)(8)(16)(30)
CM Acquisitions Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 3.50%, 5.3% Cash, 2.5% PIK	05/21	05/26	9,840		9,839		9,584		0.4	%	(7)(8)(16)(30)
Footco 40 Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.2% Cash	04/22	04/29	227		223		226		—	%	(3)(7)(8)(10) (30)
Footco 40 Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 10.9% Cash	04/22	04/29	1,648		1,638		1,639		0.1	%	(3)(7)(8)(19) (30)(31)
Iridium Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.5% Cash	05/21	12/25	5,558		5,687		5,430		0.2	%	(3)(7)(8)(20) (30)
Learfield Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/24	06/28	2,093		2,093		2,092		0.1	%	(8)(15)(32)
Murphy Midco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.2% Cash	05/21	11/27	761		798		737		—	%	(3)(7)(8)(20) (30)(32)
Rock Labor LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	09/23	09/29	5,559		5,423		5,487		0.3	%	(7)(8)(15)(30)
Rock Labor LLC	Revolver	SOFR + 5.50%, 9.8% Cash	09/23	09/29	—		(21)		(12)		—	%	(7)(8)(16)(31) (32)
Solo Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/22	12/29	16,274		15,971		16,258		0.7	%	(7)(8)(16)(32)
Solo Buyer, L.P.	Revolver	SOFR + 6.25%, 10.6% Cash	12/22	12/28	864		834		862		—	%	(7)(8)(16)(31) (32)
Vital Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.0% Cash	06/21	06/30	27,094		26,827		26,823		1.2	%	(6)(7)(8)(16) (30)
Vital Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	06/21	06/30	3,857		3,779		3,819		0.2	%	(7)(8)(16)(32)
Subtotal Media: Diversified & Production (3.9%)*					86,148		85,413		85,289
Services: Business
Accelevation LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	01/25	01/31	2,876		2,819		2,817		0.1	%	(7)(15)(30)(31)
Accelevation LLC	Revolver	SOFR + 5.00%, 9.3% Cash	01/25	01/31	113		100		99		—	%	(7)(15)(31)(32)
Acclime Holdings HK Limited	First Lien Senior Secured Term Loan	SOFR + 6.38%, 10.7% Cash	08/21	08/27	7,500		7,397		7,410		0.3	%	(3)(7)(8)(17) (30)
Acogroup	First Lien Senior Secured Term Loan	4.0% Cash, EURIBOR + 2.9% PIK, 6.4% PIK	03/22	04/28	28,122		28,245		19,517		0.9	%	(3)(7)(8)(11) (32)
Acogroup	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.4% PIK	05/21	10/26	1,435		1,570		996		—	%	(3)(7)(8)(11) (30)

17

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
AD Bidco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	03/24	03/30	$	14,401	$	13,983	$	14,401	0.7	%	(7)(8)(16)(30) (31)
AD Bidco, Inc.	Revolver	SOFR + 5.25%, 9.5% Cash	03/24	03/30	—		(39)		—		—	%	(7)(8)(16)(31) (32)
Adhefin International	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.1% Cash	05/23	05/30	1,790		1,770		1,784		0.1	%	(3)(7)(8)(10) (31)(32)
Adhefin International	Subordinated Term Loan	EURIBOR + 10.5% PIK, 14.4% PIK	05/23	11/30	345		342		345		—	%	(3)(7)(10)(32)
AlliA Insurance Brokers NV	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.4% Cash	03/23	03/30	4,797		4,650		4,797		0.2	%	(3)(7)(8)(10) (30)(31)
Apex Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.1% Cash	05/21	01/27	437		473		425		—	%	(3)(7)(8)(19) (30)
Apex Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.6% Cash	10/23	01/27	892		827		880		—	%	(3)(7)(8)(19) (30)
Artemis Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.5% Cash	11/24	11/31	296		262		270		—	%	(3)(7)(8)(10) (30)(31)
Auxi International	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	05/21	12/26	324		360		305		—	%	(3)(7)(8)(10) (30)
AWP Group Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	05/21	12/30	24,875		24,875		24,875		1.1	%	(7)(8)(15)(30) (32)
Azalea Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	11/21	11/27	4,773		4,727		4,773		0.2	%	(7)(8)(15)(30)
Azalea Buyer, Inc.	Revolver	SOFR + 5.25%, 9.7% Cash	11/21	11/27	—		(4)		—		—	%	(7)(8)(15)(31) (32)
Azalea Buyer, Inc.	Subordinated Term Loan	12.0% PIK	11/21	05/28	1,868		1,853		1,868		0.1	%	(7)(32)
Basin Innovation Group, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	12/30	13,571		13,349		13,362		0.6	%	(7)(8)(16)(30) (31)
Basin Innovation Group, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	12/24	12/30	—		(25)		(24)		—	%	(7)(8)(16)(31) (32)
BNI Global, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.8% Cash	02/24	05/27	34,362		33,910		34,087		1.6	%	(7)(8)(9)(30)
Bounteous, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	08/21	08/27	10,311		10,223		10,270		0.5	%	(7)(8)(15)(30)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.4% Cash	10/21	10/28	577		545		568		—	%	(3)(7)(8)(10) (30)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.4% Cash, 0.3% PIK	10/21	10/28	2,568		2,713		2,526		0.1	%	(3)(7)(8)(10) (30)
British Engineering Services Holdco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.7% Cash	05/21	12/27	8,041		8,079		7,890		0.4	%	(3)(7)(8)(20) (30)(31)
Caldwell & Gregory LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	09/24	09/30	38,684		38,113		38,124		1.8	%	(7)(8)(16)(30) (31)
Caldwell & Gregory LLC	Revolver	SOFR + 4.75%, 9.0% Cash	09/24	09/30	—		(63)		(63)		—	%	(7)(8)(16)(31) (32)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	05/21	05/27	748		717		748		—	%	(3)(7)(8)(10) (30)(32)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	03/25	03/30	—		(6)		—		—	%	(3)(7)(8)(10) (30)(31)
CGI Parent, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	02/22	02/28	35,061		34,587		34,711		1.6	%	(7)(8)(16)(30)
CGI Parent, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	02/22	02/28	551		534		534		—	%	(7)(8)(16)(31) (32)
Comply365, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	04/22	12/29	24,059		23,694		23,505		1.1	%	(7)(8)(16)(30)
Comply365, LLC	Revolver	SOFR + 5.00%, 9.4% Cash	04/22	12/29	—		(6)		(13)		—	%	(7)(8)(16)(31) (32)
Coyo Uprising GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.3% Cash, 0.3% PIK	09/21	09/28	11,212		11,811		10,891		0.5	%	(3)(7)(8)(11) (30)(31)
DataServ Integrations, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	11/22	11/28	1,871		1,843		1,871		0.1	%	(7)(8)(17)(30)
DataServ Integrations, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	11/22	11/28	—		(6)		—		—	%	(7)(8)(17)(31) (32)
DISA Holdings Corp.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	09/28	12,805		12,601		12,805		0.6	%	(6)(7)(8)(15) (16)(30)(31)
DISA Holdings Corp.	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	09/28	256		238		256		—	%	(7)(8)(16)(31) (32)

18

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Dunlipharder B.V.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	06/22	06/28	$	1,000	$	991	$	999	—	%	(3)(7)(8)(16) (30)
EFC International	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	699		683		692		—	%	(7)(32)
Electric Equipment & Engineering Co.	First Lien Senior Secured Term Loan	10.5% Cash, 3.0% PIK	12/24	12/30	316		310		310		—	%	(7)(30)
Events Software BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 6.50%, 11.0% Cash	03/22	03/28	1,580		1,854		1,340		0.1	%	(3)(7)(8)(13) (30)(31)
Expert Institute Group Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	03/25	03/32	3,833		3,757		3,756		0.2	%	(7)(16)(30)(31)
Expert Institute Group Inc.	Revolver	SOFR + 4.50%, 8.8% Cash	03/25	03/32	—		(20)		(21)		—	%	(7)(16)(31)(32)
Greenhill II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.35%, 8.1% Cash	07/22	07/29	1,006		936		1,006		—	%	(3)(7)(8)(10) (30)
HEKA Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.6% Cash	10/22	10/29	10,119		9,726		10,119		0.5	%	(3)(7)(8)(10) (30)(31)(32)
HS Advisory Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	03/25	03/30	6,265		5,791		5,788		0.3	%	(7)(16)(30)(31)
HS Advisory Buyer LLC	Revolver	SOFR + 4.75%, 9.0% Cash	03/25	03/30	—		(41)		(41)		—	%	(7)(16)(31)(32)
HSL Compliance	First Lien Senior Secured Term Loan	SONIA + 5.25%, 9.7% Cash	03/25	03/32	1,287		1,229		1,231		0.1	%	(7)(8)(19)(30) (31)
Hydratech Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	09/24	12/29	8,706		8,596		8,598		0.4	%	(7)(8)(16)(30) (31)
Hydratech Holdings, Inc.	Revolver	SOFR + 5.25%, 9.6% Cash	09/24	12/29	808		794		794		—	%	(7)(8)(16)(31) (32)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 7.2% Cash	11/21	11/28	4,071		4,195		4,071		0.2	%	(3)(7)(8)(10) (30)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 7.2% Cash	11/21	06/31	4,656		4,463		4,656		0.2	%	(3)(7)(8)(10) (30)(31)
Interstellar Group B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash	08/22	08/29	3,374		3,249		3,206		0.1	%	(3)(7)(8)(10) (30)(31)
Isolstar Holding NV (IPCOM)	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.8% Cash	10/22	10/29	10,783		9,681		10,718		0.5	%	(3)(7)(8)(10) (30)
Jones Fish Hatcheries & Distributors LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	02/22	02/28	8,043		7,923		8,043		0.4	%	(7)(8)(17)(30) (32)
Jones Fish Hatcheries & Distributors LLC	Revolver	SOFR + 5.50%, 9.8% Cash	02/22	02/28	251		247		251		—	%	(7)(8)(17)(31) (32)
LeadsOnline, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	02/22	02/28	25,529		25,293		25,504		1.2	%	(6)(7)(8)(16) (30)
LeadsOnline, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	02/22	02/28	—		(36)		(3)		—	%	(7)(8)(16)(31) (32)
Long Term Care Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 6.9% Cash, 3.7% PIK	04/22	09/27	4,613		4,569		4,267		0.2	%	(7)(8)(16)(30)
MB Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	01/24	01/30	3,804		3,709		3,775		0.2	%	(7)(8)(16)(30) (31)
MB Purchaser, LLC	Revolver	SOFR + 4.75%, 9.1% Cash	01/24	01/30	—		(13)		(4)		—	%	(7)(8)(16)(31) (32)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	06/24	06/27	8,284		8,134		7,994		0.4	%	(6)(7)(8)(16) (30)(31)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	07/21	06/27	6,468		6,406		6,386		0.3	%	(6)(7)(8)(16) (30)(31)
NF Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	03/23	03/29	5,442		5,321		5,442		0.2	%	(7)(8)(16)(32)
NF Holdco, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	03/23	03/29	370		340		370		—	%	(7)(8)(16)(31) (32)
Origin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.8% Cash	06/21	06/28	320		355		314		—	%	(3)(7)(8)(10) (30)
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	06/21	06/28	533		526		524		—	%	(3)(7)(8)(16) (30)
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	10/24	10/31	8,470		8,312		8,326		0.4	%	(3)(7)(8)(16) (30)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.3% Cash	05/21	02/26	259		289		259		—	%	(3)(7)(8)(10) (30)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	05/21	02/26	320		319		320		—	%	(3)(7)(8)(16) (30)

19

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Qualified Industries, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	11/24	10/27	$	2,849	$	2,798	$	2,803	0.1	%	(7)(8)(17)(30)
Qualified Industries, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	03/23	03/29	1,072		1,049		1,055		—	%	(7)(8)(17)(32)
Qualified Industries, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	03/23	03/29	—		(7)		(6)		—	%	(7)(8)(17)(31) (32)
Recovery Point Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	05/21	07/26	2,373		2,373		2,373		0.1	%	(6)(7)(8)(16)
ROI Solutions LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/24	10/29	18,200		17,852		17,883		0.8	%	(7)(8)(17)(30) (31)
ROI Solutions LLC	Revolver	SOFR + 5.00%, 9.3% Cash	10/24	10/29	—		(49)		(46)		—	%	(7)(8)(17)(31) (32)
Royal Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	08/22	08/28	22,091		21,868		22,091		1.0	%	(7)(8)(16)(30) (31)
Royal Buyer, LLC	Revolver	SOFR + 5.50%, 9.8% Cash	08/22	08/28	—		(29)		—		—	%	(7)(8)(16)(31) (32)
RPX Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	08/24	08/30	43,654		43,052		43,143		2.0	%	(7)(8)(15)(30)
RPX Corporation	Revolver	SOFR + 5.25%, 9.6% Cash	08/24	08/30	—		(66)		(58)		—	%	(7)(8)(15)(31) (32)
Sansidor BV	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.6% Cash	09/24	09/31	1,774		1,786		1,728		0.1	%	(3)(7)(8)(10) (30)(31)
SBP Holdings LP	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	03/23	03/28	18,233		17,672		18,099		0.8	%	(7)(8)(15)(30) (31)(32)
SBP Holdings LP	Revolver	SOFR + 5.00%, 9.3% Cash	03/23	03/28	—		(62)		(18)		—	%	(7)(8)(15)(31) (32)
Scaled Agile, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.9% Cash	12/21	12/28	1,779		1,760		1,541		0.1	%	(6)(7)(8)(16) (30)
Scaled Agile, Inc.	Revolver	SOFR + 5.50%, 9.9% Cash	12/21	12/28	336		333		291		—	%	(7)(8)(16)(32)
SmartShift Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	09/23	09/29	19,383		19,107		19,383		0.9	%	(7)(8)(17)(30)
SmartShift Group, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	09/23	09/29	—		(51)		—		—	%	(7)(8)(17)(31) (32)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/22	03/27	2,062		2,037		2,052		0.1	%	(6)(7)(8)(16) (30)(31)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	SOFR + 5.00%, 9.3% Cash	11/22	03/27	78		77		77		—	%	(7)(8)(16)(31) (32)
Starnmeer B.V.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	10/21	04/27	13,388		13,302		13,388		0.6	%	(3)(7)(8)(17) (30)
TA SL Cayman Aggregator Corp.	Subordinated Term Loan	7.8% PIK	07/21	07/28	1,439		1,429		1,439		0.1	%	(7)(32)
Tanqueray Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	11/22	11/29	1,751		1,522		1,693		0.1	%	(3)(7)(8)(19) (30)(31)
Technology Service Stream BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.5% Cash	06/24	07/30	703		726		674		—	%	(3)(7)(8)(13) (30)(31)
Techone B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.8% Cash	11/21	11/28	5,910		5,894		5,910		0.3	%	(3)(7)(8)(10) (30)
Techone B.V.	Revolver	EURIBOR + 5.40%, 7.8% Cash	11/21	05/28	—		(11)		—		—	%	(3)(7)(8)(10) (31)(32)
Trintech, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	07/23	07/29	12,414		12,121		12,265		0.6	%	(7)(8)(15)(30)
Trintech, Inc.	Revolver	SOFR + 5.50%, 9.8% Cash	07/23	07/29	408		374		391		—	%	(7)(8)(15)(31) (32)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/24	09/27	4,716		4,675		4,674		0.2	%	(7)(8)(16)(30)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/22	12/28	2,161		2,136		2,142		0.1	%	(7)(8)(16)(30)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	12/24	12/29	16,112		15,740		15,759		0.7	%	(7)(8)(16)(30) (31)
TSYL Corporate Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	12/22	12/28	—		(5)		(4)		—	%	(7)(8)(16)(31) (32)
Turnberry Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	07/21	09/26	2,585		2,570		2,585		0.1	%	(6)(7)(8)(15)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	07/24	12/30	559		556		559		—	%	(3)(7)(8)(16) (30)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 7.6% Cash	12/23	12/30	1,595		1,487		1,595		0.1	%	(3)(7)(8)(21) (30)(31)

20

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
UHY Advisors, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	11/24	11/31	$	14,992	$	14,726	$	14,992	0.7	%	(7)(8)(16)(30) (31)
UHY Advisors, Inc.	Revolver	SOFR + 4.75%, 9.0% Cash	11/24	11/31	882		847		882		—	%	(7)(8)(16)(31) (32)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	05/21	05/26	5,816		5,773		5,758		0.3	%	(6)(7)(8)(16) (30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	10/24	10/27	2,138		2,119		2,116		0.1	%	(7)(8)(16)(30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	02/25	02/27	2,558		2,502		2,501		0.1	%	(7)(8)(16)(30) (31)
Utac Ceram	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.4% Cash, 1.8% PIK	05/21	09/27	248		245		235		—	%	(3)(7)(8)(16) (30)
Utac Ceram	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 6.9% Cash, 2.4% PIK	05/21	09/27	879		969		835		—	%	(3)(7)(8)(10) (30)
W2O Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	05/21	06/28	3,915		3,895		3,895		0.2	%	(7)(8)(15)(30) (32)
World 50, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.0% Cash	03/24	03/30	32,964		32,388		32,964		1.5	%	(6)(7)(8)(16) (30)
World 50, Inc.	Revolver	SOFR + 5.75%, 10.0% Cash	03/24	03/30	—		(28)		—		—	%	(7)(8)(16)(31) (32)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.8% Cash	08/24	05/29	187		182		184		—	%	(3)(7)(11)(30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.8% Cash	03/25	03/30	235		227		232		—	%	(3)(7)(11)(30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.8% Cash	03/25	03/30	126		126		124		—	%	(3)(7)(11)(30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.0% Cash	05/22	05/29	4,957		4,766		4,841		0.2	%	(3)(7)(20)(30) (31)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.4% Cash	05/22	05/29	461		466		455		—	%	(3)(7)(11)(30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.2% Cash	05/22	05/29	16,127		15,436		15,902		0.7	%	(3)(7)(20)(30)
Xeinadin Bidco Limited	Subordinated Term Loan	11.0% PIK	05/22	05/29	5,910		5,620		5,703		0.3	%	(3)(7)(32)
Zeppelin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.5% PIK	03/22	03/29	3,123		3,131		1,437		0.1	%	(3)(7)(8)(20) (28)(30)
Subtotal Services: Business (31.9%)*					713,873		702,355		695,117
Services: Consumer
Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.9% Cash	05/21	03/28	638		793		577		—	%	(3)(7)(8)(14) (30)
Arc Education	First Lien Senior Secured Term Loan	EURIBOR + 5.65%, 8.0% Cash	07/22	07/29	7,983		7,868		7,960		0.4	%	(3)(7)(8)(10) (30)(31)(32)
Archimede	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.9% Cash	05/21	10/27	14,583		14,881		13,824		0.6	%	(3)(7)(8)(10) (30)
Asurion LLC	Second Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	11/24	01/29	10,000		9,766		9,239		0.4	%	(8)(15)(32)
Bariacum S.A	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 7.3% Cash	11/21	11/28	3,781		3,866		3,698		0.2	%	(3)(7)(8)(11) (30)
Cascade Residential Services LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	10/23	10/29	10,711		10,455		10,053		0.5	%	(7)(8)(16)(30) (31)
Cascade Residential Services LLC	Revolver	SOFR + 6.00%, 10.3% Cash	10/23	10/29	1,229		1,205		1,165		0.1	%	(7)(8)(16)(31) (32)
Express Wash Acquisition Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.1% Cash	07/22	07/28	6,347		6,271		6,220		0.3	%	(7)(8)(16)(30)
Express Wash Acquisition Company, LLC	Revolver	SOFR + 6.50%, 11.1% Cash	07/22	07/28	140		137		135		—	%	(7)(8)(16)(31) (32)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	10/24	02/30	38,340		38,245		38,340		1.8	%	(6)(7)(8)(16) (30)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BBSY + 4.91%, 9.2% Cash	07/22	07/27	2,520		2,758		2,520		0.1	%	(3)(7)(8)(13) (30)

21

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Global Academic Group Limited	First Lien Senior Secured Term Loan	BKBM + 4.91%, 8.9% Cash	07/22	07/27	$	4,043	$	4,400	$	4,043	0.2	%	(3)(7)(8)(23) (30)(31)
HomeX Services Group LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	11/23	11/29	14,941		14,593		14,941		0.7	%	(6)(7)(8)(16) (30)(31)
HomeX Services Group LLC	Revolver	SOFR + 4.50%, 8.8% Cash	11/23	11/29	—		(53)		—		—	%	(7)(8)(16)(31) (32)
InvoCare Limited	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	11/23	11/29	4,036		4,129		3,960		0.2	%	(3)(7)(8)(13) (30)(31)
Kid Distro Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	10/21	10/29	29,931		29,829		29,931		1.4	%	(6)(7)(8)(16) (30)
Marmoutier Holding B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% PIK	12/21	12/28	2,654		2,415		(24)		—	%	(3)(7)(8)(11) (28)(30)(31)
Marmoutier Holding B.V.	Revolver	EURIBOR + 5.75%, 6.7% PIK	12/21	06/27	116		104		(13)		—	%	(3)(7)(8)(11) (28)(31)(32)
Marmoutier Holding B.V.	Super Senior Secured Term Loan	6.0% PIK	03/24	04/25	194		195		194		—	%	(3)(7)(8)(28) (32)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	05/21	12/26	24,095		23,927		23,854		1.1	%	(6)(7)(8)(16) (30)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.2% Cash	05/21	12/26	10,094		9,875		10,074		0.5	%	(7)(8)(16)(30)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 3.75%, 7.8% Cash	09/21	09/26	4,082		4,683		4,050		0.2	%	(3)(7)(8)(12) (30)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.6% Cash	09/21	09/26	2,622		2,784		2,622		0.1	%	(3)(7)(8)(12) (30)
Selenium Designated Activity Company	First Lien Senior Secured Term Loan	EURIBOR + 5.13%, 7.5% Cash	03/25	03/30	4,021		3,939		3,941		0.2	%	(3)(7)(11)(30)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.4% Cash	05/22	05/29	968		927		943		—	%	(3)(7)(8)(9) (30)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.1% Cash	05/22	05/29	1,590		1,567		1,588		0.1	%	(3)(7)(8)(9) (32)
Subtotal Services: Consumer (8.9%)*					199,659		199,559		193,835
Structured Product
Ares Loan Funding VII, Ltd.	Subordinated Structured Notes	SOFR + 6.25%, 10.8% Cash	09/24	10/37	5,000		5,000		5,018		0.2	%	(3)(8)(16)(32)
Bain Capital Credit CLO 2024-5	Subordinated Structured Notes	SOFR + 6.15%, 10.8% Cash	09/24	10/37	4,250		4,250		4,240		0.2	%	(3)(8)(16)(32)
Benefit Street Partners CLO XVII, Ltd.	Subordinated Structured Notes	SOFR + 6.15%, 10.5% Cash	09/24	10/37	4,000		4,000		4,019		0.2	%	(3)(8)(16)(32)
CIFC Funding 2022-VI, Ltd.	Subordinated Structured Notes	SOFR + 5.75%, 10.1% Cash	09/24	10/38	1,125		1,125		1,121		0.1	%	(3)(8)(16)(32)
CIFC Funding 2024-IV, Ltd.	Subordinated Structured Notes	SOFR + 5.70%, 10.3% Cash	09/24	10/37	2,875		2,875		2,881		0.1	%	(3)(8)(16)(32)
Diameter Capital CLO 8 Ltd.	Subordinated Structured Notes	SOFR + 6.15%, 10.7% Cash	09/24	10/37	3,750		3,750		3,713		0.2	%	(3)(8)(16)(32)
Elmwood CLO 29 Ltd.	Subordinated Structured Notes	SOFR + 6.40%, 10.7% Cash	05/24	04/37	2,500		2,514		2,504		0.1	%	(3)(8)(16)(32)
Flexential Issuer, LLC	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	10,000		9,307		9,913		0.5	%	(32)
Golub Capital Partners CLO 62(B)-R, Ltd.	Subordinated Structured Notes	SOFR + 6.40%, 10.7% Cash	09/24	10/37	4,250		4,250		4,210		0.2	%	(3)(8)(16)(32)
Harmony Peace Park CLO DAC	Subordinated Structured Notes	SOFR + 5.50%, 10.2% Cash	09/24	10/37	2,500		2,500		2,486		0.1	%	(3)(8)(16)(32)
OCP CLO 2016-12, Ltd.	Subordinated Structured Notes	SOFR + 6.00%, 10.3% Cash	09/24	10/37	1,875		1,875		1,875		0.1	%	(3)(8)(16)(32)
OCP CLO 2024-35, Ltd.	Subordinated Structured Notes	SOFR + 5.90%, 10.5% Cash	09/24	10/37	3,750		3,750		3,758		0.2	%	(3)(8)(16)(32)
Octagon Investment Partners 20-R, LLC	Subordinated Structured Notes	SOFR + 7.59%, 11.9% Cash	09/24	08/37	2,500		2,476		2,494		0.1	%	(3)(8)(16)(32)
Palmer Square CLO 2022-5, Ltd.	Subordinated Structured Notes	SOFR + 6.00%, 10.3% Cash	09/24	10/37	4,000		4,000		4,000		0.2	%	(3)(8)(16)(32)
Perimeter Master Note Business Trust	Structured Secured Note - Class A	4.7% Cash	05/22	04/27	182		182		179		—	%	(3)(7)(32)
Perimeter Master Note Business Trust	Structured Secured Note - Class B	5.4% Cash	05/22	04/27	182		182		180		—	%	(3)(7)(32)
Perimeter Master Note Business Trust	Structured Secured Note - Class C	5.9% Cash	05/22	04/27	182		182		180		—	%	(3)(7)(32)
Perimeter Master Note Business Trust	Structured Secured Note - Class D	8.5% Cash	05/22	04/27	182		182		181		—	%	(3)(7)(32)

22

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Perimeter Master Note Business Trust	Structured Secured Note - Class E	11.4% Cash	05/22	04/27	$	9,274	$	9,274	$	9,263	0.4	%	(3)(7)(32)
RR 31 LTD	Subordinated Structured Notes	SOFR + 6.00%, 10.6% Cash	09/24	10/39	2,625		2,625		2,646		0.1	%	(3)(8)(16)(32)
US Bank National Association Series 2025-1	Structured Note - Class R	SOFR + 7.50%, 11.9% Cash	03/25	01/32	5,000		5,000		5,000		0.2	%	(3)(7)(16)(32)
Vista Global Holding Ltd	Structured Secured Note - Class C	9.5% Cash	12/24	08/31	4,000		4,000		3,988		0.2	%	(3)(7)(32)
VistaJet Pass Through Trust 2021-1B	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	5,714		5,714		5,623		0.3	%	(7)(32)
Voya CLO 2024-5, Ltd.	Subordinated Structured Notes	SOFR + 5.90%, 10.2% Cash	09/24	10/37	5,000		5,000		4,987		0.2	%	(3)(8)(16)(32)
Subtotal Structured Product (3.9%)*					84,716		84,013		84,459
Telecommunications
Consolidated Communications Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 3.50%, 7.9% Cash	09/24	10/27	6,913		6,690		6,879		0.3	%	(3)(8)(15)(32)
Mercell Holding AS	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.0% Cash	08/22	08/29	2,981		3,153		2,972		0.1	%	(3)(7)(8)(26) (30)(31)
Permaconn BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.4% Cash	12/21	07/29	6,955		7,388		6,955		0.3	%	(3)(7)(8)(13) (30)
UKFast Leaders Limited	First Lien Senior Secured Term Loan	SONIA + 7.25%, 11.8% Cash	05/21	09/27	4,679		5,040		4,422		0.2	%	(3)(7)(8)(19) (30)
Subtotal Telecommunications (1.0%)*					21,528		22,271		21,228
Transportation: Cargo
Armstrong Transport Group (Pele Buyer, LLC)	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	05/21	12/26	6,550		6,550		6,281		0.3	%	(7)(8)(16)(17) (30)
Echo Global Logistics, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.4% Cash	11/21	11/29	16,433		16,241		16,433		0.8	%	(7)(8)(15)(30)
eShipping, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	11/21	11/27	4,213		4,173		4,213		0.2	%	(6)(7)(8)(15) (30)
eShipping, LLC	Revolver	SOFR + 5.00%, 9.3% Cash	11/21	11/27	—		(7)		—		—	%	(7)(8)(15)(31) (32)
FitzMark Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	05/21	12/26	4,162		4,136		4,162		0.2	%	(6)(7)(8)(15) (32)
FragilePak LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	05/21	05/27	8,948		8,848		8,948		0.4	%	(7)(8)(16)(30)
Glacis Acquisition S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.9% Cash	05/21	08/27	11,220		11,352		11,278		0.5	%	(3)(7)(8)(11) (30)(31)
Honour Lane Logistics Holdings Limited	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	04/22	11/28	14,583		14,329		14,583		0.7	%	(3)(7)(8)(17) (30)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	12/21	12/27	799		791		799		—	%	(6)(7)(8)(16) (30)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/21	12/27	12,047		11,822		12,047		0.6	%	(7)(8)(16)(32)
ITI Intermodal, Inc.	Revolver	SOFR + 6.00%, 10.4% Cash	12/21	12/27	226		205		226		—	%	(7)(8)(16)(31) (32)
PEGASUS TRANSTECH HOLDING, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	05/21	11/26	8,305		8,285		8,305		0.4	%	(7)(8)(15)(30)
R1 Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.5% Cash	12/22	12/28	8,055		7,869		7,991		0.4	%	(6)(7)(8)(17) (30)
R1 Holdings, LLC	Revolver	SOFR + 6.25%, 10.5% Cash	12/22	12/28	817		769		801		—	%	(7)(8)(17)(31) (32)
REP SEKO MERGER SUB LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.3% Cash	11/24	11/29	2,286		2,244		2,286		0.1	%	(7)(8)(16)(32)
REP SEKO MERGER SUB LLC	First Out Term Loan	SOFR + 8.00%, 12.3% Cash	11/24	11/29	6,239		6,239		6,239		0.3	%	(7)(8)(16)(30) (32)
Subtotal Transportation: Cargo (4.8%)*					104,883		103,846		104,592
Transportation: Consumer
VP Holding Company	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	05/21	12/25	20,826		20,826		20,585		0.9	%	(6)(7)(8)(15) (30)(32)
Subtotal Transportation: Consumer (0.9%)*					20,826		20,826		20,585
Utilities: Electric
Panoche Energy Center LLC	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	3,405		3,159		3,351		0.2	%	(7)(32)

23

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Spatial Business Systems LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	10/22	10/28	$	10,948	$	10,784	$	10,948	0.5	%	(7)(8)(16)(30)
Spatial Business Systems LLC	Revolver	SOFR + 5.00%, 9.3% Cash	10/22	10/28	—		(21)		—		—	%	(7)(8)(16)(31) (32)
Subtotal Utilities: Electric (0.7%)*					14,353		13,922		14,299
Subtotal Debt Investments (137.2%)*					3,070,394		3,027,374		2,989,593
Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares		Cost		Fair Value		% of Net Assets *		Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace Corporation	Common Stock		04/22		262,574		$	263	$	—	—	%	(7)(27)(32)
Compass Precision, LLC	LLC Units		04/22		46,085.6		125		257		—	%	(7)(27)
GB Eagle Buyer, Inc.	Partnership Units		12/22		859		859		1,774		0.1	%	(7)(32)
Megawatt Acquisitionco, Inc.	Common Stock		03/24		615		62		—		—	%	(7)(27)(32)
Megawatt Acquisitionco, Inc.	Preferred Stock		03/24		5,524		552		277		—	%	(7)(27)(32)
Narda Acquisitionco., Inc.	Class A Preferred Stock		12/21		3,708.1		371		476		—	%	(7)(27)(32)
Narda Acquisitionco., Inc.	Class B Common Stock		12/21		412		41		547		—	%	(7)(27)(32)
Whitcraft Holdings, Inc.	LP Units		02/23		84,116.1		841		1,295		0.1	%	(7)(27)(32)
Subtotal Aerospace & Defense (0.2%)*							3,114		4,626
Automotive
Burgess Point Purchaser Corporation	LP Units		07/22		455		455		450		—	%	(7)(27)(32)
Randys Holdings, Inc.	Common Stock		11/22		6,667		667		838		—	%	(7)(27)(32)
SPATCO Energy Solutions, LLC	Common Stock		07/24		959,803		960		960		—	%	(7)(27)
SVI International LLC	LLC Units		03/24		207,921		208		283		—	%	(7)
Subtotal Automotive (0.1%)*							2,290		2,531
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings	Class A Convertible Preferred Equity		01/22		5,017.5		5,000		6,472		0.3	%	(7)(27)(32)
Accelerant Holdings	Class B Convertible Preferred Equity		12/22		1,657.1		1,667		2,375		0.1	%	(7)(27)(32)
Accelerant Holdings	Preferred Stock		05/23		3,182.5		5,880		6,215		0.3	%	(7)(27)(32)
Flywheel Re Segregated Portfolio 2022-4	Preferred Stock		08/22		4,713,809.8		4,714		7,495		0.3	%	(3)(7)(27)(32)
ICREDITWORKS LLC	Preferred Stock	10.0% Cash	03/25		29,731.3		5,104		5,104		0.2	%	(7)(32)
ICREDITWORKS LLC	Warrants		03/25		11,846.1		—		—		—	%	(7)(27)(32)
Policy Services Company, LLC	Warrants - Class A		12/21		2.6774		—		1,258		0.1	%	(7)(27)(30)
Policy Services Company, LLC	Warrants - Class B		12/21		0.9036		—		425		—	%	(7)(27)(30)
Policy Services Company, LLC	Warrants - Class CC		12/21		0.0929		—		—		—	%	(7)(27)(30)
Policy Services Company, LLC	Warrants - Class D		12/21		0.2586		—		122		—	%	(7)(27)(30)
Shelf Bidco Ltd	Common Stock		12/22		1,200,000		1,200		4,632		0.2	%	(3)(7)(32)
Subtotal Banking, Finance, Insurance, & Real Estate (1.6%)*							23,565		34,098
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	Common Stock		02/24		42,061		—		1,600		0.1	%	(7)(27)(32)
Woodland Foods, LLC	Common Stock		12/21		1,204.46		1,204		1,127		0.1	%	(7)(27)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	04/24		263.6		324		325		—	%	(7)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	03/25		85		111		111		—	%	(7)

24

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares	Cost		Fair Value		% of Net Assets *		Notes
ZB Holdco LLC	LLC Units		02/22		152.7	$	153	$	222	—	%	(7)(27)
Subtotal Beverage, Food, & Tobacco (0.2%)*						1,792		3,385
Capital Equipment
DAWGS Intermediate Holdings Co.	LLC Units		03/25		510.3	510		510		—	%	(7)(27)(32)
Polara Enterprises, L.L.C.	Partnership Units		12/21		7,408.6	741		1,492		0.1	%	(7)
Process Insights Acquisition, Inc.	Common Stock		07/23		368	368		259		—	%	(7)(27)(32)
Rapid Buyer LLC	LLC Units		10/24		510	510		513		—	%	(7)(27)(32)
TAPCO Buyer LLC	LLC Units		11/24		353	353		366		—	%	(7)(27)
Subtotal Capital Equipment (0.1%)*						2,482		3,140
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	Common Stock		04/23		262,093	262		356		—	%	(7)(27)
Aptus 1829. GmbH	Common Stock		09/21		49	12		—		—	%	(3)(7)(27)(32)
Aptus 1829. GmbH	Preferred Stock		09/21		14	122		53		—	%	(3)(7)(27)(32)
Subtotal Chemicals, Plastics, & Rubber (—%)*						396		409
Construction & Building
BKF Buyer, Inc.	Common Stock		08/24		962,792	963		1,021		—	%	(7)(27)(32)
MNS Buyer, Inc.	Partnership Units		08/21		76,923.1	77		108		—	%	(7)(27)(32)
Ocelot Holdco LLC	Common Stock		10/23		58.3	—		282		—	%	(7)(27)(32)
Ocelot Holdco LLC	Preferred Stock	15.0% PIK	10/23		76.2	624		926		—	%	(7)(32)
Subtotal Construction & Building (0.1%)*						1,664		2,337
Consumer goods: Durable
DecksDirect, LLC	Class A Units		04/24		1,016.1	47		—		—	%	(7)(27)(32)
DecksDirect, LLC	Common Stock		12/21		1,280.8	55		—		—	%	(7)(27)(32)
DecksDirect, LLC	Preferred Stock	13.0% PIK	03/25		9.5	10		—		—	%	(7)(32)
Renovation Parent Holdings, LLC	Partnership Equity		11/21		607,180.9	607		285		—	%	(7)(27)(32)
Team Air Distributing, LLC	Partnership Equity		05/23		516,640.2	523		573		—	%	(7)(27)
Terrybear, Inc.	Common Stock		04/22		24,359	239		79		—	%	(7)(27)
Subtotal Consumer goods: Durable (—%)*						1,481		937
Consumer goods: Non-durable
CCFF Buyer, LLC	LLC Units		02/24		224	224		229		—	%	(7)(32)
Ice House America, L.L.C.	LLC Units		01/24		4,338.2	434		421		—	%	(7)(27)
Subtotal Consumer goods: Non-durable (—%)*						658		650
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC	LLC Units		06/24		3,462	346		476		—	%	(7)
Five Star Holding LLC	LLC Units		05/22		505.1	505		294		—	%	(7)(27)
Subtotal Containers, Packaging & Glass (—%)*						851		770
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Preferred Stock- Series C	7.0% PIK	07/22		17,725	20,279		18,036		0.8	%	(7)(32)
Subtotal Environmental Industries (0.8%)*						20,279		18,036
Healthcare & Pharmaceuticals
Amalfi Midco	Class B Common Stock		09/22		98,906,608	1,115		2,553		0.1	%	(3)(7)(27)(32)
Amalfi Midco	Warrants		09/22		380,385	4		1,075		—	%	(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.	Class A Equity		05/22		500,000	389		—		—	%	(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.	Class C - Warrants		05/22		74,712.64	—		—		—	%	(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.	Class X Equity		05/22		45,604	35		—		—	%	(3)(7)(27)(32)

25

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares	Cost		Fair Value		% of Net Assets *		Notes
Canadian Orthodontic Partners Corp.	Common Stock		04/24		37.65	$	—	$	—	—	%	(3)(7)(27)(32)
Forest Buyer, LLC	Class A LLC Units		03/24		245.8	246		267		—	%	(7)(27)
Forest Buyer, LLC	Class B LLC Units		03/24		245.8	—		275		—	%	(7)
GCDL LLC	Common Stock		08/24		243,243.24	243		314		—	%	(7)(27)
GPNZ II GmbH	Common Stock		10/23		5,785	—		—		—	%	(3)(7)(27)(30)
HemaSource, Inc.	Common Stock		08/23		184,282	184		234		—	%	(7)(27)(32)
Listrac Bidco Limited	Common Stock		03/23		255	494		1,815		0.1	%	(3)(7)(27)(32)
Moonlight Bidco Limited	Common Stock		07/23		10,590	138		198		—	%	(3)(7)(27)(32)
OA Buyer, Inc.	Partnership Units		12/21		210,920.11	211		827		—	%	(7)(32)
Parkview Dental Holdings LLC	LLC Units		10/23		29,762	298		213		—	%	(7)(27)
Parkview Dental Holdings LLC	Preferred Stock	10.0% PIK	01/25		1,229.1	12		37		—	%	(7)
Subtotal Healthcare & Pharmaceuticals (0.4%)*						3,369		7,808
High Tech Industries
Argus Bidco Limited	Common Stock		07/22		929	1		—		—	%	(3)(7)(27)(32)
Argus Bidco Limited	Equity Loan Notes	10.0% PIK	07/22		83,120	126		62		—	%	(3)(7)(32)
Argus Bidco Limited	Preferred Stock	10.0% PIK	07/22		83,120	126		62		—	%	(3)(7)(32)
FinThrive Software Intermediate Holdings Inc.	Preferred Stock	11.0% PIK	03/22		3,188.5	4,761		2,879		0.1	%	(7)(30)
FSS Buyer LLC	LP Interest		08/21		2,902.3	29		42		—	%	(7)(27)
FSS Buyer LLC	LP Units		08/21		12,760.8	128		185		—	%	(7)
NAW Buyer LLC	LLC Units		09/23		575,248	575		662		—	%	(7)
OSP Hamilton Purchaser, LLC	LP Units		07/22		315,147	315		353		—	%	(7)
PDQ.Com Corporation	Class A-2 Partnership Units		08/21		41.7	42		77		—	%	(7)(27)(32)
ProfitOptics, LLC	LLC Units		03/22		96,774.2	65		127		—	%	(7)(27)(32)
Pro-Vision Solutions Holdings, LLC	LLC Units		09/24		3,765.2	377		372		—	%	(7)(27)(32)
Sandvine Corporation	Class A Units		10/24		3,465	—		—		—	%	(7)(27)(30)
Sandvine Corporation	Class B Units		10/24		12,056	—		—		—	%	(7)(27)(30)
Sandvine Corporation	Class C Units		06/24		157,908	—		—		—	%	(7)(27)(30)
Subtotal High Tech Industries (0.2%)*						6,545		4,821
Media: Advertising, Printing & Publishing
ASC Communications, LLC	Class A Units		07/22		15,285.8	321		556		—	%	(7)(27)
Subtotal Media: Advertising, Printing & Publishing (—%)*						321		556
Media: Broadcasting & Subscription
The Octave Music Group, Inc.	Partnership Equity		04/22		353,584.39	354		1,139		0.1	%	(7)(27)(32)
Subtotal Media: Broadcasting & Subscription (0.1%)*						354		1,139
Media: Diversified & Production
BrightSign LLC	LLC units		10/21		923,857.7	924		1,044		—	%	(7)
Rock Labor LLC	LLC Units		09/23		199,373	1,068		1,025		—	%	(7)
Solo Buyer, L.P.	Common Equity		12/22		516,399	516		398		—	%	(7)(27)
Vital Buyer, LLC	Partnership Units		06/21		1,096.2	11		21		—	%	(7)
Subtotal Media: Diversified & Production (0.1%)*						2,519		2,488
Services: Business
Azalea Buyer, Inc.	Common Stock		11/21		192,307.7	192		302		—	%	(7)(27)(32)
CGI Parent, LLC	Preferred Stock		02/22		656.9	722		1,909		0.1	%	(7)(27)(32)
Coyo Uprising GmbH	Class A Units		09/21		531	248		262		—	%	(3)(7)(27)(32)
Coyo Uprising GmbH	Class B Units		09/21		231	538		498		—	%	(3)(7)(27)(32)
DataServ Integrations, LLC	Preferred Units		11/22		96,153.8	96		117		—	%	(7)(27)(32)

26

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares		Cost		Fair Value		% of Net Assets *		Notes
EFC International	Common Stock		03/23		141.2		$	199	$	273	—	%	(7)(27)
Electric Equipment & Engineering Co.	LLC Units		12/24		187,500.0		188		195		—	%	(7)(27)(32)
Jones Fish Hatcheries & Distributors LLC	LLC Units		02/22		1,018		107		421		—	%	(7)
LeadsOnline, LLC	LLC Units		02/22		61,304.4		63		158		—	%	(7)(27)
MB Purchaser, LLC	LLC Units		01/24		175		183		208		—	%	(7)(27)
MC Group Ventures Corporation	Partnership Units		06/21		560		560		511		—	%	(7)(27)(32)
NF Holdco, LLC	LLC Units		03/23		856,053		882		599		—	%	(7)(27)(32)
Qualified Industries, LLC	Common Stock		03/23		454,545		4		109		—	%	(7)(27)(32)
Qualified Industries, LLC	Preferred Stock		03/23		223		216		271		—	%	(7)(27)(32)
SmartShift Group, Inc.	Common Stock		09/23		455		455		859		—	%	(7)(27)(32)
TA SL Cayman Aggregator Corp.	Common Stock		07/21		770		24		40		—	%	(7)(27)(32)
TSYL Corporate Buyer, Inc.	Partnership Units		12/22		4,673		5		25		—	%	(7)(32)
Xeinadin Bidco Limited	Common Stock		05/22		36,532,680		452		472		—	%	(3)(7)(27)(32)
Subtotal Services: Business (0.3%)*							5,134		7,229
Services: Consumer
Kid Distro Holdings, LLC	LLC Units		10/21		1,062,795.2		1,064		1,307		0.1	%	(7)(27)
Subtotal Services: Consumer (0.1%)*							1,064		1,307
Telecommunications
Mercell Holding AS	Class A Units		08/22		114.4		111		138		—	%	(3)(7)(27)(32)
Mercell Holding AS	Class B Units		08/22		28,943.8		—		26		—	%	(3)(7)(27)(32)
Syniverse Holdings, Inc.	Series A Preferred Equity	12.5% PIK	05/22		7,575,758		10,167		10,379		0.5	%	(7)(30)
Subtotal Telecommunications (0.5%)*							10,278		10,543
Transportation: Cargo
Echo Global Logistics, Inc.	Partnership Equity		11/21		448.2		448		317		—	%	(7)(27)(32)
FragilePak LLC	Partnership Units		05/21		929.7		930		674		—	%	(7)(27)
ITI Intermodal, Inc.	Common Stock		12/21		7,500.4		750		979		—	%	(7)(27)
REP SEKO MERGER SUB LLC	Common Stock		11/24		2,987		13,113		8,912		0.4	%	(7)(27)(32)
Subtotal Transportation: Cargo (0.5%)*							15,241		10,882
Subtotal Equity Investments (5.4%)*							103,397		117,692
Royalty Rights
Healthcare & Pharmaceuticals
Coherus Biosciences, Inc.	Royalty Rights		05/24				8,859		15,946		0.7	%	(7)
Subtotal Healthcare & Pharmaceuticals (0.7%)*							8,859		15,946
Subtotal Royalty Rights (0.7%)*							8,859		15,946
Subtotal Non-Control / Non-Affiliate Investments (143.4%)*							3,139,630		3,123,231
Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Affiliate Investments:(4)
Debt Investments
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	Revolver	SOFR + 6.50%, 10.9% Cash	08/21	07/28	$	7,957	$	7,912	$	7,957	0.4	%	(7)(8)(15)(31) (32)
Eclipse Business Capital, LLC	Second Lien Senior Secured Term Loan	7.5% Cash	08/21	07/28	3,209		3,191		3,209		0.1	%	(7)(32)
Subtotal Banking, Finance, Insurance, & Real Estate (0.5%)*					11,166		11,103		11,166
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31	8,310		7,857		7,900		0.4	%	(7)(32)

27

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31	$	3,831	$	3,666	$	3,642	0.2	%	(7)(32)
Subtotal Hotel, Gaming & Leisure (0.5%)*					12,141		11,523		11,542
Subtotal Debt Investments (1.0%)*					23,307		22,626		22,708
Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares		Cost		Fair Value		% of Net Assets *		Notes
Equity Investments
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	LLC Units		08/21		63,139,338		$	65,683	$	96,603	4.4	%	(7)(32)
Rocade Holdings LLC	Preferred LP Units	SOFR + 6.0% PIK, 10.4% PIK	02/23		108,000		127,225		127,224		5.8	%	(7)(15)(31)(32)
Rocade Holdings LLC	Common LP Units		02/23		30.8		—		635		—	%	(7)(27)(32)
Subtotal Banking, Finance, Insurance, & Real Estate (10.3%)*							192,908		224,462
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	LLC Units		11/21		1,759,051		8,248		9,992		0.5	%	(7)(27)
Subtotal Hotel, Gaming, & Leisure (0.5%)*							8,248		9,992
Investment Funds & Vehicles
CPCF BPCC LLC	9.1% Member Interest		06/23				2,882		2,395		0.1	%	(3)(32)(33)
Thompson Rivers LLC	6.3% Member Interest		08/21				9,417		2,489		0.1	%	(27)(32)(33)
Waccamaw River LLC	20% Member Interest		08/21				21,247		8,628		0.4	%	(3)(32)(33)
Subtotal Investment Funds & Vehicles (0.6%)*							33,546		13,512
Subtotal Equity Investments (11.4%)*							234,702		247,966
Subtotal Affiliate Investments (12.4%)*							257,328		270,674
Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Control Investments:(5)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLC	First Lien Senior Secured Term Loan	12.0% PIK	11/24	11/31	$	19,422	$	19,422	$	19,422	0.9	%	(7)(31)(32)
Subtotal Aerospace & Defense (0.9%)*					19,422		19,422		19,422
Subtotal Debt Investments (0.9%)*					19,422		19,422		19,422
Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares		Cost		Fair Value		% of Net Assets *		Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLC	LLC Units		11/24		6,474,123		$	6,488	$	6,474	0.3	%	(7)(27)(32)
Subtotal Aerospace & Defense (0.3%)*							6,488		6,474
Subtotal Equity Investments (0.3%)*							6,488		6,474
Subtotal Control Investments (1.2%)*							25,910		25,896
Short-term Investments
Money Market Fund
JPMorgan Chase & Co.	JPMorgan Prime Money Market Fund	5.4% Cash	06/24		10,198,318		10,201		10,200		0.5	%	(32)
Subtotal Money Market Fund (0.5%)*							10,201		10,200
Subtotal Short-term Investments (0.5%)*							10,201		10,200
Total Investments, March 31, 2025 (157.5%)*							$	3,433,069	$	3,430,001

28

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

Derivative Instruments

Interest Rate Swaps:
Description	Company Receives	Company Pays	Maturity Date	Notional Amount		Value	Hedged Instrument	Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 4)	6.00%	SOFR + 3.245%	5/10/2027	$	100,000	$(638)	Series D Notes	$	(638)
Interest rate swap (See Note 4)	6.00%	SOFR + 3.382%	5/10/2027	$	55,000	$(515)	Series E Notes	(515)
Total Interest Rate Swaps, March 31, 2025								$	(1,153)

Foreign Currency Forward Contracts:
Description	Notional Amount to be Purchased	Notional Amount to be Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)	A$80,356	$50,405	BNP Paribas SA	04/07/25	$	(289)
Foreign currency forward contract (AUD)	$51,149	A$80,356	BNP Paribas SA	04/07/25	1,033
Foreign currency forward contract (AUD)	$50,619	A$80,643	BNP Paribas SA	06/30/25	289
Foreign currency forward contract (CAD)	C$6,750	$4,709	BNP Paribas SA	04/07/25	(13)
Foreign currency forward contract (CAD)	$4,784	C$6,750	BNP Paribas SA	04/07/25	89
Foreign currency forward contract (CAD)	$4,664	C$6,660	BNP Paribas SA	06/30/25	12
Foreign currency forward contract (DKK)	8,758kr.	$1,271	BNP Paribas SA	04/07/25	(4)
Foreign currency forward contract (DKK)	$1,241	8,758kr.	BNP Paribas SA	04/07/25	(27)
Foreign currency forward contract (DKK)	$1,280	8,772kr.	BNP Paribas SA	06/30/25	3
Foreign currency forward contract (EUR)	€231,661	$250,403	BNP Paribas SA	04/07/25	(259)
Foreign currency forward contract (EUR)	$244,258	€231,661	BNP Paribas SA	04/07/25	(5,885)
Foreign currency forward contract (EUR)	$246,931	€227,190	BNP Paribas SA	06/30/25	448
Foreign currency forward contract (GBP)	£93,717	$120,919	BNP Paribas SA	04/07/25	(105)
Foreign currency forward contract (GBP)	$119,332	£93,717	BNP Paribas SA	04/07/25	(1,481)
Foreign currency forward contract (GBP)	$123,040	£95,375	BNP Paribas SA	06/30/25	98
Foreign currency forward contract (NZD)	NZ$10,366	$5,945	BNP Paribas SA	04/07/25	(72)
Foreign currency forward contract (NZD)	$6,002	NZ$10,366	BNP Paribas SA	04/07/25	130
Foreign currency forward contract (NZD)	$6,020	NZ$10,477	BNP Paribas SA	06/30/25	72
Foreign currency forward contract (NOK)	47,039kr	$4,463	BNP Paribas SA	04/07/25	3
Foreign currency forward contract (NOK)	$4,219	47,039kr	BNP Paribas SA	04/07/25	(247)
Foreign currency forward contract (NOK)	$4,466	47,066kr	BNP Paribas SA	06/30/25	(3)
Foreign currency forward contract (SEK)	22,446kr	$2,219	BNP Paribas SA	04/07/25	14
Foreign currency forward contract (SEK)	$2,055	22,446kr	BNP Paribas SA	04/07/25	(178)
Foreign currency forward contract (SEK)	$2,256	22,710kr	BNP Paribas SA	06/30/25	(15)
Foreign currency forward contract (CHF)	6,869Fr.	$7,788	BNP Paribas SA	04/07/25	(18)
Foreign currency forward contract (CHF)	$7,860	6,869Fr.	BNP Paribas SA	04/07/25	90
Foreign currency forward contract (CHF)	$8,016	7,000Fr.	BNP Paribas SA	06/30/25	17
Total Foreign Currency Forward Contracts, March 31, 2025					$	(6,298)

*    Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. Barings Private Credit Corporation’s (the “Company”) external investment adviser, Barings LLC (“Barings” or the “Adviser”), determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Overnight Repo Rate Average (“CORRA”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company’s portfolio company investments (including joint venture and short-term investments), which as of March 31, 2025 represented 157.5% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 21.1% of total investments at fair value as of March 31, 2025. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any

29

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the three months ended March 31, 2025 were as follows:

		December 31, 2024 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		March 31, 2025 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Coastal Marina Holdings, LLC (d)	Subordinated Term Loan (8.0% Cash)	$	7,885	$	12	$	—	$	—	$	3	$	7,900	$	176
	Subordinated Term Loan (8.0% Cash)	3,635		5		—		—		2		3,642		80
	LLC Units (1,759,051 units)	8,426		—		—		—		1,566		9,992		—
		19,946		17		—		—		1,571		21,534		256
CPCF BPCC LLC	9.1% Member Interest	8,889		—		(6,312)		—		(182)		2,395		236
		8,889		—		(6,312)		—		(182)		2,395		236
Eclipse Business Capital, LLC (d)	Revolver (SOFR + 6.5%, 10.9% Cash)	7,123		1,223		(385)		—		(4)		7,957		203
	Second Lien Senior Secured Term Loan (7.5% Cash)	3,209		1		—		—		(1)		3,209		62
	LLC units (63,139,338 units)	96,603		16		—		—		(16)		96,603		2,815
		106,935		1,240		(385)		—		(21)		107,769		3,080
Rocade Holdings LLC (d)	Preferred LP Units (108,000 units) (SOFR + 6.0% PIK, 10.4% PIK)	124,083		3,160		—		—		(19)		127,224		3,160
	Common LP Units (30.8 units)	315		—		—		—		320		635		—
		124,398		3,160		—		—		301		127,859		3,160
Thompson Rivers LLC	6.3% Member Interest	2,860		—		(380)		—		9		2,489		—
		2,860		—		(380)		—		9		2,489		—
Waccamaw River LLC	20% Member Interest	10,730		—		(1,749)		—		(353)		8,628		302
		10,730		—		(1,749)		—		(353)		8,628		302
Total Affiliate Investments		$	273,758	$	4,417	$	(8,826)	$	—	$	1,325	$	270,674	$	7,034

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

30

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

March 31, 2025

(Amounts in thousands, except unit/share amounts)

(5)As defined in in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management of policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2025 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

		December 31, 2024 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		March 31, 2025 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Skyvault Holdings LLC (d)	First Lien Senior Secured Term Loan (12.0% PIK)	$	5,738	$	13,684	$	—	$	—	$	—	$	19,422	$	231
	LLC Units (6,474,123 units)	1,913		4,575		—		—		(14)		6,474		—
Total Control Investments		$	7,651	$	18,259	$	—	$	—	$	(14)	$	25,896	$	231

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(6)Some or all of the investment is or will be encumbered as security for the Company’s term debt securitization (as initially completed in August 2023 and refinanced and upsized in September 2024, and as amended, restated and modified from time to time, the “BPCC Debt Securitization”).

(7)The fair value of the investment was determined using significant unobservable inputs.

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of March 31, 2025 was 2.35800%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of March 31, 2025 was 2.33600%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of March 31, 2025 was 2.33600%.

(12)The interest rate on these loans is subject to 1 Month BBSY, which as of March 31, 2025 was 4.09500%.

(13)The interest rate on these loans is subject to 3 Month BBSY, which as of March 31, 2025 was 4.12540%.

(14)The interest rate on these loans is subject to 6 Month BBSY, which as of March 31, 2025 was 4.29610%.

(15)The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2025 was 4.31937%.

(16)The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2025 was 4.28788%.

(17)The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2025 was 4.19259%.

(18)The interest rate on these loans is subject to 1 Month SONIA, which as of March 31, 2025 was 4.46580%.

(19)The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2025 was 4.35650%.

(20)The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2025 was 4.27950%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2025 was 2.35700%.

(22)The interest rate on these loans is subject to 3 Month CORRA, which as of March 31, 2025 was 2.77000%.

(23)The interest rate on these loans is subject to 3 Month BKBM, which as of March 31, 2025 was 3.67000%.

(24)The interest rate on these loans is subject to 3 Month SARON, which as of March 31, 2025 was 0.41000%.

(25)The interest rate on these loans is subject to 6 Month SARON, which as of March 31, 2025 was 0.20632%.

(26)The interest rate on these loans is subject to 1 Month NIBOR, which as of March 31, 2025 was 4.49000%.

(27)Investment is non-income producing.

(28)Non-accrual investment.

(29)PIK non-accrual investment.

(30)Some or all of the investment is or will be encumbered as security for BPC Funding LLC’s $800.0 million senior secured revolving credit facility with BNP Paribas (as amended, restated and modified from time to time, the “Revolving Credit Facility”).

(31)Position or portion thereof is an unfunded loan or equity commitment.

(32)Some or all of the investment is or will be encumbered as security for the Company’s senior secured credit facility with Sumitomo Mitsui Banking Corporation initially entered into in March 2023 (as amended, restated, and otherwise modified from time to time, the “SMBC Credit Facility”).

(33)Portfolio company does not issue shares or units, member interest is based on commitments.

See accompanying notes.

31

Barings Private Credit Corporation

Consolidated Schedule of Investments

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace Corporation	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.3% Cash	04/22	04/28	$	13,055	$	12,937	$	12,624	0.6	%	(7)(8)(16)(30)
Accurus Aerospace Corporation	Revolver	SOFR + 5.75%, 10.3% Cash	04/22	04/28	1,106		1,095		1,061		0.1	%	(7)(8)(16)(31) (32)
ATL II MRO Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	11/22	11/28	46,118		45,332		45,426		2.3	%	(6)(7)(8)(16) (30)
ATL II MRO Holdings Inc.	Revolver	SOFR + 5.25%, 9.8% Cash	11/22	11/28	—		(100)		(96)		—	%	(7)(8)(16)(31) (32)
Compass Precision, LLC	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	648		641		640		—	%	(7)(30)(32)
GB Eagle Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	12/22	12/30	11,132		10,865		10,992		0.6	%	(7)(8)(16)(30) (31)(32)
GB Eagle Buyer, Inc.	Revolver	SOFR + 6.25%, 10.9% Cash	12/22	12/30	—		(57)		(29)		—	%	(7)(8)(16)(31) )(32)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.9% Cash	05/21	02/29	3,422		3,573		3,417		0.2	%	(3)(7)(8)(11) (30)
Jade Bidco Limited (Jane's)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	05/21	02/29	21,176		20,846		21,146		1.1	%	(3)(7)(8)(17) (30)
M-Personal Protection Management GmbH (f/k/a INOS 19-090 GmbH)	First Lien Senior Secured Term Loan	EURIBOR + 5.38%, 8.1% Cash	10/24	10/29	10,355		10,624		10,096		0.5	%	(3)(7)(8)(10) (30)
Megawatt Acquisitionco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.7% Cash	03/24	03/30	7,964		7,822		6,984		0.4	%	(6)(7)(8)(16)
Megawatt Acquisitionco, Inc.	Revolver	SOFR + 5.25%, 9.7% Cash	03/24	03/30	568		534		323		—	%	(7)(8)(16)(31) (32)
Narda Acquisitionco., Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	12/21	12/27	4,101		4,063		4,101		0.2	%	(6)(7)(8)(15)
Narda Acquisitionco., Inc.	Revolver	SOFR + 4.75%, 9.4% Cash	12/21	12/27	—		(9)		—		—	%	(7)(8)(15)(31) (32)
Protego Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.0% Cash	05/21	03/28	544		614		530		—	%	(3)(7)(8)(11) (30)(32)
Protego Bidco B.V.	Revolver	EURIBOR + 6.50%, 9.7% Cash	05/21	03/27	124		140		120		—	%	(3)(7)(8)(11) (32)
SISU ACQUISITIONCO., INC.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	05/21	12/26	2,547		2,528		2,296		0.1	%	(7)(8)(16)(30) (31)(32)
Trident Maritime Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	05/21	02/27	9,105		9,045		8,577		0.4	%	(7)(8)(16)(30) (32)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.6% Cash	02/23	02/29	11,407		11,407		11,264		0.6	%	(7)(8)(16)(30)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.6% Cash	07/24	06/29	—		(209)		(227)		—	%	(7)(8)(16)(30) (31)
Whitcraft Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.1% Cash	02/23	02/29	10,190		9,879		10,190		0.5	%	(7)(8)(15)(32)
Whitcraft Holdings, Inc.	Revolver	SOFR + 6.50%, 11.1% Cash	02/23	02/29	1,325		1,255		1,325		0.1	%	(7)(8)(15)(31) (32)
Subtotal Aerospace & Defense(7.7%)*					154,887		152,825		150,760
Automotive
Burgess Point Purchaser Corporation	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.2% Cash	07/22	07/30	4,545		4,406		4,364		0.2	%	(7)(8)(17)(30)
OAC Holdings I Corp	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	03/22	03/29	3,539		3,494		3,539		0.2	%	(6)(7)(8)(15)
OAC Holdings I Corp	Revolver	SOFR + 5.00%, 9.7% Cash	03/22	03/28	—		(15)		—		—	%	(7)(8)(15)(31) (32)
Randys Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.2% Cash	11/22	11/28	12,933		12,584		12,750		0.6	%	(6)(7)(8)(16) (30)(31)
Randys Holdings, Inc.	Revolver	SOFR + 6.25%, 11.2% Cash	11/22	11/28	792		747		766		—	%	(7)(8)(16)(31) (32)
SPATCO Energy Solutions, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	07/24	07/30	24,931		24,366		24,465		1.2	%	(7)(8)(16)(30) (31)
SPATCO Energy Solutions, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	07/24	07/30	—		(77)		(64)		—	%	(7)(8)(16)(31) (32)
SVI International LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.3% Cash	03/24	03/30	589		577		583		—	%	(7)(8)(16)(30) (31)

32

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
SVI International LLC	Revolver	SOFR + 6.75%, 11.3% Cash	03/24	03/30	$	—	$	(1)	$	(1)	—	%	(7)(8)(16)(31) (32)
Subtotal Automotive (2.2%)*					47,329		46,081		46,402
Banking, Finance, Insurance, & Real Estate
Apus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	05/21	03/28	1,191		1,319		1,191		0.1	%	(3)(7)(8)(20) (30)
Aspen Insurance Holdings Ltd.	First Lien Senior Secured Term Loan	9.3% Cash	10/24	10/28	9,406		9,316		9,312		0.5	%	(7)(32)
Beyond Risk Management, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.2% Cash	10/21	10/27	7,606		7,178		7,606		0.4	%	(7)(8)(16)(30) (31)
DreamStart BidCo SAS (d/b/a SmartTrade)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.6% Cash	05/21	03/27	828		952		828		—	%	(3)(7)(8)(10) (30)(32)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.3% Cash	05/22	12/29	—		(117)		(117)		—	%	(3)(7)(8)(10) (30)(31)
Finaxy Holding	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.3% Cash	11/23	11/30	4,321		4,361		4,291		0.2	%	(3)(7)(8)(11) (30)
Findex Group Ltd	First Lien Senior Secured Term Loan	BBSY + 5.50%, 9.7% Cash	03/23	12/26	2,235		2,340		2,217		0.1	%	(3)(7)(13)(30)
Groupe Guemas	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.4% Cash	10/23	09/30	2,413		2,410		2,374		0.1	%	(3)(7)(8)(11) (30)
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.3% Cash	05/21	09/26	8,582		9,768		8,325		0.4	%	(3)(7)(8)(11) (30)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.8% Cash	05/21	05/28	4,349		4,908		4,255		0.2	%	(3)(7)(8)(10) (30)(32)
IM Square	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	12/22	05/28	3,314		3,302		3,254		0.2	%	(3)(7)(8)(10) (30)
Policy Services Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.9% Cash, 4.0% PIK	12/21	06/26	55,955		55,265		55,406		2.8	%	(7)(8)(16)(32)
Premium Invest	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.1% Cash	06/21	12/30	6,563		6,659		6,563		0.3	%	(3)(7)(8)(10) (30)(31)
Preqin MC Limited	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.2% Cash	08/21	07/28	2,500		2,456		2,500		0.1	%	(3)(7)(8)(17) (30)
Russell Investments US Institutional Holdco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.2% Cash, 1.5% PIK	04/24	05/27	4,184		3,928		4,067		0.2	%	(7)(8)(16)(30)
Shelf Bidco Ltd	Second Out Term Loan	SOFR + 5.00%, 9.6% Cash	08/24	08/31	44,539		44,383		44,315		2.2	%	(3)(7)(8)(16) (32)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	First Lien Senior Secured Term Loan	SOFR + 4.25%, 8.8% Cash	10/21	12/27	3,950		3,911		3,950		0.2	%	(6)(7)(8)(16) (30)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	SOFR + 4.25%, 8.8% Cash	10/21	12/27	—		(11)		—		—	%	(7)(8)(16)(31) (32)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Subordinated Term Loan	SOFR + 5.75%, 10.5% Cash	10/21	10/28	5,656		5,595		5,656		0.3	%	(7)(8)(17)(32)
THG Acquisition, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	10/24	10/31	9,886		9,768		9,765		0.5	%	(7)(8)(15)(30) (31)
THG Acquisition, LLC	Revolver	SOFR + 4.75%, 9.3% Cash	10/24	10/31	108		94		93		—	%	(7)(8)(15)(31) (32)
Turbo Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.8% Cash	11/21	12/25	12,384		12,322		11,765		0.6	%	(6)(7)(8)(16) (30)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	08/23	02/25	5,249		5,135		5,133		0.3	%	(7)(8)(16)(30) (31)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	08/23	12/27	13,048		12,902		12,898		0.7	%	(7)(8)(16)(30)
WEST-NR ACQUISITIONCO, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	12/24	12/29	5,188		4,745		4,765		0.2	%	(7)(8)(16)(30) (31)
Subtotal Banking, Finance, Insurance, & Real Estate (10.6%)*					213,455		212,889		210,412
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	2024 LIFO Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26	8,421		8,133		8,421		0.4	%	(7)(8)(16)(32)

33

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CTI Foods Holdings Co., LLC	First Out Term Loan	SOFR + 10.00%, 14.7% PIK	02/24	05/26	$	5,721	$	5,594	$	5,721	0.3	%	(7)(8)(16)(32)
CTI Foods Holdings Co., LLC	Second Out Term Loan	SOFR + 12.00%, 16.7% PIK	02/24	05/26	1,193		1,193		1,193		0.1	%	(7)(8)(16)(32)
Innovad Group II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.7% Cash	05/21	04/28	1,011		1,147		1,011		0.1	%	(3)(7)(8)(11) (30)(32)
Innovad Group II BV	First Lien Senior Secured Term Loan	SARON + 5.00%, 6.0% Cash	05/23	04/28	160		161		160		—	%	(3)(7)(8)(25) (32)
KSLB Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.2% Cash	05/21	07/25	5,839		5,785		5,699		0.3	%	(7)(8)(16)(30)
Riedel Beheer B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	12/21	12/28	2,147		2,265		1,963		0.1	%	(3)(7)(8)(10) (30)
Woodland Foods, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	12/21	12/27	8,837		8,738		8,749		0.4	%	(6)(7)(8)(16) (30)
Woodland Foods, LLC	Revolver	SOFR + 5.25%, 9.9% Cash	12/21	12/27	771		754		755		—	%	(7)(8)(16)(31) (32)
ZB Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.3% Cash	02/22	02/28	11,490		11,287		11,291		0.6	%	(6)(7)(8)(16) (30)(31)
ZB Holdco LLC	Revolver	SOFR + 5.50%, 10.3% Cash	02/22	02/28	507		498		495		—	%	(7)(8)(16) (31)(32)
Subtotal Beverage, Food, & Tobacco (2.3%)*					46,097		45,555		45,458
Capital Equipment
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	11/23	11/29	11,669		11,507		11,524		0.6	%	(7)(8)(16)(30)
AirX Climate Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	11/23	11/29	11,485		11,147		11,326		0.6	%	(6)(7)(8)(16) (30)(31)
AirX Climate Solutions, Inc.	Revolver	SOFR + 5.75%, 10.2% Cash	11/23	11/29	—		(64)		—		—	%	(7)(8)(16)(31) (32)
APC1 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 8.7% Cash	07/22	07/29	2,382		2,324		2,370		0.1	%	(3)(7)(8)(10) (30)
BPG Holdings IV Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash	03/23	07/29	23,520		22,139		20,932		1.1	%	(7)(8)(16)(32)
Cobham Slip Rings SAS	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	11/21	11/28	3,091		3,051		3,091		0.2	%	(3)(7)(8)(17) (30)
Polara Enterprises, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	12/21	12/27	5,792		5,728		5,792		0.3	%	(6)(7)(8)(16)
Polara Enterprises, L.L.C.	Revolver	SOFR + 4.75%, 9.5% Cash	12/21	12/27	—		(10)		—		—	%	(7)(8)(16)(31) (32)
Process Insights Acquisition, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	07/23	07/29	2,916		2,848		2,829		0.1	%	(6)(7)(8)(16) (30)(31)
Process Insights Acquisition, Inc.	Revolver	SOFR + 6.25%, 10.6% Cash	07/23	07/29	1,187		1,162		1,160		0.1	%	(7)(8)(16)(31) (32)
Rapid Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	10/24	10/30	5,213		5,100		5,093		0.3	%	(7)(8)(17)(30) (31)
Rapid Buyer LLC	Revolver	SOFR + 4.75%, 9.4% Cash	10/24	10/30	—		(20)		(21)		—	%	(7)(8)(16)(31) (32)
TAPCO Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	11/24	11/30	19,341		18,894		18,882		1.0	%	(7)(8)(16)(30) (31)
TAPCO Buyer LLC	Revolver	SOFR + 5.00%, 9.5% Cash	11/24	11/30	—		(58)		(61)		—	%	(7)(8)(16)(31) (32)
Tencarva Machinery Company, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.8% Cash	12/21	12/27	10,755		10,620		10,626		0.5	%	(6)(7)(8)(16) (30)
Tencarva Machinery Company, LLC	Revolver	SOFR + 5.00%, 9.8% Cash	12/21	12/27	—		(33)		(31)		—	%	(7)(8)(16)(31) (32)
Subtotal Capital Equipment (4.9%)*					97,351		94,335		93,512
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	04/23	04/29	5,442		5,351		5,361		0.3	%	(7)(8)(15)(30) (32)
Americo Chemical Products, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	04/23	04/29	—		(25)		(21)		—	%	(7)(8)(15)(31) (32)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	BBSY + 6.20%, 10.7% Cash	11/21	10/28	1,237		1,424		1,224		0.1	%	(3)(7)(8)(13) (30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.20%, 9.3% Cash	11/21	10/28	6,480		6,889		6,414		0.3	%	(3)(7)(8)(10) (30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.20%, 9.9% Cash	01/23	10/28	2,155		2,159		2,138		0.1	%	(3)(7)(8)(11) (30)
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.95%, 10.7% Cash	04/22	10/28	7,021		7,287		6,951		0.4	%	(3)(7)(8)(11) (30)

34

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
AnalytiChem Holding GmbH	First Lien Senior Secured Term Loan	SOFR + 6.20%, 11.5% Cash	11/21	10/28	$	2,234	$	2,234	$	2,213	0.1	%	(3)(7)(8)(17) (30)
Aptus 1829. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.4% Cash	09/21	09/27	2,264		2,525		2,027		0.1	%	(3)(7)(8)(11) (30)
Subtotal Chemicals, Plastics, & Rubber (1.4%)*					26,833		27,844		26,307
Construction & Building
BKF Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	08/24	08/30	7,820		7,680		7,682		0.4	%	(7)(8)(15)(30)
BKF Buyer, Inc.	Revolver	SOFR + 5.00%, 9.3% Cash	08/24	08/30	—		(50)		(50)		—	%	(7)(8)(15) (31)(32)
EMI Porta Holdco LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	12/21	12/27	44,912		44,275		42,351		2.1	%	(7)(8)(16)(30)
EMI Porta Holdco LLC	Revolver	SOFR + 5.75%, 10.5% Cash	12/21	12/27	610		585		465		—	%	(7)(8)(16)(31) (32)
MNS Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	08/21	08/27	662		656		662		—	%	(7)(8)(16)(30)
Ocelot Holdco LLC	Super Senior Takeback Loan	10.0% Cash	10/23	10/27	172		172		172		—	%	(7)(32)
Ocelot Holdco LLC	Takeback Term Loan	10.0% Cash	10/23	10/27	917		917		917		—	%	(7)(32)
Subtotal Construction & Building (2.5%)*					55,093		54,235		52,199
Consumer goods: Durable
DecksDirect, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	12/21	12/26	1,573		1,552		1,383		0.1	%	(7)(8)(16)(30)
DecksDirect, LLC	Revolver	SOFR + 6.25%, 10.9% Cash	12/21	12/26	347		343		301		—	%	(7)(8)(16)(31) (32)
Gojo Industries, Inc.	First Lien Senior Secured Term Loan	SOFR + 9.50%, 9.8% Cash, 4.5% PIK	10/23	10/28	25,733		25,121		25,143		1.3	%	(7)(8)(16)(32)
HTI Technology & Industries	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.5% Cash	07/22	07/25	8,840		8,796		8,303		0.4	%	(6)(7)(8)(16) (30)(31)(32)
HTI Technology & Industries	Revolver	SOFR + 8.50%, 13.5% Cash	07/22	07/25	—		(3)		(58)		—	%	(7)(8)(16)(31) (32)
Renovation Parent Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	11/21	11/27	14,126		13,946		12,925		0.7	%	(6)(7)(8)(16)
Team Air Distributing, LLC	Subordinated Term Loan	12.0% Cash	05/23	08/27	117		115		114		—	%	(7)(32)
Team Air Distributing, LLC	Subordinated Term Loan	12.0% Cash	05/23	05/28	600		590		588		—	%	(7)(32)
Team Air Distributing, LLC	Subordinated Term Loan	12.0% Cash	12/24	12/29	36		35		35		—	%	(7)(32)
Terrybear, Inc.	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	285		282		268		—	%	(7)(32)
Victoria Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	03/22	09/30	5,294		5,545		5,135		0.3	%	(3)(7)(8)(20) (30)
Subtotal Consumer goods: Durable (2.8%)*					56,951		56,322		54,137
Consumer goods: Non-durable
Bidwax	First Lien Senior Secured Term Loan	EURIBOR + 6.40%, 9.2% Cash	05/21	02/28	4,763		5,362		4,658		0.2	%	(3)(7)(8)(11) (30)(32)
CCFF Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	02/24	02/30	3,182		3,103		3,117		0.2	%	(7)(8)(16)(30) (31)
CCFF Buyer, LLC	Revolver	SOFR + 5.25%, 9.8% Cash	02/24	02/30	—		(17)		(14)		—	%	(7)(8)(16)(31) (32)
David Wood Baking UK Ltd	First Lien Senior Secured Term Loan	SONIA + 10.00%, 14.7% Cash	04/24	04/29	12,916		12,299		12,270		0.6	%	(3)(7)(8)(20) (32)
Herbalife Ltd.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	04/24	04/29	13,333		12,494		13,174		0.7	%	(3)(8)(15)(32)
Ice House America, L.L.C.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	01/24	01/30	4,365		4,268		4,267		0.2	%	(7)(8)(16)(30) (31)
Ice House America, L.L.C.	Revolver	SOFR + 5.50%, 10.1% Cash	01/24	01/30	291		279		279		—	%	(7)(8)(16)(31) (32)
Image International Intermediate Holdco II, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	05/21	07/25	24,275		24,275		23,352		1.2	%	(7)(8)(16)(30)
Modern Star Holdings Bidco Pty Limited	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.4% Cash	05/21	12/26	1,759		1,929		1,759		0.1	%	(3)(7)(8)(12) (30)(31)(32)

35

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Safety Products Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	05/21	12/26	$	7,006	$	6,961	$	7,006	0.4	%	(6)(7)(8)(16) (30)(32)
Subtotal Consumer goods: Non-durable (3.6%)*					71,890		70,953		69,868
Containers, Packaging, & Glass
Cosmelux International	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.7% Cash	05/21	09/30	2,586		2,727		2,533		0.1	%	(3)(7)(8)(10) (30)
Cosmelux International	Revolver	EURIBOR + 5.25%, 8.7% Cash	05/21	09/30	—		(2)		(5)		—	%	(3)(7)(8)(10) (31)(32)
Diversified Packaging Holdings LLC	Second Lien Senior Secured Term Loan	11.0% Cash, 1.5% PIK	06/24	06/29	911		894		896		—	%	(7)(8)(30)
Five Star Holding LLC	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	05/22	05/30	7,152		7,047		6,895		0.3	%	(7)(8)(16)(30)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	09/24	09/30	5,420		5,345		5,346		0.3	%	(7)(8)(16)(30)
Media Recovery, Inc. (SpotSee)	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.6% Cash	09/24	09/30	11,710		12,368		11,550		0.6	%	(7)(8)(18)(30)
Media Recovery, Inc. (SpotSee)	Revolver	SOFR + 4.75%, 9.5% Cash	09/24	09/30	—		(27)		(26)		—	%	(7)(8)(16)(31) (32)
Media Recovery, Inc. (SpotSee)	Revolver	SONIA + 4.75%, 9.6% Cash	09/24	09/30	—		(33)		(31)		—	%	(7)(8)(18)(31) (32)
Mold-Rite Plastics, LLC	Second Lien Second Out Term Loan	SOFR + 1.50%, 6.1% Cash, 2.3% PIK	06/24	10/28	3,253		2,701		2,837		0.1	%	(16)(30)
OG III B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.9% Cash	06/21	06/28	14,483		16,272		14,312		0.7	%	(3)(7)(8)(10) (30)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	13,987		13,795		13,792		0.7	%	(6)(7)(8)(17)
Tank Holding Corp	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	05/23	03/28	6,420		6,277		6,346		0.3	%	(7)(8)(15)(31) (32)
Tank Holding Corp	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28	—		(8)		(9)		—	%	(7)(8)(17)(31) (32)
Subtotal Containers, Packaging, & Glass (3.1%)*					65,922		67,356		64,436
Energy: Electricity
WWEC Holdings III Corp	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	10/22	10/28	9,148		8,878		8,927		0.5	%	(7)(8)(16)(30) (31)
WWEC Holdings III Corp	Revolver	SOFR + 5.75%, 10.4% Cash	10/22	10/28	—		(54)		(47)		—	%	(7)(8)(16)(31) (32)
Subtotal Energy: Electricity (0.5%)*					9,148		8,824		8,880
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Municipal Revenue Bond	11.5% Cash	07/22	09/27	32,980		32,980		33,778		1.7	%	(32)
EB Development	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.3% Cash	11/24	11/27	7,587		7,439		7,346		0.4	%	(3)(7)(8)(10) (30)(31)
Entact Environmental Services, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	05/21	01/27	1,872		1,862		1,850		0.1	%	(6)(7)(8)(16) (30)
Northstar Recycling, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.0% Cash	12/24	12/30	17,523		17,251		17,249		0.9	%	(7)(8)(16)(30) (31)
Northstar Recycling, LLC	Revolver	SOFR + 4.75%, 9.0% Cash	12/24	12/30	—		(45)		(45)		—	%	(7)(8)(16)(31) (32)
Subtotal Environmental Industries (1.4%)*					59,962		59,487		60,178
Healthcare & Pharmaceuticals
A.T. Holdings II LTD	First Lien Senior Secured Term Loan	6.7% Cash, 7.6% PIK	11/22	09/29	15,464		14,250		10,175		0.5	%	(3)(7)(29)(32)
Amalfi Midco	Second Lien Senior Secured Term Loan	17.5% PIK	09/22	10/28	290		301		290		—	%	(3)(7)(32)
Amalfi Midco	Subordinated Loan Notes	2.0% Cash, 9.0% PIK	09/22	09/28	5,943		5,416		5,492		0.3	%	(3)(7)(32)
APOG Bidco Pty Ltd	Second Lien Senior Secured Term Loan	BBSY + 7.30%, 12.0% Cash	04/22	03/30	451		538		451		—	%	(3)(7)(8)(14) (30)
Astra Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.5% Cash	11/21	11/28	478		493		478		—	%	(3)(7)(8)(10) (30)(31)
Astra Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.5% Cash	11/21	11/28	2,869		2,973		2,869		0.1	%	(3)(7)(8)(20) (30)(31)
Avance Clinical Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.9% Cash	11/21	11/27	2,294		2,571		2,294		0.1	%	(3)(7)(8)(13) (30)(31)
Biolam Group	First Lien Senior Secured Term Loan	EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK	12/22	12/29	3,316		3,440		1,751		0.1	%	(3)(7)(8)(11) (28)(30)(31)

36

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
BVI Medical, Inc.	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 12.8% Cash	06/22	06/26	$	5,710	$	5,702	$	5,636	0.3	%	(7)(8)(10)(30)
Canadian Orthodontic Partners Corp.	First Lien Senior Secured Term Loan	CORRA + 7.0% PIK, 10.3% PIK	06/21	12/26	4,183		4,909		950		—	%	(3)(7)(8)(23) (28)(30)
Canadian Orthodontic Partners Corp.	Super Senior Secured Term Loan	15.0% PIK	04/24	12/26	65		64		185		—	%	(3)(7)(30)(31)
Ceres Pharma NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.9% Cash	10/21	10/28	4,386		4,653		4,333		0.2	%	(3)(7)(8)(11) (30)
Coherus Biosciences, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.6% Cash	05/24	05/29	9,977		9,707		9,758		0.5	%	(7)(8)(16)(32)
Dune Group	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 6.6% Cash	09/21	09/28	291		295		222		—	%	(3)(7)(8)(10) (30)(31)
Dune Group	First Lien Senior Secured Term Loan	SOFR + 4.00%, 8.8% Cash	09/21	09/28	4,825		4,775		4,565		0.2	%	(3)(7)(8)(16) (30)
Dune Group	First Lien Senior Secured Term Loan	SOFR + 4.00%, 6.3% Cash, 2.3% PIK	09/21	09/28	510		510		482		—	%	(3)(7)(8)(16) (30)
Ellkay, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 8.0% Cash, 2.0% PIK	09/21	09/27	5,744		5,687		5,072		0.3	%	(7)(8)(16)(30)
Faraday	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	01/23	01/30	255		223		234		—	%	(3)(7)(8)(10) (30)(31)
Finexvet	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	03/22	03/29	9,370		9,735		9,227		0.5	%	(3)(7)(8)(11) (30)(32)
Forest Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	03/24	03/30	12,273		12,103		12,187		0.6	%	(7)(8)(16)(30)
Forest Buyer, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	03/24	03/30	—		(13)		(4)		—	%	(7)(8)(16)(31) (32)
GCDL LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	08/24	08/27	539		529		529		—	%	(7)(8)(16)(30) (31)
GCDL LLC	Revolver	SOFR + 6.00%, 10.4% Cash	08/24	08/27	—		(2)		(2)		—	%	(7)(8)(16)(31) (32)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	271		285		271		—	%	(3)(7)(32)
GPNZ II GmbH	First Lien Senior Secured Term Loan	10.0% PIK	11/24	02/30	33		34		33		—	%	(3)(7)(8)(31) (32)
GPNZ II GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.7% Cash	06/22	06/29	446		446		189		—	%	(3)(7)(8)(9)(28)(30)
Groupe Product Life	First Lien Senior Secured Term Loan	EURIBOR + 5.45%, 8.5% Cash	10/22	10/29	6,309		6,324		6,110		0.3	%	(3)(7)(8)(10) (30)(31)
HeartHealth Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.7% Cash	09/22	09/28	694		704		602		—	%	(3)(7)(8)(13) (30)(31)
Heartland Veterinary Partners, LLC	Subordinated Term Loan	11.0% PIK	11/21	12/28	7,754		7,672		7,126		0.4	%	(7)(32)
HemaSource, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	08/23	08/29	7,626		7,467		7,626		0.4	%	(7)(8)(15)(30)
HemaSource, Inc.	Revolver	SOFR + 4.75%, 9.3% Cash	08/23	08/29	—		(64)		—		—	%	(7)(8)(15)(31) (32)
Home Care Assistance, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	05/21	03/27	1,512		1,499		1,438		0.1	%	(7)(8)(16)(30) (32)
Hygie 31 Holding	First Lien Senior Secured Term Loan	EURIBOR + 5.63%, 8.8% Cash	09/22	09/29	570		519		566		—	%	(3)(7)(8)(11) (30)(32)
ISTO Technologies II, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	10/23	10/28	6,843		6,704		6,822		0.3	%	(7)(8)(17)(30)
ISTO Technologies II, LLC	Revolver	SOFR + 5.00%, 9.6% Cash	10/23	10/28	—		(21)		(3)		—	%	(7)(8)(17)(31) (32)
Jon Bidco Limited	First Lien Senior Secured Term Loan	BKBM + 4.50%, 9.5% Cash	03/22	03/27	3,787		4,573		3,787		0.2	%	(3)(7)(8)(24) (30)(31)
Keystone Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.1% Cash	08/24	08/31	695		728		677		—	%	(3)(7)(8)(10) (30)(31)
Keystone Bidco B.V.	Revolver	EURIBOR + 5.25%, 8.1% Cash	08/24	05/31	19		18		18		—	%	(3)(7)(8)(10) (31)(32)
Lambir Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.7% Cash	12/21	12/28	2,441		2,574		2,327		0.1	%	(3)(7)(8)(11) (30)(31)
Lambir Bidco Limited	Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	854		903		798		—	%	(3)(7)(32)
Listrac Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 12.00%, 17.0% Cash	02/23	08/26	169		158		169		—	%	(3)(7)(20)(32)
Listrac Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.0% Cash	02/23	02/27	992		946		992		0.1	%	(3)(7)(20)(32)

37

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Median B.V.	First Lien Senior Secured Term Loan	SONIA + 5.93%, 11.0% Cash	02/22	10/27	$	6,199	$	6,586	$	5,958	0.3	%	(3)(8)(20)(30)
Medical Solutions Parent Holdings, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.7% Cash	11/21	11/29	4,421		4,391		2,211		0.1	%	(8)(16)(30)
Mertus 522. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.7% Cash	05/21	05/26	402		457		394		—	%	(3)(7)(8)(11) (30)
Mertus 522. GmbH	First Lien Senior Secured Term Loan	EURIBOR + 7.50%, 10.7% Cash	05/21	05/26	3,342		3,608		3,295		0.2	%	(3)(7)(8)(11) (30)
MI OpCo Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 7.25%, 11.8% Cash	07/24	03/28	25,373		23,461		25,500		1.3	%	(8)(15)(32)
Moonlight Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.7% Cash	07/23	07/30	1,860		1,884		1,841		0.1	%	(3)(7)(8)(19) (31)(32)
Napa Bidco Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.5% Cash	03/22	03/28	12,146		13,897		12,146		0.6	%	(3)(7)(8)(13) (30)
Navia Benefit Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.2% Cash	05/21	02/27	6,472		6,419		6,472		0.3	%	(6)(7)(8)(15) (32)
NPM Investments 28 B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	09/22	10/29	1,142		1,044		1,128		0.1	%	(3)(6)(7)(8)(10) (30)(31)
OA Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	12/21	12/28	45,499		45,218		45,316		2.3	%	(6)(7)(8)(15) (30)
OA Buyer, Inc.	Revolver	SOFR + 4.75%, 9.3% Cash	12/21	12/28	—		(15)		(5)		—	%	(7)(8)(15)(31) (32)
Ocular Therapeutix, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.2% Cash	08/23	07/29	7,859		7,665		9,698		0.5	%	(3)(7)(8)(15) (32)
Oracle Vision Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	06/21	06/28	1,389		1,538		1,358		0.1	%	(3)(7)(8)(20) (30)(31)
Oracle Vision Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	10/24	10/31	5,123		5,181		4,983		0.3	%	(3)(7)(8)(20) (30)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.0% Cash, 0.8% PIK	05/21	12/26	522		603		522		—	%	(3)(7)(8)(11) (30)
Pare SAS (SAS Maurice MARLE)	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	11/22	10/26	4,800		4,703		4,800		0.2	%	(3)(7)(8)(16) (30)(31)
Parkview Dental Holdings LLC	First Lien Senior Secured Term Loan	SOFR + 8.30%, 12.9% Cash	10/23	10/29	624		608		609		—	%	(7)(8)(15)(31) (32)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.8% Cash	06/22	07/29	7,272		7,243		7,038		0.4	%	(3)(7)(8)(11) (30)(31)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 5.75%, 7.0% Cash	06/22	07/29	6,125		5,884		5,978		0.3	%	(3)(7)(8)(25) (30)
Sanoptis S.A.R.L.	First Lien Senior Secured Term Loan	SARON + 6.75%, 8.0% Cash	06/22	07/29	71		74		69		—	%	(3)(7)(8)(25) (30)
SSCP Pegasus Midco Limited	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.7% Cash	05/21	11/27	881		955		881		—	%	(3)(7)(8)(19) (30)(31)(32)
SSCP Spring Bidco 3 Limited	First Lien Senior Secured Term Loan	SONIA + 6.45%, 11.2% Cash	11/23	08/30	959		935		941		—	%	(3)(7)(8)(20) (30)
Union Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.84%, 9.8% Cash	06/22	06/29	2,500		2,389		2,492		0.1	%	(3)(7)(8)(20) (30)(31)
United Therapy Holding III GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.0% Cash	04/22	03/29	1,571		1,594		1,120		0.1	%	(3)(7)(8)(10) (30)(31)
Unither (Uniholding)	First Lien Senior Secured Term Loan	EURIBOR + 4.93%, 8.3% Cash	03/23	03/30	1,962		1,965		1,962		0.1	%	(3)(7)(8)(10) (30)(31)
Subtotal Healthcare & Pharmaceuticals (13.0%)*					278,762		278,615		263,429
High Tech Industries
1WorldSync, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	05/21	07/25	10,672		10,659		10,672		0.5	%	(6)(7)(8)(16) (30)
Argus Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK	08/22	07/29	3,175		3,159		2,969		0.2	%	(3)(7)(8)(10) (30)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 4.00% 8.8% Cash, 2.8% PIK	07/22	07/29	272		267		254		—	%	(3)(7)(8)(16) (30)
Argus Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 4.00%, 8.9% Cash, 2.8% PIK	07/22	07/29	—		(10)		(46)		—	%	(3)(7)(8)(19) (30)(31)
Argus Bidco Limited	Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29	1,686		1,622		1,554		0.1	%	(3)(7)(32)
Audio Precision, Inc.	First Lien Senior Secured Term Loan	EURIBOR + 8.00%, 11.3% Cash	05/21	10/25	2,539		2,957		2,267		0.1	%	(7)(8)(10)(30)

38

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Audio Precision, Inc.	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.8% Cash	05/21	10/25	$	4,829	$	4,829	$	4,312	0.2	%	(7)(8)(16)(30)
Benify (Bennevis AB)	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 8.4% Cash	05/21	07/26	275		361		275		—	%	(3)(7)(8)(21) (30)
CAi Software, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.1% Cash	12/21	12/28	17,541		17,290		17,435		0.9	%	(6)(7)(8)(16) (30)(32)
CAi Software, LLC	Revolver	SOFR + 5.25%, 10.1% Cash	12/21	12/28	1,870		1,814		1,848		0.1	%	(7)(8)(16)(31) (32)
Caribou Holding Company, LLC	First Lien Senior Secured Term Loan	SOFR + 7.64%, 12.5% Cash	04/22	04/27	3,907		3,877		3,832		0.2	%	(3)(7)(8)(16) (30)
Contabo Finco S.A.R.L	First Lien Senior Secured Term Loan	EURIBOR + 5.15%, 8.2% Cash	10/22	10/29	10,022		9,468		10,022		0.5	%	(3)(7)(8)(10) (30)
CW Group Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.8% Cash	05/21	01/27	4,004		3,967		4,004		0.2	%	(7)(8)(16)(30)
Dragon Bidco	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.6% Cash	05/21	04/28	1,243		1,345		1,241		0.1	%	(3)(7)(8)(10) (30)
Dwyer Instruments, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	07/21	07/29	6,792		6,721		6,703		0.3	%	(7)(8)(16)(30)
Electrical Components International, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.3% Cash	05/24	05/29	21,223		20,838		20,819		1.1	%	(7)(8)(17)(31) (32)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 9.6% PIK	12/22	12/29	1,673		1,497		830		—	%	(3)(7)(8)(11) (28)(30)
Eurofins Digital Testing International LUX Holding SARL	First Lien Senior Secured Term Loan	SOFR + 7.00%, 11.3% PIK	12/22	12/29	913		781		453		—	%	(3)(7)(8)(16) (28)(30)
Eurofins Digital Testing International LUX Holding SARL	Senior Subordinated Term Loan	11.5% PIK	12/22	12/30	690		669		—		—	%	(3)(7)(28)(32)
FSS Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	08/21	08/28	14,923		14,751		14,923		0.8	%	(6)(7)(8)(16)
FSS Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	08/21	08/28	9,113		9,009		9,113		0.5	%	(7)(8)(15)(30)
Graphpad Software, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	06/24	06/31	22,827		22,695		22,798		1.2	%	(6)(7)(8)(16) (30)(31)
Graphpad Software, LLC	Revolver	SOFR + 4.75%, 9.4% Cash	06/24	06/31	—		(10)		(2)		—	%	(7)(8)(16)(31) (32)
Heavy Construction Systems Specialists, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	11/21	11/27	22,351		22,114		22,351		1.1	%	(6)(7)(8)(16) (30)
Heavy Construction Systems Specialists, LLC	Revolver	SOFR + 5.50%, 10.1% Cash	11/21	11/27	—		(21)		—		—	%	(7)(8)(16)(31) (32)
HW Holdco, LLC (Hanley Wood LLC)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.6% Cash	05/21	06/29	19,210		19,132		19,210		1.0	%	(6)(7)(8)(16) (30)
Lattice Group Holdings Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.6% Cash	05/22	05/29	727		711		687		—	%	(3)(7)(8)(17) (30)(31)
Lattice Group Holdings Bidco Limited	Revolver	SOFR + 5.75%, 10.6% Cash	05/22	11/28	—		(1)		(1)		—	%	(3)(7)(8)(17) (31)(32)
NAW Buyer LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	09/23	09/29	11,533		11,114		11,533		0.6	%	(7)(8)(16)(30) (31)
NAW Buyer LLC	Revolver	SOFR + 5.75%, 10.4% Cash	09/23	09/29	—		(45)		—		—	%	(7)(8)(16)(31) (32)
NeoxCo	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.1% Cash	01/23	01/30	2,476		2,525		2,456		0.1	%	(3)(7)(8)(11) (30)
Next Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	11/23	11/30	15,221		14,942		15,221		0.8	%	(7)(8)(16)(30) (31)
Next Holdco, LLC	Revolver	SOFR + 5.75%, 10.5% Cash	11/23	11/29	—		(29)		—		—	%	(7)(8)(16)(31) (32)
ORTEC INTERNATIONAL NEWCO B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.5% Cash	12/23	12/30	4,733		4,878		4,657		0.2	%	(3)(7)(8)(10) (30)
OSP Hamilton Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.8% Cash	12/21	12/29	19,338		19,022		19,044		1.0	%	(6)(7)(8)(16) (30)(31)(32)
OSP Hamilton Purchaser, LLC	Revolver	SOFR + 5.25%, 9.8% Cash	12/21	12/29	643		615		623		—	%	(7)(8)(16)(31) (32)
PDQ.Com Corporation	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	08/21	08/27	16,709		16,447		16,441		0.8	%	(6)(7)(8)(16) (30)(31)
Perforce Software, Inc.	Second Lien Senior Secured Term Loan	SOFR + 8.00%, 12.5% Cash	05/21	07/27	6,497		6,459		6,497		0.3	%	(7)(8)(15)(30)

39

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
PowerGEM Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	11/24	11/29	$	9,875	$	9,801	$	9,704	0.5	%	(7)(8)(16)(30) (31)
PowerGEM Buyer, Inc.	Revolver	SOFR + 5.00%, 9.5% Cash	11/24	11/29	—		(37)		(37)		—	%	(7)(8)(16)(31) (32)
ProfitOptics, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	645		638		645		—	%	(7)(8)(15)(30)
ProfitOptics, LLC	Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28	97		95		97		—	%	(7)(8)(15)(31) (32)
ProfitOptics, LLC	Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	32		32		31		—	%	(7)(32)
Pro-Vision Solutions Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 8.8% Cash	09/24	09/29	12,405		12,228		12,236		0.6	%	(7)(8)(16)(30)
Pro-Vision Solutions Holdings, LLC	Revolver	SOFR + 4.50%, 8.8% Cash	09/24	09/29	—		(47)		(45)		—	%	(7)(8)(16)(31) (32)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.8% Cash	05/22	05/29	846		846		844		—	%	(3)(7)(8)(10) (30)(31)
PSP Intermediate 4, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	05/22	05/29	1,411		1,394		1,408		0.1	%	(3)(7)(8)(16) (30)
Saab Purchaser, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	11/24	11/31	28,511		28,154		28,148		1.4	%	(7)(8)(16)(30) (31)
Saab Purchaser, Inc.	Revolver	SOFR + 5.00%, 9.5% Cash	11/24	11/31	—		(38)		(38)		—	%	(7)(8)(16)(31) (32)
Sandvine Corporation	First Lien Senior Secured Term Loan	2.0% Cash	05/21	06/27	1,592		415		100		—	%	(7)(8)(28)(30)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.4% Cash	05/22	05/29	3,762		3,823		3,750		0.2	%	(3)(7)(8)(10) (30)
Scout Bidco B.V.	First Lien Senior Secured Term Loan	SOFR + 5.57%, 10.1% Cash	08/23	05/29	508		508		507		—	%	(3)(7)(8)(16) (30)
Scout Bidco B.V.	Revolver	EURIBOR + 5.50%, 8.4% Cash	05/22	05/29	—		(3)		(7)		—	%	(3)(7)(8)(10) (31)(32)
Sinari Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.3% Cash	07/23	07/30	1,892		1,943		1,858		0.1	%	(3)(7)(8)(11) (30)(31)
Smartling, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.0% Cash	11/21	11/27	16,132		15,963		16,132		0.8	%	(6)(7)(8)(16) (30)
Smartling, Inc.	Revolver	SOFR + 4.50%, 9.0% Cash	11/21	11/27	—		(10)		—		—	%	(7)(8)(16)(31) (32)
Validity, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	05/21	05/26	939		934		939		—	%	(7)(8)(15)(30)
White Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	10/23	10/30	1,749		1,695		1,747		0.1	%	(3)(7)(8)(16) (30)(31)(32)
Subtotal High Tech Industries (16.7%)*					340,023		334,753		333,014
Hotel, Gaming, & Leisure
Aquavista Watersides 2 LTD	First Lien Senior Secured Term Loan	SONIA + 6.00%, 10.6% Cash	12/21	12/28	2,927		3,010		2,927		0.1	%	(3)(7)(8)(19) (30)(31)
Aquavista Watersides 2 LTD	Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.7% PIK	12/21	12/28	982		1,014		982		—	%	(3)(7)(8)(19) (32)
Bucharest Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.7% Cash	05/21	07/26	175		170		171		—	%	(3)(7)(8)(17) (32)
Bucharest Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.7% Cash	05/21	07/26	775		833		760		—	%	(3)(7)(8)(20) (32)
Subtotal Hotel, Gaming, & Leisure (0.1%)*					4,859		5,027		4,840
Media: Advertising, Printing, & Publishing
ASC Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	07/22	07/27	3,565		3,533		3,565		0.2	%	(6)(7)(8)(15)
ASC Communications, LLC	Revolver	SOFR + 4.75%, 9.4% Cash	07/22	07/27	—		(5)		—		—	%	(7)(8)(15)(31) (32)
Superjet Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.4% Cash	12/21	12/27	36,271		35,542		35,468		1.8	%	(6)(7)(8)(16) (30)(31)
Superjet Buyer, LLC	Revolver	SOFR + 5.50%, 10.4% Cash	12/21	12/27	—		(56)		(63)		—	%	(7)(8)(16)(31) (32)
Subtotal Media: Advertising, Printing, & Publishing (2.0%)*					39,836		39,014		38,970
Media: Broadcasting & Subscription
Music Reports, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	05/21	08/26	2,441		2,426		2,333		0.1	%	(6)(7)(8)(16)
The Octave Music Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.1% Cash	06/24	03/29	10,780		10,780		10,785		0.5	%	(8)(16)(30)
Subtotal Media: Broadcasting & Subscription (0.6%)*					13,221		13,206		13,118

40

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Media: Diversified & Production
BrightSign LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	10/21	10/27	$	10,366	$	10,315	$	10,366	0.5	%	(6)(7)(8)(15)
BrightSign LLC	Revolver	SOFR + 5.50%, 10.2% Cash	10/21	10/27	905		900		905		—	%	(7)(8)(15)(31) (32)
CM Acquisition Holding Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.2% Cash	05/21	05/25	1,117		1,117		1,087		0.1	%	(7)(8)(16)(30)
CM Acquisition Holding Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 7.7% Cash, 2.5% PIK	05/21	05/26	9,829		9,825		9,563		0.5	%	(7)(8)(16)(30)
Footco 40 Limited	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	04/22	04/29	218		223		217		—	%	(3)(7)(8)(10) (30)
Footco 40 Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.5% Cash	04/22	04/29	1,599		1,635		1,588		0.1	%	(3)(7)(8)(19) (30)(31)
Iridium Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.5% Cash	05/21	12/25	5,067		5,382		4,956		0.3	%	(3)(7)(8)(20) (30)
Learfield Communications, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	10/24	06/28	2,098		2,098		2,115		0.1	%	(8)(15)(32)
Murphy Midco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.2% Cash	05/21	11/27	738		798		738		—	%	(3)(7)(8)(20) (30)(32)
Rock Labor LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	09/23	09/29	5,573		5,432		5,478		0.3	%	(7)(8)(16)(30)
Rock Labor LLC	Revolver	SOFR + 5.50%, 10.7% Cash	09/23	09/29	—		(22)		(16)		—	%	(7)(8)(16)(31) (32)
Solo Buyer, L.P.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	12/22	12/29	16,316		15,999		15,776		0.8	%	(7)(8)(16)(32)
Solo Buyer, L.P.	Revolver	SOFR + 6.25%, 10.7% Cash	12/22	12/28	532		499		466		—	%	(7)(8)(16)(31) (32)
Vital Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	06/21	06/28	4,800		4,707		4,742		0.2	%	(6)(7)(8)(16) (32)
Subtotal Media: Diversified & Production (2.9%)*					59,158		58,908		57,981
Services: Business
Acclime Holdings HK Limited	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.9% Cash	08/21	08/27	4,918		4,840		4,795		0.2	%	(3)(7)(8)(17) (30)
Acclime Holdings HK Limited	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.8% Cash	08/21	08/27	2,582		2,548		2,518		0.1	%	(3)(7)(8)(17) (30)
Acogroup	First Lien Senior Secured Term Loan	4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK	05/21	10/26	27,320		28,750		20,107		1.0	%	(3)(7)(8)(11) (30)(32)
Acogroup	First Lien Senior Secured Term Loan	EURIBOR + 4.65%, 7.1% Cash, 1.8% PIK	05/21	10/26	95		111		70		—	%	(3)(7)(8)(11) (30)
AD Bidco, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	03/24	03/30	14,438		14,002		14,438		0.7	%	(7)(8)(16)(30) (31)
AD Bidco, Inc.	Revolver	SOFR + 5.25%, 9.6% Cash	03/24	03/30	—		(40)		—		—	%	(7)(8)(16)(31) (32)
Adhefin International	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.1% Cash	05/23	05/30	1,716		1,768		1,716		0.1	%	(3)(7)(8)(10) (31)(32)
Adhefin International	Subordinated Term Loan	EURIBOR + 10.5% PIK, 13.2% PIK	05/23	11/30	330		341		326		—	%	(3)(7)(10)(32)
AlliA Insurance Brokers NV	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.9% Cash	03/23	03/30	4,598		4,646		4,569		0.2	%	(3)(7)(8)(11) (30)(31)
Apex Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.3% Cash	05/21	01/27	1,289		1,298		1,284		0.1	%	(3)(7)(8)(19) (30)
Artemis Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.0% Cash	11/24	11/31	284		261		256		—	%	(3)(7)(8)(10) (30)(31)
Auxi International	First Lien Senior Secured Term Loan	EURIBOR + 7.25%, 10.4% Cash	05/21	12/26	311		360		290		—	%	(3)(7)(8)(11) (30)
AWP Group Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	05/21	12/29	24,938		24,938		24,938		1.3	%	(7)(8)(15)(30) (32)
Azalea Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	11/21	11/27	4,785		4,728		4,785		0.2	%	(7)(8)(15)(30) (31)
Azalea Buyer, Inc.	Revolver	SOFR + 5.25%, 9.9% Cash	11/21	11/27	—		(5)		—		—	%	(7)(8)(15)(31) (32)
Azalea Buyer, Inc.	Subordinated Term Loan	12.0% PIK	11/21	05/28	1,814		1,799		1,805		0.1	%	(7)(32)
Basin Innovation Group, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	12/24	12/30	13,605		13,373		13,370		0.7	%	(7)(8)(15)(30) (31)

41

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Basin Innovation Group, LLC	Revolver	SOFR + 5.00%, 9.5% Cash	12/24	12/30	$	—	$	(26)	$	(27)	—	%	(7)(8)(15)(31) (32)
BNI Global, LLC	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.5% Cash	02/24	05/27	33,019		33,931		32,557		1.6	%	(7)(8)(9)(30)
Bounteous, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	08/21	08/27	10,338		10,241		10,276		0.5	%	(7)(8)(16)(30)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.2% Cash	10/21	10/28	552		541		539		—	%	(3)(7)(8)(10) (30)(31)
Brightpay Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.6% Cash, 0.3% PIK	10/21	10/28	2,445		2,695		2,401		0.1	%	(3)(7)(8)(11) (30)
British Engineering Services Holdco Limited	First Lien Senior Secured Term Loan	SONIA + 7.00%, 12.7% Cash	05/21	12/27	7,634		7,930		7,542		0.4	%	(3)(7)(8)(20) (30)(31)
Caldwell & Gregory LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	09/24	09/30	38,281		37,659		37,666		1.9	%	(7)(8)(16)(30) (31)
Caldwell & Gregory LLC	Revolver	SOFR + 5.00%, 9.3% Cash	09/24	09/30	—		(69)		(69)		—	%	(7)(8)(16)(31) (32)
Centralis Finco S.a.r.l.	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.3% Cash	05/21	05/27	717		716		717		—	%	(3)(7)(8)(10) (30)(32)
CGI Parent, LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.1% Cash	02/22	02/28	22,358		21,983		22,358		1.1	%	(7)(8)(16)(30)
CGI Parent, LLC	Revolver	SOFR + 4.50%, 9.1% Cash	02/22	02/28	—		(18)		—		—	%	(7)(8)(16)(31) (32)
Comply365, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	04/22	12/29	24,120		23,737		24,120		1.2	%	(7)(8)(15)(30)
Comply365, LLC	Revolver	SOFR + 5.00%, 9.7% Cash	04/22	12/29	—		(6)		—		—	%	(7)(8)(15)(31) (32)
Coyo Uprising GmbH	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.1% Cash, 0.3% PIK	09/21	09/28	10,748		11,802		10,407		0.5	%	(3)(7)(8)(10) (30)(31)
DataServ Integrations, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	11/22	11/28	1,871		1,841		1,871		0.1	%	(7)(8)(17)(30)
DataServ Integrations, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	11/22	11/28	—		(6)		—		—	%	(7)(8)(17)(31) (32)
DISA Holdings Corp.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	11/22	09/28	10,639		10,422		10,639		0.5	%	(6)(7)(8)(16) (30)(31)
DISA Holdings Corp.	Revolver	SOFR + 5.00%, 9.5% Cash	11/22	09/28	—		(20)		—		—	%	(7)(8)(16)(31) (32)
Dunlipharder B.V.	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	06/22	06/28	1,000		991		998		0.1	%	(3)(7)(8)(16) (30)
EFC International	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	695		678		686		—	%	(7)(32)
Electric Equipment & Engineering Co.	First Lien Senior Secured Term Loan	10.5% Cash, 3.0% PIK	12/24	12/30	313		307		307		—	%	(7)(30)
Events Software BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 6.50%, 11.0% Cash	03/22	03/28	1,561		1,842		1,336		0.1	%	(3)(7)(8)(13) (30)(31)
Fortis Payment Systems, LLC	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.0% Cash	10/22	02/26	18,554		18,338		18,278		0.9	%	(6)(7)(8)(16) (30)(31)
Fortis Payment Systems, LLC	Revolver	SOFR + 5.25%, 10.0% Cash	10/22	02/26	—		(25)		(32)		—	%	(7)(8)(16)(31) (32)
Greenhill II BV	First Lien Senior Secured Term Loan	EURIBOR + 5.10%, 8.3% Cash	07/22	07/29	936		907		936		—	%	(3)(7)(8)(10) (30)(31)
HEKA Invest	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	10/22	10/29	3,902		3,606		3,902		0.2	%	(3)(7)(8)(10) (30)(31)
Hydratech Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	09/24	12/29	7,225		7,105		7,106		0.4	%	(7)(8)(16)(30) (31)
Hydratech Holdings, Inc.	Revolver	SOFR + 5.00%, 9.6% Cash	09/24	12/29	269		254		254		—	%	(7)(8)(16)(31) (32)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.1% Cash	11/21	11/28	3,902		4,191		3,902		0.2	%	(3)(7)(8)(11) (30)
Infoniqa Holdings GmbH	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.1% Cash	11/21	06/31	545		492		545		—	%	(3)(7)(8)(11) (30)(31)
Interstellar Group B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	08/22	08/29	3,179		3,188		3,018		0.2	%	(3)(7)(8)(10) (30)(31)
Isolstar Holding NV (IPCOM)	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.2% Cash	10/22	10/29	10,336		9,672		10,149		0.5	%	(3)(7)(8)(10) (30)
Jones Fish Hatcheries & Distributors LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	02/22	02/28	8,043		7,914		8,043		0.4	%	(7)(8)(16) (30)(32)

42

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Jones Fish Hatcheries & Distributors LLC	Revolver	SOFR + 5.50%, 10.0% Cash	02/22	02/28	$	—	$	(4)	$	—	—	%	(7)(8)(16)(31) (32)
LeadsOnline, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	02/22	02/28	25,594		25,340		25,492		1.3	%	(6)(7)(8)(16) (30)
LeadsOnline, LLC	Revolver	SOFR + 4.75%, 9.4% Cash	02/22	02/28	—		(39)		(13)		—	%	(7)(8)(16)(31) (32)
Long Term Care Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 3.27%, 8.1% Cash, 3.7% PIK	04/22	09/27	4,581		4,532		4,095		0.2	%	(7)(8)(16)(30)
MB Purchaser, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	01/24	01/30	3,804		3,705		3,775		0.2	%	(7)(8)(15)(30) (31)
MB Purchaser, LLC	Revolver	SOFR + 4.75%, 9.4% Cash	01/24	01/30	—		(14)		(4)		—	%	(7)(8)(15)(31) (32)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	06/24	06/27	8,305		8,139		7,950		0.4	%	(6)(7)(8)(15) (30)(31)
MC Group Ventures Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	07/21	06/27	6,485		6,417		6,374		0.3	%	(6)(7)(8)(17) (30)(31)
Metis BidCo Pty Limited	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.7% Cash	05/21	04/26	294		368		294		—	%	(3)(7)(8)(13) (30)
NF Holdco, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	03/23	03/29	5,456		5,329		5,456		0.3	%	(7)(8)(16)(32)
NF Holdco, LLC	Revolver	SOFR + 6.50%, 10.8% Cash	03/23	03/29	370		338		370		—	%	(7)(8)(16)(31) (32)
Origin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.1% Cash	06/21	06/28	307		355		301		—	%	(3)(7)(8)(10) (30)
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.0% Cash	06/21	06/28	533		525		522		—	%	(3)(7)(8)(16) (30)
Origin Bidco Limited	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.0% Cash	10/24	10/31	8,470		8,306		8,301		0.4	%	(3)(7)(8)(16) (30)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.8% Cash	05/21	02/26	273		317		273		—	%	(3)(7)(8)(10) (30)
Patriot New Midco 1 Limited (Forensic Risk Alliance)	First Lien Senior Secured Term Loan	SOFR + 7.01%, 11.6% Cash	05/21	02/26	351		350		351		—	%	(3)(7)(8)(16) (30)
Qualified Industries, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	11/24	10/27	2,856		2,801		2,799		0.1	%	(7)(8)(17)(30)
Qualified Industries, LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	03/23	03/29	1,075		1,051		1,053		0.1	%	(7)(8)(17)(32)
Qualified Industries, LLC	Revolver	SOFR + 5.75%, 10.1% Cash	03/23	03/29	—		(8)		(7)		—	%	(7)(8)(17)(31) (32)
Questel Unite	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.6% Cash	05/21	12/27	1,769		1,987		1,769		0.1	%	(3)(7)(8)(16) (30)(32)
Questel Unite	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 7.2% Cash, 2.4% PIK	05/21	12/27	106		122		106		—	%	(3)(7)(8)(16) (30)(32)
Questel Unite	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.8% Cash	05/21	12/27	1,024		1,017		1,024		0.1	%	(3)(7)(8)(16) (30)
Recovery Point Systems, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	05/21	07/26	2,380		2,380		2,380		0.1	%	(6)(7)(8)(16)
ROI Solutions LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	10/24	10/29	18,245		17,882		17,865		0.9	%	(7)(8)(16)(30) (31)
ROI Solutions LLC	Revolver	SOFR + 5.00%, 9.6% Cash	10/24	10/29	—		(52)		(55)		—	%	(7)(8)(16)(31) (32)
Royal Buyer, LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	08/22	08/28	21,025		20,784		21,003		1.1	%	(7)(8)(16)(30) (31)
Royal Buyer, LLC	Revolver	SOFR + 5.50%, 10.0% Cash	08/22	08/28	—		(31)		(2)		—	%	(7)(8)(16)(31) (32)
RPX Corporation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.6% Cash	08/24	08/30	43,764		43,140		43,199		2.2	%	(7)(8)(16)(30)
RPX Corporation	Revolver	SOFR + 5.50%, 10.6% Cash	08/24	08/30	—		(69)		(63)		—	%	(7)(8)(16)(31) (32)
Sansidor BV	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.6% Cash	09/24	09/31	1,384		1,440		1,336		0.1	%	(3)(7)(8)(10) (30)(31)
SBP Holdings LP	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	03/23	03/28	18,280		17,674		18,113		0.9	%	(7)(8)(15)(30) (31)(32)
SBP Holdings LP	Revolver	SOFR + 5.00%, 9.6% Cash	03/23	03/28	—		(67)		(22)		—	%	(7)(8)(16)(31) (32)
Scaled Agile, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	12/21	12/28	1,784		1,764		1,605		0.1	%	(6)(7)(8)(16) (30)
Scaled Agile, Inc.	Revolver	SOFR + 5.50%, 10.2% Cash	12/21	12/28	336		332		302		—	%	(7)(8)(16)(32)

43

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
SmartShift Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	09/23	09/25	$	5,675	$	5,653	$	5,675	0.3	%	(7)(8)(16)(30)
SmartShift Group, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	09/23	09/29	13,757		13,469		13,757		0.7	%	(7)(8)(16)(30)
SmartShift Group, Inc.	Revolver	SOFR + 5.00%, 9.5% Cash	09/23	09/29	—		(54)		—		—	%	(7)(8)(16)(31) (32)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.2% Cash	11/22	03/27	2,068		2,039		2,053		0.1	%	(6)(7)(8)(17) (30)(31)
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	SOFR + 5.00%, 9.2% Cash	11/22	03/27	—		(2)		(1)		—	%	(7)(8)(17)(31) (32)
Starnmeer B.V.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	10/21	04/27	13,388		13,293		13,388		0.7	%	(3)(7)(8)(17) (30)
TA SL Cayman Aggregator Corp.	Subordinated Term Loan	7.8% PIK	07/21	07/28	1,349		1,339		1,349		0.1	%	(7)(32)
Tanqueray Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	11/22	11/29	1,699		1,518		1,643		0.1	%	(3)(7)(8)(19) (30)(31)
Technology Service Stream BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.50%, 10.3% Cash	06/24	07/30	698		725		677		—	%	(3)(7)(8)(14) (30)(31)
Techone B.V.	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 8.7% Cash	11/21	11/28	5,666		5,888		5,631		0.3	%	(3)(7)(8)(10) (30)
Techone B.V.	Revolver	EURIBOR + 5.40%, 8.7% Cash	11/21	05/28	—		(11)		(2)		—	%	(3)(7)(8)(10) (31)(32)
Trintech, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	07/23	07/29	12,446		12,139		12,252		0.6	%	(7)(8)(15)(30)
Trintech, Inc.	Revolver	SOFR + 5.50%, 10.1% Cash	07/23	07/29	408		373		386		—	%	(7)(8)(15)(31) (32)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.0% Cash	11/24	09/31	4,728		4,683		4,680		0.2	%	(7)(8)(16)(30)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	12/22	12/28	962		949		953		—	%	(7)(8)(16)(30)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	12/23	12/28	1,204		1,190		1,192		0.1	%	(7)(8)(16)(30)
TSYL Corporate Buyer, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	12/24	12/29	16,112		15,721		15,715		0.8	%	(7)(8)(16)(30) (31)
TSYL Corporate Buyer, Inc.	Revolver	SOFR + 4.75%, 9.3% Cash	12/22	12/28	—		(5)		(4)		—	%	(7)(8)(16)(31) (32)
Turnberry Solutions, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.4% Cash	07/21	09/26	2,592		2,574		2,592		0.1	%	(6)(7)(8)(15)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.6% Cash	07/24	12/30	536		556		536		—	%	(3)(7)(8)(10) (30)
UBC Ledgers Holding AB	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 8.4% Cash	12/23	12/30	1,450		1,486		1,450		0.1	%	(3)(7)(8)(22) (30)(31)
UHY Advisors, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	11/24	11/31	14,992		14,702		14,692		0.7	%	(7)(8)(16)(30) (31)
UHY Advisors, Inc.	Revolver	SOFR + 4.75%, 9.3% Cash	11/24	11/31	—		(38)		(40)		—	%	(7)(8)(16)(31) (32)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	05/21	05/26	5,828		5,777		5,770		0.3	%	(6)(7)(8)(16) (30)
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	10/24	10/27	2,143		2,123		2,122		0.1	%	(7)(8)(16)(30)
Utac Ceram	First Lien Senior Secured Term Loan	SOFR + 6.75%, 9.4% Cash, 1.8% PIK	05/21	09/27	248		245		235		—	%	(3)(7)(8)(16) (30)
Utac Ceram	First Lien Senior Secured Term Loan	EURIBOR + 4.60%, 4.9% Cash, 2.4% PIK	05/21	09/27	843		968		800		—	%	(3)(7)(8)(10) (30)
W2O Holdings, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	05/21	06/28	3,150		3,130		3,122		0.2	%	(7)(8)(16)(30) (32)
World 50, Inc.	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.3% Cash	03/24	03/30	33,047		32,449		32,783		1.7	%	(6)(7)(8)(15) (30)
World 50, Inc.	Revolver	SOFR + 5.75%, 10.3% Cash	03/24	03/30	—		(30)		(14)		—	%	(7)(8)(15)(31) (32)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.2% Cash	05/22	05/29	442		466		431		—	%	(3)(7)(8)(11) (30)
Xeinadin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.0% Cash	05/22	05/29	18,872		18,539		18,283		0.9	%	(3)(7)(8)(20) (30)(31)
Xeinadin Bidco Limited	Subordinated Term Loan	11.0% PIK	05/22	05/29	5,314		5,194		5,185		0.3	%	(3)(7)(32)

44

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Zeppelin Bidco Limited	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.2% Cash	03/22	03/29	$	3,030	$	3,128	$	2,345	0.1	%	(3)(7)(8)(20) (30)
Subtotal Services: Business (33.0%)*					677,703		672,818		661,270
Services: Consumer
Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.9% Cash	05/21	03/28	634		793		589		—	%	(3)(7)(8)(13) (30)
Arc Education	First Lien Senior Secured Term Loan	EURIBOR + 5.97%, 9.3% Cash	07/22	07/29	2,889		2,861		2,868		0.1	%	(3)(7)(8)(10) (30)(31)
Archimede	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.8% Cash	05/21	10/27	13,979		14,868		12,987		0.7	%	(3)(7)(8)(10) (30)
Asurion LLC	Second Lien Senior Secured Term Loan	SOFR + 5.25%, 9.9% Cash	11/24	01/29	10,000		9,750		9,628		0.5	%	(8)(15)(32)
Bariacum S.A	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 7.3% Cash	11/21	11/28	3,624		3,863		3,624		0.2	%	(3)(7)(8)(11) (30)
Cascade Residential Services LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash	10/23	10/29	10,738		10,469		9,973		0.5	%	(7)(8)(16)(30) (31)
Cascade Residential Services LLC	Revolver	SOFR + 6.00%, 10.6% Cash	10/23	10/29	1,294		1,268		1,219		0.1	%	(7)(8)(16)(32)
Express Wash Acquisition Company, LLC	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.4% Cash	07/22	07/28	6,350		6,268		5,918		0.3	%	(7)(8)(16)(30)
Express Wash Acquisition Company, LLC	Revolver	SOFR +6.50%, 11.4% Cash	07/22	07/28	140		137		123		—	%	(7)(8)(16)(31) (32)
FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.)	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.1% Cash	10/24	02/30	38,436		38,332		38,186		1.9	%	(6)(7)(8)(16) (30)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BBSY + 5.50%, 9.3% Cash	07/22	07/27	2,284		2,530		2,284		0.1	%	(3)(7)(8)(13) (30)
Global Academic Group Limited	First Lien Senior Secured Term Loan	BKBM + 5.50%, 9.3% Cash	07/22	07/27	4,000		4,390		4,000		0.2	%	(3)(7)(8)(24) (30)(31)
HomeX Services Group LLC	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.1% Cash	11/23	11/29	14,982		14,618		14,767		0.7	%	(6)(7)(8)(16) (30)(31)
HomeX Services Group LLC	Revolver	SOFR + 4.50%, 9.1% Cash	11/23	11/29	—		(56)		(34)		—	%	(7)(8)(16)(31) (32)
InvoCare Limited	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.7% Cash	11/23	11/29	4,010		4,124		3,925		0.2	%	(3)(7)(8)(13) (30)(31)
Kid Distro Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.5% Cash	10/21	10/27	30,009		29,898		30,009		1.5	%	(6)(7)(8)(16) (30)
Marmoutier Holding B.V.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% PIK	12/21	12/28	2,544		2,415		146		—	%	(3)(7)(8)(11) (28)(30)(31)
Marmoutier Holding B.V.	Revolver	EURIBOR + 5.75%, 6.7% PIK	12/21	06/27	109		104		(53)		—	%	(3)(7)(8)(11) (28)(31)(32)
Marmoutier Holding B.V.	Super Senior Secured Term Loan	6.0% PIK	03/24	03/25	186		195		186		—	%	(3)(7)(8)(28) (32)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.7% Cash	05/21	12/26	24,158		23,967		23,819		1.2	%	(6)(7)(8)(16) (30)
Premium Franchise Brands, LLC	First Lien Senior Secured Term Loan	SOFR + 6.75%, 11.2% Cash	05/21	12/26	10,119		9,872		9,958		0.5	%	(7)(8)(16)(30)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 3.75%, 8.1% Cash	09/21	09/26	4,056		4,680		4,024		0.2	%	(3)(7)(8)(12) (30)
QPE7 SPV1 BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.9% Cash	09/21	09/26	2,605		2,779		2,605		0.1	%	(3)(7)(8)(12) (30)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.7% Cash	05/22	05/29	928		926		903		—	%	(3)(7)(8)(11) (30)
Sereni Capital NV	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 9.7% Cash	05/22	05/29	1,524		1,565		1,524		0.1	%	(3)(7)(8)(11) (32)
Subtotal Services: Consumer (9.1%)*					189,598		190,616		183,178
Structured Product
Ares Loan Funding VII, Ltd.	Subordinated Structured Notes	SOFR + 6.25%, 10.8% Cash	09/24	10/37	5,000		5,000		5,037		0.3	%	(3)(8)(16)(32)
Bain Capital Credit CLO 2024-5	Subordinated Structured Notes	SOFR + 6.15%, 10.7% Cash	09/24	10/37	4,250		4,250		4,368		0.2	%	(3)(8)(16)(32)
Benefit Street Partners CLO XVII, Ltd.	Subordinated Structured Notes	SOFR + 6.15%, 10.8% Cash	09/24	10/37	4,000		4,000		4,100		0.2	%	(3)(8)(16)(32)

45

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CIFC Funding 2022-VI, Ltd.	Subordinated Structured Notes	SOFR + 5.75%, 10.4% Cash	09/24	10/38	$	1,125	$	1,125	$	1,149	0.1	%	(3)(8)(16)(32)
CIFC Funding 2024-IV, Ltd.	Subordinated Structured Notes	SOFR + 5.70%, 10.3% Cash	09/24	10/37	2,875		2,875		2,960		0.1	%	(3)(8)(16)(32)
Diameter Capital CLO 8 Ltd.	Subordinated Structured Notes	SOFR + 6.15%, 10.7% Cash	09/24	10/37	3,750		3,750		3,770		0.2	%	(3)(8)(16)(32)
Elmwood CLO 29 Ltd.	Subordinated Structured Notes	SOFR + 6.40%, 11.0% Cash	05/24	04/37	2,500		2,515		2,576		0.1	%	(3)(8)(16)(32)
Flexential Issuer, LLC	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	10,000		9,303		9,587		0.5	%	(32)
Golub Capital Partners CLO 62(B)-R, Ltd.	Subordinated Structured Notes	SOFR + 6.40%, 11.0% Cash	09/24	10/37	4,250		4,250		4,266		0.2	%	(3)(8)(16)(32)
Harmony Peace Park CLO DAC	Subordinated Structured Notes	SOFR + 5.70%, 10.5% Cash	09/24	10/37	2,500		2,500		2,549		0.1	%	(3)(8)(16)(32)
OCP CLO 2016-12, Ltd.	Subordinated Structured Notes	SOFR + 6.00%, 10.6% Cash	09/24	10/37	1,875		1,875		1,930		0.1	%	(3)(8)(16)(32)
OCP CLO 2024-35, Ltd.	Subordinated Structured Notes	SOFR + 5.90%, 10.2% Cash	09/24	10/37	3,750		3,750		3,787		0.2	%	(3)(8)(16)(32)
Octagon Investment Partners 20-R, LLC	Subordinated Structured Notes	SOFR + 7.59%, 12.1% Cash	09/24	08/37	2,500		2,475		2,567		0.1	%	(3)(8)(16)(32)
Palmer Square CLO 2022-5, Ltd.	Subordinated Structured Notes	SOFR + 6.00%, 10.6% Cash	09/24	10/37	4,000		4,000		4,125		0.2	%	(3)(8)(16)(32)
Perimeter Master Note Business Trust	Structured Secured Note - Class A	4.7% Cash	05/22	11/28	182		182		177		—	%	(3)(7)(32)
Perimeter Master Note Business Trust	Structured Secured Note - Class B	5.4% Cash	05/22	11/28	182		182		178		—	%	(3)(7)(32)
Perimeter Master Note Business Trust	Structured Secured Note - Class C	5.9% Cash	05/22	11/28	182		182		180		—	%	(3)(7)(32)
Perimeter Master Note Business Trust	Structured Secured Note - Class D	8.5% Cash	05/22	11/28	182		182		178		—	%	(3)(7)(32)
Perimeter Master Note Business Trust	Structured Secured Note - Class E	11.4% Cash	05/22	11/28	9,274		9,274		8,904		0.5	%	(3)(7)(32)
RR 31 LTD	Subordinated Structured Notes	SOFR + 6.00%, 10.3% Cash	09/24	10/39	2,625		2,625		2,658		0.1	%	(3)(8)(16)(32)
Vista Global Holding Ltd	Structured Secured Note - Class C	9.5% Cash	12/24	08/31	4,000		4,000		3,962		0.2	%	(3)(7)(32)
VistaJet Pass Through Trust 2021-1B	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	6,429		6,429		6,321		0.3	%	(3)(7)(32)
Voya CLO 2024-5, Ltd.	Subordinated Structured Notes	SOFR + 5.90%, 10.6% Cash	09/24	10/37	5,000		5,000		5,074		0.3	%	(3)(8)(16)(32)
Subtotal Structured Product (4.0%)*					80,431		79,724		80,403
Telecommunications
Consolidated Communications Holdings Inc.	First Lien Senior Secured Term Loan	SOFR + 3.50%, 8.2% Cash	09/24	10/27	6,913		6,671		6,833		0.3	%	(3)(8)(15)(32)
Mercell Holding AS	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.1% Cash	08/22	08/29	2,765		3,150		2,750		0.1	%	(3)(7)(8)(26) (30)(31)
Permaconn BidCo Pty Ltd	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.7% Cash	12/21	07/29	6,910		7,381		6,910		0.3	%	(3)(7)(8)(13) (30)
UKFast Leaders Limited	First Lien Senior Secured Term Loan	SONIA + 7.25%, 12.3% Cash	05/21	09/27	4,540		5,036		4,281		0.2	%	(3)(7)(8)(19) (30)
Subtotal Telecommunications (0.9%)*					21,128		22,238		20,774
Transportation: Cargo
Armstrong Transport Group (Pele Buyer, LLC)	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	05/21	12/26	6,550		6,550		6,203		0.3	%	(7)(8)(16)(30)
Echo Global Logistics, Inc.	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 11.7% Cash	11/21	11/29	16,433		16,233		16,400		0.8	%	(7)(8)(15)(30)
eShipping, LLC	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	11/21	11/27	4,423		4,377		4,423		0.2	%	(6)(7)(8)(15) (30)
eShipping, LLC	Revolver	SOFR + 5.00%, 9.7% Cash	11/21	11/27	—		(7)		—		—	%	(7)(8)(15)(31) (32)
Fitzmark, Inc.	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.4% Cash	05/21	12/26	4,173		4,143		4,171		0.2	%	(6)(7)(8)(15) (32)
FragilePak LLC	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	05/21	05/27	8,972		8,860		8,972		0.5	%	(7)(8)(16)(30)
Glacis Acquisition S.A.R.L.	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.9% Cash	05/21	07/25	10,756		11,335		10,789		0.5	%	(3)(7)(8)(11) (30)(31)

46

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Honour Lane Logistics Holdings Limited	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	04/22	11/28	$	14,583	$	14,312	$	14,537	0.7	%	(3)(7)(8)(17) (30)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.6% Cash	12/21	12/27	801		792		800		—	%	(6)(7)(8)(17) (30)
ITI Intermodal, Inc.	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.8% Cash	12/21	12/27	12,078		11,834		12,078		0.6	%	(7)(8)(17)(32)
ITI Intermodal, Inc.	Revolver	SOFR + 6.50%, 10.8% Cash	12/21	12/27	226		203		225		—	%	(7)(8)(17)(31) (32)
PEGASUS TRANSTECH HOLDING, LLC	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash	05/21	11/26	8,333		8,310		8,333		0.4	%	(7)(8)(15)(30)
R1 Holdings, LLC	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.8% Cash	12/22	12/28	8,076		7,879		8,108		0.4	%	(6)(7)(8)(15) (30)
R1 Holdings, LLC	Revolver	SOFR + 6.25%, 10.8% Cash	12/22	12/28	472		421		472		—	%	(7)(8)(15)(31) (32)
REP SEKO MERGER SUB LLC	First Lien Senior Secured Term Loan	SOFR + 8.00%, 12.5% Cash	11/24	11/29	2,292		2,247		2,292		0.1	%	(7)(8)(16) (30)(32)
REP SEKO MERGER SUB LLC	First Out Term Loan	SOFR + 8.00%, 12.5% Cash	11/24	11/29	6,255		6,255		6,255		0.3	%	(7)(8)(16)(32)
Subtotal Transportation: Cargo (5.0%)*					104,423		103,744		104,058
Transportation: Consumer
VP Holding Company	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.8% Cash	05/21	12/25	20,905		20,905		20,627		1.0	%	(6)(7)(8)(16) (30)(32)
Subtotal Transportation: Consumer (1.0%)*					20,905		20,905		20,627
Utilities: Electric
Panoche Energy Center LLC	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	3,740		3,458		3,695		0.2	%	(7)(32)
Spatial Business Systems LLC	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.0% Cash	10/22	10/28	10,990		10,815		10,825		0.5	%	(7)(8)(16)(30)
Spatial Business Systems LLC	Revolver	SOFR + 5.50%, 10.0% Cash	10/22	10/28	—		(22)		(21)		—	%	(7)(8)(16)(31) (32)
Subtotal Utilities: Electric (0.7%)*					14,730		14,251		14,499
Subtotal Debt Investments (135.5%)*					2,749,695		2,730,525		2,678,710
Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares		Cost		Fair Value		% of Net Assets *		Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace Corporation	Common Stock		04/22		262,574		$	263	$	—	—	%	(7)(27)(32)
Compass Precision, LLC	LLC Units		04/22		460,865.6		125		154		—	%	(7)(27)
GB Eagle Buyer, Inc.	Partnership Units		12/22		859		859		1,688		0.1	%	(7)(32)
Megawatt Acquisitionco, Inc.	Common Stock		03/24		615		62		—		—	%	(7)(27)(32)
Megawatt Acquisitionco, Inc.	Preferred Stock		03/24		5,524		552		138		—	%	(7)(27)(32)
Narda Acquisitionco., Inc.	Class A Preferred Stock		12/21		3,708.1		371		467		—	%	(7)(27)(32)
Narda Acquisitionco., Inc.	Class B Common Stock		12/21		412		41		600		—	%	(7)(27)(32)
Whitcraft Holdings, Inc.	LP Units		02/23		84,116.1		841		1,300		0.1	%	(7)(27)(32)
Subtotal Aerospace & Defense (0.2%)*							3,114		4,347
Automotive
Burgess Point Purchaser Corporation	LP Units		07/22		455		455		450		—	%	(7)(27)(32)
Randys Holdings, Inc.	Partnership Units		11/22		6,667		667		777		—	%	(7)(27)(32)
SPATCO Energy Solutions, LLC	Common Stock		07/24		959,803		960		979		—	%	(7)(27)
SVI International LLC	LLC Units		03/24		207,921		208		277		—	%	(7)
Subtotal Automotive (—%)*							2,290		2,483
Banking, Finance, Insurance, & Real Estate
Accelerant Holdings	Class A Convertible Preferred Equity		01/22		5,017.5		5,000		6,347		0.3	%	(7)(27)(32)

47

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares	Cost		Fair Value		% of Net Assets *		Notes
Accelerant Holdings	Class B Convertible Preferred Equity		12/22		1,657.1	$	1,667	$	2,285	0.1	%	(7)(27)(32)
Accelerant Holdings	Preferred Stock		05/23		3,182.5	5,880		5,880		0.3	%	(7)(27)(32)
Flywheel Re Segregated Portfolio 2022-4	Preferred Stock		08/22		4,713,809.8	4,714		6,458		0.3	%	(3)(7)(27)(32)
Policy Services Company, LLC	Warrants - Class A		12/21		2.6774	—		1,321		0.1	%	(7)(27)(30)
Policy Services Company, LLC	Warrants - Class B		12/21		0.9036	—		446		—	%	(7)(27)(30)
Policy Services Company, LLC	Warrants - Class CC		12/21		0.9290	—		—		—	%	(7)(27)(30)
Policy Services Company, LLC	Warrants - Class D		12/21		0.2586	—		128		—	%	(7)(27)(30)
Shelf Bidco Ltd	Common Stock		12/22		1,200,000	1,200		4,668		0.2	%	(3)(7)(32)
Subtotal Banking, Finance, Insurance, & Real Estate (1.3%)*						18,461		27,533
Beverage, Food, & Tobacco
CTI Foods Holdings Co., LLC	Common Stock		02/24		42,061	—		1,390		0.1	%	(7)(27)(32)
Woodland Foods, LLC	Common Stock		12/21		1,204.46	1,204		921		—	%	(7)(27)
Woodland Foods, LLC	Preferred Stock	20.0% PIK	04/24		263.6	309		309		—	%	(7)
ZB Holdco LLC	LLC Units		02/22		152.7	153		197		—	%	(7)(27)
Subtotal Beverage, Food, & Tobacco (0.1%)*						1,666		2,817
Capital Equipment
Polara Enterprises, L.L.C.	Partnership Units		12/21		7,408.6	741		1,229		0.1	%	(7)
Process Insights Acquisition, Inc.	Common Stock		07/23		368	368		310		—	%	(7)(27)(32)
Rapid Buyer LLC	LLC Units		10/24		510	510		510		—	%	(7)(27)(32)
TAPCO Buyer LLC	LLC Units		11/24		353	353		353		—	%	(7)(27)
Subtotal Capital Equipment (0.1%)*						1,972		2,402
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLC	Common Stock		04/23		262,093	262		354		—	%	(7)(27)
Aptus 1829. GmbH	Common Stock		09/21		49	12		—		—	%	(3)(7)(27)(32)
Aptus 1829. GmbH	Preferred Stock		09/21		14	122		43		—	%	(3)(7)(27)(32)
Subtotal Chemicals, Plastics, & Rubber (—%)*						396		397
Construction & Building
BKF Buyer, Inc.	Common Stock		08/24		962,792	963		1,001		0.1	%	(7)(27)(32)
MNS Buyer, Inc.	Partnership Units		08/21		76,923	77		106		—	%	(7)(27)(32)
Ocelot Holdco LLC	Common Stock		10/23		58.3	—		232		—	%	(7)(27)(32)
Ocelot Holdco LLC	Preferred Stock	15.0% PIK	10/23		76.2	488		898		—	%	(7)(32)
Subtotal Construction & Building (0.1%)*						1,528		2,237
Consumer goods: Durable
DecksDirect, LLC	Class A Units		04/24		1,016.1	47		—		—	%	(7)(27)(32)
DecksDirect, LLC	Common Stock		12/21		1,280.8	55		—		—	%	(7)(27)(32)
Renovation Parent Holdings, LLC	Partnership Equity		11/21		607,180.9	607		255		—	%	(7)(27)(32)
Team Air Distributing, LLC	Partnership Equity		05/23		516,640	523		625		—	%	(7)(27)
Terrybear, Inc.	Partnership Equity		04/22		24,359	239		120		—	%	(7)(27)
Subtotal Consumer goods: Durable (—%)*						1,471		1,000
Consumer goods: Non-durable
CCFF Buyer, LLC	LLC Units		02/24		224	224		226		—	%	(7)(32)
Ice House America, L.L.C.	LLC Units		01/24		4,248.6	425		473		—	%	(7)(27)
Subtotal Consumer goods: Non-durable (—%)*						649		699

48

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares	Cost		Fair Value		% of Net Assets *		Notes
Containers, Packaging, & Glass
Diversified Packaging Holdings LLC	LLC Units		06/24		3,462	$	346	$	416	—	%	(7)(27)
Five Star Holding LLC	LLC Units		05/22		505.1	505		294		—	%	(7)(27)
Subtotal Containers, Packaging & Glass (—%)*						851		710
Environmental Industries
Bridger Aerospace Group Holdings, LLC	Preferred Stock- Series C	7.0% PIK	07/22		17,725	20,279		17,725		0.9	%	(32)
Subtotal Environmental Industries (0.9%)*						20,279		17,725
Healthcare & Pharmaceuticals
Amalfi Midco	Class B Common Stock		09/22		98,906,608	1,115		1,239		0.1	%	(3)(7)(27)(32)
Amalfi Midco	Warrants		09/22		380,385	4		919		—	%	(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.	Class A Equity		05/22		500,000	389		—		—	%	(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.	Class C - Warrants		05/22		74,712.64	—		—		—	%	(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.	Class X Equity		05/22		45,604	35		—		—	%	(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.	Common Stock		04/24		37.65	—		—		—	%	(3)(7)(27)(32)
Coherus Biosciences, Inc.	Royalty Rights		05/24	08/50	9,065,911	9,066		14,583		0.7	%	(7)
Forest Buyer, LLC	Class A LLC Units		03/24		245.8	246		262		—	%	(7)(27)
Forest Buyer, LLC	Class B LLC Units		03/24		245.8	—		250		—	%	(7)(27)
GCDL LLC	Common Stock		08/24		243,243.24	243		243		—	%	(7)(27)
GPNZ II GmbH	Common Stock		10/23		5,785	—		—		—	%	(3)(7)(27)(30)
HemaSource, Inc.	Common Stock		08/23		184,282	184		227		—	%	(7)(27)(32)
Listrac Bidco Limited	Common Stock		03/23		255	494		1,610		0.1	%	(3)(7)(27)(32)
Moonlight Bidco Limited	Common Stock		07/23		10,590	138		182		—	%	(3)(7)(27)(32)
OA Buyer, Inc.	Partnership Units		12/21		210,920.11	211		783		—	%	(7)(32)
Parkview Dental Holdings LLC	LLC Units		10/23		29,762	298		263		—	%	(7)(27)
Subtotal Healthcare & Pharmaceuticals (0.9%)*						12,423		20,561
High Tech Industries
Argus Bidco Limited	Common Stock		07/22		929	1		—		—	%	(3)(7)(27)(32)
Argus Bidco Limited	Equity Loan Notes	10.0% PIK	07/22		83,120	126		66		—	%	(3)(7)(32)
Argus Bidco Limited	Preferred Stock	10.0% PIK	07/22		83,120	126		66		—	%	(3)(7)(32)
Caribou Holding Company, LLC	LLC Units		04/22		616,844	617		617		—	%	(3)(7)(27)(32)
FinThrive Software Intermediate Holdings Inc.	Preferred Stock	11.0% PIK	03/22		3,188.5	4,761		2,717		0.1	%	(7)(30)
FSS Buyer LLC	LP Interest		08/21		2,902.3	29		42		—	%	(7)(27)
FSS Buyer LLC	LP Units		08/21		12,760.8	128		185		—	%	(7)
NAW Buyer LLC	LLC Units		09/23		575,248	575		639		—	%	(7)
OSP Hamilton Purchaser, LLC	LP Units		07/22		315,147	315		274		—	%	(7)
PDQ.Com Corporation	Class A-2 Partnership Units		08/21		86.4	86		126		—	%	(7)(27)(32)
ProfitOptics, LLC	LLC Units		03/22		96,774.2	65		79		—	%	(7)(27)(32)
Pro-Vision Solutions Holdings, LLC	LLC Units		09/24		3,765.2	377		398		—	%	(7)(27)(32)
Sandvine Corporation	Class A Units		10/24		3,465	—		—		—	%	(7)(27)(30)
Sandvine Corporation	Class C Units		06/24		157,908	—		—		—	%	(7)(27)(30)
Subtotal High Tech Industries (0.1%)*						7,206		5,209
Media: Advertising, Printing & Publishing
ASC Communications, LLC	Class A Units		07/22		15,285.8	321		516		—	%	(7)
Subtotal Media: Advertising, Printing & Publishing (—%)*						321		516

49

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares	Cost		Fair Value		% of Net Assets *		Notes
Media: Broadcasting & Subscription
The Octave Music Group, Inc.	Partnership Equity		04/22		353,584.39	$	354	$	1,139	0.1	%	(7)(32)
Subtotal Media: Broadcasting & Subscription (0.1%)*						354		1,139
Media: Diversified & Production
BrightSign LLC	LLC units		10/21		923,857.7	924		979		—	%	(7)
Rock Labor LLC	LLC Units		09/23		199,373	1,068		961		—	%	(7)
Solo Buyer, L.P.	Common Equity		12/22		516,399	516		325		—	%	(7)(27)
Vital Buyer, LLC	Partnership Units		06/21		1,096.2	11		26		—	%	(7)
Subtotal Media: Diversified & Production (—%)*						2,519		2,291
Services: Business
Azalea Buyer, Inc.	Common Stock		11/21		192,307.7	192		288		—	%	(7)(27)(32)
CGI Parent, LLC	Preferred Stock		02/22		656.9	722		1,710		0.1	%	(7)(27)(32)
Coyo Uprising GmbH	Class A Units		09/21		531	248		249		—	%	(3)(7)(27)(32)
Coyo Uprising GmbH	Class B Units		09/21		231	538		461		—	%	(3)(7)(27)(32)
DataServ Integrations, LLC	Preferred Units		11/22		96,153.8	96		103		—	%	(7)(27)(32)
EFC International	Common Stock		03/23		141.2	199		328		—	%	(7)(27)
Electric Equipment & Engineering Co.	LLC Units		12/24		187,500.0	188		188		—	%	(7)(27)(32)
Jones Fish Hatcheries & Distributors LLC	LLC Units		02/22		1,018	107		372		—	%	(7)
LeadsOnline, LLC	LLC Units		02/22		61,304.4	63		135		—	%	(7)
MB Purchaser, LLC	LLC Units		01/24		175	183		218		—	%	(7)(27)
MC Group Ventures Corporation	Partnership Units		06/21		560	560		511		—	%	(7)(27)(32)
NF Holdco, LLC	LLC Units		03/23		856,053	882		753		—	%	(7)(27)(32)
Qualified Industries, LLC	Common Stock		03/23		454,545	4		91		—	%	(7)(27)(32)
Qualified Industries, LLC	Preferred Stock	12.5% PIK	03/23		223	216		264		—	%	(7)(27)(32)
SmartShift Group, Inc.	Common Stock		09/23		455	455		799		—	%	(7)(27)(32)
TA SL Cayman Aggregator Corp.	Common Stock		07/21		770	24		41		—	%	(7)(27)(32)
TSYL Corporate Buyer, Inc.	Partnership Units		12/22		4,673	5		26		—	%	(7)(32)
Xeinadin Bidco Limited	Common Stock		05/22		36,532,680	452		458		—	%	(3)(7)(27)(32)
Subtotal Services: Business (0.1%)*						5,134		6,995
Services: Consumer
Kid Distro Holdings, LLC	LLC Units		10/21		1,062,795.2	1,064		1,286		0.1	%	(7)(27)
Subtotal Services: Consumer (0.1%)*						1,064		1,286
Telecommunications
Mercell Holding AS	Class A Units	9.0% PIK	08/22		114.4	111		125		—	%	(3)(7)(27)(32)
Mercell Holding AS	Class B Units		08/22		28,943.8	—		21		—	%	(3)(7)(27)(32)
Syniverse Holdings, Inc.	Series A Preferred Equity	12.5% PIK	05/22		7,575,758	10,167		10,076		0.5	%	(7)(30)
Subtotal Telecommunications (0.5%)*						10,278		10,222
Transportation: Cargo
Echo Global Logistics, Inc.	Partnership Equity		11/21		448.2	448		352		—	%	(7)(27)(32)
FragilePak LLC	Partnership Units		05/21		929.7	930		761		—	%	(7)(27)
ITI Intermodal, Inc.	Common Stock		12/21		7,500.4	750		915		—	%	(7)(27)
REP SEKO MERGER SUB LLC	Common Stock		11/24		2,987	13,113		11,149		0.6	%	(7)(27)(32)
Subtotal Transportation: Cargo (0.6%)*						15,241		13,177
Subtotal Equity Investments (5.0%)*						107,217		123,746
Subtotal Non-Control / Non-Affiliate Investments (141.8%)*						2,837,742		2,802,456

50

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Affiliate Investments:(4)
Debt Investments
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	Revolver	SOFR + 7.25%, 11.9% Cash	08/21	07/28	$	7,123	$	7,074	$	7,123	0.4	%	(7)(8)(15)(31) (32)
Eclipse Business Capital, LLC	Second Lien Senior Secured Term Loan	7.5% Cash	08/21	07/28	3,209		3,190		3,209		0.2	%	(7)(32)
Subtotal Banking, Finance, Insurance, & Real Estate (0.6%)*					10,332		10,264		10,332
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31	8,310		7,845		7,885		0.4	%	(7)(32)
Coastal Marina Holdings, LLC	Subordinated Term Loan	8.0% Cash	11/21	11/31	3,831		3,661		3,635		0.2	%	(7)(32)
Subtotal Hotel, Gaming & Leisure (0.6%)*					12,141		11,506		11,520
Subtotal Debt Investments (1.1%)*					22,473		21,770		21,852
Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares		Cost		Fair Value		% of Net Assets *		Notes
Equity Investments
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLC	LLC Units		08/21		63,139,338		$	65,667	$	96,603	4.9	%	(7)(32)
Rocade Holdings LLC	Common LP Units		02/23		30.8		—		315		—	%	(7)(27)(32)
Rocade Holdings LLC	Preferred LP Units	SOFR + 6.0% PIK, 10.3% PIK	02/23		108,000		124,065		124,083		6.3	%	(7)(16)(31)(32)
Subtotal Banking, Finance, Insurance, & Real Estate (11.2%)*							189,732		221,001
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLC	LLC Units		11/21		1,759,051		8,248		8,426		0.4	%	(7)(27)
Subtotal Hotel, Gaming, & Leisure (0.4%)*							8,248		8,426
Investment Funds & Vehicles
CPCF BPCC LLC	9.1% Member Interest		06/23				9,193		8,889		0.4	%	(3)(32)(33)
Thompson Rivers LLC	6.3% Member Interest		08/21				9,797		2,860		0.1	%	(27)(32)(33)
Waccamaw River LLC	20% Member Interest		08/21				22,996		10,730		0.5	%	(3)(32)(33)
Subtotal Investment Funds & Vehicles (1.0%)*							41,986		22,479
Subtotal Equity Investments (12.6%)*							239,966		251,906
Subtotal Affiliate Investments (13.8%)*							261,736		273,758
Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Control Investments:(5)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLC	First Lien Senior Secured Term Loan	12.0% PIK	11/24	11/31	$	5,738	$	5,738	$	5,738	0.3	%	(7)(31)(32)
Subtotal Aerospace & Defense (0.3%)*					5,738		5,738		5,738
Subtotal Debt Investments (0.3%)*					5,738		5,738		5,738
Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares		Cost		Fair Value		% of Net Assets *		Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLC	LLC Units		11/24		1,912,719.3		$	1,913	$	1,913	0.1	%	(7)(27)(32)
Subtotal Aerospace & Defense (0.1%)*							1,913		1,913
Subtotal Equity Investments (0.1%)*							1,913		1,913
Subtotal Control Investments (0.4%)*							7,651		7,651

51

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

Portfolio Company	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Units / Shares	Cost		Fair Value		% of Net Assets *		Notes
Short-term Investments
Money Market Fund
JPMorgan Chase & Co.	JPMorgan Prime Money Market Fund	5.4% Cash	06/24		10,198,318	$	10,201	$	10,200	0.5	%	(32)
Subtotal Money Market Fund (0.5%)*						10,201		10,200
Subtotal Short-term Investments (0.5%)*						10,201		10,200
Total Investments, December 31, 2024 (156.5%)*						$	3,117,330	$	3,094,065

Derivative Instruments

Interest Rate Swaps:
Description	Company Receives	Company Pays	Maturity Date	Notional Amount		Value	Hedged Instrument	Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5)	6.00%	SOFR + 3.245%	5/10/2027	$	100,000	$(3,178)	Series D Notes	$	(3,178)
Interest rate swap (See Note 5)	6.00%	SOFR + 3.382%	5/10/2027	$	55,000	$(1,929)	Series E Notes	(1,929)
Total Interest Rate Swaps, December 31, 2024								$	(5,107)

Foreign Currency Forward Contracts:
Description	Notional Amount to be Purchased	Notional Amount to be Sold	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)	A$78,475	$49,966	BNP Paribas SA	01/08/25	$	(1,441)
Foreign currency forward contract (AUD)	$53,704	A$78,475	BNP Paribas SA	01/08/25	5,178
Foreign currency forward contract (AUD)	$50,126	A$78,717	BNP Paribas SA	04/07/25	1,443
Foreign currency forward contract (CAD)	C$6,791	$4,816	BNP Paribas SA	01/08/25	(100)
Foreign currency forward contract (CAD)	$5,041	C$6,791	BNP Paribas SA	01/08/25	326
Foreign currency forward contract (CAD)	$4,583	C$6,460	BNP Paribas SA	04/07/25	82
Foreign currency forward contract (DKK)	8,429kr.	$1,187	BNP Paribas SA	01/08/25	(17)
Foreign currency forward contract (DKK)	$1,266	8,429kr.	BNP Paribas SA	01/08/25	95
Foreign currency forward contract (DKK)	$1,215	8,580kr.	BNP Paribas SA	04/07/25	18
Foreign currency forward contract (EUR)	€235,300	$247,195	BNP Paribas SA	01/08/25	(3,598)
Foreign currency forward contract (EUR)	$263,028	€235,300	BNP Paribas SA	01/08/25	19,431
Foreign currency forward contract (EUR)	$237,739	€225,421	BNP Paribas SA	04/07/25	3,408
Foreign currency forward contract (GBP)	£90,210	$115,059	BNP Paribas SA	01/08/25	(2,121)
Foreign currency forward contract (GBP)	$119,845	£90,210	BNP Paribas SA	01/08/25	6,907
Foreign currency forward contract (GBP)	$111,674	£87,646	BNP Paribas SA	04/07/25	2,019
Foreign currency forward contract (NZD)	NZ$10,165	$5,881	BNP Paribas SA	01/08/25	(196)
Foreign currency forward contract (NZD)	$6,362	NZ$10,165	BNP Paribas SA	01/08/25	676
Foreign currency forward contract (NZD)	$5,881	NZ$10,155	BNP Paribas SA	04/07/25	195
Foreign currency forward contract (NOK)	45,734kr	$4,098	BNP Paribas SA	01/08/25	(76)
Foreign currency forward contract (NOK)	$4,365	45,734kr	BNP Paribas SA	01/08/25	343
Foreign currency forward contract (NOK)	$4,129	46,087kr	BNP Paribas SA	04/07/25	77
Foreign currency forward contract (SEK)	21,630kr	$1,971	BNP Paribas SA	01/08/25	(17)
Foreign currency forward contract (SEK)	$2,135	21,630kr	BNP Paribas SA	01/08/25	181
Foreign currency forward contract (SEK)	$2,007	21,910kr	BNP Paribas SA	04/07/25	17
Foreign currency forward contract (CHF)	6,485Fr.	$7,354	BNP Paribas SA	01/08/25	(202)
Foreign currency forward contract (CHF)	$7,736	6,485Fr.	BNP Paribas SA	01/08/25	584
Foreign currency forward contract (CHF)	$7,521	6,569Fr.	BNP Paribas SA	04/07/25	204
Total Foreign Currency Forward Contracts, December 31, 2024					$	33,416

*    Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by

52

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

reference to SOFR, EURIBOR, BBSY, STIBOR, CORRA, SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company’s portfolio company investments (including joint venture and short-term investments), which as of December 31, 2024 represented 156.5% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 22.9% of total investments at fair value as of December 31, 2024. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company’s total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company’s voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled “Affiliate Investments” for the year ended December 31, 2024 were as follows:

		December 31, 2023 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2024 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Coastal Marina Holdings, LLC (d)	Subordinated Term Loan (8.0% Cash)	$	7,824	$	48	$	—	$	—	$	13	$	7,885	$	714
	Subordinated Term Loan (8.0% Cash)	3,434		201		—		—		—		3,635		356
	LLC Units (1,759,051 units)	6,080		2,776		—		—		(430)		8,426		—
		17,338		3,025		—		—		(417)		19,946		1,070
CPCF BPCC LLC	9.1% Member Interest	7,763		1,519		(212)		—		(181)		8,889		1,236
		7,763		1,519		(212)		—		(181)		8,889		1,236
Eclipse Business Capital, LLC (d)	Revolver (SOFR + 7.25%, 11.9% Cash)	3,915		19,522		(16,300)		—		(14)		7,123		465
	Second Lien Senior Secured Term Loan (7.5% Cash)	3,209		4		—		—		(4)		3,209		341
	LLC units (63,139,338 units)	102,917		47		—		—		(6,361)		96,603		10,513
		110,041		19,573		(16,300)		—		(6,379)		106,935		11,319
Rocade Holdings LLC (d)	Preferred LP Units (108,000 units) (SOFR + 6.0% PIK, 10.3% PIK)	114,113		13,289		(3,337)		—		18		124,083		13,289
	Common LP Units (30.8 units)	1,092		—		—		—		(777)		315		—
		115,205		13,289		(3,337)		—		(759)		124,398		13,289
Thompson Rivers LLC	6.3% Member Interest	5,304		—		(2,378)		—		(66)		2,860		—
		5,304		—		(2,378)		—		(66)		2,860		—
Waccamaw River LLC	20% Member Interest	15,470		—		(2,087)		—		(2,653)		10,730		3,534
		15,470		—		(2,087)		—		(2,653)		10,730		3,534
Total Affiliate Investments		$	271,121	$	37,406	$	(24,314)	$	—	$	(10,455)	$	273,758	$	30,448

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(5)As defined in in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management of policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2024 in which the portfolio company is deemed to be a “Control Investment” of the Company were as follows:

53

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2024

(Amounts in thousands, except unit/share amounts)

		December 31, 2023 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2024 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Type of Investment
Skyvault Holdings LLC (d)	First Lien Senior Secured Term Loan (12.0% PIK)	$	—	$	5,738	$	—	$	—	$	—	$	5,738	$	57
	LLC Units (1,912,719.3 units)	—		1,913		—		—		—		1,913		—
Total Control Investments		$	—	$	7,651	$	—	$	—	$	—	$	7,651	$	57

(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

(b)     Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

(c)    Represents the total amount of interest, fees or dividends credited to income for the portion of the year an investment was included in the Affiliate category.

(d) The fair value of the investment was determined using significant unobservable inputs.

(6)Some or all of the investment is or will be encumbered as security for the BPCC Debt Securitization.

(7)The fair value of the investment was determined using significant unobservable inputs.

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2024 was 2.84500%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2024 was 2.71400%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2024 was 2.56800%.

(12)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2024 was 4.32250%.

(13)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2024 was 4.41630%.

(14)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2024 was 4.49250%.

(15)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2024 was 4.33249%.

(16)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2024 was 4.30510%.

(17)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2024 was 4.25001%.

(18)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2024 was 4.71030%.

(19)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2024 was 4.62330%.

(20)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2024 was 4.56370%.

(21)The interest rate on these loans is subject to 1 Month STIBOR, which as of December 31, 2024 was 2.59100%.

(22)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2024 was 2.54200%.

(23)The interest rate on these loans is subject to 3 Month CORRA, which as of December 31, 2024 was 3.15158%.

(24)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2024 was 4.27000%.

(25)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2024 was 1.01720%.

(26)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2024 was 4.61000%.

(27)Investment is non-income producing.

(28)Non-accrual investment.

(29)PIK non-accrual investment.

(30)Some or all of the investment is or will be encumbered as security for the Revolving Credit Facility.

(31)Position or portion thereof is an unfunded loan or equity commitment.

(32)Some or all of the investment is or will be encumbered as security for the SMBC Credit Facility.

(33)Portfolio company does not issue shares or units, member interest is based on commitments.

See accompanying notes.

54

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION

Organization and Business

Barings Private Credit Corporation (“BPCC” or the “Company”) was formed on April 2, 2021 as a Maryland limited liability company named Barings Private Credit LLC and commenced operations on May 10, 2021 with its Initial Closing (as defined below). The Company converted to a Maryland corporation, effective on May 13, 2021. The Company is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, the Company has elected to be treated and intends to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company is a non-exchange traded, privately offered perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. The Company uses the term “privately offered perpetual-life BDC” to describe an investment vehicle of indefinite duration, whose shares of common stock are intended to be sold by the BDC on a continuous basis in private offerings at a price equal to the BDC’s net asset value (“NAV”) per share.

Description of Business

The Company is a financial services company that primarily lends to and invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. The Company is externally managed by Barings, an investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser, a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is a leading global asset management firm.

Formation Transactions/Initial Portfolio

On May 12, 2021, shortly prior to the Company’s election to be regulated as a BDC and conversion to a Maryland corporation, the Company acquired from MassMutual and C.M. Life Insurance Company (“CM Life”), a subsidiary of MassMutual, a select portfolio of senior secured private debt investments in, and funding obligations to, well-established middle-market businesses that operate across a wide range of industries (the “Initial Portfolio”). The Company used the net proceeds from its $450 million initial closing (the “Initial Closing”) of its private continuous offering of shares of the Company’s common stock (the “Private Offering”), along with borrowings under the Revolving Credit Facility, to purchase the Initial Portfolio.

The investments in the Initial Portfolio were selected based upon the Company’s defined investment objective, amount and type of unfunded obligations associated with each investment and the investment requirements set forth under the 1940 Act or otherwise imposed by applicable laws, rules or regulations, including in accordance with the Company’s election to be treated as a RIC for tax purposes.

The aggregate purchase price for the Initial Portfolio was $602.4 million, which is equal to the sum of the fair values of each investment in the Initial Portfolio at the time of purchase of the Initial Portfolio, net of accrued fees associated with certain unfunded obligations in the Initial Portfolio. The investments in the Initial Portfolio were valued as of March 31, 2021 by an independent third-party valuation firm, provided that any investments in the Initial Portfolio acquired by MassMutual or CM Life after March 31, 2021 were initially valued at cost. In connection with the acquisition of the Initial Portfolio, Barings conducted certain valuation procedures to confirm whether there had been any material changes to the fair value of the investments and obligations in the Initial Portfolio from the previously determined fair value thereof and concluded that no purchase price adjustments were necessary given the absence of any such material changes.

Basis of Presentation

The financial statements of the Company include the accounts of Barings Private Credit Corporation and its wholly-owned subsidiaries. The effects of all intercompany transactions between the Company and its wholly-owned subsidiaries have been eliminated in consolidation. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC Topic 946”). ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Unaudited and

55

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3. Investments”, with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statements of Operations.

The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period’s results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2024. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the Unaudited Consolidated Financial Statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Recently Issued Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update, 2023-09, Income Taxes (Topic 740) (“ASU 2023-09”), which updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The amendment also provides further disclosure comparability. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a significant impact on its consolidated financial statements.

Discretionary Share Repurchase Program

The Company has commenced a discretionary share repurchase program in which it may, subject to market conditions and the discretion of the Board, offer to repurchase, in each quarter, up to 5% of shares of the Company’s common stock outstanding as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program at any time if in its reasonable judgment if it deems such action to be in the Company’s best interest and the best interest of the Company’s stockholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. The Company intends to conduct such repurchase offers in accordance with the requirements of Exchange Act Rule 13e-4 and the 1940 Act and subject to compliance with applicable covenants and restrictions under the Company’s financing arrangements. All shares purchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

Under the Company’s discretionary share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it expects to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the “Valuation Date”). Stockholders should keep in mind that if they tender their shares of common stock in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered shares, the Company may repurchase such shares subject to an “early repurchase deduction” of 2% of the aggregate NAV of the shares repurchased (an “Early Repurchase Deduction”). The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of the Company’s common stock. This Early Repurchase Deduction will also generally apply to minimum account repurchases. The Company may, from time to time, waive the Early Repurchase Deduction in the following circumstances, subject to certain conditions: repurchases resulting from death, qualifying disability or divorce; in the event of a stockholder’s shares are repurchased because the stockholder has failed to maintain the $5,000 minimum account balance; or due to trade or operational error.

During the three months ended March 31, 2025, the Company accepted for repurchase 617,210 shares for a total value of $12.8 million. During the year ended December 31, 2024, the Company accepted for repurchase 2,683,648 shares for a total value of $56.1 million.

56

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

2. AGREEMENTS AND RELATED PARTY TRANSACTIONS

Advisory Agreement

Pursuant to the terms of an amended and restated investment advisory agreement (the “Advisory Agreement”), Barings manages the Company’s day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.

The Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the “IA Indemnified Parties”), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser’s services under the Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Advisory Agreement is not adversely affected.

Under the Advisory Agreement, the Company pays the Adviser (i) a base management fee (the “Base Management Fee”) and (ii) an incentive fee (the “Incentive Fee”) as compensation for the investment advisory and management services it provides the Company thereunder.

Base Management Fee

The Base Management Fee is calculated at an annual rate of 0.75% of the Company’s average gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding (i) cash and cash equivalents (as defined below) and (ii) net unsettled purchases and sales of investments. For services rendered under the Advisory Agreement, the Base Management Fee is payable quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of the Company’s gross assets (excluding (i) cash and cash equivalents and (ii) net unsettled purchases and sales of investments) at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated; provided, that upon the end of the first calendar quarter following the Initial Closing, the Base Management Fee was calculated based on the value of the Company’s gross assets (excluding (i) cash and cash equivalents and (ii) net unsettled purchases and sales of investments) as of such calendar quarter-end; provided further, that upon the end of the second calendar quarter following the Initial Closing, the Base Management Fee was calculated based on the average value of the Company’s gross assets (excluding (i) cash and cash equivalents and (ii) net unsettled purchases and sales of investments) at the end of each of the first two calendar quarters following the Initial Closing (including the quarter for which such fees are being calculated).

The Base Management Fee for any partial quarter will be appropriately prorated. All or any part of the Base Management Fee not taken as to any quarter will be deferred without interest and may be taken in any quarter prior to the occurrence of a liquidity event (if any). For purposes of the Advisory Agreement, “cash equivalents” means U.S. government securities, money market fund investments, commercial paper instruments and other similar cash equivalent investments maturing within one year of purchase.

For the three months ended March 31, 2025 and 2024, the Base Management Fees determined in accordance with the terms of the Advisory Agreement were approximately $5.7 million and $4.6 million, respectively. As of March 31, 2025, the Base Management Fee of $5.7 million for the three months ended March 31, 2025 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the Base Management Fee of $5.2 million for the three months ended December 31, 2024 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.

57

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The Incentive Fee

The Incentive Fee under the Advisory Agreement is based on the Company’s income, as described below.

No portion of the Incentive Fee was payable until the completion of the first full calendar quarter following the one-year anniversary of the initial effective date of the Advisory Agreement, May 13, 2021 (the “Initial Effective Date”). Upon the completion of the first full calendar quarter following the one-year anniversary of the Initial Effective Date and thereafter, the Incentive Fee is determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the then-current calendar quarter and the three preceding calendar quarters (the “Trailing Twelve Months”), exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Months. The Hurdle Amount is determined on a quarterly basis, and is calculated by multiplying 8.0% by the average of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Months. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The calculation of the Incentive Fee for each quarter will be as follows:    

•No Incentive Fee will be payable to the Adviser in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Months does not exceed the Hurdle Amount;

•100% of the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Months, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 8.889% by the average of the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Months. The Catch-Up Amount is intended to provide the Adviser with an Incentive Fee of 10% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Months; and

•For any quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Months exceeds the Catch-Up Amount, the Incentive Fee will equal 10% of the amount of the Company’s Pre-Incentive Fee Net Investment Income for such Trailing Twelve Months, as the Hurdle Amount and Catch-Up Amount will have been achieved.

Subject to the Incentive Fee Cap (discussed below), the amount of the Incentive Fee that will be paid to Barings for a particular quarter will equal the aggregate Incentive Fee calculated as set forth above, less the aggregate Incentive Fees that were paid to Barings in the preceding three calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Months.

The Incentive Fee is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (x) 0.50% of the average value of the Company’s gross assets (excluding (i) cash and cash equivalents and (ii) net unsettled purchases and sales of investments) at the end of each quarter during the Trailing Twelve Months and appropriately adjusted for any share issuances or repurchases during the period (the “Average TTM Gross Assets”), or (y) in the event that the Company’s Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Trailing Twelve Months is less than 9.0%, the Incentive Fee Cap will equal 0.20% of the Average TTM Gross Assets; provided that, if the Incentive Fee Cap as calculated in clause (x) of this paragraph applies in any quarter, in no event will the Company pay any incentive fee (or portion thereof) during such quarter to the extent that it would cause the Cumulative Net Investor Return (as defined below) during the relevant Trailing Twelve Months to be reduced to an amount below what the Cumulative Net Investor Return during such period would have been if the Incentive Fee Cap for such quarter had been calculated in accordance with clause (y) of this paragraph.

For purposes of the Advisory Agreement:

“Cumulative Net Investor Return” during the relevant Trailing Twelve Months means (1) (a) the Company’s aggregate interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or

58

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

other fees that the Company receives from portfolio companies, but excluding, for the avoidance of doubt, any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation) accrued during the period, minus the Company’s operating expenses accrued during the period (including, without limitation, the Base Management Fee, administration expenses, any interest expense and dividends paid on any issued and outstanding preferred stock and the incentive fee) in respect of the Trailing Twelve Months less (b) any Net Capital Loss (if positive), in respect of the Trailing Twelve Months, divided by (2) the average of the Company’s NAVs measured at the beginning of each quarter in the Trailing Twelve Months.

“Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Months means (1) (a) the aggregate Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Months less (b) any Net Capital Loss (if positive), in respect of the Trailing Twelve Months, divided by (2) the average of the Company’s NAVs measured at the beginning of each quarter in the Trailing Twelve Months.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company’s assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company’s assets, whether realized or unrealized, in such period.

If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Incentive Fee to Barings in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee as calculated above, the Company will pay Barings the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Incentive Fee as calculated above, the Company will pay Barings the Incentive Fee for such quarter without regard to the Incentive Fee Cap.

The fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated. The fees are calculated using detailed policies and procedures approved by Barings and the Board, including a majority of its directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (“Independent Directors”), and such policies and procedures are consistent with the description of the calculation of the fees set forth above.

Barings may elect to defer or waive all or a portion of the fees that would otherwise be paid to it in its sole discretion. Any portion of a fee not taken as to any period will be deferred without interest and may be taken in any such other period prior to the occurrence of a liquidity event (if any) as Barings may determine in its sole discretion.

For the three months ended March 31, 2025 and 2024, the Incentive Fees determined in accordance with the terms of the Advisory Agreement were $3.8 million and $3.1 million, respectively. As of March 31, 2025, the Incentive Fee of $3.8 million for the three months ended March 31, 2025 was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, the Incentive Fee of $3.6 million for the three months ended December 31, 2024 was unpaid and included in “Incentive management fees payable” in the accompanying Consolidated Balance Sheet.

The Advisory Agreement had an initial term of two years. The Advisory Agreement was most recently re-approved on May 8, 2025 by our Board, including a majority of the Independent Directors, and will continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the Independent Directors. The Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (i) by the vote of a majority of the outstanding voting securities of the Company or (ii) by the vote of the Board, or (iii) by the Adviser upon 90 days’ written notice. The Advisory Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

Payment of Expenses

All investment professionals of Barings and its staff, when and to the extent engaged in providing investment advisory and management services under the Advisory Agreement, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by Barings and not by the Company. The Company bears all other costs and expenses of its operations and transactions, including, without limitation, those relating to:

•organizational and offering expenses;

•investment advisory and management fees payable under the Advisory Agreement;

•all other non-investment advisory expenses incurred by the Company or Barings in connection with administering the Company’s business (including payments under the Administration Agreement (as defined below) based upon the Company’s allocable portion of Barings’ overhead in performing its obligations under the Administration Agreement,

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

including rent and the allocable portion of the cost of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs); and

•all other expenses of the Company’s operations and transactions, including those listed in the Advisory Agreement.

Sub-Advisory Agreement

Barings has retained Baring International Investment Limited (“BIIL”), its indirect, wholly-owned subsidiary, as a sub-adviser to manage the Company’s European investments, pursuant to the terms of a sub-advisory agreement (the “Sub-Advisory Agreement”). BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London, England.

Under the terms of the Sub-Advisory Agreement and except as expressly provided for therein, BIIL provides advisory services with respect to the Company’s European investments on terms and conditions that are, as far as possible, identical to the terms and conditions under which Barings itself serves as its investment adviser under the Advisory Agreement. In addition, except as expressly set forth in the Sub-Advisory Agreement, BIIL is entitled to the same rights and protections as Barings is under the terms of the Advisory Agreement. Barings maintains oversight responsibilities for BIIL’s activities as they relate to the Company’s investment portfolio (including BIIL’s compliance with the requirements set out, referred to or contemplated by the Advisory Agreement), but BIIL is not under the day-to-day direction and supervision of Barings with respect to such activities; provided, however, that Barings retains ultimate discretion over the selection, acquisition and disposal of assets to or from the Company’s investment portfolio. Barings, and not the Company, is solely responsible for paying compensation to BIIL, which amount shall be a portion of the management fees paid by the Company to Barings under the Advisory Agreement, as agreed to between Barings and BIIL from time to time.

The Sub-Advisory Agreement had an initial term of two years. The Sub-Advisory Agreement was most recently re-approved on May 8, 2025 by our Board, including a majority of the Independent Directors, and will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (1) the vote of the Board, or by the vote of a majority of the Company’s outstanding voting securities, and (2) the vote of a majority of the Independent Directors. The Sub-Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (1) by the vote of a majority of the Company’s outstanding voting securities, (2) by the vote of the Board, (3) by Barings, or (4) by BIIL. The Sub-Advisory Agreement will automatically terminate in the event of its or the Advisory Agreement’s “assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act) or upon termination of the Advisory Agreement.

Administration Agreement

Under the terms of an administration agreement (the “Administration Agreement”) with the Adviser, the Adviser also performs (or oversees, or arranges for, the performance of) the administrative services necessary for the Company to operate (in such capacity, the “Administrator”), including, but not limited to, providing office facilities, equipment, clerical, bookkeeping and record-keeping services at such office facilities and such other services as the Administrator, subject to review by the Board, from time to time, determines to be necessary or useful to perform its obligations under the Administration Agreement. The Administrator also, on behalf of the Company and subject to oversight by the Board, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable.

The Company reimburses Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount negotiated and mutually agreed to by the Company and Barings quarterly in arrears. In no event will the agreed-upon quarterly expense amount exceed the amount of expenses that would otherwise be reimbursable by the Company under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount.

The costs and expenses incurred by the Administrator on behalf of the Company under the Administration Agreement include, but are not limited to:

• the allocable portion of the Administrator’s rent for the Company’s Chief Financial Officer and the Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the usage thereof by such personnel in connection with their performance of administrative services under the Administration Agreement;

• the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;

• the actual cost of goods and services used for the Company and obtained by the Administrator from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with U.S. GAAP;

• all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and

• costs associated with (a) the monitoring and preparation of regulatory reporting, including filings with the SEC and tax reporting, (b) the coordination and oversight of service provider activities and the direct cost of such contractual matters related thereto and (c) the preparation of all financial statements and the coordination and oversight of audits, regulatory inquiries, certifications and sub-certifications.

For the three months ended March 31, 2025 and 2024, the Company incurred and was invoiced by the Administrator expenses of approximately $0.4 million and $0.5 million, respectively. As of March 31, 2025, administrative expenses of $0.4 million incurred during the three months ended March 31, 2025 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2024, administrative expenses of $0.5 million incurred during the three months ended December 31, 2024 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.

The Administration Agreement had an initial term of two years. The Administration Agreement was most recently re-approved on May 8, 2025 by our Board, including a majority of the Independent Directors, and will continue automatically for successive one-year periods so long as such continuance is specifically approved at least annually by the Board, including a majority of the Independent Directors. The Administration Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board, or by the Adviser, upon 90 days’ written notice to the other party. The Administration Agreement may not be assigned by a party without the consent of the other party.

Expense Support and Conditional Reimbursement Agreement

The Company has entered into an expense support agreement (the “Expense Support Agreement”) with Barings, pursuant to which Barings may elect to pay certain of the Company’s expenses on its behalf (“Expense Payment”), including organization and offering expenses, provided that no portion of the payment will be used to pay any interest expense or any distribution and/or shareholder servicing fees of the Company. Any Expense Payment that Barings commits to pay must be paid by Barings to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment is made in writing, and/or offset against amounts due from the Company to Barings or its affiliates.

Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess referred to herein as “Excess Operating Funds”), the Company will pay such Excess Operating Funds, or a portion thereof, to Barings until such time as all Expense Payments made by Barings to the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company under the Expense Support Agreement are referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The amount of the Reimbursement Payment for any calendar quarter will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by Barings to the Company within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to Barings; provided that Barings may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future quarters pursuant to the terms of the Expense Support Agreement.

The Company’s obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent Barings has waived its right to receive such payment for the applicable quarter. The Reimbursement Payment for any calendar quarter will be paid by the Company to

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Barings in any combination of cash or other immediately available funds as promptly as possible following such calendar quarter and in no event later than forty-five days after the end of such calendar quarter.

Either the Company or Barings may terminate the Expense Support Agreement at any time, with or without notice, without the payment of any penalty, provided that any Expense Payments that have not been reimbursed by the Company to Barings will remain the obligation of the Company following any such termination, subject to the terms of the Expense Support Agreement.

There were no Expense Payments or Reimbursement Payments made during the three months ended March 31, 2025 or 2024.

3. INVESTMENTS

Portfolio Composition

The Company predominantly invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured products, bonds and other fixed income securities. Structured products include collateralized loan obligations and asset-backed securities. The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private funds and SEC regulated funds to co-invest in loans originated by the Adviser, which allows the Adviser to efficiently implement its senior secured private debt investment strategy for the Company.

The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and payment-in-kind (“PIK”) interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, as of March 31, 2025 and December 31, 2024 are shown in the following table:

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
March 31, 2025:
Senior debt and 1st lien notes	$	2,856,646	83	%	$	2,821,555	82	%	130	%
Subordinated debt and 2nd lien notes	128,766		4		125,707		4		6
Structured products	84,011		3		84,460		2		4
Equity shares	311,036		9		355,740		10		16
Equity warrants	4		—		2,880		—		—
Royalty rights	8,859		—		15,946		1		1
Investment in joint ventures	33,546		1		13,513		1		1
Short-term investments	10,201		—		10,200		—		—
	$	3,433,069	100	%	$	3,430,001	100	%	158	%

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2024:
Senior debt and 1st lien notes	$	2,552,342	82	%	$	2,503,156	81	%	127	%
Subordinated debt and 2nd lien notes	125,971		4		122,748		4		6
Structured products	79,722		3		80,401		3		4
Equity shares	298,038		10		337,684		11		17
Equity warrants	4		—		2,813		—		—
Royalty rights	9,066		—		14,583		—		1
Investment in joint ventures	41,986		1		22,480		1		1
Short-term investments	10,201		—		10,200		—		1
	$	3,117,330	100	%	$	3,094,065	100	%	157	%

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the three months ended March 31, 2025, the Company made 18 new portfolio company investments totaling $191.0 million and made additional investments in existing portfolio companies totaling $238.2 million.

During the three months ended March 31, 2024, the Company made 10 new portfolio company investments totaling $129.7 million, made additional investments in existing portfolio companies totaling $146.4 million and made additional investments in existing joint venture equity portfolio companies totaling $1.4 million.

CPCF BPCC LLC

On June 8, 2023, the Company established a joint venture, CPCF BPCC LLC (“CPCF BPCC”), with Cresset Partners Private Credit Fund, LLC (“CPCF”) to invest in senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments. During the three months ended March 31, 2025, the Company held a 9.1% partnership interest in CPCF BPCC. As of March 31, 2025, the cost and fair value of the Company’s investment in CPCF BPCC was $2.9 million and $2.4 million, respectively. As of December 31, 2024, the cost and fair value of the Company’s investment in CPCF BPCC was $9.2 million and $8.9 million, respectively.

For the three months ended March 31, 2025 and 2024, CPCF BPCC declared $72.0 million and $3.4 million in distributions, respectively, of which $0.2 million and $0.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2025 and 2024, the Company recognized $6.3 million and nil of the distributions, respectively, as a return of capital.

During the three months ended March 31, 2025, CPCF BPCC sold its investment portfolio in its entirety, including $37.8 million of its investments to the Company. As of March 31, 2025, the Company had $4.3 million in unsettled payables due to CPCF BPCC. The aggregate sales price of the investments was equal to the sum of the fair values of each investment at the time of sale. The investments were valued as of December 31, 2024 by an independent third-party valuation firm. In connection with the sale of the investments to the Company, Barings conducted certain valuation procedures to confirm whether there had been any material changes to the fair value of the investments and obligations in the investments from the previously determined fair value thereof and concluded that no valuation adjustments were necessary given the absence of any such material changes. As of March 31, 2025, CPCF BPCC had cash, interest receivable, receivables for unsettled trades and net derivative liabilities.

The total value of CPCF BPCC’s investment portfolio was $219.6 million as of December 31, 2024. As of December 31, 2024, CPCF BPCC’s investments had an aggregate cost of $222.5 million. As of December 31, 2024, the CPCF BPCC investment portfolio consisted of the following investments:

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
December 31, 2024:
Senior debt and 1st lien notes	$	222,535	100	%	$	219,644	100	%
	$	222,535	100	%	$	219,644	100	%

As of December 31, 2024, the weighted average yield on the principal amount of CPCF BPCC’s outstanding debt investments other than non-accrual debt investments was approximately 10.0%.

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The industry composition of CPCF BPCC’s investments at fair value at December 31, 2024 was as follows:

($ in thousands)	December 31, 2024
Aerospace & Defense	$	24,511	11	%
Automotive	4,859		2
Banking, Finance, Insurance, & Real Estate	3,435		2
Capital Equipment	13,720		6
Chemicals, Plastics, & Rubber	2,406		1
Consumer Goods: Durable	2,743		1
Consumer Goods: Non-durable	4,908		2
Energy: Electricity	4,843		2
Healthcare & Pharmaceuticals	26,273		12
High Tech Industries	45,832		21
Media: Advertising, Printing, & Publishing	10,162		5
Media: Diversified & Production	5,700		3
Services: Business	54,007		25
Services: Consumer	9,405		4
Transportation: Cargo	2,959		1
Utilities: Electric	3,881		2
Total	$	219,644	100	%

The geographic composition of CPCF BPCC’s investments at fair value at December 31, 2024 was as follows:

($ in thousands)	December 31, 2024
Canada	$	7,869	4	%
France	18,953		9
Germany	9,435		4
Netherlands	2,610		1
United Kingdom	4,950		2
USA	175,827		80
Total	$	219,644	100	%

CPCF BPCC’s credit facility with Citibank, N.A., which was non-recourse to the Company, initially closed on June 16, 2023, and had approximately $168.3 million outstanding as of December 31, 2024. On March 28, 2025, CPCF BPCC’s credit facility with Citibank, N.A. was terminated and fully repaid.

The Company may sell portions of its investments via assignment to CPCF BPCC. Since inception, as of both March 31, 2025 and December 31, 2024, the Company had sold $265.0 million of its investments to CPCF BPCC. As of both March 31, 2025 and December 31, 2024, the Company did not have any unsettled receivables due from CPCF BPCC. The sale of the investments met the criteria set forth in ASC Topic 860, Transfers and Servicing, for treatment as a sale and satisfies the following conditions:

•assigned investments have been isolated from the Company, and put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership;

•each participant has the right to pledge or exchange the assigned investments it received, and no condition both constrains the participant from taking advantage of its right to pledge or exchange and provides more than a trivial benefit to the Company; and

•the Company, its consolidated affiliates or its agents do not maintain effective control over the assigned investments through either: (i) an agreement that entitles and/or obligates the Company to repurchase or redeem the assets before maturity, or (ii) the ability to unilaterally cause the holder to return specific assets, other than through a cleanup call.

The Company has determined that CPCF BPCC is an investment company under ASC Topic 946, however, in accordance

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in CPCF BPCC as it is not a substantially wholly owned investment company subsidiary. In addition, CPCF BPCC is not an operating company and the Company does not control CPCF BPCC due to the allocation of voting rights among CPCF BPCC members.

Thompson Rivers LLC

On April 28, 2020, Thompson Rivers LLC (“Thompson Rivers”) was formed as a Delaware limited liability company. On September 1, 2021, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers’ current operating agreement, as amended to date, the Company has a capital commitment of $30.0 million of equity capital to Thompson Rivers, all of which has been funded as of March 31, 2025. As of March 31, 2025, aggregate commitments to Thompson Rivers by the Company and the other members under the current operating agreement total $450.0 million, all of which has been funded.

For the three months ended March 31, 2025 and 2024, Thompson Rivers declared $6.0 million and $15.0 million in distributions, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2025 and 2024, the Company recognized $0.4 million and $1.0 million of the distributions, respectively, as a return of capital.

As of March 31, 2025, Thompson Rivers had $169.5 million in Ginnie Mae early buyout loans and $4.5 million in cash. As of December 31, 2024, Thompson Rivers had $193.4 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of March 31, 2025, Thompson Rivers had 1,069 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%. As of December 31, 2024, Thompson Rivers had 1,243 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%.

As of March 31, 2025 and December 31, 2024, the Thompson Rivers investment portfolio consisted of the following investments:

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2025:
Federal Housing Administration (“FHA”) loans	$	168,675	94	%	$	158,498	94	%
Veterans Affairs (“VA”) loans	11,611		6		10,986		6
	$	180,286	100	%	$	169,484	100	%
December 31, 2024:
Federal Housing Administration (“FHA”) loans	$	193,265	93	%	$	179,963	93	%
Veterans Affairs (“VA”) loans	14,305		7		13,388		7
	$	207,570	100	%	$	193,351	100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $38.7 million and $43.5 million outstanding as of March 31, 2025 and December 31, 2024, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $76.9 million and $90.3 million outstanding as of March 31, 2025 and December 31, 2024, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $25.3 million and $28.7 million outstanding as of March 31, 2025 and December 31, 2024, respectively.

The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.

65

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of March 31, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:

($ in thousands)	As of  March 31, 2025		As of  December 31, 2024
Total contributed capital by Barings Private Credit Corporation (1)	$	32,226	$	32,226
Total contributed capital by all members (2)	482,083		482,083
Total unfunded commitments by Barings Private Credit Corporation	—		—
Total unfunded commitments by all members	—		—

(1)Includes $2.2 million of dividend re-investments.

(2)Includes dividend re-investments of $32.1 million and total contributed capital by related parties of $209.3 million as of both March 31, 2025 and December 31, 2024.

Waccamaw River LLC

On January 4, 2021, Waccamaw River LLC (“Waccamaw River”) was formed as a Delaware limited liability company. On September 1, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River’s current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded as of March 31, 2025. As of March 31, 2025, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded.

For the three months ended March 31, 2025 and 2024, Waccamaw River declared $10.3 million and nil in distributions, respectively, of which $0.3 million and nil, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2025 and 2024, the Company recognized $1.7 million and nil of the distributions, respectively, as a return of capital.

As of March 31, 2025, Waccamaw River had $36.7 million in unsecured consumer loans and $4.0 million in cash. As of December 31, 2024, Waccamaw River had $45.5 million in unsecured consumer loans and $4.3 million in cash. As of March 31, 2025, Waccamaw River had 6,758 outstanding loans with an average loan size of $7,745, remaining average life to maturity of 34.5 months and weighted average yield of 12.2%. As of December 31, 2024, Waccamaw River had 8,095 outstanding loans with an average loan size of $7,791, remaining average life to maturity of 35.5 months and weighted average yield of 12.0%.

The Company has determined that Waccamaw River is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.

As of March 31, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:

($ in thousands)	As of  March 31, 2025		As of  December 31, 2024
Total contributed capital by Barings Private Credit Corporation	$	25,000	$	25,000
Total contributed capital by all members (1)	139,020		139,020
Total unfunded commitments by Barings Private Credit Corporation	—		—
Total unfunded commitments by all members	—		—

(1)Includes $87.3 million of total contributed capital by related parties as of both March 31, 2025 and December 31, 2024.

Eclipse Business Capital Holdings LLC

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC (“Eclipse”) of $63.4 million, a second lien senior secured loan of $3.2 million and unfunded revolver of $9.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $16.0 million. As of March 31, 2025 and December 31, 2024, $8.0 million and $7.1 million, respectively, of the revolver was funded. Eclipse conducts its business

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through Eclipse Business Capital LLC. Eclipse is one of the country’s leading independent asset-based lending (“ABL”) platforms that provides financing to middle-market borrowers in the U.S. and Canada. Eclipse provides revolving lines of credit and term loans ranging in size from $10 – $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.

The Company has determined that Eclipse is not an investment company under ASC Topic 946. Under ASC Topic 810, Consolidation, Subtopic 10, Consolidation - Overall, Section 15, Scope and Scope Exceptions, paragraph 12, subparagraph d (“ASC 810-10-15-12(d)”), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Eclipse in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.

Rocade Holdings LLC

On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC (“Rocade”) of $12.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal year ended December 31, 2023 of $96.0 million. The total equity invested in Rocade as of March 31, 2025 was $108.0 million (excluding preferred dividends) and the Company had $2.0 million of unfunded preferred equity commitments. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country’s leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm’s interests in award settlements, including contingency fees expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offer differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.

The Company has determined that Rocade is not an investment company under ASC Topic 946. Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Rocade in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.

Valuation of Investments

The Adviser conducts the valuation of the Company’s investments, upon which the Company’s NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). The Company’s current valuation policy and processes were established by the Adviser and were approved by the Board.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.

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A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.

There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

Investment Valuation Process

The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.

At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

The Company’s money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company’s middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the

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point within that range that it will use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

Valuation Inputs

The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

Valuation of Investment in CPCF BPCC, Thompson Rivers and Waccamaw River

As CPCF BPCC, Thompson Rivers and Waccamaw River are investment companies with no readily determinable fair values, the Adviser estimates the fair value of the Company’s investments in these entities using the NAV of each company and the Company’s ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

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Level 3 Unobservable Inputs

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of March 31, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.

March 31, 2025 ($ in thousands)	Fair Value		Valuation Model	Level 3 Input	Range of Inputs	Weighted Average	Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes	$	2,317,807	Yield Analysis	Market Yield	5.4% – 22.1%	10.3%	Decrease
	39,757		Market Approach	Adjusted EBITDA Multiple	0.5x – 9.8x	7.9x	Increase
	364,247		Recent Transaction	Transaction Price	97.5% – 100.0%	99.0%	Increase
Subordinated debt and 2nd lien notes	79,559		Yield Analysis	Market Yield	8.6% – 20.0%	13.3%	Decrease
	27,065		Market Approach	Adjusted EBITDA Multiple	0.9x – 27.7x	17.0x	Increase
	991		Recent Transaction	Transaction Price	98.0%	98.0%	Increase
Structured products(1)	3,988		Yield Analysis	Market Yield	9.6%	9.6%	Decrease
Equity shares	31,294		Yield Analysis	Market Yield	11.5% – 30.5%	14.5%	Decrease
	294,070		Market Approach	Adjusted EBITDA Multiple	0.5x – 28.5x	12.8x	Increase
	801		Market Approach	Revenue Multiple	5.5x – 8.5x	5.7x	Increase
	9,991		Discounted Cash Flow Analysis	Discount Rate	12.9%	12.9%	Decrease
	7,495		Net Asset Approach	Liabilities	$(100,714.1)	$(100,714.1)	Decrease
	12,089		Recent Transaction	Transaction Price	$1.00 – $1,000.00	$115.24	Increase
Equity warrants	2,880		Market Approach	Adjusted EBITDA Multiple	0.5x – 11.5x	8.7x	Increase
Royalty rights	15,946		Yield Analysis	Market Yield	15.6% – 30.0%	19.6%	Decrease

(1) Excludes investments with an aggregate fair value amounting to $20,607, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

During the three months ended March 31, 2025, one senior debt and first lien note position with a fair value of $1.4 million transitioned from a yield analysis to a market approach valuation model. In addition, one subordinated debt and second lien note position with a fair value of $5.7 million transitioned from an expected recovery to a yield analysis valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

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December 31, 2024 ($ in thousands)	Fair Value		Valuation Model	Level 3 Input	Range of Inputs	Weighted Average	Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes	$	1,975,176	Yield Analysis	Market Yield	6.5% – 75.8%	10.4%	Decrease
	35,525		Market Approach	Adjusted EBITDA Multiple	0.5x – 9.0x	8.2x	Increase
	391,476		Recent Transaction	Transaction Price	95.0% – 100.0%	98.6%	Increase
Subordinated debt and 2nd lien notes	78,884		Yield Analysis	Market Yield	8.0% – 18.6%	13.1%	Decrease
	25,667		Market Approach	Adjusted EBITDA Multiple	0.9x – 22.4x	14.8x	Increase
	5,656		Expected Recovery	Expected Recovery	$5,656.1	$5,656.1	Increase
	702		Recent Transaction	Transaction Price	98.0%	98.0%	Increase
Structured products(1)	3,962		Yield Analysis	Market Yield	9.7%	9.7%	Decrease
Equity shares	30,517		Yield Analysis	Market Yield	10.8% – 30.5%	14.1%	Decrease
	282,073		Market Approach	Adjusted EBITDA Multiple	0.5x – 28.5x	11.1x	Increase
	1,367		Market Approach	Revenue Multiple	5.5x – 8.8x	5.8x	Increase
	8,426		Discounted Cash Flow Analysis	Discount Rate	12.9%	12.9%	Decrease
	6,458		Net Asset Approach	Liabilities	$(96,678.3)	$(96,678.3)	Decrease
	8,843		Recent Transaction	Transaction Price	$1.00 – $1,847.58	$1,326.31	Increase
Equity warrants	2,813		Market Approach	Adjusted EBITDA Multiple	0.5x – 11.8x	8.0x	Increase
Royalty rights	14,583		Yield Analysis	Market Yield	18.6% – 26.4%	21.0%	Decrease

(1) Excludes investments with an aggregate fair value amounting to $15,937, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

During the year ended December 31, 2024, two equity positions with an aggregate fair value of $20.4 million and one senior debt and first lien note position with a fair value of $4.2 million transitioned from a market approach to a yield analysis valuation model. In addition, three senior debt and first lien note positions with an aggregate fair value of $23.2 million transitioned from a yield analysis to a market approach valuation model. Lastly, one subordinated debt and second lien note position with a fair value of $5.7 million transitioned from a yield analysis to an expected recovery valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

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The following tables present the Company’s investment portfolio at fair value as of March 31, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

	Fair Value as of March 31, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	99,744	$	2,721,811	$	2,821,555
Subordinated debt and 2nd lien notes	—		18,092		107,615		125,707
Structured products	—		59,865		24,595		84,460
Equity shares	—		—		355,740		355,740
Equity warrants	—		—		2,880		2,880
Royalty rights	—		—		15,946		15,946
Short-term investments	10,200		—		—		10,200
Investments subject to leveling	$	10,200	$	177,701	$	3,228,587	$	3,416,488
Investment in joint ventures (1)							13,513
							$	3,430,001
	Fair Value as of December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	100,979	$	2,402,177	$	2,503,156
Subordinated debt and 2nd lien notes	—		11,839		110,909		122,748
Structured products	—		60,502		19,899		80,401
Equity shares	—		—		337,684		337,684
Equity warrants	—		—		2,813		2,813
Royalty rights	—		—		14,583		14,583
Short-term investments	10,200		—		—		10,200
Investments subject to leveling	$	10,200	$	173,320	$	2,888,065	$	3,071,585
Investment in joint ventures (1)							22,480
							$	3,094,065

(1)The Company’s investments in CPCF BPCC, Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Unaudited and Audited Consolidated Balance Sheets.

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The following tables reconcile the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025 ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Royalty Rights		Total
Fair value, beginning of period	$	2,402,177	$	110,909	$	19,899	$	337,684	$	2,813	$	14,583	$	2,888,065
New investments	380,147		1,590		5,000		10,346		—		—		397,083
Proceeds from sales of investments / return of capital	(27,968)		—		—		(933)		—		(208)		(29,109)
Loan origination fees received	(9,510)		(2)		—		—		—		—		(9,512)
Principal repayments received	(44,957)		(6,574)		(714)		—		—		—		(52,245)
Payment-in-kind interest / dividends	2,109		1,054		—		3,313		—		—		6,476
Accretion of loan premium / discount	136		—		—		—		—		—		136
Accretion of deferred loan origination revenue	3,059		209		—		—		—		—		3,268
Realized gain (loss)	(586)		(150)		—		271		—		—		(465)
Unrealized appreciation (depreciation)	17,204		579		410		5,059		67		1,571		24,890
Fair value, end of period	$	2,721,811	$	107,615	$	24,595	$	355,740	$	2,880	$	15,946	$	3,228,587

Three Months Ended March 31, 2024 ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Fair value, beginning of period	$	1,915,633	$	130,273	$	15,705	$	297,138	$	2,475	$	2,361,224
New investments	250,445		21,836		—		3,779		—		276,060
Investment restructuring	(12,566)		—		—		—		—		(12,566)
Proceeds from sales of investments / return of capital	(40,481)		—		—		—		—		(40,481)
Loan origination fees received	(5,533)		(563)		—		—		—		(6,096)
Principal repayments received	(109,084)		(10,676)		(714)		—		—		(120,474)
Payment-in-kind interest / dividends	568		789		—		3,219		—		4,576
Accretion of loan premium /discount	186		—		—		—		—		186
Accretion of deferred loan origination revenue	3,014		135		—		—		—		3,149
Realized gain (loss)	(3,897)		—		—		—		—		(3,897)
Unrealized appreciation (depreciation)	722		(1,370)		1,612		354		118		1,436
Fair value, end of period	$	1,999,007	$	140,424	$	16,603	$	304,490	$	2,593	$	2,463,117

All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company’s Unaudited Consolidated Statements of Operations. Pre-tax net unrealized appreciation on Level 3 investments of $23.0 million during the three months ended March 31, 2025 was related to portfolio company investments that were still held by the Company as of March 31, 2025. Pre-tax net unrealized appreciation on Level 3 investments of $3.7 million during the three months ended March 31, 2024 was related to portfolio company investments that were still held by the Company as of March 31, 2024.

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Exclusive of short-term investments, during the three months ended March 31, 2025, the Company made investments of approximately $375.5 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2025, the Company made investments of $53.6 million in portfolio companies to which it was previously committed to provide such financing.

During the three months ended March 31, 2024, the Company made investments of approximately $237.2 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2024, the Company made investments of $40.2 million in portfolio companies to which it was previously committed to provide such financing.

Unsettled Purchases and Sales of Investments

Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.

Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments

Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.

Investment Classification

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliate Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Control / Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliate Investments” that are not otherwise “Control Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

Short-Term Investments

Short-term investments represent investments in money market funds.

Cash and Foreign Currencies

Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral for certain derivative instruments. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.

Investment Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. As of both March 31, 2025 and December 31, 2024, the Company had six portfolio companies with investments that were on non-accrual.

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.

Payment-in-Kind Income

The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

The Company has certain preferred equity securities in its portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.

PIK interest and dividend income for the three months ended March 31, 2025 and 2024 was as follows:

	Three Months Ended			Three Months Ended
($ in thousands)	March 31, 2025			March 31, 2024
PIK interest income	$	3,455		$	2,365
PIK interest income as a % of investment income	4.0		%	3.2		%
PIK dividend income	$	4,042		$	4,007
PIK dividend income as % of investment income	4.7		%	5.4		%
Total PIK income	$	7,497		$	6,372
Total PIK income as a % of investment income	8.7		%	8.6		%

PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income and therefore affects the amount the Company is required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the Company will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The Company writes off any accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible. As of both March 31, 2025 and December 31, 2024, the Company had one portfolio company that was current on interest payments and on partial non-accrual status for PIK purposes only.

Fee and Other Income

Origination, facility, commitment, consent and other advance fees received in connection with loan agreements (“Loan Origination Fees”) are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of its business, the Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Fee and other income for the three months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2025		March 31, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees	$	2,734	$	2,205
Management, valuation and other fees	1,065		587
Royalty income	387		—
Total Recurring Fee and Other Income	4,186		2,792
Non-Recurring Fee and Other Income:
Prepayment fees	507		25
Acceleration of unamortized loan origination fees	534		986
Advisory, loan amendment and other fees	13		573
Total Non-Recurring Fee and Other Income	1,054		1,584
Total Fee and Other Income	$	5,240	$	4,376

General and Administrative Expenses

General and administrative expenses include Board fees, directors’ and officers’ insurance costs, legal and accounting expenses, expenses reimbursable to the Adviser under the terms of the Administration Agreement and other costs related to operating the Company.

Deferred Financing Fees

Costs incurred to issue debt are capitalized and are amortized over the term of the debt agreements using the effective interest method.

Segments

The Company lends to and invests in portfolio companies in various industries. The Company operates as a single operating and reporting segment: lending and investment. The segment generates revenues through debt investments, and on a limited basis, may acquire equity investments in portfolio companies. The accounting policies of the lending and investment segment are the same as those described herein and in the Company’s most recent Annual Report on Form 10-K. The Company has identified the Chief Executive Officer, its President, and Chief Financial Officer as the chief operating decision maker (the “CODM”), who evaluates the performance of the lending and investment segment. The CODM uses segment net investment income before taxes and net increase in net assets resulting from operations to determine the capital allocation of the Company, the dividend policy, and the Company’s investment strategy, which is outlined in “Business–Investment Criteria” in Part I, Item 1 of the Company’s most recent Annual Report on Form 10-K. As the Company operates as a single reportable segment, the segment assets are presented on the accompanying Unaudited and Audited Consolidated Balance Sheets as “total assets” and the net investment income before taxes, significant segment expenses, and net increase in net assets resulting from operations are presented on the accompanying Unaudited Consolidated Statements of Operations.

Concentration of Credit Risk

As of March 31, 2025 and December 31, 2024, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of March 31, 2025 and December 31, 2024, the Company’s largest single portfolio company investment, excluding short-term investments, represented approximately 3.7% and 4.0%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.

As of March 31, 2025, all of BPC Funding LLC’s (“BPC Funding”) assets were pledged (or will be pledged when the related investment purchase settles) as collateral for the Revolving Credit Facility. As of March 31, 2025, all of Barings Private Credit Corporation CLO 2023-1 Ltd.’s assets were pledged (or will be pledged when the related investment purchase settles) as collateral for the BPCC Debt Securitization. As of March 31, 2025, all assets (other than those that are owned by BPC Funding and Barings Private Credit Corporation CLO 2023-1 Ltd.) were pledged (or will be pledged when the related investment purchase settles) as collateral for the SMBC Credit Facility.

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Financial and Derivative Instruments

Pursuant to ASC Topic 815, Derivatives and Hedging, certain derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Unaudited Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Unaudited Consolidated Statements of Operations. The fair value of the Company’s interest rate swaps is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

Investments Denominated in Foreign Currency

As of March 31, 2025 the Company held 13 investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 74 investments that were denominated in Euros, two investments that were denominated in Swiss francs, one investment that was denominated in Swedish kronor, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner and 28 investments that were denominated in British pounds sterling. As of December 31, 2024, the Company held 15 investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 76 investments that were denominated in Euros, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish kronor, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner and 25 investments that were denominated in British pounds sterling.

At each balance sheet date, portfolio company investments denominated in foreign currencies are translated into United States dollars using the spot exchange rate on the last business day of the period. Purchases and sales of foreign portfolio company investments, and any income from such investments, are translated into United States dollars using the rates of exchange prevailing on the respective dates of such transactions.

Although the fair values of foreign portfolio company investments and the fluctuation in such fair values are translated into United States dollars using the applicable foreign exchange rates described above, the Company does not separately report that portion of the change in fair values resulting from foreign currency exchange rates fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) of investments in the Company’s Unaudited Consolidated Statements of Operations.

In addition, during both the three months ended March 31, 2025 and March 31, 2024, the Company entered into forward currency contracts primarily to help mitigate the impact that an adverse change in foreign exchange rates would have on the Company’s investments denominated in foreign currencies. Net unrealized appreciation or depreciation on forward currency contracts are included in “Net unrealized appreciation (depreciation) – forward currency contracts” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) – forward currency contracts” in the Company’s Unaudited Consolidated Statements of Operations.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. Dollar.

4. INCOME TAXES

The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively). The Company has historically met its minimum distribution, source-of-income and asset diversification requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.

Depending on the level of investment company taxable income (“ICTI”) and net capital gains, if any, or taxable income, the Company may choose to carry forward undistributed taxable income and pay a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner, an amount at least equal to the sum of (i) 98% of net ordinary income for each calendar year, (ii) 98.2% of the amount by which capital gains exceed capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year (or later if the Company is permitted

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

to elect and so elects) and (iii) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax. Any such carryover of taxable income must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three months ended March 31, 2025 and 2024, the Company recorded net expenses of $0.4 million and $0.3 million, respectively, for U.S. federal excise tax.

Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are evaluated to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2021-2023), and has concluded that the provision for uncertain tax positions in the Company’s financial statements is appropriate.

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.

For federal income tax purposes, the cost of investments owned as of March 31, 2025 and December 31, 2024 was approximately $3,432.4 million and $3,150.7 million, respectively. As of March 31, 2025, net unrealized depreciation on the Company’s investments (tax basis) was approximately $11.3 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $97.1 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $108.4 million. As of December 31, 2024, net unrealized depreciation on the Company’s investments (tax basis) was approximately $21.2 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $93.7 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $114.9 million.

In addition, the Company has a wholly-owned taxable subsidiary (the “Taxable Subsidiary”), which holds certain portfolio investments that are listed on the Unaudited and Audited Consolidated Schedules of Investments. The Taxable Subsidiary is consolidated for financial reporting purposes, such that the Company’s consolidated financial statements reflect the Company’s investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit the Company to hold certain portfolio companies that are organized as limited liability companies (“LLCs”) (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company’s ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, their income is taxed to the Taxable Subsidiary and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for income tax purposes and may generate income tax expense or benefit as a result of its ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company’s Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiary (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiary), is reflected net of applicable federal and state income taxes, if any, in the Company’s Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in “Accounts payable and accrued liabilities” in the Company’s Unaudited and Audited Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, the Company recorded a net deferred tax liability of $3.3 million and $2.4 million, respectively, pertaining to operating losses and tax basis differences related to certain partnership interests.

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

5. BORROWINGS

The Company had the following borrowings outstanding as of March 31, 2025 and December 31, 2024: 

Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of March 31, 2025	March 31, 2025		December 31, 2024
Credit Facilities:
Revolving Credit Facility – May 11, 2021	May 11, 2029	6.455%	$	482,253	$	456,482
SMBC Credit Facility – March 6, 2023	March 6, 2028	6.989%	189,281		137,875
Total Credit Facilities			$	671,534	$	594,357
Debt Securitization:
September 17, 2024 - Class A-1AR Notes	October 15, 2036	5.932%	$	110,000	$	110,000
September 17, 2024 - Class A-1A Loans	October 15, 2036	5.932%	115,000		115,000
September 17, 2024 - Class A-1AS Loans	October 15, 2036	5.932%	50,000		50,000
September 17, 2024 - Class A-1BR Notes	October 15, 2036	6.202%	35,000		35,000
September 17, 2024 - Class A-2R Notes	October 15, 2036	6.302%	30,000		30,000
September 17, 2024 - Class B-R Notes	October 15, 2036	6.802%	40,000		40,000
September 17, 2024 - Class C-R Notes	October 15, 2036	8.802%	30,000		30,000
(Less: Deferred financing fees)			(3,896)		(3,980)
Total Debt Securitization			$	406,104	$	406,020
Notes:
July 29, 2021 – Series A Notes	July 29, 2026	3.500%	$	75,000	$	75,000
September 15, 2021 – Series B Notes	July 29, 2026	3.500%	38,000		38,000
October 28, 2021 – Series C Notes	July 29, 2026	3.500%	37,000		37,000
May 10, 2022 – Series D Notes (1)	May 10, 2027	6.000%	99,362		96,822
July 26, 2022 – Series E Notes (1)	May 10, 2027	6.000%	54,484		53,071
(Less: Deferred financing fees)			(250)		(291)
Total Notes			$	303,596	$	299,602

(1)Inclusive of change in fair market value of effective hedge.

The Company’s summary information of its borrowings were as follows:

	Three Months Ended
($ in thousands)	March 31, 2025			March 31, 2024
Combined weighted average interest rate(1)	6.317		%	7.407		%
Combined weighted average debt outstanding	$	1,262,235		$	1,251,202

(1) Excludes unused commitment fees and amortization of financing costs. Inclusive of effective interest rate swaps and hedged items.

The Company is required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of the Company’s total assets (less all liabilities and indebtedness not represented by senior securities) to its outstanding senior securities, of at least 150% after each issuance of senior securities. The Company’s asset coverage ratio was 257.6% as of March 31, 2025.

BNP Paribas Revolving Credit Facility

On May 11, 2021, BPC Funding, the Company’s wholly-owned subsidiary, entered into the Revolving Credit Facility with BNP Paribas (“BNPP”). BNPP serves as administrative agent, State Street Bank and Trust Company serves as collateral agent, and the Company serves as servicer under the Revolving Credit Facility. The initial maximum amount of borrowings available under the Revolving Credit Facility was $400 million. On November 18, 2021, BPC Funding and BNPP amended the Revolving Credit Facility to increase the maximum amount of borrowings available to $600 million from $400 million. Effective on March 9, 2022, BPC Funding and BNPP amended the Revolving Credit Facility to increase the maximum amount of borrowings available to $800 million from $600 million. On May 9, 2024, BPC Funding and BNPP amended the Revolving Credit Facility to extend the revolving period and maturity date of the Revolving Credit Facility to May 11, 2027 and May 11, 2029, respectively.

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Advances under the Revolving Credit Facility initially bore interest at a per annum rate equal to, in the case of dollar advances, three-month London Interbank Offered Rate (“LIBOR”), and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 1.65% to 2.60% per annum depending on the nature of the advances being requested under the Revolving Credit Facility. Effective on March 9, 2022, the term SOFR reference rate replaced LIBOR as an applicable index for U.S. dollar-based borrowings. Effective March 9, 2022, U.S. dollar advances under the Revolving Credit Agreement bore interest at a per annum rate equal to three-month term SOFR, plus an applicable margin of 1.80% to 2.75% per annum depending on the nature of the advances being requested under the Revolving Credit Agreement. Commencing on May 9, 2024, advances under the Revolving Credit Facility bear interest at a per annum rate equal to, in the case of dollar advances, Term SOFR based upon the applicable interest accrual period, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of (1) during the reinvestment period, 2.50% and (2) following the reinvestment period, 3.00%.

Under the Revolving Credit Facility, BPC Funding pays an unused fee based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between BPC Funding and BNPP. Commencing on September 9, 2022, BPC Funding paid an unused fee of 1.25% per annum if the unused facility amount was greater than 50%, or 0.75% per annum if the unused facility amount was less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between BPC Funding and BNPP. Commencing on May 9, 2024, BPC Funding pays an unused fee, based on the average daily unused amount of the financing commitments, in an amount not to exceed (1) 1.375% per annum for the period up to and including March 31, 2025, and (2) 2.00% per annum for the period after March 31, 2025, in addition to certain other fees as agreed between BPC Funding and BNPP.

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to BPC Funding varies depending upon the types of assets in BPC Funding’s portfolio. Assets are required to meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

Proceeds from borrowings under the Revolving Credit Facility may be used to fund portfolio investments by BPC Funding, to make advances under delayed draw term loans and revolving loans for which BPC Funding is a lender, and to make permitted distributions. The expiration date for the period during which BPC Funding may borrow under the Revolving Credit Facility is May 11, 2027, and the scheduled maturity date under the Revolving Credit Agreement is May 11, 2029.

BPC Funding’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in all of BPC Funding’s portfolio investments and cash. The obligations of BPC Funding under the Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the Revolving Credit Facility is limited to the value of the Company’s investment in BPC Funding.

In connection with the Revolving Credit Facility, BPC Funding has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of BPC Funding occurs. Upon the occurrence and during the continuation of an event of default, BNPP may declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable. The occurrence of an event of default triggers a requirement that BPC Funding obtain the consent of BNPP prior to entering into any sale or disposition with respect to portfolio investments. As of March 31, 2025, the Company was in compliance with all covenants of the Revolving Credit Facility.

As of March 31, 2025, the Company had U.S. dollar borrowings of $370.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 6.793% (three month SOFR of 4.293%), borrowings denominated in British pounds sterling of £8.2 million ($10.6 million U.S. dollars) with a weighted average interest rate of 7.200% (daily SONIA of 4.581%), borrowings denominated in New Zealand dollars of NZ$4.1 million ($2.3 million U.S. dollars) with an interest rate of 6.445% (three month NZBB of 3.945%) and borrowings denominated in Euros of €91.6 million ($98.9 million U.S. dollars) with a weighted average interest rate of 5.112% (three month EURIBOR of 2.612%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the Revolving Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) – foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations.

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2024, the Company had U.S. dollar borrowings of $340.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 7.062% (three month SOFR of 4.412%), borrowings denominated in British pounds sterling of £10.2 million ($12.8 million U.S. dollars) with a weighted average interest rate of 7.569% (daily SONIA of 4.950%), borrowings denominated in Canadian dollars of C$2.9 million ($2.0 million U.S. dollars) with an interest rate of 6.310% (daily CORRA of 3.810%), borrowings denominated in New Zealand dollars of NZ$4.1 million ($2.3 million U.S. dollars) with an interest rate of 7.030% (three month NZBB of 4.530%) and borrowings denominated in Euros of €95.6 million ($99.0 million U.S. dollars) with a weighted average interest rate of 5.556% (three month EURIBOR of 3.056%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

As of March 31, 2025 and December 31, 2024, the fair value of the borrowings outstanding under the Revolving Credit Facility was $482.3 million and $456.5 million, respectively. The fair values of the borrowings outstanding under the Revolving Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

SMBC Revolving Credit Facility

On March 6, 2023, the Company entered into a Senior Secured Revolving Credit Agreement (as amended, the “SMBC Credit Agreement”) with Sumitomo Mitsui Banking Corporation, as administrative agent, as lead arranger and as sole bookrunner, and the lenders and issuing banks from time to time party thereto, which governs the SMBC Credit Facility. The initial principal amount of the SMBC Credit Facility was $115.0 million, subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $500.0 million, subject to the satisfaction of certain conditions. On April 17, 2023, the Company amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size from $115.0 million to $165.0 million, subject to the terms of the SMBC Credit Facility. In connection with the facility increase contemplated by the SMBC Credit Facility, Regions Bank joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $50.0 million. On December 14, 2023, the Company amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size to $215.0 million, including an initial term commitment of $25.0 million and converts a portion of the existing revolver availability into a term loan availability. On February 8, 2024, the Company amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size from $215.0 million to $265.0 million, subject to the terms of the SMBC Credit Facility. In connection with the facility increase, State Street Bank and Trust Company joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $25.0 million and Regions Bank increased its commitment from $50.0 million to $75.0 million.

Advances under the SMBC Credit Facility initially bear interest at a per annum rate equal to, (i) in the case of U.S. dollar advances, 1.00% per annum plus an “alternate base rate” (as described in the SMBC Credit Agreement) in the case of any ABR Loan and 2.00% per annum plus Term SOFR, (ii) in the case of foreign currency advances (other than Sterling), 1.00% per annum plus an “alternate base rate” (as described in the SMBC Credit Agreement) in the case of any ABR Loan and 2.00% plus the applicable benchmark in effect for such currency, and (iii) in the case of Sterling advances, 2.00% per annum plus Daily Simple RFR, in each case, depending on the nature of the advances being requested under the SMBC Credit Facility. Commencing on September 6, 2023, the Company pays an unused fee of 0.50% per annum if the unused facility amount is equal to or exceeds 67%, or 0.375% per annum if the unused facility amount is less than 67%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between the Company and the Administrative Agent.

Advances under the SMBC Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to the Company varies depending upon the types of assets in the Company’s portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

The SMBC Credit Facility is guaranteed by BPCC Holdings, Inc., a subsidiary of the Company, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the “Subsidiary Guarantors”). Proceeds of the SMBC Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the SMBC Credit Agreement.

The period during which the Company may borrow under the SMBC Credit Facility expires on March 5, 2027, and the SMBC Credit Facility will mature and all amounts outstanding thereunder must be repaid by March 6, 2028. The SMBC Credit

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Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and the Subsidiary Guarantors, subject to certain exceptions.

In connection with the SMBC Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The SMBC Credit Facility contains customary events of default for similar financing transactions, including if a change in control of the Company occurs. Upon the occurrence and during the continuation of certain event of defaults, the Administrative Agent may declare the outstanding advances and all other obligations under the SMBC Credit Facility immediately due and payable. As of March 31, 2025, the Company was in compliance with all covenants of the SMBC Credit Facility.

As of March 31, 2025, the Company had U.S. dollar borrowings of $156.9 million outstanding under the SMBC Credit Facility with a weighted average interest rate of 7.512% (one month SOFR of 5.412%) and borrowings denominated in Euros of €30.0 million ($32.4 million U.S. dollars) with an interest rate of 4.460% (one month EURIBOR of 2.460%). As of December 31, 2024, the Company had U.S. dollar borrowings of $137.9 million outstanding under the SMBC Credit Facility with a weighted average interest rate of 6.535% (one month SOFR of 4.435%).

As of March 31, 2025 and December 31, 2024, the fair value of the borrowings outstanding under the SMBC Credit Facility was $189.3 million and $137.9 million, respectively. The fair values of the borrowings outstanding under the SMBC Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

2023 Debt Securitization

On August 23, 2023 (the “2023 Debt Securitization Closing Date”), the Company completed a $496.5 million term debt securitization (the “2023 Debt Securitization”). Term debt securitizations are also known as a collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company and subject to the Company’s overall asset coverage requirements.

On the 2023 Debt Securitization Closing Date and in connection with the 2023 Debt Securitization, Barings Private Credit Corporation CLO 2023-1 Ltd. (the “CLO Issuer”) and Barings Private Credit CLO 2023-1, LLC (the “CLO Co-Issuer” and together with the CLO Issuer, the “Issuers”), both indirect, wholly-owned, consolidated subsidiaries of the Company, entered into a Note Purchase Agreement with BNP Paribas Securities Corp., as the initial purchaser (the “Initial Purchaser”), pursuant to which the Issuers agreed to sell certain of the notes and loans to the Initial Purchaser to be issued as part of the 2023 Debt Securitization pursuant to an indenture by and among the CLO Issuer, the Co-Issuer, and State Street Bank and Trust Company (“State Street”), as collateral trustee (the “2023 Debt Securitization CLO Indenture”).

The notes and loans offered in the 2023 Debt Securitization consisted of $300.0 million of AAA(sf) Class A Senior Secured Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 2.40% (the “Class A-1 Notes”); $35.0 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 3.35% (the “Class A-2 Notes”); $25.0 million of A(sf) Class B Secured Deferrable Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 4.15% (the “Class B Notes”); $22.5 million of BBB(sf) Class C Secured Deferrable Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 6.35% (the “Class C Notes” and together with the Class A-1 Notes, the Class A-2 Notes and the Class B Notes, the “2023 Debt Securitization Secured Notes”); and $20.0 million of AA(sf) Class A Senior Secured Floating Rate Loans maturing 2031, which bore interest at the three-month SOFR plus 3.35% (the “Class A-2 Loans” and, together with the 2023 Debt Securitization Secured Notes, the “2023 Debt Securitization Secured Debt”). Additionally, on the 2023 Debt Securitization Closing Date, the Issuers issued $94.0 million of Subordinated Notes due 2031 (the “2023 Debt Securitization Subordinated Notes”), which did not bear interest. The Secured Debt together with the Subordinated Notes are collectively referred to herein as the “2023 Debt Securitization Debt”.

The Class A-2 Loans were incurred under a credit agreement (the “Class A-2 Credit Agreement”), dated as of the 2023 Debt Securitization Closing Date, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee. The 2023 Debt Securitization was backed by a diversified portfolio of middle-market commercial loans. The 2023 Debt Securitization Debt was scheduled to mature on July 15, 2031; however, the 2023 Debt Securitization Debt may have been, but was not, redeemed by the Issuers, at the direction of the Company as holder of the 2023 Debt Securitization Subordinated Notes, on any business day after July 15, 2024. The Company acted as retention holder in connection with the 2023 Debt Securitization for the purposes of satisfying certain U.S., U.K. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such was required to retain a portion of the 2023 Debt

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Securitization Subordinated Notes. The Company retained all of the 2023 Debt Securitization Subordinated Notes issued in the 2023 Debt Securitization.

Under the terms of the master loan sale agreement entered into on the 2023 Debt Securitization Closing Date (the “2023 Debt Securitization Loan Sale Agreement”) that provided for the sale of certain loans (the “2023 Debt Securitization Collateral Obligations”) to the CLO Issuer, the Company transferred to the CLO Issuer a portion of its ownership interest in the 2023 Debt Securitization Collateral Obligations securing the 2023 Debt Securitization for the purchase price and other consideration set forth in the 2023 Debt Securitization Loan Sale Agreement. Under the terms of the master participation and assignment agreement entered into on the 2023 Debt Securitization Closing Date (the “2023 Debt Securitization Participation Agreement”), pending the settlement of the 2023 Debt Securitization Collateral Obligations transferred to the CLO Issuer under the Loan Sale Agreement, BPC Funding granted participation interests therein to the CLO Issuer until such loans are elevated to assignment. Following these transfers, CLO Issuer, and not BPC Funding or the Company, holds all of the ownership interest in such loans and participations. The Company made customary representations, warranties and covenants in the 2023 Debt Securitization Loan Sale Agreement.

The 2023 Debt Securitization Secured Debt was the secured obligation of the Issuers, the 2023 Debt Securitization Subordinated Notes were the unsecured obligations of the CLO Issuer, and the 2023 Debt Securitization CLO Indenture and Class A-2 Credit Agreement governing the 2023 Debt Securitization Debt included customary covenants and events of default. The 2023 Debt Securitization Debt was not registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities or “blue sky” laws and will not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

On September 17, 2024, the Issuers closed a refinancing and upsize of the 2023 Debt Securitization in the amount of a $504.0 million term collateralized loan obligation (the “CLO Reset Transaction”).

The CLO Reset Transaction was executed through: (A) the issuance by the Issuers of the following classes of notes pursuant that certain amended and restated indenture and security agreement (as amended, modified or supplemented from time to time, the “Amended and Restated Indenture”), dated as of September 17, 2024, by and among the CLO Issuer, the Co-Issuer, and State Street, as collateral trustee: (i) of $110,000,000 of AAA(sf) Class A-1AR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.63% (the “Class A-1AR Notes”); (ii) $0 of AAA(sf) Class A-1AL Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.63% (the “Class A-1AL Notes”); (iii) $35,000,000 of AAA(sf) Class A-1BR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.90% (the “Class A-1BR Notes”); (iv) $30,000,000 of AA(sf) of Class A-2R Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.00% (the “Class A-2R Notes”); (v) $40,000,000 of A(sf) Class B-R Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.50% (the “Class B-R Notes”); and (vi) $30,000,000 of BBB-(sf) Class C-R Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 4.50% (the “Class C-R Notes” and together with the Class A-1AR Notes, the Class A-1AL Notes, the Class A-1BR Notes, the Class A-2R Notes and the Class B-R Notes, the “Secured Replacement Notes”); (B) the extension, pursuant to the Amended and Restated Indenture, of the stated maturity date of the $94,000,000 of subordinated notes issued by the CLO Issuer in connection with the original closing of the collateralized loan obligation transaction of the Issuers (the “Replacement Subordinated Notes”) to 2036; and (C) the borrowing by the Issuers of (i) $115,000,000 of AAA(sf) Class A-1A Senior Secured Floating Rate Loans maturing 2036, which bear interest at the three-month SOFR plus 1.63% (the “Class A-1A Loans”), pursuant to a class A-1A credit agreement (the “Class A-1A Credit Agreement”), dated as of September 17, 2024, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee; and (ii) $50,000,000 of AAA(sf) Class A-1AS Senior Secured Floating Rate Loans maturing 2036, which bear interest at the three-month SOFR plus 1.63% (the “Class A-1AS Loans” and, together with the Class A-1A Loans and the Secured Replacement Notes, the “Secured Replacement Debt,” and together with the Replacement Subordinated Notes, the “Replacement Debt”), pursuant to a class A-1AS credit agreement (the “Class A-1AS Credit Agreement”), dated as of September 17, 2024, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee.

The CLO Reset Transaction is backed by a diversified portfolio of middle-market commercial loans. The Replacement Debt will mature on October 15, 2036; however, the Replacement Debt may be redeemed by the Issuers, at the direction of the Company as holder of the Replacement Subordinated Notes, on any business day after October 15, 2026. The Company continues to act as retention holder in connection with the CLO Reset Transaction for the purposes of satisfying certain U.S., U.K. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to continue to retain a portion of the Replacement Subordinated Notes. The

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Replacement Debt was 100% funded at closing. The Company continues to retain 100% of the Replacement Subordinated Notes.

The CLO Issuer used the proceeds from the CLO Reset Transaction to, among other things, purchase certain middle-market loans (“Collateral Obligations”) on September 17, 2024 from the Company pursuant to an amended and restated master loan sale agreement entered into on September 17, 2024 (the “CLO Reset Transaction Amended and Restated Sale Agreement”), as described below.

Under the terms of the CLO Reset Transaction Amended and Restated Sale Agreement that provides for the sale by the Company of Collateral Obligations to the CLO Issuer, the Company transferred to the CLO Issuer on September 17, 2024, and will transfer from time to time after September 17, 2024, a portion of its ownership interest in the Collateral Obligations securing the CLO Reset Transaction for the purchase price and other consideration set forth in the CLO Reset Transaction Amended and Restated Sale Agreement. Following each such transfer pursuant to the CLO Reset Transaction Amended and Restated Sale Agreement, CLO Issuer, and not the Company, holds all of the ownership interest in such loans. The Company made customary representations, warranties and covenants in the CLO Reset Transaction Amended and Restated Sale Agreement.

The Secured Replacement Debt is the secured obligation of the Issuer, and the obligations of the Issuers under the Secured Replacement Debt are non-recourse to the Company. The Amended and Restated Indenture, the Class A-1A Credit Agreement and the Class A-1AS Credit Agreement governing the Replacement Debt include customary covenants and events of default. The Replacement Debt has not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company continues to serve as collateral manager to the CLO Issuer under an amended and restated collateral management agreement entered into on September 17, 2024 (the “Amended and Restated Collateral Management Agreement”) and has agreed to irrevocably waive all collateral management fees payable pursuant to the Amended and Restated Collateral Management Agreement.

As of March 31, 2025 and December 31, 2024, the fair value of the Class A-1AR Notes, Class A-1A Loans, Class A-1AS Loans, Class A-1BR Notes, Class A-2R Notes, Class B-R Notes and Class C-R Notes was $409.0 million and $410.2 million, respectively. The fair values of the Class A-1AR Notes, Class A-1A Loans, Class A-1AS Loans, Class A-1BR Notes, Class A-2R Notes, Class B-R Notes and Class C-R Notes were based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

July 2026 Notes

On July 29, 2021, the Company entered into a Note Purchase Agreement (the “July 2021 NPA”) governing the issuance of (1) $75.0 million in aggregate principal amount of Series A senior unsecured notes due July 29, 2026 (the “Series A Notes”), (2) $38.0 million in aggregate principal amount of Series B senior unsecured notes due July 29, 2026 (the “Series B Notes”), and (3) $37.0 million in aggregate principal amount of Series C senior unsecured notes due July 29, 2026 (the “Series C Notes,” and collectively with the Series A Notes and the Series B Notes, the “July 2026 Notes”), in each case, to qualified institutional investors in a private placement. The Series A Notes, Series B Notes and Series C Notes were delivered and paid for on July 29, 2021, September 15, 2021, and October 28, 2021, respectively. Barings’ parent company, MassMutual, and/or its affiliates or subsidiaries hold approximately $46.0 million in aggregate principal amount of the July 2026 Notes.

The July 2026 Notes have a fixed interest rate of 3.5% per year, subject to a step up of (1) 0.75% per year, to the extent the July 2026 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end.

The July 2026 Notes will mature on July 29, 2026 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the July 2021 NPA. Interest on the July 2026 Notes is due semiannually in January and July of each year, beginning in January 2022. In addition, the Company is obligated to offer to repay the July 2026 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the July 2021 NPA, the Company may redeem the July 2026 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before January 29, 2026, a make-whole premium.

The July 2021 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of the Company’s

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Notes to Unaudited Consolidated Financial Statements — (Continued)

status as a BDC within the meaning of the 1940 Act and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, and restricted payments. In addition, the July 2021 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to stockholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.

The July 2021 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the July 2026 Notes at the time outstanding may declare all July 2026 Notes then outstanding to be immediately due and payable, subject to certain additional conditions in the event that then-outstanding July 2026 Notes are held by persons affiliated with the Company and certain of its affiliates. As of March 31, 2025, the Company was in compliance with all covenants under the July 2021 NPA.

The Company’s obligations under the July 2021 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The July 2026 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The July 2026 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of March 31, 2025 and December 31, 2024, the fair values of the outstanding July 2026 Notes were $144.3 million and $142.0 million, respectively. The fair value determinations of the Series A Notes, Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

May 2027 Notes

On May 10, 2022, the Company entered into a Note Purchase Agreement (the “May 2022 NPA”) governing the issuance of (1) $100.0 million in aggregate principal amount of Series D senior unsecured notes due May 10, 2027 (the “Series D Notes”) and (2) $55.0 million in aggregate principal amount of Series E senior unsecured notes due May 10, 2027 (the “Series E Notes,” and collectively with the Series D Notes, the “May 2027 Notes”), in each case, to qualified institutional investors in a private placement. The Series D Notes were delivered and paid for on May 10, 2022, and the Series E Notes were delivered and paid for on July 6, 2022.

The May 2027 Notes have a fixed interest rate of 6.0% per year, subject to a step up of (1) 0.75% per year, to the extent the May 2027 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end.

The May 2027 Notes will mature on May 10, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the May 2022 NPA. Interest on the May 2027 Notes will be due semiannually in May and November of each year, beginning in November 2022. In addition, the Company is obligated to offer to repay the May 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the May 2022 NPA, the Company may redeem the May 2027 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 10, 2026, a make-whole premium.

The May 2022 NPA contains certain representations and warranties, and various covenants and reporting requirements customary for agreements of this type, including, without limitation, information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, and certain restrictions with respect to transactions with affiliates, fundamental changes, changes of line of business, permitted liens, and restricted payments. In addition, the May 2022 NPA contains the following financial covenants: (a) maintaining a minimum obligors’ net worth, measured as of each fiscal quarter-end; (b) not permitting the Company’s asset coverage ratio, as of the date of the incurrence of any debt for borrowed money or the making of any cash dividend to stockholders, to be less than the statutory minimum then applicable to the Company under the 1940 Act; and (c) not permitting the Company’s net debt to equity ratio to exceed 2.0x, measured as of each fiscal quarter-end.

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The May 2022 NPA also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or that of the Company’s subsidiary guarantors, if any, certain judgements and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the May 2027 Notes at the time outstanding may declare all May 2027 Notes then outstanding to be immediately due and payable, subject to (i) certain additional requirements prior to the issuance of the Series E Notes and (ii) certain additional conditions in the event that then-outstanding May 2027 Notes are held by persons affiliated with the Company and certain of its affiliates. As of March 31, 2025, the Company was in compliance with all covenants under the May 2022 NPA.

The Company’s obligations under the May 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The May 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The May 2027 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of March 31, 2025 and December 31, 2024, the fair values of the outstanding May 2027 Notes were $153.8 million and $149.9 million, respectively. The fair value determinations of the May 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the Series D Notes, on May 10, 2022, the Company entered into a $100.0 million notional value interest rate swap. The Company receives a fixed rate interest at 6.00% paid semi-annually and pays quarterly based on a compounded daily rate of SOFR plus 3.24500%. The swap transaction matures on May 10, 2027. The interest expense related to the Series D Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of March 31, 2025 and December 31, 2024, the interest rate swap had a fair value of $(0.6) million and $(3.2) million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company’s Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the Series D Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

In connection with the offering of the Series E Notes, on July 6, 2022, the Company entered into a $55.0 million notional value interest rate swap. The Company receives a fixed rate interest at 6.00% paid semi-annually and pays quarterly based on a compounded daily rate of SOFR plus 3.38200%. The swap transaction matures on May 10, 2027. The interest expense related to the Series E Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of March 31, 2025 and December 31, 2024, the interest rate swap had a fair value of $(0.5) million and $(1.9) million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company’s Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the Series E Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

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Notes to Unaudited Consolidated Financial Statements — (Continued)

6. DERIVATIVE INSTRUMENTS

The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.

The following tables present the Company’s foreign currency forward contracts as of March 31, 2025 and December 31, 2024:

As of March 31, 2025 ($ in thousands) Description	Notional Amount to be Purchased	Notional Amount to be Sold	Maturity Date	Gross Amount of Recognized Assets (Liabilities)		Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)	A$80,356	$50,405	04/07/25	$	(289)	Derivative liabilities
Foreign currency forward contract (AUD)	$51,149	A$80,356	04/07/25	1,033		Derivative assets
Foreign currency forward contract (AUD)	$50,619	A$80,643	06/30/25	289		Derivative assets
Foreign currency forward contract (CAD)	C$6,750	$4,709	04/07/25	(13)		Derivative liabilities
Foreign currency forward contract (CAD)	$4,784	C$6,750	04/07/25	89		Derivative assets
Foreign currency forward contract (CAD)	$4,664	C$6,660	06/30/25	12		Derivative assets
Foreign currency forward contract (DKK)	8,758kr.	$1,271	04/07/25	(4)		Derivative liabilities
Foreign currency forward contract (DKK)	$1,241	8,758kr.	04/07/25	(27)		Derivative liabilities
Foreign currency forward contract (DKK)	$1,280	8,772kr.	06/30/25	3		Derivative assets
Foreign currency forward contract (EUR)	€231,661	$250,403	04/07/25	(259)		Derivative liabilities
Foreign currency forward contract (EUR)	$244,258	€231,661	04/07/25	(5,885)		Derivative liabilities
Foreign currency forward contract (EUR)	$246,931	€227,190	06/30/25	448		Derivative assets
Foreign currency forward contract (GBP)	£93,717	$120,919	04/07/25	(105)		Derivative liabilities
Foreign currency forward contract (GBP)	$119,332	£93,717	04/07/25	(1,481)		Derivative liabilities
Foreign currency forward contract (GBP)	$123,040	£95,375	06/30/25	98		Derivative assets
Foreign currency forward contract (NZD)	NZ$10,366	$5,945	04/07/25	(72)		Derivative liabilities
Foreign currency forward contract (NZD)	$6,002	NZ$10,366	04/07/25	130		Derivative assets
Foreign currency forward contract (NZD)	$6,020	NZ$10,477	06/30/25	72		Derivative assets
Foreign currency forward contract (NOK)	47,039kr	$4,463	04/07/25	3		Derivative assets
Foreign currency forward contract (NOK)	$4,219	47,039kr	04/07/25	(247)		Derivative liabilities
Foreign currency forward contract (NOK)	$4,466	47,066kr	06/30/25	(3)		Derivative liabilities
Foreign currency forward contract (SEK)	22,446kr	$2,219	04/07/25	14		Derivative assets
Foreign currency forward contract (SEK)	$2,055	22,446kr	04/07/25	(178)		Derivative liabilities
Foreign currency forward contract (SEK)	$2,256	22,710kr	06/30/25	(15)		Derivative liabilities
Foreign currency forward contract (CHF)	6,869Fr.	$7,788	04/07/25	(18)		Derivative liabilities
Foreign currency forward contract (CHF)	$7,860	6,869Fr.	04/07/25	90		Derivative assets
Foreign currency forward contract (CHF)	$8,016	7,000Fr.	06/30/25	17		Derivative assets
Total				$	(6,298)

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Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2024 ($ in thousands) Description	Notional Amount to be Purchased	Notional Amount to be Sold	Maturity Date	Gross Amount of Recognized Assets (Liabilities)		Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)	A$78,475	$49,966	01/08/25	$	(1,441)	Derivative liabilities
Foreign currency forward contract (AUD)	$53,704	A$78,475	01/08/25	5,178		Derivative assets
Foreign currency forward contract (AUD)	$50,126	A$78,717	04/07/25	1,443		Derivative assets
Foreign currency forward contract (CAD)	C$6,791	$4,816	01/08/25	(100)		Derivative liabilities
Foreign currency forward contract (CAD)	$5,041	C$6,791	01/08/25	326		Derivative assets
Foreign currency forward contract (CAD)	$4,583	C$6,460	04/07/25	82		Derivative assets
Foreign currency forward contract (DKK)	8,429kr.	$1,187	01/08/25	(17)		Derivative liabilities
Foreign currency forward contract (DKK)	$1,266	8,429kr.	01/08/25	95		Derivative assets
Foreign currency forward contract (DKK)	$1,215	8,580kr.	04/07/25	18		Derivative assets
Foreign currency forward contract (EUR)	€235,300	$247,195	01/08/25	(3,598)		Derivative liabilities
Foreign currency forward contract (EUR)	$263,028	€235,300	01/08/25	19,431		Derivative assets
Foreign currency forward contract (EUR)	$237,739	€225,421	04/07/25	3,408		Derivative assets
Foreign currency forward contract (GBP)	£90,210	$115,059	01/08/25	(2,121)		Derivative liabilities
Foreign currency forward contract (GBP)	$119,845	£90,210	01/08/25	6,907		Derivative assets
Foreign currency forward contract (GBP)	$111,674	£87,646	04/07/25	2,019		Derivative assets
Foreign currency forward contract (NZD)	NZ$10,165	$5,881	01/08/25	(196)		Derivative liabilities
Foreign currency forward contract (NZD)	$6,362	NZ$10,165	01/08/25	676		Derivative assets
Foreign currency forward contract (NZD)	$5,881	NZ$10,155	04/07/25	195		Derivative assets
Foreign currency forward contract (NOK)	45,734kr	$4,098	01/08/25	(76)		Derivative liabilities
Foreign currency forward contract (NOK)	$4,365	45,734kr	01/08/25	343		Derivative assets
Foreign currency forward contract (NOK)	$4,129	46,087kr	04/07/25	77		Derivative assets
Foreign currency forward contract (SEK)	21,630kr	$1,971	01/08/25	(17)		Derivative liabilities
Foreign currency forward contract (SEK)	$2,135	21,630kr	01/08/25	181		Derivative assets
Foreign currency forward contract (SEK)	$2,007	21,910kr	04/07/25	17		Derivative assets
Foreign currency forward contract (CHF)	6,485Fr.	$7,354	01/08/25	(202)		Derivative liabilities
Foreign currency forward contract (CHF)	$7,736	6,485Fr.	01/08/25	584		Derivative assets
Foreign currency forward contract (CHF)	$7,521	6,569Fr.	04/07/25	204		Derivative assets
Total				$	33,416

As of March 31, 2025 and December 31, 2024, the total fair values of the Company’s foreign currency forward contracts were $(6.3) million and $33.4 million, respectively. The fair values of the Company’s foreign currency forward contracts are based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

7. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company’s portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2025 and December 31, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2025 and December 31, 2024 were as follows:

Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025		December 31, 2024
Accelevation LLC(2)	Delayed Draw Term Loan	$	1,079	$	—
Accelevation LLC(2)	Revolver	799		—
Accurus Aerospace Corporation(2)	Revolver	97		—
Accurus Aerospace Corporation(2)	Revolver	—		277
AD Bidco, Inc.	Delayed Draw Term Loan	5,035		5,035
AD Bidco, Inc.	Revolver	1,863		1,863
Adhefin International(3)	Delayed Draw Term Loan	410		393

88

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
AirX Climate Solutions, Inc.	Delayed Draw Term Loan	10,387	10,387
AirX Climate Solutions, Inc.	Revolver	3,460	3,460
AlliA Insurance Brokers NV(3)	Delayed Draw Term Loan	271	259
Americo Chemical Products, LLC(2)	Revolver	1,400	1,400
Aquavista Watersides 2 LTD(2)(4)	Capex / Acquisition Facility	—	1,012
Arc Education(3)	Delayed Draw Term Loan	2,074	1,988
Argus Bidco Limited(2)(4)	Capex / Acquisition Facility	737	715
Artemis Bidco Limited(3)	Delayed Draw Term Loan	692	663
ASC Communications, LLC	Revolver	647	647
Astra Bidco Limited(2)(4)	Delayed Draw Term Loan	156	265
ATL II MRO Holdings Inc.	Revolver	6,410	6,410
Avance Clinical Bidco Pty Ltd(2)(5)	Delayed Draw Term Loan	1,390	1,381
Azalea Buyer, Inc.	Delayed Draw Term Loan	—	644
Azalea Buyer, Inc.	Revolver	481	481
Basin Innovation Group, LLC	Delayed Draw Term Loan	2,061	2,061
Basin Innovation Group, LLC	Revolver	1,781	1,781
Beyond Risk Management, Inc.	Delayed Draw Term Loan	29,829	29,829
Biolam Group(2)(3)	Delayed Draw Term Loan	1,475	1,414
BKF Buyer, Inc.(2)	Revolver	2,846	2,846
Brightpay Limited(2)(3)	Delayed Draw Term Loan	—	183
BrightSign LLC	Revolver	203	203
British Engineering Services Holdco Limited(2)(4)	Capex / Acquisition Facility	32	46
Broadstone Group UK LTD(4)	Delayed Draw Term Loan	1,392	—
Broadstone Group UK LTD(4)	Delayed Draw Term Loan	580	—
CAi Software, LLC	Revolver	1,870	1,870
Caldwell & Gregory LLC	Delayed Draw Term Loan	6,125	6,625
Caldwell & Gregory LLC	Revolver	5,000	5,000
Canadian Orthodontic Partners Corp.(2)(6)	Delayed Draw Term Loan	51	63
Cascade Residential Services LLC(2)	Delayed Draw Term Loan	2,459	2,459
Cascade Residential Services LLC(2)	Revolver	65	—
CCFF Buyer, LLC	Delayed Draw Term Loan	1,338	1,338
CCFF Buyer, LLC	Revolver	1,004	1,004
Centralis Finco S.a.r.l.(3)	Delayed Draw Term Loan	253	—
CGI Parent, LLC	Revolver	1,102	1,653
Comply365, LLC(2)	Revolver	575	575
Cosmelux International(2)(3)	Revolver	245	235
Coyo Uprising GmbH(2)(3)	Delayed Draw Term Loan	511	490
DataServ Integrations, LLC	Revolver	481	481
DAWGS Intermediate Holding Co.	Revolver	3,031	—
DecksDirect, LLC(2)	Revolver	127	34
DISA Holdings Corp.	Delayed Draw Term Loan	73	2,265
DISA Holdings Corp.	Revolver	1,025	1,282
Discovery Buyer, L.P.	Delayed Draw Term Loan	9,201	—
Discovery Buyer, L.P.	Revolver	2,286	—
Dune Group(2)(3)	Delayed Draw Term Loan	1,027	985
EB Development(3)	Capex / Acquisition Facility	829	—
EB Development(3)	Delayed Draw Term Loan	2,149	2,060

89

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
Eclipse Business Capital, LLC	Revolver	8,086	8,920
Electrical Components International, Inc.(2)	Delayed Draw Term Loan	1,170	1,170
EMI Porta Holdco LLC(2)	Revolver	2,085	1,932
eShipping, LLC	Revolver	743	743
Events Software BidCo Pty Ltd(2)	Delayed Draw Term Loan	620	620
Expert Institute Group Inc.(2)	Delayed Draw Term Loan	3,833	—
Expert Institute Group Inc.(2)	Revolver	2,061	—
Express Wash Acquisition Company, LLC(2)	Revolver	115	115
Faraday(2)(3)	Delayed Draw Term Loan	—	1,856
Finaxy Holding(2)(3)	Delayed Draw Term Loan	5,219	5,841
Footco 40 Limited(4)	Delayed Draw Term Loan	530	515
Forest Buyer, LLC	Revolver	595	595
Fortis Payment Systems, LLC(2)	Delayed Draw Term Loan	—	1,320
Fortis Payment Systems, LLC(2)	Revolver	—	2,288
GB Eagle Buyer, Inc.	Delayed Draw Term Loan	2,891	2,891
GB Eagle Buyer, Inc.	Revolver	2,533	2,895
GCDL LLC	Delayed Draw Term Loan	108	108
GCDL LLC	Revolver	108	108
Glacis Acquisition S.A.R.L.(2)(3)	Delayed Draw Term Loan	222	213
Global Academic Group Limited(2)(7)	Term Loan	13	233
GPNZ II GmbH(2)(3)	Delayed Draw Term Loan	43	—
GPNZ II GmbH(2)(3)	Delayed Draw Term Loan	—	49
Graphpad Software, LLC	Delayed Draw Term Loan	5,023	5,023
Graphpad Software, LLC	Revolver	2,093	2,093
Greenhill II BV(3)	Capex / Acquisition Facility	—	28
Groupe Product Life(3)	Delayed Draw Term Loan	3,957	5,832
Haystack Holdings LLC(2)	Delayed Draw Term Loan	7,442	—
Haystack Holdings LLC(2)	Revolver	1,806	—
HeartHealth Bidco Pty Ltd(2)(5)	Delayed Draw Term Loan	165	164
Heavy Construction Systems Specialists, LLC	Revolver	2,193	2,193
HEKA Invest(3)	Delayed Draw Term Loan	1,124	1,078
HemaSource, Inc.	Revolver	3,290	3,290
HomeX Services Group LLC	Delayed Draw Term Loan	6,503	6,503
HomeX Services Group LLC	Revolver	3,378	3,378
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	16,583	—
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	5,896	—
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	3,040	—
HS Advisory Buyer LLC(2)	Revolver	2,764	—
HSL Compliance(4)	Delayed Draw Term Loan	1,211	—
HTI Technology & Industries(2)	Delayed Draw Term Loan	1,691	1,691
HTI Technology & Industries(2)	Revolver	1,128	1,128
Hydratech Holdings, Inc.	Delayed Draw Term Loan	155	1,654
Hydratech Holdings, Inc.	Revolver	346	885
Ice House America, L.L.C.(2)	Delayed Draw Term Loan	1,224	1,224
Ice House America, L.L.C.(2)	Revolver	196	385
Infoniqa Holdings GmbH(2)(3)	Capex / Acquisition Facility	84	3,999
Interstellar Group B.V.(2)(3)	Delayed Draw Term Loan	1,155	1,163

90

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
InvoCare Limited(2)(5)	Delayed Draw Term Loan	554	550
ISTO Technologies II, LLC	Revolver	1,114	1,114
ITI Intermodal, Inc.	Revolver	1,031	1,031
Jon Bidco Limited(2)(7)	Capex / Acquisition Facility	384	380
Jones Fish Hatcheries & Distributors LLC	Revolver	167	418
Keystone Bidco B.V.(2)(3)	Delayed Draw Term Loan	61	185
Keystone Bidco B.V.(2)(3)	Revolver	29	28
Lambir Bidco Limited(2)(3)	Delayed Draw Term Loan	221	471
Lattice Group Holdings Bidco Limited	Delayed Draw Term Loan	227	237
Lattice Group Holdings Bidco Limited	Revolver	35	35
LeadsOnline, LLC	Revolver	3,190	3,190
Marmoutier Holding B.V.(2)(3)	Delayed Draw Term Loan	24	23
Marmoutier Holding B.V.(2)(3)	Revolver	68	65
MB Purchaser, LLC	Delayed Draw Term Loan	2,060	2,060
MB Purchaser, LLC	Revolver	824	824
MC Group Ventures Corporation(2)	Delayed Draw Term Loan	7,825	7,825
MC Group Ventures Corporation(2)	Delayed Draw Term Loan	435	435
Media Recovery, Inc. (SpotSee)(2)	Revolver	1,819	1,944
Media Recovery, Inc. (SpotSee)(2)(4)	Revolver	2,340	2,270
Megawatt Acquisitionco, Inc.(2)	Revolver	1,426	1,426
Mercell Holding AS(2)(8)	Capex / Acquisition Facility	745	691
Modern Star Holdings Bidco Pty Limited(2)(5)	Term Loan	473	470
Modern Star Holdings Bidco Pty Limited(2)(5)	Term Loan	54	54
Momentum Textiles, LLC	Revolver	1,357	—
Moonlight Bidco Limited(4)	Delayed Draw Term Loan	569	552
MSI Express Inc.(2)	Delayed Draw Term Loan	2,103	—
MSI Express Inc.(2)	Revolver	2,103	—
MSI Express Inc.(2)	Revolver	670	—
Narda Acquisitionco., Inc.	Revolver	1,059	1,059
NAW Buyer LLC	Delayed Draw Term Loan	8,992	8,992
NAW Buyer LLC	Revolver	2,306	2,306
Next Holdco, LLC	Delayed Draw Term Loan	5,984	5,984
Next Holdco, LLC	Revolver	2,321	2,321
NF Holdco, LLC(2)	Revolver	1,109	1,109
Northstar Recycling, LLC	Delayed Draw Term Loan	4,381	4,381
Northstar Recycling, LLC	Revolver	3,598	3,598
NPM Investments 28 B.V.(3)	Delayed Draw Term Loan	936	898
OA Buyer, Inc.	Revolver	1,331	1,331
OAC Holdings I Corp	Revolver	881	1,370
Oracle Vision Bidco Limited(2)(4)	Delayed Draw Term Loan	821	1,139
OSP Hamilton Purchaser, LLC	Delayed Draw Term Loan	4,255	4,255
OSP Hamilton Purchaser, LLC	Revolver	964	964
Pare SAS (SAS Maurice MARLE)(2)	Delayed Draw Term Loan	2,100	2,100
Parkview Dental Holdings LLC(2)	Delayed Draw Term Loan	328	328
PDQ.Com Corporation	Delayed Draw Term Loan	3,939	3,939
PDQ.Com Corporation	Delayed Draw Term Loan	1,685	1,814
Polara Enterprises, L.L.C.	Revolver	947	947

91

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
PowerGEM Buyer, Inc.(2)	Delayed Draw Term Loan	5,271	7,153
PowerGEM Buyer, Inc.(2)	Revolver	3,730	3,730
Premium Invest(3)	Capex / Acquisition Facility	1,256	1,204
Process Insights Acquisition, Inc.(2)	Delayed Draw Term Loan	610	1,220
Process Insights Acquisition, Inc.(2)	Revolver	630	136
ProfitOptics, LLC(2)	Revolver	97	97
Pro-Vision Solutions Holdings, LLC(2)	Revolver	2,754	3,318
PSP Intermediate 4, LLC(3)	Delayed Draw Term Loan	202	193
Qualified Industries, LLC	Revolver	364	364
R1 Holdings, LLC	Revolver	1,256	1,601
Randys Holdings, Inc.	Delayed Draw Term Loan	2,361	3,877
Randys Holdings, Inc.	Revolver	1,306	1,539
Rapid Buyer LLC	Delayed Draw Term Loan	2,833	2,833
Rapid Buyer LLC	Revolver	1,417	1,417
Rocade Holdings LLC(2)	Preferred Equity	2,000	2,000
Rock Labor LLC(2)	Revolver	941	941
ROI Solutions LLC	Delayed Draw Term Loan	3,485	3,485
ROI Solutions LLC	Revolver	3,120	3,120
Royal Buyer, LLC	Delayed Draw Term Loan	392	1,531
Royal Buyer, LLC	Revolver	2,330	2,330
RPX Corporation	Revolver	4,919	4,919
Saab Purchaser, Inc.	Delayed Draw Term Loan	7,660	7,660
Saab Purchaser, Inc.	Revolver	3,830	3,830
Sanoptis S.A.R.L.(2)(3)	Term Loan	2,562	2,456
Sansidor BV(2)(3)	Capex / Acquisition Facility	702	989
SBP Holdings LP	Delayed Draw Term Loan	15,924	15,924
SBP Holdings LP	Delayed Draw Term Loan	6,504	6,504
SBP Holdings LP	Revolver	5,467	5,467
Scout Bidco B.V.(2)(3)	Revolver	521	500
Sinari Invest(3)	Delayed Draw Term Loan	468	449
SISU ACQUISITIONCO., INC.(2)	Delayed Draw Term Loan	—	80
Skyvault Holdings LLC(2)	Delayed Draw Term Loan	10,578	24,262
Smartling, Inc.	Revolver	1,038	1,038
SmartShift Group, Inc.	Revolver	2,731	2,731
Solo Buyer, L.P.(2)	Revolver	1,130	1,463
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Delayed Draw Term Loan	231	232
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	78	156
SPATCO Energy Solutions, LLC	Delayed Draw Term Loan	5,086	5,086
SPATCO Energy Solutions, LLC	Revolver	4,159	4,159
Spatial Business Systems LLC	Revolver	1,406	1,406
SSCP Pegasus Midco Limited(2)(4)	Delayed Draw Term Loan	49	215
Superjet Buyer, LLC(2)	Delayed Draw Term Loan	14,512	14,512
Superjet Buyer, LLC(2)	Revolver	3,980	3,980
SVI International LLC	Delayed Draw Term Loan	74	74
SVI International LLC	Revolver	74	74
Tank Holding Corp(2)	Delayed Draw Term Loan	—	307
Tank Holding Corp	Revolver	655	655

92

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025		December 31, 2024
Tanqueray Bidco Limited(4)	Capex / Acquisition Facility	1,167		1,133
TAPCO Buyer LLC	Delayed Draw Term Loan	11,198		11,198
TAPCO Buyer LLC	Revolver	4,072		4,072
Technology Service Stream BidCo Pty Ltd(2)(5)	Delayed Draw Term Loan	234		233
Techone B.V.(3)	Revolver	238		228
Tencarva Machinery Company, LLC(2)	Delayed Draw Term Loan	11,498		—
Tencarva Machinery Company, LLC(2)	Delayed Draw Term Loan	8,432		—
Tencarva Machinery Company, LLC(2)	Revolver	4,041		2,554
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	1,233		1,233
THG Acquisition, LLC	Delayed Draw Term Loan	2,165		2,204
THG Acquisition, LLC	Revolver	1,384		1,343
Trintech, Inc.	Revolver	1,020		1,020
TSYL Corporate Buyer, Inc.(2)	Delayed Draw Term Loan	23,563		23,563
TSYL Corporate Buyer, Inc.(2)	Revolver	442		443
UBC Ledgers Holding AB(9)	Delayed Draw Term Loan	258		234
UHY Advisors, Inc.	Delayed Draw Term Loan	14,992		14,992
UHY Advisors, Inc.	Revolver	3,086		3,968
Union Bidco Limited(4)	Capex / Acquisition Facility	182		177
United Therapy Holding III GmbH(2)(3)	Capex / Acquisition Facility	622		596
Unither (Uniholding)(3)	Delayed Draw Term Loan	468		449
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(2)	Term Loan	3,077		—
WEST-NR ACQUISITIONCO, LLC(2)	Delayed Draw Term Loan	31,650		31,650
WEST-NR ACQUISITIONCO, LLC(2)	Delayed Draw Term Loan	4,831		4,831
Whitcraft Holdings, Inc.(2)	Delayed Draw Term Loan	10,677		18,199
Whitcraft Holdings, Inc.(2)	Revolver	842		1,190
White Bidco Limited	Delayed Draw Term Loan	514		514
Woodland Foods, LLC(2)	Delayed Draw Term Loan	1,401		—
Woodland Foods, LLC(2)	Line of Credit	1,428		852
World 50, Inc.	Revolver	1,703		1,703
WWEC Holdings III Corp(2)	Delayed Draw Term Loan	6,627		6,627
WWEC Holdings III Corp(2)	Revolver	3,359		3,359
Xeinadin Bidco Limited(2)(4)	Capex / Acquisition Facility	3,280		5,297
ZB Holdco LLC(2)	Delayed Draw Term Loan	2,513		—
ZB Holdco LLC(2)	Delayed Draw Term Loan	1,426		2,084
ZB Holdco LLC(2)	Revolver	921		338
Total unused commitments to extend financing		$	596,918	$	550,799

(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.

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

(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

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

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

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

93

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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

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

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

8. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the three months ended March 31, 2025 and 2024:

	Three Months Ended			Three Months Ended
($ in thousands, except share and per share amounts)	March 31, 2025			March 31, 2024
Per share data:
Net asset value at beginning of period	$	20.80		$	20.84
Net investment income (1)	0.53			0.57
Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1)	0.26			(0.27)
Net unrealized appreciation (depreciation) on investments / foreign currency transactions / forward currency contracts (1)	(0.24)			0.42
Total increase from investment operations (1)	0.55			0.72
Dividends paid to stockholders from net investment income	(0.60)			(0.60)
Net asset value at end of period	$	20.75		$	20.96
Shares outstanding at end of period	104,987,948			78,202,476
Net assets at end of period	$	2,178,459		$	1,639,197
Average net assets	$	2,034,944		$	1,365,329
Ratio of total expenses to average net assets (annualized) (2)	6.40		%	9.88		%
Ratio of net investment income to average net assets (annualized) (2)	10.51		%	11.88		%
Portfolio turnover ratio (annualized) (3)	3.98		%	7.07		%
Total return (4)	2.67		%	3.49		%

(1)Weighted average per share data—basic and diluted; per share data was derived by using the weighted average shares outstanding during the applicable period.

(2)Does not include expenses of underlying investment companies, including joint ventures and short-term investments.

(3)Portfolio turnover ratio as of March 31, 2025 excludes the impact of short-term investments.

(4)Total return is calculated as the change in NAV per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period.

9. SUBSEQUENT EVENTS

On April 1, 2025, the Company sold 4,367,430.320 unregistered shares of its common stock (with the number of shares issued being determined on April 21, 2025), for aggregate consideration of approximately $90.6 million at a price per share of $20.75, determined in accordance with Section 23 of the 1940 Act. The sale of common stock was made pursuant to subscription agreements entered into by the Company and the participating investors in connection with the Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder and/or Regulation S under the Securities Act.

On April 15, 2025, the SEC issued an order granting an application for exemptive relief permitting the Company to issue multiple classes of shares.

On May 8, 2025, the Board declared regular monthly distributions for June 2025 through August 2025. The regular monthly cash distributions, each in the gross amount of $0.19 per share, are payable on June 26, 2025, July 29, 2025 and August 27, 2025, to stockholders of record on June 24, 2025, July 25, 2025 and August 25, 2025, respectively.

94

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion is designed to provide a better understanding of our Unaudited Consolidated Financial Statements for the three months ended March 31, 2025, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, and the Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2024. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.

Forward-Looking Statements

Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or financial condition. Forward-looking statements may include, among other things, statements as to our future operating results, our business prospects and the prospects of our portfolio companies, the impact of the investments that we expect to make, the ability of our portfolio companies to achieve their objectives, our expected financings and investments, the adequacy of our cash resources and working capital, and the timing of cash flows, if any, from the operations of our portfolio companies. Words such as “expect,” “anticipate,” “target,” “goals,” “project,” “intend, “plan,” “believe,” “seek,” “estimate,” “continue,” “forecast,” “may,” “should,” “potential,” variations of such words, and similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. Readers are cautioned that the forward-looking statements contained in this Quarterly Report are only predictions, are not guarantees of future performance, and are subject to risks, events, uncertainties and assumptions that are difficult to predict. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the items discussed herein, in Item 1A titled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2024 and in Item 1A titled “Risk Factors” in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission (“SEC”) from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, disruptions related to tariffs and other trade or sanction issues, and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises on our or our portfolio companies’ business and the U.S. and global economies; our, or our portfolio companies’, future business, operations, operating results or prospects; risks associated with possible disruption due to terrorism in our operations or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview of Our Business

We were formed on April 2, 2021 as a Maryland limited liability company named Barings Private Credit LLC and converted to a Maryland corporation named Barings Private Credit Corporation effective on May 13, 2021, in connection with the commencement of our operations. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and are externally managed by Barings LLC (“Barings” or the “Adviser”), an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and expect to maintain our qualification as a RIC annually thereafter.

An externally-managed BDC generally does not have any employees, and its investment and management functions are provided by an outside investment adviser and administrator under an advisory agreement and administration agreement. Instead of directly compensating employees, we pay Barings for investment management and administrative services pursuant to the terms of an amended and restated investment advisory agreement (“Advisory Agreement”) and an administration agreement (“Administration Agreement”).

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We are a non-exchange traded, privately offered perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We use the term “privately offered perpetual-life BDC” to describe an investment vehicle of indefinite duration, whose shares of common stock are intended to be sold by the BDC on a continuous basis in private offerings at a price equal to the BDC’s net asset value (“NAV”) per share.

Our primary investment objective is to generate current income by investing directly in privately-held middle-market companies to help these companies fund acquisitions, growth or refinancing. We focus on investing primarily in senior secured private debt instruments in well-established middle-market businesses that operate across a wide range of industries. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities, high-yield investments and/or mortgage securities. Barings employs fundamental credit analysis, and targets investments in businesses with low levels of cyclicality (i.e., the risk of business cycles or other economic cycles adversely affecting them) and operating risk relative to other businesses in this market segment. The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and seeks to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated, would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal.

Formation Transactions/Initial Portfolio

On May 12, 2021, shortly prior to our election to be regulated as a BDC and conversion to a Maryland corporation, and in order to avoid the blind pool-aspects typically associated with the launch of a new fund, we acquired from Massachusetts Mutual Life Insurance Company (“MassMutual”) and C.M. Life Insurance Company (“CM Life”), a subsidiary of MassMutual, a select portfolio of senior secured private debt investments in, and funding obligations to, well-established middle-market businesses that operate across a wide range of industries (the “Initial Portfolio”).

The investments in the Initial Portfolio were selected based upon our defined investment objective, amount and type of unfunded obligations associated with each investment and the investment requirements set forth under the 1940 Act or otherwise imposed by applicable laws, rules or regulations, including in accordance with our election to be treated as a RIC for tax purposes.

The aggregate purchase price for the Initial Portfolio was $602.4 million, which is equal to the sum of the fair values of each investment in the Initial Portfolio at the time of purchase of the Initial Portfolio, net of accrued fees associated with certain unfunded obligations in the Initial Portfolio. The investments in the Initial Portfolio were valued as of March 31, 2021 by an independent third-party valuation firm, provided that any investments in the Initial Portfolio acquired by MassMutual or CM Life after March 31, 2021 were initially valued at cost. In connection with the acquisition of the Initial Portfolio, Barings conducted certain valuation procedures to confirm whether there had been any material changes to the fair value of the investments and obligations in the Initial Portfolio from the previously determined fair value thereof and concluded that no purchase price adjustments were necessary given the absence of any such material changes.

We continue to invest in predominantly senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. Senior secured private debt investments are negotiated directly with the borrower, rather than marketed by a third party or bought and sold in the secondary market. We believe senior secured private debt investments may offer higher returns and certain more favorable protections than syndicated senior secured loans. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Terms of our senior secured private debt investments are generally between five and seven years and bear interest between the Secured Overnight Financing Rate (“SOFR”) (or the applicable currency rate for investments in foreign currencies) plus 450 basis points and SOFR plus 650 basis points per annum. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities and/or mortgage securities.

As of March 31, 2025 and December 31, 2024, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 9.8% and 10.1%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 9.7% and 10.1% as of March 31, 2025 and December 31, 2024, respectively.

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Relationship with Our Adviser, Barings

Our Adviser, Barings, a wholly-owned subsidiary of MassMutual, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Advisers Act. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our Board of Directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings’ $353.3 billion Global Fixed Income Platform (as of March 31, 2025) that invests in liquid, private and structured credit. Barings GPFG manages private funds and separately managed accounts, along with multiple public vehicles. The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited (“BIIL”), as a sub-adviser to manage European investments for us. BIIL is an investment adviser registered with the SEC in the U.S. and the Financial Conduct Authority in the United Kingdom with its principal office located in London, England.

Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.

Under the terms of the Administration Agreement, Barings (in its capacity as our administrator) performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings also, on our behalf and subject to the Board’s oversight, arranges for the services of, and oversees, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.

Included in Barings GPFG is Barings North American Private Finance Team (the “U.S. Investment Team”), which consists of 52 investment professionals (as of March 31, 2025) located in three offices in the United States. The U.S. Investment Team provides a full set of solutions to the North American middle market, including first and second lien senior secured loans, unitranche structures, revolvers, mezzanine debt and equity co-investments. The U.S. Investment Team averages over 20 years of industry experience at the Managing Director and Director level. Also included in Barings GPFG are its Europe and Asia-Pacific Investment Committees and Private Finance Teams, which are responsible for our investment origination and portfolio monitoring activities for middle-market companies in Europe and Asia-Pacific geographies. In addition, Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.

We have entered into an expense support agreement (the “Expense Support Agreement”) with Barings, pursuant to which Barings may elect to pay certain of our expenses on our behalf (“Expense Payments”), including organization and offering expenses, provided that no portion of the payment will be used to pay any of our interest expenses or any distribution and/or shareholder servicing fees. Any Expense Payment that Barings commits to pay must be paid by Barings to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment is made in writing, and/or offset against amounts due from us to Barings or its affiliates. If Barings elects to pay certain of our expenses, Barings will be entitled to reimbursement of such expenses from us if Available Operating Funds (as defined in “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements) exceed the cumulative distributions accrued to our stockholders, subject to the terms of the Expense Support Agreement.

Portfolio Composition

The total fair value of our investment portfolio was $3,430.0 million and $3,094.1 million as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, we had investments in 322 portfolio companies and one money market fund with an aggregate cost of $3,433.1 million. As of December 31, 2024, we had investments in 314 portfolio companies and one money market fund with an aggregate cost of $3,117.3 million. As of March 31, 2025 and December 31, 2024, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.

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As of March 31, 2025 and December 31, 2024, our investment portfolio consisted of the following investments:

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2025:
Senior debt and 1st lien notes	$	2,856,646	83	%	$	2,821,555	82	%
Subordinated debt and 2nd lien notes	128,766		4		125,707		4
Structured products	84,011		3		84,460		2
Equity shares	311,036		9		355,740		10
Equity warrants	4		—		2,880		—
Royalty rights	8,859		—		15,946		1
Investment in joint ventures	33,546		1		13,513		1
Short-term investments	10,201		—		10,200		—
	$	3,433,069	100	%	$	3,430,001	100	%

($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
December 31, 2024:
Senior debt and 1st lien notes	$	2,552,342	82	%	$	2,503,156	81	%
Subordinated debt and 2nd lien notes	125,971		4		122,748		4
Structured products	79,722		3		80,401		3
Equity shares	298,038		10		337,684		11
Equity warrants	4		—		2,813		—
Royalty rights	9,066		—		14,583		—
Investment in joint ventures	41,986		1		22,480		1
Short-term investments	10,201		—		10,200		—
	$	3,117,330	100	%	$	3,094,065	100	%

Investment Activity

During the three months ended March 31, 2025, we made 18 new portfolio company investments totaling $191.0 million and made additional investments in existing portfolio companies totaling $238.2 million. We had nine loans repaid totaling $60.0 million and recognized a net realized loss on these transactions of $0.5 million. We also received $45.8 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.3 million. In addition, we received proceeds related to the sale of equity investments totaling $0.9 million and recognized a net realized gain on such sales totaling $0.3 million. Lastly, we received $8.6 million of return of capital from our joint venture and royalty rights investments.

During the three months ended March 31, 2024, we made 10 new investments totaling $129.7 million, made additional investments in existing portfolio companies totaling $146.4 million and made additional investments in existing joint venture equity portfolio companies totaling $1.4 million. We had 11 loans repaid totaling $100.4 million and received $22.5 million of portfolio company principal payments and sale proceeds and recognized a net realized gain on these transactions of $0.3 million. We sold $40.2 million of middle-market portfolio debt investments to one of our joint ventures, realizing a loss on these transactions of $22.8 thousand and recognized a loss of $4.3 million on one of our investments that was restructured. In addition, we received proceeds related to the sale of equity investments totaling $3.7 million and recognized a net realized gain on such sales totaling $0.5 million. Lastly, we received $1.0 million of return of capital from one of our joint ventures.

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Total portfolio investment activity for the three months ended March 31, 2025 and 2024 was as follows:

Three Months Ended March 31, 2025: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Royalty Rights		Investment in Joint Ventures		Short-term Investments		Total
Fair value, beginning of period	$	2,503,156	$	122,748	$	80,401	$	337,684	$	2,813	$	14,583	$	22,480	$	10,200	$	3,094,065
New investments	405,551		8,237		5,000		10,346		—		—		—		—		429,134
Proceeds from sales of investments / return of capital	(27,974)		—		—		(933)		—		(208)		(8,441)		—		(37,556)
Loan origination fees received	(9,510)		(2)		—		—		—		—		—		—		(9,512)
Principal repayments received	(70,528)		(6,574)		(714)		—		—		—		—		—		(77,816)
Payment-in-kind interest / dividends	2,128		1,054		—		3,313		—		—		—		—		6,495
Accretion of loan premium / discount	2,164		21		4		—		—		—		—		—		2,189
Accretion of deferred loan origination revenue	3,059		209		—		—		—		—		—		—		3,268
Realized gain (loss)	(586)		(150)		—		271		—		—		—		—		(465)
Unrealized appreciation (depreciation)	14,095		164		(231)		5,059		67		1,571		(526)		—		20,199
Fair value, end of period	$	2,821,555	$	125,707	$	84,460	$	355,740	$	2,880	$	15,946	$	13,513	$	10,200	$	3,430,001

Three Months Ended March 31, 2024: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Investment in Joint Ventures		Total
Fair value, beginning of period	$	1,958,306	$	148,450	$	23,947	$	297,213	$	2,475	$	28,538	$	2,458,929
New investments	250,445		21,836		—		3,779		—		1,410		277,470
Investment restructuring	(12,566)		—		—		12,536		30		—		—
Proceeds from sales of investments / return of capital	(40,481)		—		—		(3,666)		—		(951)		(45,098)
Loan origination fees received	(5,533)		(563)		—		—		—		—		(6,096)
Principal repayments received	(111,236)		(10,676)		(714)		—		—		—		(122,626)
Payment-in-kind interest /dividends	568		789		—		3,219		—		—		4,576
Accretion of loan premium /discount	206		35		4		—		—		—		245
Accretion of deferred loan origination revenue	3,014		177		—		—		—		—		3,191
Realized gain (loss)	(3,897)		—		—		338		—		—		(3,559)
Unrealized appreciation (depreciation)	(17)		(1,442)		2,290		664		132		252		1,879
Fair value, end of period	$	2,038,809	$	158,606	$	25,527	$	314,083	$	2,637	$	29,249	$	2,568,911

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Portfolio Risk Monitoring

The Adviser monitors our portfolio companies on an ongoing basis. As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, rates each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk ratings may not be comparable to ones used by other companies. For additional information regarding the Adviser’s portfolio management and investment monitoring, see “Item 1. Business – Portfolio Management and Investment Monitoring” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Our risk assessment is based on the following risk rating categories:

•Risk Rating 1:    In the opinion of the Adviser, the issuer is performing materially above expectations at the time of underwriting and the business trends and/or risk factors are favorable.

•Risk Rating 2:    In the opinion of the Adviser, the issuer is performing in a manner consistent with expectations at the time of underwriting and the current risk is believed to be similar to that at the time the asset was originated.

•Risk Rating 3:    In the opinion of the Adviser, the issuer is performing below expectations at the time of underwriting and the investment risk has increased since underwriting.

•Risk Rating 4:    In the opinion of the Adviser, the issuer is performing materially below expectations at the time of underwriting and the investment risk has increased materially since underwriting. Issuers with a risk rating of 4 are typically in violation of one or more debt covenants.

•Risk Rating 5:    In the opinion of the Adviser, the issuer is performing substantially below expectations at the time of underwriting and indicates the investment risk has increased substantially since underwriting. Loans with a risk rating of 5 are not anticipated to be repaid in full or have a possibility to not be repaid in full, and the fair market value reflects the Adviser’s current estimate of recoverable value.

The following table shows the classification of our investments by risk rating as of March 31, 2025, and December 31, 2024. Investment risk ratings are accurate only as of those dates and may change due to subsequent developments to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

($ in thousands)	March 31, 2025				December 31, 2024
Risk Rating Category	Fair Value (1)(2)		Percentage of Total Portfolio		Fair Value (1)(2)		Percentage of Total Portfolio
Category 1	$	324,901	10	%	$	263,808	9	%
Category 2	2,403,385		70		2,145,062		70
Category 3	526,640		16		454,781		15
Category 4	149,538		4		195,610		6
Category 5	12,942		—		15,715		—
Total	$	3,417,406	100	%	$	3,074,976	100	%

(1) Excludes 9.1% member interest in CPCF BPCC LLC.

(2) Excludes short-term investments.

Non-Accrual Assets

Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of March 31, 2025, we had six portfolio companies with their debt investments on non-accrual, the aggregate fair value of which was $8.0 million, which comprised 0.2% of the total fair value of our portfolio, and the aggregate cost of which was $20.9 million, which comprised 0.6% of the total cost of our portfolio. As of December 31, 2024, we had six portfolio companies with their debt

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investments on non-accrual, the aggregate fair value of which was $4.6 million, which comprised 0.1% of the total fair value of our portfolio, and the aggregate cost of which was $14.9 million, which comprised 0.5% of the total cost of our portfolio.

A summary of our non-accrual assets as of March 31, 2025 is provided below:

Biolam Group

During the quarter ended September 30, 2024, we placed our debt investment in Biolam Group, or Biolam, on non-accrual status. As a result, under U.S. generally accepted accounting principles (“U.S. GAAP”), we will not recognize interest income on our debt investment in Biolam for financial reporting purposes. As of March 31, 2025, the cost of our debt investment in Biolam was $5.7 million and the fair value of such investment was $3.2 million.

Canadian Orthodontic Partners Corp.

During the quarter ended March 31, 2024, we placed our first lien senior secured debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien senior secured debt investment in Canadian Orthodontics for financial reporting purposes. As of March 31, 2025, the cost of our first lien senior secured debt investment in Canadian Orthodontics was $4.9 million and the fair value of such investment was $0.8 million.

Eurofins Digital Testing International LUX Holdings SARL

During the quarter ended June 30, 2024, we placed our debt investments in Eurofins Digital Testing International LUX Holdings SARL, or Eurofins, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Eurofins for financial reporting purposes. As of March 31, 2025, the cost of our debt investments in Eurofins was $4.1 million and the fair value of such investments was $2.4 million.

GPNZ II GmbH

During the quarter ended March 31, 2024, we placed our first lien EURIBOR + 6.00% debt investment in GPNZ II GmbH, or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 6.00% debt investment in GPNZ for financial reporting purposes. As of March 31, 2025, the cost of our first lien EURIBOR + 6.00% debt investment in GPNZ was $0.4 million and the fair value of such investment was $24.5 thousand.

Marmoutier Holding B.V.

During the quarter ended March 31, 2024, we placed our debt investments in Marmoutier Holding B.V., or Marmoutier, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in Marmoutier for financial reporting purposes. As of March 31, 2025, the cost of our debt investments in Marmoutier was $2.7 million and the fair value of such investments was $0.2 million.

Zeppelin Bidco Limited

During the quarter ended March 31, 2025, we placed our debt investment in Zeppelin Bidco Limited, or Zeppelin, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Zeppelin for financial reporting purposes. As of March 31, 2025, the cost of our debt investment in Zeppelin was $3.1 million and the fair value of such investment was $1.4 million.

PIK Non-Accrual Assets

In addition to our non-accrual assets, during the quarter ended September 30, 2024, we placed our first lien senior secured debt investment in A.T. Holdings II LTD, or A.T. Holdings, on non-accrual status only with respect to the PIK interest component of the loan. As of March 31, 2025, the cost of our debt investment in A.T. Holdings was $14.3 million, or 0.4% of the total cost of our portfolio, and the fair value of such investment was $10.0 million, or 0.3% of the total fair value of our portfolio.

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Results of Operations

Comparison of the three months ended March 31, 2025 and 2024

Operating results for the three months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2025		March 31, 2024
Total investment income	$	86,057	$	74,294
Total operating expenses	32,173		33,479
Net investment income before taxes	53,884		40,815
Income taxes, including excise tax expense	400		250
Net investment income after taxes	53,484		40,565
Net realized gains (losses)	26,209		(18,873)
Net unrealized appreciation (depreciation)	(24,250)		29,706
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts	1,959		10,833
Net increase in net assets resulting from operations	$	55,443	$	51,398

Net increases or decreases in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.

Investment Income

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2025		March 31, 2024
Investment income:
Total interest income	$	69,408	$	60,553
Total dividend income	7,290		6,739
Total fee and other income	5,240		4,376
Total payment-in-kind interest income	3,455		2,365
Interest income from cash	664		261
Total investment income	$	86,057	$	74,294

The change in total investment income for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, was primarily due to an increase in the average size of our portfolio and increased dividends from portfolio companies and joint venture investments. The amount of our outstanding debt investments was $3,113.1 million as of March 31, 2025, as compared to $2,290.7 million as of March 31, 2024. The increase in the average size of our portfolio was largely due to net additions in sponsor and non-sponsor investments. For the three months ended March 31, 2025, dividends from portfolio companies and joint venture investments were $7.3 million, as compared to $6.7 million for the three months ended March 31, 2024.

Operating Expenses

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2025		March 31, 2024
Operating expenses:
Interest and other financing fees	$	20,915	$	24,152
Base management fee	5,723		4,593
Incentive management fees	3,801		3,067
Other general and administrative expenses	1,734		1,667
Total operating expenses	$	32,173	$	33,479

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Interest and Other Financing Fees

Interest and other financing fees during the three months ended March 31, 2025, were primarily attributable to borrowings under the Revolving Credit Facility, the SMBC Credit Facility, the July 2026 Notes, the May 2027 Notes (each as defined below under “Financial Condition, Liquidity and Capital Resources”) and our term debt securitization (including the 2023 Debt Securitization (as defined below under “Financial Condition, Liquidity and Capital Resources”) as initially completed in August 2023 and refinanced and upsized in the CLO Transaction (as defined below under “Financial Condition, Liquidity and Capital Resources”) in September 2024, and as amended, restated and modified from time to time, the “BPCC Debt Securitization”). Interest and other financing fees during the three months ended March 31, 2024 were attributable to borrowings under the Revolving Credit Facility, the SMBC Credit Facility, the 2023 Debt Securitization, the July 2026 Notes and the May 2027 Notes (as defined below under “Financial Condition, Liquidity and Capital Resources”).

The decrease in interest and other financing fees for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, was primarily attributed to a lower weighted average interest rate on borrowings. The weighted average interest rate on borrowings was 6.3% for the three months ended March 31, 2025, as compared to 7.4% for the three months ended March 31, 2024.

Base Management Fee

Under the Advisory Agreement, we pay Barings a base management fee (the “Base Management Fee”), quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of our gross assets at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. The Base Management Fee for any partial quarter is appropriately pro-rated. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the Advisory Agreement and the fee arrangement thereunder. For the three months ended March 31, 2025 and 2024, the amount of Base Management Fees incurred were approximately $5.7 million and $4.6 million, respectively. The increase in the Base Management Fee for the three months ended March 31, 2025 versus the corresponding 2024 period is primarily related to the average value of gross assets increasing from $2,449.5 million as of the end of the two most recently completed calendar quarters prior to March 31, 2024 to $3,052.1 million as of the end of the two most recently completed calendar quarters prior to March 31, 2025.

Incentive Fee

Under the Advisory Agreement, we pay Barings an incentive fee. The incentive fee is determined and paid quarterly in arrears based on the amount by which (x) the aggregate “pre-incentive fee net investment income” in respect of the then-current calendar quarter and the three preceding calendar quarters (the “Trailing Twelve Months”), exceeds (y) the hurdle amount in respect of the Trailing Twelve Months. The incentive fee is subject to a cap (the “Incentive Fee Cap”), which during each of the three months ended March 31, 2025 and March 31, 2024, was an amount equal to 0.50% of the average value of the our gross assets (excluding (i) cash and cash equivalents and (ii) net unsettled purchases and sales of investments) at the end of each quarter during the trailing twelve months and appropriately adjusted for any share issuances or repurchases during the period. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2025, the amount of incentive fee incurred was approximately $3.8 million, as compared to $3.1 million for the three months ended March 31, 2024. The increase in the incentive fee for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, relates predominantly to an increase in pre-incentive fee net investment income and to the value of the gross assets used in the Incentive Fee Cap calculation. For the three months ended March 31, 2025, the amount of pre-incentive fee net investment income was approximately $57.7 million, as compared to approximately $43.9 million for the three months ended March 31, 2024. The average value of gross assets used in the Incentive Fee Cap calculation increased from $2,453.4 million as of March 31, 2024 to $3,041.0 million as of March 31, 2025.

Other General and Administrative Expenses

Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse Barings for the costs and expenses incurred by it in performing its obligations and providing personnel and facilities under the Administration Agreement in an amount negotiated and mutually agreed to by us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us under the Administration Agreement for the applicable quarterly period, and Barings will not be entitled to the recoupment of any amounts in excess of the agreed-upon quarterly expense amount. For the three months ended March 31, 2025 and 2024, the amount of administration expense incurred and invoiced by Barings for expenses was $0.4 million and $0.5 million, respectively. In addition to expenses incurred

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under the Administration Agreement, other general and administrative expenses include Board fees, directors’ and officers’ insurance costs, legal and accounting expenses and other costs related to our operations.

Net Realized Gains (Losses)

Net realized gains (losses) during the three months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2025		March 31, 2024
Net realized gains (losses):
Non-Control / Non-Affiliate investments	$	(465)	$	(3,559)
Net realized gains (losses) on investments	(465)		(3,559)
Foreign currency transactions	722		(397)
Forward currency contracts	25,952		(14,917)
Net realized gains (losses)	$	26,209	$	(18,873)

    

During the three months ended March 31, 2025, we recognized net realized gains totaling $26.2 million, which consisted primarily of a net gain on our forward currency contracts of $26.0 million and a net gain on foreign currency transactions of $0.7 million, partially offset by a net loss on our investment portfolio of $0.5 million.

During the three months ended March 31, 2024, we recognized net realized losses totaling $18.9 million, which consisted primarily of a net loss on our forward currency contracts of $14.9 million, a net loss on our investment portfolio of $3.6 million and a net loss on foreign currency transactions of $0.4 million. The net loss on our investment portfolio predominantly related to the restructuring of one investment which was primarily reclassified from unrealized depreciation during the three months ended March 31, 2024.

Net Unrealized Appreciation (Depreciation)

Net unrealized appreciation (depreciation) during the three months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2025		March 31, 2024
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	$	18,070	$	2,907
Affiliate investments	1,325		(991)
Control investments	(14)		—
Net unrealized appreciation (depreciation) on investments	19,381		1,916
Foreign currency transactions	(3,917)		1,850
Forward currency contracts	(39,714)		25,940
Net unrealized appreciation (depreciation)	$	(24,250)	$	29,706

During the three months ended March 31, 2025, we recorded net unrealized depreciation totaling $24.3 million, consisting of net unrealized depreciation related to our forward currency contracts of $39.7 million, net unrealized depreciation related to foreign currency transactions of $3.9 million, deferred taxes of $0.8 million and net unrealized depreciation reclassification adjustments of $0.2 million related to the net realized losses on the sales / repayments of certain investments, partially offset by net unrealized appreciation on our current portfolio of $20.4 million. The net unrealized appreciation on our current portfolio of $20.4 million was driven primarily by the impact of foreign currency exchange rates on investments of $17.2 million, broad market moves for investments of $1.6 million and the credit or fundamental performance of investments of $1.6 million.

During the three months ended March 31, 2024, we recorded net unrealized appreciation totaling $29.7 million, consisting of net unrealized appreciation related to our forward currency contracts of $25.9 million, net unrealized appreciation related to foreign currency transactions of $1.9 million and net unrealized appreciation reclassification adjustments of $5.3 million related to the net realized losses on the sales / repayments and restructures of certain investments, partially offset by net unrealized depreciation on our current portfolio of $3.4 million. The net unrealized depreciation on our current portfolio of $3.4 million was driven primarily by the impact of foreign currency exchange rates on investments of $12.0 million and credit or fundamental performance of investments of $4.9 million, partially offset by broad market moves for investments of $13.5 million.

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Financial Condition, Liquidity and Capital Resources

We believe that our current cash and foreign currencies on hand, our short-term investments, our available borrowing capacity under the Revolving Credit Facility and the SMBC Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. In addition, we expect to generate cash from the net proceeds of our continuous offering of shares of common stock in the private offering of our common stock. This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

On May 13, 2021, our stockholders approved a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of stockholder approval, effective May 14, 2021, our applicable minimum asset coverage ratio under the 1940 Act was decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. Our asset coverage ratio was 257.6% as of March 31, 2025.

Cash Flows

For the three months ended March 31, 2025, we experienced a net increase in cash in the amount of $82.3 million. During that period, our operating activities used $144.0 million in cash, consisting primarily of purchases of portfolio investments of $336.2 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $116.6 million. In addition, our financing activities provided net cash of $226.4 million, consisting primarily of proceeds from the issuance of common stock of $214.5 million and net borrowings of $73.0 million under the Revolving Credit Facility and the SMBC Credit Facility, partially offset by dividends paid in the amount of $55.4 million and $5.8 million in share repurchases. As of March 31, 2025, we had $213.4 million of cash and foreign currencies on hand, including $4.4 million of restricted cash.

For the three months ended March 31, 2024, we experienced a net increase in cash in the amount of $92.3 million. During that period, our operating activities used $89.2 million in cash, consisting primarily of purchases of portfolio investments of $277.6 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $168.8 million. In addition, our financing activities provided net cash of $181.6 million, consisting primarily of proceeds from the issuance of common stock of $351.2 million, partially offset by net repayments of $126.1 million under the Revolving Credit Facility and SMBC Credit Facility, dividends paid in the amount of $38.2 million and repayments of $4.9 million under the 2023 Debt Securitization. As of March 31, 2024, we had $175.9 million of cash and foreign currencies on hand, including $8.1 million of restricted cash.

Financing Transactions

BNP Paribas Revolving Credit Facility

On May 11, 2021, BPC Funding LLC (“BPC Funding”), our wholly-owned subsidiary, entered into a senior secured revolving credit facility with BNP Paribas (“BNPP”) (as amended, the “Revolving Credit Facility”). BNPP serves as administrative agent, State Street Bank and Trust Company serves as collateral agent, and we serve as servicer under the Revolving Credit Facility. The initial maximum amount of borrowings available under the Revolving Credit Facility was $400 million. On November 18, 2021, BPC Funding and BNPP amended the Revolving Credit Facility to increase the maximum amount of borrowings available to $600 million from $400 million. Effective on March 9, 2022, BPC Funding and BNPP amended the Revolving Credit Facility to increase the maximum amount of borrowings available to $800 million from $600 million. On May 9, 2024, BPC Funding and BNPP amended the Revolving Credit Facility to extend the revolving period and maturity date of the Revolving Credit Facility to May 11, 2027 and May 11, 2029, respectively.

Advances under the Revolving Credit Facility initially bore interest at a per annum rate equal to, in the case of dollar advances, three-month London Interbank Offered Rate (“LIBOR”), and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of 1.65% to 2.60% per annum depending on the nature of the advances being requested under the Revolving Credit Facility. Effective on March 9, 2022, the term SOFR reference rate replaced LIBOR as an applicable index for U.S. dollar-based borrowings. Effective March 9, 2022, U.S. dollar advances under the Revolving Credit Agreement bore interest at a per annum rate equal to three-month term SOFR, plus an applicable margin of 1.80% to 2.75% per annum depending on the nature of the advances being requested under the Revolving Credit Agreement. Commencing on May 9, 2024, advances under the Revolving Credit Facility bear interest at a per annum rate equal to, in the case of dollar advances, Term SOFR based upon the applicable interest accrual period, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of (1) during the reinvestment period, 2.50% and (2) following the reinvestment period, 3.00%.

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Under the Revolving Credit Facility, BPC Funding pays an unused fee based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between BPC Funding and BNPP. Commencing on September 9, 2022, BPC Funding paid an unused fee of 1.25% per annum if the unused facility amount was greater than 50%, or 0.75% per annum if the unused facility amount was less than or equal to 50% and greater than 25%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between BPC Funding and BNPP. Commencing on May 9, 2024, BPC Funding pays an unused fee, based on the average daily unused amount of the financing commitments, in an amount not to exceed (1) 1.375% per annum for the period up to and including March 31, 2025, and (2) 2.00% per annum for the period after March 31, 2025, in addition to certain other fees as agreed between BPC Funding and BNPP.

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to BPC Funding varies depending upon the types of assets in BPC Funding’s portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

Proceeds from borrowings under the Revolving Credit Facility may be used to fund portfolio investments by BPC Funding, to make advances under delayed draw term loans and revolving loans for which BPC Funding is a lender, and to make permitted distributions. The expiration date for the period during which BPC Funding may borrow under the Revolving Credit Facility is May 11, 2027, and the scheduled maturity date under the Revolving Credit Agreement is May 11, 2029.

BPC Funding’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in all of BPC Funding’s portfolio investments and cash. The obligations of BPC Funding under the Revolving Credit Facility are non-recourse to us, and our exposure under the Revolving Credit Facility is limited to the value of our investment in BPC Funding.

In connection with the Revolving Credit Facility, BPC Funding has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of BPC Funding occurs. Upon the occurrence and during the continuation of an event of default, BNPP may declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable. The occurrence of an event of default triggers a requirement that BPC Funding obtain the consent of BNPP prior to entering into any sale or disposition with respect to portfolio investments. As of March 31, 2025, we were in compliance with all covenants of the Revolving Credit Facility.

As of March 31, 2025, we had U.S. dollar borrowings of $370.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 6.793% (three month SOFR of 4.293%), borrowings denominated in British pounds sterling of £8.2 million ($10.6 million U.S. dollars) with a weighted average interest rate of 7.200% (daily SONIA of 4.581%), borrowings denominated in New Zealand dollars of NZ$4.1 million ($2.3 million U.S. dollars) with an interest rate of 6.445% (three month NZBB of 3.945%) and borrowings denominated in Euros of €91.6 million ($98.9 million U.S. dollars) with a weighted average interest rate of 5.112% (three month EURIBOR of 2.612%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the Revolving Credit Facility borrowings is included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statements of Operations.

The fair values of the borrowings outstanding under the Revolving Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2025, the fair value of the borrowings outstanding under the Revolving Credit Facility was $482.3 million. See “Note 5. Borrowings — BNP Paribas Revolving Credit Facility” to our Unaudited Consolidated Financial Statements for additional information regarding the Revolving Credit Facility.

SMBC Revolving Credit Facility

On March 6, 2023, we entered into a senior secured revolving credit facility (as amended, the “SMBC Credit Facility”) pursuant to a Senior Secured Revolving Credit Agreement (the “SMBC Credit Agreement”) with Sumitomo Mitsui Banking Corporation, as administrative agent (“SMBC”), as lead arranger and as sole bookrunner, and the lenders and issuing banks from time to time party thereto.

The initial principal amount of the SMBC Credit Facility was $115.0 million, subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $500.0 million, subject to the satisfaction of certain conditions. On April 17, 2023,

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we amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size from $115.0 million to $165.0 million, subject to the terms of the SMBC Credit Facility. In connection with the facility increase contemplated by the SMBC Credit Facility, Regions Bank joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $50.0 million. On December 14, 2023, we amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size to $215.0 million, including an initial term commitment of $25.0 million and converts a portion of the existing revolver availability into a term loan availability. On February 8, 2024, we amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size from $215.0 million to $265.0 million, subject to the terms of the SMBC Credit Facility. In connection with the facility increase, State Street Bank and Trust Company joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $25.0 million and Regions Bank increased its commitment from $50.0 million to $75.0 million.

Advances under the SMBC Credit Facility initially bear interest at a per annum rate equal to, (i) in the case of U.S. dollar advances, 1.00% per annum plus an “alternate base rate” (as described in the SMBC Credit Agreement) in the case of any ABR Loan and 2.00% per annum plus Term SOFR, (ii) in the case of foreign currency advances (other than Sterling), 1.00% per annum plus an “alternate base rate” (as described in the SMBC Credit Agreement) in the case of any ABR Loan and 2.00% plus the applicable benchmark in effect for such currency, and (iii) in the case of Sterling advances, 2.00% per annum plus Daily Simple RFR, in each case, depending on the nature of the advances being requested under the SMBC Credit Facility. Commencing on September 6, 2023, we pay an unused fee of 0.50% per annum if the unused facility amount is equal to or exceeds 67%, or 0.375% per annum if the unused facility amount is less than 67%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between us and SMBC.

Advances under the SMBC Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to us varies depending upon the types of assets in our portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

The SMBC Credit Facility is guaranteed by BPCC Holdings, Inc., our subsidiary, and will be guaranteed by certain of our domestic subsidiaries that are formed or acquired by us in the future (collectively, the “Subsidiary Guarantors”). Proceeds of the SMBC Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the SMBC Credit Agreement.

The period during which we may borrow under the SMBC Credit Facility expires on March 5, 2027, and the SMBC Credit Facility will mature and all amounts outstanding thereunder must be repaid by March 6, 2028. The SMBC Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and the Subsidiary Guarantors, subject to certain exceptions.

In connection with the SMBC Credit Facility, we have made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The SMBC Credit Facility contains customary events of default for similar financing transactions, including if a change in control of us occurs. Upon the occurrence and during the continuation of certain event of defaults, SMBC, as administrative agent, may declare the outstanding advances and all other obligations under the SMBC Credit Facility immediately due and payable. As of March 31, 2025, we were in compliance with all covenants of the SMBC Credit Facility.

As of March 31, 2025, we had U.S. dollar borrowings of $156.9 million outstanding under the SMBC Credit Facility with a weighted average interest rate of 7.512% (one-month SOFR of 5.412%) and borrowings denominated in Euros of €30.0 million ($32.4 million U.S. dollars) with an interest rate of 4.460% (one month EURIBOR of 2.460%). The fair values of the borrowings outstanding under the SMBC Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2025, the fair value of the borrowings outstanding under the SMBC Credit Facility was $189.3 million. See “Note 5. Borrowings — SMBC Revolving Credit Facility” to our Unaudited Consolidated Financial Statements for additional information regarding the SMBC Credit Facility.

2023 Debt Securitization

On August 23, 2023 (the “2023 Debt Securitization Closing Date”), we completed a $496.5 million term debt securitization (the “2023 Debt Securitization”). Term debt securitizations are also known as a collateralized loan obligations and are a form of secured financing incurred by one of our subsidiaries, which is consolidated by us and subject to our overall

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asset coverage requirements.

On the 2023 Debt Securitization Closing Date and in connection with the 2023 Debt Securitization, Barings Private Credit Corporation CLO 2023-1 Ltd. (the “CLO Issuer”) and Barings Private Credit CLO 2023-1, LLC (the “CLO Co-Issuer” and together with the CLO Issuer, the “Issuers”), both indirect, wholly-owned, consolidated subsidiaries of ours, entered into a Note Purchase Agreement with BNP Paribas Securities Corp., as the initial purchaser (the “Initial Purchaser”), pursuant to which the Issuers agreed to sell certain of the notes and loans to the Initial Purchaser to be issued as part of the 2023 Debt Securitization pursuant an indenture by and among the CLO Issuer, the Co-Issuer, and State Street Bank and Trust Company (“State Street”), as collateral trustee (the “2023 Debt Securitization CLO Indenture”).

The notes and loans offered in the 2023 Debt Securitization consisted of $300.0 million of AAA(sf) Class A Senior Secured Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 2.40% (the “Class A-1 Notes”); $35.0 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 3.35% (the “Class A-2 Notes”); $25.0 million of A(sf) Class B Secured Deferrable Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 4.15% (the “Class B Notes”); $22.5 million of BBB(sf) Class C Secured Deferrable Floating Rate Notes due 2031, which bore interest at the three month SOFR plus 6.35% (the “Class C Notes” and together with the Class A-1 Notes, the Class A-2 Notes and the Class B Notes, the “2023 Debt Securitization Secured Notes”); and $20.0 million of AA(sf) Class A Senior Floating Rate Loans maturing 2031, which bore interest at the three-month SOFR plus 3.35% (the “Class A-2 Loans” and together with the 2023 Debt Securitization Secured Notes, the “2023 Debt Securitization Secured Debt”). Additionally, on the 2023 Debt Securitization Closing Date, the Issuers issued $94.0 million of Subordinated Notes due 2031 (the “2023 Debt Securitization Subordinated Notes”), which did not bear interest. The 2023 Debt Securitization Secured Debt together with the 2023 Debt Securitization Subordinated Notes are collectively referred to herein as the “2023 Debt Securitization Notes”, and the 2023 Debt Securitization Secured Debt together with the 2023 Debt Securitization Subordinated Notes are collectively referred to herein as the “2023 Debt Securitization Debt”.

The Class A-2 Loans were incurred under a credit agreement (the “Class A-2 Credit Agreement”), dated as of the 2023 Debt Securitization Closing Date, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee. The 2023 Debt Securitization was backed by a diversified portfolio of middle-market commercial loans. The 2023 Debt Securitization Debt was scheduled to mature on July 15, 2031; however, the 2023 Debt Securitization Debt may have been, but was not, redeemed by the Issuers, at the direction of the Company as holder of the 2023 Debt Securitization Subordinated Notes, on any business day after July 15, 2024. We acted as retention holder in connection with the 2023 Debt Securitization for the purposes of satisfying certain U.S., U.K. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such was required to retain a portion of the 2023 Debt Securitization Subordinated Notes. We retained all of the 2023 Debt Securitization Subordinated Notes issued in the 2023 Debt Securitization.

Under the terms of the master loan sale agreement entered into on the 2023 Debt Securitization Closing Date (the “2023 Debt Securitization Loan Sale Agreement”) that provided for the sale of certain loans (the “2023 Debt Securitization Collateral Obligations”) to the CLO Issuer, we transferred to the CLO Issuer a portion of its ownership interest in the 2023 Debt Securitization Collateral Obligations securing the 2023 Debt Securitization for the purchase price and other consideration set forth in the 2023 Debt Securitization Loan Sale Agreement. Under the terms of the master participation and assignment agreement entered into on the 2023 Debt Securitization Closing Date (the “2023 Debt Securitization Participation Agreement”), pending the settlement of the 2023 Debt Securitization Collateral Obligations transferred to the CLO Issuer under the 2023 Debt Securitization Loan Sale Agreement, BPC Funding granted participation interests therein to the CLO Issuer until such loans are elevated to assignment. Following these transfers, CLO Issuer, and not BPC Funding or us, holds all of the ownership interest in such loans and participations. We made customary representations, warranties and covenants in the 2023 Debt Securitization Loan Sale Agreement.

The 2023 Debt Securitization Secured Debt was the secured obligation of the Issuers, the 2023 Debt Securitization Subordinated Notes were the unsecured obligations of the CLO Issuer, and the 2023 Debt Securitization CLO Indenture and Class A-2 Credit Agreement governing the 2023 Debt Securitization Debt included customary covenants and events of default. The 2023 Debt Securitization Debt was not registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities or “blue sky” laws and will not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

On September 17, 2024, the Issuers closed a refinancing and upsize of the 2023 Debt Securitization in the amount of a $504.0 million collateralized loan obligation (the “CLO Reset Transaction”).

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The CLO Reset Transaction was executed through: (A) the issuance by the Issuers of the following classes of notes pursuant that certain amended and restated indenture and security agreement (as amended, modified or supplemented from time to time, the “Amended and Restated Indenture”), dated as of September 17, 2024, by and among the CLO Issuer, the Co-Issuer, and State Street, as collateral trustee: (i) of $110,000,000 of AAA(sf) Class A-1AR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.63% (the “Class A-1AR Notes”); (ii) $0 of AAA(sf) Class A-1AL Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.63% (the “Class A-1AL Notes”); (iii) $35,000,000 of AAA(sf) Class A-1BR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.90% (the “Class A-1BR Notes”); (iv) $30,000,000 of AA(sf) of Class A-2R Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.00% (the “Class A-2R Notes”); (v) $40,000,000 of A(sf) Class B-R Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.50% (the “Class B-R Notes”); and (vi) $30,000,000 of BBB-(sf) Class C-R Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 4.50% (the “Class C-R Notes” and together with the Class A-1AR Notes, the Class A-1AL Notes, the Class A-1BR Notes, the Class A-2R Notes and the Class B-R Notes, the “Secured Replacement Notes”); (B) the extension, pursuant to the Amended and Restated Indenture, of the stated maturity date of the $94,000,000 of subordinated notes issued by the CLO Issuer in connection with the original closing of the collateralized loan obligation transaction of the Issuers (the “Replacement Subordinated Notes”) to 2036; and (C) the borrowing by the Issuers of (i) $115,000,000 of AAA(sf) Class A-1A Senior Secured Floating Rate Loans maturing 2036, which bear interest at the three-month SOFR plus 1.63% (the “Class A-1A Loans”), pursuant to a class A-1A credit agreement (the “Class A-1A Credit Agreement”), dated as of September 17, 2024, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee; and (ii) $50,000,000 of AAA(sf) Class A-1AS Senior Secured Floating Rate Loans maturing 2036, which bear interest at the three-month SOFR plus 1.63% (the “Class A-1AS Loans” and, together with the Class A-1A Loans and the Secured Replacement Notes, the “Secured Replacement Debt,” and together with the Replacement Subordinated Notes, the “Replacement Debt”), pursuant to a class A-1AS credit agreement (the “Class A-1AS Credit Agreement”), dated as of September 17, 2024, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee.

The CLO Reset Transaction is backed by a diversified portfolio of middle-market commercial loans. The Replacement Debt will mature on October 15, 2036; however, the Replacement Debt may be redeemed by the Issuers, at our direction as holder of the Replacement Subordinated Notes, on any business day after October 15, 2026. We continue to act as retention holder in connection with the CLO Reset Transaction for the purposes of satisfying certain U.S., U.K. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to continue to retain a portion of the Replacement Subordinated Notes. The Replacement Debt was 100% funded at closing. We continue to retain 100% of the Replacement Subordinated Notes.

The CLO Issuer used the proceeds from the CLO Reset Transaction to, among other things, purchase certain middle-market loans (“Collateral Obligations”) on September 17, 2024 from us pursuant to an amended and restated master loan sale agreement entered into on September 17, 2024 (the “CLO Reset Transaction Amended and Restated Sale Agreement”), as described below.

Under the terms of the CLO Reset Transaction Amended and Restated Sale Agreement that provides for the sale of Collateral Obligations to the CLO Issuer, we transferred to the CLO Issuer on September 17, 2024, and will transfer from time to time after September 17, 2024, a portion of our ownership interest in the Collateral Obligations securing the CLO Reset Transaction for the purchase price and other consideration set forth in the CLO Reset Transaction Amended and Restated Sale Agreement. Following each such transfer pursuant to the CLO Reset Transaction Amended and Restated Sale Agreement, CLO Issuer, and not BPC Funding or us, holds all of the ownership interest in such loans. We made customary representations, warranties and covenants in the CLO Reset Transaction Amended and Restated Sale Agreement.

The Secured Replacement Debt is the secured obligation of the Issuer. The Amended and Restated Indenture, the Class A-1A Credit Agreement and the Class A-1AS Credit Agreement governing the Replacement Debt include customary covenants and events of default. The Replacement Debt has not been, and will not be, registered under the Securities Act, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

We continue to serve as collateral manager to the CLO Issuer under an amended and restated collateral management agreement entered into on September 17, 2024 (the “Amended and Restated Collateral Management Agreement”) and have agreed to irrevocably waive all collateral management fees payable pursuant to the Amended and Restated Collateral Management Agreement

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As of March 31, 2025, the fair value of the Class A-1AR Notes, Class A-1A Loans, Class A-1AS Loans, Class A-1BR Notes, Class A-2R Notes, Class B-R Notes and Class C-R Notes was $409.0 million. The fair values of the Class A-1AR Notes, Class A-1A Loans, Class A-1AS Loans, Class A-1BR Notes, Class A-2R Notes, Class B-R Notes and Class C-R Notes were based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs. See “Note 5. Borrowings — 2023 Debt Securitization” to our Unaudited Consolidated Financial Statements for additional information regarding the 2023 Debt Securitization.

July 2026 Notes

On July 29, 2021, we entered into a Note Purchase Agreement (the “July 2021 NPA”) governing the issuance of (1) $75.0 million in aggregate principal amount of Series A senior unsecured notes due July 29, 2026 (the “Series A Notes”), (2) $38.0 million in aggregate principal amount of Series B senior unsecured notes due July 29, 2026 (the “Series B Notes”), and (3) $37.0 million in aggregate principal amount of Series C senior unsecured notes due July 29, 2026 (the “Series C Notes,” and collectively with the Series A Notes and the Series B Notes, the “July 2026 Notes”), in each case, to qualified institutional investors in a private placement. The Series A Notes, Series B Notes and Series C Notes were delivered and paid for on July 29, 2021, September 15, 2021 and October 28, 2021, respectively. The July 2026 Notes will mature on July 29, 2026 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the July 2021 NPA.

The July 2026 Notes have a fixed interest rate of 3.5% per year, subject to a step up of (1) 0.75% per year, to the extent the July 2026 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end.

Our obligations under the July 2021 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of March 31, 2025, we were in compliance with all covenants under the July 2021 NPA.

The July 2026 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The July 2026 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable. See “Note 5. Borrowings — July 2026 Notes” to our Unaudited Consolidated Financial Statements for additional information regarding the July 2021 NPA and the July 2026 Notes issued thereunder.

As of March 31, 2025, the fair value of the outstanding July 2026 Notes was $144.3 million. The fair value determinations of the Series A Notes, Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

May 2027 Notes

On May 10, 2022, we entered into a Note Purchase Agreement (the “May 2022 NPA”) governing the issuance of (1) $100.0 million in aggregate principal amount of Series D senior unsecured notes due May 10, 2027 (the “Series D Notes”) and (2) $55.0 million in aggregate principal amount of Series E senior unsecured notes due May 10, 2027 (the “Series E Notes,” and collectively with the Series D Notes, the “May 2027 Notes”), in each case, to qualified institutional investors in a private placement. The Series D Notes were delivered and paid for on May 10, 2022, and the Series E Notes were delivered and paid for on July 6, 2022.

The May 2027 Notes have a fixed interest rate of 6.0% per year, subject to a step up of (1) 0.75% per year, to the extent the May 2027 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end.

Our obligations under the May 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. As of March 31, 2025, we were in compliance with all covenants under the May 2022 NPA.

The May 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The May 2027 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable. See “Note 5. Borrowings — May 2027 Notes” to our Unaudited Consolidated Financial Statements for additional information regarding the May 2022 NPA and the May 2027 Notes issued thereunder.

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As of March 31, 2025, the fair value of the outstanding May 2027 Notes was $153.8 million. The fair value determinations of the May 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the Series D Notes, on May 10, 2022, we entered into a $100.0 million notional value interest rate swap. We receive a fixed rate interest at 6.00% paid semi-annually and pay quarterly based on a compounded daily rate of SOFR plus 3.24500%. The swap transaction matures on May 10, 2027. The interest expense related to the Series D Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of March 31, 2025, the interest rate swap had a fair value of $(0.6) million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the Series D Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

In connection with the offering of the Series E Notes, on July 6, 2022, we entered into a $55.0 million notional value interest rate swap. We receive a fixed rate interest at 6.00% paid semi-annually and pay quarterly based on a compounded daily rate of SOFR plus 3.38200%. The swap transaction matures on May 10, 2027. The interest expense related to the Series E Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of March 31, 2025, the interest rate swap had a fair value of $(0.5) million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the Series E Notes. The fair value of the Company’s interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

Discretionary Share Repurchase Program

We have commenced a discretionary share repurchase program in which we may, subject to market conditions and the discretion of the Board, offer to repurchase, in each quarter, up to 5% of our shares of common stock outstanding as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program at any time if in its reasonable judgment it deems such action to be in our best interest and the best interest of our stockholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. We intend to conduct such repurchase offers in accordance with the requirements of Exchange Act Rule 13e-4 and the 1940 Act and subject to compliance with applicable covenants and restrictions under our financing arrangements. All shares purchased by us pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

Under our discretionary share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the “Valuation Date”). Stockholders should keep in mind that if they tender shares of our common stock in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered shares, we may repurchase such shares subject to an “early repurchase deduction” of 2% of the aggregate net asset value of the shares repurchased (“Early Repurchase Deduction”). The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of our common stock. This Early Repurchase Deduction will also generally apply to minimum account repurchases. We may, from time to time, waive the Early Repurchase Deduction in the following circumstances, subject to certain conditions: repurchases resulting from death, qualifying disability or divorce; in the event that a stockholder’s shares are repurchased because the stockholder has failed to maintain the $5,000 minimum account balance; or due to trade or operational error.

During the three months ended March 31, 2025, 617,210 shares were accepted for repurchase for a total value of $12.8 million.

Distributions to Stockholders

We intend to pay distributions to our stockholders of substantially all of our income, as determined by the Board in its discretion considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. As a result, our distribution rates and payment frequency may vary from time to time. We

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generally intend to declare regular monthly dividends on a quarterly basis, although the frequency of such distributions may vary.

We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a cash dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.

We have elected for federal income tax purposes to be treated, and intend to qualify annually, as a RIC under the Code and intend to make the required distributions to our stockholders as specified therein. In order to qualify for and maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we will generally be required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively). We monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions under the 1940 Act and contained in any applicable indenture or financing arrangement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend under published guidance from the IRS) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. A stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though a portion of the dividend was paid in shares of our common stock.

The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our investment company taxable income (“ICTI”) as defined in the Code. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward income in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover income must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such income.

ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (“OID”) (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any OID or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

Recent Developments

Subsequent to March 31, 2025, we made approximately $549.3 million of new commitments, of which $464.1 million closed and funded. The $464.1 million of investments consists of $448.6 million of first lien senior secured debt investments, $14.5 million of second lien senior secured debt investments, $0.5 million of subordinated debt investments and $0.5 million of equity investments. The weighted average yield of the debt investments was 9.0%. In addition, we funded $25.3 million of previously committed revolvers and delayed draw term loans.

On April 1, 2025, we sold 4,367,430.320 unregistered shares of our common stock (with the number of shares issued being determined on April 21, 2025), for aggregate consideration of approximately $90.6 million at a price per share of $20.75, determined in accordance with Section 23 of the 1940 Act. The sale of common stock was made pursuant to subscription agreements entered into by us and the participating investors in connection with the Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder and/or Regulation S under the Securities Act.

On April 15, 2025, the SEC issued an order granting an application for exemptive relief permitting the Company to issue multiple classes of shares.

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On May 8, 2025, the Board declared regular monthly distributions for June 2025 through August 2025. The regular monthly cash distributions, each in the gross amount of $0.19 per share, are payable on June 26, 2025, July 29, 2025 and August 27, 2025, to stockholders of record on June 24, 2025, July 25, 2025 and August 25, 2025, respectively.

Critical Accounting Policies and Use of Estimates

The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

Valuation of Investments

The Adviser conducts the valuation of our investments, upon which our NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures (“ASC Topic 820”). Our current valuation policy and processes were established by the Adviser and were approved by the Board.

As of March 31, 2025, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 158% of our total net assets, as compared to approximately 157% of our total net assets as of December 31, 2024.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

Our investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company.

There is no single approach for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of our Level 3 investments may differ significantly from fair values that

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would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

Investment Valuation Process

The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by us for which market quotations are not readily available. Barings has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.

At least annually, Barings conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors’ pricing process are deemed to be market observable. While Barings is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process Barings continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. Barings believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the “discount rate”) as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings’ pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

Valuation Inputs

The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from

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investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

Valuation of Investments in CPCF BPCC LLC, Thompson Rivers LLC and Waccamaw River LLC

As CPCF BPCC LLC, Thompson Rivers LLC and Waccamaw River LLC are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using the NAV of each company and our ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

Revenue Recognition

Interest and Dividend Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. The cessation of recognition of such interest will negatively impact the reported fair value of the investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.

We may have to include interest income in our ICTI, including OID income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.

Fee and Other Income

Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan, or Loan Origination Fees, are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized Loan Origination Fees are recorded as investment income. In the general course of our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection with revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

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Fee and other income for the three months ended March 31, 2025 and 2024 was as follows:

	Three Months Ended		Three Months Ended
($ in thousands)	March 31, 2025		March 31, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees	$	2,734	$	2,205
Management, valuation and other fees	1,065		587
Royalty income	387		—
Total Recurring Fee and Other Income	4,186		2,792
Non-Recurring Fee and Other Income:
Prepayment fees	507		25
Acceleration of unamortized loan origination fees	534		986
Advisory, loan amendment and other fees	13		573
Total Non-Recurring Fee and Other Income	1,054		1,584
Total Fee and Other Income	$	5,240	$	4,376

Payment-in-Kind (PIK) Income

We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.

PIK interest and dividend income for the three months ended March 31, 2025 and 2024 was as follows:

	Three Months Ended			Three Months Ended
($ in thousands)	March 31, 2025			March 31, 2024
PIK interest income	$	3,455		$	2,365
PIK interest income as a % of investment income	4.0		%	3.2		%
PIK dividend income	$	4,042		$	4,007
PIK dividend income as % of investment income	4.7		%	5.4		%
Total PIK income	$	7,497		$	6,372
Total PIK income as a % of investment income	8.7		%	8.6		%

PIK interest, which is a non-cash source of income at the time of recognition, is included in our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.

We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.

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Unused Commitments

In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2025 and December 31, 2024, we believe that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2025 and December 31, 2024 were as follows:

Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025		December 31, 2024
Accelevation LLC(2)	Delayed Draw Term Loan	$	1,079	$	—
Accelevation LLC(2)	Revolver	799		—
Accurus Aerospace Corporation(2)	Revolver	97		—
Accurus Aerospace Corporation(2)	Revolver	—		277
AD Bidco, Inc.	Delayed Draw Term Loan	5,035		5,035
AD Bidco, Inc.	Revolver	1,863		1,863
Adhefin International(3)	Delayed Draw Term Loan	410		393
AirX Climate Solutions, Inc.	Delayed Draw Term Loan	10,387		10,387
AirX Climate Solutions, Inc.	Revolver	3,460		3,460
AlliA Insurance Brokers NV(3)	Delayed Draw Term Loan	271		259
Americo Chemical Products, LLC(2)	Revolver	1,400		1,400
Aquavista Watersides 2 LTD(2)(4)	Capex / Acquisition Facility	—		1,012
Arc Education(3)	Delayed Draw Term Loan	2,074		1,988
Argus Bidco Limited(2)(4)	Capex / Acquisition Facility	737		715
Artemis Bidco Limited(3)	Delayed Draw Term Loan	692		663
ASC Communications, LLC	Revolver	647		647
Astra Bidco Limited(2)(4)	Delayed Draw Term Loan	156		265
ATL II MRO Holdings Inc.	Revolver	6,410		6,410
Avance Clinical Bidco Pty Ltd(2)(5)	Delayed Draw Term Loan	1,390		1,381
Azalea Buyer, Inc.	Delayed Draw Term Loan	—		644
Azalea Buyer, Inc.	Revolver	481		481
Basin Innovation Group, LLC	Delayed Draw Term Loan	2,061		2,061
Basin Innovation Group, LLC	Revolver	1,781		1,781
Beyond Risk Management, Inc.	Delayed Draw Term Loan	29,829		29,829
Biolam Group(2)(3)	Delayed Draw Term Loan	1,475		1,414
BKF Buyer, Inc.(2)	Revolver	2,846		2,846
Brightpay Limited(2)(3)	Delayed Draw Term Loan	—		183
BrightSign LLC	Revolver	203		203
British Engineering Services Holdco Limited(2)(4)	Capex / Acquisition Facility	32		46
Broadstone Group UK LTD(4)	Delayed Draw Term Loan	1,392		—
Broadstone Group UK LTD(4)	Delayed Draw Term Loan	580		—
CAi Software, LLC	Revolver	1,870		1,870
Caldwell & Gregory LLC	Delayed Draw Term Loan	6,125		6,625
Caldwell & Gregory LLC	Revolver	5,000		5,000
Canadian Orthodontic Partners Corp.(2)(6)	Delayed Draw Term Loan	51		63
Cascade Residential Services LLC(2)	Delayed Draw Term Loan	2,459		2,459
Cascade Residential Services LLC(2)	Revolver	65		—
CCFF Buyer, LLC	Delayed Draw Term Loan	1,338		1,338
CCFF Buyer, LLC	Revolver	1,004		1,004
Centralis Finco S.a.r.l.(3)	Delayed Draw Term Loan	253		—
CGI Parent, LLC	Revolver	1,102		1,653

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Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
Comply365, LLC(2)	Revolver	575	575
Cosmelux International(2)(3)	Revolver	245	235
Coyo Uprising GmbH(2)(3)	Delayed Draw Term Loan	511	490
DataServ Integrations, LLC	Revolver	481	481
DAWGS Intermediate Holding Co.	Revolver	3,031	—
DecksDirect, LLC(2)	Revolver	127	34
DISA Holdings Corp.	Delayed Draw Term Loan	73	2,265
DISA Holdings Corp.	Revolver	1,025	1,282
Discovery Buyer, L.P.	Delayed Draw Term Loan	9,201	—
Discovery Buyer, L.P.	Revolver	2,286	—
Dune Group(2)(3)	Delayed Draw Term Loan	1,027	985
EB Development(3)	Capex / Acquisition Facility	829	—
EB Development(3)	Delayed Draw Term Loan	2,149	2,060
Eclipse Business Capital, LLC	Revolver	8,086	8,920
Electrical Components International, Inc.(2)	Delayed Draw Term Loan	1,170	1,170
EMI Porta Holdco LLC(2)	Revolver	2,085	1,932
eShipping, LLC	Revolver	743	743
Events Software BidCo Pty Ltd(2)	Delayed Draw Term Loan	620	620
Expert Institute Group Inc.(2)	Delayed Draw Term Loan	3,833	—
Expert Institute Group Inc.(2)	Revolver	2,061	—
Express Wash Acquisition Company, LLC(2)	Revolver	115	115
Faraday(2)(3)	Delayed Draw Term Loan	—	1,856
Finaxy Holding(2)(3)	Delayed Draw Term Loan	5,219	5,841
Footco 40 Limited(4)	Delayed Draw Term Loan	530	515
Forest Buyer, LLC	Revolver	595	595
Fortis Payment Systems, LLC(2)	Delayed Draw Term Loan	—	1,320
Fortis Payment Systems, LLC(2)	Revolver	—	2,288
GB Eagle Buyer, Inc.	Delayed Draw Term Loan	2,891	2,891
GB Eagle Buyer, Inc.	Revolver	2,533	2,895
GCDL LLC	Delayed Draw Term Loan	108	108
GCDL LLC	Revolver	108	108
Glacis Acquisition S.A.R.L.(2)(3)	Delayed Draw Term Loan	222	213
Global Academic Group Limited(2)(7)	Term Loan	13	233
GPNZ II GmbH(2)(3)	Delayed Draw Term Loan	43	—
GPNZ II GmbH(2)(3)	Delayed Draw Term Loan	—	49
Graphpad Software, LLC	Delayed Draw Term Loan	5,023	5,023
Graphpad Software, LLC	Revolver	2,093	2,093
Greenhill II BV(3)	Capex / Acquisition Facility	—	28
Groupe Product Life(3)	Delayed Draw Term Loan	3,957	5,832
Haystack Holdings LLC(2)	Delayed Draw Term Loan	7,442	—
Haystack Holdings LLC(2)	Revolver	1,806	—
HeartHealth Bidco Pty Ltd(2)(5)	Delayed Draw Term Loan	165	164
Heavy Construction Systems Specialists, LLC	Revolver	2,193	2,193
HEKA Invest(3)	Delayed Draw Term Loan	1,124	1,078
HemaSource, Inc.	Revolver	3,290	3,290
HomeX Services Group LLC	Delayed Draw Term Loan	6,503	6,503
HomeX Services Group LLC	Revolver	3,378	3,378

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Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	16,583	—
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	5,896	—
HS Advisory Buyer LLC(2)	Delayed Draw Term Loan	3,040	—
HS Advisory Buyer LLC(2)	Revolver	2,764	—
HSL Compliance(4)	Delayed Draw Term Loan	1,211	—
HTI Technology & Industries(2)	Delayed Draw Term Loan	1,691	1,691
HTI Technology & Industries(2)	Revolver	1,128	1,128
Hydratech Holdings, Inc.	Delayed Draw Term Loan	155	1,654
Hydratech Holdings, Inc.	Revolver	346	885
Ice House America, L.L.C.(2)	Delayed Draw Term Loan	1,224	1,224
Ice House America, L.L.C.(2)	Revolver	196	385
Infoniqa Holdings GmbH(2)(3)	Capex / Acquisition Facility	84	3,999
Interstellar Group B.V.(2)(3)	Delayed Draw Term Loan	1,155	1,163
InvoCare Limited(2)(5)	Delayed Draw Term Loan	554	550
ISTO Technologies II, LLC	Revolver	1,114	1,114
ITI Intermodal, Inc.	Revolver	1,031	1,031
Jon Bidco Limited(2)(7)	Capex / Acquisition Facility	384	380
Jones Fish Hatcheries & Distributors LLC	Revolver	167	418
Keystone Bidco B.V.(2)(3)	Delayed Draw Term Loan	61	185
Keystone Bidco B.V.(2)(3)	Revolver	29	28
Lambir Bidco Limited(2)(3)	Delayed Draw Term Loan	221	471
Lattice Group Holdings Bidco Limited	Delayed Draw Term Loan	227	237
Lattice Group Holdings Bidco Limited	Revolver	35	35
LeadsOnline, LLC	Revolver	3,190	3,190
Marmoutier Holding B.V.(2)(3)	Delayed Draw Term Loan	24	23
Marmoutier Holding B.V.(2)(3)	Revolver	68	65
MB Purchaser, LLC	Delayed Draw Term Loan	2,060	2,060
MB Purchaser, LLC	Revolver	824	824
MC Group Ventures Corporation(2)	Delayed Draw Term Loan	7,825	7,825
MC Group Ventures Corporation(2)	Delayed Draw Term Loan	435	435
Media Recovery, Inc. (SpotSee)(2)	Revolver	1,819	1,944
Media Recovery, Inc. (SpotSee)(2)(4)	Revolver	2,340	2,270
Megawatt Acquisitionco, Inc.(2)	Revolver	1,426	1,426
Mercell Holding AS(2)(8)	Capex / Acquisition Facility	745	691
Modern Star Holdings Bidco Pty Limited(2)(5)	Term Loan	473	470
Modern Star Holdings Bidco Pty Limited(2)(5)	Term Loan	54	54
Momentum Textiles, LLC	Revolver	1,357	—
Moonlight Bidco Limited(4)	Delayed Draw Term Loan	569	552
MSI Express Inc.(2)	Delayed Draw Term Loan	2,103	—
MSI Express Inc.(2)	Revolver	2,103	—
MSI Express Inc.(2)	Revolver	670	—
Narda Acquisitionco., Inc.	Revolver	1,059	1,059
NAW Buyer LLC	Delayed Draw Term Loan	8,992	8,992
NAW Buyer LLC	Revolver	2,306	2,306
Next Holdco, LLC	Delayed Draw Term Loan	5,984	5,984
Next Holdco, LLC	Revolver	2,321	2,321
NF Holdco, LLC(2)	Revolver	1,109	1,109

119

Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
Northstar Recycling, LLC	Delayed Draw Term Loan	4,381	4,381
Northstar Recycling, LLC	Revolver	3,598	3,598
NPM Investments 28 B.V.(3)	Delayed Draw Term Loan	936	898
OA Buyer, Inc.	Revolver	1,331	1,331
OAC Holdings I Corp	Revolver	881	1,370
Oracle Vision Bidco Limited(2)(4)	Delayed Draw Term Loan	821	1,139
OSP Hamilton Purchaser, LLC	Delayed Draw Term Loan	4,255	4,255
OSP Hamilton Purchaser, LLC	Revolver	964	964
Pare SAS (SAS Maurice MARLE)(2)	Delayed Draw Term Loan	2,100	2,100
Parkview Dental Holdings LLC(2)	Delayed Draw Term Loan	328	328
PDQ.Com Corporation	Delayed Draw Term Loan	3,939	3,939
PDQ.Com Corporation	Delayed Draw Term Loan	1,685	1,814
Polara Enterprises, L.L.C.	Revolver	947	947
PowerGEM Buyer, Inc.(2)	Delayed Draw Term Loan	5,271	7,153
PowerGEM Buyer, Inc.(2)	Revolver	3,730	3,730
Premium Invest(3)	Capex / Acquisition Facility	1,256	1,204
Process Insights Acquisition, Inc.(2)	Delayed Draw Term Loan	610	1,220
Process Insights Acquisition, Inc.(2)	Revolver	630	136
ProfitOptics, LLC(2)	Revolver	97	97
Pro-Vision Solutions Holdings, LLC(2)	Revolver	2,754	3,318
PSP Intermediate 4, LLC(3)	Delayed Draw Term Loan	202	193
Qualified Industries, LLC	Revolver	364	364
R1 Holdings, LLC	Revolver	1,256	1,601
Randys Holdings, Inc.	Delayed Draw Term Loan	2,361	3,877
Randys Holdings, Inc.	Revolver	1,306	1,539
Rapid Buyer LLC	Delayed Draw Term Loan	2,833	2,833
Rapid Buyer LLC	Revolver	1,417	1,417
Rocade Holdings LLC(2)	Preferred Equity	2,000	2,000
Rock Labor LLC(2)	Revolver	941	941
ROI Solutions LLC	Delayed Draw Term Loan	3,485	3,485
ROI Solutions LLC	Revolver	3,120	3,120
Royal Buyer, LLC	Delayed Draw Term Loan	392	1,531
Royal Buyer, LLC	Revolver	2,330	2,330
RPX Corporation	Revolver	4,919	4,919
Saab Purchaser, Inc.	Delayed Draw Term Loan	7,660	7,660
Saab Purchaser, Inc.	Revolver	3,830	3,830
Sanoptis S.A.R.L.(2)(3)	Term Loan	2,562	2,456
Sansidor BV(2)(3)	Capex / Acquisition Facility	702	989
SBP Holdings LP	Delayed Draw Term Loan	15,924	15,924
SBP Holdings LP	Delayed Draw Term Loan	6,504	6,504
SBP Holdings LP	Revolver	5,467	5,467
Scout Bidco B.V.(2)(3)	Revolver	521	500
Sinari Invest(3)	Delayed Draw Term Loan	468	449
SISU ACQUISITIONCO., INC.(2)	Delayed Draw Term Loan	—	80
Skyvault Holdings LLC(2)	Delayed Draw Term Loan	10,578	24,262
Smartling, Inc.	Revolver	1,038	1,038
SmartShift Group, Inc.	Revolver	2,731	2,731

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Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025	December 31, 2024
Solo Buyer, L.P.(2)	Revolver	1,130	1,463
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Delayed Draw Term Loan	231	232
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Revolver	78	156
SPATCO Energy Solutions, LLC	Delayed Draw Term Loan	5,086	5,086
SPATCO Energy Solutions, LLC	Revolver	4,159	4,159
Spatial Business Systems LLC	Revolver	1,406	1,406
SSCP Pegasus Midco Limited(2)(4)	Delayed Draw Term Loan	49	215
Superjet Buyer, LLC(2)	Delayed Draw Term Loan	14,512	14,512
Superjet Buyer, LLC(2)	Revolver	3,980	3,980
SVI International LLC	Delayed Draw Term Loan	74	74
SVI International LLC	Revolver	74	74
Tank Holding Corp(2)	Delayed Draw Term Loan	—	307
Tank Holding Corp	Revolver	655	655
Tanqueray Bidco Limited(4)	Capex / Acquisition Facility	1,167	1,133
TAPCO Buyer LLC	Delayed Draw Term Loan	11,198	11,198
TAPCO Buyer LLC	Revolver	4,072	4,072
Technology Service Stream BidCo Pty Ltd(2)(5)	Delayed Draw Term Loan	234	233
Techone B.V.(3)	Revolver	238	228
Tencarva Machinery Company, LLC(2)	Delayed Draw Term Loan	11,498	—
Tencarva Machinery Company, LLC(2)	Delayed Draw Term Loan	8,432	—
Tencarva Machinery Company, LLC(2)	Revolver	4,041	2,554
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Revolver	1,233	1,233
THG Acquisition, LLC	Delayed Draw Term Loan	2,165	2,204
THG Acquisition, LLC	Revolver	1,384	1,343
Trintech, Inc.	Revolver	1,020	1,020
TSYL Corporate Buyer, Inc.(2)	Delayed Draw Term Loan	23,563	23,563
TSYL Corporate Buyer, Inc.(2)	Revolver	442	443
UBC Ledgers Holding AB(9)	Delayed Draw Term Loan	258	234
UHY Advisors, Inc.	Delayed Draw Term Loan	14,992	14,992
UHY Advisors, Inc.	Revolver	3,086	3,968
Union Bidco Limited(4)	Capex / Acquisition Facility	182	177
United Therapy Holding III GmbH(2)(3)	Capex / Acquisition Facility	622	596
Unither (Uniholding)(3)	Delayed Draw Term Loan	468	449
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(2)	Term Loan	3,077	—
WEST-NR ACQUISITIONCO, LLC(2)	Delayed Draw Term Loan	31,650	31,650
WEST-NR ACQUISITIONCO, LLC(2)	Delayed Draw Term Loan	4,831	4,831
Whitcraft Holdings, Inc.(2)	Delayed Draw Term Loan	10,677	18,199
Whitcraft Holdings, Inc.(2)	Revolver	842	1,190
White Bidco Limited	Delayed Draw Term Loan	514	514
Woodland Foods, LLC(2)	Delayed Draw Term Loan	1,401	—
Woodland Foods, LLC(2)	Line of Credit	1,428	852
World 50, Inc.	Revolver	1,703	1,703
WWEC Holdings III Corp(2)	Delayed Draw Term Loan	6,627	6,627
WWEC Holdings III Corp(2)	Revolver	3,359	3,359
Xeinadin Bidco Limited(2)(4)	Capex / Acquisition Facility	3,280	5,297
ZB Holdco LLC(2)	Delayed Draw Term Loan	2,513	—

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Portfolio Company(1) ($ in thousands)	Investment Type	March 31, 2025		December 31, 2024
ZB Holdco LLC(2)	Delayed Draw Term Loan	1,426		2,084
ZB Holdco LLC(2)	Revolver	921		338
Total unused commitments to extend financing		$	596,918	$	550,799

(1)The Adviser’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

(2)Represents a commitment to extend financing to a portfolio company where one or more of the Company’s current investments in the portfolio company are carried at less than cost.

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

(4)Actual commitment amount is denominated in British pounds sterling. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

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

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

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

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

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The fair value of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.

In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including EURIBOR, BBSY, STIBOR, CORRA, SOFR, SONIA, SARON, NIBOR and BKBM. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. We currently, and may in the future, hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

Following a campaign by the U.S. Federal Reserve of raising interest rates to address significant and persistent inflation in order to slow economic growth and reduce price pressure, in September 2024 and December 2024, the U.S. Federal Reserve announced benchmark rate cuts. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.

As of March 31, 2025, approximately $2,954.6 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of March 31, 2025, approximately $1,236.5 million (principal amount) of our borrowings bore interest at variable rates (approximately 89.2% of our total borrowings as of March 31, 2025) under the Revolving Credit Facility, the SMBC Credit Facility, the BPCC Debt Securitization and the May 2027 Notes. See “Note 5. Borrowings” to our Unaudited Consolidated Financial Statements for information about the variable interest rates and spreads applicable to

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borrowings under the Revolving Credit Facility, the SMBC Credit Facility, the BPCC Debt Securitization and the May 2027 Notes.

Based on our March 31, 2025 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

(in thousands) Basis Point Change(1)	Interest Income		Interest Expense		Net Income(2)
Up 300 basis points	$	88,638	$	37,096	$	51,542
Up 200 basis points	59,092		24,731		34,361
Up 100 basis points	29,546		12,365		17,181
Down 25 basis points	(7,386)		(3,091)		(4,295)
Down 50 basis points	(14,773)		(6,183)		(8,590)

(1) Excludes the impact of foreign currency exchange.

(2) Excludes the impact of income based fees. See “Note 2. Agreements and Related Party Transactions” to our Unaudited Consolidated Financial Statements for more information on the income based fees.

We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the Revolving Credit Facility to finance such investments. As of March 31, 2025, we had U.S. dollar borrowings of $370.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 6.793% (three month SOFR of 4.293%), borrowings denominated in British pounds sterling of £8.2 million ($10.6 million U.S. dollars) with a weighted average interest rate of 7.200% (daily SONIA of 4.581%), borrowings denominated in New Zealand dollars of NZ$4.1 million ($2.3 million U.S. dollars) with an interest rate of 6.445% (three month NZBB of 3.945%) and borrowings denominated in Euros of €91.6 million ($98.9 million U.S. dollars) with an interest rate of 5.112% (three month EURIBOR of 2.612%).

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of March 31, 2025. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

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

Item 1A. Risk Factors.

You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to transact in our securities. The risks and uncertainties referenced herein are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the value of our securities.

There have been no material changes during the three months ended March 31, 2025 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, which you should carefully consider before transacting in our securities. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

We have entered into subscription agreements with investors and expect to enter into additional subscription agreements with a number of investors in connection with the Private Offering, pursuant to which have issued and sold, and expect to continue to issue and sell, shares of our common stock under the exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D thereunder and/or Regulation S under the Securities Act.

The below table sets forth the total shares of our common stock issued during the three months ended March 31, 2025, and aggregate purchase price:

	For the Three Months Ended March 31, 2025
Share Issue Date	Shares Issued	Aggregate Offering Price ($ in thousands)
January 2, 2025	2,249,817	$	46,796
February 3, 2025	4,617,363	95,950
March 3, 2025	3,461,588	71,793
Total	10,328,768	$	214,539

Issuer Purchases of Equity Securities

On March 3, 2025, the Company commenced a tender offer (the “March 2025 Tender Offer”) pursuant to which the Company offered to repurchase up to 4,750,398 shares tendered prior to 11:59 p.m., E.T. on March 31, 2025 (the “March 2025 Tender Offer Expiration Date”). 617,210 shares were validly tendered by stockholders and not properly withdrawn prior to the March 2025 Tender Offer Expiration Date. The Company accepted for purchase 100% of the shares that were validly tendered and not properly withdrawn prior to the March 2025 Tender Offer Expiration Date, at a purchase price per share equal to $20.75, the Company’s NAV per share as of March 31, 2025.

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The following table sets forth information regarding repurchases of shares of our common stock effectuated under Company tender offers during the three months ended March 31, 2025:

Offer Date	Tender Offer Expiration	Purchase Price per Share		Share Repurchased	Aggregate Dollar Amount of Shares Accepted for Repurchase (in thousands)
March 3, 2025	March 31, 2025	$	20.75	617,210	$	12,801

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2025, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Appointment of an Officer

On May 8, 2025, the Board appointed Raffi Samkiranian as Chief Accounting Officer of the Company, effective immediately.

Mr. Samkiranian, 43, previously served as Senior Director of BDC Accounting and Financial Reporting for Barings LLC. Prior to joining Barings in 2022, Mr. Samkiranian held SEC Reporting roles with Morgan Stanley Investment Management and J.P. Morgan Chase & Co. Mr. Samkiranian began his career as an auditor with Deloitte. Mr. Samkiranian is a graduate of Boston College, where he obtained a Bachelor of Science degree in Accounting and a Master of Science degree in Accounting. He is also a Massachusetts Certified Public Accountant.

There is no arrangement or understanding between Mr. Samkiranian and any other person pursuant to which he was appointed as Chief Accounting Officer. Further, with regard to Mr. Samkiranian, there are no transactions since the beginning of the Company’s last fiscal year, or any currently proposed transaction, in which the Company is a participant that would require disclosure under Item 404(a) of Regulation S-K promulgated by the SEC.

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Item 6. Exhibits.

Number	Exhibit
3.1	Articles of Incorporation (Filed as Exhibit 3.1 to Amendment No. 1 to the Company’s Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).
3.2	Bylaws of the Registrant (Filed as Exhibit 3.2 to Amendment No. 1 to the Company’s Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).
31.1	Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
31.2	Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
32.1	Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***
32.2	Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.**
101.SCH	Inline XBRL Taxonomy Extension Schema Document**
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document**
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document**
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)**

**    Filed Herewith.

***    Furnished Herewith.    

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BARINGS PRIVATE CREDIT CORPORATION
Date:	May 8, 2025	/s/    Bryan High
		Bryan High
		Chief Executive Officer
		(Principal Executive Officer)
Date:	May 8, 2025	/s/    Elizabeth A. Murray
		Elizabeth A. Murray
		Chief Financial Officer and
		Chief Operating Officer
		(Principal Financial Officer)
Date:	May 8, 2025	/s/    Raffi Samkiranian
		Raffi Samkiranian
		Chief Accounting Officer
		(Principal Accounting Officer)

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