INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Investments [Abstract]

Schedule of Investments

Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, as of March 31, 2025 and December 31, 2024 are shown in the following table:

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

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

As of December 31, 2024, the CPCF BPCC investment portfolio consisted of the following investments:

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

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

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

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

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

Schedule of Capital Contributed and Unfunded

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

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

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.

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.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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

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

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

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

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

Schedule of Fair Value, Assets Measured on Recurring Basis

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

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

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

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

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

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

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

Schdule of Interest and Investment Income

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

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

Schedule of Recurring and Non Recurring Fee and Other Income

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

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