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(aka TA/TCG Holdings, LLC), First Lien Senior Secured Term Loan2025-03-310001859919The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2025-03-310001859919The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Subordinated Term Loan2025-03-310001859919THG Acquisition, LLC, First Lien Senior Secured Term Loan2025-03-310001859919THG Acquisition, LLC, Revolver2025-03-310001859919Turbo Buyer, Inc., First Lien Senior Secured Term Loan2025-03-310001859919WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 12025-03-310001859919WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 22025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:DebtSecuritiesMember2025-03-310001859919CTI Foods Holdings Co., LLC, 2024 LIFO Term Loan2025-03-310001859919CTI Foods Holdings Co., LLC, First Out Term Loan 12025-03-310001859919CTI Foods Holdings Co., LLC, First Out Term Loan 22025-03-310001859919CTI Foods Holdings Co., LLC, Second Out Term Loan2025-03-310001859919Innovad Group II BV, First Lien Senior Secured Term Loan 12025-03-310001859919Innovad Group II BV, First Lien Senior Secured Term Loan 22025-03-310001859919KSLB Holdings, LLC, First Lien Senior Secured Term Loan 12025-03-310001859919KSLB Holdings, LLC, First Lien Senior Secured Term Loan 22025-03-310001859919Riedel Beheer B.V., First Lien Senior Secured Term Loan2025-03-310001859919Woodland Foods, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Woodland Foods, LLC, Revolver2025-03-310001859919ZB Holdco LLC, First Lien Senior Secured Term Loan 12025-03-310001859919ZB Holdco LLC, First Lien Senior Secured Term Loan 22025-03-310001859919ZB Holdco LLC, Revolver2025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:BeverageFoodAndTobaccoMemberus-gaap:DebtSecuritiesMember2025-03-310001859919AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 12025-03-310001859919AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 22025-03-310001859919AirX Climate Solutions, Inc., Revolver2025-03-310001859919APC1 Holding, First Lien Senior Secured Term Loan2025-03-310001859919BPG Holdings IV Corp, First Lien Senior Secured Term Loan2025-03-310001859919Cobham Slip Rings SAS, First Lien Senior Secured Term Loan2025-03-310001859919DAWGS Intermediate Holdings Co., First Lien Senior Secured Term Loan2025-03-310001859919DAWGS Intermediate Holdings Co., Revolver2025-03-310001859919Polara Enterprises, L.L.C., First Lien Senior Secured Term Loan2025-03-310001859919Polara Enterprises, L.L.C., Revolver2025-03-310001859919Process Insights Acquisition, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Process Insights Acquisition, Inc., Revolver2025-03-310001859919Rapid Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001859919Rapid Buyer LLC, Revolver2025-03-310001859919TAPCO Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001859919TAPCO Buyer LLC, Revolver2025-03-310001859919Tencarva Machinery Company, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Tencarva Machinery Company, LLC, Revolver2025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:CapitalEquipmentMemberus-gaap:DebtSecuritiesMember2025-03-310001859919Americo Chemical Products, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Americo Chemical Products, LLC, Revolver2025-03-310001859919AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 12025-03-310001859919AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 22025-03-310001859919AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 32025-03-310001859919AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 42025-03-310001859919Aptus 1829. 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(SpotSee), First Lien Senior Secured Term Loan 12025-03-310001859919Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 22025-03-310001859919Media Recovery, Inc. (SpotSee), Revolver 12025-03-310001859919Media Recovery, Inc. 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Holdings II LTD, First Lien Senior Secured Term Loan2025-03-310001859919Amalfi Midco, Second Lien Senior Secured Term Loan2025-03-310001859919Amalfi Midco, Subordinated Loan Notes2025-03-310001859919Astra Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001859919Astra Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001859919Avance Clinical Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001859919Biolam Group, First Lien Senior Secured Term Loan2025-03-310001859919Canadian Orthodontic Partners Corp., First Lien Senior Secured Term Loan2025-03-310001859919Canadian Orthodontic Partners Corp., Super Senior Secured Term Loan2025-03-310001859919Ceres Pharma NV, First Lien Senior Secured Term Loan2025-03-310001859919Coherus Biosciences, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Dune Group, First Lien Senior Secured Term Loan 12025-03-310001859919Dune Group, First Lien Senior Secured Term Loan 22025-03-310001859919EB Development, First Lien Senior Secured Term Loan2025-03-310001859919Ellkay, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Faraday, First Lien Senior Secured Term Loan2025-03-310001859919Finexvet, First Lien Senior Secured Term Loan2025-03-310001859919Forest Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Forest Buyer, LLC, Revolver2025-03-310001859919GCDL LLC, First Lien Senior Secured Term Loan2025-03-310001859919GCDL LLC, Revolver2025-03-310001859919GPNZ II GmbH, First Lien Senior Secured Term Loan 12025-03-310001859919GPNZ II GmbH, First Lien Senior Secured Term Loan 22025-03-310001859919GPNZ II GmbH, First Lien Senior Secured Term Loan 32025-03-310001859919GPNZ II GmbH, First Lien Senior Secured Term Loan 42025-03-310001859919Groupe Product Life, First Lien Senior Secured Term Loan 12025-03-310001859919Groupe Product Life, First Lien Senior Secured Term Loan 22025-03-310001859919HeartHealth Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001859919Heartland Veterinary Partners, LLC, Subordinated Term Loan2025-03-310001859919HemaSource, Inc., First Lien Senior Secured Term Loan2025-03-310001859919HemaSource, Inc., Revolver2025-03-310001859919Home Care Assistance, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Hygie 31 Holding, First Lien Senior Secured Term Loan2025-03-310001859919ISTO Technologies II, LLC, First Lien Senior Secured Term Loan2025-03-310001859919ISTO Technologies II, LLC, Revolver2025-03-310001859919Jon Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Keystone Bidco B.V., First Lien Senior Secured Term Loan2025-03-310001859919Keystone Bidco B.V., Revolver2025-03-310001859919Lambir Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Lambir Bidco Limited, Second Lien Senior Secured Term Loan2025-03-310001859919Listrac Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001859919Listrac Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001859919Median B.V., First Lien Senior Secured Term Loan2025-03-310001859919Medical Solutions Parent Holdings, Inc., Second Lien Senior Secured Term Loan2025-03-310001859919Mertus 522. GmbH, First Lien Senior Secured Term Loan 12025-03-310001859919Mertus 522. GmbH, First Lien Senior Secured Term Loan 22025-03-310001859919Moonlight Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Napa Bidco Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001859919NAPA Management Services Corp, First Lien Senior Secured Term Loan2025-03-310001859919Navia Benefit Solutions, Inc., First Lien Senior Secured Term Loan2025-03-310001859919NPM Investments 28 B.V., First Lien Senior Secured Term Loan2025-03-310001859919OA Buyer, Inc., First Lien Senior Secured Term Loan 12025-03-310001859919OA Buyer, Inc., First Lien Senior Secured Term Loan 22025-03-310001859919OA Buyer, Inc., Revolver2025-03-310001859919Ocular Therapeutix, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 12025-03-310001859919Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 22025-03-310001859919Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 32025-03-310001859919Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 12025-03-310001859919Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan 22025-03-310001859919Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 12025-03-310001859919Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 22025-03-310001859919SSCP Pegasus Midco Limited, First Lien Senior Secured Term Loan2025-03-310001859919SSCP Spring Bidco 3 Limited, First Lien Senior Secured Term Loan2025-03-310001859919Union Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919United Therapy Holding III GmbH, First Lien Senior Secured Term Loan2025-03-310001859919Unither (Uniholding), First Lien Senior Secured Term Loan2025-03-310001859919VB Spine Intermediary II LLC, First Lien Senior Secured Term Loan2025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2025-03-3100018599191WorldSync, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Argus Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001859919Argus Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001859919Argus Bidco Limited, First Lien Senior Secured Term Loan 32025-03-310001859919Argus Bidco Limited, Second Lien Senior Secured Term Loan2025-03-310001859919Audio Precision, Inc., First Lien Senior Secured Term Loan 12025-03-310001859919Audio Precision, Inc., First Lien Senior Secured Term Loan 22025-03-310001859919CAi Software, LLC, First Lien Senior Secured Term Loan2025-03-310001859919CAi Software, LLC, Revolver2025-03-310001859919Contabo FincoS.À R.L, First Lien Senior Secured Term Loan2025-03-310001859919CW Group Holdings, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Discovery Buyer, L.P., First Lien Senior Secured Term Loan2025-03-310001859919Discovery Buyer, L.P., Revolver2025-03-310001859919Dragon Bidco, First Lien Senior Secured Term Loan2025-03-310001859919Dwyer Instruments, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Dwyer Instruments, Inc., Revolver2025-03-310001859919Electrical Components International, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Ensono, First Lien Senior Secured Term Loan2025-03-310001859919Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 12025-03-310001859919Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 22025-03-310001859919Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 32025-03-310001859919Eurofins Digital Testing International LUX Holding SARL, Senior Subordinated Term Loan2025-03-310001859919FinThrive Software Intermediate Holdings Inc., Second Out Term Loan2025-03-310001859919FSS Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001859919Graphpad Software, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Graphpad Software, LLC, Revolver2025-03-310001859919Haystack Holdings LLC, First Lien Senior Secured Term Loan2025-03-310001859919Haystack Holdings LLC, Revolver2025-03-310001859919Heavy Construction Systems Specialists, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Heavy Construction Systems Specialists, LLC, Revolver2025-03-310001859919HW Holdco, LLC (Hanley Wood LLC), First Lien Senior Secured Term Loan2025-03-310001859919Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Lattice Group Holdings Bidco Limited, Revolver2025-03-310001859919NAW Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001859919NAW Buyer LLC, Revolver2025-03-310001859919NeoxCo, First Lien Senior Secured Term Loan2025-03-310001859919Next Holdco, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Next Holdco, LLC, Revolver2025-03-310001859919ORTEC INTERNATIONAL NEWCO B.V., First Lien Senior Secured Term Loan2025-03-310001859919OSP Hamilton Purchaser, LLC, First Lien Senior Secured Term Loan2025-03-310001859919OSP Hamilton Purchaser, LLC, Revolver2025-03-310001859919PDQ.Com Corporation, First Lien Senior Secured Term Loan2025-03-310001859919Perforce Software, Inc., Second Lien Senior Secured Term Loan2025-03-310001859919PowerGEM Buyer, Inc., First Lien Senior Secured Term Loan2025-03-310001859919PowerGEM Buyer, Inc., Revolver2025-03-310001859919ProfitOptics, LLC, First Lien Senior Secured Term Loan2025-03-310001859919ProfitOptics, LLC, Revolver2025-03-310001859919ProfitOptics, LLC, Senior Subordinated Term Loan2025-03-310001859919Pro-Vision Solutions Holdings, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Pro-Vision Solutions Holdings, LLC, Revolver2025-03-310001859919PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 12025-03-310001859919PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 22025-03-310001859919Saab Purchaser, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Saab Purchaser, Inc., Revolver2025-03-310001859919Scout Bidco B.V., First Lien Senior Secured Term Loan 12025-03-310001859919Scout Bidco B.V., First Lien Senior Secured Term Loan 22025-03-310001859919Scout Bidco B.V., Revolver2025-03-310001859919Sinari Invest, First Lien Senior Secured Term Loan2025-03-310001859919Smartling, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Smartling, Inc., Revolver2025-03-310001859919Validity, Inc., First Lien Senior Secured Term Loan2025-03-310001859919White Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2025-03-310001859919Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2025-03-310001859919Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2025-03-310001859919Bucharest Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001859919Bucharest Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HotelGamingAndLeisureMemberus-gaap:DebtSecuritiesMember2025-03-310001859919ASC Communications, LLC, First Lien Senior Secured Term Loan2025-03-310001859919ASC Communications, LLC, Revolver2025-03-310001859919Superjet Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Superjet Buyer, LLC, Revolver2025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:DebtSecuritiesMember2025-03-310001859919Music Reports, Inc., First Lien Senior Secured Term Loan2025-03-310001859919The Octave Music Group, Inc., First Lien Senior Secured Term Loan2025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:DebtSecuritiesMember2025-03-310001859919BrightSign LLC, First Lien Senior Secured Term Loan2025-03-310001859919BrightSign LLC, Revolver2025-03-310001859919CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan 12025-03-310001859919CM Acquisitions Holdings Inc., First Lien Senior Secured Term Loan 22025-03-310001859919Footco 40 Limited, First Lien Senior Secured Term Loan 12025-03-310001859919Footco 40 Limited, First Lien Senior Secured Term Loan 22025-03-310001859919Iridium Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Learfield Communications, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Murphy Midco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Rock Labor LLC, First Lien Senior Secured Term Loan2025-03-310001859919Rock Labor LLC, Revolver2025-03-310001859919Solo Buyer, L.P., First Lien Senior Secured Term Loan2025-03-310001859919Solo Buyer, L.P., Revolver2025-03-310001859919Vital Buyer, LLC, First Lien Senior Secured Term Loan 12025-03-310001859919Vital Buyer, LLC, First Lien Senior Secured Term Loan 22025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaDiversifiedAndProductionMemberus-gaap:DebtSecuritiesMember2025-03-310001859919Accelevation LLC, First Lien Senior Secured Term Loan2025-03-310001859919Accelevation LLC, Revolver2025-03-310001859919Acclime Holdings HK Limited, First Lien Senior Secured Term Loan2025-03-310001859919Acogroup, First Lien Senior Secured Term Loan 12025-03-310001859919Acogroup, First Lien Senior Secured Term Loan 22025-03-310001859919AD Bidco, Inc., First Lien Senior Secured Term Loan2025-03-310001859919AD Bidco, Inc., Revolver2025-03-310001859919Adhefin International, First Lien Senior Secured Term Loan2025-03-310001859919Adhefin International, Subordinated Term Loan2025-03-310001859919AlliA Insurance Brokers NV, First Lien Senior Secured Term Loan2025-03-310001859919Apex Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001859919Apex Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001859919Artemis Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Auxi International, First Lien Senior Secured Term Loan2025-03-310001859919AWP Group Holdings, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Azalea Buyer, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Azalea Buyer, Inc., Revolver2025-03-310001859919Azalea Buyer, Inc., Subordinated Term Loan2025-03-310001859919Basin Innovation Group, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Basin Innovation Group, LLC, Revolver2025-03-310001859919BNI Global, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Bounteous, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Brightpay Limited, First Lien Senior Secured Term Loan 12025-03-310001859919Brightpay Limited, First Lien Senior Secured Term Loan 22025-03-310001859919British Engineering Services Holdco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Caldwell & Gregory LLC, First Lien Senior Secured Term Loan2025-03-310001859919Caldwell & Gregory LLC, Revolver2025-03-310001859919Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan 12025-03-310001859919Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan 22025-03-310001859919CGI Parent, LLC, First Lien Senior Secured Term Loan2025-03-310001859919CGI Parent, LLC, Revolver2025-03-310001859919Comply365, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Comply365, LLC, Revolver2025-03-310001859919Coyo Uprising GmbH, First Lien Senior Secured Term Loan2025-03-310001859919DataServ Integrations, LLC, First Lien Senior Secured Term Loan2025-03-310001859919DataServ Integrations, LLC, Revolver2025-03-310001859919DISA Holdings Corp., First Lien Senior Secured Term Loan2025-03-310001859919DISA Holdings Corp., Revolver2025-03-310001859919Dunlipharder B.V., First Lien Senior Secured Term Loan2025-03-310001859919EFC International, Senior Unsecured Term Loan2025-03-310001859919Electric Equipment & Engineering Co., First Lien Senior Secured Term Loan2025-03-310001859919Events Software BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001859919Expert Institute Group Inc., First Lien Senior Secured Term Loan2025-03-310001859919Expert Institute Group Inc., Revolver2025-03-310001859919Greenhill II BV, First Lien Senior Secured Term Loan2025-03-310001859919HEKA Invest, First Lien Senior Secured Term Loan2025-03-310001859919HS Advisory Buyer LLC, First Lien Senior Secured Term Loan2025-03-310001859919HS Advisory Buyer LLC, Revolver2025-03-310001859919HSL Compliance, First Lien Senior Secured Term Loan2025-03-310001859919Hydratech Holdings, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Hydratech Holdings, Inc., Revolver2025-03-310001859919Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan 12025-03-310001859919Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan 22025-03-310001859919Interstellar Group B.V., First Lien Senior Secured Term Loan2025-03-310001859919Isolstar Holding NV (IPCOM), First Lien Senior Secured Term Loan2025-03-310001859919Jones Fish Hatcheries & Distributors LLC, First Lien Senior Secured Term Loan2025-03-310001859919Jones Fish Hatcheries & Distributors LLC, Revolver2025-03-310001859919LeadsOnline, LLC, First Lien Senior Secured Term Loan2025-03-310001859919LeadsOnline, LLC, Revolver2025-03-310001859919Long Term Care Group, Inc., First Lien Senior Secured Term Loan2025-03-310001859919MB Purchaser, LLC, First Lien Senior Secured Term Loan2025-03-310001859919MB Purchaser, LLC, Revolver2025-03-310001859919MC Group Ventures Corporation, First Lien Senior Secured Term Loan 12025-03-310001859919MC Group Ventures Corporation, First Lien Senior Secured Term Loan 22025-03-310001859919NF Holdco, LLC, First Lien Senior Secured Term Loan2025-03-310001859919NF Holdco, LLC, Revolver2025-03-310001859919Origin Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001859919Origin Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001859919Origin Bidco Limited, First Lien Senior Secured Term Loan 32025-03-310001859919Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 12025-03-310001859919Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 22025-03-310001859919Qualified Industries, LLC, First Lien Senior Secured Term Loan 12025-03-310001859919Qualified Industries, LLC, First Lien Senior Secured Term Loan 22025-03-310001859919Qualified Industries, LLC, Revolver2025-03-310001859919Recovery Point Systems, Inc., First Lien Senior Secured Term Loan2025-03-310001859919ROI Solutions LLC, First Lien Senior Secured Term Loan2025-03-310001859919ROI Solutions LLC, Revolver2025-03-310001859919Royal Buyer, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Royal Buyer, LLC, Revolver2025-03-310001859919RPX Corporation, First Lien Senior Secured Term Loan2025-03-310001859919RPX Corporation, Revolver2025-03-310001859919Sansidor BV, First Lien Senior Secured Term Loan2025-03-310001859919SBP Holdings LP, First Lien Senior Secured Term Loan2025-03-310001859919SBP Holdings LP, Revolver2025-03-310001859919Scaled Agile, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Scaled Agile, Inc., Revolver2025-03-310001859919SmartShift Group, Inc., First Lien Senior Secured Term Loan2025-03-310001859919SmartShift Group, Inc., Revolver2025-03-310001859919Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), First Lien Senior Secured Term Loan2025-03-310001859919Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2025-03-310001859919Starnmeer B.V., First Lien Senior Secured Term Loan2025-03-310001859919TA SL Cayman Aggregator Corp., Subordinated Term Loan2025-03-310001859919Tanqueray Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919Technology Service Stream BidCo Pty Ltd, First Lien Senior Secured Term Loan2025-03-310001859919Techone B.V., First Lien Senior Secured Term Loan2025-03-310001859919Techone B.V., Revolver2025-03-310001859919Trintech, Inc., First Lien Senior Secured Term Loan2025-03-310001859919Trintech, Inc., Revolver2025-03-310001859919TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 12025-03-310001859919TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 22025-03-310001859919TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 32025-03-310001859919TSYL Corporate Buyer, Inc., Revolver2025-03-310001859919Turnberry Solutions, Inc., First Lien Senior Secured Term Loan2025-03-310001859919UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 12025-03-310001859919UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 22025-03-310001859919UHY Advisors, Inc., First Lien Senior Secured Term Loan2025-03-310001859919UHY Advisors, Inc., Revolver2025-03-310001859919USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 12025-03-310001859919USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 22025-03-310001859919USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 32025-03-310001859919Utac Ceram, First Lien Senior Secured Term Loan 12025-03-310001859919Utac Ceram, First Lien Senior Secured Term Loan 22025-03-310001859919W2O Holdings, Inc., First Lien Senior Secured Term Loan2025-03-310001859919World 50, Inc., First Lien Senior Secured Term Loan2025-03-310001859919World 50, Inc., Revolver2025-03-310001859919Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 12025-03-310001859919Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 22025-03-310001859919Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 32025-03-310001859919Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 42025-03-310001859919Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 52025-03-310001859919Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 62025-03-310001859919Xeinadin Bidco Limited, Subordinated Term Loan2025-03-310001859919Zeppelin Bidco Limited, First Lien Senior Secured Term Loan2025-03-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:BusinessMemberus-gaap:DebtSecuritiesMember2025-03-310001859919Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group), First Lien Senior Secured Term Loan2025-03-310001859919Arc Education, First Lien Senior Secured Term Loan2025-03-310001859919Archimede, First Lien Senior Secured Term Loan2025-03-310001859919Asurion LLC, Second Lien Senior Secured Term Loan2025-03-310001859919Bariacum S.A, First Lien Senior Secured Term Loan2025-03-310001859919Cascade Residential Services LLC, First Lien Senior Secured Term Loan2025-03-310001859919Cascade Residential Services LLC, Revolver2025-03-310001859919Express Wash Acquisition Company, LLC, First Lien Senior Secured Term Loan2025-03-310001859919Express Wash Acquisition Company, LLC, Revolver2025-03-310001859919FL Hawk Intermediate Holdings, Inc. 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(aka TA/TCG Holdings, LLC), First Lien Senior Secured Term Loan2024-12-310001859919The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Revolver2024-12-310001859919The Caprock Group, Inc. (aka TA/TCG Holdings, LLC), Subordinated Term Loan2024-12-310001859919THG Acquisition, LLC, First Lien Senior Secured Term Loan2024-12-310001859919THG Acquisition, LLC, Revolver2024-12-310001859919Turbo Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001859919WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 12024-12-310001859919WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 22024-12-310001859919WEST-NR ACQUISITIONCO, LLC, First Lien Senior Secured Term Loan 32024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:BankingFinanceInsuranceAndRealEstateMemberus-gaap:DebtSecuritiesMember2024-12-310001859919CTI Foods Holdings Co., LLC, 2024 LIFO Term Loan2024-12-310001859919CTI Foods Holdings Co., LLC, First Out Term Loan2024-12-310001859919CTI Foods Holdings Co., LLC, Second Out Term Loan2024-12-310001859919Innovad Group II BV, First Lien Senior Secured Term Loan 12024-12-310001859919Innovad Group II BV, First Lien Senior Secured Term Loan 22024-12-310001859919KSLB Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Riedel Beheer B.V., First Lien Senior Secured Term Loan2024-12-310001859919Woodland Foods, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Woodland Foods, LLC, Revolver2024-12-310001859919ZB Holdco LLC, First Lien Senior Secured Term Loan2024-12-310001859919ZB Holdco LLC, Revolver2024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:BeverageFoodAndTobaccoMemberus-gaap:DebtSecuritiesMember2024-12-310001859919AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 12024-12-310001859919AirX Climate Solutions, Inc., First Lien Senior Secured Term Loan 22024-12-310001859919AirX Climate Solutions, Inc., Revolver2024-12-310001859919APC1 Holding, First Lien Senior Secured Term Loan2024-12-310001859919BPG Holdings IV Corp, First Lien Senior Secured Term Loan2024-12-310001859919Cobham Slip Rings SAS, First Lien Senior Secured Term Loan2024-12-310001859919Polara Enterprises, L.L.C., First Lien Senior Secured Term Loan2024-12-310001859919Polara Enterprises, L.L.C., Revolver2024-12-310001859919Process Insights Acquisition, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Process Insights Acquisition, Inc., Revolver2024-12-310001859919Rapid Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001859919Rapid Buyer LLC, Revolver2024-12-310001859919TAPCO Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001859919TAPCO Buyer LLC, Revolver2024-12-310001859919Tencarva Machinery Company, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Tencarva Machinery Company, LLC, Revolver2024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:CapitalEquipmentMemberus-gaap:DebtSecuritiesMember2024-12-310001859919Americo Chemical Products, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Americo Chemical Products, LLC, Revolver2024-12-310001859919AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 12024-12-310001859919AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 22024-12-310001859919AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 32024-12-310001859919AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 42024-12-310001859919AnalytiChem Holding GmbH, First Lien Senior Secured Term Loan 52024-12-310001859919Aptus 1829. 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(SpotSee), First Lien Senior Secured Term Loan 12024-12-310001859919Media Recovery, Inc. (SpotSee), First Lien Senior Secured Term Loan 22024-12-310001859919Media Recovery, Inc. (SpotSee), Revolver 12024-12-310001859919Media Recovery, Inc. 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GmbH, First Lien Senior Secured Term Loan 12024-12-310001859919Mertus 522. GmbH, First Lien Senior Secured Term Loan 22024-12-310001859919MI OpCo Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Moonlight Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001859919Napa Bidco Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001859919Navia Benefit Solutions, Inc., First Lien Senior Secured Term Loan2024-12-310001859919NPM Investments 28 B.V., First Lien Senior Secured Term Loan2024-12-310001859919OA Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001859919OA Buyer, Inc., Revolver2024-12-310001859919Ocular Therapeutix, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001859919Oracle Vision Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001859919Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 12024-12-310001859919Pare SAS (SAS Maurice MARLE), First Lien Senior Secured Term Loan 22024-12-310001859919Parkview Dental Holdings LLC, First Lien Senior Secured Term Loan2024-12-310001859919Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 12024-12-310001859919Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 22024-12-310001859919Sanoptis S.A.R.L., First Lien Senior Secured Term Loan 32024-12-310001859919SSCP Pegasus Midco Limited, First Lien Senior Secured Term Loan2024-12-310001859919SSCP Spring Bidco 3 Limited, First Lien Senior Secured Term Loan2024-12-310001859919Union Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001859919United Therapy Holding III GmbH, First Lien Senior Secured Term Loan2024-12-310001859919Unither (Uniholding), First Lien Senior Secured Term Loan2024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HealthcareAndPharmaceuticalsMemberus-gaap:DebtSecuritiesMember2024-12-3100018599191WorldSync, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Argus Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001859919Argus Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001859919Argus Bidco Limited, First Lien Senior Secured Term Loan 32024-12-310001859919Argus Bidco Limited, Second Lien Senior Secured Term Loan2024-12-310001859919Audio Precision, Inc., First Lien Senior Secured Term Loan 12024-12-310001859919Audio Precision, Inc., First Lien Senior Secured Term Loan 22024-12-310001859919Benify (Bennevis AB), First Lien Senior Secured Term Loan2024-12-310001859919CAi Software, LLC, First Lien Senior Secured Term Loan2024-12-310001859919CAi Software, LLC, Revolver2024-12-310001859919Caribou Holding Company, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Contabo Finco S.A.R.L, First Lien Senior Secured Term Loan2024-12-310001859919CW Group Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Dragon Bidco, First Lien Senior Secured Term Loan2024-12-310001859919Dwyer Instruments, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Electrical Components International, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 12024-12-310001859919Eurofins Digital Testing International LUX Holding SARL, First Lien Senior Secured Term Loan 22024-12-310001859919Eurofins Digital Testing International LUX Holding SARL, Senior Subordinated Term Loan2024-12-310001859919FSS Buyer LLC, First Lien Senior Secured Term Loan 12024-12-310001859919FSS Buyer LLC, First Lien Senior Secured Term Loan 22024-12-310001859919Graphpad Software, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Graphpad Software, LLC, Revolver2024-12-310001859919Heavy Construction Systems Specialists, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Heavy Construction Systems Specialists, LLC, Revolver2024-12-310001859919HW Holdco, LLC (Hanley Wood LLC), First Lien Senior Secured Term Loan2024-12-310001859919Lattice Group Holdings Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001859919Lattice Group Holdings Bidco Limited, Revolver2024-12-310001859919NAW Buyer LLC, First Lien Senior Secured Term Loan2024-12-310001859919NAW Buyer LLC, Revolver2024-12-310001859919NeoxCo, First Lien Senior Secured Term Loan2024-12-310001859919Next Holdco, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Next Holdco, LLC, Revolver2024-12-310001859919ORTEC INTERNATIONAL NEWCO B.V., First Lien Senior Secured Term Loan2024-12-310001859919OSP Hamilton Purchaser, LLC, First Lien Senior Secured Term Loan2024-12-310001859919OSP Hamilton Purchaser, LLC, Revolver2024-12-310001859919PDQ.Com Corporation, First Lien Senior Secured Term Loan2024-12-310001859919Perforce Software, Inc., Second Lien Senior Secured Term Loan2024-12-310001859919PowerGEM Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001859919PowerGEM Buyer, Inc., Revolver2024-12-310001859919ProfitOptics, LLC, First Lien Senior Secured Term Loan2024-12-310001859919ProfitOptics, LLC, Revolver2024-12-310001859919ProfitOptics, LLC, Senior Subordinated Term Loan2024-12-310001859919Pro-Vision Solutions Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Pro-Vision Solutions Holdings, LLC, Revolver2024-12-310001859919PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 12024-12-310001859919PSP Intermediate 4, LLC, First Lien Senior Secured Term Loan 22024-12-310001859919Saab Purchaser, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Saab Purchaser, Inc., Revolver2024-12-310001859919Sandvine Corporation, First Lien Senior Secured Term Loan2024-12-310001859919Scout Bidco B.V., First Lien Senior Secured Term Loan 12024-12-310001859919Scout Bidco B.V., First Lien Senior Secured Term Loan 22024-12-310001859919Scout Bidco B.V., Revolver2024-12-310001859919Sinari Invest, First Lien Senior Secured Term Loan2024-12-310001859919Smartling, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Smartling, Inc., Revolver2024-12-310001859919Validity, Inc., First Lien Senior Secured Term Loan2024-12-310001859919White Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HighTechIndustriesMemberus-gaap:DebtSecuritiesMember2024-12-310001859919Aquavista Watersides 2 LTD, First Lien Senior Secured Term Loan2024-12-310001859919Aquavista Watersides 2 LTD, Second Lien Senior Secured Term Loan2024-12-310001859919Bucharest Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001859919Bucharest Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:HotelGamingAndLeisureMemberus-gaap:DebtSecuritiesMember2024-12-310001859919ASC Communications, LLC, First Lien Senior Secured Term Loan2024-12-310001859919ASC Communications, LLC, Revolver2024-12-310001859919Superjet Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Superjet Buyer, LLC, Revolver2024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaAdvertisingPrintingAndPublishingMemberus-gaap:DebtSecuritiesMember2024-12-310001859919Music Reports, Inc., First Lien Senior Secured Term Loan2024-12-310001859919The Octave Music Group, Inc., First Lien Senior Secured Term Loan2024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaBroadcastingAndSubscriptionMemberus-gaap:DebtSecuritiesMember2024-12-310001859919BrightSign LLC, First Lien Senior Secured Term Loan2024-12-310001859919BrightSign LLC, Revolver2024-12-310001859919CM Acquisition Holding Inc., First Lien Senior Secured Term Loan 12024-12-310001859919CM Acquisition Holding Inc., First Lien Senior Secured Term Loan 22024-12-310001859919Footco 40 Limited, First Lien Senior Secured Term Loan 12024-12-310001859919Footco 40 Limited, First Lien Senior Secured Term Loan 22024-12-310001859919Iridium Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001859919Learfield Communications, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Murphy Midco Limited, First Lien Senior Secured Term Loan2024-12-310001859919Rock Labor LLC, First Lien Senior Secured Term Loan2024-12-310001859919Rock Labor LLC, Revolver2024-12-310001859919Solo Buyer, L.P., First Lien Senior Secured Term Loan2024-12-310001859919Solo Buyer, L.P., Revolver2024-12-310001859919Vital Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:MediaDiversifiedAndProductionMemberus-gaap:DebtSecuritiesMember2024-12-310001859919Acclime Holdings HK Limited, First Lien Senior Secured Term Loan 12024-12-310001859919Acclime Holdings HK Limited, First Lien Senior Secured Term Loan 22024-12-310001859919Acogroup, First Lien Senior Secured Term Loan 12024-12-310001859919Acogroup, First Lien Senior Secured Term Loan 22024-12-310001859919AD Bidco, Inc., First Lien Senior Secured Term Loan2024-12-310001859919AD Bidco, Inc., Revolver2024-12-310001859919Adhefin International, First Lien Senior Secured Term Loan2024-12-310001859919Adhefin International, Subordinated Term Loan2024-12-310001859919AlliA Insurance Brokers NV, First Lien Senior Secured Term Loan2024-12-310001859919Apex Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001859919Artemis Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001859919Auxi International, First Lien Senior Secured Term Loan2024-12-310001859919AWP Group Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Azalea Buyer, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Azalea Buyer, Inc., Revolver2024-12-310001859919Azalea Buyer, Inc., Subordinated Term Loan2024-12-310001859919Basin Innovation Group, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Basin Innovation Group, LLC, Revolver2024-12-310001859919BNI Global, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Bounteous, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Brightpay Limited, First Lien Senior Secured Term Loan 12024-12-310001859919Brightpay Limited, First Lien Senior Secured Term Loan 22024-12-310001859919British Engineering Services Holdco Limited, First Lien Senior Secured Term Loan2024-12-310001859919Caldwell & Gregory LLC, First Lien Senior Secured Term Loan2024-12-310001859919Caldwell & Gregory LLC, Revolver2024-12-310001859919Centralis Finco S.a.r.l., First Lien Senior Secured Term Loan2024-12-310001859919CGI Parent, LLC, First Lien Senior Secured Term Loan2024-12-310001859919CGI Parent, LLC, Revolver2024-12-310001859919Comply365, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Comply365, LLC, Revolver2024-12-310001859919Coyo Uprising GmbH, First Lien Senior Secured Term Loan2024-12-310001859919DataServ Integrations, LLC, First Lien Senior Secured Term Loan2024-12-310001859919DataServ Integrations, LLC, Revolver2024-12-310001859919DISA Holdings Corp., First Lien Senior Secured Term Loan2024-12-310001859919DISA Holdings Corp., Revolver2024-12-310001859919Dunlipharder B.V., First Lien Senior Secured Term Loan2024-12-310001859919EFC International, Senior Unsecured Term Loan2024-12-310001859919Electric Equipment & Engineering Co., First Lien Senior Secured Term Loan2024-12-310001859919Events Software BidCo Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001859919Fortis Payment Systems, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Fortis Payment Systems, LLC, Revolver2024-12-310001859919Greenhill II BV, First Lien Senior Secured Term Loan2024-12-310001859919HEKA Invest, First Lien Senior Secured Term Loan2024-12-310001859919Hydratech Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Hydratech Holdings, Inc., Revolver2024-12-310001859919Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan 12024-12-310001859919Infoniqa Holdings GmbH, First Lien Senior Secured Term Loan 22024-12-310001859919Interstellar Group B.V., First Lien Senior Secured Term Loan2024-12-310001859919Isolstar Holding NV (IPCOM), First Lien Senior Secured Term Loan2024-12-310001859919Jones Fish Hatcheries & Distributors LLC, First Lien Senior Secured Term Loan2024-12-310001859919Jones Fish Hatcheries & Distributors LLC, Revolver2024-12-310001859919LeadsOnline, LLC, First Lien Senior Secured Term Loan2024-12-310001859919LeadsOnline, LLC, Revolver2024-12-310001859919Long Term Care Group, Inc., First Lien Senior Secured Term Loan2024-12-310001859919MB Purchaser, LLC, First Lien Senior Secured Term Loan2024-12-310001859919MB Purchaser, LLC, Revolver2024-12-310001859919MC Group Ventures Corporation, First Lien Senior Secured Term Loan 12024-12-310001859919MC Group Ventures Corporation, First Lien Senior Secured Term Loan 22024-12-310001859919Metis BidCo Pty Limited, First Lien Senior Secured Term Loan2024-12-310001859919NF Holdco, LLC, First Lien Senior Secured Term Loan2024-12-310001859919NF Holdco, LLC, Revolver2024-12-310001859919Origin Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001859919Origin Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001859919Origin Bidco Limited, First Lien Senior Secured Term Loan 32024-12-310001859919Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 12024-12-310001859919Patriot New Midco 1 Limited (Forensic Risk Alliance), First Lien Senior Secured Term Loan 22024-12-310001859919Qualified Industries, LLC, First Lien Senior Secured Term Loan 12024-12-310001859919Qualified Industries, LLC, First Lien Senior Secured Term Loan 22024-12-310001859919Qualified Industries, LLC, Revolver2024-12-310001859919Questel Unite, First Lien Senior Secured Term Loan 12024-12-310001859919Questel Unite, First Lien Senior Secured Term Loan 22024-12-310001859919Questel Unite, First Lien Senior Secured Term Loan 32024-12-310001859919Recovery Point Systems, Inc., First Lien Senior Secured Term Loan2024-12-310001859919ROI Solutions LLC, First Lien Senior Secured Term Loan2024-12-310001859919ROI Solutions LLC, Revolver2024-12-310001859919Royal Buyer, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Royal Buyer, LLC, Revolver2024-12-310001859919RPX Corporation, First Lien Senior Secured Term Loan2024-12-310001859919RPX Corporation, Revolver2024-12-310001859919Sansidor BV, First Lien Senior Secured Term Loan2024-12-310001859919SBP Holdings LP, First Lien Senior Secured Term Loan2024-12-310001859919SBP Holdings LP, Revolver2024-12-310001859919Scaled Agile, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Scaled Agile, Inc., Revolver2024-12-310001859919SmartShift Group, Inc., First Lien Senior Secured Term Loan 12024-12-310001859919SmartShift Group, Inc., First Lien Senior Secured Term Loan 22024-12-310001859919SmartShift Group, Inc., Revolver2024-12-310001859919Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), First Lien Senior Secured Term Loan2024-12-310001859919Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Revolver2024-12-310001859919Starnmeer B.V., First Lien Senior Secured Term Loan2024-12-310001859919TA SL Cayman Aggregator Corp., Subordinated Term Loan2024-12-310001859919Tanqueray Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001859919Technology Service Stream BidCo Pty Ltd, First Lien Senior Secured Term Loan2024-12-310001859919Techone B.V., First Lien Senior Secured Term Loan2024-12-310001859919Techone B.V., Revolver2024-12-310001859919Trintech, Inc., First Lien Senior Secured Term Loan2024-12-310001859919Trintech, Inc., Revolver2024-12-310001859919TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 12024-12-310001859919TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 22024-12-310001859919TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 32024-12-310001859919TSYL Corporate Buyer, Inc., First Lien Senior Secured Term Loan 42024-12-310001859919TSYL Corporate Buyer, Inc., Revolver2024-12-310001859919Turnberry Solutions, Inc., First Lien Senior Secured Term Loan2024-12-310001859919UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 12024-12-310001859919UBC Ledgers Holding AB, First Lien Senior Secured Term Loan 22024-12-310001859919UHY Advisors, Inc., First Lien Senior Secured Term Loan2024-12-310001859919UHY Advisors, Inc., Revolver2024-12-310001859919USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 12024-12-310001859919USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), First Lien Senior Secured Term Loan 22024-12-310001859919Utac Ceram, First Lien Senior Secured Term Loan 12024-12-310001859919Utac Ceram, First Lien Senior Secured Term Loan 22024-12-310001859919W2O Holdings, Inc., First Lien Senior Secured Term Loan2024-12-310001859919World 50, Inc., First Lien Senior Secured Term Loan2024-12-310001859919World 50, Inc., Revolver2024-12-310001859919Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 12024-12-310001859919Xeinadin Bidco Limited, First Lien Senior Secured Term Loan 22024-12-310001859919Xeinadin Bidco Limited, Subordinated Term Loan2024-12-310001859919Zeppelin Bidco Limited, First Lien Senior Secured Term Loan2024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:ServicesBusinessMemberus-gaap:DebtSecuritiesMember2024-12-310001859919Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group), First Lien Senior Secured Term Loan2024-12-310001859919Arc Education, First Lien Senior Secured Term Loan2024-12-310001859919Archimede, First Lien Senior Secured Term Loan2024-12-310001859919Asurion LLC, Second Lien Senior Secured Term Loan2024-12-310001859919Bariacum S.A, First Lien Senior Secured Term Loan2024-12-310001859919Cascade Residential Services LLC, First Lien Senior Secured Term Loan2024-12-310001859919Cascade Residential Services LLC, Revolver2024-12-310001859919Express Wash Acquisition Company, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Express Wash Acquisition Company, LLC, Revolver2024-12-310001859919FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.), First Lien Senior Secured Term Loan2024-12-310001859919Global Academic Group Limited, First Lien Senior Secured Term Loan 12024-12-310001859919Global Academic Group Limited, First Lien Senior Secured Term Loan 22024-12-310001859919HomeX Services Group LLC, First Lien Senior Secured Term Loan2024-12-310001859919HomeX Services Group LLC, Revolver2024-12-310001859919InvoCare Limited, First Lien Senior Secured Term Loan2024-12-310001859919Kid Distro Holdings, LLC, First Lien Senior Secured Term Loan2024-12-310001859919Marmoutier Holding B.V., First Lien Senior Secured Term Loan2024-12-310001859919Marmoutier Holding B.V., Revolver2024-12-310001859919Marmoutier Holding B.V., Super Senior Secured Term Loan2024-12-310001859919Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 12024-12-310001859919Premium Franchise Brands, LLC, First Lien Senior Secured Term Loan 22024-12-310001859919QPE7 SPV1 BidCo Pty Ltd, First Lien Senior Secured Term Loan 12024-12-310001859919QPE7 SPV1 BidCo Pty Ltd, First Lien Senior Secured Term Loan 22024-12-310001859919Sereni Capital NV, First Lien Senior Secured Term Loan 12024-12-310001859919Sereni Capital NV, First Lien Senior Secured Term Loan 22024-12-310001859919us-gaap:InvestmentUnaffiliatedIssuerMemberbdc:ServicesConsumerMemberus-gaap:DebtSecuritiesMember2024-12-310001859919Ares Loan Funding VII, Ltd., Subordinated Structured Notes2024-12-310001859919Bain Capital Credit CLO 2024-5, Subordinated Structured Notes2024-12-310001859919Benefit Street Partners CLO XVII, Ltd., Subordinated Structured Notes2024-12-310001859919CIFC Funding 2022-VI, Ltd., Subordinated Structured Notes2024-12-310001859919CIFC Funding 2024-IV, Ltd., Subordinated Structured Notes2024-12-310001859919Diameter Capital CLO 8 Ltd., Subordinated Structured Notes2024-12-310001859919Elmwood CLO 29 Ltd., Subordinated Structured Notes2024-12-310001859919Flexential Issuer, LLC, Structured Secured Note - Class C2024-12-310001859919Golub Capital Partners CLO 62(B)-R, Ltd., Subordinated Structured Notes2024-12-310001859919Harmony Peace Park CLO DAC, Subordinated Structured Notes2024-12-310001859919OCP CLO 2016-12, Ltd., Subordinated Structured Notes2024-12-310001859919OCP CLO 2024-35, Ltd., Subordinated Structured Notes2024-12-310001859919Octagon Investment Partners 20-R, LLC, Subordinated Structured Notes2024-12-310001859919Palmer Square CLO 2022-5, Ltd., Subordinated Structured Notes2024-12-310001859919Perimeter Master Note Business Trust, Structured Secured Note - Class A2024-12-310001859919Perimeter Master Note Business Trust, Structured Secured Note - Class B2024-12-310001859919Perimeter Master Note Business Trust, Structured Secured Note - Class C2024-12-310001859919Perimeter Master Note Business Trust, Structured Secured Note - Class D2024-12-310001859919Perimeter Master Note Business Trust, Structured Secured Note - Class E2024-12-310001859919RR 31 LTD, Subordinated Structured Notes2024-12-310001859919Vista Global Holding Ltd, Structured Secured Note - 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Delayed Draw Term Loan2024-12-310001859919Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2025-03-310001859919Lattice Group Holdings Bidco Limited, Delayed Draw Term Loan2024-12-310001859919Marmoutier Holding B.V., Delayed Draw Term Loan2025-03-310001859919Marmoutier Holding B.V., Delayed Draw Term Loan2024-12-310001859919MB Purchaser, LLC, Delayed Draw Term Loan2025-03-310001859919MB Purchaser, LLC, Delayed Draw Term Loan2024-12-310001859919MC Group Ventures Corporation, Delayed Draw Term Loan 12025-03-310001859919MC Group Ventures Corporation, Delayed Draw Term Loan 12024-12-310001859919MC Group Ventures Corporation, Delayed Draw Term Loan 22025-03-310001859919MC Group Ventures Corporation, Delayed Draw Term Loan 22024-12-310001859919Mercell Holding AS, Capex / Acquisition Facility2025-03-310001859919Mercell Holding AS, Capex / Acquisition Facility2024-12-310001859919Modern Star Holdings Bidco Pty Limited, Term Loan 12025-03-310001859919Modern Star Holdings Bidco Pty Limited, Term Loan 12024-12-310001859919Modern Star Holdings Bidco Pty Limited, Term Loan 22025-03-310001859919Modern Star Holdings Bidco Pty Limited, Term Loan 22024-12-310001859919Momentum Textiles, LLC, Revolver2024-12-310001859919Moonlight Bidco Limited, Delayed Draw Term Loan2025-03-310001859919Moonlight Bidco Limited, Delayed Draw Term Loan2024-12-310001859919MSI Express Inc., Delayed Draw Term Loan2025-03-310001859919MSI Express Inc., Delayed Draw Term Loan2024-12-310001859919MSI Express Inc., Revolver 12025-03-310001859919MSI Express Inc., Revolver 12024-12-310001859919MSI Express Inc., Revolver 22025-03-310001859919MSI Express Inc., Revolver 22024-12-310001859919NAW Buyer LLC, Delayed Draw Term Loan2025-03-310001859919NAW Buyer LLC, Delayed Draw Term Loan2024-12-310001859919Next Holdco, LLC, Delayed Draw Term Loan2025-03-310001859919Next Holdco, LLC, Delayed Draw Term Loan2024-12-310001859919Northstar Recycling, LLC, Delayed Draw Term Loan2025-03-310001859919Northstar Recycling, LLC, Delayed Draw Term Loan2024-12-310001859919NPM Investments 28 B.V., Delayed Draw Term Loan2025-03-310001859919NPM Investments 28 B.V., Delayed Draw Term Loan2024-12-310001859919Oracle Vision Bidco Limited, Delayed Draw Term Loan2025-03-310001859919Oracle Vision Bidco Limited, Delayed Draw Term Loan2024-12-310001859919OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2025-03-310001859919OSP Hamilton Purchaser, LLC, Delayed Draw Term Loan2024-12-310001859919Pare SAS (SAS Maurice MARLE), Delayed Draw Term Loan2025-03-310001859919Pare SAS (SAS Maurice MARLE), Delayed Draw Term Loan2024-12-310001859919Parkview Dental Holdings LLC, Delayed Draw Term Loan2025-03-310001859919Parkview Dental Holdings LLC, Delayed Draw Term Loan2024-12-310001859919PDQ.Com Corporation, Delayed Draw Term Loan 12025-03-310001859919PDQ.Com Corporation, Delayed Draw Term Loan 12024-12-310001859919PDQ.Com Corporation, Delayed Draw Term Loan 22025-03-310001859919PDQ.Com Corporation, Delayed Draw Term Loan 22024-12-310001859919PowerGEM Buyer, Inc., Delayed Draw Term Loan2025-03-310001859919PowerGEM Buyer, Inc., Delayed Draw Term Loan2024-12-310001859919Premium Invest, Capex / Acquisition Facility2025-03-310001859919Premium Invest, Capex / Acquisition Facility2024-12-310001859919Process Insights Acquisition, Inc., Delayed Draw Term Loan2025-03-310001859919Process Insights Acquisition, Inc., Delayed Draw Term Loan2024-12-310001859919PSP Intermediate 4, LLC, Delayed Draw Term Loan2025-03-310001859919PSP Intermediate 4, LLC, Delayed Draw Term Loan2024-12-310001859919Randys Holdings, Inc., Delayed Draw Term Loan2025-03-310001859919Randys Holdings, Inc., Delayed Draw Term Loan2024-12-310001859919Rapid Buyer LLC, Delayed Draw Term Loan2025-03-310001859919Rapid Buyer LLC, Delayed Draw Term Loan2024-12-310001859919Rocade Holdings LLC, Preferred Equity2025-03-310001859919Rocade Holdings LLC, Preferred Equity2024-12-310001859919ROI Solutions LLC, Delayed Draw Term Loan2025-03-310001859919ROI Solutions LLC, Delayed Draw Term Loan2024-12-310001859919Royal Buyer, LLC, Delayed Draw Term Loan2025-03-310001859919Royal Buyer, LLC, Delayed Draw Term Loan2024-12-310001859919Saab Purchaser, Inc., Delayed Draw Term Loan2025-03-310001859919Saab Purchaser, Inc., Delayed Draw Term Loan2024-12-310001859919Sanoptis S.A.R.L., Term Loan2025-03-310001859919Sanoptis S.A.R.L., Term Loan2024-12-310001859919Sansidor BV, Capex / Acquisition Facility2025-03-310001859919Sansidor BV, Capex / Acquisition Facility2024-12-310001859919SBP Holdings LP, Delayed Draw Term Loan 12025-03-310001859919SBP Holdings LP, Delayed Draw Term Loan 12024-12-310001859919SBP Holdings LP, Delayed Draw Term Loan 22025-03-310001859919SBP Holdings LP, Delayed Draw Term Loan 22024-12-310001859919Sinari Invest, Delayed Draw Term Loan2025-03-310001859919Sinari Invest, Delayed Draw Term Loan2024-12-310001859919SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2025-03-310001859919SISU ACQUISITIONCO., INC., Delayed Draw Term Loan2024-12-310001859919Skyvault Holdings LLC, Delayed Draw Term Loan2025-03-310001859919Skyvault Holdings LLC, Delayed Draw Term Loan2024-12-310001859919Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2025-03-310001859919Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.), Delayed Draw Term Loan2024-12-310001859919SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2025-03-310001859919SPATCO Energy Solutions, LLC, Delayed Draw Term Loan2024-12-310001859919SSCP Pegasus Midco Limited, Delayed Draw Term Loan2025-03-310001859919SSCP Pegasus Midco Limited, Delayed Draw Term Loan2024-12-310001859919Superjet Buyer, LLC, Delayed Draw Term Loan2025-03-310001859919Superjet Buyer, LLC, Delayed Draw Term Loan2024-12-310001859919SVI International LLC, Delayed Draw Term Loan2025-03-310001859919SVI International LLC, Delayed Draw Term Loan2024-12-310001859919Tank Holding Corp, Delayed Draw Term Loan2025-03-310001859919Tank Holding Corp, Delayed Draw Term Loan2024-12-310001859919Tanqueray Bidco Limited, Capex / Acquisition Facility2025-03-310001859919Tanqueray Bidco Limited, Capex / Acquisition Facility2024-12-310001859919TAPCO Buyer LLC, Delayed Draw Term Loan2025-03-310001859919TAPCO Buyer LLC, Delayed Draw Term Loan2024-12-310001859919Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2025-03-310001859919Technology Service Stream BidCo Pty Ltd, Delayed Draw Term Loan2024-12-310001859919Tencarva Machinery Company, LLC, Delayed Draw Term Loan 12025-03-310001859919Tencarva Machinery Company, LLC, Delayed Draw Term Loan 12024-12-310001859919Tencarva Machinery Company, LLC, Delayed Draw Term Loan 22025-03-310001859919Tencarva Machinery Company, LLC, Delayed Draw Term Loan 22024-12-310001859919THG Acquisition, LLC, Delayed Draw Term Loan2025-03-310001859919THG Acquisition, LLC, Delayed Draw Term Loan2024-12-310001859919TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2025-03-310001859919TSYL Corporate Buyer, Inc., Delayed Draw Term Loan2024-12-310001859919UBC Ledgers Holding AB, Delayed Draw Term Loan2025-03-310001859919UBC Ledgers Holding AB, Delayed Draw Term Loan2024-12-310001859919UHY Advisors, Inc., Delayed Draw Term Loan2025-03-310001859919UHY Advisors, Inc., Delayed Draw Term Loan2024-12-310001859919Union Bidco Limited, Capex / Acquisition Facility2025-03-310001859919Union Bidco Limited, Capex / Acquisition Facility2024-12-310001859919United Therapy Holding III GmbH, Capex / Acquisition Facility2025-03-310001859919United Therapy Holding III GmbH, Capex / Acquisition Facility2024-12-310001859919Unither (Uniholding), Delayed Draw Term Loan2025-03-310001859919Unither (Uniholding), Delayed Draw Term Loan2024-12-310001859919USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Term Loan2025-03-310001859919USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.), Term Loan2024-12-310001859919WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan 12025-03-310001859919WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan 12024-12-310001859919WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan 22025-03-310001859919WEST-NR ACQUISITIONCO, LLC, Delayed Draw Term Loan 22024-12-310001859919Whitcraft Holdings, Inc., Delayed Draw Term Loan2025-03-310001859919Whitcraft Holdings, Inc., Delayed Draw Term Loan2024-12-310001859919White Bidco Limited, Delayed Draw Term Loan2025-03-310001859919White Bidco Limited, Delayed Draw Term Loan2024-12-310001859919Woodland Foods, LLC, Delayed Draw Term Loan2025-03-310001859919Woodland Foods, LLC, Delayed Draw Term Loan2024-12-310001859919Woodland Foods, LLC, Line of Credit2025-03-310001859919Woodland Foods, LLC, Line of Credit2024-12-310001859919WWEC Holdings III Corp, Delayed Draw Term Loan2025-03-310001859919WWEC Holdings III Corp, Delayed Draw Term Loan2024-12-310001859919Xeinadin Bidco Limited, Capex / Acquisition Facility2025-03-310001859919Xeinadin Bidco Limited, Capex / Acquisition Facility2024-12-310001859919ZB Holdco LLC, Delayed Draw Term Loan 12025-03-310001859919ZB Holdco LLC, Delayed Draw Term Loan 12024-12-310001859919ZB Holdco LLC, Delayed Draw Term Loan 22025-03-310001859919ZB Holdco LLC, Delayed Draw Term Loan 22024-12-310001859919us-gaap:SubsequentEventMember2025-04-012025-04-010001859919us-gaap:SubsequentEventMember2025-04-010001859919us-gaap:SubsequentEventMemberbdc:O2025M6DividendsMember2025-05-082025-05-080001859919us-gaap:SubsequentEventMemberbdc:O2025M7DividendsMember2025-05-082025-05-080001859919us-gaap:SubsequentEventMemberbdc:O2025M8DividendsMember2025-05-082025-05-08
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________________
Form 10-Q
__________________________________________________________
(Mark One)
ýQUARTERLY 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 classTrading Symbol(s)Name of each exchange on which registered
N/AN/AN/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.
Unaudited Consolidated Balance Sheet as of March 31, 2025 and Consolidated Balance Sheet as of December 31, 2024
Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024
Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

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, 2025December 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 value3,430,001 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 receivable49,640 49,593 
Prepaid expenses and other assets2,544 321 
Derivative assets2,298 41,184 
Deferred financing fees8,617 9,179 
Receivable from unsettled transactions1,815 3,016 
Total assets$3,708,291 $3,328,424 
Liabilities:
Accounts payable and accrued liabilities$5,449 $6,244 
Share repurchases payable12,793 5,847 
Interest payable15,202 14,916 
Administrative fees payable353 541 
Base management fees payable5,723 5,243 
Incentive management fees payable3,801 3,563 
Derivative liabilities 9,749 12,875 
Payable from unsettled transactions95,528 2,580 
Borrowings under credit facilities671,534 594,357 
Debt securitization (net of deferred financing fees)406,104 406,020 
Notes payable (net of deferred financing fees)303,596 299,602 
Total liabilities1,529,832 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 capital2,160,942 1,953,628 
Total distributable earnings 17,412 22,913 
Total net assets2,178,459 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 EndedThree Months Ended
March 31, 2025March 31, 2024
Investment income:
Interest income:
Non-Control / Non-Affiliate investments$68,905 $60,264 
Affiliate investments503 289 
Total interest income69,408 60,553 
Dividend income:
Non-Control / Non-Affiliate investments777 938 
Affiliate investments6,513 5,801 
Total dividend income7,290 6,739 
Fee and other income:
Non-Control / Non-Affiliate investments5,222 4,347 
Affiliate investments18 29 
Total fee and other income5,240 4,376 
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments3,224 2,274 
Affiliate investments 91 
Control investments231  
Total payment-in-kind interest income3,455 2,365 
Interest income from cash664 261 
Total investment income86,057 74,294 
Operating expenses:
Interest and other financing fees20,915 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 expenses32,173 33,479 
Net investment income before taxes53,884 40,815 
Income taxes, including excise tax expense400 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 EndedThree Months Ended
March 31, 2025March 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 transactions722 (397)
Forward currency contracts25,952 (14,917)
Net realized gains (losses)26,209 (18,873)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments18,070 2,907 
Affiliate investments1,325 (991)
Control investments(14) 
Net unrealized appreciation (depreciation) on investments19,381 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 contracts1,959 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 diluted101,251,032 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 StockAdditional
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 / distributions268,425 — 5,574 (60,944)(55,370)
Issuance of common stock10,328,768 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 StockAdditional
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 / distributions213,981 — 4,466 (42,678)(38,212)
Issuance of common stock16,812,748 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 EndedThree Months Ended
March 31, 2025March 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 investments116,581 168,751 
Loan origination and other fees received9,512 6,096 
Net realized (gain) loss on investments465 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 transactions3,917 (1,850)
Net unrealized (appreciation) depreciation on forward currency contracts39,714 (25,940)
Payment-in-kind interest / dividends (7,426)(5,648)
Amortization of deferred financing fees687 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 contracts33,721 4,080 
Changes in operating assets and liabilities:
Interest and fees receivable1,865 4,338 
Prepaid expenses and other assets(2,222)(2,389)
Accounts payable and accrued liabilities(1,081)(398)
Interest payable243 (5,173)
Net cash provided by (used in) operating activities(144,042)(89,245)
Cash flows from financing activities:
Borrowings under credit facilities169,781 56,510 
Repayments under credit facilities(96,754)(182,625)
Repayments of debt securitization (4,849)
Financing fees paid (117)
Issuance of common stock214,539 351,176 
Cash dividends / distributions paid(55,370)(38,212)
Purchases of shares in repurchase plan(5,844)(307)
Net cash provided by (used in) financing activities226,352 181,576 
Net increase (decrease) in cash and foreign currencies82,310 92,331 
Cash and foreign currencies, beginning of period131,066 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
04/2204/28$13,022 $12,912 $12,761 0.6 %
(7)(8)(16)(30)
Accurus Aerospace CorporationRevolver
SOFR + 5.75%, 10.2% Cash
04/2204/281,528 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
11/2211/2846,002 45,253 45,404 2.1 %
(6)(7)(8)(16) (30)
ATL II MRO Holdings Inc.Revolver
SOFR + 5.50%, 9.8% Cash
11/2211/28 (95)(83) %
(7)(8)(16)(31)
(32)
Compass Precision, LLCSenior Subordinated Term Loan
11.0% Cash, 1.0% PIK
04/2204/28650 644 644  %
(7)(30)(32)
GB Eagle Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
12/2212/3011,099 10,847 11,015 0.5 %
(7)(8)(16)(30) (31)(32)
GB Eagle Buyer, Inc.Revolver
SOFR + 4.75%, 9.0% Cash
12/2212/30362 308 344  %
(7)(8)(16)(31) (32)
Jade Bidco Limited (Jane's)First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.9% Cash
05/2102/293,569 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
05/2102/2921,141 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
10/2409/3110,802 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
03/2403/307,944 7,807 7,467 0.3 %
(6)(7)(8)(16)
Megawatt Acquisitionco, Inc.Revolver
SOFR + 5.50%, 9.8% Cash
03/2403/30568 536 449  %
(7)(8)(16)(31)
(32)
Narda Acquisitionco., Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/2112/274,091 4,056 4,091 0.2 %
(6)(7)(8)(15)
Narda Acquisitionco., Inc.Revolver
SOFR + 4.75%, 9.2% Cash
12/2112/27 (8)  %
(7)(8)(15)(31)
(32)
Protego Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.9% Cash
05/2103/28568 615 554  %
(3)(7)(8)(11)
(30)(32)
Protego Bidco B.V.Revolver
EURIBOR + 6.50%, 8.9% Cash
05/2103/27129 140 126  %
(3)(7)(8)(11)
(32)
SISU ACQUISITIONCO., INC.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
05/2112/262,540 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
05/2102/279,150 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
02/2302/2911,407 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
07/2406/297,522 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
02/2302/2910,170 9,874 10,170 0.5 %
(7)(8)(16)(32)
Whitcraft Holdings, Inc.Revolver
SOFR + 6.50%, 10.8% Cash
02/2302/291,673 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 CorporationSecond Lien Senior Secured Term Loan
SOFR + 9.00%, 13.4% Cash
07/2207/304,545 4,411 4,218 0.2 %
(7)(8)(16)(30)
OAC Holdings I CorpFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
03/2203/293,312 3,273 3,312 0.2 %
(6)(7)(8)(16)
OAC Holdings I CorpRevolver
SOFR + 5.00%, 9.5% Cash
03/2203/28489 475 489  %
(7)(8)(16)(31)
(32)
Randys Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2211/2914,417 14,087 14,319 0.7 %
(6)(7)(8)(16) (30)(31)
Randys Holdings, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
11/2211/281,025 984 1,011  %
(7)(8)(16)(31)
(32)
SPATCO Energy Solutions, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
07/2407/3024,868 24,324 24,407 1.1 %
(7)(8)(16)(30) (31)
SPATCO Energy Solutions, LLCRevolver
SOFR + 5.00%, 9.3% Cash
07/2407/30 (74)(64) %
(7)(8)(16)(31)
(32)
SVI International LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.0% Cash
03/2403/30588 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
SVI International LLCRevolver
SOFR + 6.75%, 11.0% Cash
03/2403/30$ $(1)$  %
(7)(8)(16)(31)
(32)
Subtotal Automotive (2.2%)*
49,244 48,055 48,280 
Banking, Finance, Insurance, & Real Estate
Apus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.2% Cash
05/2103/281,227 1,321 1,227 0.1 %
(3)(7)(8)(20) (30)
Aspen Insurance Holdings Ltd.First Lien Senior Secured Term Loan
9.3% Cash
10/2410/289,406 9,321 9,321 0.4 %
(7)(32)
Beyond Risk Management, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.9% Cash
10/2110/277,587 7,242 7,587 0.3 %
(7)(8)(16)(30) (31)
Broadstone Group UK LTDFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.0% Cash
03/2503/303,247 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
05/2103/27864 953 864  %
(3)(7)(8)(10) (30)(32)
Finaxy HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
11/2311/308,116 7,987 7,969 0.4 %
(3)(7)(8)(11)
(30)(32)
Finaxy HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
05/2211/30874 721 764  %
(3)(7)(8)(11) (30)(31)
Findex Group LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.4% Cash
03/2312/262,250 2,346 2,250 0.1 %
(3)(7)(13)(30)
Groupe GuemasFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.8% Cash
10/2309/302,517 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
05/2109/268,952 9,778 8,952 0.4 %
(3)(7)(8)(9)(11) (30)
IM SquareFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.8% Cash
05/2105/284,537 4,912 4,449 0.2 %
(3)(7)(8)(10) (30)(32)
IM SquareFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash
12/2205/283,457 3,306 3,436 0.2 %
(3)(7)(8)(10) (30)
Policy Services Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash, 4.0% PIK
12/2106/2653,851 53,302 53,415 2.5 %
(7)(8)(16)
(32)
Premium InvestFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.1% Cash
06/2112/306,846 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
04/2405/274,179 3,932 4,094 0.2 %
(7)(8)(16)(30)
Shelf Bidco LtdSecond Out Term Loan
SOFR + 5.00%, 9.3% Cash
10/2410/3144,428 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
10/2112/273,947 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
10/2112/27 (10)  %
(7)(8)(15)(31)
(32)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Subordinated Term Loan
SOFR + 7.75%, 12.2% PIK
10/2110/285,656 5,598 5,656 0.3 %
(7)(8)(17)(32)
THG Acquisition, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
10/2410/319,925 9,812 9,821 0.5 %
(7)(8)(15)(30) (31)
THG Acquisition, LLCRevolver
SOFR + 4.75%, 9.0% Cash
10/2410/3166 53 54  %
(7)(8)(15)(31)
(32)
Turbo Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
11/2112/2512,352 12,307 11,648 0.5 %
(6)(7)(8)(16)
(30)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
08/2312/2718,296 18,056 18,040 0.8 %
(7)(8)(16)(30) (31)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
12/2412/295,175 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., LLC2024 LIFO Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/268,739 8,478 8,739 0.4 %
(7)(8)(16)(32)
CTI Foods Holdings Co., LLCFirst Out Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/264,308 4,202 4,308 0.2 %
(7)(8)(16)(32)
CTI Foods Holdings Co., LLCFirst Out Term Loan
SOFR + 7.00%, 11.6% PIK
02/2405/261,617 1,617 1,617 0.1 %
(7)(8)(16)(32)
CTI Foods Holdings Co., LLCSecond Out Term Loan
SOFR + 9.00%, 13.6% PIK
02/2405/261,236 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Innovad Group II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.4% Cash
05/2104/28$1,054 $1,148 $1,054  %
(3)(7)(8)(10)
(30)(32)
Innovad Group II BVFirst Lien Senior Secured Term Loan
SARON + 5.00%, 5.2% Cash
05/2304/28164 161 164  %
(3)(7)(8)(24) (32)
KSLB Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
01/2501/304,000 3,962 3,960 0.2 %
(7)(8)(16)(30)
KSLB Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
05/2107/2717,589 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
12/2112/282,240 2,267 1,942 0.1 %
(3)(7)(8)(10) (30)
Woodland Foods, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
12/2112/2717,469 17,229 17,186 0.8 %
(6)(7)(8)(16)
(30)(31)
Woodland Foods, LLCRevolver
SOFR + 5.50%, 10.0% Cash
12/2112/27691 667 659  %
(7)(8)(16)(31)
(32)
ZB Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
02/2202/2812,119 11,930 11,950 0.5 %
(6)(7)(8)(16)
(30)(31)
ZB Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
01/2501/30 (30)(31) %
(7)(8)(16)(30)
(31)
ZB Holdco LLCRevolver
SOFR + 5.50%, 10.0% Cash
02/2202/281,228 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
11/2311/2914,020 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
11/2311/299,082 8,798 8,965 0.4 %
(6)(7)(8)(16)
(30)(31)
AirX Climate Solutions, Inc.Revolver
SOFR + 5.75%, 10.1% Cash
11/2311/29 (61)  %
(7)(8)(16)(31)
(32)
APC1 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.6% Cash
07/2207/292,484 2,327 2,484 0.1 %
(3)(7)(8)(10) (30)
BPG Holdings IV CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
03/2307/2923,460 22,138 20,879 1.0 %
(7)(8)(16)(32)
Cobham Slip Rings SASFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
11/2111/283,091 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
03/2503/3010,035 9,935 9,935 0.5 %
(7)(16)(30)
DAWGS Intermediate Holdings Co.Revolver
SOFR + 4.50%, 8.8% Cash
03/2503/30126 95 95  %
(7)(16)(31)(32)
Polara Enterprises, L.L.C.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/2112/275,775 5,716 5,775 0.3 %
(6)(7)(8)(15)
Polara Enterprises, L.L.C.Revolver
SOFR + 4.75%, 9.2% Cash
12/2112/27 (9)  %
(7)(8)(15)(31)
(32)
Process Insights Acquisition, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
07/2307/293,526 3,465 3,435 0.2 %
(6)(7)(8)(16)
(30)(31)
Process Insights Acquisition, Inc.Revolver
SOFR + 6.25%, 10.6% Cash
07/2307/29693 669 664  %
(7)(8)(16)(31)
(32)
Rapid Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
10/2410/305,213 5,110 5,111 0.2 %
(7)(8)(16)(30) (31)
Rapid Buyer LLCRevolver
SOFR + 4.75%, 9.0% Cash
10/2410/30 (18)(18) %
(7)(8)(16)(31)
(32)
TAPCO Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2411/3019,341 18,913 18,941 0.9 %
(7)(8)(16)(30)
TAPCO Buyer LLCRevolver
SOFR + 5.00%, 9.3% Cash
11/2411/30 (53)(53) %
(7)(8)(16)(31)
(32)
Tencarva Machinery Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
12/2112/2724,606 23,998 23,938 1.1 %
(6)(7)(8)(16)
(30)(31)
Tencarva Machinery Company, LLCRevolver
SOFR + 4.75%, 9.2% Cash
12/2112/27 (51)(61) %
(7)(8)(16)(31)
(32)
Subtotal Capital Equipment (5.4%)*
121,452 117,868 117,043 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
04/2304/295,371 5,286 5,275 0.2 %
(7)(8)(15)(30)
(32)
Americo Chemical Products, LLCRevolver
SOFR + 5.00%, 9.3% Cash
04/2304/29 (24)(25) %
(7)(8)(15)(31)
(32)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
BBSY + 6.08%, 10.2% Cash
11/2110/281,245 1,424 1,235 0.1 %
(3)(7)(8)(13) (30)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.08%, 8.6% Cash
11/2110/2814,085 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.83%, 10.1% Cash
01/2310/28$2,248 $2,162 $2,248 0.1 %
(3)(7)(8)(11) (30)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
SOFR + 6.08%, 10.7% Cash
11/2110/282,235 2,235 2,218 0.1 %
(3)(7)(8)(16) (30)
Aptus 1829. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
09/2109/272,362 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
02/2204/2912,468 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
08/2408/307,800 7,673 7,676 0.4 %
(7)(8)(15)(30)
BKF Buyer, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
08/2408/30 (45)(46) %
(7)(8)(15)
(31)(32)
EMI Porta Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
12/2112/2744,627 44,438 41,905 1.9 %
(7)(8)(16)(30)
EMI Porta Holdco LLCRevolver
SOFR + 5.75%, 10.2% Cash
12/2112/27458 435 303  %
(7)(8)(15)(31)
(32)
MNS Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
08/2108/27660 654 660  %
(7)(8)(15)(30)
Ocelot Holdco LLCSuper Senior Takeback Loan
10.0% Cash
10/2310/27172 172 172  %
(7)(32)
Ocelot Holdco LLCTakeback Term Loan
10.0% Cash
10/2310/27917 917 917  %
(7)(32)
Subtotal Construction & Building (2.4%)*
54,634 54,244 51,587 
Consumer goods: Durable
DecksDirect, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 11.0% Cash
12/2112/281,553 1,534 1,295 0.1 %
(7)(8)(16)(30)
DecksDirect, LLCRevolver
SOFR + 6.50%, 11.0% Cash
12/2112/28254 250 191  %
(7)(8)(16)(31)
(32)
Gojo Industries, Inc. First Lien Senior Secured Term Loan
SOFR + 9.50%, 13.8% Cash
10/2310/2825,733 25,150 25,183 1.2 %
(7)(8)(15)(32)
HTI Technology & IndustriesFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 13.0% Cash
07/2201/268,840 8,816 8,155 0.4 %
(6)(7)(8)(17)
(30)(31)(32)
HTI Technology & IndustriesRevolver
SOFR + 8.50%, 13.0% Cash
07/2201/26 (2)(73) %
(7)(8)(17)(31)
(32)
Momentum Textiles, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
03/2503/3010,781 10,673 10,673 0.5 %
(7)(15)(30)
Momentum Textiles, LLCRevolver
SOFR + 5.50%, 9.8% Cash
03/2503/30(14)(27)(27) %
(7)(15)(31)(32)
Renovation Parent Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
11/2111/2714,090 13,925 13,089 0.6 %
(6)(7)(8)(16)
Team Air Distributing, LLCSubordinated Term Loan
14.0% Cash
05/2305/28753 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 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.2% Cash
03/2209/305,456 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
BidwaxFirst Lien Senior Secured Term Loan
EURIBOR + 6.40%, 9.2% Cash
05/2102/284,969 5,367 4,959 0.2 %
(3)(7)(8)(11)
(30)(32)
CCFF Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
02/2402/303,174 3,099 3,116 0.1 %
(7)(8)(17)(30) (31)
CCFF Buyer, LLCRevolver
SOFR + 5.00%, 9.3% Cash
02/2402/30 (17)(13) %
(7)(8)(17)(31)
(32)
David Wood Baking UK Ltd First Lien Senior Secured Term Loan
SONIA + 10.00%, 14.7% Cash
04/2404/2913,311 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
04/2404/2913,162 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
01/2401/304,365 4,273 4,279 0.2 %
(7)(8)(16)(30)
Ice House America, L.L.C.Revolver
SOFR + 5.50%, 9.8% Cash
01/2401/30480 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Image International Intermediate Holdco II, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
05/2107/25$24,175 $24,175 $23,256 1.1 %
(7)(8)(16)(30)
Modern Star Holdings Bidco Pty LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.00%, 10.1% Cash
05/2112/261,754 1,914 1,754 0.1 %
(3)(7)(8)(12)
(30)(31)(32)
Safety Products Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
05/2112/266,987 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 InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.6% Cash
05/2109/312,698 2,732 2,587 0.1 %
(3)(7)(8)(10) (30)
Cosmelux InternationalRevolver
EURIBOR + 5.25%, 7.6% Cash
05/2109/30 (2)(10) %
(3)(7)(8)(10) (31)(32)
Diversified Packaging Holdings LLCSecond Lien Senior Secured Term Loan
11.0% Cash, 1.5% PIK
06/2406/291,011 993 990  %
(7)(8)(30)
Five Star Holding LLCSecond Lien Senior Secured Term Loan
SOFR + 7.25%, 11.6% Cash
05/2205/307,152 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
09/2409/305,420 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
09/2409/3011,177 11,466 11,038 0.5 %
(7)(8)(18)(30)
Media Recovery, Inc. (SpotSee)Revolver
SOFR + 4.50%, 8.8% Cash
09/2409/30125 100 100  %
(7)(8)(16)(31)
(32)
Media Recovery, Inc. (SpotSee)Revolver
SONIA + 4.50%, 9.0% Cash
09/2409/30 (31)(29) %
(7)(8)(18)(31)
(32)
Mold-Rite Plastics, LLCSecond Lien Second Out Term Loan
SOFR + 1.50%, 5.8% Cash, 2.3% PIK
06/2410/283,272 2,760 2,766 0.1 %
(16)(30)
MSI Express Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
03/2503/308,177 8,049 8,048 0.4 %
(7)(16)(30)(31)
MSI Express Inc.Revolver
SOFR + 4.75%, 9.1% Cash
03/2503/30965 919 919  %
(7)(16)(30)(31)
(32)
OG III B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.8% Cash
06/2106/2811,228 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
06/2106/283,879 3,855 3,843 0.2 %
(3)(7)(8)(10) (30)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/2813,951 13,772 13,792 0.6 %
(6)(7)(8)(15)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
05/2303/286,710 6,576 6,634 0.3 %
(7)(8)(15)(32)
Tank Holding CorpRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/28 (7)(7) %
(7)(8)(15)(31)
(32)
Subtotal Containers, Packaging, & Glass (3.4%)*
75,765 76,013 74,076 
Energy: Electricity
WWEC Holdings III CorpFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
10/2210/289,126 8,869 8,891 0.4 %
(7)(8)(16)(30) (31)
WWEC Holdings III CorpRevolver
SOFR + 5.00%, 9.3% Cash
10/2210/28 (49)(50) %
(7)(8)(16)(31)
(32)
Subtotal Energy: Electricity (0.4%)*
9,126 8,820 8,841 
Environmental Industries
Bridger Aerospace Group Holdings, LLCMunicipal Revenue Bond
11.5% Cash
07/2209/2732,980 32,980 33,952 1.6 %
(32)
Entact Environmental Services, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.0% Cash
05/2101/271,841 1,832 1,836 0.1 %
(6)(7)(8)(16)
(30)
Northstar Recycling, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.65%, 9.0% Cash
06/2212/3017,479 17,221 17,479 0.8 %
(7)(8)(16)(30) (31)
Northstar Recycling, LLCRevolver
SOFR + 4.65%, 9.0% Cash
06/2212/30 (43)  %
(7)(8)(16)(31)
(32)
Subtotal Environmental Industries (2.4%)*

52,300 51,990 53,267 
Healthcare & Pharmaceuticals
A.T. Holdings II LTDFirst Lien Senior Secured Term Loan
6.7% Cash, 7.6% PIK
11/2209/2915,791 14,250 9,964 0.5 %
(3)(7)(29)(32)
Amalfi MidcoSecond Lien Senior Secured Term Loan
17.5% PIK
09/2210/28299 301 311  %
(3)(7)(32)
Amalfi MidcoSubordinated Loan Notes
2.0% Cash, 9.0% PIK
09/2209/286,125 5,415 5,819 0.3 %
(3)(7)(32)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
11/2111/28499 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.5% Cash
11/2111/28$3,031 $3,054 $3,024 0.1 %
(3)(7)(8)(20) (30)(31)
Avance Clinical Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.50%, 8.7% Cash
11/2111/272,053 2,287 2,053 0.1 %
(3)(7)(8)(13) (30)(31)
Biolam GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.25%, 8.2% PIK
12/2212/296,744 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
06/2112/264,180 4,909 798  %
(3)(7)(8)(22) (28)(30)
Canadian Orthodontic Partners Corp.Super Senior Secured Term Loan
15.0% PIK
04/2412/2680 79 256  %
(3)(7)(30)(31)
Ceres Pharma NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.9% Cash
10/2110/284,575 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
05/2405/299,977 9,718 9,758 0.4 %
(7)(8)(16)(32)
Dune GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.6% Cash
09/2109/28303 296 235  %
(3)(7)(8)(11) (30)(31)
Dune GroupFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.3% Cash
09/2109/285,335 5,288 5,063 0.2 %
(3)(7)(8)(16) (30)
EB DevelopmentFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
11/2411/317,085 6,645 6,834 0.3 %
(3)(7)(8)(10) (30)(31)
Ellkay, LLCFirst Lien Senior Secured Term Loan
SOFR + 7.50%, 10.0% Cash, 2.0% PIK
09/2109/275,716 5,663 5,224 0.2 %
(7)(8)(16)(30)
FaradayFirst Lien Senior Secured Term Loan
EURIBOR + 6.10%, 8.5% Cash
01/2301/293,291 3,290 3,265 0.1 %
(3)(7)(8)(10) (30)(32)
FinexvetFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.1% Cash
03/2203/299,775 9,745 9,696 0.4 %
(3)(7)(8)(11)
(30)(32)
Forest Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
03/2403/3012,197 12,034 12,197 0.6 %
(7)(8)(16)(30)
Forest Buyer, LLCRevolver
SOFR + 5.00%, 9.3% Cash
03/2403/30 (12)  %
(7)(8)(16)(31)
(32)
GCDL LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
08/2408/27538 529 529  %
(7)(8)(16)(30) (31)
GCDL LLCRevolver
SOFR + 6.00%, 10.3% Cash
08/2408/27 (2)(2) %
(7)(8)(16)(31)
(32)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
06/2206/29294 296 294  %
(3)(7)(32)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
11/2402/3086 85 86  %
(3)(7)(32)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
03/2506/30    %
(3)(7)(31)(32)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.9% PIK
06/2206/29465 446 24  %
(3)(7)(9)(28)
(30)
Groupe Product LifeFirst Lien Senior Secured Term Loan
EURIBOR + 5.70%, 8.1% Cash
10/2210/292,034 1,905 2,004 0.1 %
(3)(7)(8)(10) (30)
Groupe Product LifeFirst Lien Senior Secured Term Loan
EURIBOR + 5.95%, 8.4% Cash
10/2210/296,674 6,484 6,674 0.3 %
(3)(7)(8)(10) (30)(31)
HeartHealth Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.4% Cash
09/2209/28698 705 601  %
(3)(7)(8)(13) (30)(31)
Heartland Veterinary Partners, LLCSubordinated Term Loan
11.0% PIK
11/2112/287,968 7,891 7,370 0.3 %
(7)(32)
HemaSource, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
08/2308/297,200 7,056 7,200 0.3 %
(7)(8)(15)(30)
HemaSource, Inc.Revolver
SOFR + 4.75%, 9.1% Cash
08/2308/29 (61)  %
(7)(8)(15)(31)
(32)
Home Care Assistance, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
05/2103/271,512 1,500 1,335 0.1 %
(7)(8)(17)(30)
(32)
Hygie 31 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.88%, 8.2% Cash
09/2209/29594 519 591  %
(3)(7)(8)(11)
(30)(32)
ISTO Technologies II, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
10/2310/286,834 6,703 6,834 0.3 %
(7)(8)(16)(30)
ISTO Technologies II, LLCRevolver
SOFR + 4.75%, 9.0% Cash
10/2310/28 (20)  %
(7)(8)(16)(31)
(32)
Jon Bidco LimitedFirst Lien Senior Secured Term Loan
BKBM + 4.50%, 8.7% Cash
03/2203/273,828 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
08/2408/31857 857 847  %
(3)(7)(8)(11) (30)(31)
Keystone Bidco B.V.Revolver
EURIBOR + 5.25%, 7.8% Cash
08/2405/3119 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Lambir Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.6% Cash
12/2112/28$2,546 $2,582 $2,400 0.1 %
(3)(7)(8)(11) (30)(31)
Lambir Bidco LimitedSecond Lien Senior Secured Term Loan
12.0% PIK
12/2106/29890 903 818  %
(3)(7)(32)
Listrac Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 12.00%, 16.5% Cash
02/2308/26174 159 189  %
(3)(7)(20)(32)
Listrac Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.5% Cash
02/2302/271,022 946 1,022  %
(3)(7)(20)(32)
Median B.V.First Lien Senior Secured Term Loan
SONIA + 5.93%, 10.5% Cash
02/2210/276,389 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
11/2111/294,421 4,392 2,211 0.1 %
(8)(16)(30)
Mertus 522. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.7% Cash
05/2105/26420 458 409  %
(3)(7)(8)(11) (30)
Mertus 522. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 7.50%, 9.9% Cash
05/2105/263,499 3,626 3,454 0.2 %
(3)(7)(8)(11) (30)
Moonlight Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.00%, 9.5% Cash
07/2307/301,917 1,886 1,917 0.1 %
(3)(7)(8)(19) (31)(32)
Napa Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.00%, 9.2% Cash
03/2203/2812,224 13,913 12,224 0.6 %
(3)(7)(8)(13) (30)
NAPA Management Services CorpFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.7% Cash
02/2202/296,433 5,978 5,910 0.3 %
(15)(32)
Navia Benefit Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 8.9% Cash
05/2102/276,456 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
09/2210/293,933 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
12/2112/289,351 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
12/2106/3136,033 35,879 36,033 1.7 %
(6)(7)(8)(15)
(30)
OA Buyer, Inc.Revolver
SOFR + 4.50%, 8.8% Cash
12/2112/28 (14)  %
(7)(8)(15)(31)
(32)
Ocular Therapeutix, Inc.First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.1% Cash
08/2307/297,859 7,673 9,698 0.4 %
(3)(7)(8)(15)
(32)
Oracle Vision Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.00%, 9.7% Cash
06/2106/287,064 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
05/2112/26529 587 529  %
(3)(7)(8)(10) (30)
Pare SAS (SAS Maurice MARLE)First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/2211/25 (25)  %
(3)(7)(8)(16) (30)(31)
Pare SAS (SAS Maurice MARLE)First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/2212/264,800 4,741 4,800 0.2 %
(3)(7)(8)(16) (30)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 8.25%, 12.6% Cash
10/2310/2929 24 25  %
(7)(8)(15)(31)
(32)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 8.30%, 12.7% Cash
10/2310/29595 585 588  %
(7)(8)(15)(32)
Sanoptis S.A.R.L.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
06/2207/2917,279 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
06/2207/296,731 6,337 6,584 0.3 %
(3)(7)(8)(25) (30)(32)
SSCP Pegasus Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
05/2111/271,081 1,123 1,081  %
(3)(7)(8)(19)
(30)(31)(32)
SSCP Spring Bidco 3 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.45%, 11.2% Cash
11/2308/30989 936 972  %
(3)(7)(8)(20) (30)
Union Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.59%, 9.3% Cash
06/2206/292,577 2,391 2,573 0.1 %
(3)(7)(8)(19) (30)(31)
United Therapy Holding III GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.2% Cash
04/2203/291,799 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
03/2303/302,047 1,968 2,047 0.1 %
(3)(7)(8)(10) (30)(31)
VB Spine Intermediary II LLCFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 12.8% Cash
03/2503/3068,012 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
05/2107/2510,644 10,637 10,644 0.5 %
(6)(7)(8)(16)
(30)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK
07/2207/293,967 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash, 3.3% PIK
07/2207/29$272 $267 $251  %
(3)(7)(17)(30)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 2.8% PIK
07/2207/293,543 3,319 3,214 0.1 %
(3)(7)(20) (30)(31)(32)
Argus Bidco LimitedSecond Lien Senior Secured Term Loan
10.5% PIK
07/2207/291,742 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
05/2108/252,645 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
05/2108/254,822 4,821 4,388 0.2 %
(7)(8)(15)(30)
CAi Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
12/2112/2817,496 17,259 17,496 0.8 %
(6)(7)(8)(16)
(30)
CAi Software, LLCRevolver
SOFR + 5.00%, 9.6% Cash
12/2112/281,870 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
10/2210/2910,454 9,477 10,454 0.5 %
(3)(7)(8)(10)
(30)
CW Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
05/2101/273,993 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
02/2502/3215,949 15,643 15,635 0.7 %
(7)(16)(30)(31)
Discovery Buyer, L.P.Revolver
SOFR + 5.00%, 9.3% Cash
02/2502/32 (28)(29) %
(7)(16)(31)(32)
Dragon BidcoFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.9% Cash
05/2104/281,296 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
07/2107/296,649 6,586 6,572 0.3 %
(7)(8)(16)(30)
Dwyer Instruments, Inc.Revolver
SOFR + 4.75%, 9.1% Cash
12/2307/29130 128 128  %
(7)(8)(16)(30)
Electrical Components International, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
05/2405/2921,170 20,803 20,790 1.0 %
(7)(8)(16)(31)
(32)
EnsonoFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.4% Cash
05/2105/287,481 7,436 7,358 0.3 %
(15)(32)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.4% PIK
12/2212/291,745 1,497 834  %
(3)(7)(11) (28)(30)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 12.4% PIK
12/2212/29913 781 437  %
(3)(7)(16)(28)
(30)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 12.4% PIK
12/2212/292,388 1,194 1,141 0.1 %
(3)(7)(20)(28)
(32)
Eurofins Digital Testing International LUX Holding SARLSenior Subordinated Term Loan
11.5% PIK
12/2212/30745 642   %
(3)(7)(28)(32)
FinThrive Software Intermediate Holdings Inc.Second Out Term Loan
SOFR + 4.00%, 8.3% Cash
03/2512/287,774 6,651 6,642 0.3 %
(15)(32)
FSS Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
08/2108/2823,974 23,716 23,974 1.1 %
(6)(7)(8)(15)
(30)
Graphpad Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
06/2406/3122,769 22,642 22,769 1.0 %
(6)(7)(8)(16)
(30)(31)
Graphpad Software, LLCRevolver
SOFR + 4.75%, 9.0% Cash
06/2406/31 (9)  %
(7)(8)(16)(31)
(32)
Haystack Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
01/2501/2812,651 12,456 12,450 0.6 %
(7)(16)(30)(31)
Haystack Holdings LLCRevolver
SOFR + 4.75%, 9.0% Cash
01/2501/28 (17)(18) %
(7)(16)(31)(32)
Heavy Construction Systems Specialists, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
11/2111/2822,294 22,077 22,294 1.0 %
(6)(7)(8)(16)
(30)
Heavy Construction Systems Specialists, LLCRevolver
SOFR + 5.50%, 9.8% Cash
11/2111/27 (19)  %
(7)(8)(16)(31)
(32)
HW Holdco, LLC (Hanley Wood LLC)First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
05/2105/2618,816 18,755 18,816 0.9 %
(6)(7)(8)(16)
(30)
Lattice Group Holdings Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
05/2205/29738 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Lattice Group Holdings Bidco LimitedRevolver
SOFR + 5.50%, 10.3% Cash
05/2211/28$ $ $  %
(3)(7)(8)(17) (31)(32)
NAW Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
09/2309/2911,504 11,105 11,504 0.5 %
(7)(8)(16)(30) (31)
NAW Buyer LLCRevolver
SOFR + 5.50%, 9.8% Cash
09/2309/29 (43)  %
(7)(8)(16)(31)
(32)
NeoxCoFirst Lien Senior Secured Term Loan
EURIBOR + 6.35%, 8.9% Cash
01/2301/302,583 2,527 2,583 0.1 %
(3)(7)(8)(11) (30)
Next Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
11/2311/3043,646 43,098 43,149 2.0 %
(7)(8)(16)(30) (31)
Next Holdco, LLCRevolver
SOFR + 5.25%, 9.6% Cash
11/2311/29 (28)(23) %
(7)(8)(16)(31)
(32)
ORTEC INTERNATIONAL NEWCO B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.9% Cash
12/2312/304,937 4,881 4,867 0.2 %
(3)(7)(8)(10) (30)
OSP Hamilton Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/2112/2919,289 18,994 19,035 0.9 %
(6)(7)(8)(16)
(30)(31)
OSP Hamilton Purchaser, LLCRevolver
SOFR + 5.00%, 9.3% Cash
12/2112/29643 617 625  %
(7)(8)(16)
(31)(32)
PDQ.Com CorporationFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
08/2108/2716,788 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
05/2107/276,497 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
11/2411/2911,733 11,664 11,585 0.5 %
(7)(8)(16)(30) (31)
PowerGEM Buyer, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
11/2411/29 (35)(32) %
(7)(8)(16)(31)
(32)
ProfitOptics, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/28643 636 643  %
(7)(8)(15)(30)
ProfitOptics, LLCRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/2897 95 97  %
(7)(8)(15)(31)
(32)
ProfitOptics, LLCSenior Subordinated Term Loan
8.0% Cash
03/2203/2932 32 31  %
(7)(32)
Pro-Vision Solutions Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
09/2409/3012,405 12,235 12,252 0.6 %
(7)(8)(15)(30)
Pro-Vision Solutions Holdings, LLCRevolver
SOFR + 4.50%, 8.8% Cash
09/2409/29564 519 523  %
(7)(8)(15)(31)
(32)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.3% Cash
05/2205/29883 847 883  %
(3)(7)(8)(10) (30)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
05/2205/291,411 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
11/2411/3128,511 28,164 28,196 1.3 %
(7)(8)(16)(30) (31)
Saab Purchaser, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
11/2411/31 (36)(33) %
(7)(8)(16)(31)
(32)
Scout Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.2% Cash
05/2205/293,924 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
08/2305/29508 508 508  %
(3)(7)(8)(16) (30)
Scout Bidco B.V.Revolver
EURIBOR + 5.75%, 8.2% Cash
05/2205/29 (2)(6) %
(3)(7)(8)(10) (31)(32)
Sinari InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
07/2307/301,974 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
11/2111/2716,091 15,935 16,091 0.7 %
(6)(7)(8)(17)
(30)
Smartling, Inc.Revolver
SOFR + 4.50%, 8.9% Cash
11/2111/27 (9)  %
(7)(8)(17)(31)
(32)
Validity, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
05/2105/26939 937 939  %
(7)(8)(17)(30)
White Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
10/2310/301,749 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 LTDFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
12/2112/283,017 3,033 3,005 0.1 %
(3)(7)(8)(20) (30)
Aquavista Watersides 2 LTDSecond Lien Senior Secured Term Loan
SONIA + 10.50% PIK, 15.6% PIK
12/2112/281,012 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Bucharest Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 11.7% Cash
05/2103/27$175 $172 $175  %
(3)(7)(8)(17)
(32)
Bucharest Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 11.7% Cash
05/2103/27798 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, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
07/2207/273,204 3,177 3,204 0.1 %
(6)(7)(8)(15)
ASC Communications, LLCRevolver
SOFR + 4.75%, 9.2% Cash
07/2207/27 (5)  %
(7)(8)(15)(31)
(32)
Superjet Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
12/2112/2736,179 35,506 35,459 1.6 %
(6)(7)(8)(16)
(30)(31)
Superjet Buyer, LLCRevolver
SOFR + 5.50%, 10.1% Cash
12/2112/27 (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
05/2108/262,441 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
06/2403/2910,753 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 LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
10/2110/2710,340 10,293 10,340 0.5 %
(6)(7)(8)(15)
BrightSign LLCRevolver
SOFR + 5.50%, 9.9% Cash
10/2110/27905 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
05/2105/251,128 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
05/2105/269,840 9,839 9,584 0.4 %
(7)(8)(16)(30)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.2% Cash
04/2204/29227 223 226  %
(3)(7)(8)(10) (30)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 10.9% Cash
04/2204/291,648 1,638 1,639 0.1 %
(3)(7)(8)(19) (30)(31)
Iridium Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% Cash
05/2112/255,558 5,687 5,430 0.2 %
(3)(7)(8)(20) (30)
Learfield Communications, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
10/2406/282,093 2,093 2,092 0.1 %
(8)(15)(32)
Murphy Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.2% Cash
05/2111/27761 798 737  %
(3)(7)(8)(20)
(30)(32)
Rock Labor LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
09/2309/295,559 5,423 5,487 0.3 %
(7)(8)(15)(30)
Rock Labor LLCRevolver
SOFR + 5.50%, 9.8% Cash
09/2309/29 (21)(12) %
(7)(8)(16)(31)
(32)
Solo Buyer, L.P.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
12/2212/2916,274 15,971 16,258 0.7 %
(7)(8)(16)(32)
Solo Buyer, L.P.Revolver
SOFR + 6.25%, 10.6% Cash
12/2212/28864 834 862  %
(7)(8)(16)(31)
(32)
Vital Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.0% Cash
06/2106/3027,094 26,827 26,823 1.2 %
(6)(7)(8)(16)
(30)
Vital Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
06/2106/303,857 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 LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
01/2501/312,876 2,819 2,817 0.1 %
(7)(15)(30)(31)
Accelevation LLCRevolver
SOFR + 5.00%, 9.3% Cash
01/2501/31113 100 99  %
(7)(15)(31)(32)
Acclime Holdings HK LimitedFirst Lien Senior Secured Term Loan
SOFR + 6.38%, 10.7% Cash
08/2108/277,500 7,397 7,410 0.3 %
(3)(7)(8)(17) (30)
AcogroupFirst Lien Senior Secured Term Loan
4.0% Cash, EURIBOR + 2.9% PIK, 6.4% PIK
03/2204/2828,122 28,245 19,517 0.9 %
(3)(7)(8)(11)
(32)
AcogroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.4% PIK
05/2110/261,435 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
AD Bidco, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.5% Cash
03/2403/30$14,401 $13,983 $14,401 0.7 %
(7)(8)(16)(30) (31)
AD Bidco, Inc.Revolver
SOFR + 5.25%, 9.5% Cash
03/2403/30 (39)  %
(7)(8)(16)(31) (32)
Adhefin InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.1% Cash
05/2305/301,790 1,770 1,784 0.1 %
(3)(7)(8)(10) (31)(32)
Adhefin InternationalSubordinated Term Loan
EURIBOR + 10.5% PIK, 14.4% PIK
05/2311/30345 342 345  %
(3)(7)(10)(32)
AlliA Insurance Brokers NVFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.4% Cash
03/2303/304,797 4,650 4,797 0.2 %
(3)(7)(8)(10) (30)(31)
Apex Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.1% Cash
05/2101/27437 473 425  %
(3)(7)(8)(19) (30)
Apex Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 11.6% Cash
10/2301/27892 827 880  %
(3)(7)(8)(19) (30)
Artemis Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.5% Cash
11/2411/31296 262 270  %
(3)(7)(8)(10) (30)(31)
Auxi InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.6% Cash
05/2112/26324 360 305  %
(3)(7)(8)(10) (30)
AWP Group Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
05/2112/3024,875 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
11/2111/274,773 4,727 4,773 0.2 %
(7)(8)(15)(30)
Azalea Buyer, Inc.Revolver
SOFR + 5.25%, 9.7% Cash
11/2111/27 (4)  %
(7)(8)(15)(31)
(32)
Azalea Buyer, Inc.Subordinated Term Loan
12.0% PIK
11/2105/281,868 1,853 1,868 0.1 %
(7)(32)
Basin Innovation Group, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
12/2412/3013,571 13,349 13,362 0.6 %
(7)(8)(16)(30) (31)
Basin Innovation Group, LLCRevolver
SOFR + 5.00%, 9.3% Cash
12/2412/30 (25)(24) %
(7)(8)(16)(31)
(32)
BNI Global, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.8% Cash
02/2405/2734,362 33,910 34,087 1.6 %
(7)(8)(9)(30)
Bounteous, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
08/2108/2710,311 10,223 10,270 0.5 %
(7)(8)(15)(30)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.4% Cash
10/2110/28577 545 568  %
(3)(7)(8)(10) (30)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 7.4% Cash, 0.3% PIK
10/2110/282,568 2,713 2,526 0.1 %
(3)(7)(8)(10) (30)
British Engineering Services Holdco LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 11.7% Cash
05/2112/278,041 8,079 7,890 0.4 %
(3)(7)(8)(20) (30)(31)
Caldwell & Gregory LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
09/2409/3038,684 38,113 38,124 1.8 %
(7)(8)(16)(30) (31)
Caldwell & Gregory LLCRevolver
SOFR + 4.75%, 9.0% Cash
09/2409/30 (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
05/2105/27748 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
03/2503/30 (6)  %
(3)(7)(8)(10)
(30)(31)
CGI Parent, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
02/2202/2835,061 34,587 34,711 1.6 %
(7)(8)(16)(30)
CGI Parent, LLCRevolver
SOFR + 4.50%, 8.8% Cash
02/2202/28551 534 534  %
(7)(8)(16)(31)
(32)
Comply365, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
04/2212/2924,059 23,694 23,505 1.1 %
(7)(8)(16)(30)
Comply365, LLCRevolver
SOFR + 5.00%, 9.4% Cash
04/2212/29 (6)(13) %
(7)(8)(16)(31)
(32)
Coyo Uprising GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.3% Cash, 0.3% PIK
09/2109/2811,212 11,811 10,891 0.5 %
(3)(7)(8)(11) (30)(31)
DataServ Integrations, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
11/2211/281,871 1,843 1,871 0.1 %
(7)(8)(17)(30)
DataServ Integrations, LLCRevolver
SOFR + 5.50%, 10.0% Cash
11/2211/28 (6)  %
(7)(8)(17)(31)
(32)
DISA Holdings Corp.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2209/2812,805 12,601 12,805 0.6 %
(6)(7)(8)(15)
(16)(30)(31)
DISA Holdings Corp.Revolver
SOFR + 5.00%, 9.3% Cash
11/2209/28256 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Dunlipharder B.V.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
06/2206/28$1,000 $991 $999  %
(3)(7)(8)(16) (30)
EFC InternationalSenior Unsecured Term Loan
11.0% Cash, 2.5% PIK
03/2305/28699 683 692  %
(7)(32)
Electric Equipment & Engineering Co.First Lien Senior Secured Term Loan
10.5% Cash, 3.0% PIK
12/2412/30316 310 310  %
(7)(30)
Events Software BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
03/2203/281,580 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
03/2503/323,833 3,757 3,756 0.2 %
(7)(16)(30)(31)
Expert Institute Group Inc.Revolver
SOFR + 4.50%, 8.8% Cash
03/2503/32 (20)(21) %
(7)(16)(31)(32)
Greenhill II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.35%, 8.1% Cash
07/2207/291,006 936 1,006  %
(3)(7)(8)(10) (30)
HEKA InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 8.6% Cash
10/2210/2910,119 9,726 10,119 0.5 %
(3)(7)(8)(10) (30)(31)(32)
HS Advisory Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
03/2503/306,265 5,791 5,788 0.3 %
(7)(16)(30)(31)
HS Advisory Buyer LLCRevolver
SOFR + 4.75%, 9.0% Cash
03/2503/30 (41)(41) %
(7)(16)(31)(32)
HSL ComplianceFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 9.7% Cash
03/2503/321,287 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
09/2412/298,706 8,596 8,598 0.4 %
(7)(8)(16)(30) (31)
Hydratech Holdings, Inc. Revolver
SOFR + 5.25%, 9.6% Cash
09/2412/29808 794 794  %
(7)(8)(16)(31)
(32)
Infoniqa Holdings GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.2% Cash
11/2111/284,071 4,195 4,071 0.2 %
(3)(7)(8)(10) (30)
Infoniqa Holdings GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.2% Cash
11/2106/314,656 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
08/2208/293,374 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
10/2210/2910,783 9,681 10,718 0.5 %
(3)(7)(8)(10) (30)
Jones Fish Hatcheries & Distributors LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
02/2202/288,043 7,923 8,043 0.4 %
(7)(8)(17)(30)
(32)
Jones Fish Hatcheries & Distributors LLCRevolver
SOFR + 5.50%, 9.8% Cash
02/2202/28251 247 251  %
(7)(8)(17)(31)
(32)
LeadsOnline, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
02/2202/2825,529 25,293 25,504 1.2 %
(6)(7)(8)(16)
(30)
LeadsOnline, LLCRevolver
SOFR + 4.75%, 9.0% Cash
02/2202/28 (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
04/2209/274,613 4,569 4,267 0.2 %
(7)(8)(16)(30)
MB Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
01/2401/303,804 3,709 3,775 0.2 %
(7)(8)(16)(30) (31)
MB Purchaser, LLCRevolver
SOFR + 4.75%, 9.1% Cash
01/2401/30 (13)(4) %
(7)(8)(16)(31)
(32)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
06/2406/278,284 8,134 7,994 0.4 %
(6)(7)(8)(16)
(30)(31)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
07/2106/276,468 6,406 6,386 0.3 %
(6)(7)(8)(16)
(30)(31)
NF Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/2303/295,442 5,321 5,442 0.2 %
(7)(8)(16)(32)
NF Holdco, LLCRevolver
SOFR + 6.50%, 10.8% Cash
03/2303/29370 340 370  %
(7)(8)(16)(31)
(32)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.8% Cash
06/2106/28320 355 314  %
(3)(7)(8)(10) (30)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
06/2106/28533 526 524  %
(3)(7)(8)(16) (30)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
10/2410/318,470 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
05/2102/26259 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
05/2102/26320 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Qualified Industries, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
11/2410/27$2,849 $2,798 $2,803 0.1 %
(7)(8)(17)(30)
Qualified Industries, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/2303/291,072 1,049 1,055  %
(7)(8)(17)(32)
Qualified Industries, LLCRevolver
SOFR + 6.50%, 10.8% Cash
03/2303/29 (7)(6) %
(7)(8)(17)(31)
(32)
Recovery Point Systems, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
05/2107/262,373 2,373 2,373 0.1 %
(6)(7)(8)(16)
ROI Solutions LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
10/2410/2918,200 17,852 17,883 0.8 %
(7)(8)(17)(30) (31)
ROI Solutions LLCRevolver
SOFR + 5.00%, 9.3% Cash
10/2410/29 (49)(46) %
(7)(8)(17)(31)
(32)
Royal Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
08/2208/2822,091 21,868 22,091 1.0 %
(7)(8)(16)(30) (31)
Royal Buyer, LLCRevolver
SOFR + 5.50%, 9.8% Cash
08/2208/28 (29)  %
(7)(8)(16)(31)
(32)
RPX CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
08/2408/3043,654 43,052 43,143 2.0 %
(7)(8)(15)(30)
RPX CorporationRevolver
SOFR + 5.25%, 9.6% Cash
08/2408/30 (66)(58) %
(7)(8)(15)(31)
(32)
Sansidor BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.6% Cash
09/2409/311,774 1,786 1,728 0.1 %
(3)(7)(8)(10) (30)(31)
SBP Holdings LPFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
03/2303/2818,233 17,672 18,099 0.8 %
(7)(8)(15)(30) (31)(32)
SBP Holdings LPRevolver
SOFR + 5.00%, 9.3% Cash
03/2303/28 (62)(18) %
(7)(8)(15)(31)
(32)
Scaled Agile, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.9% Cash
12/2112/281,779 1,760 1,541 0.1 %
(6)(7)(8)(16)
(30)
Scaled Agile, Inc.Revolver
SOFR + 5.50%, 9.9% Cash
12/2112/28336 333 291  %
(7)(8)(16)(32)
SmartShift Group, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
09/2309/2919,383 19,107 19,383 0.9 %
(7)(8)(17)(30)
SmartShift Group, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
09/2309/29 (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
11/2203/272,062 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
11/2203/2778 77 77  %
(7)(8)(16)(31)
(32)
Starnmeer B.V.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
10/2104/2713,388 13,302 13,388 0.6 %
(3)(7)(8)(17) (30)
TA SL Cayman Aggregator Corp.Subordinated Term Loan
7.8% PIK
07/2107/281,439 1,429 1,439 0.1 %
(7)(32)
Tanqueray Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
11/2211/291,751 1,522 1,693 0.1 %
(3)(7)(8)(19) (30)(31)
Technology Service Stream BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.5% Cash
06/2407/30703 726 674  %
(3)(7)(8)(13) (30)(31)
Techone B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 7.8% Cash
11/2111/285,910 5,894 5,910 0.3 %
(3)(7)(8)(10) (30)
Techone B.V.Revolver
EURIBOR + 5.40%, 7.8% Cash
11/2105/28 (11)  %
(3)(7)(8)(10) (31)(32)
Trintech, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 9.8% Cash
07/2307/2912,414 12,121 12,265 0.6 %
(7)(8)(15)(30)
Trintech, Inc.Revolver
SOFR + 5.50%, 9.8% Cash
07/2307/29408 374 391  %
(7)(8)(15)(31)
(32)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2409/274,716 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
12/2212/282,161 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
12/2412/2916,112 15,740 15,759 0.7 %
(7)(8)(16)(30) (31)
TSYL Corporate Buyer, Inc.Revolver
SOFR + 5.00%, 9.3% Cash
12/2212/28 (5)(4) %
(7)(8)(16)(31)
(32)
Turnberry Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
07/2109/262,585 2,570 2,585 0.1 %
(6)(7)(8)(15)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
07/2412/30559 556 559  %
(3)(7)(8)(16) (30)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
STIBOR + 5.25%, 7.6% Cash
12/2312/301,595 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
UHY Advisors, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
11/2411/31$14,992 $14,726 $14,992 0.7 %
(7)(8)(16)(30) (31)
UHY Advisors, Inc.Revolver
SOFR + 4.75%, 9.0% Cash
11/2411/31882 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
05/2105/265,816 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
10/2410/272,138 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
02/2502/272,558 2,502 2,501 0.1 %
(7)(8)(16)(30)
(31)
Utac CeramFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.4% Cash, 1.8% PIK
05/2109/27248 245 235  %
(3)(7)(8)(16) (30)
Utac CeramFirst Lien Senior Secured Term Loan
EURIBOR + 4.50%, 6.9% Cash, 2.4% PIK
05/2109/27879 969 835  %
(3)(7)(8)(10) (30)
W2O Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
05/2106/283,915 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
03/2403/3032,964 32,388 32,964 1.5 %
(6)(7)(8)(16)
(30)
World 50, Inc.Revolver
SOFR + 5.75%, 10.0% Cash
03/2403/30 (28)  %
(7)(8)(16)(31)
(32)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.8% Cash
08/2405/29187 182 184  %
(3)(7)(11)(30)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.8% Cash
03/2503/30235 227 232  %
(3)(7)(11)(30)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 7.8% Cash
03/2503/30126 126 124  %
(3)(7)(11)(30)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.0% Cash
05/2205/294,957 4,766 4,841 0.2 %
(3)(7)(20)(30)
(31)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.4% Cash
05/2205/29461 466 455  %
(3)(7)(11)(30)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.2% Cash
05/2205/2916,127 15,436 15,902 0.7 %
(3)(7)(20)(30)
Xeinadin Bidco LimitedSubordinated Term Loan
11.0% PIK
05/2205/295,910 5,620 5,703 0.3 %
(3)(7)(32)
Zeppelin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% PIK
03/2203/293,123 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
05/2103/28638 793 577  %
(3)(7)(8)(14) (30)
Arc EducationFirst Lien Senior Secured Term Loan
EURIBOR + 5.65%, 8.0% Cash
07/2207/297,983 7,868 7,960 0.4 %
(3)(7)(8)(10) (30)(31)(32)
ArchimedeFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 8.9% Cash
05/2110/2714,583 14,881 13,824 0.6 %
(3)(7)(8)(10) (30)
Asurion LLCSecond Lien Senior Secured Term Loan
SOFR + 5.25%, 9.7% Cash
11/2401/2910,000 9,766 9,239 0.4 %
(8)(15)(32)
Bariacum S.AFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.3% Cash
11/2111/283,781 3,866 3,698 0.2 %
(3)(7)(8)(11) (30)
Cascade Residential Services LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
10/2310/2910,711 10,455 10,053 0.5 %
(7)(8)(16)(30) (31)
Cascade Residential Services LLCRevolver
SOFR + 6.00%, 10.3% Cash
10/2310/291,229 1,205 1,165 0.1 %
(7)(8)(16)(31)
(32)
Express Wash Acquisition Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 11.1% Cash
07/2207/286,347 6,271 6,220 0.3 %
(7)(8)(16)(30)
Express Wash Acquisition Company, LLCRevolver
SOFR + 6.50%, 11.1% Cash
07/2207/28140 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
10/2402/3038,340 38,245 38,340 1.8 %
(6)(7)(8)(16)
(30)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BBSY + 4.91%, 9.2% Cash
07/2207/272,520 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BKBM + 4.91%, 8.9% Cash
07/2207/27$4,043 $4,400 $4,043 0.2 %
(3)(7)(8)(23) (30)(31)
HomeX Services Group LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
11/2311/2914,941 14,593 14,941 0.7 %
(6)(7)(8)(16)
(30)(31)
HomeX Services Group LLCRevolver
SOFR + 4.50%, 8.8% Cash
11/2311/29 (53)  %
(7)(8)(16)(31)
(32)
InvoCare LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.25%, 10.7% Cash
11/2311/294,036 4,129 3,960 0.2 %
(3)(7)(8)(13) (30)(31)
Kid Distro Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
10/2110/2929,931 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
12/2112/282,654 2,415 (24) %
(3)(7)(8)(11) (28)(30)(31)
Marmoutier Holding B.V.Revolver
EURIBOR + 5.75%, 6.7% PIK
12/2106/27116 104 (13) %
(3)(7)(8)(11) (28)(31)(32)
Marmoutier Holding B.V.Super Senior Secured Term Loan
6.0% PIK
03/2404/25194 195 194  %
(3)(7)(8)(28)
(32)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
05/2112/2624,095 23,927 23,854 1.1 %
(6)(7)(8)(16)
(30)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.2% Cash
05/2112/2610,094 9,875 10,074 0.5 %
(7)(8)(16)(30)
QPE7 SPV1 BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 3.75%, 7.8% Cash
09/2109/264,082 4,683 4,050 0.2 %
(3)(7)(8)(12) (30)
QPE7 SPV1 BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.50%, 8.6% Cash
09/2109/262,622 2,784 2,622 0.1 %
(3)(7)(8)(12) (30)
Selenium Designated Activity CompanyFirst Lien Senior Secured Term Loan
EURIBOR + 5.13%, 7.5% Cash
03/2503/304,021 3,939 3,941 0.2 %
(3)(7)(11)(30)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.4% Cash
05/2205/29968 927 943  %
(3)(7)(8)(9) (30)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.1% Cash
05/2205/291,590 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
09/2410/375,000 5,000 5,018 0.2 %
(3)(8)(16)(32)
Bain Capital Credit CLO 2024-5Subordinated Structured Notes
SOFR + 6.15%, 10.8% Cash
09/2410/374,250 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
09/2410/374,000 4,000 4,019 0.2 %
(3)(8)(16)(32)
CIFC Funding 2022-VI, Ltd.Subordinated Structured Notes
SOFR + 5.75%, 10.1% Cash
09/2410/381,125 1,125 1,121 0.1 %
(3)(8)(16)(32)
CIFC Funding 2024-IV, Ltd.Subordinated Structured Notes
SOFR + 5.70%, 10.3% Cash
09/2410/372,875 2,875 2,881 0.1 %
(3)(8)(16)(32)
Diameter Capital CLO 8 Ltd.Subordinated Structured Notes
SOFR + 6.15%, 10.7% Cash
09/2410/373,750 3,750 3,713 0.2 %
(3)(8)(16)(32)
Elmwood CLO 29 Ltd.Subordinated Structured Notes
SOFR + 6.40%, 10.7% Cash
05/2404/372,500 2,514 2,504 0.1 %
(3)(8)(16)(32)
Flexential Issuer, LLCStructured Secured Note - Class C
6.9% Cash
11/2111/5110,000 9,307 9,913 0.5 %
(32)
Golub Capital Partners CLO 62(B)-R, Ltd.Subordinated Structured Notes
SOFR + 6.40%, 10.7% Cash
09/2410/374,250 4,250 4,210 0.2 %
(3)(8)(16)(32)
Harmony Peace Park CLO DACSubordinated Structured Notes
SOFR + 5.50%, 10.2% Cash
09/2410/372,500 2,500 2,486 0.1 %
(3)(8)(16)(32)
OCP CLO 2016-12, Ltd.Subordinated Structured Notes
SOFR + 6.00%, 10.3% Cash
09/2410/371,875 1,875 1,875 0.1 %
(3)(8)(16)(32)
OCP CLO 2024-35, Ltd.Subordinated Structured Notes
SOFR + 5.90%, 10.5% Cash
09/2410/373,750 3,750 3,758 0.2 %
(3)(8)(16)(32)
Octagon Investment Partners 20-R, LLCSubordinated Structured Notes
SOFR + 7.59%, 11.9% Cash
09/2408/372,500 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
09/2410/374,000 4,000 4,000 0.2 %
(3)(8)(16)(32)
Perimeter Master Note Business TrustStructured Secured Note - Class A
4.7% Cash
05/2204/27182 182 179  %
(3)(7)(32)
Perimeter Master Note Business TrustStructured Secured Note - Class B
5.4% Cash
05/2204/27182 182 180  %
(3)(7)(32)
Perimeter Master Note Business TrustStructured Secured Note - Class C
5.9% Cash
05/2204/27182 182 180  %
(3)(7)(32)
Perimeter Master Note Business TrustStructured Secured Note - Class D
8.5% Cash
05/2204/27182 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Perimeter Master Note Business TrustStructured Secured Note - Class E
11.4% Cash
05/2204/27$9,274 $9,274 $9,263 0.4 %
(3)(7)(32)
RR 31 LTDSubordinated Structured Notes
SOFR + 6.00%, 10.6% Cash
09/2410/392,625 2,625 2,646 0.1 %
(3)(8)(16)(32)
US Bank National Association Series 2025-1Structured Note - Class R
SOFR + 7.50%, 11.9% Cash
03/2501/325,000 5,000 5,000 0.2 %
(3)(7)(16)(32)
Vista Global Holding LtdStructured Secured Note - Class C
9.5% Cash
12/2408/314,000 4,000 3,988 0.2 %
(3)(7)(32)
VistaJet Pass Through Trust 2021-1BStructured Secured Note - Class B
6.3% Cash
11/2102/295,714 5,714 5,623 0.3 %
(7)(32)
Voya CLO 2024-5, Ltd.Subordinated Structured Notes
SOFR + 5.90%, 10.2% Cash
09/2410/375,000 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
09/2410/276,913 6,690 6,879 0.3 %
(3)(8)(15)(32)
Mercell Holding ASFirst Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.0% Cash
08/2208/292,981 3,153 2,972 0.1 %
(3)(7)(8)(26) (30)(31)
Permaconn BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.4% Cash
12/2107/296,955 7,388 6,955 0.3 %
(3)(7)(8)(13) (30)
UKFast Leaders LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.25%, 11.8% Cash
05/2109/274,679 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
05/2112/266,550 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
11/2111/2916,433 16,241 16,433 0.8 %
(7)(8)(15)(30)
eShipping, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
11/2111/274,213 4,173 4,213 0.2 %
(6)(7)(8)(15)
(30)
eShipping, LLCRevolver
SOFR + 5.00%, 9.3% Cash
11/2111/27 (7)  %
(7)(8)(15)(31)
(32)
FitzMark Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.2% Cash
05/2112/264,162 4,136 4,162 0.2 %
(6)(7)(8)(15)
(32)
FragilePak LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
05/2105/278,948 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
05/2108/2711,220 11,352 11,278 0.5 %
(3)(7)(8)(11) (30)(31)
Honour Lane Logistics Holdings LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.1% Cash
04/2211/2814,583 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
12/2112/27799 791 799  %
(6)(7)(8)(16)
(30)
ITI Intermodal, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
12/2112/2712,047 11,822 12,047 0.6 %
(7)(8)(16)(32)
ITI Intermodal, Inc.Revolver
SOFR + 6.00%, 10.4% Cash
12/2112/27226 205 226  %
(7)(8)(16)(31)
(32)
PEGASUS TRANSTECH HOLDING, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.3% Cash
05/2111/268,305 8,285 8,305 0.4 %
(7)(8)(15)(30)
R1 Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.5% Cash
12/2212/288,055 7,869 7,991 0.4 %
(6)(7)(8)(17)
(30)
R1 Holdings, LLCRevolver
SOFR + 6.25%, 10.5% Cash
12/2212/28817 769 801  %
(7)(8)(17)(31)
(32)
REP SEKO MERGER SUB LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.3% Cash
11/2411/292,286 2,244 2,286 0.1 %
(7)(8)(16)(32)
REP SEKO MERGER SUB LLCFirst Out Term Loan
SOFR + 8.00%, 12.3% Cash
11/2411/296,239 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 CompanyFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
05/2112/2520,826 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 LLCFirst Lien Senior Secured Bond
6.9% Cash
07/2207/293,405 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Spatial Business Systems LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
10/2210/28$10,948 $10,784 $10,948 0.5 %
(7)(8)(16)(30)
Spatial Business Systems LLCRevolver
SOFR + 5.00%, 9.3% Cash
10/2210/28 (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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace CorporationCommon Stock 04/22262,574 $263 $  %
(7)(27)(32)
Compass Precision, LLCLLC Units 04/2246,085.6 125 257  %
(7)(27)
GB Eagle Buyer, Inc.Partnership Units 12/22859 859 1,774 0.1 %
(7)(32)
Megawatt Acquisitionco, Inc.Common Stock 03/24615 62   %
(7)(27)(32)
Megawatt Acquisitionco, Inc.Preferred Stock 03/245,524 552 277  %
(7)(27)(32)
Narda Acquisitionco., Inc.Class A Preferred Stock 12/213,708.1 371 476  %
(7)(27)(32)
Narda Acquisitionco., Inc.Class B Common Stock 12/21412 41 547  %
(7)(27)(32)
Whitcraft Holdings, Inc.LP Units 02/2384,116.1 841 1,295 0.1 %
(7)(27)(32)
Subtotal Aerospace & Defense (0.2%)*

3,114 4,626 
Automotive
Burgess Point Purchaser CorporationLP Units 07/22455 455 450  %
(7)(27)(32)
Randys Holdings, Inc.Common Stock11/226,667 667 838  %
(7)(27)(32)
SPATCO Energy Solutions, LLCCommon Stock 07/24959,803 960 960  %
(7)(27)
SVI International LLCLLC Units 03/24207,921 208 283  %
(7)
Subtotal Automotive (0.1%)*

2,290 2,531 
Banking, Finance, Insurance, & Real Estate
Accelerant HoldingsClass A Convertible Preferred Equity 01/225,017.5 5,000 6,472 0.3 %
(7)(27)(32)
Accelerant HoldingsClass B Convertible Preferred Equity 12/221,657.1 1,667 2,375 0.1 %
(7)(27)(32)
Accelerant HoldingsPreferred Stock 05/233,182.5 5,880 6,215 0.3 %
(7)(27)(32)
Flywheel Re Segregated Portfolio 2022-4Preferred Stock 08/224,713,809.8 4,714 7,495 0.3 %
(3)(7)(27)(32)
ICREDITWORKS LLCPreferred Stock
10.0% Cash
03/2529,731.3 5,104 5,104 0.2 %
(7)(32)
ICREDITWORKS LLCWarrants03/2511,846.1    %
(7)(27)(32)
Policy Services Company, LLCWarrants - Class A 12/212.6774  1,258 0.1 %
(7)(27)(30)
Policy Services Company, LLCWarrants - Class B 12/210.9036  425  %
(7)(27)(30)
Policy Services Company, LLCWarrants - Class CC12/210.0929    %
(7)(27)(30)
Policy Services Company, LLCWarrants - Class D 12/210.2586  122  %
(7)(27)(30)
Shelf Bidco LtdCommon Stock 12/221,200,000 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., LLCCommon Stock 02/2442,061  1,600 0.1 %
(7)(27)(32)
Woodland Foods, LLCCommon Stock 12/211,204.46 1,204 1,127 0.1 %
(7)(27)
Woodland Foods, LLCPreferred Stock
20.0% PIK
04/24263.6 324 325  %
(7)
Woodland Foods, LLCPreferred Stock
20.0% PIK
03/2585 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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
ZB Holdco LLCLLC Units 02/22152.7 $153 $222  %
(7)(27)
Subtotal Beverage, Food, & Tobacco (0.2%)*
1,792 3,385 
Capital Equipment
DAWGS Intermediate Holdings Co.LLC Units03/25510.3 510 510  %
(7)(27)(32)
Polara Enterprises, L.L.C.Partnership Units 12/217,408.6 741 1,492 0.1 %
(7)
Process Insights Acquisition, Inc.Common Stock 07/23368 368 259  %
(7)(27)(32)
Rapid Buyer LLCLLC Units 10/24510 510 513  %
(7)(27)(32)
TAPCO Buyer LLCLLC Units 11/24353 353 366  %
(7)(27)
Subtotal Capital Equipment (0.1%)*
2,482 3,140 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCCommon Stock 04/23262,093 262 356  %
(7)(27)
Aptus 1829. GmbHCommon Stock 09/2149 12   %
(3)(7)(27)(32)
Aptus 1829. GmbHPreferred Stock 09/2114 122 53  %
(3)(7)(27)(32)
Subtotal Chemicals, Plastics, & Rubber (%)*
396 409 
Construction & Building
BKF Buyer, Inc. Common Stock 08/24962,792 963 1,021  %
(7)(27)(32)
MNS Buyer, Inc.Partnership Units 08/2176,923.1 77 108  %
(7)(27)(32)
Ocelot Holdco LLCCommon Stock 10/2358.3  282  %
(7)(27)(32)
Ocelot Holdco LLCPreferred Stock
15.0% PIK
10/2376.2 624 926  %
(7)(32)
Subtotal Construction & Building (0.1%)*
1,664 2,337 
Consumer goods: Durable
DecksDirect, LLCClass A Units 04/241,016.1 47   %
(7)(27)(32)
DecksDirect, LLCCommon Stock 12/211,280.8 55   %
(7)(27)(32)
DecksDirect, LLCPreferred Stock
13.0% PIK
03/259.5 10   %
(7)(32)
Renovation Parent Holdings, LLCPartnership Equity 11/21607,180.9 607 285  %
(7)(27)(32)
Team Air Distributing, LLCPartnership Equity 05/23516,640.2 523 573  %
(7)(27)
Terrybear, Inc.Common Stock04/2224,359 239 79  %
(7)(27)
Subtotal Consumer goods: Durable (%)*
1,481 937 
Consumer goods: Non-durable
CCFF Buyer, LLCLLC Units 02/24224 224 229  %
(7)(32)
Ice House America, L.L.C.LLC Units 01/244,338.2 434 421  %
(7)(27)
Subtotal Consumer goods: Non-durable (%)*
658 650 
Containers, Packaging, & Glass
Diversified Packaging Holdings LLCLLC Units 06/243,462 346 476  %
(7)
Five Star Holding LLCLLC Units 05/22505.1 505 294  %
(7)(27)
Subtotal Containers, Packaging & Glass (%)*

851 770 
Environmental Industries
Bridger Aerospace Group Holdings, LLCPreferred Stock- Series C
7.0% PIK
07/2217,725 20,279 18,036 0.8 %
(7)(32)
Subtotal Environmental Industries (0.8%)*
20,279 18,036 
Healthcare & Pharmaceuticals
Amalfi MidcoClass B Common Stock 09/2298,906,608 1,115 2,553 0.1 %
(3)(7)(27)(32)
Amalfi MidcoWarrants09/22380,385 4 1,075  %
(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.Class A Equity 05/22500,000 389   %
(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.Class C - Warrants 05/2274,712.64    %
(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.Class X Equity 05/2245,604 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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Canadian Orthodontic Partners Corp.Common Stock 04/2437.65 $ $  %
(3)(7)(27)(32)
Forest Buyer, LLCClass A LLC Units 03/24245.8 246 267  %
(7)(27)
Forest Buyer, LLCClass B LLC Units 03/24245.8  275  %
(7)
GCDL LLCCommon Stock 08/24243,243.24 243 314  %
(7)(27)
GPNZ II GmbHCommon Stock 10/235,785    %
(3)(7)(27)(30)
HemaSource, Inc.Common Stock 08/23184,282 184 234  %
(7)(27)(32)
Listrac Bidco LimitedCommon Stock 03/23255 494 1,815 0.1 %
(3)(7)(27)(32)
Moonlight Bidco LimitedCommon Stock 07/2310,590 138 198  %
(3)(7)(27)(32)
OA Buyer, Inc.Partnership Units 12/21210,920.11 211 827  %
(7)(32)
Parkview Dental Holdings LLCLLC Units 10/2329,762 298 213  %
(7)(27)
Parkview Dental Holdings LLCPreferred Stock
10.0% PIK
01/251,229.1 12 37  %
(7)
Subtotal Healthcare & Pharmaceuticals (0.4%)*

3,369 7,808 
High Tech Industries
Argus Bidco LimitedCommon Stock07/22929 1   %
(3)(7)(27)(32)
Argus Bidco LimitedEquity Loan Notes
10.0% PIK
07/2283,120 126 62  %
(3)(7)(32)
Argus Bidco LimitedPreferred Stock
10.0% PIK
07/2283,120 126 62  %
(3)(7)(32)
FinThrive Software Intermediate Holdings Inc.Preferred Stock
11.0% PIK
03/223,188.5 4,761 2,879 0.1 %
(7)(30)
FSS Buyer LLCLP Interest 08/212,902.3 29 42  %
(7)(27)
FSS Buyer LLCLP Units 08/2112,760.8 128 185  %
(7)
NAW Buyer LLCLLC Units 09/23575,248 575 662  %
(7)
OSP Hamilton Purchaser, LLCLP Units 07/22315,147 315 353  %
(7)
PDQ.Com CorporationClass A-2 Partnership Units08/2141.7 42 77  %
(7)(27)(32)
ProfitOptics, LLCLLC Units 03/2296,774.2 65 127  %
(7)(27)(32)
Pro-Vision Solutions Holdings, LLCLLC Units 09/243,765.2 377 372  %
(7)(27)(32)
Sandvine CorporationClass A Units 10/243,465    %
(7)(27)(30)
Sandvine CorporationClass B Units10/2412,056    %
(7)(27)(30)
Sandvine CorporationClass C Units 06/24157,908    %
(7)(27)(30)
Subtotal High Tech Industries (0.2%)*
6,545 4,821 
Media: Advertising, Printing & Publishing
ASC Communications, LLCClass A Units 07/2215,285.8 321 556  %
(7)(27)
Subtotal Media: Advertising, Printing & Publishing (%)*
321 556 
Media: Broadcasting & Subscription
The Octave Music Group, Inc.Partnership Equity 04/22353,584.39 354 1,139 0.1 %
(7)(27)(32)
Subtotal Media: Broadcasting & Subscription (0.1%)*
354 1,139 
Media: Diversified & Production
BrightSign LLCLLC units 10/21923,857.7 924 1,044  %
(7)
Rock Labor LLCLLC Units 09/23199,373 1,068 1,025  %
(7)
Solo Buyer, L.P.Common Equity 12/22516,399 516 398  %
(7)(27)
Vital Buyer, LLCPartnership Units06/211,096.2 11 21  %
(7)
Subtotal Media: Diversified & Production (0.1%)*
2,519 2,488 
Services: Business
Azalea Buyer, Inc.Common Stock 11/21192,307.7 192 302  %
(7)(27)(32)
CGI Parent, LLCPreferred Stock 02/22656.9 722 1,909 0.1 %
(7)(27)(32)
Coyo Uprising GmbHClass A Units 09/21531 248 262  %
(3)(7)(27)(32)
Coyo Uprising GmbHClass B Units 09/21231 538 498  %
(3)(7)(27)(32)
DataServ Integrations, LLCPreferred Units 11/2296,153.8 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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
EFC InternationalCommon Stock 03/23141.2 $199 $273  %
(7)(27)
Electric Equipment & Engineering Co.LLC Units12/24187,500.0 188 195  %
(7)(27)(32)
Jones Fish Hatcheries & Distributors LLCLLC Units 02/221,018 107 421  %
(7)
LeadsOnline, LLCLLC Units02/2261,304.4 63 158  %
(7)(27)
MB Purchaser, LLCLLC Units 01/24175 183 208  %
(7)(27)
MC Group Ventures CorporationPartnership Units 06/21560 560 511  %
(7)(27)(32)
NF Holdco, LLCLLC Units 03/23856,053 882 599  %
(7)(27)(32)
Qualified Industries, LLCCommon Stock 03/23454,545 4 109  %
(7)(27)(32)
Qualified Industries, LLCPreferred Stock 03/23223 216 271  %
(7)(27)(32)
SmartShift Group, Inc.Common Stock 09/23455 455 859  %
(7)(27)(32)
TA SL Cayman Aggregator Corp.Common Stock07/21770 24 40  %
(7)(27)(32)
TSYL Corporate Buyer, Inc.Partnership Units 12/224,673 5 25  %
(7)(32)
Xeinadin Bidco LimitedCommon Stock 05/2236,532,680 452 472  %
(3)(7)(27)(32)
Subtotal Services: Business (0.3%)*
5,134 7,229 
Services: Consumer
Kid Distro Holdings, LLCLLC Units 10/211,062,795.2 1,064 1,307 0.1 %
(7)(27)
Subtotal Services: Consumer (0.1%)*
1,064 1,307 
Telecommunications
Mercell Holding ASClass A Units 08/22114.4 111 138  %
(3)(7)(27)(32)
Mercell Holding ASClass B Units 08/2228,943.8  26  %
(3)(7)(27)(32)
Syniverse Holdings, Inc.Series A Preferred Equity
12.5% PIK
05/227,575,758 10,167 10,379 0.5 %
(7)(30)
Subtotal Telecommunications (0.5%)*
10,278 10,543 
Transportation: Cargo
Echo Global Logistics, Inc.Partnership Equity11/21448.2 448 317  %
(7)(27)(32)
FragilePak LLCPartnership Units 05/21929.7 930 674  %
(7)(27)
ITI Intermodal, Inc.Common Stock 12/217,500.4 750 979  %
(7)(27)
REP SEKO MERGER SUB LLCCommon Stock 11/242,987 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 Rights05/248,859 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Affiliate Investments:(4)
Debt Investments
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCRevolver
SOFR + 6.50%, 10.9% Cash
08/2107/28$7,957 $7,912 $7,957 0.4 %
(7)(8)(15)(31)
(32)
Eclipse Business Capital, LLCSecond Lien Senior Secured Term Loan
7.5% Cash
08/2107/283,209 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, LLCSubordinated Term Loan
8.0% Cash
11/2111/318,310 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Coastal Marina Holdings, LLCSubordinated Term Loan
8.0% Cash
11/2111/31$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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCLLC Units 08/2163,139,338 $65,683 $96,603 4.4 %
(7)(32)
Rocade Holdings LLCPreferred LP Units
SOFR + 6.0% PIK, 10.4% PIK
02/23108,000 127,225 127,224 5.8 %
(7)(15)(31)(32)
Rocade Holdings LLCCommon LP Units02/2330.8  635  %
(7)(27)(32)
Subtotal Banking, Finance, Insurance, & Real Estate (10.3%)*
192,908 224,462 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCLLC Units 11/211,759,051 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
06/232,882 2,395 0.1 %
(3)(32)(33)
Thompson Rivers LLC
6.3% Member Interest
08/219,417 2,489 0.1 %
(27)(32)(33)
Waccamaw River LLC
20% Member Interest
08/2121,247 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Control Investments:(5)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLCFirst Lien Senior Secured Term Loan
12.0% PIK
11/2411/31$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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLCLLC Units 11/246,474,123 $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
06/2410,198,318 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:
DescriptionCompany ReceivesCompany PaysMaturity DateNotional AmountValueHedged InstrumentUnrealized 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:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$80,356$50,405BNP Paribas SA04/07/25$(289)
Foreign currency forward contract (AUD)$51,149A$80,356BNP Paribas SA04/07/251,033 
Foreign currency forward contract (AUD)$50,619A$80,643BNP Paribas SA06/30/25289 
Foreign currency forward contract (CAD)C$6,750$4,709BNP Paribas SA04/07/25(13)
Foreign currency forward contract (CAD)$4,784C$6,750BNP Paribas SA04/07/2589 
Foreign currency forward contract (CAD)$4,664C$6,660BNP Paribas SA06/30/2512 
Foreign currency forward contract (DKK)8,758kr.$1,271BNP Paribas SA04/07/25(4)
Foreign currency forward contract (DKK)$1,2418,758kr.BNP Paribas SA04/07/25(27)
Foreign currency forward contract (DKK)$1,2808,772kr.BNP Paribas SA06/30/253 
Foreign currency forward contract (EUR)231,661$250,403BNP Paribas SA04/07/25(259)
Foreign currency forward contract (EUR)$244,258231,661BNP Paribas SA04/07/25(5,885)
Foreign currency forward contract (EUR)$246,931227,190BNP Paribas SA06/30/25448 
Foreign currency forward contract (GBP)£93,717$120,919BNP Paribas SA04/07/25(105)
Foreign currency forward contract (GBP)$119,332£93,717BNP Paribas SA04/07/25(1,481)
Foreign currency forward contract (GBP)$123,040£95,375BNP Paribas SA06/30/2598 
Foreign currency forward contract (NZD)NZ$10,366$5,945BNP Paribas SA04/07/25(72)
Foreign currency forward contract (NZD)$6,002NZ$10,366BNP Paribas SA04/07/25130 
Foreign currency forward contract (NZD)$6,020NZ$10,477BNP Paribas SA06/30/2572 
Foreign currency forward contract (NOK)47,039kr$4,463BNP Paribas SA04/07/253 
Foreign currency forward contract (NOK)$4,21947,039krBNP Paribas SA04/07/25(247)
Foreign currency forward contract (NOK)$4,46647,066krBNP Paribas SA06/30/25(3)
Foreign currency forward contract (SEK)22,446kr$2,219BNP Paribas SA04/07/2514 
Foreign currency forward contract (SEK)$2,05522,446krBNP Paribas SA04/07/25(178)
Foreign currency forward contract (SEK)$2,25622,710krBNP Paribas SA06/30/25(15)
Foreign currency forward contract (CHF)6,869Fr.$7,788BNP Paribas SA04/07/25(18)
Foreign currency forward contract (CHF)$7,8606,869Fr.BNP Paribas SA04/07/2590 
Foreign currency forward contract (CHF)$8,0167,000Fr.BNP Paribas SA06/30/2517 
Total Foreign Currency Forward Contracts, March 31, 2025$(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 CompanyType 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 CompanyType 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Non–Control / Non–Affiliate Investments:
Debt Investments
Aerospace & Defense
Accurus Aerospace CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.3% Cash
04/2204/28$13,055 $12,937 $12,624 0.6 %
(7)(8)(16)(30)
Accurus Aerospace CorporationRevolver
SOFR + 5.75%, 10.3% Cash
04/2204/281,106 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
11/2211/2846,118 45,332 45,426 2.3 %
(6)(7)(8)(16) (30)
ATL II MRO Holdings Inc.Revolver
SOFR + 5.25%, 9.8% Cash
11/2211/28 (100)(96) %
(7)(8)(16)(31) (32)
Compass Precision, LLCSenior Subordinated Term Loan
11.0% Cash, 1.0% PIK
04/2204/28648 641 640  %
(7)(30)(32)
GB Eagle Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
12/2212/3011,132 10,865 10,992 0.6 %
(7)(8)(16)(30) (31)(32)
GB Eagle Buyer, Inc.Revolver
SOFR + 6.25%, 10.9% Cash
12/2212/30 (57)(29) %
(7)(8)(16)(31) )(32)
Jade Bidco Limited (Jane's)First Lien Senior Secured Term Loan
EURIBOR + 5.25%, 7.9% Cash
05/2102/293,422 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
05/2102/2921,176 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
10/2410/2910,355 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
03/2403/307,964 7,822 6,984 0.4 %
(6)(7)(8)(16)
Megawatt Acquisitionco, Inc.Revolver
SOFR + 5.25%, 9.7% Cash
03/2403/30568 534 323  %
(7)(8)(16)(31) (32)
Narda Acquisitionco., Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
12/2112/274,101 4,063 4,101 0.2 %
(6)(7)(8)(15)
Narda Acquisitionco., Inc.Revolver
SOFR + 4.75%, 9.4% Cash
12/2112/27 (9)  %
(7)(8)(15)(31) (32)
Protego Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.0% Cash
05/2103/28544 614 530  %
(3)(7)(8)(11) (30)(32)
Protego Bidco B.V.Revolver
EURIBOR + 6.50%, 9.7% Cash
05/2103/27124 140 120  %
(3)(7)(8)(11) (32)
SISU ACQUISITIONCO., INC.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
05/2112/262,547 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
05/2102/279,105 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
02/2302/2911,407 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
07/2406/29 (209)(227) %
(7)(8)(16)(30) (31)
Whitcraft Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 11.1% Cash
02/2302/2910,190 9,879 10,190 0.5 %
(7)(8)(15)(32)
Whitcraft Holdings, Inc.Revolver
SOFR + 6.50%, 11.1% Cash
02/2302/291,325 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 CorporationSecond Lien Senior Secured Term Loan
SOFR + 9.00%, 14.2% Cash
07/2207/304,545 4,406 4,364 0.2 %
(7)(8)(17)(30)
OAC Holdings I CorpFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
03/2203/293,539 3,494 3,539 0.2 %
(6)(7)(8)(15)
OAC Holdings I CorpRevolver
SOFR + 5.00%, 9.7% Cash
03/2203/28 (15)  %
(7)(8)(15)(31) (32)
Randys Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 11.2% Cash
11/2211/2812,933 12,584 12,750 0.6 %
(6)(7)(8)(16) (30)(31)
Randys Holdings, Inc.Revolver
SOFR + 6.25%, 11.2% Cash
11/2211/28792 747 766  %
(7)(8)(16)(31) (32)
SPATCO Energy Solutions, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
07/2407/3024,931 24,366 24,465 1.2 %
(7)(8)(16)(30) (31)
SPATCO Energy Solutions, LLCRevolver
SOFR + 5.00%, 9.6% Cash
07/2407/30 (77)(64) %
(7)(8)(16)(31) (32)
SVI International LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.3% Cash
03/2403/30589 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
SVI International LLCRevolver
SOFR + 6.75%, 11.3% Cash
03/2403/30$ $(1)$(1) %
(7)(8)(16)(31) (32)
Subtotal Automotive (2.2%)*
47,329 46,081 46,402 
Banking, Finance, Insurance, & Real Estate
Apus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.50%, 10.7% Cash
05/2103/281,191 1,319 1,191 0.1 %
(3)(7)(8)(20) (30)
Aspen Insurance Holdings Ltd.First Lien Senior Secured Term Loan
9.3% Cash
10/2410/289,406 9,316 9,312 0.5 %
(7)(32)
Beyond Risk Management, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.2% Cash
10/2110/277,606 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
05/2103/27828 952 828  %
(3)(7)(8)(10) (30)(32)
Finaxy HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.3% Cash
05/2212/29 (117)(117) %
(3)(7)(8)(10) (30)(31)
Finaxy HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.3% Cash
11/2311/304,321 4,361 4,291 0.2 %
(3)(7)(8)(11) (30)
Findex Group LtdFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 9.7% Cash
03/2312/262,235 2,340 2,217 0.1 %
(3)(7)(13)(30)
Groupe GuemasFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.4% Cash
10/2309/302,413 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
05/2109/268,582 9,768 8,325 0.4 %
(3)(7)(8)(11) (30)
IM SquareFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.8% Cash
05/2105/284,349 4,908 4,255 0.2 %
(3)(7)(8)(10) (30)(32)
IM SquareFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
12/2205/283,314 3,302 3,254 0.2 %
(3)(7)(8)(10) (30)
Policy Services Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.9% Cash, 4.0% PIK
12/2106/2655,955 55,265 55,406 2.8 %
(7)(8)(16)(32)
Premium InvestFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
06/2112/306,563 6,659 6,563 0.3 %
(3)(7)(8)(10) (30)(31)
Preqin MC LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 10.2% Cash
08/2107/282,500 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
04/2405/274,184 3,928 4,067 0.2 %
(7)(8)(16)(30)
Shelf Bidco LtdSecond Out Term Loan
SOFR + 5.00%, 9.6% Cash
08/2408/3144,539 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
10/2112/273,950 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
10/2112/27 (11)  %
(7)(8)(16)(31) (32)
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Subordinated Term Loan
SOFR + 5.75%, 10.5% Cash
10/2110/285,656 5,595 5,656 0.3 %
(7)(8)(17)(32)
THG Acquisition, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
10/2410/319,886 9,768 9,765 0.5 %
(7)(8)(15)(30) (31)
THG Acquisition, LLCRevolver
SOFR + 4.75%, 9.3% Cash
10/2410/31108 94 93  %
(7)(8)(15)(31) (32)
Turbo Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.8% Cash
11/2112/2512,384 12,322 11,765 0.6 %
(6)(7)(8)(16)
(30)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
08/2302/255,249 5,135 5,133 0.3 %
(7)(8)(16)(30) (31)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
08/2312/2713,048 12,902 12,898 0.7 %
(7)(8)(16)(30)
WEST-NR ACQUISITIONCO, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
12/2412/295,188 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., LLC2024 LIFO Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/268,421 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
CTI Foods Holdings Co., LLCFirst Out Term Loan
SOFR + 10.00%, 14.7% PIK
02/2405/26$5,721 $5,594 $5,721 0.3 %
(7)(8)(16)(32)
CTI Foods Holdings Co., LLCSecond Out Term Loan
SOFR + 12.00%, 16.7% PIK
02/2405/261,193 1,193 1,193 0.1 %
(7)(8)(16)(32)
Innovad Group II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.7% Cash
05/2104/281,011 1,147 1,011 0.1 %
(3)(7)(8)(11)
(30)(32)
Innovad Group II BVFirst Lien Senior Secured Term Loan
SARON + 5.00%, 6.0% Cash
05/2304/28160 161 160  %
(3)(7)(8)(25) (32)
KSLB Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.2% Cash
05/2107/255,839 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
12/2112/282,147 2,265 1,963 0.1 %
(3)(7)(8)(10) (30)
Woodland Foods, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
12/2112/278,837 8,738 8,749 0.4 %
(6)(7)(8)(16)
(30)
Woodland Foods, LLCRevolver
SOFR + 5.25%, 9.9% Cash
12/2112/27771 754 755  %
(7)(8)(16)(31) (32)
ZB Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.3% Cash
02/2202/2811,490 11,287 11,291 0.6 %
(6)(7)(8)(16)
(30)(31)
ZB Holdco LLCRevolver
SOFR + 5.50%, 10.3% Cash
02/2202/28507 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
11/2311/2911,669 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
11/2311/2911,485 11,147 11,326 0.6 %
(6)(7)(8)(16)
(30)(31)
AirX Climate Solutions, Inc.Revolver
SOFR + 5.75%, 10.2% Cash
11/2311/29 (64)  %
(7)(8)(16)(31) (32)
APC1 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.40%, 8.7% Cash
07/2207/292,382 2,324 2,370 0.1 %
(3)(7)(8)(10) (30)
BPG Holdings IV CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
03/2307/2923,520 22,139 20,932 1.1 %
(7)(8)(16)(32)
Cobham Slip Rings SASFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
11/2111/283,091 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
12/2112/275,792 5,728 5,792 0.3 %
(6)(7)(8)(16)
Polara Enterprises, L.L.C.Revolver
SOFR + 4.75%, 9.5% Cash
12/2112/27 (10)  %
(7)(8)(16)(31) (32)
Process Insights Acquisition, Inc.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.6% Cash
07/2307/292,916 2,848 2,829 0.1 %
(6)(7)(8)(16)
(30)(31)
Process Insights Acquisition, Inc.Revolver
SOFR + 6.25%, 10.6% Cash
07/2307/291,187 1,162 1,160 0.1 %
(7)(8)(16)(31) (32)
Rapid Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
10/2410/305,213 5,100 5,093 0.3 %
(7)(8)(17)(30) (31)
Rapid Buyer LLCRevolver
SOFR + 4.75%, 9.4% Cash
10/2410/30 (20)(21) %
(7)(8)(16)(31) (32)
TAPCO Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/2411/3019,341 18,894 18,882 1.0 %
(7)(8)(16)(30) (31)
TAPCO Buyer LLCRevolver
SOFR + 5.00%, 9.5% Cash
11/2411/30 (58)(61) %
(7)(8)(16)(31) (32)
Tencarva Machinery Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
12/2112/2710,755 10,620 10,626 0.5 %
(6)(7)(8)(16)
(30)
Tencarva Machinery Company, LLCRevolver
SOFR + 5.00%, 9.8% Cash
12/2112/27 (33)(31) %
(7)(8)(16)(31) (32)
Subtotal Capital Equipment (4.9%)*
97,351 94,335 93,512 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
04/2304/295,442 5,351 5,361 0.3 %
(7)(8)(15)(30)
(32)
Americo Chemical Products, LLCRevolver
SOFR + 5.00%, 9.6% Cash
04/2304/29 (25)(21) %
(7)(8)(15)(31) (32)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
BBSY + 6.20%, 10.7% Cash
11/2110/281,237 1,424 1,224 0.1 %
(3)(7)(8)(13) (30)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.20%, 9.3% Cash
11/2110/286,480 6,889 6,414 0.3 %
(3)(7)(8)(10) (30)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.20%, 9.9% Cash
01/2310/282,155 2,159 2,138 0.1 %
(3)(7)(8)(11) (30)
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.95%, 10.7% Cash
04/2210/287,021 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
AnalytiChem Holding GmbHFirst Lien Senior Secured Term Loan
SOFR + 6.20%, 11.5% Cash
11/2110/28$2,234 $2,234 $2,213 0.1 %
(3)(7)(8)(17) (30)
Aptus 1829. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.4% Cash
09/2109/272,264 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
08/2408/307,820 7,680 7,682 0.4 %
(7)(8)(15)(30)
BKF Buyer, Inc. Revolver
SOFR + 5.00%, 9.3% Cash
08/2408/30 (50)(50) %
(7)(8)(15) (31)(32)
EMI Porta Holdco LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
12/2112/2744,912 44,275 42,351 2.1 %
(7)(8)(16)(30)
EMI Porta Holdco LLCRevolver
SOFR + 5.75%, 10.5% Cash
12/2112/27610 585 465  %
(7)(8)(16)(31) (32)
MNS Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
08/2108/27662 656 662  %
(7)(8)(16)(30)
Ocelot Holdco LLCSuper Senior Takeback Loan
10.0% Cash
10/2310/27172 172 172  %
(7)(32)
Ocelot Holdco LLCTakeback Term Loan
10.0% Cash
10/2310/27917 917 917  %
(7)(32)
Subtotal Construction & Building (2.5%)*
55,093 54,235 52,199 
Consumer goods: Durable
DecksDirect, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
12/2112/261,573 1,552 1,383 0.1 %
(7)(8)(16)(30)
DecksDirect, LLCRevolver
SOFR + 6.25%, 10.9% Cash
12/2112/26347 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
10/2310/2825,733 25,121 25,143 1.3 %
(7)(8)(16)(32)
HTI Technology & IndustriesFirst Lien Senior Secured Term Loan
SOFR + 8.50%, 13.5% Cash
07/2207/258,840 8,796 8,303 0.4 %
(6)(7)(8)(16)
(30)(31)(32)
HTI Technology & IndustriesRevolver
SOFR + 8.50%, 13.5% Cash
07/2207/25 (3)(58) %
(7)(8)(16)(31) (32)
Renovation Parent Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
11/2111/2714,126 13,946 12,925 0.7 %
(6)(7)(8)(16)
Team Air Distributing, LLCSubordinated Term Loan
12.0% Cash
05/2308/27117 115 114  %
(7)(32)
Team Air Distributing, LLCSubordinated Term Loan
12.0% Cash
05/2305/28600 590 588  %
(7)(32)
Team Air Distributing, LLCSubordinated Term Loan
12.0% Cash
12/2412/2936 35 35  %
(7)(32)
Terrybear, Inc.Subordinated Term Loan
10.0% Cash, 4.0% PIK
04/2204/28285 282 268  %
(7)(32)
Victoria Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.7% Cash
03/2209/305,294 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
BidwaxFirst Lien Senior Secured Term Loan
EURIBOR + 6.40%, 9.2% Cash
05/2102/284,763 5,362 4,658 0.2 %
(3)(7)(8)(11)
(30)(32)
CCFF Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
02/2402/303,182 3,103 3,117 0.2 %
(7)(8)(16)(30) (31)
CCFF Buyer, LLCRevolver
SOFR + 5.25%, 9.8% Cash
02/2402/30 (17)(14) %
(7)(8)(16)(31) (32)
David Wood Baking UK Ltd First Lien Senior Secured Term Loan
SONIA + 10.00%, 14.7% Cash
04/2404/2912,916 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
04/2404/2913,333 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
01/2401/304,365 4,268 4,267 0.2 %
(7)(8)(16)(30) (31)
Ice House America, L.L.C.Revolver
SOFR + 5.50%, 10.1% Cash
01/2401/30291 279 279  %
(7)(8)(16)(31) (32)
Image International Intermediate Holdco II, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
05/2107/2524,275 24,275 23,352 1.2 %
(7)(8)(16)(30)
Modern Star Holdings Bidco Pty LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.00%, 10.4% Cash
05/2112/261,759 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Safety Products Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
05/2112/26$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 InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.7% Cash
05/2109/302,586 2,727 2,533 0.1 %
(3)(7)(8)(10) (30)
Cosmelux InternationalRevolver
EURIBOR + 5.25%, 8.7% Cash
05/2109/30 (2)(5) %
(3)(7)(8)(10) (31)(32)
Diversified Packaging Holdings LLCSecond Lien Senior Secured Term Loan
11.0% Cash, 1.5% PIK
06/2406/29911 894 896  %
(7)(8)(30)
Five Star Holding LLCSecond Lien Senior Secured Term Loan
SOFR + 7.25%, 11.8% Cash
05/2205/307,152 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
09/2409/305,420 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
09/2409/3011,710 12,368 11,550 0.6 %
(7)(8)(18)(30)
Media Recovery, Inc. (SpotSee)Revolver
SOFR + 4.75%, 9.5% Cash
09/2409/30 (27)(26) %
(7)(8)(16)(31) (32)
Media Recovery, Inc. (SpotSee)Revolver
SONIA + 4.75%, 9.6% Cash
09/2409/30 (33)(31) %
(7)(8)(18)(31) (32)
Mold-Rite Plastics, LLCSecond Lien Second Out Term Loan
SOFR + 1.50%, 6.1% Cash, 2.3% PIK
06/2410/283,253 2,701 2,837 0.1 %
(16)(30)
OG III B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.9% Cash
06/2106/2814,483 16,272 14,312 0.7 %
(3)(7)(8)(10) (30)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/2813,987 13,795 13,792 0.7 %
(6)(7)(8)(17)
Tank Holding CorpFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.7% Cash
05/2303/286,420 6,277 6,346 0.3 %
(7)(8)(15)(31) (32)
Tank Holding CorpRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/28 (8)(9) %
(7)(8)(17)(31) (32)
Subtotal Containers, Packaging, & Glass (3.1%)*
65,922 67,356 64,436 
Energy: Electricity
WWEC Holdings III CorpFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
10/2210/289,148 8,878 8,927 0.5 %
(7)(8)(16)(30) (31)
WWEC Holdings III CorpRevolver
SOFR + 5.75%, 10.4% Cash
10/2210/28 (54)(47) %
(7)(8)(16)(31) (32)
Subtotal Energy: Electricity (0.5%)*
9,148 8,824 8,880 
Environmental Industries
Bridger Aerospace Group Holdings, LLCMunicipal Revenue Bond
11.5% Cash
07/2209/2732,980 32,980 33,778 1.7 %
(32)
EB DevelopmentFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.3% Cash
11/2411/277,587 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
05/2101/271,872 1,862 1,850 0.1 %
(6)(7)(8)(16)
(30)
Northstar Recycling, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.0% Cash
12/2412/3017,523 17,251 17,249 0.9 %
(7)(8)(16)(30) (31)
Northstar Recycling, LLCRevolver
SOFR + 4.75%, 9.0% Cash
12/2412/30 (45)(45) %
(7)(8)(16)(31) (32)
Subtotal Environmental Industries (1.4%)*

59,962 59,487 60,178 
Healthcare & Pharmaceuticals
A.T. Holdings II LTDFirst Lien Senior Secured Term Loan
6.7% Cash, 7.6% PIK
11/2209/2915,464 14,250 10,175 0.5 %
(3)(7)(29)(32)
Amalfi MidcoSecond Lien Senior Secured Term Loan
17.5% PIK
09/2210/28290 301 290  %
(3)(7)(32)
Amalfi MidcoSubordinated Loan Notes
2.0% Cash, 9.0% PIK
09/2209/285,943 5,416 5,492 0.3 %
(3)(7)(32)
APOG Bidco Pty LtdSecond Lien Senior Secured Term Loan
BBSY + 7.30%, 12.0% Cash
04/2203/30451 538 451  %
(3)(7)(8)(14) (30)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.5% Cash
11/2111/28478 493 478  %
(3)(7)(8)(10) (30)(31)
Astra Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.5% Cash
11/2111/282,869 2,973 2,869 0.1 %
(3)(7)(8)(20) (30)(31)
Avance Clinical Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.50%, 8.9% Cash
11/2111/272,294 2,571 2,294 0.1 %
(3)(7)(8)(13) (30)(31)
Biolam GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK
12/2212/293,316 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
BVI Medical, Inc.Second Lien Senior Secured Term Loan
EURIBOR + 9.50%, 12.8% Cash
06/2206/26$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
06/2112/264,183 4,909 950  %
(3)(7)(8)(23) (28)(30)
Canadian Orthodontic Partners Corp.Super Senior Secured Term Loan
15.0% PIK
04/2412/2665 64 185  %
(3)(7)(30)(31)
Ceres Pharma NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.9% Cash
10/2110/284,386 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
05/2405/299,977 9,707 9,758 0.5 %
(7)(8)(16)(32)
Dune GroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 6.6% Cash
09/2109/28291 295 222  %
(3)(7)(8)(10) (30)(31)
Dune GroupFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 8.8% Cash
09/2109/284,825 4,775 4,565 0.2 %
(3)(7)(8)(16) (30)
Dune GroupFirst Lien Senior Secured Term Loan
SOFR + 4.00%, 6.3% Cash, 2.3% PIK
09/2109/28510 510 482  %
(3)(7)(8)(16) (30)
Ellkay, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 8.0% Cash, 2.0% PIK
09/2109/275,744 5,687 5,072 0.3 %
(7)(8)(16)(30)
FaradayFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
01/2301/30255 223 234  %
(3)(7)(8)(10) (30)(31)
FinexvetFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
03/2203/299,370 9,735 9,227 0.5 %
(3)(7)(8)(11)
(30)(32)
Forest Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
03/2403/3012,273 12,103 12,187 0.6 %
(7)(8)(16)(30)
Forest Buyer, LLCRevolver
SOFR + 5.00%, 9.6% Cash
03/2403/30 (13)(4) %
(7)(8)(16)(31) (32)
GCDL LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.4% Cash
08/2408/27539 529 529  %
(7)(8)(16)(30) (31)
GCDL LLCRevolver
SOFR + 6.00%, 10.4% Cash
08/2408/27 (2)(2) %
(7)(8)(16)(31) (32)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
06/2206/29271 285 271  %
(3)(7)(32)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
10.0% PIK
11/2402/3033 34 33  %
(3)(7)(8)(31) (32)
GPNZ II GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
06/2206/29446 446 189  %
(3)(7)(8)(9)(28)(30)
Groupe Product LifeFirst Lien Senior Secured Term Loan
EURIBOR + 5.45%, 8.5% Cash
10/2210/296,309 6,324 6,110 0.3 %
(3)(7)(8)(10) (30)(31)
HeartHealth Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
09/2209/28694 704 602  %
(3)(7)(8)(13) (30)(31)
Heartland Veterinary Partners, LLCSubordinated Term Loan
11.0% PIK
11/2112/287,754 7,672 7,126 0.4 %
(7)(32)
HemaSource, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
08/2308/297,626 7,467 7,626 0.4 %
(7)(8)(15)(30)
HemaSource, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
08/2308/29 (64)  %
(7)(8)(15)(31) (32)
Home Care Assistance, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
05/2103/271,512 1,499 1,438 0.1 %
(7)(8)(16)(30)
(32)
Hygie 31 HoldingFirst Lien Senior Secured Term Loan
EURIBOR + 5.63%, 8.8% Cash
09/2209/29570 519 566  %
(3)(7)(8)(11)
(30)(32)
ISTO Technologies II, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2310/286,843 6,704 6,822 0.3 %
(7)(8)(17)(30)
ISTO Technologies II, LLCRevolver
SOFR + 5.00%, 9.6% Cash
10/2310/28 (21)(3) %
(7)(8)(17)(31) (32)
Jon Bidco LimitedFirst Lien Senior Secured Term Loan
BKBM + 4.50%, 9.5% Cash
03/2203/273,787 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
08/2408/31695 728 677  %
(3)(7)(8)(10) (30)(31)
Keystone Bidco B.V.Revolver
EURIBOR + 5.25%, 8.1% Cash
08/2405/3119 18 18  %
(3)(7)(8)(10) (31)(32)
Lambir Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
12/2112/282,441 2,574 2,327 0.1 %
(3)(7)(8)(11) (30)(31)
Lambir Bidco LimitedSecond Lien Senior Secured Term Loan
12.0% PIK
12/2106/29854 903 798  %
(3)(7)(32)
Listrac Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 12.00%, 17.0% Cash
02/2308/26169 158 169  %
(3)(7)(20)(32)
Listrac Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 11.0% Cash
02/2302/27992 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Median B.V.First Lien Senior Secured Term Loan
SONIA + 5.93%, 11.0% Cash
02/2210/27$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
11/2111/294,421 4,391 2,211 0.1 %
(8)(16)(30)
Mertus 522. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.7% Cash
05/2105/26402 457 394  %
(3)(7)(8)(11) (30)
Mertus 522. GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 7.50%, 10.7% Cash
05/2105/263,342 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
07/2403/2825,373 23,461 25,500 1.3 %
(8)(15)(32)
Moonlight Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.75%, 10.7% Cash
07/2307/301,860 1,884 1,841 0.1 %
(3)(7)(8)(19) (31)(32)
Napa Bidco Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.00%, 9.5% Cash
03/2203/2812,146 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
05/2102/276,472 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
09/2210/291,142 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
12/2112/2845,499 45,218 45,316 2.3 %
(6)(7)(8)(15)
(30)
OA Buyer, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
12/2112/28 (15)(5) %
(7)(8)(15)(31) (32)
Ocular Therapeutix, Inc.First Lien Senior Secured Term Loan
SOFR + 6.75%, 11.2% Cash
08/2307/297,859 7,665 9,698 0.5 %
(3)(7)(8)(15) (32)
Oracle Vision Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
06/2106/281,389 1,538 1,358 0.1 %
(3)(7)(8)(20) (30)(31)
Oracle Vision Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
10/2410/315,123 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
05/2112/26522 603 522  %
(3)(7)(8)(11) (30)
Pare SAS (SAS Maurice MARLE)First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
11/2210/264,800 4,703 4,800 0.2 %
(3)(7)(8)(16) (30)(31)
Parkview Dental Holdings LLCFirst Lien Senior Secured Term Loan
SOFR + 8.30%, 12.9% Cash
10/2310/29624 608 609  %
(7)(8)(15)(31) (32)
Sanoptis S.A.R.L.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
06/2207/297,272 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
06/2207/296,125 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
06/2207/2971 74 69  %
(3)(7)(8)(25) (30)
SSCP Pegasus Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.7% Cash
05/2111/27881 955 881  %
(3)(7)(8)(19)
(30)(31)(32)
SSCP Spring Bidco 3 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.45%, 11.2% Cash
11/2308/30959 935 941  %
(3)(7)(8)(20) (30)
Union Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.84%, 9.8% Cash
06/2206/292,500 2,389 2,492 0.1 %
(3)(7)(8)(20) (30)(31)
United Therapy Holding III GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 10.0% Cash
04/2203/291,571 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
03/2303/301,962 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
05/2107/2510,672 10,659 10,672 0.5 %
(6)(7)(8)(16)
(30)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 4.00%, 7.2% Cash, 2.8% PIK
08/2207/293,175 3,159 2,969 0.2 %
(3)(7)(8)(10) (30)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 4.00% 8.8% Cash, 2.8% PIK
07/2207/29272 267 254  %
(3)(7)(8)(16) (30)
Argus Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 4.00%, 8.9% Cash, 2.8% PIK
07/2207/29 (10)(46) %
(3)(7)(8)(19) (30)(31)
Argus Bidco LimitedSecond Lien Senior Secured Term Loan
10.5% PIK
07/2207/291,686 1,622 1,554 0.1 %
(3)(7)(32)
Audio Precision, Inc.First Lien Senior Secured Term Loan
EURIBOR + 8.00%, 11.3% Cash
05/2110/252,539 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Audio Precision, Inc.First Lien Senior Secured Term Loan
SOFR + 8.00%, 12.8% Cash
05/2110/25$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
05/2107/26275 361 275  %
(3)(7)(8)(21) (30)
CAi Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.1% Cash
12/2112/2817,541 17,290 17,435 0.9 %
(6)(7)(8)(16)
(30)(32)
CAi Software, LLCRevolver
SOFR + 5.25%, 10.1% Cash
12/2112/281,870 1,814 1,848 0.1 %
(7)(8)(16)(31) (32)
Caribou Holding Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 7.64%, 12.5% Cash
04/2204/273,907 3,877 3,832 0.2 %
(3)(7)(8)(16) (30)
Contabo Finco S.A.R.LFirst Lien Senior Secured Term Loan
EURIBOR + 5.15%, 8.2% Cash
10/2210/2910,022 9,468 10,022 0.5 %
(3)(7)(8)(10) (30)
CW Group Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.8% Cash
05/2101/274,004 3,967 4,004 0.2 %
(7)(8)(16)(30)
Dragon BidcoFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.6% Cash
05/2104/281,243 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
07/2107/296,792 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
05/2405/2921,223 20,838 20,819 1.1 %
(7)(8)(17)(31) (32)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
EURIBOR + 7.00%, 9.6% PIK
12/2212/291,673 1,497 830  %
(3)(7)(8)(11) (28)(30)
Eurofins Digital Testing International LUX Holding SARLFirst Lien Senior Secured Term Loan
SOFR + 7.00%, 11.3% PIK
12/2212/29913 781 453  %
(3)(7)(8)(16) (28)(30)
Eurofins Digital Testing International LUX Holding SARLSenior Subordinated Term Loan
11.5% PIK
12/2212/30690 669   %
(3)(7)(28)(32)
FSS Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.4% Cash
08/2108/2814,923 14,751 14,923 0.8 %
(6)(7)(8)(16)
FSS Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
08/2108/289,113 9,009 9,113 0.5 %
(7)(8)(15)(30)
Graphpad Software, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
06/2406/3122,827 22,695 22,798 1.2 %
(6)(7)(8)(16)
(30)(31)
Graphpad Software, LLCRevolver
SOFR + 4.75%, 9.4% Cash
06/2406/31 (10)(2) %
(7)(8)(16)(31) (32)
Heavy Construction Systems Specialists, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
11/2111/2722,351 22,114 22,351 1.1 %
(6)(7)(8)(16)
(30)
Heavy Construction Systems Specialists, LLCRevolver
SOFR + 5.50%, 10.1% Cash
11/2111/27 (21)  %
(7)(8)(16)(31) (32)
HW Holdco, LLC (Hanley Wood LLC)First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
05/2106/2919,210 19,132 19,210 1.0 %
(6)(7)(8)(16)
(30)
Lattice Group Holdings Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.6% Cash
05/2205/29727 711 687  %
(3)(7)(8)(17) (30)(31)
Lattice Group Holdings Bidco LimitedRevolver
SOFR + 5.75%, 10.6% Cash
05/2211/28 (1)(1) %
(3)(7)(8)(17) (31)(32)
NAW Buyer LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
09/2309/2911,533 11,114 11,533 0.6 %
(7)(8)(16)(30) (31)
NAW Buyer LLCRevolver
SOFR + 5.75%, 10.4% Cash
09/2309/29 (45)  %
(7)(8)(16)(31) (32)
NeoxCoFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash
01/2301/302,476 2,525 2,456 0.1 %
(3)(7)(8)(11) (30)
Next Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
11/2311/3015,221 14,942 15,221 0.8 %
(7)(8)(16)(30) (31)
Next Holdco, LLCRevolver
SOFR + 5.75%, 10.5% Cash
11/2311/29 (29)  %
(7)(8)(16)(31) (32)
ORTEC INTERNATIONAL NEWCO B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.5% Cash
12/2312/304,733 4,878 4,657 0.2 %
(3)(7)(8)(10) (30)
OSP Hamilton Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.8% Cash
12/2112/2919,338 19,022 19,044 1.0 %
(6)(7)(8)(16)
(30)(31)(32)
OSP Hamilton Purchaser, LLCRevolver
SOFR + 5.25%, 9.8% Cash
12/2112/29643 615 623  %
(7)(8)(16)(31) (32)
PDQ.Com CorporationFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
08/2108/2716,709 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
05/2107/276,497 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
PowerGEM Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/2411/29$9,875 $9,801 $9,704 0.5 %
(7)(8)(16)(30) (31)
PowerGEM Buyer, Inc.Revolver
SOFR + 5.00%, 9.5% Cash
11/2411/29 (37)(37) %
(7)(8)(16)(31) (32)
ProfitOptics, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.2% Cash
03/2203/28645 638 645  %
(7)(8)(15)(30)
ProfitOptics, LLCRevolver
SOFR + 5.75%, 10.2% Cash
03/2203/2897 95 97  %
(7)(8)(15)(31) (32)
ProfitOptics, LLCSenior Subordinated Term Loan
8.0% Cash
03/2203/2932 32 31  %
(7)(32)
Pro-Vision Solutions Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 8.8% Cash
09/2409/2912,405 12,228 12,236 0.6 %
(7)(8)(16)(30)
Pro-Vision Solutions Holdings, LLCRevolver
SOFR + 4.50%, 8.8% Cash
09/2409/29 (47)(45) %
(7)(8)(16)(31) (32)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.8% Cash
05/2205/29846 846 844  %
(3)(7)(8)(10) (30)(31)
PSP Intermediate 4, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
05/2205/291,411 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
11/2411/3128,511 28,154 28,148 1.4 %
(7)(8)(16)(30) (31)
Saab Purchaser, Inc. Revolver
SOFR + 5.00%, 9.5% Cash
11/2411/31 (38)(38) %
(7)(8)(16)(31) (32)
Sandvine CorporationFirst Lien Senior Secured Term Loan
2.0% Cash
05/2106/271,592 415 100  %
(7)(8)(28)(30)
Scout Bidco B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.4% Cash
05/2205/293,762 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
08/2305/29508 508 507  %
(3)(7)(8)(16) (30)
Scout Bidco B.V.Revolver
EURIBOR + 5.50%, 8.4% Cash
05/2205/29 (3)(7) %
(3)(7)(8)(10) (31)(32)
Sinari InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.3% Cash
07/2307/301,892 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
11/2111/2716,132 15,963 16,132 0.8 %
(6)(7)(8)(16)
(30)
Smartling, Inc.Revolver
SOFR + 4.50%, 9.0% Cash
11/2111/27 (10)  %
(7)(8)(16)(31) (32)
Validity, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
05/2105/26939 934 939  %
(7)(8)(15)(30)
White Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
10/2310/301,749 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 LTDFirst Lien Senior Secured Term Loan
SONIA + 6.00%, 10.6% Cash
12/2112/282,927 3,010 2,927 0.1 %
(3)(7)(8)(19) (30)(31)
Aquavista Watersides 2 LTDSecond Lien Senior Secured Term Loan
SONIA + 10.5% PIK, 15.7% PIK
12/2112/28982 1,014 982  %
(3)(7)(8)(19) (32)
Bucharest Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 11.7% Cash
05/2107/26175 170 171  %
(3)(7)(8)(17) (32)
Bucharest Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.7% Cash
05/2107/26775 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, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
07/2207/273,565 3,533 3,565 0.2 %
(6)(7)(8)(15)
ASC Communications, LLCRevolver
SOFR + 4.75%, 9.4% Cash
07/2207/27 (5)  %
(7)(8)(15)(31) (32)
Superjet Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.4% Cash
12/2112/2736,271 35,542 35,468 1.8 %
(6)(7)(8)(16)
(30)(31)
Superjet Buyer, LLCRevolver
SOFR + 5.50%, 10.4% Cash
12/2112/27 (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
05/2108/262,441 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
06/2403/2910,780 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Media: Diversified & Production
BrightSign LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
10/2110/27$10,366 $10,315 $10,366 0.5 %
(6)(7)(8)(15)
BrightSign LLCRevolver
SOFR + 5.50%, 10.2% Cash
10/2110/27905 900 905  %
(7)(8)(15)(31) (32)
CM Acquisition Holding Inc.First Lien Senior Secured Term Loan
SOFR + 6.00%, 10.2% Cash
05/2105/251,117 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
05/2105/269,829 9,825 9,563 0.5 %
(7)(8)(16)(30)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.2% Cash
04/2204/29218 223 217  %
(3)(7)(8)(10) (30)
Footco 40 LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% Cash
04/2204/291,599 1,635 1,588 0.1 %
(3)(7)(8)(19) (30)(31)
Iridium Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.50%, 11.5% Cash
05/2112/255,067 5,382 4,956 0.3 %
(3)(7)(8)(20) (30)
Learfield Communications, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2406/282,098 2,098 2,115 0.1 %
(8)(15)(32)
Murphy Midco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.2% Cash
05/2111/27738 798 738  %
(3)(7)(8)(20)
(30)(32)
Rock Labor LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.7% Cash
09/2309/295,573 5,432 5,478 0.3 %
(7)(8)(16)(30)
Rock Labor LLCRevolver
SOFR + 5.50%, 10.7% Cash
09/2309/29 (22)(16) %
(7)(8)(16)(31) (32)
Solo Buyer, L.P.First Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
12/2212/2916,316 15,999 15,776 0.8 %
(7)(8)(16)(32)
Solo Buyer, L.P.Revolver
SOFR + 6.25%, 10.7% Cash
12/2212/28532 499 466  %
(7)(8)(16)(31) (32)
Vital Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
06/2106/284,800 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 LimitedFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.9% Cash
08/2108/274,918 4,840 4,795 0.2 %
(3)(7)(8)(17) (30)
Acclime Holdings HK LimitedFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.8% Cash
08/2108/272,582 2,548 2,518 0.1 %
(3)(7)(8)(17) (30)
AcogroupFirst Lien Senior Secured Term Loan
4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK
05/2110/2627,320 28,750 20,107 1.0 %
(3)(7)(8)(11)
(30)(32)
AcogroupFirst Lien Senior Secured Term Loan
EURIBOR + 4.65%, 7.1% Cash, 1.8% PIK
05/2110/2695 111 70  %
(3)(7)(8)(11) (30)
AD Bidco, Inc.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.6% Cash
03/2403/3014,438 14,002 14,438 0.7 %
(7)(8)(16)(30) (31)
AD Bidco, Inc.Revolver
SOFR + 5.25%, 9.6% Cash
03/2403/30 (40)  %
(7)(8)(16)(31) (32)
Adhefin InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 9.1% Cash
05/2305/301,716 1,768 1,716 0.1 %
(3)(7)(8)(10) (31)(32)
Adhefin InternationalSubordinated Term Loan
EURIBOR + 10.5% PIK, 13.2% PIK
05/2311/30330 341 326  %
(3)(7)(10)(32)
AlliA Insurance Brokers NVFirst Lien Senior Secured Term Loan
EURIBOR + 5.75%, 8.9% Cash
03/2303/304,598 4,646 4,569 0.2 %
(3)(7)(8)(11) (30)(31)
Apex Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.25%, 11.3% Cash
05/2101/271,289 1,298 1,284 0.1 %
(3)(7)(8)(19) (30)
Artemis Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.0% Cash
11/2411/31284 261 256  %
(3)(7)(8)(10) (30)(31)
Auxi InternationalFirst Lien Senior Secured Term Loan
EURIBOR + 7.25%, 10.4% Cash
05/2112/26311 360 290  %
(3)(7)(8)(11) (30)
AWP Group Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
05/2112/2924,938 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
11/2111/274,785 4,728 4,785 0.2 %
(7)(8)(15)(30) (31)
Azalea Buyer, Inc.Revolver
SOFR + 5.25%, 9.9% Cash
11/2111/27 (5)  %
(7)(8)(15)(31) (32)
Azalea Buyer, Inc.Subordinated Term Loan
12.0% PIK
11/2105/281,814 1,799 1,805 0.1 %
(7)(32)
Basin Innovation Group, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/2412/3013,605 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Basin Innovation Group, LLCRevolver
SOFR + 5.00%, 9.5% Cash
12/2412/30$ $(26)$(27) %
(7)(8)(15)(31) (32)
BNI Global, LLCFirst Lien Senior Secured Term Loan
EURIBOR + 5.50%, 8.5% Cash
02/2405/2733,019 33,931 32,557 1.6 %
(7)(8)(9)(30)
Bounteous, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
08/2108/2710,338 10,241 10,276 0.5 %
(7)(8)(16)(30)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.2% Cash
10/2110/28552 541 539  %
(3)(7)(8)(10) (30)(31)
Brightpay LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.00%, 8.6% Cash, 0.3% PIK
10/2110/282,445 2,695 2,401 0.1 %
(3)(7)(8)(11) (30)
British Engineering Services Holdco LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.00%, 12.7% Cash
05/2112/277,634 7,930 7,542 0.4 %
(3)(7)(8)(20) (30)(31)
Caldwell & Gregory LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.3% Cash
09/2409/3038,281 37,659 37,666 1.9 %
(7)(8)(16)(30) (31)
Caldwell & Gregory LLCRevolver
SOFR + 5.00%, 9.3% Cash
09/2409/30 (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
05/2105/27717 716 717  %
(3)(7)(8)(10)
(30)(32)
CGI Parent, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
02/2202/2822,358 21,983 22,358 1.1 %
(7)(8)(16)(30)
CGI Parent, LLCRevolver
SOFR + 4.50%, 9.1% Cash
02/2202/28 (18)  %
(7)(8)(16)(31) (32)
Comply365, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
04/2212/2924,120 23,737 24,120 1.2 %
(7)(8)(15)(30)
Comply365, LLCRevolver
SOFR + 5.00%, 9.7% Cash
04/2212/29 (6)  %
(7)(8)(15)(31) (32)
Coyo Uprising GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 10.1% Cash, 0.3% PIK
09/2109/2810,748 11,802 10,407 0.5 %
(3)(7)(8)(10) (30)(31)
DataServ Integrations, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
11/2211/281,871 1,841 1,871 0.1 %
(7)(8)(17)(30)
DataServ Integrations, LLCRevolver
SOFR + 5.50%, 10.0% Cash
11/2211/28 (6)  %
(7)(8)(17)(31) (32)
DISA Holdings Corp.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
11/2209/2810,639 10,422 10,639 0.5 %
(6)(7)(8)(16)
(30)(31)
DISA Holdings Corp.Revolver
SOFR + 5.00%, 9.5% Cash
11/2209/28 (20)  %
(7)(8)(16)(31) (32)
Dunlipharder B.V.First Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
06/2206/281,000 991 998 0.1 %
(3)(7)(8)(16) (30)
EFC InternationalSenior Unsecured Term Loan
11.0% Cash, 2.5% PIK
03/2305/28695 678 686  %
(7)(32)
Electric Equipment & Engineering Co.First Lien Senior Secured Term Loan
10.5% Cash, 3.0% PIK
12/2412/30313 307 307  %
(7)(30)
Events Software BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 6.50%, 11.0% Cash
03/2203/281,561 1,842 1,336 0.1 %
(3)(7)(8)(13) (30)(31)
Fortis Payment Systems, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.0% Cash
10/2202/2618,554 18,338 18,278 0.9 %
(6)(7)(8)(16)
(30)(31)
Fortis Payment Systems, LLCRevolver
SOFR + 5.25%, 10.0% Cash
10/2202/26 (25)(32) %
(7)(8)(16)(31) (32)
Greenhill II BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.10%, 8.3% Cash
07/2207/29936 907 936  %
(3)(7)(8)(10) (30)(31)
HEKA InvestFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
10/2210/293,902 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
09/2412/297,225 7,105 7,106 0.4 %
(7)(8)(16)(30) (31)
Hydratech Holdings, Inc. Revolver
SOFR + 5.00%, 9.6% Cash
09/2412/29269 254 254  %
(7)(8)(16)(31) (32)
Infoniqa Holdings GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.1% Cash
11/2111/283,902 4,191 3,902 0.2 %
(3)(7)(8)(11) (30)
Infoniqa Holdings GmbHFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 8.1% Cash
11/2106/31545 492 545  %
(3)(7)(8)(11) (30)(31)
Interstellar Group B.V.First Lien Senior Secured Term Loan
EURIBOR + 6.00%, 9.6% Cash
08/2208/293,179 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
10/2210/2910,336 9,672 10,149 0.5 %
(3)(7)(8)(10) (30)
Jones Fish Hatcheries & Distributors LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
02/2202/288,043 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Jones Fish Hatcheries & Distributors LLCRevolver
SOFR + 5.50%, 10.0% Cash
02/2202/28$ $(4)$  %
(7)(8)(16)(31) (32)
LeadsOnline, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
02/2202/2825,594 25,340 25,492 1.3 %
(6)(7)(8)(16)
(30)
LeadsOnline, LLCRevolver
SOFR + 4.75%, 9.4% Cash
02/2202/28 (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
04/2209/274,581 4,532 4,095 0.2 %
(7)(8)(16)(30)
MB Purchaser, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
01/2401/303,804 3,705 3,775 0.2 %
(7)(8)(15)(30) (31)
MB Purchaser, LLCRevolver
SOFR + 4.75%, 9.4% Cash
01/2401/30 (14)(4) %
(7)(8)(15)(31) (32)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
06/2406/278,305 8,139 7,950 0.4 %
(6)(7)(8)(15)
(30)(31)
MC Group Ventures CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
07/2106/276,485 6,417 6,374 0.3 %
(6)(7)(8)(17)
(30)(31)
Metis BidCo Pty LimitedFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
05/2104/26294 368 294  %
(3)(7)(8)(13) (30)
NF Holdco, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
03/2303/295,456 5,329 5,456 0.3 %
(7)(8)(16)(32)
NF Holdco, LLCRevolver
SOFR + 6.50%, 10.8% Cash
03/2303/29370 338 370  %
(7)(8)(16)(31) (32)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.1% Cash
06/2106/28307 355 301  %
(3)(7)(8)(10) (30)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.0% Cash
06/2106/28533 525 522  %
(3)(7)(8)(16) (30)
Origin Bidco LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.25%, 10.0% Cash
10/2410/318,470 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
05/2102/26273 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
05/2102/26351 350 351  %
(3)(7)(8)(16) (30)
Qualified Industries, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
11/2410/272,856 2,801 2,799 0.1 %
(7)(8)(17)(30)
Qualified Industries, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.1% Cash
03/2303/291,075 1,051 1,053 0.1 %
(7)(8)(17)(32)
Qualified Industries, LLCRevolver
SOFR + 5.75%, 10.1% Cash
03/2303/29 (8)(7) %
(7)(8)(17)(31) (32)
Questel UniteFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 9.6% Cash
05/2112/271,769 1,987 1,769 0.1 %
(3)(7)(8)(16)
(30)(32)
Questel UniteFirst Lien Senior Secured Term Loan
EURIBOR + 6.25%, 7.2% Cash, 2.4% PIK
05/2112/27106 122 106  %
(3)(7)(8)(16)
(30)(32)
Questel UniteFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
05/2112/271,024 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
05/2107/262,380 2,380 2,380 0.1 %
(6)(7)(8)(16)
ROI Solutions LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2410/2918,245 17,882 17,865 0.9 %
(7)(8)(16)(30) (31)
ROI Solutions LLCRevolver
SOFR + 5.00%, 9.6% Cash
10/2410/29 (52)(55) %
(7)(8)(16)(31) (32)
Royal Buyer, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
08/2208/2821,025 20,784 21,003 1.1 %
(7)(8)(16)(30) (31)
Royal Buyer, LLCRevolver
SOFR + 5.50%, 10.0% Cash
08/2208/28 (31)(2) %
(7)(8)(16)(31) (32)
RPX CorporationFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.6% Cash
08/2408/3043,764 43,140 43,199 2.2 %
(7)(8)(16)(30)
RPX CorporationRevolver
SOFR + 5.50%, 10.6% Cash
08/2408/30 (69)(63) %
(7)(8)(16)(31) (32)
Sansidor BVFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.6% Cash
09/2409/311,384 1,440 1,336 0.1 %
(3)(7)(8)(10) (30)(31)
SBP Holdings LPFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
03/2303/2818,280 17,674 18,113 0.9 %
(7)(8)(15)(30) (31)(32)
SBP Holdings LPRevolver
SOFR + 5.00%, 9.6% Cash
03/2303/28 (67)(22) %
(7)(8)(16)(31) (32)
Scaled Agile, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.2% Cash
12/2112/281,784 1,764 1,605 0.1 %
(6)(7)(8)(16)
(30)
Scaled Agile, Inc.Revolver
SOFR + 5.50%, 10.2% Cash
12/2112/28336 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
SmartShift Group, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
09/2309/25$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
09/2309/2913,757 13,469 13,757 0.7 %
(7)(8)(16)(30)
SmartShift Group, Inc.Revolver
SOFR + 5.00%, 9.5% Cash
09/2309/29 (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
11/2203/272,068 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
11/2203/27 (2)(1) %
(7)(8)(17)(31) (32)
Starnmeer B.V.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.6% Cash
10/2104/2713,388 13,293 13,388 0.7 %
(3)(7)(8)(17) (30)
TA SL Cayman Aggregator Corp.Subordinated Term Loan
7.8% PIK
07/2107/281,349 1,339 1,349 0.1 %
(7)(32)
Tanqueray Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
11/2211/291,699 1,518 1,643 0.1 %
(3)(7)(8)(19) (30)(31)
Technology Service Stream BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 10.3% Cash
06/2407/30698 725 677  %
(3)(7)(8)(14) (30)(31)
Techone B.V.First Lien Senior Secured Term Loan
EURIBOR + 5.40%, 8.7% Cash
11/2111/285,666 5,888 5,631 0.3 %
(3)(7)(8)(10) (30)
Techone B.V.Revolver
EURIBOR + 5.40%, 8.7% Cash
11/2105/28 (11)(2) %
(3)(7)(8)(10) (31)(32)
Trintech, Inc.First Lien Senior Secured Term Loan
SOFR + 5.50%, 10.1% Cash
07/2307/2912,446 12,139 12,252 0.6 %
(7)(8)(15)(30)
Trintech, Inc.Revolver
SOFR + 5.50%, 10.1% Cash
07/2307/29408 373 386  %
(7)(8)(15)(31) (32)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 4.50%, 9.0% Cash
11/2409/314,728 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
12/2212/28962 949 953  %
(7)(8)(16)(30)
TSYL Corporate Buyer, Inc.First Lien Senior Secured Term Loan
SOFR + 5.00%, 9.5% Cash
12/2312/281,204 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
12/2412/2916,112 15,721 15,715 0.8 %
(7)(8)(16)(30) (31)
TSYL Corporate Buyer, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
12/2212/28 (5)(4) %
(7)(8)(16)(31) (32)
Turnberry Solutions, Inc.First Lien Senior Secured Term Loan
SOFR + 5.75%, 10.4% Cash
07/2109/262,592 2,574 2,592 0.1 %
(6)(7)(8)(15)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 9.6% Cash
07/2412/30536 556 536  %
(3)(7)(8)(10) (30)
UBC Ledgers Holding ABFirst Lien Senior Secured Term Loan
STIBOR + 5.25%, 8.4% Cash
12/2312/301,450 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
11/2411/3114,992 14,702 14,692 0.7 %
(7)(8)(16)(30) (31)
UHY Advisors, Inc.Revolver
SOFR + 4.75%, 9.3% Cash
11/2411/31 (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
05/2105/265,828 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
10/2410/272,143 2,123 2,122 0.1 %
(7)(8)(16)(30)
Utac CeramFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 9.4% Cash, 1.8% PIK
05/2109/27248 245 235  %
(3)(7)(8)(16) (30)
Utac CeramFirst Lien Senior Secured Term Loan
EURIBOR + 4.60%, 4.9% Cash, 2.4% PIK
05/2109/27843 968 800  %
(3)(7)(8)(10) (30)
W2O Holdings, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.3% Cash
05/2106/283,150 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
03/2403/3033,047 32,449 32,783 1.7 %
(6)(7)(8)(15)
(30)
World 50, Inc.Revolver
SOFR + 5.75%, 10.3% Cash
03/2403/30 (30)(14) %
(7)(8)(15)(31) (32)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
EURIBOR + 5.25%, 8.2% Cash
05/2205/29442 466 431  %
(3)(7)(8)(11) (30)
Xeinadin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 5.25%, 10.0% Cash
05/2205/2918,872 18,539 18,283 0.9 %
(3)(7)(8)(20) (30)(31)
Xeinadin Bidco LimitedSubordinated Term Loan
11.0% PIK
05/2205/295,314 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Zeppelin Bidco LimitedFirst Lien Senior Secured Term Loan
SONIA + 6.25%, 11.2% Cash
03/2203/29$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
05/2103/28634 793 589  %
(3)(7)(8)(13) (30)
Arc EducationFirst Lien Senior Secured Term Loan
EURIBOR + 5.97%, 9.3% Cash
07/2207/292,889 2,861 2,868 0.1 %
(3)(7)(8)(10) (30)(31)
ArchimedeFirst Lien Senior Secured Term Loan
EURIBOR + 6.50%, 9.8% Cash
05/2110/2713,979 14,868 12,987 0.7 %
(3)(7)(8)(10) (30)
Asurion LLCSecond Lien Senior Secured Term Loan
SOFR + 5.25%, 9.9% Cash
11/2401/2910,000 9,750 9,628 0.5 %
(8)(15)(32)
Bariacum S.AFirst Lien Senior Secured Term Loan
EURIBOR + 4.75%, 7.3% Cash
11/2111/283,624 3,863 3,624 0.2 %
(3)(7)(8)(11) (30)
Cascade Residential Services LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
10/2310/2910,738 10,469 9,973 0.5 %
(7)(8)(16)(30) (31)
Cascade Residential Services LLCRevolver
SOFR + 6.00%, 10.6% Cash
10/2310/291,294 1,268 1,219 0.1 %
(7)(8)(16)(32)
Express Wash Acquisition Company, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.50%, 11.4% Cash
07/2207/286,350 6,268 5,918 0.3 %
(7)(8)(16)(30)
Express Wash Acquisition Company, LLCRevolver
SOFR +6.50%, 11.4% Cash
07/2207/28140 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
10/2402/3038,436 38,332 38,186 1.9 %
(6)(7)(8)(16)
(30)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BBSY + 5.50%, 9.3% Cash
07/2207/272,284 2,530 2,284 0.1 %
(3)(7)(8)(13) (30)
Global Academic Group LimitedFirst Lien Senior Secured Term Loan
BKBM + 5.50%, 9.3% Cash
07/2207/274,000 4,390 4,000 0.2 %
(3)(7)(8)(24) (30)(31)
HomeX Services Group LLCFirst Lien Senior Secured Term Loan
SOFR + 4.50%, 9.1% Cash
11/2311/2914,982 14,618 14,767 0.7 %
(6)(7)(8)(16)
(30)(31)
HomeX Services Group LLCRevolver
SOFR + 4.50%, 9.1% Cash
11/2311/29 (56)(34) %
(7)(8)(16)(31) (32)
InvoCare LimitedFirst Lien Senior Secured Term Loan
BBSY + 6.25%, 10.7% Cash
11/2311/294,010 4,124 3,925 0.2 %
(3)(7)(8)(13) (30)(31)
Kid Distro Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 4.75%, 9.5% Cash
10/2110/2730,009 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
12/2112/282,544 2,415 146  %
(3)(7)(8)(11) (28)(30)(31)
Marmoutier Holding B.V.Revolver
EURIBOR + 5.75%, 6.7% PIK
12/2106/27109 104 (53) %
(3)(7)(8)(11) (28)(31)(32)
Marmoutier Holding B.V.Super Senior Secured Term Loan
6.0% PIK
03/2403/25186 195 186  %
(3)(7)(8)(28) (32)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.7% Cash
05/2112/2624,158 23,967 23,819 1.2 %
(6)(7)(8)(16)
(30)
Premium Franchise Brands, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.75%, 11.2% Cash
05/2112/2610,119 9,872 9,958 0.5 %
(7)(8)(16)(30)
QPE7 SPV1 BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 3.75%, 8.1% Cash
09/2109/264,056 4,680 4,024 0.2 %
(3)(7)(8)(12) (30)
QPE7 SPV1 BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 4.50%, 8.9% Cash
09/2109/262,605 2,779 2,605 0.1 %
(3)(7)(8)(12) (30)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.00%, 8.7% Cash
05/2205/29928 926 903  %
(3)(7)(8)(11) (30)
Sereni Capital NVFirst Lien Senior Secured Term Loan
EURIBOR + 6.75%, 9.7% Cash
05/2205/291,524 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
09/2410/375,000 5,000 5,037 0.3 %
(3)(8)(16)(32)
Bain Capital Credit CLO 2024-5Subordinated Structured Notes
SOFR + 6.15%, 10.7% Cash
09/2410/374,250 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
09/2410/374,000 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
CIFC Funding 2022-VI, Ltd.Subordinated Structured Notes
SOFR + 5.75%, 10.4% Cash
09/2410/38$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
09/2410/372,875 2,875 2,960 0.1 %
(3)(8)(16)(32)
Diameter Capital CLO 8 Ltd.Subordinated Structured Notes
SOFR + 6.15%, 10.7% Cash
09/2410/373,750 3,750 3,770 0.2 %
(3)(8)(16)(32)
Elmwood CLO 29 Ltd.Subordinated Structured Notes
SOFR + 6.40%, 11.0% Cash
05/2404/372,500 2,515 2,576 0.1 %
(3)(8)(16)(32)
Flexential Issuer, LLCStructured Secured Note - Class C
6.9% Cash
11/2111/5110,000 9,303 9,587 0.5 %
(32)
Golub Capital Partners CLO 62(B)-R, Ltd.Subordinated Structured Notes
SOFR + 6.40%, 11.0% Cash
09/2410/374,250 4,250 4,266 0.2 %
(3)(8)(16)(32)
Harmony Peace Park CLO DACSubordinated Structured Notes
SOFR + 5.70%, 10.5% Cash
09/2410/372,500 2,500 2,549 0.1 %
(3)(8)(16)(32)
OCP CLO 2016-12, Ltd.Subordinated Structured Notes
SOFR + 6.00%, 10.6% Cash
09/2410/371,875 1,875 1,930 0.1 %
(3)(8)(16)(32)
OCP CLO 2024-35, Ltd.Subordinated Structured Notes
SOFR + 5.90%, 10.2% Cash
09/2410/373,750 3,750 3,787 0.2 %
(3)(8)(16)(32)
Octagon Investment Partners 20-R, LLCSubordinated Structured Notes
SOFR + 7.59%, 12.1% Cash
09/2408/372,500 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
09/2410/374,000 4,000 4,125 0.2 %
(3)(8)(16)(32)
Perimeter Master Note Business TrustStructured Secured Note - Class A
4.7% Cash
05/2211/28182 182 177  %
(3)(7)(32)
Perimeter Master Note Business TrustStructured Secured Note - Class B
5.4% Cash
05/2211/28182 182 178  %
(3)(7)(32)
Perimeter Master Note Business TrustStructured Secured Note - Class C
5.9% Cash
05/2211/28182 182 180  %
(3)(7)(32)
Perimeter Master Note Business TrustStructured Secured Note - Class D
8.5% Cash
05/2211/28182 182 178  %
(3)(7)(32)
Perimeter Master Note Business TrustStructured Secured Note - Class E
11.4% Cash
05/2211/289,274 9,274 8,904 0.5 %
(3)(7)(32)
RR 31 LTDSubordinated Structured Notes
SOFR + 6.00%, 10.3% Cash
09/2410/392,625 2,625 2,658 0.1 %
(3)(8)(16)(32)
Vista Global Holding LtdStructured Secured Note - Class C
9.5% Cash
12/2408/314,000 4,000 3,962 0.2 %
(3)(7)(32)
VistaJet Pass Through Trust 2021-1BStructured Secured Note - Class B
6.3% Cash
11/2102/296,429 6,429 6,321 0.3 %
(3)(7)(32)
Voya CLO 2024-5, Ltd.Subordinated Structured Notes
SOFR + 5.90%, 10.6% Cash
09/2410/375,000 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
09/2410/276,913 6,671 6,833 0.3 %
(3)(8)(15)(32)
Mercell Holding ASFirst Lien Senior Secured Term Loan
NIBOR + 5.50%, 10.1% Cash
08/2208/292,765 3,150 2,750 0.1 %
(3)(7)(8)(26) (30)(31)
Permaconn BidCo Pty LtdFirst Lien Senior Secured Term Loan
BBSY + 5.25%, 9.7% Cash
12/2107/296,910 7,381 6,910 0.3 %
(3)(7)(8)(13) (30)
UKFast Leaders LimitedFirst Lien Senior Secured Term Loan
SONIA + 7.25%, 12.3% Cash
05/2109/274,540 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
05/2112/266,550 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
11/2111/2916,433 16,233 16,400 0.8 %
(7)(8)(15)(30)
eShipping, LLCFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 9.7% Cash
11/2111/274,423 4,377 4,423 0.2 %
(6)(7)(8)(15)
(30)
eShipping, LLCRevolver
SOFR + 5.00%, 9.7% Cash
11/2111/27 (7)  %
(7)(8)(15)(31) (32)
Fitzmark, Inc.First Lien Senior Secured Term Loan
SOFR + 4.75%, 9.4% Cash
05/2112/264,173 4,143 4,171 0.2 %
(6)(7)(8)(15)
(32)
FragilePak LLCFirst Lien Senior Secured Term Loan
SOFR + 5.75%, 10.5% Cash
05/2105/278,972 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
05/2107/2510,756 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Honour Lane Logistics Holdings LimitedFirst Lien Senior Secured Term Loan
SOFR + 5.00%, 10.3% Cash
04/2211/28$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
12/2112/27801 792 800  %
(6)(7)(8)(17)
(30)
ITI Intermodal, Inc.First Lien Senior Secured Term Loan
SOFR + 6.50%, 10.8% Cash
12/2112/2712,078 11,834 12,078 0.6 %
(7)(8)(17)(32)
ITI Intermodal, Inc.Revolver
SOFR + 6.50%, 10.8% Cash
12/2112/27226 203 225  %
(7)(8)(17)(31) (32)
PEGASUS TRANSTECH HOLDING, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.00%, 10.6% Cash
05/2111/268,333 8,310 8,333 0.4 %
(7)(8)(15)(30)
R1 Holdings, LLCFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
12/2212/288,076 7,879 8,108 0.4 %
(6)(7)(8)(15)
(30)
R1 Holdings, LLCRevolver
SOFR + 6.25%, 10.8% Cash
12/2212/28472 421 472  %
(7)(8)(15)(31) (32)
REP SEKO MERGER SUB LLCFirst Lien Senior Secured Term Loan
SOFR + 8.00%, 12.5% Cash
11/2411/292,292 2,247 2,292 0.1 %
(7)(8)(16)
(30)(32)
REP SEKO MERGER SUB LLCFirst Out Term Loan
SOFR + 8.00%, 12.5% Cash
11/2411/296,255 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 CompanyFirst Lien Senior Secured Term Loan
SOFR + 6.25%, 10.8% Cash
05/2112/2520,905 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 LLCFirst Lien Senior Secured Bond
6.9% Cash
07/2207/293,740 3,458 3,695 0.2 %
(7)(32)
Spatial Business Systems LLCFirst Lien Senior Secured Term Loan
SOFR + 5.50%, 10.0% Cash
10/2210/2810,990 10,815 10,825 0.5 %
(7)(8)(16)(30)
Spatial Business Systems LLCRevolver
SOFR + 5.50%, 10.0% Cash
10/2210/28 (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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Accurus Aerospace CorporationCommon Stock 04/22262,574 $263 $  %
(7)(27)(32)
Compass Precision, LLCLLC Units 04/22460,865.6 125 154  %
(7)(27)
GB Eagle Buyer, Inc.Partnership Units 12/22859 859 1,688 0.1 %
(7)(32)
Megawatt Acquisitionco, Inc.Common Stock 03/24615 62   %
(7)(27)(32)
Megawatt Acquisitionco, Inc.Preferred Stock 03/245,524 552 138  %
(7)(27)(32)
Narda Acquisitionco., Inc.Class A Preferred Stock 12/213,708.1 371 467  %
(7)(27)(32)
Narda Acquisitionco., Inc.Class B Common Stock 12/21412 41 600  %
(7)(27)(32)
Whitcraft Holdings, Inc.LP Units 02/2384,116.1 841 1,300 0.1 %
(7)(27)(32)
Subtotal Aerospace & Defense (0.2%)*

3,114 4,347 
Automotive
Burgess Point Purchaser CorporationLP Units 07/22455 455 450  %
(7)(27)(32)
Randys Holdings, Inc.Partnership Units11/226,667 667 777  %
(7)(27)(32)
SPATCO Energy Solutions, LLCCommon Stock 07/24959,803 960 979  %
(7)(27)
SVI International LLCLLC Units 03/24207,921 208 277  %
(7)
Subtotal Automotive (%)*

2,290 2,483 
Banking, Finance, Insurance, & Real Estate
Accelerant HoldingsClass A Convertible Preferred Equity 01/225,017.5 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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Accelerant HoldingsClass B Convertible Preferred Equity 12/221,657.1 $1,667 $2,285 0.1 %
(7)(27)(32)
Accelerant HoldingsPreferred Stock 05/233,182.5 5,880 5,880 0.3 %
(7)(27)(32)
Flywheel Re Segregated Portfolio 2022-4Preferred Stock 08/224,713,809.8 4,714 6,458 0.3 %
(3)(7)(27)(32)
Policy Services Company, LLCWarrants - Class A 12/212.6774  1,321 0.1 %
(7)(27)(30)
Policy Services Company, LLCWarrants - Class B 12/210.9036  446  %
(7)(27)(30)
Policy Services Company, LLCWarrants - Class CC12/210.9290    %
(7)(27)(30)
Policy Services Company, LLCWarrants - Class D 12/210.2586  128  %
(7)(27)(30)
Shelf Bidco LtdCommon Stock 12/221,200,000 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., LLCCommon Stock 02/2442,061  1,390 0.1 %
(7)(27)(32)
Woodland Foods, LLCCommon Stock 12/211,204.46 1,204 921  %
(7)(27)
Woodland Foods, LLCPreferred Stock
20.0% PIK
04/24263.6 309 309  %
(7)
ZB Holdco LLCLLC Units 02/22152.7 153 197  %
(7)(27)
Subtotal Beverage, Food, & Tobacco (0.1%)*
1,666 2,817 
Capital Equipment
Polara Enterprises, L.L.C.Partnership Units 12/217,408.6 741 1,229 0.1 %
(7)
Process Insights Acquisition, Inc.Common Stock 07/23368 368 310  %
(7)(27)(32)
Rapid Buyer LLCLLC Units 10/24510 510 510  %
(7)(27)(32)
TAPCO Buyer LLCLLC Units 11/24353 353 353  %
(7)(27)
Subtotal Capital Equipment (0.1%)*
1,972 2,402 
Chemicals, Plastics, & Rubber
Americo Chemical Products, LLCCommon Stock 04/23262,093 262 354  %
(7)(27)
Aptus 1829. GmbHCommon Stock 09/2149 12   %
(3)(7)(27)(32)
Aptus 1829. GmbHPreferred Stock 09/2114 122 43  %
(3)(7)(27)(32)
Subtotal Chemicals, Plastics, & Rubber (%)*
396 397 
Construction & Building
BKF Buyer, Inc. Common Stock 08/24962,792 963 1,001 0.1 %
(7)(27)(32)
MNS Buyer, Inc.Partnership Units 08/2176,923 77 106  %
(7)(27)(32)
Ocelot Holdco LLCCommon Stock 10/2358.3  232  %
(7)(27)(32)
Ocelot Holdco LLCPreferred Stock
15.0% PIK
10/2376.2 488 898  %
(7)(32)
Subtotal Construction & Building (0.1%)*
1,528 2,237 
Consumer goods: Durable
DecksDirect, LLCClass A Units 04/241,016.1 47   %
(7)(27)(32)
DecksDirect, LLCCommon Stock 12/211,280.8 55   %
(7)(27)(32)
Renovation Parent Holdings, LLCPartnership Equity 11/21607,180.9 607 255  %
(7)(27)(32)
Team Air Distributing, LLCPartnership Equity 05/23516,640 523 625  %
(7)(27)
Terrybear, Inc.Partnership Equity04/2224,359 239 120  %
(7)(27)
Subtotal Consumer goods: Durable (%)*
1,471 1,000 
Consumer goods: Non-durable
CCFF Buyer, LLCLLC Units 02/24224 224 226  %
(7)(32)
Ice House America, L.L.C.LLC Units 01/244,248.6 425 473  %
(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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Containers, Packaging, & Glass
Diversified Packaging Holdings LLCLLC Units 06/243,462 $346 $416  %
(7)(27)
Five Star Holding LLCLLC Units 05/22505.1 505 294  %
(7)(27)
Subtotal Containers, Packaging & Glass (%)*

851 710 
Environmental Industries
Bridger Aerospace Group Holdings, LLCPreferred Stock- Series C
7.0% PIK
07/2217,725 20,279 17,725 0.9 %
(32)
Subtotal Environmental Industries (0.9%)*
20,279 17,725 
Healthcare & Pharmaceuticals
Amalfi MidcoClass B Common Stock 09/2298,906,608 1,115 1,239 0.1 %
(3)(7)(27)(32)
Amalfi MidcoWarrants09/22380,385 4 919  %
(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.Class A Equity 05/22500,000 389   %
(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.Class C - Warrants 05/2274,712.64    %
(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.Class X Equity 05/2245,604 35   %
(3)(7)(27)(32)
Canadian Orthodontic Partners Corp.Common Stock 04/2437.65    %
(3)(7)(27)(32)
Coherus Biosciences, Inc. Royalty Rights05/2408/509,065,911 9,066 14,583 0.7 %
(7)
Forest Buyer, LLCClass A LLC Units 03/24245.8 246 262  %
(7)(27)
Forest Buyer, LLCClass B LLC Units 03/24245.8  250  %
(7)(27)
GCDL LLCCommon Stock 08/24243,243.24 243 243  %
(7)(27)
GPNZ II GmbHCommon Stock 10/235,785    %
(3)(7)(27)(30)
HemaSource, Inc.Common Stock 08/23184,282 184 227  %
(7)(27)(32)
Listrac Bidco LimitedCommon Stock 03/23255 494 1,610 0.1 %
(3)(7)(27)(32)
Moonlight Bidco LimitedCommon Stock 07/2310,590 138 182  %
(3)(7)(27)(32)
OA Buyer, Inc.Partnership Units 12/21210,920.11 211 783  %
(7)(32)
Parkview Dental Holdings LLCLLC Units 10/2329,762 298 263  %
(7)(27)
Subtotal Healthcare & Pharmaceuticals (0.9%)*

12,423 20,561 
High Tech Industries
Argus Bidco LimitedCommon Stock07/22929 1   %
(3)(7)(27)(32)
Argus Bidco LimitedEquity Loan Notes
10.0% PIK
07/2283,120 126 66  %
(3)(7)(32)
Argus Bidco LimitedPreferred Stock
10.0% PIK
07/2283,120 126 66  %
(3)(7)(32)
Caribou Holding Company, LLCLLC Units 04/22616,844 617 617  %
(3)(7)(27)(32)
FinThrive Software Intermediate Holdings Inc.Preferred Stock
11.0% PIK
03/223,188.5 4,761 2,717 0.1 %
(7)(30)
FSS Buyer LLCLP Interest 08/212,902.3 29 42  %
(7)(27)
FSS Buyer LLCLP Units 08/2112,760.8 128 185  %
(7)
NAW Buyer LLCLLC Units 09/23575,248 575 639  %
(7)
OSP Hamilton Purchaser, LLCLP Units 07/22315,147 315 274  %
(7)
PDQ.Com CorporationClass A-2 Partnership Units08/2186.4 86 126  %
(7)(27)(32)
ProfitOptics, LLCLLC Units 03/2296,774.2 65 79  %
(7)(27)(32)
Pro-Vision Solutions Holdings, LLCLLC Units 09/243,765.2 377 398  %
(7)(27)(32)
Sandvine CorporationClass A Units 10/243,465    %
(7)(27)(30)
Sandvine CorporationClass C Units 06/24157,908    %
(7)(27)(30)
Subtotal High Tech Industries (0.1%)*
7,206 5,209 
Media: Advertising, Printing & Publishing
ASC Communications, LLCClass A Units 07/2215,285.8 321 516  %
(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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Media: Broadcasting & Subscription
The Octave Music Group, Inc.Partnership Equity 04/22353,584.39 $354 $1,139 0.1 %
(7)(32)
Subtotal Media: Broadcasting & Subscription (0.1%)*
354 1,139 
Media: Diversified & Production
BrightSign LLCLLC units 10/21923,857.7 924 979  %
(7)
Rock Labor LLCLLC Units 09/23199,373 1,068 961  %
(7)
Solo Buyer, L.P.Common Equity 12/22516,399 516 325  %
(7)(27)
Vital Buyer, LLCPartnership Units06/211,096.2 11 26  %
(7)
Subtotal Media: Diversified & Production (%)*
2,519 2,291 
Services: Business
Azalea Buyer, Inc.Common Stock 11/21192,307.7 192 288  %
(7)(27)(32)
CGI Parent, LLCPreferred Stock 02/22656.9 722 1,710 0.1 %
(7)(27)(32)
Coyo Uprising GmbHClass A Units 09/21531 248 249  %
(3)(7)(27)(32)
Coyo Uprising GmbHClass B Units 09/21231 538 461  %
(3)(7)(27)(32)
DataServ Integrations, LLCPreferred Units 11/2296,153.8 96 103  %
(7)(27)(32)
EFC InternationalCommon Stock 03/23141.2 199 328  %
(7)(27)
Electric Equipment & Engineering Co.LLC Units12/24187,500.0 188 188  %
(7)(27)(32)
Jones Fish Hatcheries & Distributors LLCLLC Units 02/221,018 107 372  %
(7)
LeadsOnline, LLCLLC Units02/2261,304.4 63 135  %
(7)
MB Purchaser, LLCLLC Units 01/24175 183 218  %
(7)(27)
MC Group Ventures CorporationPartnership Units 06/21560 560 511  %
(7)(27)(32)
NF Holdco, LLCLLC Units 03/23856,053 882 753  %
(7)(27)(32)
Qualified Industries, LLCCommon Stock 03/23454,545 4 91  %
(7)(27)(32)
Qualified Industries, LLCPreferred Stock
12.5% PIK
03/23223 216 264  %
(7)(27)(32)
SmartShift Group, Inc.Common Stock 09/23455 455 799  %
(7)(27)(32)
TA SL Cayman Aggregator Corp.Common Stock07/21770 24 41  %
(7)(27)(32)
TSYL Corporate Buyer, Inc.Partnership Units 12/224,673 5 26  %
(7)(32)
Xeinadin Bidco LimitedCommon Stock 05/2236,532,680 452 458  %
(3)(7)(27)(32)
Subtotal Services: Business (0.1%)*
5,134 6,995 
Services: Consumer
Kid Distro Holdings, LLCLLC Units 10/211,062,795.2 1,064 1,286 0.1 %
(7)(27)
Subtotal Services: Consumer (0.1%)*
1,064 1,286 
Telecommunications
Mercell Holding ASClass A Units
9.0% PIK
08/22114.4 111 125  %
(3)(7)(27)(32)
Mercell Holding ASClass B Units 08/2228,943.8  21  %
(3)(7)(27)(32)
Syniverse Holdings, Inc.Series A Preferred Equity
12.5% PIK
05/227,575,758 10,167 10,076 0.5 %
(7)(30)
Subtotal Telecommunications (0.5%)*
10,278 10,222 
Transportation: Cargo
Echo Global Logistics, Inc.Partnership Equity11/21448.2 448 352  %
(7)(27)(32)
FragilePak LLCPartnership Units 05/21929.7 930 761  %
(7)(27)
ITI Intermodal, Inc.Common Stock 12/217,500.4 750 915  %
(7)(27)
REP SEKO MERGER SUB LLCCommon Stock 11/242,987 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Affiliate Investments:(4)
Debt Investments
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCRevolver
SOFR + 7.25%, 11.9% Cash
08/2107/28$7,123 $7,074 $7,123 0.4 %
(7)(8)(15)(31) (32)
Eclipse Business Capital, LLCSecond Lien Senior Secured Term Loan
7.5% Cash
08/2107/283,209 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, LLCSubordinated Term Loan
8.0% Cash
11/2111/318,310 7,845 7,885 0.4 %
(7)(32)
Coastal Marina Holdings, LLCSubordinated Term Loan
8.0% Cash
11/2111/313,831 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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Banking, Finance, Insurance, & Real Estate
Eclipse Business Capital, LLCLLC Units 08/2163,139,338 $65,667 $96,603 4.9 %
(7)(32)
Rocade Holdings LLCCommon LP Units02/2330.8  315  %
(7)(27)(32)
Rocade Holdings LLCPreferred LP Units
SOFR + 6.0% PIK, 10.3% PIK
02/23108,000 124,065 124,083 6.3 %
(7)(16)(31)(32)
Subtotal Banking, Finance, Insurance, & Real Estate (11.2%)*
189,732 221,001 
Hotel, Gaming, & Leisure
Coastal Marina Holdings, LLCLLC Units 11/211,759,051 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
06/239,193 8,889 0.4 %
(3)(32)(33)
Thompson Rivers LLC
6.3% Member Interest
08/219,797 2,860 0.1 %
(27)(32)(33)
Waccamaw River LLC
20% Member Interest
08/2122,996 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)
InterestAcq. DateMaturity DatePrincipal AmountCostFair
Value
% of Net Assets *Notes
Control Investments:(5)
Debt Investments
Aerospace & Defense
Skyvault Holdings LLCFirst Lien Senior Secured Term Loan
12.0% PIK
11/2411/31$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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Equity Investments
Aerospace & Defense
Skyvault Holdings LLCLLC Units 11/241,912,719.3 $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)
InterestAcq. DateMaturity DateUnits / SharesCostFair
Value
% of Net Assets *Notes
Short-term Investments
Money Market Fund
JPMorgan Chase & Co.JPMorgan Prime Money Market Fund
5.4% Cash
06/2410,198,318 $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:
DescriptionCompany ReceivesCompany PaysMaturity DateNotional AmountValueHedged InstrumentUnrealized 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:
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD)A$78,475$49,966BNP Paribas SA01/08/25$(1,441)
Foreign currency forward contract (AUD)$53,704A$78,475BNP Paribas SA01/08/255,178 
Foreign currency forward contract (AUD)$50,126A$78,717BNP Paribas SA04/07/251,443 
Foreign currency forward contract (CAD)C$6,791$4,816BNP Paribas SA01/08/25(100)
Foreign currency forward contract (CAD)$5,041C$6,791BNP Paribas SA01/08/25326 
Foreign currency forward contract (CAD)$4,583C$6,460BNP Paribas SA04/07/2582 
Foreign currency forward contract (DKK)8,429kr.$1,187BNP Paribas SA01/08/25(17)
Foreign currency forward contract (DKK)$1,2668,429kr.BNP Paribas SA01/08/2595 
Foreign currency forward contract (DKK)$1,2158,580kr.BNP Paribas SA04/07/2518 
Foreign currency forward contract (EUR)235,300$247,195BNP Paribas SA01/08/25(3,598)
Foreign currency forward contract (EUR)$263,028235,300BNP Paribas SA01/08/2519,431 
Foreign currency forward contract (EUR)$237,739225,421BNP Paribas SA04/07/253,408 
Foreign currency forward contract (GBP)£90,210$115,059BNP Paribas SA01/08/25(2,121)
Foreign currency forward contract (GBP)$119,845£90,210BNP Paribas SA01/08/256,907 
Foreign currency forward contract (GBP)$111,674£87,646BNP Paribas SA04/07/252,019 
Foreign currency forward contract (NZD)NZ$10,165$5,881BNP Paribas SA01/08/25(196)
Foreign currency forward contract (NZD)$6,362NZ$10,165BNP Paribas SA01/08/25676 
Foreign currency forward contract (NZD)$5,881NZ$10,155BNP Paribas SA04/07/25195 
Foreign currency forward contract (NOK)45,734kr$4,098BNP Paribas SA01/08/25(76)
Foreign currency forward contract (NOK)$4,36545,734krBNP Paribas SA01/08/25343 
Foreign currency forward contract (NOK)$4,12946,087krBNP Paribas SA04/07/2577 
Foreign currency forward contract (SEK)21,630kr$1,971BNP Paribas SA01/08/25(17)
Foreign currency forward contract (SEK)$2,13521,630krBNP Paribas SA01/08/25181 
Foreign currency forward contract (SEK)$2,00721,910krBNP Paribas SA04/07/2517 
Foreign currency forward contract (CHF)6,485Fr.$7,354BNP Paribas SA01/08/25(202)
Foreign currency forward contract (CHF)$7,7366,485Fr.BNP Paribas SA01/08/25584 
Foreign currency forward contract (CHF)$7,5216,569Fr.BNP Paribas SA04/07/25204 
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 CompanyType 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 CompanyType 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,

59


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

60


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

61


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)CostPercentage of
Total Portfolio
Fair ValuePercentage 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 products84,011 3 84,460 2 4 
Equity shares311,036 9 355,740 10 16 
Equity warrants4  2,880   
Royalty rights8,859  15,946 1 1 
Investment in joint ventures33,546 1 13,513 1 1 
Short-term investments10,201  10,200   
$3,433,069 100 %$3,430,001 100 %158 %
($ in thousands)
CostPercentage of
Total Portfolio
Fair ValuePercentage 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 products79,722 3 80,401 3 4 
Equity shares298,038 10 337,684 11 17 
Equity warrants4  2,813   
Royalty rights9,066  14,583  1 
Investment in joint ventures41,986 1 22,480 1 1 
Short-term investments10,201  10,200  1 
$3,117,330 100 %$3,094,065 100 %157 %

62


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)CostPercentage of
Total Portfolio
Fair ValuePercentage 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 %
Automotive4,859 2 
Banking, Finance, Insurance, & Real Estate3,435 2 
Capital Equipment13,720 6 
Chemicals, Plastics, & Rubber2,406 1 
Consumer Goods: Durable2,743 1 
Consumer Goods: Non-durable4,908 2 
Energy: Electricity4,843 2 
Healthcare & Pharmaceuticals26,273 12 
High Tech Industries45,832 21 
Media: Advertising, Printing, & Publishing10,162 5 
Media: Diversified & Production5,700 3 
Services: Business54,007 25 
Services: Consumer9,405 4 
Transportation: Cargo2,959 1 
Utilities: Electric3,881 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 %
France18,953 9 
Germany9,435 4 
Netherlands2,610 1 
United Kingdom4,950 2 
USA175,827 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

64


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)CostPercentage of
Total Portfolio
Fair ValuePercentage of
Total Portfolio
March 31, 2025:
Federal Housing Administration (“FHA”) loans$168,675 94 %$158,498 94 %
Veterans Affairs (“VA”) loans11,611 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”) loans14,305 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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Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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.

67


Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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

68


Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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.

69


Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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 ValueValuation
Model
Level 3
Input
Range of
Inputs
Weighted
Average
Impact to Valuation from an Increase in Input
Senior debt and 1st lien notes
$2,317,807 Yield AnalysisMarket Yield
5.4% – 22.1%
10.3%Decrease
39,757 Market ApproachAdjusted EBITDA Multiple
0.5x – 9.8x
7.9xIncrease
364,247 Recent TransactionTransaction Price
97.5% – 100.0%
99.0%Increase
Subordinated debt and 2nd lien notes79,559 Yield AnalysisMarket Yield
8.6% – 20.0%
13.3%Decrease
27,065 Market ApproachAdjusted EBITDA Multiple
0.9x – 27.7x
17.0xIncrease
991 Recent TransactionTransaction Price98.0%98.0%Increase
Structured products(1)
3,988 Yield AnalysisMarket Yield9.6%9.6%Decrease
Equity shares31,294 Yield AnalysisMarket Yield
11.5% – 30.5%
14.5%Decrease
294,070 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
12.8xIncrease
801 Market ApproachRevenue Multiple
5.5x – 8.5x
5.7xIncrease
9,991 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
7,495 Net Asset ApproachLiabilities$(100,714.1)$(100,714.1)Decrease
12,089 Recent TransactionTransaction Price
$1.00 – $1,000.00
$115.24Increase
Equity warrants2,880 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.5x
8.7xIncrease
Royalty rights15,946 Yield AnalysisMarket 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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Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
December 31, 2024
($ in thousands)
Fair ValueValuation
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 AnalysisMarket Yield
6.5% – 75.8%
10.4%Decrease
35,525 Market ApproachAdjusted EBITDA Multiple
0.5x – 9.0x
8.2xIncrease
391,476 Recent TransactionTransaction Price
95.0% – 100.0%
98.6%Increase
Subordinated debt and 2nd lien notes78,884 Yield AnalysisMarket Yield
8.0% – 18.6%
13.1%Decrease
25,667 Market ApproachAdjusted EBITDA Multiple
0.9x – 22.4x
14.8xIncrease
5,656 Expected RecoveryExpected Recovery$5,656.1$5,656.1Increase
702 Recent TransactionTransaction Price98.0%98.0%Increase
Structured products(1)
3,962 Yield AnalysisMarket Yield9.7%9.7%Decrease
Equity shares30,517 Yield AnalysisMarket Yield
10.8% – 30.5%
14.1%Decrease
282,073 Market ApproachAdjusted EBITDA Multiple
0.5x – 28.5x
11.1xIncrease
1,367 Market ApproachRevenue Multiple
5.5x – 8.8x
5.8xIncrease
8,426 Discounted Cash Flow AnalysisDiscount Rate12.9%12.9%Decrease
6,458 Net Asset ApproachLiabilities$(96,678.3)$(96,678.3)Decrease
8,843 Recent TransactionTransaction Price
$1.00 – $1,847.58
$1,326.31Increase
Equity warrants2,813 Market ApproachAdjusted EBITDA Multiple
0.5x – 11.8x
8.0xIncrease
Royalty rights14,583 Yield AnalysisMarket 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.



71


Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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 1Level 2Level 3Total
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 investments10,200   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 1Level 2Level 3Total
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 investments10,200   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.

72


Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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 ProductsEquity SharesEquity WarrantsRoyalty RightsTotal
Fair value, beginning of period$2,402,177 $110,909 $19,899 $337,684 $2,813 $14,583 $2,888,065 
New investments380,147 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 / dividends2,109 1,054  3,313   6,476 
Accretion of loan premium / discount136      136 
Accretion of deferred loan origination revenue3,059 209     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 ProductsEquity SharesEquity WarrantsTotal
Fair value, beginning of period$1,915,633 $130,273 $15,705 $297,138 $2,475 $2,361,224 
New investments250,445 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 / dividends568 789  3,219  4,576 
Accretion of loan premium /discount186     186 
Accretion of deferred loan origination revenue3,014 135    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.

73


Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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.

74


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 EndedThree Months Ended
($ in thousands)March 31, 2025March 31, 2024
PIK interest income$3,455 $2,365 
PIK interest income as a % of investment income4.0 %3.2 %
PIK dividend income$4,042 $4,007 
PIK dividend income as % of investment income4.7 %5.4 %
Total PIK income$7,497 $6,372 
Total PIK income as a % of investment income8.7 %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.

75


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 EndedThree Months Ended
($ in thousands)March 31, 2025March 31, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees$2,734 $2,205 
Management, valuation and other fees1,065 587 
Royalty income387  
Total Recurring Fee and Other Income4,186 2,792 
Non-Recurring Fee and Other Income:
Prepayment fees507 25 
Acceleration of unamortized loan origination fees534 986 
Advisory, loan amendment and other fees13 573 
Total Non-Recurring Fee and Other Income1,054 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.

76


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

77


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.

78


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, 2025December 31, 2024
Credit Facilities:
Revolving Credit Facility – May 11, 2021
May 11, 20296.455%$482,253 $456,482 
SMBC Credit Facility – March 6, 2023
March 6, 20286.989%189,281 137,875 
Total Credit Facilities$671,534 $594,357 
Debt Securitization:
September 17, 2024 - Class A-1AR Notes
October 15, 20365.932%$110,000 $110,000 
September 17, 2024 - Class A-1A Loans
October 15, 20365.932%115,000 115,000 
September 17, 2024 - Class A-1AS Loans
October 15, 20365.932%50,000 50,000 
September 17, 2024 - Class A-1BR Notes
October 15, 20366.202%35,000 35,000 
September 17, 2024 - Class A-2R Notes
October 15, 20366.302%30,000 30,000 
September 17, 2024 - Class B-R Notes
October 15, 20366.802%40,000 40,000 
September 17, 2024 - Class C-R Notes
October 15, 20368.802%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, 20263.500%$75,000 $75,000 
September 15, 2021 – Series B Notes
July 29, 20263.500%38,000 38,000 
October 28, 2021 – Series C Notes
July 29, 20263.500%37,000 37,000 
May 10, 2022 – Series D Notes (1)
May 10, 20276.000%99,362 96,822 
July 26, 2022 – Series E Notes (1)
May 10, 20276.000%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, 2025March 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.

79


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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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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Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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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Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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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Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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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Barings Private Credit Corporation
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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Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
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.

86


Barings Private Credit Corporation
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 PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)A$80,356$50,40504/07/25$(289)Derivative liabilities
Foreign currency forward contract (AUD)$51,149A$80,35604/07/251,033 Derivative assets
Foreign currency forward contract (AUD)$50,619A$80,64306/30/25289 Derivative assets
Foreign currency forward contract (CAD)C$6,750$4,70904/07/25(13)Derivative liabilities
Foreign currency forward contract (CAD)$4,784C$6,75004/07/2589 Derivative assets
Foreign currency forward contract (CAD)$4,664C$6,66006/30/2512 Derivative assets
Foreign currency forward contract (DKK)8,758kr.$1,27104/07/25(4)Derivative liabilities
Foreign currency forward contract (DKK)$1,2418,758kr.04/07/25(27)Derivative liabilities
Foreign currency forward contract (DKK)$1,2808,772kr.06/30/253 Derivative assets
Foreign currency forward contract (EUR)231,661$250,40304/07/25(259)Derivative liabilities
Foreign currency forward contract (EUR)$244,258231,66104/07/25(5,885)Derivative liabilities
Foreign currency forward contract (EUR)$246,931227,19006/30/25448 Derivative assets
Foreign currency forward contract (GBP)£93,717$120,91904/07/25(105)Derivative liabilities
Foreign currency forward contract (GBP)$119,332£93,71704/07/25(1,481)Derivative liabilities
Foreign currency forward contract (GBP)$123,040£95,37506/30/2598 Derivative assets
Foreign currency forward contract (NZD)NZ$10,366$5,94504/07/25(72)Derivative liabilities
Foreign currency forward contract (NZD)$6,002NZ$10,36604/07/25130 Derivative assets
Foreign currency forward contract (NZD)$6,020NZ$10,47706/30/2572 Derivative assets
Foreign currency forward contract (NOK)47,039kr$4,46304/07/253 Derivative assets
Foreign currency forward contract (NOK)$4,21947,039kr04/07/25(247)Derivative liabilities
Foreign currency forward contract (NOK)$4,46647,066kr06/30/25(3)Derivative liabilities
Foreign currency forward contract (SEK)22,446kr$2,21904/07/2514 Derivative assets
Foreign currency forward contract (SEK)$2,05522,446kr04/07/25(178)Derivative liabilities
Foreign currency forward contract (SEK)$2,25622,710kr06/30/25(15)Derivative liabilities
Foreign currency forward contract (CHF)6,869Fr.$7,78804/07/25(18)Derivative liabilities
Foreign currency forward contract (CHF)$7,8606,869Fr.04/07/2590 Derivative assets
Foreign currency forward contract (CHF)$8,0167,000Fr.06/30/2517 Derivative assets
Total$(6,298)

87


Barings Private Credit Corporation
Notes to Unaudited Consolidated Financial Statements — (Continued)
As of December 31, 2024
($ in thousands)
Description
Notional Amount to be PurchasedNotional Amount to be SoldMaturity DateGross Amount of Recognized Assets (Liabilities)Balance Sheet Location of Net Amounts
Foreign currency forward contract (AUD)A$78,475$49,96601/08/25$(1,441)Derivative liabilities
Foreign currency forward contract (AUD)$53,704A$78,47501/08/255,178 Derivative assets
Foreign currency forward contract (AUD)$50,126A$78,71704/07/251,443 Derivative assets
Foreign currency forward contract (CAD)C$6,791$4,81601/08/25(100)Derivative liabilities
Foreign currency forward contract (CAD)$5,041C$6,79101/08/25326 Derivative assets
Foreign currency forward contract (CAD)$4,583C$6,46004/07/2582 Derivative assets
Foreign currency forward contract (DKK)8,429kr.$1,18701/08/25(17)Derivative liabilities
Foreign currency forward contract (DKK)$1,2668,429kr.01/08/2595 Derivative assets
Foreign currency forward contract (DKK)$1,2158,580kr.04/07/2518 Derivative assets
Foreign currency forward contract (EUR)235,300$247,19501/08/25(3,598)Derivative liabilities
Foreign currency forward contract (EUR)$263,028235,30001/08/2519,431 Derivative assets
Foreign currency forward contract (EUR)$237,739225,42104/07/253,408 Derivative assets
Foreign currency forward contract (GBP)£90,210$115,05901/08/25(2,121)Derivative liabilities
Foreign currency forward contract (GBP)$119,845£90,21001/08/256,907 Derivative assets
Foreign currency forward contract (GBP)$111,674£87,64604/07/252,019 Derivative assets
Foreign currency forward contract (NZD)NZ$10,165$5,88101/08/25(196)Derivative liabilities
Foreign currency forward contract (NZD)$6,362NZ$10,16501/08/25676 Derivative assets
Foreign currency forward contract (NZD)$5,881NZ$10,15504/07/25195 Derivative assets
Foreign currency forward contract (NOK)45,734kr$4,09801/08/25(76)Derivative liabilities
Foreign currency forward contract (NOK)$4,36545,734kr01/08/25343 Derivative assets
Foreign currency forward contract (NOK)$4,12946,087kr04/07/2577 Derivative assets
Foreign currency forward contract (SEK)21,630kr$1,97101/08/25(17)Derivative liabilities
Foreign currency forward contract (SEK)$2,13521,630kr01/08/25181 Derivative assets
Foreign currency forward contract (SEK)$2,00721,910kr04/07/2517 Derivative assets
Foreign currency forward contract (CHF)6,485Fr.$7,35401/08/25(202)Derivative liabilities
Foreign currency forward contract (CHF)$7,7366,485Fr.01/08/25584 Derivative assets
Foreign currency forward contract (CHF)$7,5216,569Fr.04/07/25204 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)Revolver799  
Accurus Aerospace Corporation(2)Revolver97  
Accurus Aerospace Corporation(2)Revolver 277 
AD Bidco, Inc.Delayed Draw Term Loan5,035 5,035 
AD Bidco, Inc.Revolver1,863 1,863 
Adhefin International(3)Delayed Draw Term Loan410 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 Loan10,387 10,387 
AirX Climate Solutions, Inc.Revolver3,460 3,460 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan271 259 
Americo Chemical Products, LLC(2)Revolver1,400 1,400 
Aquavista Watersides 2 LTD(2)(4)Capex / Acquisition Facility 1,012 
Arc Education(3)Delayed Draw Term Loan2,074 1,988 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility737 715 
Artemis Bidco Limited(3)Delayed Draw Term Loan692 663 
ASC Communications, LLCRevolver647 647 
Astra Bidco Limited(2)(4)Delayed Draw Term Loan156 265 
ATL II MRO Holdings Inc.Revolver6,410 6,410 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan1,390 1,381 
Azalea Buyer, Inc.Delayed Draw Term Loan 644 
Azalea Buyer, Inc.Revolver481 481 
Basin Innovation Group, LLCDelayed Draw Term Loan2,061 2,061 
Basin Innovation Group, LLCRevolver1,781 1,781 
Beyond Risk Management, Inc.Delayed Draw Term Loan29,829 29,829 
Biolam Group(2)(3)Delayed Draw Term Loan1,475 1,414 
BKF Buyer, Inc.(2)Revolver2,846 2,846 
Brightpay Limited(2)(3)Delayed Draw Term Loan 183 
BrightSign LLCRevolver203 203 
British Engineering Services Holdco Limited(2)(4)Capex / Acquisition Facility32 46 
Broadstone Group UK LTD(4)Delayed Draw Term Loan1,392  
Broadstone Group UK LTD(4)Delayed Draw Term Loan580  
CAi Software, LLCRevolver1,870 1,870 
Caldwell & Gregory LLCDelayed Draw Term Loan6,125 6,625 
Caldwell & Gregory LLCRevolver5,000 5,000 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan51 63 
Cascade Residential Services LLC(2)Delayed Draw Term Loan2,459 2,459 
Cascade Residential Services LLC(2)Revolver65  
CCFF Buyer, LLCDelayed Draw Term Loan1,338 1,338 
CCFF Buyer, LLCRevolver1,004 1,004 
Centralis Finco S.a.r.l.(3)Delayed Draw Term Loan253  
CGI Parent, LLCRevolver1,102 1,653 
Comply365, LLC(2)Revolver575 575 
Cosmelux International(2)(3)Revolver245 235 
Coyo Uprising GmbH(2)(3)Delayed Draw Term Loan511 490 
DataServ Integrations, LLCRevolver481 481 
DAWGS Intermediate Holding Co.Revolver3,031  
DecksDirect, LLC(2)Revolver127 34 
DISA Holdings Corp.Delayed Draw Term Loan73 2,265 
DISA Holdings Corp.Revolver1,025 1,282 
Discovery Buyer, L.P.Delayed Draw Term Loan9,201  
Discovery Buyer, L.P.Revolver2,286  
Dune Group(2)(3)Delayed Draw Term Loan1,027 985 
EB Development(3)Capex / Acquisition Facility829  
EB Development(3)Delayed Draw Term Loan2,149 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, LLCRevolver8,086 8,920 
Electrical Components International, Inc.(2)Delayed Draw Term Loan1,170 1,170 
EMI Porta Holdco LLC(2)Revolver2,085 1,932 
eShipping, LLCRevolver743 743 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan620 620 
Expert Institute Group Inc.(2)Delayed Draw Term Loan3,833  
Expert Institute Group Inc.(2)Revolver2,061  
Express Wash Acquisition Company, LLC(2)Revolver115 115 
Faraday(2)(3)Delayed Draw Term Loan 1,856 
Finaxy Holding(2)(3)Delayed Draw Term Loan5,219 5,841 
Footco 40 Limited(4)Delayed Draw Term Loan530 515 
Forest Buyer, LLCRevolver595 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 Loan2,891 2,891 
GB Eagle Buyer, Inc.Revolver2,533 2,895 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Glacis Acquisition S.A.R.L.(2)(3)Delayed Draw Term Loan222 213 
Global Academic Group Limited(2)(7)Term Loan13 233 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan43  
GPNZ II GmbH(2)(3)Delayed Draw Term Loan 49 
Graphpad Software, LLCDelayed Draw Term Loan5,023 5,023 
Graphpad Software, LLCRevolver2,093 2,093 
Greenhill II BV(3)Capex / Acquisition Facility 28 
Groupe Product Life(3)Delayed Draw Term Loan3,957 5,832 
Haystack Holdings LLC(2)Delayed Draw Term Loan7,442  
Haystack Holdings LLC(2)Revolver1,806  
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan165 164 
Heavy Construction Systems Specialists, LLCRevolver2,193 2,193 
HEKA Invest(3)Delayed Draw Term Loan1,124 1,078 
HemaSource, Inc.Revolver3,290 3,290 
HomeX Services Group LLCDelayed Draw Term Loan6,503 6,503 
HomeX Services Group LLCRevolver3,378 3,378 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan16,583  
HS Advisory Buyer LLC(2)Delayed Draw Term Loan5,896  
HS Advisory Buyer LLC(2)Delayed Draw Term Loan3,040  
HS Advisory Buyer LLC(2)Revolver2,764  
HSL Compliance(4)Delayed Draw Term Loan1,211  
HTI Technology & Industries(2)Delayed Draw Term Loan1,691 1,691 
HTI Technology & Industries(2)Revolver1,128 1,128 
Hydratech Holdings, Inc.Delayed Draw Term Loan155 1,654 
Hydratech Holdings, Inc.Revolver346 885 
Ice House America, L.L.C.(2)Delayed Draw Term Loan1,224 1,224 
Ice House America, L.L.C.(2)Revolver196 385 
Infoniqa Holdings GmbH(2)(3)Capex / Acquisition Facility84 3,999 
Interstellar Group B.V.(2)(3)Delayed Draw Term Loan1,155 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 Loan554 550 
ISTO Technologies II, LLCRevolver1,114 1,114 
ITI Intermodal, Inc.Revolver1,031 1,031 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility384 380 
Jones Fish Hatcheries & Distributors LLCRevolver167 418 
Keystone Bidco B.V.(2)(3)Delayed Draw Term Loan61 185 
Keystone Bidco B.V.(2)(3)Revolver29 28 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan221 471 
Lattice Group Holdings Bidco LimitedDelayed Draw Term Loan227 237 
Lattice Group Holdings Bidco LimitedRevolver35 35 
LeadsOnline, LLCRevolver3,190 3,190 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan24 23 
Marmoutier Holding B.V.(2)(3)Revolver68 65 
MB Purchaser, LLCDelayed Draw Term Loan2,060 2,060 
MB Purchaser, LLCRevolver824 824 
MC Group Ventures Corporation(2)Delayed Draw Term Loan7,825 7,825 
MC Group Ventures Corporation(2)Delayed Draw Term Loan435 435 
Media Recovery, Inc. (SpotSee)(2)Revolver1,819 1,944 
Media Recovery, Inc. (SpotSee)(2)(4)Revolver2,340 2,270 
Megawatt Acquisitionco, Inc.(2)Revolver1,426 1,426 
Mercell Holding AS(2)(8)Capex / Acquisition Facility745 691 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan473 470 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan54 54 
Momentum Textiles, LLCRevolver1,357  
Moonlight Bidco Limited(4)Delayed Draw Term Loan569 552 
MSI Express Inc.(2)Delayed Draw Term Loan2,103  
MSI Express Inc.(2)Revolver2,103  
MSI Express Inc.(2)Revolver670  
Narda Acquisitionco., Inc.Revolver1,059 1,059 
NAW Buyer LLCDelayed Draw Term Loan8,992 8,992 
NAW Buyer LLCRevolver2,306 2,306 
Next Holdco, LLCDelayed Draw Term Loan5,984 5,984 
Next Holdco, LLCRevolver2,321 2,321 
NF Holdco, LLC(2)Revolver1,109 1,109 
Northstar Recycling, LLCDelayed Draw Term Loan4,381 4,381 
Northstar Recycling, LLCRevolver3,598 3,598 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan936 898 
OA Buyer, Inc.Revolver1,331 1,331 
OAC Holdings I CorpRevolver881 1,370 
Oracle Vision Bidco Limited(2)(4)Delayed Draw Term Loan821 1,139 
OSP Hamilton Purchaser, LLCDelayed Draw Term Loan4,255 4,255 
OSP Hamilton Purchaser, LLCRevolver964 964 
Pare SAS (SAS Maurice MARLE)(2)Delayed Draw Term Loan2,100 2,100 
Parkview Dental Holdings LLC(2)Delayed Draw Term Loan328 328 
PDQ.Com CorporationDelayed Draw Term Loan3,939 3,939 
PDQ.Com CorporationDelayed Draw Term Loan1,685 1,814 
Polara Enterprises, L.L.C.Revolver947 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 Loan5,271 7,153 
PowerGEM Buyer, Inc.(2)Revolver3,730 3,730 
Premium Invest(3)Capex / Acquisition Facility1,256 1,204 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan610 1,220 
Process Insights Acquisition, Inc.(2)Revolver630 136 
ProfitOptics, LLC(2)Revolver97 97 
Pro-Vision Solutions Holdings, LLC(2)Revolver2,754 3,318 
PSP Intermediate 4, LLC(3)Delayed Draw Term Loan202 193 
Qualified Industries, LLCRevolver364 364 
R1 Holdings, LLCRevolver1,256 1,601 
Randys Holdings, Inc.Delayed Draw Term Loan2,361 3,877 
Randys Holdings, Inc.Revolver1,306 1,539 
Rapid Buyer LLCDelayed Draw Term Loan2,833 2,833 
Rapid Buyer LLCRevolver1,417 1,417 
Rocade Holdings LLC(2)Preferred Equity2,000 2,000 
Rock Labor LLC(2)Revolver941 941 
ROI Solutions LLCDelayed Draw Term Loan3,485 3,485 
ROI Solutions LLCRevolver3,120 3,120 
Royal Buyer, LLCDelayed Draw Term Loan392 1,531 
Royal Buyer, LLCRevolver2,330 2,330 
RPX CorporationRevolver4,919 4,919 
Saab Purchaser, Inc. Delayed Draw Term Loan7,660 7,660 
Saab Purchaser, Inc. Revolver3,830 3,830 
Sanoptis S.A.R.L.(2)(3)Term Loan2,562 2,456 
Sansidor BV(2)(3)Capex / Acquisition Facility702 989 
SBP Holdings LPDelayed Draw Term Loan15,924 15,924 
SBP Holdings LPDelayed Draw Term Loan6,504 6,504 
SBP Holdings LPRevolver5,467 5,467 
Scout Bidco B.V.(2)(3)Revolver521 500 
Sinari Invest(3)Delayed Draw Term Loan468 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan 80 
Skyvault Holdings LLC(2)Delayed Draw Term Loan10,578 24,262 
Smartling, Inc.Revolver1,038 1,038 
SmartShift Group, Inc.Revolver2,731 2,731 
Solo Buyer, L.P.(2)Revolver1,130 1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan231 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver78 156 
SPATCO Energy Solutions, LLCDelayed Draw Term Loan5,086 5,086 
SPATCO Energy Solutions, LLCRevolver4,159 4,159 
Spatial Business Systems LLCRevolver1,406 1,406 
SSCP Pegasus Midco Limited(2)(4)Delayed Draw Term Loan49 215 
Superjet Buyer, LLC(2)Delayed Draw Term Loan14,512 14,512 
Superjet Buyer, LLC(2)Revolver3,980 3,980 
SVI International LLCDelayed Draw Term Loan74 74 
SVI International LLCRevolver74 74 
Tank Holding Corp(2)Delayed Draw Term Loan 307 
Tank Holding CorpRevolver655 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 Facility1,167 1,133 
TAPCO Buyer LLCDelayed Draw Term Loan11,198 11,198 
TAPCO Buyer LLCRevolver4,072 4,072 
Technology Service Stream BidCo Pty Ltd(2)(5)Delayed Draw Term Loan234 233 
Techone B.V.(3)Revolver238 228 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan11,498  
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan8,432  
Tencarva Machinery Company, LLC(2)Revolver4,041 2,554 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Revolver1,233 1,233 
THG Acquisition, LLCDelayed Draw Term Loan2,165 2,204 
THG Acquisition, LLCRevolver1,384 1,343 
Trintech, Inc.Revolver1,020 1,020 
TSYL Corporate Buyer, Inc.(2)Delayed Draw Term Loan23,563 23,563 
TSYL Corporate Buyer, Inc.(2)Revolver442 443 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan258 234 
UHY Advisors, Inc.Delayed Draw Term Loan14,992 14,992 
UHY Advisors, Inc.Revolver3,086 3,968 
Union Bidco Limited(4)Capex / Acquisition Facility182 177 
United Therapy Holding III GmbH(2)(3)Capex / Acquisition Facility622 596 
Unither (Uniholding)(3)Delayed Draw Term Loan468 449 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(2)Term Loan3,077  
WEST-NR ACQUISITIONCO, LLC(2)Delayed Draw Term Loan31,650 31,650 
WEST-NR ACQUISITIONCO, LLC(2)Delayed Draw Term Loan4,831 4,831 
Whitcraft Holdings, Inc.(2)Delayed Draw Term Loan10,677 18,199 
Whitcraft Holdings, Inc.(2)Revolver842 1,190 
White Bidco LimitedDelayed Draw Term Loan514 514 
Woodland Foods, LLC(2)Delayed Draw Term Loan1,401  
Woodland Foods, LLC(2)Line of Credit1,428 852 
World 50, Inc.Revolver1,703 1,703 
WWEC Holdings III Corp(2)Delayed Draw Term Loan6,627 6,627 
WWEC Holdings III Corp(2)Revolver3,359 3,359 
Xeinadin Bidco Limited(2)(4)Capex / Acquisition Facility3,280 5,297 
ZB Holdco LLC(2)Delayed Draw Term Loan2,513  
ZB Holdco LLC(2)Delayed Draw Term Loan1,426 2,084 
ZB Holdco LLC(2)Revolver921 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 EndedThree Months Ended
($ in thousands, except share and per share amounts)March 31, 2025March 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 period104,987,948 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.

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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)CostPercentage of
Total
Portfolio
Fair ValuePercentage 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
128,766 125,707 
Structured products84,011 84,460 
Equity shares311,036 355,740 10 
Equity warrants— 2,880 — 
Royalty rights8,859 — 15,946 
Investment in joint ventures33,546 13,513 
Short-term investments10,201 — 10,200 — 
$3,433,069 100 %$3,430,001 100 %
($ in thousands)CostPercentage of
Total Portfolio
Fair ValuePercentage 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
125,971 122,748 
Structured products79,722 80,401 
Equity shares298,038 10 337,684 11 
Equity warrants— 2,813 — 
Royalty rights9,066 — 14,583 — 
Investment in joint ventures41,986 22,480 
Short-term investments10,201 — 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 ProductsEquity
Shares
Equity
Warrants
Royalty RightsInvestment in Joint VenturesShort-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 investments405,551 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 / dividends2,128 1,054 — 3,313 — — — — 6,495 
Accretion of loan premium / discount2,164 21 — — — — — 2,189 
Accretion of deferred loan origination revenue3,059 209 — — — — — — 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 ProductsEquity
Shares
Equity
Warrants
Investment in Joint VenturesTotal
Fair value, beginning of period$1,958,306 $148,450 $23,947 $297,213 $2,475 $28,538 $2,458,929 
New investments250,445 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 /dividends568 789 — 3,219 — — 4,576 
Accretion of loan premium /discount206 35 — — — 245 
Accretion of deferred loan origination revenue3,014 177 — — — — 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 CategoryFair Value (1)(2)Percentage of
Total
Portfolio
Fair Value (1)(2)Percentage of
Total
Portfolio
Category 1$324,90110 %$263,808%
Category 22,403,38570 2,145,06270 
Category 3526,64016 454,78115 
Category 4149,538195,610
Category 512,942— 15,715— 
Total$3,417,406100 %$3,074,976100 %

(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 EndedThree Months Ended
($ in thousands)March 31, 2025March 31, 2024
Total investment income$86,057 $74,294 
Total operating expenses32,173 33,479 
Net investment income before taxes53,884 40,815 
Income taxes, including excise tax expense400 250 
Net investment income after taxes53,484 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 contracts1,959 10,833 
Net increase in net assets resulting from operations$55,443 $51,398 
Net increases or decreases in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.
Investment Income
Three Months EndedThree Months Ended
($ in thousands)March 31, 2025March 31, 2024
Investment income:
Total interest income$69,408 $60,553 
Total dividend income7,290 6,739 
Total fee and other income5,240 4,376 
Total payment-in-kind interest income3,455 2,365 
Interest income from cash664 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 $6.7 million for the three months ended March 31, 2024.
Operating Expenses
Three Months EndedThree Months Ended
($ in thousands)March 31, 2025March 31, 2024
Operating expenses:
Interest and other financing fees$20,915 $24,152 
Base management fee5,723 4,593 
Incentive management fees3,801 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 EndedThree Months Ended
($ in thousands)March 31, 2025March 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 transactions722 (397)
Forward currency contracts25,952 (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 $0.4 million. The net loss on our investment portfolio predominantly related to the restructuring of one investment which was primarily reclassified from unrealized depreciation during the three months ended March 31, 2024.
Net Unrealized Appreciation (Depreciation)
Net unrealized appreciation (depreciation) during the three months ended March 31, 2025 and 2024 were as follows:
Three Months EndedThree Months Ended
($ in thousands)March 31, 2025March 31, 2024
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments$18,070 $2,907 
Affiliate investments1,325 (991)
Control investments(14)— 
Net unrealized appreciation (depreciation) on investments19,381 1,916 
Foreign currency transactions(3,917)1,850 
Forward currency contracts(39,714)25,940 
Net unrealized appreciation (depreciation)$(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 EndedThree Months Ended
($ in thousands)March 31, 2025March 31, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees$2,734 $2,205 
Management, valuation and other fees1,065 587 
Royalty income387 — 
Total Recurring Fee and Other Income4,186 2,792 
Non-Recurring Fee and Other Income:
Prepayment fees507 25 
Acceleration of unamortized loan origination fees534 986 
Advisory, loan amendment and other fees13 573 
Total Non-Recurring Fee and Other Income1,054 1,584 
Total Fee and Other Income$5,240 $4,376 
Payment-in-Kind (PIK) Income
We currently hold, and expect to hold in the future, some loans in our portfolio that contain PIK interest provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to us in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.
We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.
PIK interest and dividend income for the three months ended March 31, 2025 and 2024 was as follows:
Three Months EndedThree Months Ended
($ in thousands)March 31, 2025March 31, 2024
PIK interest income$3,455 $2,365 
PIK interest income as a % of investment income4.0 %3.2 %
PIK dividend income$4,042 $4,007 
PIK dividend income as % of investment income4.7 %5.4 %
Total PIK income$7,497 $6,372 
Total PIK income as a % of investment income8.7 %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 TypeMarch 31, 2025December 31, 2024
Accelevation LLC(2)Delayed Draw Term Loan$1,079 $— 
Accelevation LLC(2)Revolver799 — 
Accurus Aerospace Corporation(2)Revolver97 — 
Accurus Aerospace Corporation(2)Revolver— 277 
AD Bidco, Inc.Delayed Draw Term Loan5,035 5,035 
AD Bidco, Inc.Revolver1,863 1,863 
Adhefin International(3)Delayed Draw Term Loan410 393 
AirX Climate Solutions, Inc.Delayed Draw Term Loan10,387 10,387 
AirX Climate Solutions, Inc.Revolver3,460 3,460 
AlliA Insurance Brokers NV(3)Delayed Draw Term Loan271 259 
Americo Chemical Products, LLC(2)Revolver1,400 1,400 
Aquavista Watersides 2 LTD(2)(4)Capex / Acquisition Facility— 1,012 
Arc Education(3)Delayed Draw Term Loan2,074 1,988 
Argus Bidco Limited(2)(4)Capex / Acquisition Facility737 715 
Artemis Bidco Limited(3)Delayed Draw Term Loan692 663 
ASC Communications, LLCRevolver647 647 
Astra Bidco Limited(2)(4)Delayed Draw Term Loan156 265 
ATL II MRO Holdings Inc.Revolver6,410 6,410 
Avance Clinical Bidco Pty Ltd(2)(5)Delayed Draw Term Loan1,390 1,381 
Azalea Buyer, Inc.Delayed Draw Term Loan— 644 
Azalea Buyer, Inc.Revolver481 481 
Basin Innovation Group, LLCDelayed Draw Term Loan2,061 2,061 
Basin Innovation Group, LLCRevolver1,781 1,781 
Beyond Risk Management, Inc.Delayed Draw Term Loan29,829 29,829 
Biolam Group(2)(3)Delayed Draw Term Loan1,475 1,414 
BKF Buyer, Inc.(2)Revolver2,846 2,846 
Brightpay Limited(2)(3)Delayed Draw Term Loan— 183 
BrightSign LLCRevolver203 203 
British Engineering Services Holdco Limited(2)(4)Capex / Acquisition Facility32 46 
Broadstone Group UK LTD(4)Delayed Draw Term Loan1,392 — 
Broadstone Group UK LTD(4)Delayed Draw Term Loan580 — 
CAi Software, LLCRevolver1,870 1,870 
Caldwell & Gregory LLCDelayed Draw Term Loan6,125 6,625 
Caldwell & Gregory LLCRevolver5,000 5,000 
Canadian Orthodontic Partners Corp.(2)(6)Delayed Draw Term Loan51 63 
Cascade Residential Services LLC(2)Delayed Draw Term Loan2,459 2,459 
Cascade Residential Services LLC(2)Revolver65 — 
CCFF Buyer, LLCDelayed Draw Term Loan1,338 1,338 
CCFF Buyer, LLCRevolver1,004 1,004 
Centralis Finco S.a.r.l.(3)Delayed Draw Term Loan253 — 
CGI Parent, LLCRevolver1,102 1,653 

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Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Comply365, LLC(2)Revolver575 575 
Cosmelux International(2)(3)Revolver245 235 
Coyo Uprising GmbH(2)(3)Delayed Draw Term Loan511 490 
DataServ Integrations, LLCRevolver481 481 
DAWGS Intermediate Holding Co.Revolver3,031 — 
DecksDirect, LLC(2)Revolver127 34 
DISA Holdings Corp.Delayed Draw Term Loan73 2,265 
DISA Holdings Corp.Revolver1,025 1,282 
Discovery Buyer, L.P.Delayed Draw Term Loan9,201 — 
Discovery Buyer, L.P.Revolver2,286 — 
Dune Group(2)(3)Delayed Draw Term Loan1,027 985 
EB Development(3)Capex / Acquisition Facility829 — 
EB Development(3)Delayed Draw Term Loan2,149 2,060 
Eclipse Business Capital, LLCRevolver8,086 8,920 
Electrical Components International, Inc.(2)Delayed Draw Term Loan1,170 1,170 
EMI Porta Holdco LLC(2)Revolver2,085 1,932 
eShipping, LLCRevolver743 743 
Events Software BidCo Pty Ltd(2)Delayed Draw Term Loan620 620 
Expert Institute Group Inc.(2)Delayed Draw Term Loan3,833 — 
Expert Institute Group Inc.(2)Revolver2,061 — 
Express Wash Acquisition Company, LLC(2)Revolver115 115 
Faraday(2)(3)Delayed Draw Term Loan— 1,856 
Finaxy Holding(2)(3)Delayed Draw Term Loan5,219 5,841 
Footco 40 Limited(4)Delayed Draw Term Loan530 515 
Forest Buyer, LLCRevolver595 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 Loan2,891 2,891 
GB Eagle Buyer, Inc.Revolver2,533 2,895 
GCDL LLCDelayed Draw Term Loan108 108 
GCDL LLCRevolver108 108 
Glacis Acquisition S.A.R.L.(2)(3)Delayed Draw Term Loan222 213 
Global Academic Group Limited(2)(7)Term Loan13 233 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan43 — 
GPNZ II GmbH(2)(3)Delayed Draw Term Loan— 49 
Graphpad Software, LLCDelayed Draw Term Loan5,023 5,023 
Graphpad Software, LLCRevolver2,093 2,093 
Greenhill II BV(3)Capex / Acquisition Facility— 28 
Groupe Product Life(3)Delayed Draw Term Loan3,957 5,832 
Haystack Holdings LLC(2)Delayed Draw Term Loan7,442 — 
Haystack Holdings LLC(2)Revolver1,806 — 
HeartHealth Bidco Pty Ltd(2)(5)Delayed Draw Term Loan165 164 
Heavy Construction Systems Specialists, LLCRevolver2,193 2,193 
HEKA Invest(3)Delayed Draw Term Loan1,124 1,078 
HemaSource, Inc.Revolver3,290 3,290 
HomeX Services Group LLCDelayed Draw Term Loan6,503 6,503 
HomeX Services Group LLCRevolver3,378 3,378 

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Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
HS Advisory Buyer LLC(2)Delayed Draw Term Loan16,583 — 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan5,896 — 
HS Advisory Buyer LLC(2)Delayed Draw Term Loan3,040 — 
HS Advisory Buyer LLC(2)Revolver2,764 — 
HSL Compliance(4)Delayed Draw Term Loan1,211 — 
HTI Technology & Industries(2)Delayed Draw Term Loan1,691 1,691 
HTI Technology & Industries(2)Revolver1,128 1,128 
Hydratech Holdings, Inc.Delayed Draw Term Loan155 1,654 
Hydratech Holdings, Inc.Revolver346 885 
Ice House America, L.L.C.(2)Delayed Draw Term Loan1,224 1,224 
Ice House America, L.L.C.(2)Revolver196 385 
Infoniqa Holdings GmbH(2)(3)Capex / Acquisition Facility84 3,999 
Interstellar Group B.V.(2)(3)Delayed Draw Term Loan1,155 1,163 
InvoCare Limited(2)(5)Delayed Draw Term Loan554 550 
ISTO Technologies II, LLCRevolver1,114 1,114 
ITI Intermodal, Inc.Revolver1,031 1,031 
Jon Bidco Limited(2)(7)Capex / Acquisition Facility384 380 
Jones Fish Hatcheries & Distributors LLCRevolver167 418 
Keystone Bidco B.V.(2)(3)Delayed Draw Term Loan61 185 
Keystone Bidco B.V.(2)(3)Revolver29 28 
Lambir Bidco Limited(2)(3)Delayed Draw Term Loan221 471 
Lattice Group Holdings Bidco LimitedDelayed Draw Term Loan227 237 
Lattice Group Holdings Bidco LimitedRevolver35 35 
LeadsOnline, LLCRevolver3,190 3,190 
Marmoutier Holding B.V.(2)(3)Delayed Draw Term Loan24 23 
Marmoutier Holding B.V.(2)(3)Revolver68 65 
MB Purchaser, LLCDelayed Draw Term Loan2,060 2,060 
MB Purchaser, LLCRevolver824 824 
MC Group Ventures Corporation(2)Delayed Draw Term Loan7,825 7,825 
MC Group Ventures Corporation(2)Delayed Draw Term Loan435 435 
Media Recovery, Inc. (SpotSee)(2)Revolver1,819 1,944 
Media Recovery, Inc. (SpotSee)(2)(4)Revolver2,340 2,270 
Megawatt Acquisitionco, Inc.(2)Revolver1,426 1,426 
Mercell Holding AS(2)(8)Capex / Acquisition Facility745 691 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan473 470 
Modern Star Holdings Bidco Pty Limited(2)(5)Term Loan54 54 
Momentum Textiles, LLCRevolver1,357 — 
Moonlight Bidco Limited(4)Delayed Draw Term Loan569 552 
MSI Express Inc.(2)Delayed Draw Term Loan2,103 — 
MSI Express Inc.(2)Revolver2,103 — 
MSI Express Inc.(2)Revolver670 — 
Narda Acquisitionco., Inc.Revolver1,059 1,059 
NAW Buyer LLCDelayed Draw Term Loan8,992 8,992 
NAW Buyer LLCRevolver2,306 2,306 
Next Holdco, LLCDelayed Draw Term Loan5,984 5,984 
Next Holdco, LLCRevolver2,321 2,321 
NF Holdco, LLC(2)Revolver1,109 1,109 

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Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Northstar Recycling, LLCDelayed Draw Term Loan4,381 4,381 
Northstar Recycling, LLCRevolver3,598 3,598 
NPM Investments 28 B.V.(3)Delayed Draw Term Loan936 898 
OA Buyer, Inc.Revolver1,331 1,331 
OAC Holdings I CorpRevolver881 1,370 
Oracle Vision Bidco Limited(2)(4)Delayed Draw Term Loan821 1,139 
OSP Hamilton Purchaser, LLCDelayed Draw Term Loan4,255 4,255 
OSP Hamilton Purchaser, LLCRevolver964 964 
Pare SAS (SAS Maurice MARLE)(2)Delayed Draw Term Loan2,100 2,100 
Parkview Dental Holdings LLC(2)Delayed Draw Term Loan328 328 
PDQ.Com CorporationDelayed Draw Term Loan3,939 3,939 
PDQ.Com CorporationDelayed Draw Term Loan1,685 1,814 
Polara Enterprises, L.L.C.Revolver947 947 
PowerGEM Buyer, Inc.(2)Delayed Draw Term Loan5,271 7,153 
PowerGEM Buyer, Inc.(2)Revolver3,730 3,730 
Premium Invest(3)Capex / Acquisition Facility1,256 1,204 
Process Insights Acquisition, Inc.(2)Delayed Draw Term Loan610 1,220 
Process Insights Acquisition, Inc.(2)Revolver630 136 
ProfitOptics, LLC(2)Revolver97 97 
Pro-Vision Solutions Holdings, LLC(2)Revolver2,754 3,318 
PSP Intermediate 4, LLC(3)Delayed Draw Term Loan202 193 
Qualified Industries, LLCRevolver364 364 
R1 Holdings, LLCRevolver1,256 1,601 
Randys Holdings, Inc.Delayed Draw Term Loan2,361 3,877 
Randys Holdings, Inc.Revolver1,306 1,539 
Rapid Buyer LLCDelayed Draw Term Loan2,833 2,833 
Rapid Buyer LLCRevolver1,417 1,417 
Rocade Holdings LLC(2)Preferred Equity2,000 2,000 
Rock Labor LLC(2)Revolver941 941 
ROI Solutions LLCDelayed Draw Term Loan3,485 3,485 
ROI Solutions LLCRevolver3,120 3,120 
Royal Buyer, LLCDelayed Draw Term Loan392 1,531 
Royal Buyer, LLCRevolver2,330 2,330 
RPX CorporationRevolver4,919 4,919 
Saab Purchaser, Inc. Delayed Draw Term Loan7,660 7,660 
Saab Purchaser, Inc. Revolver3,830 3,830 
Sanoptis S.A.R.L.(2)(3)Term Loan2,562 2,456 
Sansidor BV(2)(3)Capex / Acquisition Facility702 989 
SBP Holdings LPDelayed Draw Term Loan15,924 15,924 
SBP Holdings LPDelayed Draw Term Loan6,504 6,504 
SBP Holdings LPRevolver5,467 5,467 
Scout Bidco B.V.(2)(3)Revolver521 500 
Sinari Invest(3)Delayed Draw Term Loan468 449 
SISU ACQUISITIONCO., INC.(2)Delayed Draw Term Loan— 80 
Skyvault Holdings LLC(2)Delayed Draw Term Loan10,578 24,262 
Smartling, Inc.Revolver1,038 1,038 
SmartShift Group, Inc.Revolver2,731 2,731 

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Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
Solo Buyer, L.P.(2)Revolver1,130 1,463 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Delayed Draw Term Loan231 232 
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)Revolver78 156 
SPATCO Energy Solutions, LLCDelayed Draw Term Loan5,086 5,086 
SPATCO Energy Solutions, LLCRevolver4,159 4,159 
Spatial Business Systems LLCRevolver1,406 1,406 
SSCP Pegasus Midco Limited(2)(4)Delayed Draw Term Loan49 215 
Superjet Buyer, LLC(2)Delayed Draw Term Loan14,512 14,512 
Superjet Buyer, LLC(2)Revolver3,980 3,980 
SVI International LLCDelayed Draw Term Loan74 74 
SVI International LLCRevolver74 74 
Tank Holding Corp(2)Delayed Draw Term Loan— 307 
Tank Holding CorpRevolver655 655 
Tanqueray Bidco Limited(4)Capex / Acquisition Facility1,167 1,133 
TAPCO Buyer LLCDelayed Draw Term Loan11,198 11,198 
TAPCO Buyer LLCRevolver4,072 4,072 
Technology Service Stream BidCo Pty Ltd(2)(5)Delayed Draw Term Loan234 233 
Techone B.V.(3)Revolver238 228 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan11,498 — 
Tencarva Machinery Company, LLC(2)Delayed Draw Term Loan8,432 — 
Tencarva Machinery Company, LLC(2)Revolver4,041 2,554 
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)Revolver1,233 1,233 
THG Acquisition, LLCDelayed Draw Term Loan2,165 2,204 
THG Acquisition, LLCRevolver1,384 1,343 
Trintech, Inc.Revolver1,020 1,020 
TSYL Corporate Buyer, Inc.(2)Delayed Draw Term Loan23,563 23,563 
TSYL Corporate Buyer, Inc.(2)Revolver442 443 
UBC Ledgers Holding AB(9)Delayed Draw Term Loan258 234 
UHY Advisors, Inc.Delayed Draw Term Loan14,992 14,992 
UHY Advisors, Inc.Revolver3,086 3,968 
Union Bidco Limited(4)Capex / Acquisition Facility182 177 
United Therapy Holding III GmbH(2)(3)Capex / Acquisition Facility622 596 
Unither (Uniholding)(3)Delayed Draw Term Loan468 449 
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(2)Term Loan3,077 — 
WEST-NR ACQUISITIONCO, LLC(2)Delayed Draw Term Loan31,650 31,650 
WEST-NR ACQUISITIONCO, LLC(2)Delayed Draw Term Loan4,831 4,831 
Whitcraft Holdings, Inc.(2)Delayed Draw Term Loan10,677 18,199 
Whitcraft Holdings, Inc.(2)Revolver842 1,190 
White Bidco LimitedDelayed Draw Term Loan514 514 
Woodland Foods, LLC(2)Delayed Draw Term Loan1,401 — 
Woodland Foods, LLC(2)Line of Credit1,428 852 
World 50, Inc.Revolver1,703 1,703 
WWEC Holdings III Corp(2)Delayed Draw Term Loan6,627 6,627 
WWEC Holdings III Corp(2)Revolver3,359 3,359 
Xeinadin Bidco Limited(2)(4)Capex / Acquisition Facility3,280 5,297 
ZB Holdco LLC(2)Delayed Draw Term Loan2,513 — 

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Portfolio Company(1)
($ in thousands)
Investment TypeMarch 31, 2025December 31, 2024
ZB Holdco LLC(2)Delayed Draw Term Loan1,426 2,084 
ZB Holdco LLC(2)Revolver921 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 IncomeInterest Expense
Net Income(2)
Up 300 basis points$88,638 $37,096 $51,542 
Up 200 basis points59,092 24,731 34,361 
Up 100 basis points29,546 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 DateShares IssuedAggregate Offering Price
($ in thousands)
January 2, 20252,249,817 $46,796 
February 3, 20254,617,363 95,950 
March 3, 20253,461,588 71,793 
Total10,328,768 $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 DateTender Offer ExpirationPurchase Price per ShareShare RepurchasedAggregate Dollar Amount of Shares Accepted for Repurchase (in thousands)
March 3, 2025March 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.
NumberExhibit
3.1
3.2
31.1
31.2
32.1
32.2
101.INSInline 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.SCHInline XBRL Taxonomy Extension Schema Document**
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document**
101.LABInline XBRL Taxonomy Extension Label Linkbase Document**
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document**
104Cover 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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