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 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 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, are shown in the following table:


($ in thousands)	Cost		Percent of Total Portfolio		Fair Value		Percent of Total Portfolio		Percent of Total Net Assets
December 31, 2024:
Senior debt and 1st lien notes	$	2,552,342	82	%	$	2,503,156	81	%	127	%
Subordinated debt and 2nd lien notes	125,971		4		122,748		4		6
Structured products	79,722		3		80,401		3		4
Equity shares	298,038		10		337,684		11		17
Equity warrants	4		—		2,813		—		—
Royalty rights	9,066		—		14,583		—		1
Investment in joint ventures	41,986		1		22,480		1		1
Short-term investments	10,201		—		10,200		—		1
	$	3,117,330	100	%	$	3,094,065	100	%	157	%
December 31, 2023:
Senior debt and 1st lien notes	$	1,981,715	80	%	$	1,958,306	80	%	150	%
Subordinated debt and 2nd lien notes	158,720		7		148,450		6		11
Structured products	27,146		1		23,947		1		2
Equity shares	254,999		10		297,213		12		23
Equity warrants	4		—		2,475		—		—
Investment in joint ventures	45,143		2		28,538		1		2
	$	2,467,727	100	%	$	2,458,929	100	%	188	%

During the year ended December 31, 2024, the Company made new investments totaling $694.1 million, made additional investments in existing portfolio companies totaling $648.2 million and made additional investments in existing joint venture equity portfolio companies totaling $1.5 million.

During the year ended December 31, 2023, the Company made new investments totaling $309.6 million, made additional investments in existing portfolio companies totaling $252.2 million, made a new investment in a new joint venture equity portfolio company totaling $7.9 million, made additional investments in existing joint venture equity portfolio companies totaling $2.5 million and made a $108.0 million equity co-investment alongside certain affiliates in a portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation.

During the year ended December 31, 2022, the Company made new investments totaling $733.2 million, made additional investments in existing portfolio companies totaling $283.5 million and made additional investments in existing joint venture equity portfolio companies totaling $8.9 million.


	Fair Value as of December 31, 2024
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	100,979	$	2,402,177	$	2,503,156
Subordinated debt and 2nd lien notes	—		11,839		110,909		122,748
Structured products	—		60,502		19,899		80,401
Equity shares	—		—		337,684		337,684
Equity warrants	—		—		2,813		2,813
Royalty rights	—		—		14,583		14,583
Short-term investments	10,200		—		—		10,200
Investments subject to leveling	$	10,200	$	173,320	$	2,888,065	$	3,071,585
Investment in joint ventures (1)							22,480
							$	3,094,065

	Fair Value as of December 31, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	42,673	$	1,915,633	$	1,958,306
Subordinated debt and 2nd lien notes	—		18,177		130,273		148,450
Structured products	—		8,242		15,705		23,947
Equity shares	75		—		297,138		297,213
Equity warrants	—		—		2,475		2,475

Investments subject to leveling	$	75	$	69,092	$	2,361,224	$	2,430,391
Investment in joint ventures (1)							28,538
							$	2,458,929

(1)The Company’s investments in CPCF BPCC LLC, Thompson Rivers LLC and Waccamaw River LLC 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 Consolidated Balance Sheet.


Year Ended December 31, 2024 ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Royalty Rights		Total
Fair value, beginning of period	$	1,915,633	$	130,273	$	15,705	$	297,138	$	2,475	$	—	$	2,361,224
New investments	1,161,149		34,579		4,000		17,061		—		9,678		1,226,467
Investment restructuring	(25,679)		8,861		—		13,113		—		—		(3,705)
Transfers into (out of) Level 3, net	(357)		(9,060)		—		—		—		—		(9,417)
Proceeds from sales of investments / return of capital	(94,669)		—		—		(167)		—		(612)		(95,448)
Loan origination fees received	(18,626)		(580)		—		—		—		—		(19,206)
Principal repayments received	(515,854)		(51,701)		(1,428)		—		—		—		(568,983)
Payment in kind interest /dividends	7,313		4,571				13,160		—		—		25,044

Accretion of loan premium / discount	986		38		—		—		—		—		1,024
Accretion of deferred loan origination revenue	14,507		1,042		—		—		—		—		15,549
Realized gain (loss)	(14,579)		(8,485)		—		40		—		—		(23,024)
Unrealized appreciation (depreciation)	(27,647)		1,371		1,622		(2,661)		338		5,517		(21,460)
Fair value, end of period	$	2,402,177	$	110,909	$	19,899	$	337,684	$	2,813	$	14,583	$	2,888,065


Year Ended December 31, 2023: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Fair value, beginning of period	$	1,736,050	$	143,294	$	16,380	$	157,313	$	1,083	$	2,054,120
New investments	517,892		34,390		—		118,392		—		670,674

Transfers into (out of) Level 3, net	—		(6,432)		—		522		—		(5,910)

Proceeds from sales of investments / return of capital	(213,277)		—		—		(1,750)		—		(215,027)
Loan origination fees received	(13,171)		(74)		—		—		—		(13,245)
Principal repayments received	(140,893)		(39,437)		(1,428)		—		—		(181,758)
Payment in kind interest / dividends	5,815		2,952		—		8,948		—		17,715

Accretion of loan premium / discount	692		384		—		—		—		1,076
Accretion of deferred loan origination revenue	9,821		458		—		—		—		10,279
Realized gain (loss)	(2,157)		(278)		—		887		—		(1,548)
Unrealized appreciation (depreciation)	14,861		(4,984)		753		12,826		1,392		24,848
Fair value, end of period	$	1,915,633	$	130,273	$	15,705	$	297,138	$	2,475	$	2,361,224

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 Consolidated Statements of Operations. Pre-tax net unrealized depreciation on Level 3 investments of $43.5 million during the year ended December 31, 2024 was related to portfolio company investments that were still held by the Company as of December 31, 2024. Pre-tax net unrealized appreciation on Level 3 investments of $13.8 million during the year ended December 31, 2023, was related to portfolio company investments that were still held by the Company as of December 31, 2023.

Exclusive of short-term investments, during the year ended December 31, 2024, the Company made investments of approximately $1,231.3 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the year ended December 31, 2024, the Company made investments of $112.5 million in portfolio companies to which it was previously committed to provide such financing.

During the year ended December 31, 2023, the Company made investments of approximately $569.5 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the year ended December 31, 2023, the Company made investments of $110.7 million in portfolio companies to which it was previously committed to provide such financing.

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 year ended December 31, 2024, the Company held a 9.1% partnership interest in CPCF BPCC. As of December 31, 2024, the cost and fair value of the Company’s investment in CPCF BPCC were $9.2 million and $8.9 million, respectively. As of December 31, 2023, the cost and fair value of the Company’s investment in CPCF BPCC was $7.9 million and $7.8 million, respectively.

For the years ended December 31, 2024 and 2023, CPCF BPCC declared $15.9 million and $4.5 million in dividends, respectively, of which $1.2 million and $0.4 million, respectively, was recognized as dividend income in the Company’s Consolidated Statements of Operations. In addition, for the years ended December 31, 2024 and 2023, the Company recognized $0.2 million and nil of the dividends, respectively, as a return of capital.

The total value of CPCF BPCC’s investment portfolio was $219.6 million as of December 31, 2024 as compared to $212.3 million as of December 31, 2023. As of December 31, 2024, CPCF BPCC’s investments had an aggregate cost of $222.5 million as compared to $211.1 million as of December 31, 2023. As of December 31, 2024 and December 31, 2023, the CPCF BPCC investment portfolio consisted of the following investments:


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






	$	222,535	100	%	$	219,644	100	%

December 31, 2023:
Senior debt and 1st lien notes	$	211,115	100	%	$	212,256	100	%






	$	211,115	100	%	$	212,256	100	%


($ in thousands)	December 31, 2024				December 31, 2023
Aerospace & Defense	$	24,511	11.2	%	$	15,754	7.4	%
Automotive	4,859		2.2		6,908		3.3
Banking, Finance, Insurance and Real Estate	3,435		1.6		12,729		6.0

Capital Equipment	13,720		6.2		22,834		10.8
Chemicals, Plastics, and Rubber	2,406		1.1		2,961		1.4

Consumer Goods: Durable	2,743		1.2		2,962		1.4
Consumer Goods: Non-durable	4,908		2.2		—		—


Energy: Electricity	4,843		2.2		4,962		2.3



Healthcare & Pharmaceuticals	26,273		12.0		24,572		11.6
High Tech Industries	45,832		20.9		40,316		19.0


Media: Advertising, Printing and Publishing	10,162		4.6		6,478		3.1

Media: Diversified and Production	5,700		2.6		5,806		2.7


Services: Business	54,007		24.6		44,317		20.8
Services: Consumer	9,405		4.3		9,892		4.7


Transportation: Cargo	2,959		1.3		2,911		1.4
Transportation: Consumer	—		—		4,951		2.3
Utilities: Electric	3,881		1.8		3,903		1.8


Total	$	219,644	100.0	%	$	212,256	100.0	%


($ in thousands)	December 31, 2024				December 31, 2023


Canada	$	7,869	3.6	%	$	9,959	4.7	%
France	18,953		8.6		21,122		10.0
Germany	9,435		4.3		9,945		4.7

Netherlands	2,610		1.2		3,043		1.4


United Kingdom	4,950		2.3		5,968		2.8
USA	175,827		80.0		162,219		76.4
Total	$	219,644	100.0	%	$	212,256	100.0	%

The Company may sell portions of its investments via assignment to CPCF BPCC. Since inception, as of December 31, 2024 and December 31, 2023, the Company had sold $265.0 million and $212.5 million, respectively, of its investments to CPCF BPCC. For the year ended December 31, 2024, the Company realized a gain on the sales of its investments to CPCF BPCC of $0.1 million. For the year ended December 31, 2023, the Company realized a gain on the sales of its investments to CPCF BPCC of $2.1 million. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing, for treatment as a sale and satisfies the following conditions:

•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 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.

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 December 31, 2024. As of December 31, 2024, 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 years ended December 31, 2024 and 2023, Thompson Rivers declared $37.5 million and $111.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Consolidated Statements of Operations. In addition, for the years ended December 31, 2024 and 2023, the Company recognized $2.4 million and $7.0 million of the dividends, respectively, as a return of capital.

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 December 31, 2023, Thompson Rivers had $366.7 million in Ginnie Mae early buyout loans and $7.1 million in cash. As of December 31, 2024, Thompson Rivers had 1,243 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2023, Thompson Rivers had 2,305 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
December 31, 2024:
Federal Housing Administration (“FHA”) loans	$	193,265	93	%	$	179,963	93	%
Veterans Affairs (“VA”) loans	$	14,305	7		$	13,388	7

	$	207,570	100	%	$	193,351	100	%
December 31, 2023:
Federal Housing Administration (“FHA”) loans	$	360,847	93	%	$	342,240	93	%
Veterans Affairs (“VA”) loans	$	25,810	7		$	24,491	7
	$	386,657	100	%	$	366,731	100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $43.5 million and $83.5 million outstanding as of December 31, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $90.3 million and $170.8 million outstanding as of December 31, 2024 and December 31, 2023, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $28.7 million and $50.0 million outstanding as of December 31, 2024 and December 31, 2023, 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.


($ in thousands)	As of December 31, 2024		As of December 31, 2023
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	$	—	$	—

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 December 31, 2024. As of December 31, 2024, 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 years ended December 31, 2024 and 2023, Waccamaw River declared $28.1 million and $7.3 million in dividends, respectively, of which $3.5 million and $1.5 million, respectively, was recognized as dividend income in the Company’s Consolidated Statements of Operations. In addition, for the years ended December 31, 2024 and 2023, the Company recognized $2.1 million and nil of the dividends, respectively, as a return of capital.

As of December 31, 2024, Waccamaw River had $45.5 million in unsecured consumer loans and $4.3 million in cash. As of December 31, 2023, Waccamaw River had $182.3 million in unsecured consumer loans and $6.6 million in cash. 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 interest rate of 12.0%. As of December 31, 2023, Waccamaw River had 21,435 outstanding loans with an average loan size of $10,338, remaining average life to maturity of 40.0 months and weighted average interest rate of 12.7%.

Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $71.0 million outstanding as of December 31, 2023. On April 15, 2024, Waccamaw River’s secured borrowing with JPMorgan Chase Bank, N.A. was terminated and fully repaid. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $51.3 million outstanding as of December 31, 2023. On September 26, 2024, Waccamaw River’s secured borrowing with Barclays Bank PLC was terminated and fully repaid.

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.


($ in thousands)	As of December 31, 2024		As of December 31, 2023
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	$	—	$	—

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 December 31, 2024 and December 31, 2023, $7.1 million and $3.9 million, respectively, of the revolver was funded. Eclipse conducts its business 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

The Company has determined that Eclipse 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 Eclipse because it does not provide services to the Company. Instead the Company accounts for its equity investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.

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 December 31, 2024 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 946-320, presented as a single investment measured at fair value.