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INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 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
September 30, 2025:
Senior debt and 1st lien notes	$	3,814,013	86	%	$	3,798,999	85	%	144	%
Subordinated debt and 2nd lien notes	191,676		4		187,919		4		7
Structured products	101,293		2		103,020		3		4
Equity shares	329,693		7		366,880		8		14
Equity warrants	4		—		1,065		—		—
Royalty rights	3,295		—		3,953		—		—
Investment in joint ventures	27,404		1		7,297		—		—
Short-term investments	10,703		—		10,702		—		—
	$	4,478,081	100	%	$	4,479,835	100	%	169	%


($ 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 September 30, 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
September 30, 2025:
Federal Housing Administration (“FHA”) loans	$	124,090	94	%	$	117,042	94	%
Veterans Affairs (“VA”) loans	8,037		6		7,647		6

	$	132,127	100	%	$	124,689	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 September 30, 2025 and December 31, 2024, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 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 September 30, 2025 and December 31, 2024.

As of September 30, 2025 and December 31, 2024, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 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 September 30, 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 September 30, 2025 and December 31, 2024. The weighted average range of unobservable inputs is based on fair value of investments.

September 30, 2025

($ in thousands)(2)

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)

2,731,495

Yield Analysis

Market Yield

6.6% – 27.0%

9.7%

Decrease

63,919

Market Approach

Adjusted EBITDA Multiple

0.2x – 9.5x

7.1x

Increase

673,613

Recent Transaction

Transaction Price

97.5% – 100.0%

98.9%

Increase

Subordinated debt and 2nd lien notes

133,899

Yield Analysis

Market Yield

7.0% – 21.5%

13.5%

Decrease

25,205

Market Approach

Adjusted EBITDA Multiple

0.7x – 25.9x

14.5x

Increase

2,000

Recent Transaction

Transaction Price

100.0%

Increase

Equity shares

38,758

Yield Analysis

Market Yield

11.7% – 29.4%

15.2%

Decrease

291,493

Market Approach

Adjusted EBITDA Multiple

0.2x – 27.5x

11.4x

Increase

882

Market Approach

Revenue Multiple

5.5x – 8.8x

5.7x

Increase

9,992

Discounted Cash Flow Analysis

Discount Rate

12.4%

Decrease

12,893

Net Asset Approach

Liabilities

$(45,292.5) – $(117,088.0)

$(70,228.8)

Decrease

9,120

Recent Transaction

Transaction Price

$0.00 – $100.00

$3.23

Increase

Equity warrants

1,065

Market Approach

Adjusted EBITDA Multiple

0.5x – 11.3x

11.3x

Increase

Royalty rights

3,953

Yield Analysis

Market Yield

28.0% – 30.0%

29.0%

Decrease

(1) Excludes investments with an aggregate fair value amounting to $9,475, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(2) For structured products, investments with an aggregate fair value amounting to $13,765, were valued by the Adviser 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

$5,656.1

Increase

702

Recent Transaction

Transaction Price

98.0%

Increase

Structured products(1)

3,962

Yield Analysis

Market Yield

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%

Decrease

6,458

Net Asset Approach

Liabilities

$(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 September 30, 2025 and December 31, 2024, categorized by the ASC Topic 820 valuation hierarchy, as previously described:


	Fair Value as of September 30, 2025
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	320,497	$	3,478,502	$	3,798,999
Subordinated debt and 2nd lien notes	—		26,815		161,104		187,919
Structured products	—		89,255		13,765		103,020
Equity shares	—		3,742		363,138		366,880
Equity warrants	—		—		1,065		1,065
Royalty rights	—		—		3,953		3,953
Short-term investments	10,702		—		—		10,702
Investments subject to leveling	$	10,702	$	440,309	$	4,021,527	$	4,472,538
Investment in joint ventures (1)							7,297
							$	4,479,835

	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 nine months ended September 30, 2025 and 2024:


Nine Months Ended September 30, 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	1,414,647		63,219		5,000		30,267		—		—		1,513,133
Investment restructuring	424		(424)		—		—		—		—		—

Transfers out of Level 3 (1)	(4,770)		—		(9,611)		(9,071)		—		—		(23,452)
Proceeds from sales of investments / return of capital	(36,710)		—		—		(12,101)		—		(11,943)		(60,754)
Loan origination fees received	(21,876)		(1,206)		—		—		—		—		(23,082)
Principal repayments received	(330,440)		(15,518)		(1,876)		—		—		—		(347,834)
Payment-in-kind interest / dividends	7,037		3,272		—		11,910		—		—		22,219

Accretion of loan premium / discount	443		—		—		—		—		—		443
Accretion of deferred loan origination revenue	11,096		564		—		—		—		—		11,660
Realized gain (loss)	(4,504)		(117)		—		4,904		—		6,171		6,454
Unrealized appreciation (depreciation)	40,978		405		353		(455)		(1,748)		(4,858)		34,675
Fair value, end of period	$	3,478,502	$	161,104	$	13,765	$	363,138	$	1,065	$	3,953	$	4,021,527


Nine Months Ended September 30, 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	737,548		29,700		—		7,150		—		9,678		784,076
Investment restructuring	(12,566)		8,861		—		—		—		—		(3,705)
Transfers into (out of) Level 3, net (1)	(4,008)		(9,060)		—		—		—		—		(13,068)
Proceeds from sales of investments / return of capital	(75,601)		—		—		(90)		—		(203)		(75,894)
Loan origination fees received	(15,622)		(580)		—		—		—		—		(16,202)
Principal repayments received	(355,629)		(32,967)		(1,429)		—		—		—		(390,025)
Payment-in-kind interest / dividends	3,663		2,991		—		11,504		—		—		18,158

Accretion of loan premium / discount	448		39		—		—		—		—		487
Accretion of deferred loan origination revenue	10,115		655		—		—		—		—		10,770
Realized gain (loss)	(5,196)		(8,443)		—		41		—		—		(13,598)
Unrealized appreciation (depreciation)	3,213		3,155		1,658		(276)		205		71		8,026
Fair value, end of period	$	2,201,998	$	124,624	$	15,934	$	315,467	$	2,680	$	9,546	$	2,670,249

(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For both the nine months ended September 30, 2025 and 2024, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

Schdule of Interest and Investment Income

PIK interest and dividend income for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
($ in thousands)	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
PIK interest income	$	5,184		$	3,266		$	12,484		$	9,136
PIK interest income as a % of investment income	4.5		%	3.9		%	4.1		%	3.8		%
PIK dividend income	$	4,683		$	4,272		$	12,897		$	12,396
PIK dividend income as % of investment income	4.1		%	5.1		%	4.3		%	5.2		%
Total PIK income	$	9,867		$	7,538		$	25,381		$	21,532
Total PIK income as a % of investment income	8.6		%	9.0		%	8.4		%	9.0		%

Schedule of Recurring and Non Recurring Fee and Other Income

Fee and other income for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
($ in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Recurring Fee and Other Income:
Amortization of loan origination fees	$	2,968	$	2,620	$	8,794	$	7,344
Management, valuation and other fees	1,434		719		3,882		1,941
Royalty income	91		441		849		628
Total Recurring Fee and Other Income	4,493		3,780		13,525		9,913
Non-Recurring Fee and Other Income:
Prepayment fees	227		151		833		502
Acceleration of unamortized loan origination fees	1,517		934		2,907		3,597
Advisory, loan amendment and other fees	1,182		1,078		3,547		1,822
Total Non-Recurring Fee and Other Income	2,926		2,163		7,287		5,921
Total Fee and Other Income	$	7,419	$	5,943	$	20,812	$	15,834

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details