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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


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

For the quarterly period ended ~~March 31,~~September 30, 2023


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

For the transition period from to

Commission file number 814-01397

Barings Private Credit Corporation

(Exact name of registrant as specified in its charter)


Maryland						86-3780522
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)

300 South Tryon Street, Suite 2500 Charlotte, North Carolina						28202
(Address of principal executive offices)						(Zip Code)

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

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

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


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

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

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

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


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

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

The number of shares outstanding of the registrant’s common stock on ~~May 4,~~November 9, 2023 was ~~57,969,004.~~61,184,747.

BARINGS PRIVATE CREDIT CORPORATION

TABLE OF CONTENTS

QUARTERLY REPORT ON FORM 10-Q


		Page
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Consolidated Balance Sheet as of ~~March 31,~~September 30, 2023 and Consolidated Balance Sheet as of December 31, 2022	3
	Unaudited Consolidated Statement s of Operations for the Three and Nine Months Ended ~~March 31,~~September 30, 2023 and 2022	4
	Unaudited Consolidated Statement s of Changes in Net Assets for the Three and Nine Months Ended ~~March 31,~~September 30, 2023 and 2022	6
	Unaudited Consolidated Statement s of Cash Flows for the ~~Three~~Nine Months Ended ~~March 31,~~September 30, 2023 and 2022	78
	Unaudited Consolidated Schedule of Investments as of ~~March 31,~~September 30, 2023	89
	Consolidated Schedule of Investments as of December 31, 2022	3335
	Notes to Unaudited Consolidated Financial Statements	5759
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	9196
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~111~~119
Item 4.	Controls and Procedures	~~113~~121

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	~~114~~122
Item 1A.	Risk Factors	~~114~~122
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~115~~122
Item 3.	Defaults Upon Senior Securities	~~115~~123
Item 4.	Mine Safety Disclosures	~~115~~123
Item 5.	Other Information	~~115~~123
Item 6.	Exhibits	~~117~~124
Signatures		~~118~~125

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, 2023		December 31, 2022			September 30, 2023		December 31, 2022
		(Unaudited)					(Unaudited)
Assets:	Assets:					Assets:
Investments at fair value:	Investments at fair value:					Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $2,164,913 and $2,073,049 as of March 31, 2023 and December 31, 2022, respectively)		$	2,124,324	$	2,023,356
Affiliate investments (cost of $122,200 and $114,452 as of March 31, 2023 and December 31, 2022, respectively)		147,074		134,524
Non-Control / Non-Affiliate investments (cost of $2,122,262 and $2,073,049 as of September 30, 2023 and December 31, 2022, respectively)						Non-Control / Non-Affiliate investments (cost of $2,122,262 and $2,073,049 as of September 30, 2023 and December 31, 2022, respectively)	$	2,068,988	$	2,023,356
Affiliate investments (cost of $211,165 and $114,452 as of September 30, 2023 and December 31, 2022, respectively)						Affiliate investments (cost of $211,165 and $114,452 as of September 30, 2023 and December 31, 2022, respectively)	236,971		134,524

Total investments at fair value	Total investments at fair value	2,271,398		2,157,880		Total investments at fair value	2,305,959		2,157,880
Cash (restricted cash of $7,387 and $11,003 at March 31, 2023 and December 31, 2022, respectively)		29,380		79,528
Foreign currencies (cost of $5,862 and $11,777 as of March 31, 2023 and December 31, 2022, respectively)		5,870		11,913
Cash (restricted cash of $11,354 and $11,003 at September 30, 2023 and December 31, 2022, respectively)						Cash (restricted cash of $11,354 and $11,003 at September 30, 2023 and December 31, 2022, respectively)	108,516		79,528
Foreign currencies (cost of $70,246 and $11,777 as of September 30, 2023 and December 31, 2022, respectively)						Foreign currencies (cost of $70,246 and $11,777 as of September 30, 2023 and December 31, 2022, respectively)	68,200		11,913
Interest and fees receivable	Interest and fees receivable	42,638		32,959		Interest and fees receivable	51,860		32,959
Prepaid expenses and other assets	Prepaid expenses and other assets	2,527		254		Prepaid expenses and other assets	2,835		254
Derivative assets	Derivative assets	481		3,172		Derivative assets	14,363		3,172
Deferred financing fees	Deferred financing fees	5,390		4,192		Deferred financing fees	5,184		4,192
Receivable from unsettled transactions	Receivable from unsettled transactions	12,688		2,014		Receivable from unsettled transactions	3,112		2,014
Total assets	Total assets	$	2,370,372	$	2,291,912	Total assets	$	2,560,029	$	2,291,912
Liabilities:	Liabilities:					Liabilities:
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities	$	1,238	$	1,753	Accounts payable and accrued liabilities	$	1,892	$	1,753

Share repurchases payable						Share repurchases payable	38,067		—
Interest payable	Interest payable	14,247		11,335		Interest payable	14,814		11,335
Administrative fees payable	Administrative fees payable	550		1,053		Administrative fees payable	461		1,053
Base management fees payable	Base management fees payable	3,849		6,757		Base management fees payable	4,331		6,757
Incentive management fees payable	Incentive management fees payable	2,594		3,074		Incentive management fees payable	2,881		3,074

Derivative liabilities	Derivative liabilities	7,931		34,389		Derivative liabilities	7,957		34,389
Payable from unsettled transactions	Payable from unsettled transactions	266		35,367		Payable from unsettled transactions	95		35,367
Borrowings under credit facilities	Borrowings under credit facilities	861,858		795,284		Borrowings under credit facilities	530,142		795,284
Debt securitization (net of deferred financing fees)						Debt securitization (net of deferred financing fees)	400,115		—
Notes payable (net of deferred financing fees)	Notes payable (net of deferred financing fees)	301,712		297,038		Notes payable (net of deferred financing fees)	296,746		297,038
Secured borrowings	Secured borrowings	57,161		18,559		Secured borrowings	—		18,559

Total liabilities	Total liabilities	1,251,406		1,204,609		Total liabilities	1,297,501		1,204,609
Commitments and contingencies (Note 7)	Commitments and contingencies (Note 7)					Commitments and contingencies (Note 7)
Net Assets:	Net Assets:					Net Assets:

Common stock, $0.001 par value per share (499,950,000 shares authorized, 53,790,939 and 52,900,314 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)		54		53
Common stock, $0.001 par value per share (499,950,000 shares authorized, 60,626,254 and 52,900,314 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)						Common stock, $0.001 par value per share (499,950,000 shares authorized, 60,626,254 and 52,900,314 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)	60		53
Additional paid-in capital	Additional paid-in capital	1,094,859		1,076,497		Additional paid-in capital	1,236,928		1,076,497
Total distributable earnings	Total distributable earnings	24,053		10,753		Total distributable earnings	25,540		10,753
Total net assets	Total net assets	1,118,966		1,087,303		Total net assets	1,262,528		1,087,303
Total liabilities and net assets	Total liabilities and net assets	$	2,370,372	$	2,291,912	Total liabilities and net assets	$	2,560,029	$	2,291,912
Net asset value per share	Net asset value per share	$	20.80	$	20.55	Net asset value per share	$	20.82	$	20.55

See accompanying notes.

Barings Private Credit Corporation

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)


		Three Months Ended		Three Months Ended			Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		March 31, 2023		March 31, 2022			September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Investment income:	Investment income:					Investment income:
Interest income:	Interest income:					Interest income:
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	$	49,815	$	21,388	Non-Control / Non-Affiliate investments	$	55,481	$	32,832	$	161,287	$	80,478
Affiliate investments	Affiliate investments	161		83		Affiliate investments	266		171		554		389

Total interest income	Total interest income	49,976		21,471		Total interest income	55,747		33,003		161,841		80,867
Dividend income:	Dividend income:					Dividend income:
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	691		—		Non-Control / Non-Affiliate investments	776		886		2,169		886
Affiliate investments	Affiliate investments	3,021		4,423		Affiliate investments	4,354		3,110		12,587		10,901

Total dividend income	Total dividend income	3,712		4,423		Total dividend income	5,130		3,996		14,756		11,787
Fee and other income:	Fee and other income:					Fee and other income:
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	3,341		1,998		Non-Control / Non-Affiliate investments	3,249		4,068		10,501		10,331
Affiliate investments	Affiliate investments	13		3		Affiliate investments	29		9		55		20

Total fee and other income	Total fee and other income	3,354		2,001		Total fee and other income	3,278		4,077		10,556		10,351
Payment-in-kind interest income:	Payment-in-kind interest income:					Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	2,071		1,396		Non-Control / Non-Affiliate investments	2,741		1,259		7,179		3,183

Affiliate investments						Affiliate investments	86		—		86		—

Total payment-in-kind interest income	Total payment-in-kind interest income	2,071		1,396		Total payment-in-kind interest income	2,827		1,259		7,265		3,183
Interest income from cash	Interest income from cash	9		—		Interest income from cash	73		3		91		4
Total investment income	Total investment income	59,122		29,291		Total investment income	67,055		42,338		194,509		106,192
Operating expenses:	Operating expenses:					Operating expenses:
Interest and other financing fees	Interest and other financing fees	18,563		5,076		Interest and other financing fees	23,150		11,322		62,822		23,844
Base management fee (Note 2)	Base management fee (Note 2)	3,849		2,169		Base management fee (Note 2)	4,331		3,243		12,398		8,262
Incentive management fees (Note 2)	Incentive management fees (Note 2)	2,594		—		Incentive management fees (Note 2)	2,881		2,127		8,218		2,127

Other general and administrative expenses (Note 2)	Other general and administrative expenses (Note 2)	1,398		1,214		Other general and administrative expenses (Note 2)	1,488		1,493		4,264		4,186
Total operating expenses	Total operating expenses	26,404		8,459		Total operating expenses	31,850		18,185		87,702		38,419

Net investment income before taxes	Net investment income before taxes	32,718		20,832		Net investment income before taxes	35,205		24,153		106,807		67,773
Income taxes, including excise tax expense	Income taxes, including excise tax expense	53		1		Income taxes, including excise tax expense	112		(116)		406		(112)
Net investment income	Net investment income	32,665		20,831		Net investment income	35,093		24,269		106,401		67,885


Barings Private Credit Corporation Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)	Barings Private Credit Corporation Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)					Barings Private Credit Corporation Unaudited Consolidated Statements of Operations — (Continued) (in thousands, except share and per share data)
		Three Months Ended		Three Months Ended				Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		March 31, 2023		March 31, 2022				September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions:
Realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts:							Realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts:
Net realized gains (losses):	Net realized gains (losses):						Net realized gains (losses):
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	$	(1,177)	$	(143)		Non-Control / Non-Affiliate investments	$	(2,752)	$	(6,965)	$	(3,969)	$	(9,490)
Net realized gains (losses) on investments	Net realized gains (losses) on investments	(1,177)		(143)			Net realized gains (losses) on investments	(2,752)		(6,965)		(3,969)		(9,490)
Foreign currency transactions	Foreign currency transactions	(21,207)		414			Foreign currency transactions	354		55		1,223		370
Forward currency contracts							Forward currency contracts	(1,354)		12,721		(28,622)		16,284
Net realized gains (losses)	Net realized gains (losses)	(22,384)		271			Net realized gains (losses)	(3,752)		5,811		(31,368)		7,164
Net unrealized appreciation (depreciation):	Net unrealized appreciation (depreciation):						Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	8,975		(6,120)			Non-Control / Non-Affiliate investments	(4,850)		(25,471)		(2,761)		(60,753)
Affiliate investments	Affiliate investments	4,802		14,280			Affiliate investments	(385)		4,937		4,842		14,894

Net unrealized appreciation (depreciation) on investments	Net unrealized appreciation (depreciation) on investments	13,777		8,160			Net unrealized appreciation (depreciation) on investments	(5,235)		(20,534)		2,081		(45,859)
Foreign currency transactions	Foreign currency transactions	16,469		3,460			Foreign currency transactions	2,395		7,553		(1,459)		18,871
Forward currency contracts							Forward currency contracts	14,076		8,841		38,013		22,978
Net unrealized appreciation (depreciation)	Net unrealized appreciation (depreciation)	30,246		11,620			Net unrealized appreciation (depreciation)	11,236		(4,140)		38,635		(4,010)
Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions		7,862		11,891
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts							Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts	7,484		1,671		7,267		3,154

Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	40,527	$	32,722		Net increase in net assets resulting from operations	$	42,577	$	25,940	$	113,668	$	71,039
Net investment income per share—basic and diluted	Net investment income per share—basic and diluted	$	0.61	$	0.51		Net investment income per share—basic and diluted	$	0.58	$	0.47	$	1.85	$	1.42
Net increase in net assets resulting from operations per share—basic and diluted	Net increase in net assets resulting from operations per share—basic and diluted	$	0.76	$	0.81		Net increase in net assets resulting from operations per share—basic and diluted	$	0.70	$	0.50	$	1.97	$	1.49
Dividends / distributions per share:	Dividends / distributions per share:						Dividends / distributions per share:

Total dividends / distributions per share	Total dividends / distributions per share	$	0.51	$	0.42		Total dividends / distributions per share	$	0.60	$	0.44	$	1.71	$	1.29
Weighted average shares outstanding—basic and diluted	Weighted average shares outstanding—basic and diluted	53,336,505		40,628,226			Weighted average shares outstanding—basic and diluted	60,666,289		51,880,409		57,562,919		47,823,948

See accompanying notes.

Barings Private Credit Corporation

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)

Three Months Ended March 31, 2022 Common Stock Additional
Paid-In
Capital Total Distributable Earnings Total
Net
Assets
Number
of Shares Par
Value
Balance, December 31, 2021 40,551,193 $ 41 $ 818,723 $ 15,642 $ 834,406
Net investment income — — — 20,831 20,831
Net realized gain on investments / foreign currency transactions — — — 271 271
Net unrealized appreciation on investments / foreign currency transactions — — — 11,620 11,620
Dividends/distributions 6,077 — 126 (17,098) (16,972)
Issuance of common stock 156,440 — 3,251 — 3,251
Balance, March 31, 2022 40,713,710 $ 41 $ 822,100 $ 31,266 $ 853,407


Three Months Ended September 30, 2022	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, June 30, 2022	51,594,967	$	52	$	1,050,350	$	21,460	$	1,071,862
Net investment income	—	—		—		24,269		24,269

Net realized gain on investments / foreign currency transactions / forward currency contracts	—	—		—		5,811		5,811
Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		(4,140)		(4,140)


Dividends/distributions	1,009	—		21		(22,875)		(22,854)
Issuance of common stock	399,326	—		8,350		—		8,350








Balance, September 30, 2022	51,995,302	$	52	$	1,058,721	$	24,525	$	1,083,298


Three Months Ended March 31, 2023		Common Stock			Additional Paid-In Capital				Total Distributable Earnings				Total Net Assets
		Number of Shares	Par Value
Balance, December 31, 2022		52,900,314	$	53			$	1,076,497			$	10,753					$	1,087,303
Three Months Ended September 30, 2023															Three Months Ended September 30, 2023	Common Stock					Additional Paid-In Capital				Total Distributable Earnings				Total Net Assets
																Number of Shares			Par Value
Balance, June 30, 2023															Balance, June 30, 2023	59,235,153			$	59			$	1,208,085			$	19,400			$	1,227,544
Net investment income	Net investment income	—	—		—				32,665				32,665		Net investment income	—			—		—				35,093				35,093

Net realized loss on investments / foreign currency transactions		—	—		—				(22,384)				(22,384)
Net unrealized appreciation on investments / foreign currency transactions		—	—		—				30,246				30,246
Net realized loss on investments / foreign currency transactions / forward currency contracts															Net realized loss on investments / foreign currency transactions / forward currency contracts	—			—		—				(3,752)				(3,752)
Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts															Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts	—			—		—				11,236				11,236

Purchases of shares in repurchase plan	Purchases of shares in repurchase plan	(481)	—		(10)				—				(10)		Purchases of shares in repurchase plan	(1,835,452)			(2)		(38,065)				—				(38,067)

Return of capital and other tax related adjustments															Return of capital and other tax related adjustments				—		—				—				—
Dividends/distributions	Dividends/distributions	16,195	—		334				(27,227)				(26,893)		Dividends/distributions	71,552			—		1,484				(36,437)				(34,953)
Issuance of common stock	Issuance of common stock	874,911	1		18,038				—				18,039		Issuance of common stock	3,155,001			3		65,424				—				65,427

Balance, March 31, 2023		53,790,939	$	54	$	1,094,859			$	24,053			$	1,118,966
Balance, September 30, 2023															Balance, September 30, 2023	60,626,254			$	60	$	1,236,928			$	25,540			$	1,262,528

See accompanying notes.

Barings Private Credit Corporation

Unaudited Consolidated Statements of Changes in Net Assets — (Continued)

(in thousands, except share amounts)


Nine Months Ended September 30, 2022	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, December 31, 2021	40,551,193	$	41	$	818,723	$	15,642	$	834,406
Net investment income	—	—		—		67,885		67,885
Net realized gain on investments / foreign currency transactions / forward currency contracts	—	—		—		7,164		7,164
Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		(4,010)		(4,010)
Dividends/distributions	13,193	—		276		(62,156)		(61,880)
Issuance of common stock	11,430,916	11		239,722		—		239,733







Balance, September 30, 2022	51,995,302	$	52	$	1,058,721	$	24,525	$	1,083,298


Nine Months Ended September 30, 2023	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, December 31, 2022	52,900,314	$	53	$	1,076,497	$	10,753	$	1,087,303
Net investment income	—	—		—		106,401		106,401

Net realized loss on investments / foreign currency transactions / forward currency contracts	—	—		—		(31,368)		(31,368)
Net unrealized appreciation on investments / foreign currency transactions / forward currency contracts	—	—		—		38,635		38,635


Purchases of shares in repurchase plan	(1,835,934)	(2)		(38,075)		—		(38,077)

Dividends/distributions	165,170	—		3,428		(98,881)		(95,453)
Issuance of common stock	9,396,704	9		195,078		—		195,087







Balance, September 30, 2023	60,626,254	$	60	$	1,236,928	$	25,540	$	1,262,528

See accompanying notes.

Barings Private Credit Corporation

Unaudited Consolidated Statements of Cash Flows

(in thousands)


		Three Months Ended		Three Months Ended			Nine Months Ended		Nine Months Ended
		March 31, 2023		March 31, 2022			September 30, 2023		September 30, 2022
Cash flows from operating activities:	Cash flows from operating activities:					Cash flows from operating activities:
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	40,527	$	32,722	Net increase in net assets resulting from operations	$	113,668	$	71,039
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:	Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:					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	Purchases of portfolio investments	(228,661)		(244,006)		Purchases of portfolio investments	(474,735)		(747,736)

Repayments received / sales of portfolio investments	Repayments received / sales of portfolio investments	83,551		10,523		Repayments received / sales of portfolio investments	299,416		165,466

Loan origination and other fees received	Loan origination and other fees received	3,580		4,752		Loan origination and other fees received	8,661		15,068
Net realized (gain) loss on investments	Net realized (gain) loss on investments	1,177		143		Net realized (gain) loss on investments	3,969		9,490
Net realized (gain) loss on foreign currency transactions	Net realized (gain) loss on foreign currency transactions	21,207		(414)		Net realized (gain) loss on foreign currency transactions	(1,223)		(370)
Net realized (gain) loss on forward currency contracts						Net realized (gain) loss on forward currency contracts	28,622		(16,284)
Net unrealized (appreciation) depreciation on investments	Net unrealized (appreciation) depreciation on investments	(13,777)		(8,160)		Net unrealized (appreciation) depreciation on investments	(2,081)		45,859
Net unrealized (appreciation) depreciation on foreign currency transactions	Net unrealized (appreciation) depreciation on foreign currency transactions	(16,469)		(3,460)		Net unrealized (appreciation) depreciation on foreign currency transactions	1,459		(18,871)
Net unrealized (appreciation) depreciation on forward currency contracts						Net unrealized (appreciation) depreciation on forward currency contracts	(38,013)		(22,978)
Payment-in-kind interest / dividends	Payment-in-kind interest / dividends	2,394		1,396		Payment-in-kind interest / dividends	(11,906)		(3,914)
Amortization of deferred financing fees	Amortization of deferred financing fees	369		292		Amortization of deferred financing fees	1,342		986
Amortization of offering costs	Amortization of offering costs	—		244		Amortization of offering costs	—		97
Accretion of loan origination and other fees	Accretion of loan origination and other fees	(2,603)		(1,554)		Accretion of loan origination and other fees	(7,666)		(8,131)
Amortization / accretion of purchased loan premium / discount	Amortization / accretion of purchased loan premium / discount	(202)		(11)		Amortization / accretion of purchased loan premium / discount	(950)		(149)
Payments for derivative contracts	Payments for derivative contracts	(24,609)		(686)		Payments for derivative contracts	(34,177)		(3,301)
Proceeds from derivative contracts	Proceeds from derivative contracts	3,214		1,643		Proceeds from derivative contracts	5,555		19,585
Changes in operating assets and liabilities:	Changes in operating assets and liabilities:					Changes in operating assets and liabilities:
Interest and fees receivable	Interest and fees receivable	(16,584)		(12,595)		Interest and fees receivable	(21,295)		(18,253)
Prepaid expenses and other assets	Prepaid expenses and other assets	103		(96)		Prepaid expenses and other assets	(205)		(330)
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities	(4,535)		578		Accounts payable and accrued liabilities	(3,144)		4,101

Interest payable	Interest payable	2,916		(398)		Interest payable	3,532		5,604

Net cash provided by (used in) operating activities	Net cash provided by (used in) operating activities	(148,402)		(219,087)		Net cash provided by (used in) operating activities	(129,171)		(503,022)
Cash flows from financing activities:	Cash flows from financing activities:					Cash flows from financing activities:
Borrowings under credit facilities	Borrowings under credit facilities	64,000		194,301		Borrowings under credit facilities	111,500		250,822
Repayments under credit facilities	Repayments under credit facilities	—		(55,000)		Repayments under credit facilities	(376,000)		(61,978)

Proceeds from debt securitization						Proceeds from debt securitization	402,500		—
Proceeds from notes payable						Proceeds from notes payable	—		155,000
Proceeds from secured borrowings	Proceeds from secured borrowings	38,601		—		Proceeds from secured borrowings	57,161		—
Repayments from secured borrowings						Repayments from secured borrowings	(75,720)		—
Financing fees paid	Financing fees paid	(1,526)		(1,023)		Financing fees paid	(4,619)		(1,292)
Issuance of common stock	Issuance of common stock	18,039		3,251		Issuance of common stock	195,087		239,733
Cash dividends / distributions paid	Cash dividends / distributions paid	(26,893)		(16,972)		Cash dividends / distributions paid	(95,453)		(61,639)
Purchases of shares in repurchase plan	Purchases of shares in repurchase plan	(10)		—		Purchases of shares in repurchase plan	(10)		—
Net cash provided by (used in) financing activities	Net cash provided by (used in) financing activities	92,211		124,557		Net cash provided by (used in) financing activities	214,446		520,646
Net increase (decrease) in cash and foreign currencies	Net increase (decrease) in cash and foreign currencies	(56,191)		(94,530)		Net increase (decrease) in cash and foreign currencies	85,275		17,624
Cash and foreign currencies, beginning of period	Cash and foreign currencies, beginning of period	91,441		123,503		Cash and foreign currencies, beginning of period	91,441		123,503
Cash and foreign currencies, end of period	Cash and foreign currencies, end of period	$	35,250	$	28,973	Cash and foreign currencies, end of period	$	176,716	$	141,127
Supplemental disclosure of cash flow information:	Supplemental disclosure of cash flow information:					Supplemental disclosure of cash flow information:
Cash paid for interest	Cash paid for interest	$	14,805	$	5,208	Cash paid for interest	$	55,892	$	17,181
Excise taxes paid during the period	Excise taxes paid during the period	$	1,000	$	470	Excise taxes paid during the period	$	1,112	$	470
Summary of non-cash financing transactions:	Summary of non-cash financing transactions:					Summary of non-cash financing transactions:

Dividends/distributions paid through DRIP share issuances	Dividends/distributions paid through DRIP share issuances	$	334	$	126	Dividends/distributions paid through DRIP share issuances	$	3,428	$	276

Dividends/distributions payable						Dividends/distributions payable	$	—	$	241
Share repurchases payable						Share repurchases payable	$	38,067	$	—

See accompanying notes.

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)


Portfolio Company	Portfolio Company	Industry		Investment Type(1)(2)		Interest		Acq. Date		Maturity Date		Principal Amount			Cost			Fair Value				% of Net Assets *				Notes		Portfolio Company					Industry				Investment Type(1)(2)			Interest			Acq. Date			Maturity Date			Principal Amount				Cost				Fair Value					% of Net Assets *					Notes
Non–Control / Non–Affiliate Investments:	Non–Control / Non–Affiliate Investments:																											Non–Control / Non–Affiliate Investments:

1WorldSync, Inc.	1WorldSync, Inc.	IT Consulting & Other Services		First Lien Senior Secured Term Loan		SOFR + 5.00%, 9.8% Cash		05/21		07/25		$	10,868		$	10,814		$	10,868			1.0	%			(5) (6) (7) (19)		1WorldSync, Inc.					IT Consulting & Other Services				First Lien Senior Secured Term Loan			SOFR + 4.75%, 10.4% Cash			05/21			07/25			$	10,812			$	10,770			$	10,623				0.8	%				(5) (6) (7) (8) (16)
											10,868			10,814			10,868																												10,812			10,770				10,623

A.T. Holdings II LTD	A.T. Holdings II LTD		Other Financial		First Lien Senior Secured Term Loan		14.3% Cash		11/22		09/29			15,000			15,000			15,000				1.3	%				(3) (6) (33)			A.T. Holdings II LTD				Other Financial			First Lien Senior Secured Term Loan			14.3% Cash			11/22			09/29				15,000				15,000				14,220					1.1		%			(3) (7) (28)
											15,000			15,000			15,000																												15,000			15,000				14,220

Accelerant Holdings	Accelerant Holdings	Banking, Finance, Insurance & Real Estate			Class A Convertible Preferred Equity (5,000 shares)		N/A		01/22		N/A						5,000			5,523				0.5	%			(6) (31) (33)			Accelerant Holdings				Banking, Finance, Insurance & Real Estate			Class A Convertible Preferred Equity (5,000 shares)			N/A			01/22			N/A								5,000				5,743					0.5		%			(7) (26) (28)
			Class B Convertible Preferred Equity (1,667 shares)		N/A		12/22		N/A					1,667			1,735			0.2	%			(6) (31) (33)									Class B Convertible Preferred Equity (1,667 shares)					N/A			12/22			N/A							1,667				1,875				0.1		%			(7) (26) (28)
														6,667			7,258																															6,667				7,618

Acclime Holdings HK Limited	Acclime Holdings HK Limited		Business Services		First Lien Senior Secured Term Loan		LIBOR + 6.50%, 11.3% Cash		08/21		08/27			2,335			2,273			2,281				0.2	%			(3) (5) (6) (7) (9)			Acclime Holdings HK Limited				Business Services			First Lien Senior Secured Term Loan			SOFR + 6.50%, 11.8% Cash			08/21			08/27				4,918				4,809				4,775					0.4		%			(3) (5) (7) (8) (17)
				First Lien Senior Secured Term Loan		LIBOR + 6.75%, 11.6% Cash		08/21		07/27		5,165			5,054			5,045				0.5	%			(3) (5) (6) (7) (10)								First Lien Senior Secured Term Loan				SOFR + 6.75%, 12.6% Cash			08/21			08/27			2,582				2,534				2,508				0.2		%			(3) (5) (7) (8) (17)
											7,500			7,327			7,326																												7,500			7,343				7,283

Accurus Aerospace Corporation	Accurus Aerospace Corporation			Aerospace & Defense		First Lien Senior Secured Term Loan		LIBOR + 5.75%, 10.8% Cash		04/22		03/28			13,289			13,116				12,731				1.1	%						(5) (6) (7) (9)			Accurus Aerospace Corporation		Aerospace & Defense			First Lien Senior Secured Term Loan			SOFR + 5.75%, 11.3% Cash			04/22				04/28				13,222				13,065					12,469					1.0		%		(5) (7) (8) (16)
			Revolver			LIBOR + 5.75%, 10.5% Cash		04/22		03/28		830			812			772				0.1	%			(6) (7) (8) (33)								Revolver						SOFR + 5.75%, 11.3% Cash			04/22			04/28			1,072				1,056				993					0.1	%				(7) (8) (16) (28) (29)
			Common Stock (262,573.98 shares)			N/A		04/22		N/A					263			197				—	%			(6) (31) (33)								Common Stock (262,573.98 shares)						N/A			04/22			N/A							263				230					—	%				(7) (26) (28)
											14,119			14,191			13,700																												14,294			14,384				13,692

Acogroup	Acogroup	Business Services			First Lien Senior Secured Term Loan		EURIBOR + 4.75%, 7.5% Cash		03/22		10/26			27,900			27,665			25,752				2.3	%			(3) (6) (7) (13)			Acogroup				Business Services			First Lien Senior Secured Term Loan			EURIBOR + 4.65%, 8.6% Cash, 2.3% PIK			05/21			10/26				1,271				1,447				1,173					0.1		%			(3) (5) (7) (8) (10)
			First Lien Senior Secured Term Loan		EURIBOR + 4.75%, 7.5% Cash		05/21		10/26		1,304			1,446			1,203			0.1	%			(3) (5) (6) (7) (13)									First Lien Senior Secured Term Loan					EURIBOR + 4.65%, 8.6% Cash, 2.3% PIK			03/22			10/26			27,668				28,229				25,537				2.0		%			(3) (7) (8) (10) (28)
											29,204			29,111			26,955																												28,939			29,676				26,710

Adhefin International																												Adhefin International					Industrial Other				First Lien Senior Secured Term Loan			EURIBOR + 6.50%, 10.5% Cash			05/23			05/30			1,755				1,758				1,699					0.1	%				(3) (7) (8) (10) (28) (29)
																																			Subordinated Term Loan			EURIBOR + 10.50% PIK, 14.5% PIK			05/23			11/30			294				296				287				—		%			(3) (7) (8) (10) (28)
																																															2,049				2,054				1,986

Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)	Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)		Health Care Services		First Lien Senior Secured Term Loan		BBSY + 5.75%, 9.1% Cash		05/21		03/25			686			793			679				0.1	%			(3) (5) (6) (7) (17)			Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)						Health Care Services			First Lien Senior Secured Term Loan			BBSY + 5.75%, 9.8% Cash			05/21			03/25				661				793					656					0.1	%				(3) (5) (7) (8) (14)
										686		793			679																											661			793			656

Air Comm Corporation, LLC	Air Comm Corporation, LLC				Aerospace & Defense		First Lien Senior Secured Term Loan		LIBOR + 5.50%, 10.5% Cash		06/21			07/27			24,697			24,327				24,445				2.2		%				(5) (6) (7) (9)		Air Comm Corporation, LLC		Aerospace & Defense			First Lien Senior Secured Term Loan			SOFR + 5.00%, 10.4% Cash			06/21				07/27				24,572				24,203					23,934					1.9		%		(5) (6) (7) (8) (16) (29)
											24,697			24,327			24,445																												24,572			24,203				23,934

AIT Worldwide Logistics Holdings, Inc.	AIT Worldwide Logistics Holdings, Inc.	Transportation Services		Second Lien Senior Secured Term Loan			LIBOR + 7.50%, 12.7% Cash		05/21		04/29			7,220			7,087			6,996				0.6	%			(5) (6) (7) (9)			AIT Worldwide Logistics Holdings, Inc.				Transportation Services			Second Lien Senior Secured Term Loan			SOFR + 7.50%, 12.9% Cash			05/21			04/29				7,220				7,096				7,046					0.6		%			(5) (7) (8) (15) (26)
											7,220			7,087			6,996																												7,220			7,096				7,046

AlliA Insurance Brokers NV	AlliA Insurance Brokers NV		Insurance		First Lien Senior Secured Term Loan		EURIBOR + 6.25%, 9.3% Cash		3/23		3/30			3,041			2,864			2,901				0.3	%			(3) (5) (6) (7) (12)			AlliA Insurance Brokers NV				Insurance			First Lien Senior Secured Term Loan			EURIBOR + 6.25%, 10.2% Cash			03/23			03/30				3,260				3,176				3,149					0.2		%			(3) (5) (7) (8) (10) (29)
											3,041			2,864			2,901																												3,260			3,176				3,149

Amalfi Midco	Amalfi Midco	Healthcare			Subordinated Loan Notes		LIBOR + 2.00%, 7.0% Cash, 9.0% PIK		09/22		09/28			4,917			4,450			4,322				0.4	%			(3) (6) (9) (33)			Amalfi Midco				Healthcare			Subordinated Loan Notes			2.0% Cash, 9.0% PIK			09/22			09/28				5,076				4,676				4,467					0.4		%			(3) (7) (28)
			Class B Common Stock (93,165,208 shares)		N/A		09/22		N/A					1,040			1,152			0.1	%			(3) (6) (31) (33)									Class B Common Stock (93,165,208 shares)					N/A			09/22			N/A							1,040				1,137				0.1		%			(3) (7) (26) (28)
			Warrants (380,385 units)		N/A		09/22		N/A					4			621			0.1	%			(3) (6) (31) (33)									Warrants (380,385 units)					N/A			09/22			N/A							4				506				—		%			(3) (7) (26) (28)
											4,917			5,494			6,095																												5,076			5,720				6,110

Amtech LLC			Technology		First Lien Senior Secured Term Loan		LIBOR + 5.25%, 9.9% Cash		11/21		11/27			2,693			2,622			2,645				0.2	%			(5) (6) (7) (8)
					Revolver		LIBOR + 5.25%, 9.9% Cash		11/21		11/27						(7)			(5)				—	%			(6) (7) (8) (33)
										2,693		2,615			2,640

~~Barings Private Credit Corporation~~

~~Unaudited Consolidated Schedule of Investments — (Continued)~~

~~March 31, 2023~~

~~(Amounts in thousands, except share amounts)~~

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
AnalytiChem Holding GmbH Chemicals First Lien Senior Secured Term Loan BBSY + 6.00%, 9.6% Cash 11/21 10/28 $ 1,338 $ 1,424 $ 1,290 0.1 % (3) (5) (6) (7) (16)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.2% Cash 11/21 10/28 6,799 6,851 6,554 0.6 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.2% Cash 04/22 10/28 7,367 7,245 7,102 0.6 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 7.00%, 9.2% Cash 01/23 10/28 2,261 2,142 2,193 0.2 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.9% Cash 06/22 10/28 1,283 1,283 1,237 0.1 % (3) (5) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.2% Cash 11/21 10/28 951 951 917 0.1 % (3) (5) (6) (7) (9)
Revolver EURIBOR + 6.00%, 8.2% Cash 04/22 10/23 (4) (17) — % (3) (6) (7) (12) (33)
19,999 19,892 19,276
Anju Software, Inc. Application Software First Lien Senior Secured Term Loan LIBOR + 7.25%, 12.1% Cash 05/21 02/25 1,414 1,411 1,152 0.1 % (5) (6) (7) (8)
1,414 1,411 1,152
APC1 Holding Diversified Manufacturing First Lien Senior Secured Term Loan EURIBOR + 6.00%, 9.0% Cash 07/22 07/29 2,499 2,306 2,446 0.2 % (3) (5) (6) (7) (12)
2,499 2,306 2,446
Apex Bidco Limited Business Equipment & Services First Lien Senior Secured Term Loan SONIA + 6.25%, 10.0% Cash 05/21 01/27 418 471 418 — % (3) (5) (6) (7) (22)
418 471 418
APOG Bidco Pty Ltd Healthcare Second Lien Senior Secured Term Loan BBSY + 7.25%, 10.9% Cash 04/22 03/30 1,086 1,191 1,055 0.1 % (3) (5) (6) (7) (15)
1,086 1,191 1,055
Aptus 1829. GmbH Chemicals, Plastics, and Rubber First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.3% Cash 09/21 09/27 2,507 2,650 2,139 0.2 % (3) (5) (6) (7) (13)
Preferred Stock (14 shares) N/A 09/21 N/A 12 — — % (3) (6) (31) (33)
Common Stock (49 shares) N/A 09/21 N/A 122 22 — % (3) (6) (31) (33)
2,507 2,784 2,161
Apus Bidco Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SONIA + 5.50%, 9.7% Cash 05/21 03/28 1,175 1,311 1,148 0.1 % (3) (5) (6) (7) (23)
1,175 1,311 1,148
AQA Acquisition Holding Inc High Tech Industries Second Lien Senior Secured Term Loan LIBOR + 7.50%, 12.5% Cash 05/21 03/29 7,460 7,292 7,237 0.6 % (5) (6) (7) (9)
7,460 7,292 7,237
Aquavista Watersides 2 LTD Transportation Services First Lien Senior Secured Term Loan SONIA + 6.00%, 8.9% Cash 12/21 12/28 2,890 2,991 2,746 0.2 % (3) (5) (6) (7) (23)
Second Lien Senior Secured Term Loan SONIA + 10.5% PIK 12/21 12/28 717 750 685 0.1 % (3) (6) (7) (23) (33)
3,607 3,741 3,431
Arc Education Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.8% Cash 07/22 07/29 6,258 5,595 6,066 0.5 % (3) (5) (6) (7) (12)
6,258 5,595 6,066
Archimede Consumer Services First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.3% Cash 05/21 10/27 14,667 14,249 14,389 1.3 % (3) (5) (6) (7) (12)
14,667 14,249 14,389

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Argus Bidco Limited High Tech Industries First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.5% Cash 07/22 07/29 $ 899 $ 832 $ 877 0.1 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.5% Cash 08/22 07/29 1,937 1,823 1,890 0.2 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.5% Cash 09/22 07/29 666 615 650 0.1 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan SOFR + 6.50%, 11.3% Cash 07/22 07/29 259 253 253 — % (3) (5) (6) (7) (19)
First Lien Senior Secured Term Loan SONIA + 6.50%, 10.7% Cash 07/22 07/29 3,287 3,038 3,164 0.3 % (3) (5) (6) (7) (22)
First Lien Senior Secured Term Loan 10.5% PIK 07/22 07/29 1,093 1,023 1,069 0.1 % (3) (6) (33)
Preferred Stock (83,120 shares) 10.0% PIK 07/22 N/A 103 105 — % (3) (6) (33)
Equity Loan Notes (83,120 units) 10.0% PIK 07/22 N/A 103 105 — % (3) (6) (33)
Common Stock (929 shares) N/A 07/22 N/A 1 — — % (3) (6) (31) (33)
8,141 7,791 8,113
Armstrong Transport Group (Pele Buyer, LLC) Air Freight & Logistics First Lien Senior Secured Term Loan SOFR + 5.50%, 9.7% Cash 10/22 06/24 5,960 5,861 5,846 0.5 % (5) (6) (7) (20)
First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.0% Cash 05/21 06/24 4,020 3,983 3,952 0.4 % (5) (6) (7) (9)
9,980 9,844 9,798
ASC Communications, LLC Media & Entertainment First Lien Senior Secured Term Loan SOFR + 5.00%, 9.9% Cash 07/22 07/27 12,128 11,947 11,971 1.1 % (5) (6) (7) (18)
Class A Units (15,285.8 units) N/A 07/22 N/A 321 408 — % (6) (33)
12,128 12,268 12,379
ASPEQ Heating Group LLC Building Products, Air & Heating First Lien Senior Secured Term Loan SOFR + 4.25%, 9.2% Cash 05/21 11/25 1,593 1,585 1,593 0.1 % (5) (6) (7) (18)
1,593 1,585 1,593
Astra Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.75%, 9.9% Cash 11/21 11/28 2,449 2,557 2,393 0.2 % (3) (5) (6) (7) (22)
2,449 2,557 2,393
ATL II MRO Holdings Inc. Transportation First Lien Senior Secured Term Loan SOFR + 5.50%, 9.9% Cash 11/22 11/28 12,469 12,172 12,219 1.1 % (5) (6) (7) (19)
Revolver SOFR + 5.50%, 9.9% Cash 11/22 11/28 — (59) (50) — % (6) (7) (19) (33)
12,469 12,113 12,169
Audio Precision, Inc. High Tech Industries First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.2% Cash 05/21 10/24 2,713 2,995 2,658 0.2 % (5) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 5.00%, 10.2% Cash 05/21 10/24 4,918 4,888 4,820 0.4 % (5) (6) (7) (9)
7,631 7,883 7,478
Auxi International Commercial Finance First Lien Senior Secured Term Loan EURIBOR + 6.25%, 8.1% Cash 05/21 12/26 326 358 285 — % (3) (5) (6) (7) (13)
326 358 285
Avalign Holdings, Inc. Health Care Supplies First Lien Senior Secured Term Loan SOFR + 4.50%, 9.5% Cash 05/21 12/25 1,786 1,783 1,705 0.2 % (5) (6) (7) (18)
1,786 1,783 1,705
Avance Clinical Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 4.50%, 8.3% Cash 11/21 11/27 2,758 2,825 2,673 0.2 % (3) (5) (6) (7) (17)
2,758 2,825 2,673
AWP Group Holdings, Inc. Business Services First Lien Senior Secured Term Loan SOFR + 4.75%, 9.9% Cash 05/21 12/27 1,465 1,446 1,446 0.1 % (5) (6) (7) (19)
1,465 1,446 1,446


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Americo Chemical Products, LLC	Chemicals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	04/23	04/29	$	2,785	$	2,719	$	2,725	0.2	%	(7) (8) (15) (28)
		Revolver	SOFR + 5.50%, 10.8% Cash	04/23	04/29	—		(33)		(30)		—	%	(7) (8) (15) (28) (29)
		Common Stock (262,093 shares)	N/A	04/23	N/A			262		252		—	%	(7) (26)
						2,785		2,948		2,947

Amtech LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	11/21	11/27	3,589		3,525		3,548		0.3	%	(5) (7) (8) (16) (29)
		Revolver	SOFR + 6.00%, 11.4% Cash	11/21	11/27	136		130		132		—	%	(7) (8) (16) (28) (29)
						3,725		3,655		3,680

AnalytiChem Holding GmbH	Chemicals	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.1% Cash	11/21	10/28	1,289		1,424		1,262		0.1	%	(3) (5) (7) (8) (13)
		First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	11/21	10/28	6,625		6,861		6,487		0.5	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	04/22	10/28	7,179		7,258		7,029		0.6	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	EURIBOR + 7.00%, 10.6% Cash	01/23	10/28	2,203		2,147		2,203		0.2	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.7% Cash	11/21	10/28	951		951		931		0.1	%	(3) (5) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.7% Cash	06/22	10/28	1,283		1,283		1,257		0.1	%	(3) (5) (7) (8) (16)
		Revolver	EURIBOR + 6.00%, 9.6% Cash	04/22	10/23	—		—		(10)		—	%	(3) (7) (8) (10) (28) (29)
						19,530		19,924		19,159

Anju Software, Inc.	Application Software	First Lien Senior Secured Term Loan	SOFR + 7.25%	05/21	06/25	1,410		1,408		1,046		0.1	%	(5) (7) (8) (15) (27)
						1,410		1,408		1,046

APC1 Holding	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.4% Cash	07/22	07/29	2,435		2,311		2,395		0.2	%	(3) (5) (7) (8) (10)
						2,435		2,311		2,395

Apex Bidco Limited	Business Equipment & Services	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.9% Cash	05/21	01/27	413		471		413		—	%	(3) (5) (7) (8) (18)
						413		471		413

APOG Bidco Pty Ltd	Healthcare	Second Lien Senior Secured Term Loan	BBSY + 7.25%, 11.4% Cash	04/22	03/30	1,046		1,193		1,032		0.1	%	(3) (5) (7) (8) (12)
						1,046		1,193		1,032

Aptus 1829. GmbH	Chemicals, Plastics, and Rubber	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	09/21	09/27	2,443		2,654		2,055		0.2	%	(3) (5) (7) (8) (11)
		Preferred Stock (14 shares)	N/A	09/21	N/A			122		3		—	%	(3) (7) (26) (28)
		Common Stock (49 shares)	N/A	09/21	N/A			12		—		—	%	(3) (7) (26) (28)
						2,443		2,788		2,058

Apus Bidco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	05/21	03/28	1,160		1,313		1,135		0.1	%	(3) (5) (7) (8) (18)
						1,160		1,313		1,135

AQA Acquisition Holding Inc	High Tech Industries	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 13.0% Cash	05/21	03/29	7,460		7,303		7,334		0.6	%	(5) (7) (8) (16)
						7,460		7,303		7,334

Aquavista Watersides 2 LTD	Transportation Services	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.0% Cash	12/21	12/28	2,853		3,003		2,630		0.2	%	(3) (5) (7) (8) (19) (29)
		Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK, 15.9% PIK	12/21	12/28	759		804		705		0.1	%	(3) (7) (8) (19) (28)
						3,612		3,807		3,335

Arc Education	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.5% Cash	07/22	07/29	2,106		1,980		2,032		0.2	%	(3) (5) (7) (8) (10) (29)
						2,106		1,980		2,032

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Azalea Buyer, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 10.1% Cash 11/21 11/27 $ 4,548 $ 4,460 $ 4,487 0.4 % (5) (6) (7) (9)
Revolver LIBOR + 5.25%, 10.1% Cash 11/21 11/27 — (8) (5) — % (6) (7) (9) (33)
Subordinated Term Loan 12.0% PIK 11/21 05/28 1,474 1,453 1,447 0.1 % (6) (33)
Common Stock (192,307.7 shares) N/A 11/21 N/A 192 172 — % (6) (31) (33)
6,022 6,097 6,101
Bariacum S.A Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.00%, 7.8% Cash 11/21 11/28 2,825 2,859 2,794 0.2 % (3) (5) (6) (7) (13)
2,825 2,859 2,794
Benify (Bennevis AB) High Tech Industries First Lien Senior Secured Term Loan STIBOR + 5.25%, 8.5% Cash 05/21 07/26 343 423 343 — % (3) (5) (6) (7) (24)
343 423 343
Bestop, Inc. Auto Parts & Equipment First Lien Senior Secured Term Loan SOFR + 5.75%, 10.6% Cash 05/21 01/25 3,510 3,506 3,131 0.3 % (5) (6) (7) (19)
3,510 3,506 3,131
Beyond Risk Management, Inc. Other Financial First Lien Senior Secured Term Loan LIBOR + 4.50%, 9.3% Cash 10/21 10/27 2,545 2,502 2,495 0.2 % (5) (6) (7) (8)
2,545 2,502 2,495
Bidwax Non-durable Consumer Goods First Lien Senior Secured Term Loan EURIBOR + 6.50%, 8.6% Cash 05/21 02/28 4,998 5,327 4,893 0.4 % (3) (5) (6) (7) (13)
4,998 5,327 4,893
BigHand UK Bidco Limited High Tech Industries First Lien Senior Secured Term Loan SOFR + 5.75%, 10.3% Cash 05/21 01/28 322 317 318 — % (3) (5) (6) (7) (19)
First Lien Senior Secured Term Loan SONIA + 5.75%, 9.9% Cash 05/21 01/28 386 430 382 — % (3) (5) (6) (7) (22)
708 747 700
Biolam Group Consumer Non-cyclical First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.1% Cash 12/22 12/29 3,930 3,660 3,732 0.3 % (3) (5) (6) (7) (12)
3,930 3,660 3,732
Bounteous, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 10.2% Cash 08/21 08/27 8,360 8,192 7,519 0.7 % (5) (6) (7) (8)
8,360 8,192 7,519
BPG Holdings IV Corp Diversified Manufacturing First Lien Senior Secured Term Loan SOFR + 6.0%, 10.9% Cash 03/23 07/29 24,000 22,566 22,560 2.0 % (6) (7) (19) (33)
24,000 22,566 22,560
Bridger Aerospace Group Holdings, LLC Environmental Industries Municipal Revenue Bond 11.5% Cash 07/22 09/27 32,980 32,980 34,586 3.1 % (33)
Preferred Stock- Series C (17,725 shares) 7.0% PIK 07/22 N/A 17,533 18,011 1.6 % (6) (33)
32,980 50,513 52,597
Brightline Trains Florida LLC Transportation Senior Secured Note 8.0% Cash 08/21 01/28 8,000 8,000 7,040 0.6 % (6) (33)
8,000 8,000 7,040
Brightpay Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 7.3% Cash 10/21 10/28 3,133 3,207 3,010 0.3 % (3) (5) (6) (7) (12)
3,133 3,207 3,010
BrightSign LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.9% Cash 10/21 10/27 10,553 10,470 10,464 0.9 % (5) (6) (7) (9)
Revolver LIBOR + 5.75%, 10.7% Cash 10/21 10/27 1,109 1,100 1,099 0.1 % (6) (7) (9) (33)
LLC Units (923,857.7 units) N/A 10/21 N/A 924 1,266 0.1 % (6) (31) (33)
11,662 12,494 12,829
British Engineering Services Holdco Limited Commercial Services & Supplies First Lien Senior Secured Term Loan SONIA + 7.00%, 10.7% Cash 05/21 12/27 7,256 7,581 7,091 0.6 % (3) (5) (6) (7) (23)
7,256 7,581 7,091


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Archimede	Consumer Services	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	05/21	10/27	$	14,293	$	14,804	$	13,736	1.1	%	(3) (5) (7) (8) (10)
						14,293		14,804		13,736

Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	07/22	07/29	265		265		251		—	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	08/22	07/29	1,910		1,846		1,807		0.1	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.7% Cash	09/22	07/29	649		616		614		—	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	SOFR + 4.00%, 9.3% Cash, 3.3% PIK	07/22	07/29	263		257		249		—	%	(3) (5) (7) (8) (16)
		First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.4% Cash	07/22	07/29	—		(23)		(56)		—	%	(3) (5) (7) (8) (18) (29)
		Second Lien Senior Secured Term Loan	10.5% PIK	07/22	07/29	1,424		1,374		1,334		0.1	%	(3) (7) (28)
		Preferred Stock (83,120 shares)	10.0% PIK	07/22	N/A			108		90		—	%	(3) (7) (28)
		Equity Loan Notes (83,120 units)	10.0% PIK	07/22	N/A			108		90		—	%	(3) (7) (28)
		Common Stock (929 shares)	N/A	07/22	N/A			1		—		—	%	(3) (7) (26) (28)
						4,511		4,552		4,379

Armstrong Transport Group (Pele Buyer, LLC)	Air Freight & Logistics	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.5% Cash	05/21	06/24	3,930		3,909		3,824		0.3	%	(5) (6) (7) (8) (17)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.5% Cash	10/22	06/24	5,776		5,718		5,620		0.4	%	(6) (7) (8) (17)
						9,706		9,627		9,444

ASC Communications, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	07/22	07/27	4,625		4,566		4,581		0.4	%	(5) (7) (8) (15)
		Revolver	SOFR + 4.75%, 10.2% Cash	07/22	07/27	—		(8)		(6)		—	%	(7) (8) (15) (28) (29)
		Class A Units (15,285.8 units)	N/A	07/22	N/A			321		414		—	%	(7)
						4,625		4,879		4,989

Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.7% Cash	11/21	11/28	2,793		2,946		2,756		0.2	%	(3) (5) (7) (8) (19) (29)
						2,793		2,946		2,756

ATL II MRO Holdings Inc.	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	11/22	11/28	8,426		8,238		8,426		0.7	%	(5) (7) (8) (16)
		Revolver	SOFR + 5.50%, 10.9% Cash	11/22	11/28	—		(55)		—		—	%	(7) (8) (16) (28) (29)
						8,426		8,183		8,426

Audio Precision, Inc.	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 9.0% Cash	05/21	10/24	2,637		2,992		2,626		0.2	%	(5) (7) (8) (10)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.7% Cash	05/21	10/24	4,905		4,885		4,885		0.4	%	(6) (7) (8) (16)
						7,542		7,877		7,511

Auxi International	Commercial Finance	First Lien Senior Secured Term Loan	EURIBOR + 7.25%, 11.3% Cash	05/21	12/26	318		359		292		—	%	(3) (5) (7) (8) (11)
						318		359		292

Avalign Holdings, Inc.	Health Care Supplies	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	05/21	12/25	1,776		1,774		1,766		0.1	%	(6) (7) (8) (16)
						1,776		1,774		1,766

Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 4.50%, 9.4% Cash	11/21	11/27	2,657		2,835		2,412		0.2	%	(3) (5) (7) (8) (13) (29)
						2,657		2,835		2,412

AWP Group Holdings, Inc.	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	05/21	12/29	1,935		1,904		1,892		0.1	%	(6) (7) (8) (16) (28) (29)
						1,935		1,904		1,892

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Bucharest Bidco Limited Hotel, Gaming and Leisure First Lien Senior Secured GBP Term Loan SONIA + 7.00%, 10.2% Cash 05/21 07/26 $ 813 $ 824 $ 709 0.1 % (3) (6) (23) (33)
First Lien Senior Secured USD Term Loan LIBOR + 7.00%, 12.1% Cash 05/21 07/26 175 157 152 — % (3) (6) (10) (33)
988 981 861
Burgess Point Purchaser Corporation Auto Parts & Equipment Second Lien Senior Secured Term Loan SOFR + 9.00%, 13.9% Cash 07/22 07/30 4,545 4,375 4,405 0.4 % (5) (6) (7) (18)
LP Units (455 units) N/A 07/22 N/A 455 478 — % (6) (31) (33)
4,545 4,830 4,883
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan EURIBOR + 9.50%, 12.5% Cash 06/22 06/26 5,991 5,602 5,812 0.5 % (5) (6) (7) (12)
5,991 5,602 5,812
CAi Software, LLC Technology First Lien Senior Secured Term Loan LIBOR + 6.25%, 11.4% Cash 12/21 12/28 8,966 8,814 8,679 0.8 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR +6.25%, 11.4% Cash 07/22 12/28 1,374 1,349 1,330 0.1 % (5) (6) (7) (9)
Revolver LIBOR + 6.25%, 11.4% Cash 12/21 12/28 — (15) (30) — % (6) (7) (9) (33)
10,340 10,148 9,979
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan CDOR + 7.00%, 3.5% Cash, 8.5% PIK 06/21 03/26 4,119 4,572 3,703 0.3 % (3) (5) (6) (7) (26)
Class A Equity (500,000 units) N/A 05/22 N/A 389 — — % (3) (6) (31) (33)
Class C - Warrants (74,712.64 units) N/A 05/22 N/A — — — % (3) (6) (31) (33)
4,119 4,961 3,703
Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan SOFR + 7.64%, 12.5% Cash 04/22 04/27 3,907 3,858 3,867 0.3 % (3) (5) (6) (7) (19)
LLC Units (616,844 units) N/A 04/22 N/A 617 592 0.1 % (3) (6) (31) (33)
3,907 4,475 4,459
Carlson Travel, Inc Business Travel Management Common Stock (125,349 shares) N/A 06/22 N/A 2,538 1,050 0.1 % (5) (31)
Series A Convertible Preferred (6,270 units) 15.0% PIK 01/23 N/A — 545 522 — % (5) (31)
3,083 1,572
Centralis Finco S.a.r.l. Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 7.8% Cash 05/21 04/27 415 396 399 — % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 7.9% Cash 05/21 04/27 70 64 68 — % (3) (5) (6) (7) (12)
485 460 467
Ceres Pharma NV Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.50%, 7.1% Cash 10/21 10/28 4,602 4,620 4,479 0.4 % (3) (5) (6) (7) (13)
4,602 4,620 4,479
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.5% Cash 02/22 02/28 16,957 16,672 16,490 1.5 % (5) (6) (7) (8)
First Lien Senior Secured Term Loan SOFR + 4.75%, 9.7% Cash 12/22 02/28 2,128 2,067 2,070 0.2 % (5) (6) (7) (19)
Revolver LIBOR + 4.75%, 9.5% Cash 02/22 02/28 — (28) (45) — % (6) (7) (8) (33)
Preferred Stock (551shares) N/A 02/22 N/A 551 1,030 0.1 % (6) (7) (31) (33)
19,085 19,262 19,545
Chambers Global Holdings Limited Data Processing & Outsourced Services First Lien Senior Secured Term Loan SONIA + 5.50%, 9.4% Cash 05/21 01/26 1,182 1,333 1,171 0.1 % (3) (5) (6) (7) (22)
1,182 1,333 1,171


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	11/21	11/27	$	4,842	$	4,763	$	4,800	0.4	%	(5) (7) (8) (16) (29)
		Revolver	SOFR + 5.25%, 10.7% Cash	11/21	11/27	—		(7)		(4)		—	%	(7) (8) (16) (28) (29)
		Subordinated Term Loan	12.0% PIK	11/21	05/28	1,564		1,544		1,510		0.1	%	(7) (28)
		Common Stock (192,307.7 shares)	N/A	11/21	N/A			192		227		—	%	(7) (26)
						6,406		6,492		6,533

Bariacum S.A.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	11/21	11/28	3,282		3,405		3,282		0.3	%	(3) (5) (7) (8) (11) (29)
						3,282		3,405		3,282

Benify (Bennevis AB)	High Tech Industries	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 9.4% Cash	05/21	07/26	327		423		327		—	%	(3) (5) (7) (8) (20)
						327		423		327

Bestop, Inc.	Auto Parts & Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.5% Cash	05/21	01/25	3,402		3,398		3,259		0.3	%	(5) (7) (8) (16)
						3,402		3,398		3,259

Beyond Risk Management, Inc.	Other Financial	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash	10/21	10/27	2,532		2,509		2,498		0.2	%	(5) (7) (8) (16) (29)
						2,532		2,509		2,498

Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.1% Cash	05/21	02/28	4,870		5,336		4,821		0.4	%	(3) (5) (7) (8) (11)
						4,870		5,336		4,821

BigHand UK Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	05/21	01/28	322		318		305		—	%	(3) (5) (7) (8) (16)
		First Lien Senior Secured Term Loan	SONIA + 5.75%, 11.1% Cash	05/21	01/28	381		431		362		—	%	(3) (5) (7) (8) (18)
						703		749		667

Biolam Group	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 7.6% Cash, 2.5% PIK	12/22	12/29	3,299		3,341		3,190		0.3	%	(3) (5) (7) (8) (10) (29)
						3,299		3,341		3,190

Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	08/21	08/27	8,317		8,168		7,833		0.6	%	(5) (7) (8) (16) (29)
						8,317		8,168		7,833

BPG Holdings IV Corp	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	03/23	07/29	15,860		14,965		14,908		1.2	%	(7) (8) (16) (28)
						15,860		14,965		14,908

Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	07/22	09/27	32,980		32,980		34,465		2.7	%	(28)
		Preferred Stock- Series C (17,725 shares)	7.0% PIK	07/22	N/A			18,179		18,690		1.5	%	(7) (28)
						32,980		51,159		53,155

Brightline Trains Florida LLC	Transportation	Senior Secured Note	8.0% Cash	08/21	01/28	8,000		8,000		7,240		0.6	%	(7) (28)
						8,000		8,000		7,240

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.7% Cash	10/21	10/28	3,053		3,212		3,004		0.2	%	(3) (5) (7) (8) (10) (29)
						3,053		3,212		3,004

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	10/21	10/27	10,500		10,425		10,101		0.8	%	(6) (7) (8) (16)
		Revolver	SOFR + 5.75%, 11.3% Cash	10/21	10/27	739		732		697		0.1	%	(7) (8) (16) (28) (29)
		LLC Units (923,857.7 units)	N/A	10/21	N/A			924		776		0.1	%	(7) (26)
						11,239		12,081		11,574

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 7.00%, 11.9% Cash	05/21	12/27	7,249		7,686		7,123		0.6	%	(3) (5) (7) (8) (19) (29)
						7,249		7,686		7,123

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Classic Collision (Summit Buyer, LLC) Auto Collision Repair Centers First Lien Senior Secured Term Loan SOFR + 5.75%, 10.7% Cash 05/21 01/26 $ 18,488 $ 18,249 $ 18,308 1.6 % (5) (6) (7) (19)
First Lien Senior Secured Term Loan SOFR +5.75%, 10.7% Cash 05/21 04/26 1,065 1,049 1,053 0.1 % (5) (6) (7) (19)
First Lien Senior Secured Term Loan SOFR + 5.75%, 10.7% Cash 05/21 07/24 — (82) (50) — % (5) (6) (7) (19)
19,553 19,216 19,311
CM Acquisition Holding Inc. Internet & Direct Marketing First Lien Senior Secured Term Loan SOFR + 5.00%, 9.8% Cash 05/21 05/25 10,785 10,761 10,418 0.9 % (5) (6) (7) (19)
10,785 10,761 10,418
Coastal Marina Holdings, LLC Other Financial Subordinated Term Loan 8.0% Cash 11/21 11/31 8,310 7,765 7,779 0.7 % (6) (33)
Subordinated Term Loan 10.0% PIK 11/21 11/31 3,308 3,109 3,097 0.3 % (6) (33)
LLC Units (1,018,869 units) N/A 11/21 N/A 4,547 5,359 0.5 % (6) (31) (33)
11,618 15,421 16,235
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 6.25%, 11.4% Cash 11/21 11/28 3,091 3,030 3,048 0.3 % (3) (5) (6) (7) (9)
3,091 3,030 3,048
Command Alkon (Project Potter Buyer, LLC) Software First Lien Senior Secured Term Loan SOFR + 7.75%, 12.6% Cash 05/21 04/27 11,729 11,550 11,537 1.0 % (5) (6) (7) (18)
11,729 11,550 11,537
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan 11.0% Cash, 1.0% PIK 04/22 04/28 379 373 370 — % (5) (6)
LLC Units (46,085.6 units) N/A 04/22 N/A 125 164 — % (6) (31) (33)
379 498 534
Comply365, LLC Technology First Lien Senior Secured Term Loan SOFR + 5.75%, 10.6% Cash 04/22 04/28 7,114 6,991 7,018 0.6 % (5) (6) (7) (20)
Revolver SOFR + 5.75%, 10.6% Cash 04/22 04/28 — (10) (8) — % (6) (7) (20) (33)
7,114 6,981 7,010
Contabo Finco
S.À.R.L. Internet Software & Services First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.5% Cash 10/22 10/29 10,515 9,410 10,290 0.9 % (3) (5) (6) (7) (12)
10,515 9,410 10,290
Core Scientific, Inc. Technology First Lien Senior Secured Term Loan 13.0% Cash 03/22 03/25 16,798 16,784 8,516 0.8 % (6) (32) (33)
Common Stock (51,846 shares) N/A 09/22 N/A 168 16 — % (31) (33)
16,798 16,952 8,532
Cosmelux International Commodity Chemicals First Lien Senior Secured Term Loan EURIBOR + 5.75%, 7.8% Cash 05/21 07/24 880 972 880 0.1 % (3) (5) (6) (7) (13)
880 972 880
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.3% Cash, 3.5% PIK 09/21 09/28 10,196 10,670 10,051 0.9 % (3) (5) (6) (7) (13)
Class A Units (531 units) N/A 09/21 N/A 248 244 — % (3) (6) (31) (33)
Class B Units (231 units) N/A 09/21 N/A 538 622 0.1 % (3) (6) (31) (33)
10,196 11,456 10,917
CVL 3 Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 5.50%, 8.3% Cash 12/21 12/28 4,129 4,198 4,062 0.4 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan SOFR + 5.50%, 10.5% Cash 12/21 12/28 2,480 2,427 2,440 0.2 % (3) (5) (6) (7) (19)
6,609 6,625 6,502


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Bucharest Bidco Limited	Hotel, Gaming and Leisure	First Lien Senior Secured GBP Term Loan	SONIA + 7.00%, 11.5% Cash	05/21	07/26	$	803	$	840	$	714	0.1	%	(3) (7) (19) (28)
		First Lien Senior Secured USD Term Loan	SOFR + 7.00%, 12.7% Cash	05/21	07/26	175		161		155		—	%	(3) (7) (17) (28)
						978		1,001		869

Burgess Point Purchaser Corporation	Auto Parts & Equipment	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 14.3% Cash	07/22	07/30	4,545		4,383		4,550		0.4	%	(5) (7) (8) (15)
		LP Units (455 units)	N/A	07/22	N/A			455		498		—	%	(7) (26) (28)
						4,545		4,838		5,048

BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 13.4% Cash	06/22	06/26	5,838		5,629		5,476		0.4	%	(5) (7) (8) (10)
						5,838		5,629		5,476

CAi Software, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.9% Cash	12/21	12/28	8,921		8,780		8,323		0.7	%	(6) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR +6.25%, 11.9% Cash	07/22	12/28	1,367		1,345		1,275		0.1	%	(6) (7) (8) (16)
		Revolver	SOFR + 6.25%, 11.9% Cash	12/21	12/28	—		(14)		(63)		—	%	(7) (8) (16) (28) (29)
						10,288		10,111		9,535

Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	3.5% Cash, CDOR + 3.5% PIK, 9.0% PIK	06/21	03/26	4,362		4,814		3,756		0.3	%	(3) (5) (7) (8) (22)
		Class A Equity (500,000 units)	N/A	05/22	N/A			389		—		—	%	(3) (7) (26) (28)
		Class C - Warrants (74,712.64 units)	N/A	05/22	N/A			—		—		—	%	(3) (7) (26) (28)
		Class X Equity (45,604 units)	N/A	05/22	N/A			35		35		—	%	(3) (7) (26) (28)
						4,362		5,238		3,791

Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 13.6% Cash	04/22	04/27	3,907		3,863		3,809		0.3	%	(3) (5) (7) (8) (16)
		LLC Units (616,844 units)	N/A	04/22	N/A			617		583		—	%	(3) (7) (26) (28)
						3,907		4,480		4,392

Centralis Finco S.a.r.l.	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.1% Cash	05/21	04/27	733		711		731		0.1	%	(3) (5) (7) (8) (10)
						733		711		731

Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.6% Cash	10/21	10/28	4,484		4,630		4,386		0.3	%	(3) (5) (7) (8) (11)
						4,484		4,630		4,386

CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	02/22	02/28	30,629		30,030		29,863		2.4	%	(5) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	12/22	02/28	2,117		2,061		2,064		0.2	%	(5) (7) (8) (16)
		Revolver	SOFR + 5.75%, 11.3% Cash	02/22	02/28	—		(25)		(41)		—	%	(7) (8) (16) (28) (29)
		Preferred Stock (657 shares)	N/A	02/22	N/A			722		1,164		0.1	%	(7) (26) (28)
						32,746		32,788		33,050

Chambers Global Holdings Limited	Data Processing & Outsourced Services	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.3% Cash	05/21	01/26	1,167		1,335		1,162		0.1	%	(3) (5) (7) (8) (18)
						1,167		1,335		1,162

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.9% Cash 05/21 01/27 $ 4,076 $ 4,011 $ 4,051 0.4 % (5) (6) (7) (8)
4,076 4,011 4,051
DataServ Integrations, LLC Technology First Lien Senior Secured Term Loan SOFR + 6.00%, 10.8% Cash 11/22 11/28 1,913 1,863 1,867 0.2 % (5) (6) (7) (19)
Partnership Units (96,153.8 units) N/A 11/22 N/A 96 100 — % (6) (31) (33)
1,913 1,959 1,967
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.9% Cash 12/21 12/26 682 671 674 0.1 % (5) (6) (7) (8)
Revolver LIBOR + 6.00%, 10.9% Cash 12/21 12/26 — (3) (3) — % (6) (7) (8) (33)
Common Stock (1,280.8 shares) N/A 12/21 N/A 55 51 — % (6) (31) (33)
682 723 722
Direct Travel, Inc. Lodging & Casinos First Lien Senior Secured Term Loan SOFR + 8.50%, 13.5% Cash 05/21 10/25 5,944 5,572 5,944 0.5 % (6) (7) (19) (33)
Super Senior Secured Term Loan SOFR +6.00%, 10.8% Cash 05/21 10/25 406 406 406 — % (6) (7) (19) (33)
6,350 5,978 6,350
DISA Holdings Corp. Other Industrial First Lien Senior Secured Term Loan SOFR + 5.50%, 10.2% Cash 11/22 09/28 5,691 5,491 5,507 0.5 % (5) (6) (7) (18)
Revolver SOFR + 5.50%, 10.2% Cash 11/22 09/28 — (12) (11) — % (6) (7) (18) (33)
5,691 5,479 5,496
Dragon Bidco Technology First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.4% Cash 05/21 04/28 543 592 534 — % (3) (5) (6) (7) (13)
First Lien Senior Secured Term Loan EURIBOR + 6.75%, 9.7% Cash 05/21 04/28 761 745 748 0.1 % (3) (5) (6) (7) (13)
1,304 1,337 1,282
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.3% Cash 05/21 03/27 869 947 869 0.1 % (3) (5) (6) (7) (12)
869 947 869
Dune Group Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 6.00%, 9.0% Cash 09/21 09/28 305 275 244 — % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.2% Cash 09/21 09/28 4,825 4,756 4,665 0.4 % (3) (5) (6) (7) (9)
5,130 5,031 4,909
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan SOFR + 6.50%, 11.2% Cash 06/22 06/28 1,000 987 989 0.1 % (3) (5) (6) (7) (19)
1,000 987 989
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan SOFR + 6.00%, 11.2% Cash 07/21 07/27 25,376 24,887 24,928 2.2 % (5) (6) (7) (9) (19)
25,376 24,887 24,928
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan LIBOR + 7.00%, 11.9% Cash 11/21 11/29 16,433 16,182 16,121 1.4 % (5) (6) (7) (8)
Partnership Equity (448.2 units) N/A 11/21 N/A 448 548 — % (6) (31) (33)
16,433 16,630 16,669
EFC International Automotive Senior Unsecured Term Loan 11.0% Cash, 2.5% PIK 03/23 05/23 663 643 643 0.1 % (6) (33)
Common Stock (141.19 shares) N/A 03/23 N/A 199 199 — % (6) (31) (33)
663 842 842
Ellkay, LLC Healthcare and Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 6.25%, 11.4% Cash 09/21 09/27 5,756 5,666 5,701 0.5 % (5) (6) (7) (9)
5,756 5,666 5,701


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Classic Collision (Summit Buyer, LLC)	Auto Collision Repair Centers	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	05/21	01/26	$	13,381	$	12,995	$	12,797	1.0	%	(5) (6) (7) (8) (17) (29)
		First Lien Senior Secured Term Loan	SOFR +5.75%, 11.3% Cash	05/21	04/26	1,208		1,195		1,177		0.1	%	(5) (6) (7) (8) (17)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	05/21	07/24	3,558		3,490		3,429		0.3	%	(5) (6) (7) (8) (17) (29)
						18,147		17,680		17,403

CM Acquisition Holding Inc.	Internet & Direct Marketing	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.3% Cash	05/21	05/25	10,729		10,710		10,471		0.8	%	(5) (7) (8) (16)
						10,729		10,710		10,471

Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	11/21	11/28	3,091		3,036		3,064		0.2	%	(3) (5) (7) (8) (16)
						3,091		3,036		3,064

Command Alkon (Project Potter Buyer, LLC)	Software	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	05/21	04/27	11,669		11,510		11,535		0.9	%	(6) (7) (8) (15) (26)
						11,669		11,510		11,535

Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	638		628		619		—	%	(5) (7)
		LLC Units (46,085.6 units)	N/A	04/22	N/A			125		140		—	%	(7) (26)
						638		753		759

Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	04/22	04/28	6,928		6,818		6,856		0.5	%	(5) (7) (8) (16)
		Revolver	SOFR + 5.00%, 10.3% Cash	04/22	04/28	—		(9)		(6)		—	%	(7) (8) (16) (28) (29)
						6,928		6,809		6,850

Contabo Finco S.À.R.L.	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.0% Cash	10/22	10/29	10,247		9,426		10,083		0.8	%	(3) (5) (7) (8) (10)
						10,247		9,426		10,083

Core Scientific, Inc.	Technology	Equipment Term Loan	9.8% Cash	03/22	03/25	17,358		16,784		13,018		1.0	%	(7) (27) (28)
		Common Stock (51,846 shares)	N/A	09/22	N/A			168		37		—	%	(26) (28)
						17,358		16,952		13,055

Cosmelux International	Commodity Chemicals	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.7% Cash	05/21	07/25	858		974		858		0.1	%	(3) (5) (7) (8) (10)
						858		974		858

Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 3.25%, 6.3% Cash, 3.5% PIK	09/21	09/28	10,169		10,926		10,015		0.8	%	(3) (5) (7) (8) (11) (29)
		Class A Units (531 units)	N/A	09/21	N/A			248		242		—	%	(3) (7) (26) (28)
		Class B Units (231 units)	N/A	09/21	N/A			538		651		0.1	%	(3) (7) (26) (28)
						10,169		11,712		10,908

CVL 3	Capital Equipment	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.1% Cash	12/21	12/28	4,023		4,205		4,023		0.3	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	12/21	12/28	2,480		2,431		2,480		0.2	%	(3) (5) (7) (8) (16)
						6,503		6,636		6,503

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 5.75%, 11.1% Cash 12/21 12/27 $ 19,274 $ 18,831 $ 18,458 1.6 % (5) (6) (7) (9)
Revolver LIBOR + 5.75%, 11.1% Cash 12/21 12/27 1,607 1,567 1,530 0.1 % (6) (7) (9) (33)
20,881 20,398 19,988
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.9% Cash 05/21 12/25 1,797 1,786 1,793 0.2 % (5) (6) (7) (9)
1,797 1,786 1,793
EPS NASS Parent, Inc. Electrical Components & Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.9% Cash 05/21 04/28 2,172 2,137 2,156 0.2 % (5) (6) (7) (9)
2,172 2,137 2,156
ERES Group Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.00%, 7.3% Cash 05/21 07/26 272 302 272 — % (3) (5) (6) (7) (11)
272 302 272
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 9.8% Cash 11/21 11/27 4,465 4,374 4,476 0.4 % (5) (6) (7) (8)
Revolver LIBOR + 5.00%, 9.8% Cash 11/21 11/27 — (11) — — % (6) (7) (8) (33)
4,465 4,363 4,476
Eurofins Digital Testing International LUX Holding SARL Technology First Lien Senior Secured Term Loan EURIBOR + 6.75%, 9.7% Cash 12/22 12/29 1,507 1,348 1,390 0.1 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan SOFR + 7.00%, 12.1% Cash 12/22 12/29 766 746 748 0.1 % (3) (5) (6) (7) (19)
First Lien Senior Secured Term Loan SONIA + 6.75%, 10.8% Cash 12/22 12/29 2,231 2,159 2,176 0.2 % (3) (5) (6) (7) (22)
Second Lien Senior Secured Term Loan 11.5% PIK 12/22 12/30 556 525 542 — % (3) (6) (33)
5,060 4,778 4,856
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan BBSY + 6.50%, 10.3% Cash 03/22 03/28 1,716 1,856 1,523 0.1 % (3) (5) (6) (7) (17)
1,716 1,856 1,523
Express Wash Acquisition Company, LLC Consumer Cyclical First Lien Senior Secured Term Loan SOFR + 6.50%, 11.4% Cash 07/22 07/28 7,164 7,035 6,770 0.6 % (5) (6) (7) (18)
Revolver SOFR + 6.50%, 11.4% Cash 07/22 07/28 140 136 126 — % (6) (7) (18) (33)
7,304 7,171 6,896
F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.0% Cash 05/21 08/27 398 437 387 — % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.0% Cash 05/21 08/28 2,949 2,842 2,876 0.3 % (3) (5) (6) (7) (12)
3,347 3,279 3,263
Faraday Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.6% Cash 01/23 01/30 3,310 3,170 3,165 0.3 % (3) (5) (6) (7) (12)
3,310 3,170 3,165
Findex Group Limited Finance Companies First Lien Senior Secured Term Loan BBSY + 5.50%, 7.9% Cash 03/23 08/27 2,418 2,294 2,297 0.2 % (3) (5) (6) (7) (16)
2,418 2,294 2,297
FineLine Technologies, inc. Consumer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.9% Cash 05/21 02/28 3,435 3,390 3,384 0.3 % (5) (6) (7) (9)
3,435 3,390 3,384
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.5% Cash 03/22 03/29 2,444 2,389 2,383 0.2 % (3) (5) (6) (7) (13)
2,444 2,389 2,383
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services Preferred Stock (3,188.51 shares) 11.0% PIK 03/22 N/A 3,823 3,239 0.3 % (5) (6)
3,823 3,239
Fitzmark, Inc. Cargo & Transportation First Lien Senior Secured Term Loan LIBOR + 4.50%, 9.5% Cash 05/21 12/26 4,249 4,195 4,197 0.4 % (5) (6) (7) (9)
4,249 4,195 4,197


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	05/21	01/27	$	4,056	$	3,998	$	4,045	0.3	%	(5) (7) (8) (15) (26)
						4,056		3,998		4,045

DataServ Integrations, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	11/22	11/28	1,904		1,857		1,866		0.1	%	(5) (7) (8) (16) (29)
		Partnership Units (96,153.8 units)	N/A	11/22	N/A			96		96		—	%	(7) (26) (28)
						1,904		1,953		1,962

DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/21	12/26	1,151		1,130		1,122		0.1	%	(5) (7) (8) (15)
		Revolver	SOFR + 6.25%, 11.7% Cash	12/21	12/26	—		(7)		(10)		—	%	(7) (8) (15) (28) (29)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			55		41		—	%	(7) (26) (28)
						1,151		1,178		1,153

Direct Travel, Inc.	Lodging & Casinos	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.0% Cash, 2.0% PIK	05/21	10/25	6,022		5,977		6,022		0.5	%	(7) (8) (16) (28)
		Super Senior Secured Term Loan	SOFR +6.00%, 11.4% Cash	05/21	10/25	406		406		406		—	%	(7) (8) (16) (28) (29)
						6,428		6,383		6,428

DISA Holdings Corp.	Other Industrial	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/22	09/28	5,743		5,559		5,743		0.5	%	(5) (6) (7) (8) (15) (29)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/22	09/28	64		53		64		—	%	(7) (8) (15) (28) (29)
						5,807		5,612		5,807

Dragon Bidco	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	05/21	04/28	1,271		1,339		1,255		0.1	%	(3) (5) (7) (8) (11)
						1,271		1,339		1,255

DreamStart Bidco SAS (d/b/a SmartTrade)	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.5% Cash	05/21	03/27	847		949		847		0.1	%	(3) (5) (7) (8) (10)
						847		949		847

Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 10.0% Cash	09/21	09/28	297		289		239		—	%	(3) (5) (7) (8) (10) (29)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	09/21	09/28	4,825		4,761		4,608		0.4	%	(3) (5) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	09/21	09/28	510		510		487		—	%	(3) (5) (7) (8) (16)
						5,632		5,560		5,334

Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.10%, 11.5% Cash	06/22	06/28	1,000		988		992		0.1	%	(3) (5) (7) (8) (16)
						1,000		988		992

Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	07/21	07/27	17,267		16,942		17,005		1.3	%	(5) (6) (7) (8) (16) (29)
						17,267		16,942		17,005

Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	SOFR + 8.00%, 13.4% Cash	11/21	11/29	16,433		16,195		16,072		1.3	%	(5) (7) (8) (15)
		Partnership Equity (448.2 units)	N/A	11/21	N/A			448		486		—	%	(7) (26) (28)
						16,433		16,643		16,558

EFC International	Automotive	Senior Unsecured Term Loan	11.0% Cash, 2.5% PIK	03/23	05/28	669		650		652		0.1	%	(7) (28)
		Common Stock (141.19 shares)	N/A	03/23	N/A			199		228		—	%	(7) (26)
						669		849		880

Ellkay, LLC	Healthcare and Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.8% Cash	09/21	09/27	5,727		5,646		5,343		0.4	%	(6) (7) (8) (16)
						5,727		5,646		5,343

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan SOFR + 7.25%, 12.4% Cash 05/22 05/30 $ 7,152 $ 7,021 $ 7,052 0.6 % (5) (6) (7) (19)
LLC Units (505.1 units) N/A 05/22 N/A 505 502 — % (6) (31) (33)
7,152 7,526 7,554
Flavor Producers, LLC Packaged Foods & Meats First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.6% Cash, 1.8% PIK 05/21 12/24 897 886 826 0.1 % (5) (6) (7) (8)
897 886 826
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C 6.9% Cash 11/21 11/51 10,000 9,278 8,362 0.7 % (33)
10,000 9,278 8,362
Flywheel Re Segregated Portfolio 2022-4 Investment Funds Preferred Stock (3,202,747 shares) N/A 08/22 N/A 3,203 3,235 0.3 % (3) (6) (31) (33)
3,203 3,235
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan SONIA + 5.75%, 10.4% Cash 04/22 04/29 1,759 1,789 1,694 0.2 % (3) (5) (6) (7) (22)
1,759 1,789 1,694
Fortis Payment Systems, LLC Other Financial First Lien Senior Secured Term Loan SOFR + 5.25%, 10.2% Cash 10/22 02/26 1,571 1,518 1,517 0.1 % (5) (6) (7) (18)
1,571 1,518 1,517
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.9% Cash 05/21 05/23 9,134 8,860 9,134 0.8 % (5) (6) (7) (9)
Partnership Units (929.7 units) N/A 05/21 N/A 929 1,169 0.1 % (6) (31) (33)
9,134 9,789 10,303
Front Line Power Construction LLC Construction Machinery First Lien Senior Secured Term Loan LIBOR + 12.50%, 17.4% Cash 11/21 11/28 1,366 1,266 1,509 0.1 % (6) (7) (9)
Common Stock (250,004 shares) N/A 11/21 N/A 116 36 — % (31) (33)
1,366 1,382 1,545
FSS Buyer LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.6% Cash 08/21 08/28 24,471 24,076 24,240 2.2 % (5) (6) (7) (8)
LP Interest (2,902.3 units) N/A 08/21 N/A 29 44 — % (6) (31) (33)
LP Units (12,760.8 units) N/A 08/21 N/A 128 193 — % (6) (31) (33)
24,471 24,233 24,477
GB Eagle Buyer, Inc. Capital Goods First Lien Senior Secured Term Loan SOFR + 6.50%, 11.2% Cash 12/22 12/28 20,915 20,319 20,322 1.8 % (5) (6) (7) (19) (34)
Revolver SOFR + 6.50%, 11.2% Cash 12/22 12/28 — (92) (92) — % (6) (7) (19) (33)
Partnership Units (859 units) N/A 12/22 N/A 859 858 0.1 % (6) (31) (33)
20,915 21,086 21,088
Glacis Acquisition S.A.R.L. Transportation Services First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.9% Cash 05/21 07/23 2,739 2,671 2,739 0.2 % (3) (5) (6) (7) (13)
First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.9% Cash 05/21 07/25 1,238 1,376 1,238 0.1 % (3) (5) (6) (7) (13)
3,977 4,047 3,977
Global Academic Group Limited Industrial Other First Lien Senior Secured Term Loan BBSY + 6.00%, 9.4% Cash 07/22 07/27 2,471 2,505 2,414 0.2 % (3) (5) (6) (7) (16)
First Lien Senior Secured Term Loan BKBM + 6.00%, 10.2% Cash 07/22 07/27 4,318 4,209 4,208 0.4 % (3) (5) (6) (7) (27)
6,789 6,714 6,622
GPNZ II GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.00%, 7.9% Cash, 1.0% PIK 06/22 06/29 468 445 426 — % (3) (5) (6) (7) (11)
468 445 426


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.5% Cash	12/21	12/27	$	19,214	$	18,811	$	16,797	1.3	%	(5) (6) (7) (8) (17) (29)
		Revolver	SOFR + 5.75%, 11.5% Cash	12/21	12/27	1,937		1,902		1,711		0.1	%	(7) (8) (17) (28) (29)
						21,151		20,713		18,508

Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	05/21	12/25	2,060		2,046		2,019		0.2	%	(5) (6) (7) (8) (16)
						2,060		2,046		2,019

EPS NASS Parent, Inc.	Electrical Components & Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	05/21	04/28	2,161		2,130		2,098		0.2	%	(6) (7) (8) (16) (28)
						2,161		2,130		2,098

ERES Group	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.6% Cash	05/21	07/26	233		266		233		—	%	(3) (5) (7) (8) (10)
						233		266		233

eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	11/21	11/27	4,431		4,358		4,431		0.4	%	(5) (6) (7) (8) (15) (29)
		Revolver	SOFR + 5.00%, 10.3% Cash	11/21	11/27	—		(10)		—		—	%	(7) (8) (15) (28) (29)
						4,431		4,348		4,431

Eurofins Digital Testing International LUX Holding SARL	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.50%, 8.0% Cash, 2.8% PIK	12/22	12/29	1,492		1,386		1,126		0.1	%	(3) (5) (7) (8) (10) (29)
		First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.9% Cash, 2.8% PIK	12/22	12/29	783		763		721		0.1	%	(3) (5) (7) (8) (16)
		Senior Subordinated Term Loan	11.5% PIK	12/22	12/29	583		568		531		—	%	(3) (7) (28)
						2,858		2,717		2,378

Events Software BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.8% Cash	03/22	03/28	1,654		1,862		1,467		0.1	%	(3) (5) (7) (8) (14) (29)
		First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.8% Cash	03/22	09/24	21		21		19		—	%	(3) (5) (7) (8) (14)
						1,675		1,883		1,486

Express Wash Acquisition Company, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.50%, 12.0% Cash	07/22	07/28	6,364		6,258		6,281		0.5	%	(5) (7) (8) (16)
		Revolver	SOFR + 6.50%, 12.0% Cash	07/22	07/28	140		136		137		—	%	(7) (8) (16) (28) (29)
						6,504		6,394		6,418

F24 (Stairway BidCo Gmbh)	Software Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.3% Cash	05/21	08/27	3,314		3,338		3,250		0.3	%	(3) (5) (7) (8) (10)
						3,314		3,338		3,250

Faraday	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	01/23	01/30	261		212		215		—	%	(3) (5) (7) (8) (10) (29)
						261		212		215

Findex Group Ltd	Finance Companies	First Lien Senior Secured Term Loan	BBSY + 5.50%, 9.8% Cash	03/23	12/26	2,330		2,307		2,233		0.2	%	(3) (5) (7) (8) (13)
						2,330		2,307		2,233

FineLine Systems	Consumer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	05/21	02/28	3,427		3,385		3,419		0.3	%	(6) (7) (8) (16)
						3,427		3,385		3,419

Finexvet	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.6% Cash	03/22	03/29	2,382		2,393		2,320		0.2	%	(3) (5) (7) (8) (11)
		First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.6% Cash	05/23	03/29	5,336		5,309		5,148		0.4	%	(3) (7) (8) (11) (28) (29)
						7,718		7,702		7,468

FinThrive Software Intermediate Holdings Inc.	Business Equipment & Services	Preferred Stock (3,188.51 shares)	11.0% PIK	03/22	N/A			4,039		3,191		0.3	%	(5) (7)
								4,039		3,191

Fitzmark, Inc.	Cargo & Transportation	First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.1% Cash	05/21	12/26	4,227		4,180		4,190		0.3	%	(6) (7) (8) (16) (28)
						4,227		4,180		4,190

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Graphpad Software, LLC Internet Software & Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.6% Cash 11/21 04/27 $ 16,089 $ 15,943 $ 15,566 1.4 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.1% Cash 05/21 04/27 10,904 10,904 10,730 1.0 % (5) (6) (7) (9)
26,993 26,847 26,296
Greenhill II BV Technology First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.4% Cash 07/22 07/29 752 672 731 0.1 % (3) (5) (6) (7) (12)
752 672 731
Groupe Product Life Consumer Non-cyclical First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.3% Cash 10/22 10/29 1,589 1,384 1,533 0.1 % (3) (5) (6) (7) (12)
1,589 1,384 1,533
Gusto Aus BidCo Pty Ltd Consumer Non-cyclical First Lien Senior Secured Term Loan BBSY + 6.50%, 10.2% Cash 10/22 10/28 2,181 2,018 2,119 0.2 % (3) (5) (6) (7) (17)
2,181 2,018 2,119
Healthe Care Specialty Pty Ltd Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan BBSY + 5.00%, 8.8% Cash 05/21 10/24 973 1,109 939 0.1 % (3) (5) (6) (7) (17)
973 1,109 939
HeartHealth Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 4.75%, 8.5% Cash 09/22 09/28 619 570 593 0.1 % (3) (5) (6) (7) (16)
619 570 593
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan 11.0% PIK 11/21 11/23 659 644 648 0.1 % (6) (33)
Subordinated Term Loan 11.0% PIK 11/21 12/28 5,517 5,415 5,442 0.5 % (6) (33)
6,176 6,059 6,090
Heartland, LLC Business Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.9% Cash 05/21 08/25 7,072 6,997 6,988 0.6 % (5) (6) (7) (9)
7,072 6,997 6,988
Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.1% Cash 11/21 11/27 22,807 22,440 22,560 2.0 % (5) (6) (7) (8)
Revolver LIBOR + 5.75%, 10.1% Cash 11/21 11/27 — (34) (24) — % (6) (7) (8) (33)
22,807 22,406 22,536
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan EURIBOR + 5.00%, 7.7% Cash 05/21 09/26 9,004 9,700 8,851 0.8 % (3) (5) (6) (7) (12)
9,004 9,700 8,851
HEKA Invest Technology First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.5% Cash 10/22 10/29 10,178 8,930 9,914 0.9 % (3) (5) (6) (7) (12)
10,178 8,930 9,914
HemaSource, Inc. Health Care Distributors First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.7% Cash 05/21 07/23 7,520 7,510 7,490 0.7 % (5) (6) (7) (9)
7,520 7,510 7,490
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan SOFR + 5.00%, 9.9% Cash 05/21 03/27 1,539 1,517 1,412 0.1 % (5) (6) (7) (18)
1,539 1,517 1,412
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan SOFR + 5.25%, 9.5% Cash 04/22 11/28 17,500 17,040 17,137 1.5 % (3) (5) (6) (7) (20)
17,500 17,040 17,137
HTI Technology & Industries Electronic Component Manufacturing First Lien Senior Secured Term Loan SOFR + 8.50%, 13.6% Cash 07/22 07/25 12,161 11,952 11,746 1.0 % (5) (6) (7) (20)
Revolver SOFR + 8.50%, 13.6% Cash 07/22 07/25 — (13) (34) — % (6) (7) (20) (33)
12,161 11,939 11,712
HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan LIBOR + 5.00%, 10.2% Cash 05/21 12/24 7,138 7,105 7,049 0.6 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 5.00%, 9.8% Cash 05/21 12/24 6,905 6,823 6,826 0.6 % (5) (6) (7) (8)
14,043 13,928 13,875


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Five Star Holding LLC	Packaging	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 12.8% Cash	05/22	05/30	$	7,152	$	7,028	$	7,081	0.6	%	(5) (7) (8) (16)
		LLC Units (505.1 units)	N/A	05/22	N/A			505		573		—	%	(7) (26)
						7,152		7,533		7,654

Flavor Producers, LLC	Packaged Foods & Meats	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.3% Cash, 1.8% PIK	05/21	12/24	895		891		811		0.1	%	(5) (7) (8) (16)
						895		891		811

Flexential Issuer, LLC	Information Technology	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	10,000		9,285		8,451		0.7	%	(28)
						10,000		9,285		8,451

Flywheel Re Segregated Portfolio 2022-4	Investment Funds	Preferred Stock (3,202,747 shares)	N/A	08/22	N/A			4,714		5,044		0.4	%	(3) (7) (26) (28)
								4,714		5,044

Footco 40 Limited	Media & Entertainment	First Lien Senior Secured Term Loan	SONIA + 6.75%, 11.9% Cash	04/22	04/29	1,781		1,844		1,726		0.1	%	(3) (5) (7) (8) (18) (29)
						1,781		1,844		1,726

Fortis Payment Systems, LLC	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	10/22	02/26	2,272		2,230		2,262		0.2	%	(5) (7) (8) (16) (29)
						2,272		2,230		2,262

FragilePak LLC	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.4% Cash	05/21	05/27	9,088		8,923		9,051		0.7	%	(5) (7) (8) (16)
		Partnership Units (929.7 units)	N/A	05/21	N/A			930		864		0.1	%	(7) (26)
						9,088		9,853		9,915

Front Line Power Construction LLC	Construction Machinery	Super Senior Secured Term Loan	10.0% Cash	11/21	11/23	60		60		60		—	%	(7) (28) (29)
		First Lien Senior Secured Term Loan	SOFR + 12.50%, 18.1% Cash	11/21	11/28	1,372		1,279		1,356		0.1	%	(7) (8) (16) (28)
		Common Stock (6,251 shares)	N/A	11/21	N/A			116		1		—	%	(26) (28)
						1,432		1,455		1,417

FSS Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	08/21	08/28	24,347		23,985		24,198		1.9	%	(5) (6) (7) (8) (16)
		LP Interest (2,902.3 units)	N/A	08/21	N/A			29		36		—	%	(7) (26)
		LP Units (12,760.8 units)	N/A	08/21	N/A			128		159		—	%	(7) (26)
						24,347		24,142		24,393

GB Eagle Buyer, Inc.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	12/22	12/28	14,841		14,448		14,493		1.1	%	(7) (8) (16) (28)
		Revolver	SOFR + 6.50%, 11.9% Cash	12/22	12/28	—		(84)		(76)		—	%	(7) (8) (16) (28) (29)
		Partnership Units (859 units)	N/A	12/22	N/A			859		791		0.1	%	(7) (26) (28)
						14,841		15,223		15,208

Glacis Acquisition S.A.R.L.	Transportation Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	05/21	07/25	4,876		4,989		4,876		0.4	%	(3) (5) (7) (8) (11) (29)
						4,876		4,989		4,876

Global Academic Group Limited	Industrial Other	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.2% Cash	07/22	07/27	2,416		2,547		2,372		0.2	%	(3) (5) (7) (8) (13)
		First Lien Senior Secured Term Loan	BKBM + 6.00%, 11.7% Cash	07/22	07/27	4,147		4,222		4,065		0.3	%	(3) (5) (7) (8) (23) (29)
						6,563		6,769		6,437

GPNZ II GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	06/22	06/29	456		445		325		—	%	(3) (5) (7) (8) (9)
		First Lien Senior Secured Term Loan	10.0% PIK	06/22	06/29	34		35		34		—	%	(3) (7) (28) (29)
		Common Stock (5,785 shares)	N/A	09/23	N/A			—		—		—	%	(3) (5) (7) (26)
						490		480		359

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Hygie 31 Holding Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 6.25%, 7.4% Cash 09/22 09/29 $ 652 $ 562 $ 637 0.1 % (3) (5) (6) (7) (14)
652 562 637
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.25%, 8.5% Cash 05/21 04/28 4,563 4,877 4,451 0.4 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 9.0% Cash 12/22 05/28 3,477 3,273 3,391 0.3 % (3) (5) (6) (7) (12)
8,040 8,150 7,842
Image International Intermediate Holdco II, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.3% Cash 05/21 07/24 24,783 24,697 24,574 2.2 % (5) (6) (7) (8)
24,783 24,697 24,574
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 5.00%, 8.2% Cash 11/21 11/28 4,094 4,165 4,033 0.4 % (3) (5) (6) (7) (13)
4,094 4,165 4,033
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.3% Cash 05/21 04/28 1,019 1,096 894 0.1 % (3) (5) (6) (7) (13)
1,019 1,096 894
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 5.40%, 8.1% Cash 05/21 12/27 443 722 665 0.1 % (3) (5) (6) (7) (12)
443 722 665
Interstellar Group B.V. Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 8.3% Cash 08/22 02/29 130 120 127 — % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan EURIBOR + 5.25%, 8.3% Cash 08/22 08/29 2,486 2,265 2,425 0.2 % (3) (5) (6) (7) (12)
2,616 2,385 2,552
Ipsen International Holding GmbH Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 6.75%, 9.5% Cash, 0.5% PIK 05/21 08/24 1,161 1,203 1,128 0.1 % (3) (6) (7) (13)
1,161 1,203 1,128
Iridium Bidco Limited Radio & Television First Lien Senior Secured Term Loan SONIA + 5.00%, 9.2% Cash 05/21 04/24 4,719 5,070 4,597 0.4 % (3) (5) (6) (7) (22)
4,719 5,070 4,597
Isolstar Holding NV (IPCOM) Trading Companies & Distributors First Lien Senior Secured Term Loan EURIBOR + 6.50%, 8.8% Cash 10/22 10/29 9,330 8,042 8,958 0.8 % (3) (5) (6) (7) (11)
9,330 8,042 8,958
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan SOFR + 6.50%, 11.5% Cash 12/21 12/27 8,860 8,478 8,467 0.8 % (5) (6) (7) (19)
Revolver SOFR + 6.50%, 11.5% Cash 12/21 12/27 22 (3) (4) — % (6) (7) (19) (33)
Common Stock (1,433.37 shares) N/A 12/21 N/A 750 750 0.1 % (6) (31) (33)
8,882 9,225 9,213
Jade Bidco Limited (Jane’s) Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 5.50%, 7.9% Cash 05/21 02/29 3,590 3,553 3,532 0.3 % (3) (5) (6) (7) (13)
First Lien Senior Secured Term Loan SOFR + 5.50%, 9.3% Cash 05/21 02/29 21,245 20,799 20,904 1.9 % (3) (5) (6) (7) (20)
24,835 24,352 24,436
Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan BKBM + 4.75%, 10.0% Cash 03/22 03/27 3,909 4,236 3,824 0.3 % (3) (5) (6) (7) (27)
3,909 4,236 3,824
Jones Fish Hatcheries & Distributors LLC Consumer Products First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.5% Cash 02/22 02/28 2,785 2,738 2,680 0.2 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan SOFR + 5.75%%, 10.6% Cash 02/22 02/28 696 675 675 0.1 % (6) (7) (20) (33)
Revolver LIBOR + 5.50%, 10.5% Cash 02/22 02/28 — (7) (16) — % (6) (7) (9) (33)
LLC Units (974.68 units) N/A 02/22 N/A 97 162 — % (6) (31) (33)
3,481 3,503 3,501


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Graphpad Software, LLC	Internet Software & Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.2% Cash	11/21	04/27	$	16,048	$	15,918	$	15,712	1.2	%	(5) (7) (8) (16) (29)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.7% Cash	05/21	04/27	10,847		10,847		10,722		0.8	%	(6) (7) (8) (16)
						26,895		26,765		26,434

Greenhill II BV	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.2% Cash	07/22	07/29	871		814		854		0.1	%	(3) (5) (7) (8) (10) (29)
						871		814		854

Groupe Product Life	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	10/22	10/29	2,642		2,513		2,598		0.2	%	(3) (5) (7) (8) (10)
						2,642		2,513		2,598

Gusto Aus BidCo Pty Ltd	Consumer Non-cyclical	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.7% Cash	10/22	10/28	2,102		2,023		2,054		0.2	%	(3) (5) (7) (8) (13) (29)
						2,102		2,023		2,054

Healthe Care Specialty Pty Ltd	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.2% Cash	05/21	10/24	925		1,099		886		0.1	%	(3) (5) (7) (8) (14)
						925		1,099		886

HeartHealth Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 4.75%, 8.9% Cash	09/22	09/28	604		580		585		—	%	(3) (5) (7) (8) (13) (29)
						604		580		585

Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	12/28	6,753		6,646		5,916		0.5	%	(7) (28)

						6,753		6,646		5,916

Heartland, LLC	Business Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.2% Cash	05/21	08/25	7,380		7,317		7,321		0.6	%	(5) (6) (7) (8) (15)
						7,380		7,317		7,321

Heavy Construction Systems Specialists, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	11/21	11/27	22,636		22,306		22,636		1.8	%	(5) (6) (7) (8) (15)
		Revolver	SOFR + 5.50%, 10.8% Cash	11/21	11/27	—		(30)		—		—	%	(7) (8) (15) (28) (29)
						22,636		22,276		22,636

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 8.9% Cash	05/21	09/26	8,775		9,719		8,424		0.7	%	(3) (5) (7) (8) (11)
						8,775		9,719		8,424

HEKA Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	10/22	10/29	3,989		3,584		3,897		0.3	%	(3) (5) (7) (8) (10) (29)
						3,989		3,584		3,897

HemaSource, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	08/23	08/29	7,945		7,748		7,746		0.6	%	(5) (7) (8) (16)
		Revolver	SOFR + 6.00%, 11.4% Cash	08/23	08/29	—		(81)		(82)		—	%	(7) (8) (16) (28) (29)
		Common Stock (184,282 shares)	N/A	08/23	N/A			184		184		—	%	(7) (26) (28)
						7,945		7,851		7,848

Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	05/21	03/27	1,533		1,513		1,404		0.1	%	(6) (7) (8) (16) (28)
						1,533		1,513		1,404

Honour Lane Logistics Holdings Limited	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 4.85%, 10.4% Cash	04/22	11/28	14,583		14,231		14,015		1.1	%	(3) (5) (7) (8) (17)
						14,583		14,231		14,015

HTI Technology & Industries	Electronic Component Manufacturing	First Lien Senior Secured Term Loan	SOFR + 8.50%, 14.0% Cash	07/22	07/25	9,134		8,995		9,134		0.7	%	(5) (6) (7) (8) (16) (29)
		Revolver	SOFR + 8.50%, 14.0% Cash	07/22	07/25	—		(10)		—		—	%	(7) (8) (16) (28) (29)
						9,134		8,985		9,134

HW Holdco, LLC (Hanley Wood LLC)	Advertising	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	05/21	12/24	14,043		13,967		13,678		1.1	%	(5) (6) (7) (8) (16)

						14,043		13,967		13,678

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan LIBOR + 5.00%, 10.1% Cash 05/21 11/26 $ 2,855 $ 2,821 $ 2,808 0.3 % (5) (6) (7) (10)
2,855 2,821 2,808
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.9% Cash 10/21 10/27 23,577 23,205 23,341 2.1 % (5) (6) (7) (9)
LLC Units (1,062,795.2 units) N/A 10/21 N/A 1,064 999 0.1 % (6) (31) (33)
23,577 24,269 24,340
Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan SOFR + 4.75%, 9.6% Cash 05/21 12/27 14,614 14,410 14,399 1.3 % (5) (6) (7) (19)
14,614 14,410 14,399
KSLB Holdings, LLC Beverage, Food and Tobacco First Lien Senior Secured Term Loan LIBOR + 4.50%, 9.4% Cash 05/21 07/25 5,948 5,738 5,442 0.5 % (5) (6) (7) (9)
5,948 5,738 5,442
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.3% Cash 12/21 12/28 2,222 2,226 2,115 0.2 % (3) (5) (6) (7) (12)
Second Lien Senior Secured Term Loan 12.0% PIK 12/21 06/29 706 711 656 0.1 % (3) (6) (33)
2,928 2,937 2,771
Lattice Group Holdings Bidco Limited Technology First Lien Senior Secured Term Loan SOFR + 5.75%, 9.9% Cash 05/22 05/29 709 688 674 0.1 % (3) (5) (6) (7) (19)
Revolver SOFR + 5.75%, 10.1% Cash 05/22 11/28 35 35 34 — % (3) (6) (7) (19) (33)
744 723 708
LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR +4.75%, 9.5% Cash 02/22 02/28 12,885 12,697 12,746 1.1 % (5) (6) (7) (9)
Revolver LIBOR + 4.75%, 9.5% Cash 02/22 02/28 — (28) (21) — % (6) (7) (9) (33)
LLC Units (39,370.1 units) N/A 02/22 N/A 39 54 — % (6) (33)
12,885 12,708 12,779
Liberty Steel Holdings USA Inc. Industrial Other Revolver SOFR + 4.50%, 9.3% Cash 04/22 04/25 7,500 7,449 7,449 0.7 % (5) (6) (7) (19)
7,500 7,449 7,449
Life Extension Institute, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.3% Cash 05/21 02/24 6,962 6,962 6,962 0.6 % (5) (6) (7) (8)
6,962 6,962 6,962
Listrac Bidco Limited Health Care First Lien Senior Secured Term Loan SONIA + 6.00%, 9.9% Cash 02/23 02/27 979 946 979 0.1 % (3) (6) (7) (23) (33)
Super Senior Secured Term Loan SONIA + 12.00%, 15.9% Cash 02/23 08/26 167 156 161 — % (3) (6) (7) (23) (33)
Common Stock (255 shares) N/A 03/23 N/A — 494 421 — % (3) (6) (31) (33)
1,146 1,596 1,561
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 9.9% Cash 05/21 12/25 1,527 1,514 1,502 0.1 % (5) (6) (7) (9)
1,527 1,514 1,502
Long Term Care Group, Inc. Healthcare First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.2% Cash 04/22 09/27 4,179 4,108 3,398 0.3 % (5) (6) (7) (8)
4,179 4,108 3,398
Marmoutier Holding B.V. Consumer Products First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.8% Cash 12/21 12/24 363 331 310 — % (3) (5) (6) (7) (13)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 8.8% Cash 12/21 12/28 1,858 1,890 1,603 0.1 % (3) (5) (6) (7) (13)
Revolver EURIBOR + 5.00%, 7.8% Cash 12/21 06/27 46 42 25 — % (3) (6) (7) (12) (33)
2,267 2,263 1,938


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Hygie 31 Holding	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.4% Cash	09/22	09/29	$	635	$	563	$	624	—	%	(3) (5) (7) (8) (11)
						635		563		624

IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.5% Cash	05/21	04/28	4,447		4,886		4,358		0.3	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 10.0% Cash	12/22	05/28	3,388		3,281		3,320		0.3	%	(3) (5) (7) (8) (10)
						7,835		8,167		7,678

Image International Intermediate Holdco II, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	05/21	07/24	24,682		24,678		24,537		1.9	%	(5) (6) (7) (8) (15)
						24,682		24,678		24,537

Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.7% Cash	11/21	11/28	3,990		4,172		3,948		0.3	%	(3) (5) (7) (8) (11)
						3,990		4,172		3,948

Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.4% Cash	05/21	04/28	993		1,101		936		0.1	%	(3) (5) (7) (8) (11) (29)
		First Lien Senior Secured Term Loan	SARON + 6.50%, 8.2% Cash	05/23	04/28	159		161		150		—	%	(3) (7) (8) (24) (28)
						1,152		1,262		1,086

INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.37%, 9.3% Cash	05/21	12/27	536		778		700		0.1	%	(3) (5) (7) (8) (10) (29)
						536		778		700

Interstellar Group B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.4% Cash	08/22	08/29	2,943		2,857		2,900		0.2	%	(3) (5) (7) (8) (10) (29)
						2,943		2,857		2,900

Ipsen International Holding GmbH	Capital Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.4% Cash, 0.5% PIK	05/21	08/24	1,132		1,229		1,113		0.1	%	(3) (7) (8) (11) (28)
						1,132		1,229		1,113

Iridium Bidco Limited	Radio & Television	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.0% Cash	05/21	04/25	4,659		5,083		4,556		0.4	%	(3) (5) (7) (8) (19)
						4,659		5,083		4,556

Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.2% Cash	10/22	10/29	9,092		8,114		8,916		0.7	%	(3) (5) (7) (8) (10) (29)
						9,092		8,114		8,916

ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	12/21	12/27	13,074		12,727		12,840		1.0	%	(5) (6) (7) (8) (16)
		Revolver	SOFR + 6.50%, 11.9% Cash	12/21	12/27	50		18		29		—	%	(7) (8) (16) (28) (29)
		Common Stock (7,500.4 shares)	N/A	12/21	N/A			750		772		0.1	%	(7) (26)
						13,124		13,495		13,641

Jade Bidco Limited (Jane's)	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.0% Cash	05/21	2/29	3,498		3,559		3,457		0.3	%	(3) (5) (7) (8) (11)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.3% Cash	05/21	2/29	21,245		20,831		20,992		1.7	%	(3) (5) (7) (8) (17)
						24,743		24,390		24,449

Jon Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	BKBM + 4.50%, 10.3% Cash	03/22	03/27	3,911		4,402		3,851		0.3	%	(3) (5) (7) (8) (23) (29)
						3,911		4,402		3,851

Jones Fish Hatcheries & Distributors LLC	Consumer Products	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	02/22	02/28	8,043		7,875		7,842		0.6	%	(5) (7) (8) (16)

		Revolver	SOFR + 5.50%, 10.8% Cash	02/22	02/28	—		(6)		(10)		—	%	(7) (8) (16) (28) (29)
		LLC Units (1,018 units)	N/A	02/22	N/A			107		221		—	%	(7)
						8,043		7,976		8,053

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Marshall Excelsior Co. Capital Goods First Lien Senior Secured Term Loan SOFR + 5.50%, 10.5% Cash 02/22 02/28 $ 5,689 $ 5,610 $ 5,619 0.5 % (5) (6) (7) (19)
Revolver Prime + 5.50%, 13.5% Cash 02/22 02/28 835 822 824 0.1 % (6) (7) (30) (33)
6,524 6,432 6,443
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.3% Cash 07/21 06/27 6,571 6,459 6,509 0.6 % (5) (6) (7) (9)
Partnership Units (560 Units) N/A 06/21 N/A 560 679 0.1 % (6) (31) (33)
6,571 7,019 7,188
Media Recovery, Inc. (SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan SONIA + 6.00%, 10.2% Cash 05/21 11/25 864 972 864 0.1 % (5) (6) (7) (21)
864 972 864
Median B.V. Healthcare First Lien Senior Secured Term Loan SONIA + 6.00%, 9.4% Cash 02/22 10/27 6,120 6,522 5,094 0.5 % (3) (5) (7) (23)
6,120 6,522 5,094
Medical Solutions Parent Holdings, Inc. Healthcare Second Lien Senior Secured Term Loan SOFR + 7.00%, 12.0% Cash 11/21 11/29 4,421 4,383 4,001 0.4 % (5) (7) (19)
4,421 4,383 4,001
Medplast Holdings, Inc. Health Care Second Lien Senior Secured Term Loan LIBOR + 7.75%, 12.6% Cash 05/21 07/26 9,325 8,755 7,894 0.7 % (5) (7) (8)
9,325 8,755 7,894
Mercell Holding AS Technology First Lien Senior Secured Term Loan NIBOR + 6.00%, 9.0% Cash 08/22 08/29 2,999 3,129 2,925 0.3 % (3) (5) (6) (29)
Class A Units (114.4 units) N/A 08/22 N/A 111 115 — % (3) (6) (31) (33)
Class B Units (28,943.8 units) N/A 08/22 N/A — 54 — % (3) (6) (31) (33)
2,999 3,240 3,094
Mertus 522. GmbH Health Care First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.5% Cash 05/21 05/26 3,896 3,926 3,662 0.3 % (3) (5) (6) (7) (13)
3,896 3,926 3,662
Metis BidCo Pty Limited Business Equipment & Services First Lien Senior Secured Term Loan BBSY + 5.25%, 8.5% Cash 05/21 04/26 382 439 382 — % (3) (5) (6) (16)
382 439 382
MNS Buyer, Inc. Construction and Building First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.5% Cash 08/21 08/27 909 895 792 0.1 % (5) (6) (7) (8)
Partnership Units (76.92 Units) N/A 08/21 N/A 77 25 — % (6) (31) (33)
909 972 817
Modern Star Holdings Bidco Pty Limited Non-durable Consumer Goods First Lien Senior Secured Term Loan BBSY + 6.25%, 9.7% Cash 05/21 12/26 774 859 763 0.1 % (3) (5) (6) (7) (15)
774 859 763
Mold-Rite Plastics, LLC Containers, Packaging & Glass Second Lien Senior Secured Term Loan LIBOR + 7.00%, 11.2% Cash 09/21 09/29 13,983 12,756 8,949 0.8 % (5) (6) (7) (10)
13,983 12,756 8,949
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan SONIA + 5.00%, 8.2% Cash 05/21 11/27 642 704 627 0.1 % (3) (5) (6) (7) (23)
642 704 627
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.2% Cash 05/21 08/26 2,441 2,413 2,415 0.2 % (5) (6) (7) (8)
2,441 2,413 2,415
Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 6.00%, 9.6% Cash 03/22 03/28 13,139 13,783 12,035 1.1 % (3) (5) (6) (7) (17)
13,139 13,783 12,035


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Kano Laboratories LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	05/21	11/26	$	2,841	$	2,810	$	2,808	0.2	%	(5) (6) (7) (8) (16) (29)
						2,841		2,810		2,808

Kid Distro Holdings, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	10/21	10/27	23,457		23,123		23,301		1.8	%	(5) (6) (7) (8) (16)
		LLC Units (1,062,795.2 units)	N/A	10/21	N/A			1,064		1,097		0.1	%	(7) (26)
						23,457		24,187		24,398

Kona Buyer, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	05/21	12/27	14,242		14,066		14,214		1.1	%	(5) (7) (8) (16)
						14,242		14,066		14,214

KSLB Holdings, LLC	Beverage, Food and Tobacco	First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.0% Cash	05/21	07/25	5,932		5,765		5,564		0.4	%	(5) (7) (8) (16)
						5,932		5,765		5,564

Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	12/21	12/28	2,274		2,340		2,074		0.2	%	(3) (5) (7) (8) (10) (29)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	730		755		643		0.1	%	(3) (7) (28)
						3,004		3,095		2,717

Lattice Group Holdings Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.6% Cash	05/22	05/29	709		690		655		0.1	%	(3) (5) (7) (8) (17) (29)
		Revolver	SOFR + 5.75%, 10.6% Cash	05/22	11/28	35		35		33		—	%	(3) (7) (8) (17) (28)
						744		725		688

LeadsOnline, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR +5.75%, 11.1% Cash	02/22	02/28	12,822		12,651		12,501		1.0	%	(5) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	09/23	02/28	5,897		5,752		5,750		0.5	%	(7) (8) (16) (28)
		Revolver	SOFR + 5.75%, 11.1% Cash	02/22	02/28	—		(55)		(80)		—	%	(7) (8) (16) (28) (29)
		LLC Units (61,248.1 units)	N/A	02/22	N/A			63		138		—	%	(7)
						18,719		18,411		18,309

Liberty Steel Holdings USA Inc.	Industrial Other	Revolver	SOFR + 4.50%, 9.8% Cash	04/22	04/25	7,500		7,461		7,485		0.6	%	(5) (7) (8) (16)
						7,500		7,461		7,485

Life Extension Institute, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	05/21	02/26	6,916		6,916		6,916		0.5	%	(6) (7) (8) (16)
						6,916		6,916		6,916

Listrac Bidco Limited	Health Care	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	02/23	02/27	967		946		967		0.1	%	(3) (7) (8) (19) (28)
		Super Senior Secured Term Loan	SONIA + 12.00%, 17.2% Cash	02/23	08/26	165		156		165		—	%	(3) (7) (8) (19) (28)
		Common Stock (255 shares)	N/A	03/23	N/A	—		494		534		—	%	(3) (7) (26) (28)
						1,132		1,596		1,666

LivTech Purchaser, Inc.	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	05/21	12/25	1,527		1,518		1,521		0.1	%	(6) (7) (8) (16) (28)
						1,527		1,518		1,521

Long Term Care Group, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 1.00%, 6.3% Cash, 6.0% PIK	04/22	09/27	4,253		4,188		3,322		0.3	%	(5) (7) (8) (15)
						4,253		4,188		3,322

Marmoutier Holding B.V.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 3.2% Cash, 6.8% PIK	12/21	12/28	2,256		2,321		1,932		0.2	%	(3) (5) (7) (8) (10) (29)
		Revolver	EURIBOR, 3.2% Cash, 5.8% PIK	12/21	06/27	47		45		26		—	%	(3) (7) (8) (10) (28) (29)
						2,303		2,366		1,958

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Narda Acquisitionco., Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.7% Cash 12/21 12/27 $ 4,545 $ 4,481 $ 4,341 0.4 % (5) (6) (7) (8)
Revolver LIBOR + 5.50%, 10.3% Cash 12/21 12/27 106 91 58 — % (6) (7) (9) (33)
Class A Preferred Stock (3,708.01 shares) N/A 12/21 N/A 371 376 — % (6) (31) (33)
Class B Common Stock (412 shares) N/A 12/21 N/A 41 4 — % (6) (31) (33)
4,651 4,984 4,779
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan SOFR + 5.75%, 10.5% Cash 05/21 02/27 3,993 3,949 3,926 0.4 % (5) (6) (7) (18)
First Lien Senior Secured Term Loan SOFR + 6.00%, 10.7% Cash 05/21 02/27 569 563 559 — % (6) (7) (19) (33)
First Lien Senior Secured Term Loan SOFR + 6.50%, 11.2% Cash 11/22 02/27 2,036 1,989 1,991 0.2 % (5) (6) (7) (19)
6,598 6,501 6,476
NeoxCo Internet Software & Services First Lien Senior Secured Term Loan EURIBOR + 6.50%, 9.4% Cash 01/23 01/30 2,109 2,035 2,031 0.2 % (3) (5) (6) (7) (13)
2,109 2,035 2,031
Net Health Acquisition Corp. Health Care Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.6% Cash 05/21 12/05 3,590 3,569 3,568 0.3 % (5) (6) (7) (8)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.6% Cash 05/21 12/25 7,343 7,298 7,298 0.7 % (5) (6) (7) (8)
10,933 10,867 10,866
Nexus Underwriting Management Limited Other Financial First Lien Senior Secured Term Loan SONIA + 5.25%, 7.4% Cash 10/21 10/28 4,189 4,438 4,105 0.4 % (3) (5) (6) (7) (23)
Revolver SONIA + 5.25%, 7.4% Cash 10/21 04/23 150 161 150 — % (3) (6) (7) (23) (33)
4,339 4,599 4,255
NF Holdco, LLC Technology First Lien Senior Secured Term Loan SOFR + 6.50%, 11.4% 03/23 02/29 8,561 8,304 8,303 0.7 % (6) (7) (19) (33)
Revolver SOFR + 6.50%, 11.4% 03/23 02/29 — (44) (44) — % (6) (7) (19) (33)
8,561 8,260 8,259
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan SOFR + 4.75%, 9.9% Cash 10/21 09/27 6,113 6,017 6,049 0.5 % (5) (6) (7) (19)
6,113 6,017 6,049
Novotech Aus Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.25%, 8.8% Cash 01/22 01/28 3,860 4,110 3,714 0.3 % (3) (5) (6) (7) (17)
First Lien Senior Secured Term Loan SOFR + 5.25%, 10.2% Cash 01/22 01/28 4,177 4,081 3,981 0.4 % (3) (5) (6) (7) (20)
8,037 8,191 7,695
NPM Investments 28 B.V. Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.3% Cash 09/22 10/29 4,364 3,812 4,242 0.4 % (3) (5) (6) (7) (12)
4,364 3,812 4,242
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan SOFR + 5.75%, 10.6% Cash 12/21 12/28 9,544 9,380 9,411 0.8 % (5) (6) (7) (19)
Revolver SOFR + 5.75%, 10.6% Cash 12/21 12/28 — (22) (19) — % (6) (7) (19) (33)
Partnership Units (210,920.11 units) N/A 12/21 N/A 211 226 — % (6) (31) (33)
9,544 9,569 9,618
OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan SOFR + 5.00%, 9.8% Cash 03/22 03/29 3,603 3,541 3,555 0.3 % (5) (6) (7) (19)
Revolver SOFR + 5.00%, 9.8% Cash 03/22 03/28 1,116 1,093 1,097 0.1 % (6) (7) (19) (33)
4,719 4,634 4,652
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan EURIBOR + 5.50%, 8.7% Cash 06/21 06/28 15,197 16,188 14,323 1.3 % (3) (5) (6) (7) (12)
15,197 16,188 14,323


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Marshall Excelsior Co.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	02/22	02/28	$	5,674	$	5,603	$	5,533	0.4	%	(5) (7) (8) (16)
		Revolver	SOFR + 5.50%, 11.0% Cash	02/22	02/28	864		846		835		0.1	%	(7) (8) (16) (28) (29)
						6,538		6,449		6,368

MC Group Ventures Corporation	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	07/21	06/27	6,569		6,469		6,532		0.5	%	(5) (6) (7) (8) (16) (29)
		Partnership Units (560 Units)	N/A	06/21	N/A			560		622		—	%	(7) (26) (28)
						6,569		7,029		7,154

Media Recovery, Inc. (SpotSee)	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	05/21	11/25	853		973		836		0.1	%	(5) (7) (8) (18)
						853		973		836

Median B.V.	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.4% Cash	02/22	10/27	6,042		6,540		5,365		0.4	%	(3) (5) (8) (19)
						6,042		6,540		5,365

Medical Solutions Parent Holdings, Inc.	Healthcare	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.5% Cash	11/21	11/29	4,421		4,385		3,946		0.3	%	(5) (8) (16)
						4,421		4,385		3,946

Medplast Holdings, Inc.	Health Care	Second Lien Senior Secured Term Loan	SOFR + 7.75%, 13.2% Cash	05/21	07/26	9,325		8,832		8,579		0.7	%	(5) (8) (15)
						9,325		8,832		8,579

Mercell Holding AS	Technology	First Lien Senior Secured Term Loan	NIBOR + 5.50%, 10.0% Cash	08/22	08/29	2,951		3,135		2,895		0.2	%	(3) (5) (7) (8) (25) (29)
		Class A Units (114.4 units)	N/A	08/22	N/A			111		119		—	%	(3) (7) (26) (28)
		Class B Units (28,943.8 units)	N/A	08/22	N/A			—		48		—	%	(3) (7) (26) (28)
						2,951		3,246		3,062

Mertus 522. GmbH	Health Care	First Lien Senior Secured Term Loan	EURIBOR + 7.50%, 11.5% Cash	05/21	05/26	3,799		4,001		3,555		0.3	%	(3) (5) (7) (8) (11)
						3,799		4,001		3,555

Metis BidCo Pty Limited	Business Equipment & Services	First Lien Senior Secured Term Loan	BBSY + 5.25%, 9.6% Cash	05/21	04/26	368		439		368		—	%	(3) (5) (7) (13)
						368		439		368

MNS Buyer, Inc.	Construction and Building	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	08/21	08/27	907		894		904		0.1	%	(5) (7) (8) (15)
		Partnership Units (76,923.10 Units)	N/A	08/21	N/A			77		72		—	%	(7) (26) (28)
						907		971		976

Modern Star Holdings Bidco Pty Limited	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	BBSY + 5.50%, 9.6% Cash	05/21	12/26	1,850		1,929		1,787		0.1	%	(3) (5) (7) (8) (12) (29)
						1,850		1,929		1,787

Mold-Rite Plastics, LLC	Containers, Packaging & Glass	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.6% Cash	09/21	09/29	13,983		12,823		5,593		0.4	%	(5) (8) (17)
						13,983		12,823		5,593

Moonlight Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.7% Cash	07/23	07/30	1,813		1,874		1,743		0.1	%	(3) (7) (8) (18) (28) (29)
		Common Stock (107,714 shares)	N/A	07/23	N/A			138		131		—	%	(3) (7) (26) (28)
						1,813		2,012		1,874

Murphy Midco Limited	Media, Diversified & Production	First Lien Senior Secured Term Loan	SONIA + 5.50%, 10.2% Cash	05/21	11/27	634		705		629		—	%	(3) (5) (7) (8) (19) (29)
						634		705		629

Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	05/21	08/26	2,441		2,416		2,423		0.2	%	(6) (7) (8) (16)
						2,441		2,416		2,423

Napa Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 6.50%, 10.0% Cash	03/22	03/28	12,661		13,814		11,825		0.9	%	(3) (5) (7) (8) (14)
						12,661		13,814		11,825

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan SOFR + 5.00%, 9.9% Cash 05/21 12/26 $ 20,072 $ 19,878 $ 19,530 1.7 % (5) (6) (7) (19)
First Lien Senior Secured Term Loan SOFR + 5.00%, 9.9% Cash 06/22 12/26 4,988 4,891 4,831 0.4 % (5) (6) (7) (19)
25,060 24,769 24,361
Options Technology Ltd. Computer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.0% Cash 05/21 12/25 8,509 8,392 8,271 0.7 % (3) (5) (6) (7) (10)
8,509 8,392 8,271
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 4.75%, 7.7% Cash 06/21 05/28 1,371 1,528 1,371 0.1 % (3) (5) (6) (7) (23)
1,371 1,528 1,371
Origin Bidco Limited Technology First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.4% Cash 06/21 06/28 360 395 351 — % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.7% Cash 06/21 06/28 597 584 582 0.1 % (3) (5) (6) (7) (9)
957 979 933
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.0% Cash 12/21 12/27 2,258 2,221 2,190 0.2 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan SOFR + 6.00%, 10.9% Cash 12/22 12/27 2,274 2,209 2,206 0.2 % (5) (6) (7) (19)
First Lien Senior Secured Term Loan SOFR + 6.25%, 11.1%% Cash 03/23 12/27 14,025 13,606 13,604 1.2 % (6) (7) (19) (33)
Revolver LIBOR + 6.00%, 11.0% Cash 12/21 12/27 56 30 28 — % (6) (7) (9) (33)
LP Units (60,040 units) N/A 07/22 N/A 634 652 0.1 % (6) (31) (33)
18,613 18,700 18,680
Panoche Energy Center LLC Electric First Lien Senior Secured Bond 6.9% Cash 07/22 07/29 4,636 4,185 4,312 0.4 % (6) (33)
4,636 4,185 4,312
Panther Bidco Pty Ltd (Junior Adventures Group) Consumer Services First Lien Senior Secured Term Loan BBSY + 6.00%, 9.4% Cash 05/21 06/24 647 746 621 0.1 % (3) (5) (6) (17)
647 746 621
Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 6.50%, 8.6% Cash, 0.75% PIK 05/21 12/26 $ 539 $ 594 $ 525 — % (3) (5) (6) (7) (13)
First Lien Senior Secured Term Loan SOFR + 6.50%, 10.2% Cash 11/22 10/26 4,900 4,716 4,718 0.4 % (3) (5) (6) (7) (19)
5,439 5,310 5,243
Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 6.75%, 9.4% Cash 05/21 02/27 361 398 345 — % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 6.75%, 11.4% Cash 05/21 02/27 443 439 423 — % (3) (5) (6) (7) (9)
804 837 768
PDQ.Com Corporation Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.7% Cash 08/21 08/27 16,919 16,619 16,707 1.5 % (5) (6) (7) (9)
Class A-2 Partnership Units (86.4 units) N/A 08/21 N/A 86 136 — % (6) (31) (33)
16,919 16,705 16,843
PEGASUS TRANSTECH HOLDING, LLC Trucking First Lien Senior Secured Term Loan LIBOR + 6.75%, 11.6% Cash 05/21 11/24 9,955 9,929 9,667 0.9 % (5) (6) (7) (8)
9,955 9,929 9,667
Perforce Software, Inc. Internet Software & Services Second Lien Senior Secured Term Loan LIBOR + 8.00%, 12.8% Cash 05/21 07/27 6,497 6,437 6,335 0.6 % (5) (6) (7) (8)
6,497 6,437 6,335


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Narda Acquisitionco., Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	12/21	12/27	$	4,534	$	4,475	$	4,501	0.4	%	(6) (7) (8) (16)
		Revolver	SOFR + 5.00%, 10.5% Cash	12/21	12/27	—		(13)		(8)		—	%	(7) (8) (16) (28) (29)
		Class A Preferred Stock (3,708.01 shares)	N/A	12/21	N/A			371		424		—	%	(7) (26) (28)
		Class B Common Stock (412 shares)	N/A	12/21	N/A			41		99		—	%	(7) (26) (28)
						4,534		4,874		5,016

Navia Benefit Solutions, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	05/21	02/27	4,539		4,496		4,483		0.4	%	(6) (7) (8) (15) (28)
		First Lien Senior Secured Term Loan	SOFR + 2.25%, 7.6% Cash, 3.0% PIK	11/22	02/27	2,038		1,996		2,002		0.2	%	(5) (7) (8) (15)
						6,577		6,492		6,485

NAW Buyer LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	09/23	09/29	18,446		17,759		17,754		1.4	%	(5) (7) (8) (16) (29)
		Revolver	SOFR + 5.75%, 11.2% Cash	09/23	09/29	—		(57)		(58)		—	%	(7) (8) (16) (28) (29)
		LLC Units (575,248 units)	N/A	09/23	N/A			575		575		—	%	(7) (26)
						18,446		18,277		18,271

NeoxCo	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 10.5% Cash	01/23	01/30	2,055		2,039		1,997		0.2	%	(3) (5) (7) (8) (11) (29)
						2,055		2,039		1,997

Net Health Acquisition Corp.	Health Care Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	05/21	12/25	10,876		10,845		10,583		0.8	%	(6) (7) (8) (15)
						10,876		10,845		10,583

Nexus Underwriting Management Limited	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	10/21	10/28	358		358		358		—	%	(3) (5) (7) (8) (17)
		First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.2% Cash	10/21	10/28	4,135		4,455		4,135		0.3	%	(3) (5) (7) (8) (19) (29)
		Revolver	SONIA + 5.00%, 9.2% Cash	10/21	04/24	74		78		74		—	%	(3) (7) (8) (19) (28) (29)
						4,567		4,891		4,567

NF Holdco, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9%	03/23	03/29	5,539		5,383		5,400		0.4	%	(7) (8) (16) (28)
		Revolver	SOFR + 6.50%, 11.9% Cash	03/23	03/29	592		551		555		—	%	(7) (8) (16) (28) (29)
		LLC Units (856,053 units)	N/A	03/23	N/A			882		882		0.1	%	(7) (26) (28)
						6,131		6,816		6,837

Northstar Recycling, LLC	Environmental Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.0% Cash	10/21	09/27	6,082		5,996		6,033		0.5	%	(6) (7) (8) (16)
						6,082		5,996		6,033

Novotech Aus Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.7% Cash	01/22	01/28	8,150		7,996		8,063		0.6	%	(3) (5) (7) (8) (17) (29)
						8,150		7,996		8,063

NPM Investments 28 B.V.	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 10.0% Cash	09/22	10/29	1,288		1,143		1,248		0.1	%	(3) (5) (7) (8) (10) (29)
						1,288		1,143		1,248

OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	12/21	12/28	9,495		9,345		9,395		0.7	%	(6) (7) (8) (15)
		Revolver	SOFR + 5.50%, 10.8% Cash	12/21	12/28	—		(20)		(14)		—	%	(7) (8) (15) (28) (29)
		Partnership Units (210,920.11 units)	N/A	12/21	N/A			211		297		—	%	(7) (26) (28)
						9,495		9,536		9,678

OAC Holdings I Corp	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	03/22	03/29	3,594		3,537		3,360		0.3	%	(6) (7) (8) (16)
		Revolver	SOFR + 5.00%, 10.3% Cash	03/22	03/28	—		(21)		(89)		—	%	(7) (8) (16) (28) (29)
						3,594		3,516		3,271

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Perimeter Master Note Business Trust Credit Card ABS Structured Secured Note - Class A 4.7% Cash 05/22 05/27 $ 182 $ 182 $ 177 — % (3) (6) (33)
Structured Secured Note - Class B 5.4% Cash 05/22 05/27 182 182 172 — % (3) (6) (33)
Structured Secured Note - Class C 5.9% Cash 05/22 05/27 182 182 166 — % (3) (6) (33)
Structured Secured Note - Class D 8.5% Cash 05/22 05/27 182 182 161 — % (3) (6) (33)
Structured Secured Note - Class E 11.4% Cash 05/22 05/27 9,274 9,274 8,185 0.7 % (3) (6) (33)
10,002 10,002 8,861
Permaconn BidCo Pty Ltd Tele-communications First Lien Senior Secured Term Loan BBSY + 6.00%, 9.7% Cash 12/21 12/27 7,475 7,813 7,355 0.7 % (3) (5) (6) (7) (16)
7,475 7,813 7,355
Polara Enterprises, L.L.C. Capital Equipment First Lien Senior Secured Term Loan SOFR + 4.75%, 9.8% Cash 12/21 12/27 4,200 4,132 4,138 0.4 % (5) (6) (7) (20)
First Lien Senior Secured Term Loan SOFR + 4.75%, 9.8% Cash 06/22 12/27 2,571 2,526 2,533 0.2 % (5) (6) (7) (19)
Revolver SOFR + 4.75%, 9.8% Cash 12/21 12/27 — (15) (14) — % (6) (7) (20) (33)
Partnership Units (7,408.6 units) N/A 12/21 N/A 741 933 0.1 % (6) (31) (33)
6,771 7,384 7,590
Policy Services Company, LLC Property & Casualty Insurance First Lien Senior Secured Term Loan LIBOR + 6.00%, 10.8% Cash, 4.0% PIK 12/21 06/26 52,468 51,083 51,339 4.6 % (6) (7) (8) (33)
Warrants - Class A (2.6774 units) N/A 12/21 N/A — 315 — % (5) (6) (31)
Warrants - Class B (0.9036 units) N/A 12/21 N/A — 106 — % (5) (6) (31)
Warrants - Class CC (0.0929 units) N/A 12/21 N/A — — — % (5) (6) (31)
Warrants - Class D (0.2586 units) N/A 12/21 N/A — 30 — % (5) (6) (31)
52,468 51,083 51,790
Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan LIBOR +6.25%, 11.1% Cash 05/21 12/26 24,596 24,252 24,317 2.2 % (5) (6) (7) (9)
24,596 24,252 24,317
Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan EURIBOR + 5.25%, 8.0% Cash 06/21 06/28 4,563 4,727 4,563 0.4 % (3) (5) (6) (7) (13)
4,563 4,727 4,563
Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SOFR + 5.25%, 10.0% Cash 08/21 07/28 2,500 2,440 2,435 0.2 % (3) (5) (6) (7) (20)
2,500 2,440 2,435
Professional Datasolutions, Inc. (PDI) Application Software First Lien Senior Secured Term Loan LIBOR + 4.50%, 9.3% Cash 05/21 10/24 11,698 11,666 11,347 1.0 % (5) (6) (7) (9)
11,698 11,666 11,347
ProfitOptics, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.8% Cash 03/22 03/28 659 648 655 0.1 % (5) (6) (7) (10)
Revolver LIBOR + 5.75%, 10.8% Cash 03/22 03/28 71 68 70 — % (6) (7) (10) (33)
Second Lien Senior Subordinated Term Loan 8.0% Cash 03/22 03/29 32 32 30 — % (6) (33)
LLC Units (96,774.2 units) N/A 03/22 N/A 65 75 — % (6) (31) (33)
762 813 830
Protego Bidco B.V. Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.3% Cash 05/21 03/28 476 510 452 — % (3) (5) (6) (7) (13)
Revolver EURIBOR + 5.25%, 8.3% Cash 05/21 03/27 130 140 125 — % (3) (6) (7) (13) (33)
606 650 577


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Ocular Therapeutix, Inc.	Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	08/23	07/29	$	7,859	$	7,628	$	7,624	0.6	%	(8) (15) (28)
						7,859		7,628		7,624

OG III B.V.	Containers & Glass Products	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.7% Cash	06/21	06/28	14,808		16,211		14,631		1.2	%	(3) (5) (7) (8) (10) (29)
						14,808		16,211		14,631

Omni Intermediate Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	05/21	12/26	19,971		19,795		19,861		1.6	%	(5) (6) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	06/22	12/26	4,962		4,878		4,931		0.4	%	(5) (6) (7) (16) (29)
						24,933		24,673		24,792

Options Technology Ltd.	Computer Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.0% Cash	05/21	12/25	8,465		8,369		8,394		0.7	%	(3) (5) (6) (7) (8) (16) (29)
						8,465		8,369		8,394

Oracle Vision Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 4.75%, 9.2% Cash	06/21	05/28	1,354		1,531		1,354		0.1	%	(3) (5) (7) (8) (19)
						1,354		1,531		1,354

Origin Bidco Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.1% Cash	06/21	06/28	351		396		349		—	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.8% Cash	06/21	06/28	597		585		593		—	%	(3) (5) (7) (8) (16)
						948		981		942

OSP Hamilton Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	12/21	12/27	2,241		2,207		2,204		0.2	%	(6) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.5% Cash	12/22	12/27	2,257		2,198		2,220		0.2	%	(6) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7%% Cash	03/23	12/27	9,975		9,702		9,810		0.8	%	(7) (8) (16) (28)
		Revolver	SOFR + 6.00%, 11.5% Cash	12/21	12/27	—		(23)		(11)		—	%	(7) (8) (16) (28) (29)
		LP Units (60,040 units)	N/A	07/22	N/A			634		1,005		0.1	%	(7) (26)
						14,473		14,718		15,228

Panoche Energy Center LLC	Electric	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	4,355		3,956		4,115		0.3	%	(7) (28)
						4,355		3,956		4,115

Panther Bidco Pty Ltd (Junior Adventures Group)	Consumer Services	First Lien Senior Secured Term Loan	BBSY + 6.00%, 10.4% Cash	05/21	06/24	624		747		615		—	%	(3) (5) (7) (13)
						624		747		615

Pare SAS (SAS Maurice MARLE)	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.9% Cash	05/21	12/26	528		597		518		—	%	(3) (5) (7) (8) (11)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	11/22	10/26	4,900		4,740		4,760		0.4	%	(3) (5) (7) (8) (16) (29)
						5,428		5,337		5,278

Patriot New Midco 1 Limited (Forensic Risk Alliance)	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.5% Cash	05/21	02/27	328		371		314		—	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.3% Cash	05/21	02/27	412		409		394		—	%	(3) (5) (7) (8) (16)
						740		780		708

PDQ.Com Corporation	Business Equipment & Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.1% Cash	08/21	08/27	17,599		17,322		17,599		1.4	%	(5) (6) (7) (8) (16) (29)
		Class A-2 Partnership Units (86.4 units)	N/A	08/21	08/27			86		169		—	%	(7) (26) (28)
						17,599		17,408		17,768

PEGASUS TRANSTECH HOLDING, LLC	Trucking	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	05/21	11/26	7,689		7,675		7,600		0.6	%	(5) (7) (8) (16)
						7,689		7,675		7,600

Perforce Software, Inc.	Internet Software & Services	Second Lien Senior Secured Term Loan	SOFR + 8.00%, 13.4% Cash	05/21	07/27	6,497		6,443		6,445		0.5	%	(5) (7) (8) (15)
						6,497		6,443		6,445

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
PSP Intermediate 4, LLC Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 8.2% Cash 05/22 05/29 $ 888 $ 826 $ 825 0.1 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 10.3% Cash 05/22 05/29 866 844 832 0.1 % (3) (5) (6) (7) (9)
1,754 1,670 1,657
QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan BBSY + 3.75%, 7.4% Cash 09/21 09/26 7,206 7,402 6,903 0.6 % (3) (5) (6) (7) (15)
7,206 7,402 6,903
Qualified Industries, LLC Consumer Cyclical First Lien Senior Secured Term Loan SOFR + 5.75%, 10.4% Cash 03/23 03/29 909 882 882 0.1 % (6) (7) (19) (33)
Revolver SOFR + 5.75%, 10.4% Cash 03/23 03/29 — (11) (11) — % (6) (7) (19) (33)
Preferred Stock (223 shares) N/A 03/23 N/A 216 216 — % (6) (31) (33)
Common Stock (454,545 shares) N/A 03/23 N/A 4 5 — % (6) (31) (33)
909 1,091 1,092
Questel Unite Business Services First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.2% Cash 05/21 12/27 1,921 1,999 1,809 0.2 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 6.25%, 11.3% Cash 05/21 12/27 1,000 989 976 0.1 % (3) (5) (6) (7) (9)
2,921 2,988 2,785
R1 Holdings, LLC Transportation First Lien Senior Secured Term Loan SOFR + 6.25%, 11.1% Cash 12/22 12/28 11,081 10,665 10,688 1.0 % (5) (6) (7) (20)
Revolver SOFR + 6.25%, 11.1% Cash 12/22 12/28 472 405 408 — % (6) (7) (20) (33)
11,553 11,070 11,096
Randys Holdings, Inc. Automobile Manufacturers First Lien Senior Secured Term Loan SOFR + 6.50%, 11.4% Cash 11/22 11/28 16,505 15,904 15,936 1.4 % (5) (6) (7) (19)
Revolver SOFR + 6.50%, 11.4% Cash 11/22 11/28 440 374 380 — % (6) (7) (19) (33)
Partnership Units (6,667 units) N/A 11/22 N/A 667 665 0.1 % (6) (31) (33)
16,945 16,945 16,981
Recovery Point Systems, Inc. Technology First Lien Senior Secured Term Loan SOFR + 6.50%, 11.3% Cash 05/21 07/26 2,423 2,423 2,423 0.2 % (5) (6) (7) (19)
2,423 2,423 2,423
Renaissance Holding Corp. Application Software Second Lien Senior Secured Term Loan LIBOR + 7.00%, 11.8% Cash 05/21 05/26 9,325 9,307 9,096 0.8 % (5) (7) (8)
9,325 9,307 9,096
Renovation Parent Holdings, LLC Home Furnishings First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.4% Cash 11/21 11/27 14,381 14,094 12,612 1.1 % (5) (6) (7) (9)
Partnership Equity (592,105.3 units) N/A 11/21 N/A 592 195 — % (6) (31) (33)
14,381 14,686 12,807
REP SEKO MERGER SUB LLC Air Freight & Logistics First Lien Senior Secured Term Loan EURIBOR + 4.75%, 8.0% Cash 05/21 12/26 5,941 6,265 5,853 0.5 % (5) (6) (7) (11)
First Lien Senior Secured Term Loan EURIBOR + 4.75%, 8.0% Cash 06/22 12/26 14,028 13,345 13,818 1.2 % (5) (6) (7) (13)
First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.6% Cash 05/21 12/26 7,314 7,300 7,205 0.6 % (5) (6) (7) (8)
First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.9% Cash 05/21 12/26 623 622 608 0.1 % (6) (7) (8) (33)
27,906 27,532 27,484
Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan LIBOR + 7.00%, 12.3% Cash 05/21 04/29 10,304 10,131 10,191 0.9 % (5) (6) (7) (9)
10,304 10,131 10,191
RevSpring, Inc. Business Services Second Lien Senior Secured Term Loan LIBOR + 8.25%, 13.4% Cash 05/21 10/26 2,556 2,518 2,556 0.2 % (5) (6) (7) (9)
2,556 2,518 2,556


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Perimeter Master Note Business Trust	Credit Card ABS	Structured Secured Note - Class A	4.7% Cash	05/22	05/27	$	182	$	182	$	166	—	%	(3) (7) (28)
		Structured Secured Note - Class B	5.4% Cash	05/22	05/27	182		182		167		—	%	(3) (7) (28)
		Structured Secured Note - Class C	5.9% Cash	05/22	05/27	182		182		163		—	%	(3) (7) (28)
		Structured Secured Note - Class D	8.5% Cash	05/22	05/27	182		182		160		—	%	(3) (7) (28)
		Structured Secured Note - Class E	11.4% Cash	05/22	05/27	9,274		9,274		8,288		0.7	%	(3) (7) (28)
						10,002		10,002		8,944

Permaconn BidCo Pty Ltd	Tele-communications	First Lien Senior Secured Term Loan	BBSY + 6.25%, 10.4% Cash	12/21	07/29	7,203		7,348		7,041		0.6	%	(3) (7) (8) (13) (28)
						7,203		7,348		7,041

Polara Enterprises, L.L.C.	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.3% Cash	12/21	12/27	4,168		4,107		4,121		0.3	%	(6) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.3% Cash	06/22	12/27	2,558		2,517		2,529		0.2	%	(6) (7) (8) (16)
		Revolver	SOFR + 4.75%, 10.3% Cash	12/21	12/27	—		(14)		(11)		—	%	(7) (8) (16) (28) (29)
		Partnership Units (7,408.6 units)	N/A	12/21	NA			741		1,203		0.1	%	(7) (26)
						6,726		7,351		7,842

Policy Services Company, LLC	Property & Casualty Insurance	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash, 4.0% PIK	12/21	06/26	53,192		51,995		52,224		4.1	%	(7) (8) (16) (28)
		Warrants - Class A (2.6774 units)	N/A	12/21	N/A			—		538		—	%	(5) (7) (26)
		Warrants - Class B (0.9036 units)	N/A	12/21	N/A			—		181		—	%	(5) (7) (26)
		Warrants - Class CC (0.0929 units)	N/A	12/21	N/A			—		—		—	%	(5) (7) (26)
		Warrants - Class D (0.2586 units)	N/A	12/21	N/A			—		52		—	%	(5) (7) (26)
						53,192		51,995		52,995

Premium Franchise Brands, LLC	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.5% Cash	05/21	12/26	24,499		24,197		24,302		1.9	%	(5) (6) (7) (8) (16)
						24,499		24,197		24,302

Premium Invest	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 9.2% Cash	06/21	06/28	4,447		4,748		4,447		0.4	%	(3) (5) (7) (8) (11) (29)
						4,447		4,748		4,447

Preqin MC Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SOFR + 5.25%, 11.0% Cash	08/21	07/28	2,500		2,444		2,455		0.2	%	(3) (5) (7) (8) (17)
						2,500		2,444		2,455

Process Insights Acquisition, Inc.	Electronics	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.6% Cash	07/23	07/29	2,953		2,853		2,848		0.2	%	(5) (7) (8) (16) (29)
		Revolver	SOFR + 6.25%, 11.6% Cash	07/23	07/29	—		(32)		(33)		—	%	(7) (8) (16) (28) (29)
		Common Stock (368 shares)	N/A	07/23	N/A			368		368		—	%	(7) (26) (28)
						2,953		3,189		3,183

Professional Datasolutions, Inc. (PDI)	Application Software	First Lien Senior Secured Term Loan	SOFR + 4.50%, 10.0% Cash	05/21	10/24	11,637		11,615		11,456		0.9	%	(5) (7) (8) (16)
						11,637		11,615		11,456

ProfitOptics, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.5% Cash	03/22	03/28	656		645		648		0.1	%	(5) (7) (8) (17)
		Revolver	SOFR + 5.75%, 11.5% Cash	03/22	03/28	77		75		75		—	%	(7) (8) (17) (28) (29)
		Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	32		32		29		—	%	(7) (28)
		LLC Units (96,774.2 units)	N/A	03/22	N/A			65		73		—	%	(7) (26) (28)
						765		817		825

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Reward Gateway (UK) Ltd Precious Metals & Minerals First Lien Senior Secured Term Loan SONIA + 6.25%, 8.4% Cash 08/21 06/28 $ 12,421 $ 13,605 $ 12,259 1.1 % (3) (5) (6) (7) (23)
12,421 13,605 12,259
Riedel Beheer B.V. Food & Beverage First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.3% Cash 12/21 12/28 2,253 2,250 2,107 0.2 % (3) (5) (6) (7) (12)
2,253 2,250 2,107
ROI Solutions LLC Business Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 10.2% Cash 05/21 08/24 8,465 8,465 8,465 0.8 % (5) (6) (7) (9)
8,465 8,465 8,465
Royal Buyer, LLC Industrial Other First Lien Senior Secured Term Loan SOFR + 6.00%, 10.6% Cash 08/22 08/28 14,857 14,533 14,573 1.3 % (5) (6) (7) (19)
Revolver SOFR + 6.00%, 10.6% Cash 08/22 08/28 544 501 506 — % (6) (7) (19) (33)
15,401 15,034 15,079
RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.3% Cash 05/21 10/25 16,967 16,770 16,777 1.5 % (5) (6) (7) (8)
16,967 16,770 16,777
Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.2% Cash 05/21 12/26 5,363 5,287 5,303 0.5 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.2% Cash 05/21 09/23 159 143 126 — % (5) (6) (7) (9)
5,522 5,430 5,429
Sandvine Corporation Communications Equipment Second Lien Senior Secured Term Loan LIBOR + 8.00%, 12.8% Cash 05/21 11/26 8,685 8,661 8,615 0.8 % (5) (6) (7) (8)
8,685 8,661 8,615
Sanoptis S.A.R.L. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.50%, 8.5% Cash 06/22 07/29 12,690 11,761 12,329 1.1 % (3) (5) (6) (7) (13)
First Lien Senior Secured Term Loan SARON + 5.50%, 5.9% Cash 06/22 07/29 4,046 3,760 3,926 0.4 % (3) (5) (6) (7) (28)
16,736 15,521 16,255
SBP Holdings LP Industrial Other First Lien Senior Secured Term Loan SOFR + 6.75%, 11.6% Cash 03/23 03/28 12,466 11,979 11,978 1.1 % (6) (7) (19) (33)
Revolver SOFR + 6.75%, 11.6% Cash 03/23 03/28 177 140 140 — % (6) (7) (19) (33)
12,643 12,119 12,118
Scaled Agile, Inc. Research & Consulting Services First Lien Senior Secured Term Loan SOFR + 5.50%, 10.5% Cash 12/21 12/28 1,731 1,699 1,706 0.2 % (5) (6) (7) (19)
Revolver SOFR + 5.50%, 10.5% Cash 12/21 12/28 — (5) (4) — % (6) (7) (19) (33)
1,731 1,694 1,702
Scout Bidco B.V. Diversified Manufacturing First Lien Senior Secured Term Loan EURIBOR + 6.00%, 9.2% Cash 05/22 03/29 3,301 3,146 3,239 0.3 % (3) (5) (6) (7) (13)
Revolver EURIBOR + 6.00%, 9.2% Cash 05/22 03/29 — (11) (7) — % (3) (6) (7) (13) (33)
3,301 3,135 3,232
Sereni Capital NV Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.2% Cash 05/22 11/28 475 395 406 — % (3) (5) (6) (7) (13)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 8.2% Cash 05/22 05/29 499 479 476 — % (3) (5) (6) (7) (13)
974 874 882
Shelf Bidco Ltd Other Financial First Lien Senior Secured Term Loan SOFR + 6.00%, 10.7% Cash 12/22 01/30 34,800 33,748 33,759 3.0 % (3) (5) (6) (7) (19) (34)
Common Stock (1,200,000 shares) N/A 12/22 N/A 1,200 1,200 0.1 % (3) (6) (31) (33)
34,800 34,948 34,959
Simulation Software Investment Company Pty Ltd Business Services First Lien Senior Secured Term Loan BBSY + 5.50%, 9.2% Cash 05/21 08/25 881 898 870 0.1 % (3) (5) (6) (7) (16)
First Lien Senior Secured Term Loan SOFR + 5.50%, 10.4% Cash 05/21 08/25 958 941 941 0.1 % (3) (5) (6) (7) (19)
1,839 1,839 1,811


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Protego Bidco B.V.	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 10.8% Cash	05/21	03/28	$	514	$	564	$	493	—	%	(3) (5) (7) (8) (11) (29)
		Revolver	EURIBOR + 6.50%, 10.5% Cash	05/21	03/27	126		140		121		—	%	(3) (7) (8) (11) (28)
						640		704		614

PSP Intermediate 4, LLC	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.9% Cash	05/22	05/29	865		829		740		0.1	%	(3) (5) (7) (8) (10) (29)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	05/22	05/29	866		846		797		0.1	%	(3) (5) (7) (8) (15)
						1,731		1,675		1,537

QPE7 SPV1 BidCo Pty Ltd	Consumer Cyclical	First Lien Senior Secured Term Loan	BBSY + 4.50%, 8.6% Cash	09/21	09/26	6,944		7,417		6,773		0.5	%	(3) (5) (7) (8) (12)
						6,944		7,417		6,773

Qualified Industries, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	03/23	03/29	905		879		882		0.1	%	(7) (8) (16) (28)
		Revolver	SOFR + 5.75%, 11.2% Cash	03/23	03/29	—		(10)		(9)		—	%	(7) (8) (16) (28) (29)
		Preferred Stock (223 shares)	N/A	03/23	N/A			216		235		—	%	(7) (26) (28)
		Common Stock (454,545 shares)	N/A	03/23	N/A			4		74		—	%	(7) (26) (28)
						905		1,089		1,182

Questel Unite	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.8% Cash	05/21	12/27	1,873		2,007		1,763		0.1	%	(3) (5) (7) (8) (10) (29)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.8% Cash	05/21	12/27	1,000		990		976		0.1	%	(3) (5) (7) (8) (16)
						2,873		2,997		2,739

R1 Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.1% Cash	12/22	12/28	8,041		7,745		7,962		0.6	%	(5) (6) (7) (8) (17) (29)
		Revolver	SOFR + 6.25%, 11.1% Cash	12/22	12/28	126		63		110		—	%	(7) (8) (17) (28) (29)
						8,167		7,808		8,072

Randys Holdings, Inc.	Automobile Manufacturers	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	11/22	11/28	11,435		11,040		11,082		0.9	%	(5) (7) (8) (16) (29)
		Revolver	SOFR + 6.50%, 11.8% Cash	11/22	11/28	673		613		624		—	%	(7) (8) (16) (28) (29)
		Partnership Units (6,667 units)	N/A	11/22	N/A			667		707		0.1	%	(7) (26) (28)
						12,108		12,320		12,413

Recovery Point Systems, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	05/21	07/26	2,411		2,411		2,411		0.2	%	(6) (7) (8) (16) (26)
						2,411		2,411		2,411

Renaissance Holding Corp.	Application Software	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.4% Cash	05/21	05/26	419		418		418		—	%	(5) (8) (15)
						419		418		418

Renovation Parent Holdings, LLC	Home Furnishings	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	11/21	11/27	14,308		14,051		12,520		1.0	%	(5) (6) (7) (8) (16)
		Partnership Equity (592,105.3 units)	N/A	11/21	N/A			592		195		—	%	(7) (26) (28)
						14,308		14,643		12,715

REP SEKO MERGER SUB LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.7% Cash	05/21	12/26	5,775		6,257		5,708		0.5	%	(5) (7) (8) (10)
		First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.7% Cash	06/22	12/26	13,601		13,307		13,443		1.1	%	(5) (6) (7) (8) (10)
		First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.5% Cash	05/21	12/26	8,311		8,298		8,215		0.7	%	(6) (7) (8) (17) (28)
						27,687		27,862		27,366

Resonetics, LLC	Health Care Equipment	Second Lien Senior Secured Term Loan	SOFR + 7.00%, 12.7% Cash	05/21	04/29	10,304		10,142		9,985		0.8	%	(5) (7) (8) (16)
						10,304		10,142		9,985

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
SISU ACQUISITIONCO, INC Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 10.4% Cash 05/21 12/26 $ 2,512 $ 2,480 $ 2,404 0.2 % (5) (6) (7) (9)
2,512 2,480 2,404
Smartling, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.6% Cash 11/21 10/27 14,347 14,085 13,953 1.2 % (5) (6) (7) (8)
Revolver LIBOR + 5.75%, 10.6% Cash 11/21 10/27 — (16) (25) — % (6) (7) (8) (33)
14,347 14,069 13,928
SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan SOFR + 5.75%, 10.5% Cash 05/21 12/26 5,110 5,060 5,022 0.4 % (5) (6) (7) (19)
First Lien Senior Secured Term Loan SOFR + 5.75%, 10.5% Cash 11/22 12/26 2,104 2,065 2,068 0.2 % (5) (6) (7) (19)
7,214 7,125 7,090
Soho Square III Debtco II SARL Diversified Capital Markets First Lien Senior Secured Term Loan 9.5% PIK 10/22 10/27 5,796 5,178 5,777 0.5 % (3) (6) (33)
5,796 5,178 5,777
Solo Buyer, L.P. Technology First Lien Senior Secured Term Loan SOFR + 6.25%, 11.4% Cash 12/22 12/29 22,606 22,065 22,072 2.0 % (5) (6) (7) (19) (34)
Revolver SOFR + 6.25%, 11.4% Cash 12/22 12/28 — (47) (47) — % (6) (7) (19) (33)
Partnership Units (516,399 units) N/A 12/22 N/A 516 519 — % (6) (31) (33)
22,606 22,534 22,544
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) Other Utility First Lien Senior Secured Term Loan SOFR + 5.00%, 9.9% Cash 11/22 03/27 1,935 1,887 1,889 0.2 % (5) (6) (7) (19)
Revolver Prime + 4.00%, 12.0% Cash 11/22 03/27 16 12 13 — % (6) (7) (30) (33)
1,951 1,899 1,902
Spatial Business Systems LLC Electric First Lien Senior Secured Term Loan SOFR + 5.00%, 9.8% Cash 10/22 10/28 6,094 5,779 5,810 0.5 % (5) (6) (7) (18)
Revolver SOFR + 5.00%, 9.8% Cash 10/22 10/28 — (32) (29) — % (6) (7) (18) (33)
6,094�� 5,747 5,781
Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & Services First Lien Senior Secured Term Loan SOFR + 5.75%, 10.7% Cash 05/21 12/26 6,672 6,608 6,550 0.6 % (5) (6) (7) (19)
First Lien Senior Secured Term Loan SOFR + 6.50%, 11.3% Cash 12/22 12/26 4,160 4,081 4,084 0.4 % (5) (6) (7) (20)
10,832 10,689 10,634
SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan SONIA + 6.25%, 10.2% Cash 05/21 11/27 696 767 689 0.1 % (3) (5) (6) (7) (22)
696 767 689
SSCP Spring Bidco Limited Health Care First Lien Senior Secured Term Loan SONIA + 6.00%, 8.5% Cash 05/21 07/25 1,016 1,151 1,016 0.1 % (3) (5) (6) (7) (22)
1,016 1,151 1,016
SSCP Thermal Bidco SAS Industrial Machinery First Lien Senior Secured Term Loan EURIBOR + 5.25%, 7.4% Cash 05/21 07/24 723 804 723 0.1 % (3) (5) (6) (7) (13)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 9.8% Cash 05/21 07/24 98 98 98 — % (3) (5) (6) (7) (10)
821 902 821
Starnmeer B.V. Technology First Lien Senior Secured Term Loan SOFR + 6.40%, 11.2% Cash 10/21 04/27 13,388 13,232 13,283 1.2 % (3) (5) (6) (7) (19)
13,388 13,232 13,283
Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.7% Cash 12/21 12/27 22,885 22,507 22,618 2.0 % (5) (6) (7) (9)
Revolver LIBOR + 5.75%, 10.7% Cash 12/21 12/27 — (29) (21) — % (6) (7) (9) (33)
22,885 22,478 22,597
Syniverse Holdings, Inc. Technology Distributors Series A Preferred Equity (7,575,758 units) 12.5% PIK 05/22 N/A 7,945 7,197 0.6 % (5) (6) (33)
7,945 7,197


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
RevSpring, Inc.	Business Services	Second Lien Senior Secured Term Loan	SOFR + 8.25%, 13.9% Cash	05/21	10/26	$	2,556	$	2,523	$	2,556	0.2	%	(5) (7) (8) (16)
						2,556		2,523		2,556

Riedel Beheer B.V.	Food & Beverage	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	12/21	12/28	2,196		2,254		2,035		0.2	%	(3) (5) (7) (8) (10)
						2,196		2,254		2,035

Rock Labor LLC	Media: Diversified & Production	First Lien Senior Secured Term Loan	SOFR + 7.75%, 13.1% Cash	09/23	09/29	5,644		5,475		5,474		0.4	%	(5) (7) (8) (15)
		Revolver	SOFR + 7.75%, 13.1% Cash	09/23	09/29	—		(28)		(28)		—	%	(7) (8) (15) (28) (29)
		LLC Units (199,373 units)	N/A	09/23	N/A			1,068		1,067		0.1	%	(7) (26)
						5,644		6,515		6,513

ROI Solutions LLC	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	05/21	08/25	6,263		6,263		6,263		0.5	%	(6) (7) (8) (16)
						6,263		6,263		6,263

Royal Buyer, LLC	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	08/22	08/28	10,780		10,567		10,619		0.8	%	(5) (7) (8) (16) (29)
		Revolver	SOFR + 5.50%, 10.9% Cash	08/22	08/28	544		504		516		—	%	(7) (8) (16) (28) (29)
						11,324		11,071		11,135

RPX Corporation	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.8% Cash	05/21	10/25	15,820		15,670		15,703		1.2	%	(5) (6) (7) (8) (16)
						15,820		15,670		15,703

Safety Products Holdings, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	05/21	12/26	6,215		6,150		5,998		0.5	%	(5) (7) (8) (16)

						6,215		6,150		5,998

Sandvine Corporation	Communications Equipment	Second Lien Senior Secured Term Loan	SOFR + 8.00%, 13.4% Cash	05/21	11/26	8,685		8,664		7,990		0.6	%	(5) (7) (8) (15)
						8,685		8,664		7,990

Sanoptis S.A.R.L.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 8.8% Cash	06/22	07/29	5,173		4,955		4,939		0.4	%	(3) (5) (7) (8) (10) (29)
		First Lien Senior Secured Term Loan	SARON + 5.25%, 7.0% Cash	06/22	07/29	6,006		5,813		5,821		0.5	%	(3) (5) (7) (8) (24)
						11,179		10,768		10,760

SBP Holdings LP	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 6.75%, 12.1% Cash	03/23	03/28	9,095		8,779		8,808		0.7	%	(7) (8) (16) (28) (29)
		Revolver	SOFR + 6.75%, 12.1% Cash	03/23	03/28	—		(34)		(30)		—	%	(7) (8) (16) (28) (29)
						9,095		8,745		8,778

Scaled Agile, Inc.	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	12/21	12/28	1,806		1,780		1,764		0.1	%	(5) (6) (7) (8) (16) (29)
		Revolver	SOFR + 5.50%, 11.0% Cash	12/21	12/28	—		(5)		(7)		—	%	(7) (8) (16) (28) (29)
						1,806		1,775		1,757

Scout Bidco B.V.	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.3% Cash	05/22	05/29	3,846		3,807		3,720		0.3	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	08/23	05/29	508		508		492		—	%	(3) (5) (7) (8) (16)
		Revolver	EURIBOR + 5.50%, 9.3% Cash	05/22	05/29	—		(10)		(17)		—	%	(3) (7) (8) (10) (28) (29)
						4,354		4,305		4,195

Sereni Capital NV	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.0% Cash	05/22	05/29	486		480		474		—	%	(3) (5) (7) (8) (11)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.3% Cash	05/22	05/29	463		441		452		—	%	(3) (5) (7) (8) (11)
		First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.6% Cash	05/22	05/29	885		870		849		0.1	%	(3) (7) (8) (11) (28) (29)
						1,834		1,791		1,775

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Syntax Systems Ltd Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.6% Cash 11/21 10/28 $ 6,362 6,305 $ 5,964 0.5 % (3) (5) (6) (7) (8)
Revolver LIBOR + 5.75%, 10.6% Cash 11/21 10/26 617 610 572 0.1 % (3) (6) (7) (8) (33)
6,979 6,915 6,536
TA SL Cayman Aggregator Corp. Technology Subordinated Term Loan 7.8% PIK 07/21 07/28 1,115 1,101 1,082 0.1 % (6) (33)
Common Stock (770 shares) N/A 07/21 N/A 24 29 — % (6) (31) (33)
1,115 1,125 1,111
Tank Holding Corp Metal & Glass Containers First Lien Senior Secured Term Loan SOFR + 5.75%, 10.7% Cash 03/22 03/28 14,238 13,962 14,024 1.3 % (5) (6) (7) (18)
Revolver SOFR + 5.75%, 10.7% Cash 03/22 03/28 185 173 176 — % (6) (7) (18) (33)
14,423 14,135 14,200
Tanqueray Bidco Limited Technology First Lien Senior Secured Term Loan SONIA + 6.25%, 9.7% Cash 11/22 11/29 1,678 1,490 1,611 0.1 % (3) (5) (6) (7) (22)
1,678 1,490 1,611
Techone B.V. Technology First Lien Senior Secured Term Loan EURIBOR + 5.50%, 8.7% Cash 11/21 11/28 5,930 5,835 5,784 0.5 % (3) (5) (6) (7) (12)
Revolver EURIBOR + 5.50%, 8.7% Cash 11/21 05/28 96 87 90 — % (3) (6) (7) (12) (33)
6,026 5,922 5,874
Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.2% Cash 12/21 12/23 879 867 870 0.1 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.2% Cash 12/21 12/27 5,417 5,339 5,363 0.5 % (5) (6) (7) (9)
Revolver LIBOR + 5.50%, 10.2% Cash 12/21 12/27 — (16) (11) — % (6) (7) (9) (33)
6,296 6,190 6,222
Terrybear, Inc. Consumer Products Subordinated Term Loan 10.0% Cash, 4.0% PIK 04/22 04/28 266 261 262 — % (6) (33)
Common Stock (24,358.97 shares) N/A 04/22 N/A 239 230 — % (6) (31) (33)
266 500 492
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan LIBOR + 4.25%, 9.2% Cash 10/21 12/23 1,248 1,164 1,185 0.1 % (5) (6) (7) (9)
Revolver LIBOR + 4.25%, 9.2% Cash 10/21 12/27 — (17) (14) — % (6) (7) (9) (33)
Subordinated Term Loan LIBOR + 7.75%, 12.7% Cash 10/21 10/28 5,110 5,026 5,056 0.5 % (6) (10) (33)
6,358 6,173 6,227
The Cleaver-Brooks Company, Inc. Industrial Equipment First Lien Senior Secured Term Loan SOFR + 5.50%, 10.4% Cash 07/22 07/28 22,208 21,756 21,825 2.0 % (5) (6) (7) (18)
Subordinated Term Loan 11.0%, PIK 07/22 07/29 5,124 5,024 5,036 0.5 % (6) (33)
27,332 26,780 26,861
The Hilb Group, LLC Insurance Brokerage First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.3% Cash 05/21 12/26 4,211 4,121 4,102 0.4 % (5) (6) (7) (8)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.6% Cash 05/21 12/25 926 911 913 0.1 % (6) (7) (8) (33)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.6% Cash 05/21 12/26 2,661 2,600 2,624 0.2 % (5) (6) (7) (8)
7,798 7,632 7,639
The Octave Music Group, Inc. Media: Diversified & Production Second Lien Senior Secured Term Loan SOFR + 7.50%, 12.4% Cash 04/22 04/30 6,541 6,422 6,454 0.6 % (5) (6) (7) (19)
Partnership Equity (353,584.39 units) N/A 04/22 N/A 354 497 — % (6) (31) (33)
6,541 6,776 6,951


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Shelf Bidco Ltd	Other Financial	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.7% Cash	12/22	01/30	$	25,800	$	25,060	$	25,085	2.0	%	(3) (7) (8) (16) (28)
		Common Stock (1,200,000 shares)	N/A	12/22	N/A			1,200		1,140		0.1	%	(3) (7) (26) (28)
						25,800		26,260		26,225

Simulation Software Investment Company Pty Ltd	Business Services	First Lien Senior Secured Term Loan	BBSY + 5.00%, 9.2% Cash	05/21	08/25	632		671		626		—	%	(3) (5) (7) (8) (13)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.5% Cash	05/21	08/25	958		944		945		0.1	%	(3) (5) (7) (8) (16) (29)
						1,590		1,615		1,571

Sinari Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 9.9% Cash	07/23	07/30	1,728		1,727		1,663		0.1	%	(3) (5) (7) (8) (11) (29)
						1,728		1,727		1,663

SISU ACQUISITIONCO, INC	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR+ 5.25%, 10.6% Cash	05/21	12/26	2,500		2,471		2,482		0.2	%	(6) (7) (8) (15)
						2,500		2,471		2,482

Smartling, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	11/21	11/27	16,340		16,104		16,221		1.3	%	(5) (7) (8) (15)
		Revolver	SOFR + 5.75%, 11.2% Cash	11/21	11/27	—		(14)		(8)		—	%	(7) (8) (15) (28) (29)
						16,340		16,090		16,213

SmartShift Group, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	09/23	09/29	13,931		13,451		13,440		1.1	%	(5) (7) (8) (16) (29)
		Revolver	SOFR + 6.25%, 11.7% Cash	09/23	09/29	—		(67)		(68)		—	%	(7) (8) (16) (28) (29)
		Common Stock (455 shares)	N/A	09/23	N/A			455		455		—	%	(7) (26) (28)
						13,931		13,839		13,827

SN BUYER, LLC	Health Care Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	05/21	12/26	5,110		5,066		5,049		0.4	%	(6) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	11/22	12/26	2,104		2,070		2,079		0.2	%	(6) (7) (8) (16)
						7,214		7,136		7,128

Soho Square III Debtco II SARL	Diversified Capital Markets	First Lien Senior Secured Term Loan	9.5% PIK	10/22	10/27	4,308		4,105		4,297		0.3	%	(3) (7) (28) (29)
						4,308		4,105		4,297

Solo Buyer, L.P.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	12/22	12/29	16,523		16,146		16,061		1.3	%	(7) (8) (16) (28)
		Revolver	SOFR + 6.25%, 11.7% Cash	12/22	12/28	399		356		343		—	%	(7) (8) (16) (28) (29)
		Partnership Units (516,399 units)	N/A	12/22	N/A			516		380		—	%	(7) (26)
						16,922		17,018		16,784

Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Other Utility	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.4% Cash	11/22	03/27	1,926		1,883		1,889		0.1	%	(5) (6) (7) (8) (16) (29)
		Revolver	SOFR + 5.00%, 10.3% Cash	11/22	03/27	59		56		56		—	%	(7) (8) (16) (28) (29)
						1,985		1,939		1,945

Spatial Business Systems LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.3% Cash	10/22	10/28	7,704		7,501		7,543		0.6	%	(5) (7) (8) (15) (29)
		Revolver	SOFR + 5.00%, 10.3% Cash	10/22	10/28	—		(29)		(24)		—	%	(7) (8) (15) (28) (29)
						7,704		7,472		7,519

Springbrook Software (SBRK Intermediate, Inc.)	Enterprise Software & Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	05/21	12/26	6,638		6,582		6,606		0.5	%	(6) (7) (8) (16) (28)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.9% Cash	12/22	12/26	4,150		4,080		4,150		0.3	%	(6) (7) (8) (16)
						10,788		10,662		10,756

SSCP Pegasus Midco Limited	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.3% Cash	05/21	11/27	763		849		762		0.1	%	(3) (5) (7) (8) (18) (29)
						763		849		762

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Total Safety U.S. Inc Diversified Support Services First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.0% Cash, 5.0% PIK 07/22 08/25 $ 7,726 $ 7,726 $ 7,726 0.7 % (6) (7) (9) (33)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.0% Cash 08/21 08/25 2,266 2,249 2,156 0.2 % (7) (9) (33)
9,992 9,975 9,882
Trader Corporation Technology First Lien Senior Secured Term Loan CDOR + 6.75%, 11.7% Cash 12/22 12/29 4,606 4,453 4,502 0.4 % (3) (5) (6) (7) (25)
Revolver CDOR + 6.75%, 11.7% Cash 12/22 12/28 — (8) (8) — % (3) (6) (7) (25) (33)
4,606 4,445 4,494
Trident Maritime Systems, Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.9% Cash 05/21 02/27 8,931 8,830 8,822 0.8 % (5) (6) (7) (9)
8,931 8,830 8,822
Truck-Lite Co., LLC Automotive Parts & Equipment First Lien Senior Secured Term Loan SOFR + 6.25%, 11.1% Cash 05/21 12/26 21,229 20,987 20,911 1.9 % (5) (6) (7) (19)
21,229 20,987 20,911
TSM II Luxco 10 SARL Chemical & Plastics Senior Subordinated Term Loan 9.3% PIK 03/22 03/27 10,129 9,965 9,945 0.9 % (3) (5) (6) (7)
10,129 9,965 9,945
TSYL Corporate Buyer, Inc. Technology First Lien Senior Secured Term Loan SOFR + 4.75%, 10.4% Cash 12/22 12/28 637 592 595 0.1 % (5) (6) (7) (19)
Revolver SOFR + 4.75%, 10.4% Cash 12/22 12/28 — (3) (3) — % (6) (7) (19) (33)
Partnership Units (4,673 units) N/A 12/22 N/A 5 5 — % (6) (31) (33)
637 594 597
Turbo Buyer, Inc. Finance Companies First Lien Senior Secured Term Loan LIBOR +6.00%, 11.2% Cash 11/21 12/25 12,608 12,413 12,396 1.1 % (5) (6) (7) (9)
12,608 12,413 12,396
Turnberry Solutions, Inc. Consumer Cyclical First Lien Senior Secured Term Loan SOFR + 5.75%, 10.6% Cash 07/21 09/26 2,639 2,602 2,605 0.2 % (5) (6) (7) (19)
2,639 2,602 2,605
UKFast Leaders Limited Technology First Lien Senior Secured Term Loan SONIA + 4.50%, 4.5% Cash, 3.4% PIK 05/21 09/27 4,366 4,889 3,868 0.3 % (3) (5) (6) (7) (22)
4,366 4,889 3,868
Union Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.75%, 10.0% Cash 06/22 06/29 2,427 2,333 2,285 0.2 % (3) (5) (6) (7) (22)
2,427 2,333 2,285
United Therapy Holding III GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 5.50%, 8.2% Cash 04/22 03/29 1,648 1,580 1,569 0.1 % (3) (5) (6) (7) (13)
1,648 1,580 1,569
Unither (Uniholding) Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 6.25%, 9.2% Cash 03/23 03/30 2,059 1,950 1,983 0.2 % (3) (5) (6) (7) (12)
2,059 1,950 1,983
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) Legal Services First Lien Senior Secured Term Loan SOFR + 5.75%, 10.7% Cash 05/21 11/24 2,512 2,403 2,312 0.2 % (5) (6) (7) (18)
2,512 2,403 2,312
Utac Ceram Business Services First Lien Senior Secured Term Loan EURIBOR + 4.50%, 7.5% Cash 05/21 09/27 869 946 845 0.1 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 11.2% Cash 05/21 09/27 243 237 236 — % (3) (5) (6) (7) (9)
1,112 1,183 1,081
Validity, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.6% Cash 05/21 05/25 939 913 926 0.1 % (5) (6) (7) (8)
939 913 926
Victoria Bidco Limited Industrial Machinery First Lien Senior Secured Term Loan SONIA + 6.50%, 9.9% Cash 03/22 01/29 5,227 5,509 4,945 0.4 % (3) (5) (6) (7) (23)
5,227 5,509 4,945


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
SSCP Spring Bidco Limited	Health Care	First Lien Senior Secured Term Loan	SONIA + 5.75%, 10.2% Cash	05/21	07/25	$	1,003	$	1,152	$	1,003	0.1	%	(3) (5) (7) (8) (19)
						1,003		1,152		1,003

Starnmeer B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.3% Cash	10/21	04/27	13,388		13,248		13,317		1.1	%	(3) (5) (7) (8) (17)
						13,388		13,248		13,317

Superjet Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.2% Cash	12/21	12/27	22,769		22,426		22,579		1.8	%	(5) (6) (7) (8) (16)
		Revolver	SOFR + 5.50%, 11.2% Cash	12/21	12/27	456		430		441		—	%	(7) (8) (16) (28) (29)
						23,225		22,856		23,020

Syniverse Holdings, Inc.	Technology Distributors	Series A Preferred Equity (7,575,758 units)	12.5% PIK	05/22	N/A			8,451		8,518		0.7	%	(5) (7)
								8,451		8,518

Syntax Systems Ltd	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	11/21	10/28	6,330		6,281		6,111		0.5	%	(3) (5) (6) (7) (8) (15) (29)
		Revolver	SOFR + 5.75%, 11.2% Cash	11/21	10/28	617		611		592		—	%	(3) (7) (8) (15) (28) (29)
						6,947		6,892		6,703

TA SL Cayman Aggregator Corp.	Technology	Subordinated Term Loan	7.8% PIK	07/21	07/28	1,186		1,172		1,156		0.1	%	(7) (28)
		Common Stock (770 shares)	N/A	07/21	N/A			24		33		—	%	(7) (26) (28)
						1,186		1,196		1,189

Tank Holding Corp	Metal & Glass Containers	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	03/22	03/28	14,166		13,914		13,826		1.1	%	(5) (6) (7) (8) (15)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	05/23	03/28	4,753		4,561		4,651		0.4	%	(7) (8) (15) (28) (29)
		Revolver	SOFR + 5.75%, 11.2% Cash	03/22	03/28	513		502		497		—	%	(7) (8) (15) (28) (29)
						19,432		18,977		18,974

Tanqueray Bidco Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.2% Cash	11/22	11/29	1,656		1,498		1,603		0.1	%	(3) (5) (6) (7) (8) (18) (29)
						1,656		1,498		1,603

Team Air Distributing, LLC	Consumer Cyclical	Subordinated Term Loan	12.0% Cash	5/23	5/28	600		588		589		—	%	(7) (28)
		Partnership Equity (400,000 units)	N/A	5/23	N/A			400		401		—	%	(7) (26)
						600		988		990

Techone B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 9.4% Cash	11/21	11/28	5,793		5,860		5,684		0.5	%	(3) (5) (7) (8) (10)
		Revolver	EURIBOR + 5.50%, 9.4% Cash	11/21	05/28	93		88		89		—	%	(3) (7) (8) (10) (28) (29)
						5,886		5,948		5,773

Tencarva Machinery Company, LLC	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.7% Cash	12/21	12/27	6,264		6,183		6,220		0.5	%	(5) (7) (8) (16)
		Revolver	SOFR + 5.50%, 10.7% Cash	12/21	12/27	—		(14)		(8)		—	%	(7) (8) (16) (28) (29)
						6,264		6,169		6,212

Terrybear, Inc.	Consumer Products	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	271		267		264		—	%	(7) (28)
		Common Stock (24,359 shares)	N/A	04/22	N/A			239		141		—	%	(7) (26)
						271		506		405

The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	SOFR + 4.25%, 9.8% Cash	10/21	12/27	1,242		1,166		1,242		0.1	%	(6) (7) (8) (16) (29)
		Revolver	SOFR + 4.25%, 9.8% Cash	10/21	12/27	—		(15)		—		—	%	(7) (8) (16) (28) (29)
		Subordinated Term Loan	SOFR + 7.75%, 12.9% Cash	10/21	10/28	5,189		5,111		5,151		0.4	%	(7) (8) (17)
						6,431		6,262		6,393

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B 6.3% Cash 11/21 02/29 $ 8,571 $ 8,571 $ 7,203 0.6 % (6) (33)
8,571 8,571 7,203
Vital Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.5% Cash 06/21 06/28 957 942 929 0.1 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan SOFR + 5.50%, 10.6% Cash 06/21 06/28 4,018 3,898 3,898 0.3 % (6) (7) (19) (33)
Partnership Units (1,096.2 units) N/A 06/21 N/A 11 21 — % (6) (31) (33)
4,975 4,851 4,848
VP Holding Company Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 10.9% Cash 05/21 05/24 14,500 14,373 14,079 1.3 % (5) (6) (7) (8)
First Lien Senior Secured Term Loan SOFR + 5.50%, 10.8% Cash 05/21 05/24 8,506 8,394 8,260 0.7 % (5) (6) (7) (19)
23,006 22,767 22,339
W2O Holdings, Inc. Healthcare Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 10.2% Cash 05/21 06/25 1,106 1,103 1,073 0.1 % (6) (7) (9) (33)
First Lien Senior Secured Term Loan SOFR + 5.75%, 11.0% Cash 05/21 06/25 484 467 466 — % (6) (7) (20) (33)
1,590 1,570 1,539
Wheels Up Experience Inc Transportation Services First Lien Senior Secured Term Loan 12.0% Cash 09/22 10/29 21,937 21,100 21,612 1.9 % (6) (33)
21,937 21,100 21,612
Whitcraft Holdings, Inc. Aerospace & Defense First Lien Senior Secured Term Loan SOFR + 7.00%, 11.9% Cash 02/23 02/29 16,903 16,237 16,227 1.5 % (6) (7) (19) (33)
Revolver SOFR + 7.00%, 11.9% Cash 02/23 02/29 — (99) (101) — % (6) (7) (19) (33)
LP Units (84,116.1 units) N/A 02/23 N/A 841 841 0.1 % (6) (31) (33)
16,903 16,979 16,967
Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 5.75%, 10.9% Cash 12/21 12/27 8,232 8,099 7,401 0.7 % (5) (6) (7) (9)
Revolver LIBOR + 5.75%, 10.9% Cash 12/21 12/27 1,294 1,267 1,130 0.1 % (6) (7) (9) (33)
Common Stock (1,204.46 shares) N/A 12/21 N/A 1,204 719 0.1 % (6) (31) (33)
9,526 10,570 9,250
World 50, Inc. Professional Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.6% Cash 05/21 01/26 15,344 15,143 15,203 1.4 % (5) (6) (7) (8)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 10.1% Cash 05/21 01/26 519 519 512 — % (5) (6) (7) (8)
15,863 15,662 15,715
WWEC Holdings III Corp Capital Goods First Lien Senior Secured Term Loan SOFR + 6.00%, 10.8% Cash 10/22 10/28 10,753 10,454 10,480 0.9 % (5) (6) (7) (19)
Revolver SOFR + 6.00%, 10.8% Cash 10/22 10/28 839 796 800 0.1 % (6) (7) (19) (33)
11,592 11,250 11,280
Xeinadin Bidco Limited Financial Other First Lien Senior Secured Term Loan SONIA + 5.25%, 9.2% Cash 05/22 05/29 11,029 10,690 10,702 1.0 % (3) (5) (6) (7) (22)
Subordinated Term Loan 11.0% PIK 05/22 05/29 4,162 4,043 4,061 0.4 % (3) (6) (7) (33)
Common Stock (354,281 shares) N/A 05/22 N/A 452 452 — % (3) (6) (31) (33)
15,191 15,185 15,215
ZB Holdco LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 4.75%, 9.9% Cash 02/22 02/28 4,030 3,974 3,980 0.4 % (5) (6) (7) (9)
Revolver LIBOR + 4.75%, 9.9% Cash 02/22 02/28 — (14) (11) — % (6) (7) (9) (33)
LLC Units (152.7 units) N/A 02/22 N/A 153 198 — % (6) (31) (33)
4,030 4,113 4,167


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
The Cleaver-Brooks Company, Inc.	Capital Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	07/22	07/28	$	14,164	$	13,882	$	14,096	1.1	%	(5) (6) (7) (8) (15) (29)
		Subordinated Term Loan	12.5%, PIK	07/22	07/29	4,104		4,036		4,049		0.3	%	(7) (28)
						18,268		17,918		18,145

The Hilb Group, LLC	Insurance Brokerage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.2% Cash	05/21	12/26	8,536		8,392		8,452		0.7	%	(5) (6) (7) (8) (15) (29)
						8,536		8,392		8,452

The Octave Music Group, Inc.	Media: Diversified & Production	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.9% Cash	04/22	04/30	6,541		6,429		6,476		0.5	%	(5) (7) (8) (16)
		Partnership Equity (353,584.39 units)	N/A	04/22	N/A			353		633		0.1	%	(7) (26) (28)
						6,541		6,782		7,109

Total Safety U.S. Inc	Diversified Support Services	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.7% Cash	08/21	08/25	2,197		2,184		2,080		0.2	%	(8) (16) (28)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.7% Cash, 5.0% PIK	07/22	08/25	7,884		7,884		7,884		0.6	%	(7) (8) (16) (28)
						10,081		10,068		9,964

Trader Corporation	Technology	First Lien Senior Secured Term Loan	CDOR + 6.75%, 12.1% Cash	12/22	12/29	2,582		2,497		2,556		0.2	%	(3) (5) (7) (8) (21)
		Revolver	CDOR + 6.75%, 12.1% Cash	12/22	12/28	—		(7)		(3)		—	%	(3) (7) (8) (21) (28) (29)
						2,582		2,490		2,553

Trident Maritime Systems, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.0% Cash	05/21	02/27	8,892		8,807		8,038		0.6	%	(6) (7) (8) (16)
						8,892		8,807		8,038

Trintech, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.8% Cash	07/23	07/29	12,572		12,202		12,194		1.0	%	(5) (7) (8) (15)
		Revolver	SOFR + 6.50%, 11.8% Cash	07/23	07/29	408		366		365		—	%	(7) (8) (15) (28) (29)
						12,980		12,568		12,559

Truck-Lite Co., LLC	Automotive Parts & Equipment	First Lien Senior Secured Term Loan	SOFR + 6.25%, 12.1% Cash	05/21	12/26	21,175		20,957		20,928		1.7	%	(5) (6) (7) (8) (16)
						21,175		20,957		20,928

TSYL Corporate Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.9% Cash	12/22	12/28	634		593		600		—	%	(5) (7) (8) (16) (29)
		Revolver	SOFR + 4.75%, 10.9% Cash	12/22	12/28	—		(3)		(3)		—	%	(7) (8) (16) (28) (29)
		Partnership Units (4,673 units)	N/A	12/22	N/A			5		5		—	%	(7) (26) (28)
						634		595		602

Turbo Buyer, Inc.	Finance Companies	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.6% Cash	11/21	12/25	12,575		12,415		12,111		1.0	%	(5) (6) (7) (8) (16) (29)
						12,575		12,415		12,111

Turnberry Solutions, Inc.	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.4% Cash	07/21	09/26	2,626		2,594		2,601		0.2	%	(6) (7) (8) (16)
						2,626		2,594		2,601

UKFast Leaders Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 4.50%, 4.5% Cash, 3.4% PIK	05/21	09/27	4,425		5,014		3,995		0.3	%	(3) (5) (7) (8) (18)
						4,425		5,014		3,995

Union Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.00%, 11.2% Cash	06/22	06/29	2,396		2,336		2,219		0.2	%	(3) (5) (7) (8) (18) (29)
						2,396		2,336		2,219

United Therapy Holding III GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 9.2% Cash	04/22	03/29	1,606		1,584		1,212		0.1	%	(3) (5) (7) (8) (10) (29)
						1,606		1,584		1,212

Unither (Uniholding)	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 10.2% Cash	03/23	03/30	2,007		1,954		1,947		0.2	%	(3) (5) (7) (8) (10) (29)
						2,007		1,954		1,947

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Portfolio Company Industry Investment Type(1)(2) Interest Acq. Date Maturity Date Principal
Amount Cost Fair
Value % of Net Assets * Notes
Zeppelin Bidco Limited Services: Business First Lien Senior Secured Term Loan SONIA + 6.25%, 10.4% Cash 03/22 03/29 $ 2,991 $ 3,080 $ 2,807 0.3 % (3) (5) (6) (7) (22)
2,991 3,080 2,807
Subtotal Non–Control / Non–Affiliate Investments (189.8%) 2,130,489 2,164,913 2,124,324
Affiliate Investments (4):

Eclipse Business Capital, LLC Banking, Finance, Insurance & Real Estate Revolver LIBOR + 7.25% 08/21 07/28 3,080 3,007 3,080 0.3 % (6) (8) (33)
Second Lien Senior Secured Term Loan 7.5% Cash 08/21 07/28 3,209 3,183 3,209 0.3 % (6) (33)
LLC Units (63,139,338 units) N/A 08/21 N/A 65,809 101,023 9.0 % (6) (33)
6,289 71,999 107,312
Rocade Holdings LLC Other Financial Preferred LP Units (12,000 units) SOFR + 6.0% PIK 02/23 N/A 12,000 12,000 1.1 % (6) (33)
LP Units (30.8 units) N/A 02/23 N/A — — — % (6) (31) (33)
12,000 12,000
Thompson Rivers LLC Investment Funds & Vehicles 6.3% Member Interest N/A 08/21 N/A 15,599 8,741 0.8 % (31) (33)
15,599 8,741
Waccamaw River LLC Investment Funds & Vehicles 20% Member Interest N/A 08/21 N/A 22,602 19,021 1.7 % (3) (33)
22,602 19,021
Subtotal Affiliate Investments (13.1%) 6,289 122,200 147,074
Total Investments, March 31, 2023 (203.0%)* $ 2,136,778 $ 2,287,113 $ 2,271,398

~~Derivative Instruments~~

Interest Rate Swaps:
Description Company Receives Company Pays Maturity Date Notional Amount Value Hedged Instrument Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5) 6.00% SOFR + 3.245% 5/10/2027 $ 100,000 $(1,553) Series D Notes $ (1,553)
Interest rate swap (See Note 5) 6.00% SOFR + 3.382% 5/10/2027 $ 55,000 $(1,159) Series E Notes (1,159)
Total Interest Rate Swaps, March 31, 2023 $ (2,712)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	Legal Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.1% Cash	05/21	11/24	$	3,457	$	3,381	$	3,375	0.3	%	(5) (6) (7) (8) (15) (29)
						3,457		3,381		3,375

Utac Ceram	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 8.4% Cash, 1.8% PIK	05/21	09/27	847		947		807		0.1	%	(3) (5) (7) (8) (10)
		First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.4% Cash, 1.8% PIK	05/21	09/27	243		238		231		—	%	(3) (5) (7) (8) (16)
						1,090		1,185		1,038

Validity, Inc.	IT Consulting & Other Services	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.9% Cash	05/21	05/26	939		919		939		0.1	%	(5) (7) (8) (17)
						939		919		939

Victoria Bidco Limited	Industrial Machinery	First Lien Senior Secured Term Loan	SONIA + 6.50%, 11.4% Cash	03/22	01/29	5,160		5,519		4,711		0.4	%	(3) (5) (7) (8) (18)
						5,160		5,519		4,711

VistaJet Pass Through Trust 2021-1B	Airlines	Structured Secured Note - Class B	6.3% Cash	11/21	2/29	7,857		7,857		6,273		0.5	%	(7) (28)
						7,857		7,857		6,273

Vital Buyer, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.9% Cash	06/21	06/28	4,950		4,826		4,941		0.4	%	(6) (7) (8) (16) (28)
		Partnership Units (1,096.2 units)	N/A	06/21	N/A			11		20		—	%	(7) (26)
						4,950		4,837		4,961

VP Holding Company	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.3% Cash	05/21	12/25	4,649		4,630		4,459		0.4	%	(6) (7) (8) (16)
		First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.3% Cash	05/21	05/24	16,763		16,656		16,076		1.3	%	(5) (7) (8) (16)
						21,412		21,286		20,535

W2O Holdings, Inc.	Healthcare Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.8% Cash	05/21	06/25	1,100		1,098		1,082		0.1	%	(7) (17) (28)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 11.1% Cash	05/21	06/25	483		469		470		—	%	(7) (17) (28) (29)
						1,583		1,567		1,552

WEST-NR ACQUISITIONCO, LLC	Insurance	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.7% Cash	08/23	12/27	3,750		3,605		3,600		0.3	%	(5) (7) (8) (16) (29)
						3,750		3,605		3,600

Wheels Up Experience Inc	Transportation Services	First Lien Senior Secured Term Loan	12.0% Cash	09/22	10/29	20,548		19,804		18,493		1.5	%	(7) (28)
						20,548		19,804		18,493

Whitcraft Holdings, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	SOFR + 7.00%, 12.3% Cash	02/23	2/29	12,838		12,363		12,397		1.0	%	(7) (8) (16) (28)
		Revolver	SOFR + 7.00%, 12.3% Cash	02/23	2/29	—		(90)		(86)		—	%	(7) (8) (16) (28) (29)
		LP Units (84,116.1 units)	N/A	02/23	N/A			841		840		0.1	%	(7) (26) (28)
						12,838		13,114		13,151

Woodland Foods, LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 5.75%, 11.3% Cash	12/21	12/27	8,191		8,070		7,593		0.6	%	(6) (7) (8) (16)
		Revolver	SOFR + 5.75%, 11.3% Cash	12/21	12/27	888		864		769		0.1	%	(7) (8) (16) (28) (29)
		Common Stock (1,204.46 shares)	N/A	12/21	N/A			1,204		783		0.1	%	(7) (26)
						9,079		10,138		9,145

World 50, Inc.	Professional Services	First Lien Senior Secured Term Loan	SOFR + 4.75%, 10.4% Cash	05/21	01/26	15,176		15,011		15,085		1.2	%	(5) (6) (7) (8) (15)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.6% Cash	05/21	01/26	513		513		509		—	%	(6) (7) (8) (15)
						15,689		15,524		15,594

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)

Foreign Currency Forward Contracts:
Description Notional Amount to be Purchased Notional Amount to be Sold Counterparty Settlement Date Unrealized Appreciation (Depreciation)
Foreign currency forward contract (AUD) A$2,300 $1,557 BNP Paribas SA 04/11/23 $ (15)
Foreign currency forward contract (AUD) $46,243 A$68,728 BNP Paribas SA 04/11/23 163
Foreign currency forward contract (CAD) $5,383 C$7,326 BNP Paribas SA 04/11/23 (33)
Foreign currency forward contract (DKK) 200kr. $29 BNP Paribas SA 04/11/23 —
Foreign currency forward contract (DKK) $1,098 7,639kr. BNP Paribas SA 04/11/23 (17)
Foreign currency forward contract (EUR) $204,852 €191,711 BNP Paribas SA 04/11/23 (3,646)
Foreign currency forward contract (GBP) £1,600 $1,929 BNP Paribas SA 04/11/23 50
Foreign currency forward contract (GBP) $66,247 £54,756 BNP Paribas SA 04/11/23 (1,482)
Foreign currency forward contract (NZD) $5,234 NZ$8,323 BNP Paribas SA 04/11/23 16
Foreign currency forward contract (NOK) 1,514kr $140 BNP Paribas SA 04/11/23 5
Foreign currency forward contract (NOK) $4,170 40,964kr BNP Paribas SA 04/11/23 247
Foreign currency forward contract (SEK) $555 5,751kr BNP Paribas SA 04/11/23 (1)
Foreign currency forward contract (CHF) $5,336 4,891Fr. BNP Paribas SA 04/11/23 (25)
Total Foreign Currency Forward Contracts, March 31, 2023 $ (4,738)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
WWEC Holdings III Corp	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	10/22	10/28	$	5,725	$	5,566	$	5,725	0.5	%	(5) (7) (8) (16) (29)
		Revolver	SOFR + 6.00%, 11.4% Cash	10/22	10/28	280		242		279		—	%	(7) (8) (16) (28) (29)
						6,005		5,808		6,004

Xeinadin Bidco Limited	Financial Other	First Lien Senior Secured Term Loan	SONIA + 5.25%, 10.4% Cash	05/22	05/29	11,751		11,628		11,500		0.9	%	(3) (5) (7) (8) (18) (29)
		Subordinated Term Loan	11.0% PIK	05/22	05/29	4,430		4,383		4,346		0.3	%	(3) (7) (28)
		Common Stock (36,532,680 shares)	N/A	05/22	N/A			452		446		—	%	(3) (7) (26) (28)
						16,181		16,463		16,292

ZB Holdco LLC	Food & Beverage	First Lien Senior Secured Term Loan	SOFR + 6.00%, 11.4% Cash	02/22	02/28	6,355		6,194		6,146		0.5	%	(5) (6) (7) (8) (16) (29)
		Revolver	SOFR + 6.00%, 11.4% Cash	02/22	02/28	34		21		15		—	%	(7) (8) (16) (28) (29)
		LLC Units (152.7 units)	N/A	02/22	02/28			153		153		—	%	(7)
						6,389		6,368		6,314

Zeppelin Bidco Limited	Services: Business	First Lien Senior Secured Term Loan	SONIA + 6.25%, 11.4% Cash	03/22	03/29	2,953		3,092		2,708		0.2	%	(3) (5) (7) (8) (18) (29)
						2,953		3,092		2,708

Subtotal Non–Control / Non–Affiliate Investments (163.9%)						2,072,310		2,122,262		2,068,988

Affiliate Investments (4):

Coastal Marina Holdings, LLC	Hotel, Gaming and Leisure	Subordinated Term Loan	8.0% Cash	11/21	11/31	8,310		7,786		7,809		0.6	%	(7) (28)
		Subordinated Term Loan	10.0% PIK	11/21	11/31	3,472		3,280		3,263		0.3	%	(7) (28)
		LLC Units (1,203,914.5 units)	N/A	11/21	N/A			5,472		6,381		0.5	%	(7) (26)
						11,782		16,538		17,453

CPCF BPCC LLC	Investment Funds & Vehicles	9.1% Member Interest	N/A	6/23	NA			6,086		5,926		0.5	%	(3) (28)
								6,086		5,926

Eclipse Business Capital, LLC	Banking, Finance, Insurance & Real Estate	Revolver	SOFR + 7.25%	08/21	07/28	3,337		3,271		3,337		0.3	%	(7) (15) (28) (29)
		Second Lien Senior Secured Term Loan	7.5% Cash	08/21	07/28	3,209		3,185		3,209		0.3	%	(7) (28)
		LLC Units (63,139,338 units)	N/A	08/21	N/A			66,059		103,803		8.2	%	(7) (28)
						6,546		72,515		110,349

Rocade Holdings LLC	Other Financial	Preferred LP Units (75,000 units)	SOFR + 6.0% PIK, 11.4% PIK	02/23	N/A			78,451		78,451		6.2	%	(7) (28) (29)
		Common LP Units (30.8 units)	N/A	02/23	N/A			—		651		0.1	%	(7) (26) (28)
								78,451		79,102

Thompson Rivers LLC	Investment Funds & Vehicles	6.3% Member Interest	N/A	08/21	N/A			12,492		5,379		0.4	%	(26) (28)
								12,492		5,379

Waccamaw River LLC	Investment Funds & Vehicles	20.0% Member Interest	N/A	08/21	N/A			25,083		18,762		1.5	%	(3) (26) (28)
								25,083		18,762

Subtotal Affiliate Investments (18.8%)						18,328		211,165		236,971

Total Investments, September 30, 2023 (182.7%)*						$	2,090,638	$	2,333,427	$	2,305,959

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2023

(Amounts in thousands, except share amounts)

Derivative Instruments


Interest Rate Swaps:
Description	Company Receives	Company Pays	Maturity Date	Notional Amount		Value	Hedged Instrument	Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5)	6.00%	SOFR + 3.245%	5/10/2027	$	100,000	$(4,819)	Series D Notes	$	(4,819)
Interest rate swap (See Note 5)	6.00%	SOFR + 3.382%	5/10/2027	$	55,000	$(2,918)	Series E Notes	(2,918)
Total Interest Rate Swaps, September 30, 2023								$	(7,737)

Foreign Currency Forward Contracts:

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

Foreign currency forward contract (AUD)

A$5,023

$3,431

BNP Paribas SA

10/10/23

(191)

Foreign currency forward contract (AUD)

$47,174

A$70,394

BNP Paribas SA

10/10/23

1,760

Foreign currency forward contract (CAD)

$5,361

C$7,053

BNP Paribas SA

10/10/23

150

Foreign currency forward contract (DKK)

$1,164

7,870kr.

BNP Paribas SA

10/10/23

Foreign currency forward contract (EUR)

$226,210

€205,324

BNP Paribas SA

10/10/23

8,843

Foreign currency forward contract (GBP)

$76,753

£60,245

BNP Paribas SA

10/10/23

3,163

Foreign currency forward contract (NZD)

$5,426

NZ$8,792

BNP Paribas SA

10/10/23

142

Foreign currency forward contract (NOK)

$3,910

41,996kr

BNP Paribas SA

10/10/23

(29)

Foreign currency forward contract (SEK)

$553

5,904kr

BNP Paribas SA

10/10/23

Foreign currency forward contract (CHF)

$6,864

6,046Fr.

BNP Paribas SA

10/10/23

246

Total Foreign Currency Forward Contracts, September 30, 2023

14,143

* 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 ~~London Interbank Offered Rate (“LIBOR”), 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 Dollar Offered Rate (“CDOR”), 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~~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 investments), which as of ~~March 31,~~September 30, 2023 represented ~~203.0%~~182.7% 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 ~~26.5%~~23.0% of total investments at fair value as of ~~March 31,~~September 30, 2023. 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 ~~three~~nine months ended ~~March 31,~~September 30, 2023 were as follows:

3132

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

~~March 31,~~September 30, 2023

(Amounts in thousands, except share amounts)


			December 31, 2022 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		March 31, 2023 Value		Amount of Interest or Dividends Credited to Income(c)				December 31, 2022 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		September 30, 2023 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Portfolio Company	Type of Investment															Portfolio Company	Type of Investment
Coastal Marina Holdings, LLC (d)																	Coastal Marina Holdings, LLC (d)	Subordinated Term Loan (8.0% Cash)	$	—	$	7,794	$	—	$	—	$	15	$	7,809	$	176
																		Subordinated Term Loan (10.0% PIK)	—		3,261		—		—		2		3,263		89
																		LLC Units (1,203,914.5 units)	—		6,377		—		—		4		6,381		—
																			—		17,432		—		—		21		17,453		265

CPCF BPCC LLC																	CPCF BPCC LLC	9.1% Member Interest	—		6,087		—		—		(161)		5,926		173
																			—		6,087		—		—		(161)		5,926		173

Eclipse Business Capital, LLC (d)	Eclipse Business Capital, LLC (d)	Second Lien Senior Secured Term Loan (7.5% Cash)	$	3,209	$	1	$	—	$	—	$	(1)	$	3,209	$	61	Eclipse Business Capital, LLC (d)	Revolver (SOFR + 7.25%, 12.6% Cash)	3,722		14,768		(15,144)		—		(9)		3,337		246
		Revolver (LIBOR + 7.25%)	$	3,722	$	3	$	(642)	$	—	$	(3)	$	3,080	$	113		Second Lien Senior Secured Term Loan (7.5% Cash)	3,209		3		—		—		(3)		3,209		184
		LLC units (63,139,338 units)	$	95,340	$	—	$	—	$	—	$	5,683	$	101,023	$	2,105		LLC units (63,139,338 units)	95,340		250		—		—		8,213		103,803		7,503
			$	102,271	$	4	$	(642)	$	—	$	5,679	$	107,312	$	2,279			102,271		15,021		(15,144)		—		8,201		110,349		7,933

Rocade Holdings LLC (d)	Rocade Holdings LLC (d)	Preferred LP Units (12,000 units)	$	—	$	12,000	$	—	$	—	$	—	$	12,000	$	196	Rocade Holdings LLC (d)	Preferred LP Units (75,000 units) (SOFR + 6.0% PIK, 11.4% PIK)	—		78,451		—		—		—		78,451		3,451
		LP Units (30.8 units)	$	—	$	—	$	—	$	—	$	—	$	—	$	—		Common LP Units (30.8 units)	—		—		—		—		651		651		—
			$	—	$	12,000	$	—	$	—	$	—	$	12,000	$	196			—		78,451		—		—		651		79,102		3,451

Thompson Rivers LLC	Thompson Rivers LLC	6.3% Member Interest	$	12,041	$	—	$	(3,614)	$	—	$	314	$	8,741	$	—	Thompson Rivers LLC	6.3% Member Interest	12,041		—		(6,722)		—		60		5,379		—
			$	12,041	$	—	$	(3,614)	$	—	$	314	$	8,741	$	—			12,041		—		(6,722)		—		60		5,379		—

Waccamaw River LLC	Waccamaw River LLC	20% Member Interest	$	20,212	$	—			$	—	$	(1,191)	$	19,021	$	720	Waccamaw River LLC	20% Member Interest	20,212		2,480		—		—		(3,930)		18,762		1,460
			$	20,212	$	—	$	—	$	—	$	(1,191)	$	19,021	$	720			20,212		2,480		—		—		(3,930)		18,762		1,460

Total Affiliate Investments	Total Affiliate Investments		$	134,524	$	12,004	$	(4,256)	$	—	$	4,802	$	147,074	$	3,195	Total Affiliate Investments		$	134,524	$	119,471	$	(21,866)	$	—	$	4,842	$	236,971	$	13,282

(a) Gross additions include increases in the cost basis of investments resulting from new investments, ~~and~~ follow-on ~~investments.~~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)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”).

(6)Some or all of the investment is or will be encumbered as security for the Company’s $496.5 million term debt securitization which was completed on August 23, 2023 (as amended, restated and modified from time to time, the “2023 Debt Securitization”).

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

~~(7)~~(8)Debt investment includes interest rate floor feature.

~~(8)The interest rate on these loans is subject to 1 Month LIBOR, which as of March 31, 2023 was 4.85771%.~~

(9)~~The interest rate on these loans is subject to 3 Month LIBOR, which as of March 31, 2023 was 5.19271%.~~

~~(10)The interest rate on these loans is subject to 6 Month LIBOR, which as of March 31, 2023 was 5.31300%.~~

~~(11)~~The interest rate on these loans is subject to 1 Month EURIBOR, which as of ~~March 31,~~September 30, 2023 was ~~2.91500%~~3.84700%.

~~(12)~~(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of ~~March 31,~~September 30, 2023 was ~~3.03800%~~3.95200%.

~~(13)~~(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of ~~March 31,~~September 30, 2023 was ~~3.34100%~~4.12500%.

~~(14)The interest rate on these loans is subject to 12 Month EURIBOR, which as of March 31, 2023 was 3.62200%.~~

~~(15)~~(12)The interest rate on these loans is subject to 1 Month BBSY, which as of ~~March 31,~~September 30, 2023 was ~~3.63340%~~4.05130%.

~~(16)~~(13)The interest rate on these loans is subject to 3 Month BBSY, which as of ~~March 31,~~September 30, 2023 was ~~3.71500%~~4.14000%.

~~(17)~~(14)The interest rate on these loans is subject to 6 Month BBSY, which as of ~~March 31,~~September 30, 2023 was ~~3.78750%~~4.40460%.

~~(18)~~(15)The interest rate on these loans is subject to 1 Month SOFR, which as of ~~March 31,~~September 30, 2023 was ~~4.80247%~~5.31899%.

~~(19)~~(16)The interest rate on these loans is subject to 3 Month SOFR, which as of ~~March 31,~~September 30, 2023 was ~~4.90855%~~5.39550%.

~~(20)~~(17)The interest rate on these loans is subject to 6 Month SOFR, which as of ~~March 31,~~September 30, 2023 was ~~4.89968%~~5.46727%.

~~(21)The interest rate on these loans is subject to 1 Month SONIA, which as of March 31, 2023 was 4.16870%.~~

~~(22)~~(18)The interest rate on these loans is subject to 3 Month SONIA, which as of ~~March 31,~~September 30, 2023 was ~~4.29870%~~5.28980%.

~~(23)~~(19)The interest rate on these loans is subject to 6 Month SONIA, which as of ~~March 31,~~September 30, 2023 was ~~4.46810%~~5.38530%.

~~(24)~~(20)The interest rate on these loans is subject to 3 Month STIBOR, which as of ~~March 31,~~September 30, 2023 was ~~3.36400%~~4.06200%.

~~(25)~~(21)The interest rate on these loans is subject to 1 Month CDOR, which as of ~~March 31,~~September 30, 2023 was ~~4.95000%~~5.38500%.

~~(26)~~(22)The interest rate on these loans is subject to 3 Month CDOR, which as of ~~March 31,~~September 30, 2023 was ~~5.02750%~~5.51250%.

~~(27)~~(23)The interest rate on these loans is subject to 3 Month BKBM, which as of ~~March 31,~~September 30, 2023 was ~~5.15000%~~5.68000%.

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments — (Continued)

September 30, 2023

(Amounts in thousands, except share amounts)

~~(28)~~(24)The interest rate on these loans is subject to 6 Month SARON, which as of ~~March 31,~~September 30, 2023 was ~~1.41862%~~1.71489%.

~~(29)~~(25)The interest rate on these loans is subject to 1 Month NIBOR, which as of ~~March 31,~~September 30, 2023 was ~~3.38000%~~4.49000%.

~~(30)The interest rate on these loans is subject to Prime, which as of March 31, 2023 was 8.00000%.~~

~~(31)~~(26)Investment is non-income producing.

~~(32)~~(27)Non-accrual investment.

~~(33)~~(28)~~All~~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”).

~~(34)~~(29)~~The sale of all~~Position or a portion ~~of this investment did not qualify for sale accounting under FASB ASC Topic 860, Transfers and Servicing (“ASC 860”),~~

~~and therefore the investment remains on the Company’s Consolidated Schedule of Investments as of March 31, 2023. See Note 5 in the~~

~~Unaudited Consolidated Financial Statements for further details.~~

thereof is an unfunded loan or equity commitment.

See accompanying notes.

3234

Barings Private Credit Corporation

Consolidated Schedule of Investments

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Portfolio Company	Industry		Investment Type(1)(2)		Interest		Acq. Date		Maturity Date		Principal Amount			Cost			Fair Value				% of Net Assets *				Notes		Portfolio Company					Industry						Investment Type(1)(2)				Interest					Acq. Date					Maturity Date					Principal Amount						Cost						Fair Value						% of Net Assets *					Notes
Non–Control / Non–Affiliate Investments:	Non–Control / Non–Affiliate Investments:																											Non–Control / Non–Affiliate Investments:

1WorldSync, Inc.	1WorldSync, Inc.	IT Consulting & Other Services		First Lien Senior Secured Term Loan		SOFR + 4.75%, 8.8% Cash		05/21		07/25		$	10,923		$	10,864		$	10,923			1.0	%			(5) (6) (7) (18)		1WorldSync, Inc.					IT Consulting & Other Services						First Lien Senior Secured Term Loan				SOFR + 4.75%, 8.8% Cash					05/21					07/25					$	10,923					$	10,864					$	10,923					1.0	%				(5) (6) (7) (18)
											10,923			10,864			10,923																																		10,923					10,864						10,923

A.T. Holdings II LTD	A.T. Holdings II LTD		Other Financial		First Lien Senior Secured Term Loan		14.3% Cash		11/22		09/29			15,000			15,000			15,000				1.4	%				(3) (6)			A.T. Holdings II LTD					Other Financial				First Lien Senior Secured Term Loan					14.3% Cash					11/22					09/29						15,000						15,000						15,000					1.4		%				(3) (6)
											15,000			15,000			15,000																																		15,000					15,000						15,000

Accelerant Holdings	Accelerant Holdings	Banking, Finance, Insurance & Real Estate			Class A Convertible Preferred Equity (5,000 shares)		N/A		01/22		N/A						5,000			5,403				0.5	%			(6) (30)			Accelerant Holdings					Banking, Finance, Insurance & Real Estate				Class A Convertible Preferred Equity (5,000 shares)					N/A					01/22					N/A												5,000						5,403					0.5		%				(6) (30)
			Class B Convertible Preferred Equity (1,667 shares)		N/A		12/22		N/A					1,667			1,667			0.2	%			(6) (30)									Class B Convertible Preferred Equity (1,667 shares)							N/A					12/22					N/A											1,667						1,667						0.2		%			(6) (30)
														6,667			7,070																																							6,667						7,070

Acclime Holdings HK Limited	Acclime Holdings HK Limited		Business Services		First Lien Senior Secured Term Loan		LIBOR + 6.50%, 11.0% Cash		08/21		08/27			2,335			2,270			2,275				0.2	%			(3) (5) (6) (7) (9)			Acclime Holdings HK Limited					Business Services				First Lien Senior Secured Term Loan					LIBOR + 6.50%, 11.0% Cash					08/21					08/27						2,335						2,270						2,275					0.2		%				(3) (5) (6) (7) (9)
				First Lien Senior Secured Term Loan		LIBOR + 6.50%, 9.6% Cash		08/21		07/27		5,165			5,049			5,032				0.5	%			(3) (5) (6) (7) (10)								First Lien Senior Secured Term Loan						LIBOR + 6.50%, 9.6% Cash					08/21					07/27					5,165						5,049						5,032						0.5		%			(3) (5) (6) (7) (10)
											7,500			7,319			7,307																																		7,500					7,319						7,307

Accurus Aerospace Corporation	Accurus Aerospace Corporation			Aerospace & Defense		First Lien Senior Secured Term Loan		LIBOR + 5.75%, 10.8% Cash		04/22		03/28			13,332			13,152				13,119				1.2	%						(5) (6) (7) (9)				Accurus Aerospace Corporation			Aerospace & Defense					First Lien Senior Secured Term Loan					LIBOR + 5.75%, 10.8% Cash					04/22						03/28						13,332						13,152					13,119						1.2		%	(5) (6) (7) (9)
			Revolver			LIBOR + 5.75%, 10.8% Cash		04/22		03/28		691			673			669				0.1	%			(6) (7) (9)								Revolver									LIBOR + 5.75%, 10.8% Cash					04/22					03/28					691						673						669						0.1	%				(6) (7) (9)
			Common Stock (262,573.98 shares)			N/A		04/22		N/A					262			261				—	%			(6) (30)								Common Stock (262,573.98 shares)									N/A					04/22					N/A											262						261						—	%				(6) (30)
											14,023			14,087			14,049																																		14,023					14,087						14,049

Acogroup	Acogroup	Business Services			First Lien Senior Secured Term Loan		EURIBOR + 6.25%, 6.8% Cash		03/22		10/26			27,407			27,631			25,845				2.4	%			(3) (6) (7) (13) (31)			Acogroup					Business Services				First Lien Senior Secured Term Loan					EURIBOR + 6.25%, 6.8% Cash					03/22					10/26						27,407						27,631						25,845					2.4		%				(3) (6) (7) (13) (31)
			First Lien Senior Secured Term Loan		EURIBOR + 6.25%, 6.8% Cash		05/21		10/26		1,281			1,446			1,208			0.1	%			(3) (5) (6) (7) (13)									First Lien Senior Secured Term Loan							EURIBOR + 6.25%, 6.8% Cash					05/21					10/26					1,281						1,446						1,208						0.1		%			(3) (5) (6) (7) (13)
											28,688			29,077			27,053																																		28,688					29,077						27,053

Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)	Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)		Health Care Services		First Lien Senior Secured Term Loan		BBSY + 5.75%, 9.1% Cash		05/21		03/25			694			793			687				0.1	%			(3) (5) (6) (7) (16)			Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)					Health Care Services				First Lien Senior Secured Term Loan					BBSY + 5.75%, 9.1% Cash					05/21					03/25						694						793						687					0.1		%				(3) (5) (6) (7) (16)
										694		793			687																															694					793					687

Air Comm Corporation, LLC	Air Comm Corporation, LLC				Aerospace & Defense		First Lien Senior Secured Term Loan		LIBOR + 5.50%, 10.2% Cash		06/21			07/27			24,760			24,367				24,466				2.2		%				(5) (6) (7) (9)			Air Comm Corporation, LLC			Aerospace & Defense					First Lien Senior Secured Term Loan					LIBOR + 5.50%, 10.2% Cash					06/21						07/27						24,760						24,367					24,466						2.2		%	(5) (6) (7) (9)
											24,760			24,367			24,466																																		24,760					24,367						24,466

AIT Worldwide Logistics Holdings, Inc.	AIT Worldwide Logistics Holdings, Inc.	Transportation Services		Second Lien Senior Secured Term Loan			LIBOR + 7.50%, 12.2% Cash		05/21		04/29			7,220			7,083			6,945				0.6	%			(5) (6) (7) (9)			AIT Worldwide Logistics Holdings, Inc.					Transportation Services				Second Lien Senior Secured Term Loan					LIBOR + 7.50%, 12.2% Cash					05/21					04/29						7,220						7,083						6,945					0.6		%				(5) (6) (7) (9)
											7,220			7,083			6,945																																		7,220					7,083						6,945

Amalfi Midco	Amalfi Midco		Healthcare		Subordinated Loan Notes		LIBOR + 2.00%, 6.8% Cash, 9.0% PIK		09/22		09/28			4,784			4,451			4,303				0.4	%			(3) (6) (9)			Amalfi Midco					Healthcare				Subordinated Loan Notes					LIBOR + 2%, 6.8% Cash, 9.0% PIK					09/22					09/28						4,784						4,451						4,303					0.4		%				(3) (6) (9)
				Class B Common Stock (93,165,208 shares)		N/A		09/22		N/A					1,040			1,121				0.1	%			(3) (6) (30)								Class B Common Stock (93,165,208 shares)						N/A					09/22					N/A											1,040						1,121						0.1		%			(3) (6) (30)
				Warrants (380,385units)		N/A		09/22		N/A					4			426				—	%			(3) (6) (30)								Warrants (380,385units)						N/A					09/22					N/A											4						426						—		%			(3) (6) (30)
											4,784			5,495			5,850																																		4,784					5,495						5,850

Amtech LLC	Amtech LLC	Technology			First Lien Senior Secured Term Loan		LIBOR + 5.50%, 9.6% Cash		11/21		11/27			2,700			2,625			2,645				0.2	%			(5) (6) (7) (8)					Amtech LLC					Technology				First Lien Senior Secured Term Loan					LIBOR + 5.50%, 9.6% Cash					11/21					11/27						2,700						2,625						2,645					0.2		%				(5) (6) (7) (8)
			Revolver			LIBOR + 5.50%, 9.6% Cash		11/21		11/27		91			84			85				—	%			(6) (7) (8)									Revolver									LIBOR + 5.50%, 9.6% Cash					11/21					11/27						91						84						85					—		%				(6) (7) (8)
										2,791		2,709			2,730																															2,791					2,709					2,730

3335

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Portfolio Company	Industry		Investment Type(1)(2)		Interest		Acq. Date		Maturity Date		Principal Amount			Cost			Fair Value				% of Net Assets *				Notes		Portfolio Company				Industry					Investment Type(1)(2)			Interest			Acq. Date				Maturity Date				Principal Amount				Cost			Fair Value					% of Net Assets *					Notes
AnalytiChem Holding GmbH	AnalytiChem Holding GmbH	Chemicals		First Lien Senior Secured Term Loan		BBSY + 6.00%, 9.1% Cash		11/21		12/28		$	1,355		$	1,424		$	1,326			0.1	%			(3) (5) (6) (7) (15)		AnalytiChem Holding GmbH				Chemicals					First Lien Senior Secured Term Loan			BBSY + 6.00%, 9.1% Cash			11/21				12/28				$	1,355			$	1,424		$	1,326				0.1		%			(3) (5) (6) (7) (15)
			First Lien Senior Secured Term Loan		EURIBOR + 6.00%, 7.7% Cash		11/21		11/28		4,973			5,021			4,869			0.4	%			(3) (5) (6) (7) (12)						First Lien Senior Secured Term Loan							EURIBOR + 6.00%, 7.7% Cash			11/21			11/28				4,973				5,021				4,869			0.4		%			(3) (5) (6) (7) (12)
			First Lien Senior Secured Term Loan		EURIBOR + 6.00%, 7.7% Cash		11/21		12/28		1,706			1,825			1,670			0.2	%			(3) (5) (6) (7) (12)						First Lien Senior Secured Term Loan							EURIBOR + 6.00%, 7.7% Cash			11/21			12/28				1,706				1,825				1,670			0.2		%			(3) (5) (6) (7) (12)
			First Lien Senior Secured Term Loan		EURIBOR + 6.00%, 7.7% Cash		04/22		10/28		7,237			7,238			7,085			0.7	%			(3) (5) (6) (7) (12)						First Lien Senior Secured Term Loan							EURIBOR + 6.00%, 7.7% Cash			04/22			10/28				7,237				7,238				7,085			0.7		%			(3) (5) (6) (7) (12)
			First Lien Senior Secured Term Loan		LIBOR + 6.00%, 10.8% Cash		11/21		12/28		951			951			931			0.1	%			(3) (5) (6) (7) (9)						First Lien Senior Secured Term Loan							LIBOR + 6.00%, 10.8% Cash			11/21			12/28				951				951				931			0.1		%			(3) (5) (6) (7) (9)
			First Lien Senior Secured Term Loan		LIBOR + 6.00%, 10.8% Cash		06/22		10/28		1,283			1,283			1,257			0.1	%			(3) (5) (6) (7) (9)						First Lien Senior Secured Term Loan							LIBOR + 6.00%, 10.8% Cash			06/22			10/28				1,283				1,283				1,257			0.1		%			(3) (5) (6) (7) (9)
			Revolver		EURIBOR + 6.00%, 7.7% Cash		04/22		10/23		—			(6)			(10)			—	%			(3) (6) (7) (12)						Revolver							EURIBOR + 6.00%, 7.7% Cash			04/22			10/23				—				(6)				(10)			—		%			(3) (6) (7) (12)
											17,505			17,736			17,128																													17,505				17,736				17,128

Anju Software, Inc.	Anju Software, Inc.		Application Software		First Lien Senior Secured Term Loan		LIBOR + 7.25%, 11.6% Cash		05/21		02/25			1,417			1,414			1,165				0.1	%				(5) (6) (7) (8)				Anju Software, Inc.				Application Software			First Lien Senior Secured Term Loan			SOFR + 7.25%, 11.6% Cash				05/21				02/25				1,417			1,414					1,165					0.1		%			(5) (6) (7) (8)
											1,417			1,414			1,165																													1,417				1,414				1,165

APC1 Holding	APC1 Holding			Diversified Manufacturing		First Lien Senior Secured Term Loan		EURIBOR + 6.00%, 8.2% Cash		07/22		07/29			2,101			1,952				2,044				0.2	%						(3) (5) (6) (7) (12)			APC1 Holding			Diversified Manufacturing			First Lien Senior Secured Term Loan			EURIBOR + 6.00%, 8.2% Cash				07/22				07/29				2,101				1,952					2,044					0.2	%			(3) (5) (6) (7) (12)
											2,101			1,952			2,044																													2,101				1,952				2,044

Apex Bidco Limited	Apex Bidco Limited		Business Equipment & Services			First Lien Senior Secured Term Loan		SONIA + 6.25% 9.7% Cash		05/21		01/27			407			470				407				—	%						(3) (5) (6) (7) (21)			Apex Bidco Limited			Business Equipment & Services			First Lien Senior Secured Term Loan			SONIA + 6.25% 9.7% Cash				05/21				01/27				407				470					407					—	%			(3) (5) (6) (7) (21)
											407			470			407																													407				470				407

APOG Bidco Pty Ltd	APOG Bidco Pty Ltd			Healthcare		Second Lien Senior Secured Term Loan		BBSY + 7.25%, 10.3% Cash		04/22		03/30			1,099			1,191				1,083				0.1	%				(3) (5) (6) (7) (14)			APOG Bidco Pty Ltd				Healthcare			Second Lien Senior Secured Term Loan			BBSY + 7.25%, 10.3% Cash				04/22				03/30				1,099			1,191					1,083					0.1		%			(3) (5) (6) (7) (14)
											1,099			1,191			1,083																													1,099				1,191				1,083

Aptus 1829. GmbH	Aptus 1829. GmbH		Chemicals, Plastics, & Rubber			First Lien Senior Secured Term Loan		EURIBOR + 7.00%, 8.9% Cash		09/21		09/27			5,168			5,556				5,168				0.5	%				(3) (5) (6) (7) (11)			Aptus 1829. GmbH				Chemicals, Plastics, & Rubber			First Lien Senior Secured Term Loan			EURIBOR + 7.00%, 8.9% Cash				09/21				09/27				5,168			5,556					5,168					0.5		%			(3) (5) (6) (7) (11)
				Preferred Stock (14 shares)		N/A		09/21		N/A					122			119				—	%			(3)(6) (30)										Preferred Stock (14 shares)					N/A			09/21				N/A								122			119					—		%			(3)(6) (30)
				Common Stock (49 shares)		N/A		09/21		N/A					12			7				—	%			(3)(6) (30)										Common Stock (49 shares)					N/A			09/21				N/A								12			7					—		%			(3)(6) (30)
											5,168			5,690			5,294																													5,168				5,690				5,294

Apus Bidco Limited	Apus Bidco Limited			Banking, Finance, Insurance & Real Estate		First Lien Senior Secured Term Loan		SONIA + 5.50%, 7.2% Cash		05/21		03/28			1,144			1,310				1,104				0.1	%			(3) (5) (6) (7) (22)			Apus Bidco Limited				Banking, Finance, Insurance & Real Estate			First Lien Senior Secured Term Loan			SONIA + 5.50%, 7.2% Cash				05/21				03/28				1,144			1,310					1,104					0.1		%			(3) (5) (6) (7) (22)
											1,144			1,310			1,104																													1,144				1,310				1,104

AQA Acquisition Holding Inc	AQA Acquisition Holding Inc		High Tech Industries			Second Lien Senior Secured Term Loan		LIBOR + 7.50%, 12.2% Cash		05/21		03/29			7,460			7,286				7,140				0.7	%			(5) (6) (7) (9)			AQA Acquisition Holding Inc				High Tech Industries			Second Lien Senior Secured Term Loan			LIBOR + 7.50%, 12.2% Cash				05/21				03/29				7,460			7,286					7,140					0.7		%			(5) (6) (7) (9)
											7,460			7,286			7,140																													7,460				7,286				7,140

Aquavista Watersides 2 LTD	Aquavista Watersides 2 LTD	Transportation Services			First Lien Senior Secured Term Loan		SONIA + 6.00%, 8.9% Cash		12/21		12/24			117			81			92				—	%			(3) (5) (6) (7) (22)		Aquavista Watersides 2 LTD					Transportation Services				First Lien Senior Secured Term Loan			SONIA + 6.00%, 8.9% Cash			12/21				12/24				117				81				92					—	%				(3) (5) (6) (7) (22)
			First Lien Senior Secured Term Loan		SONIA + 6.00%, 8.9% Cash		12/21		12/28		2,488			2,692			2,440			0.2	%			(3) (5) (6) (7) (22)								First Lien Senior Secured Term Loan							SONIA + 6.00%, 8.9% Cash			12/21			12/28				2,488				2,692				2,440				0.2	%				(3) (5) (6) (7) (22)
			Second Lien Senior Secured Term Loan		SONIA + 10.5% PIK		12/21		12/28		697			750			684			0.1	%			(3) (6) (7) (22)								Second Lien Senior Secured Term Loan							SONIA + 10.5% PIK			12/21			12/28				697				750				684				0.1	%				(3) (6) (7) (22)
											3,302			3,523			3,216																													3,302				3,523				3,216

Arc Education	Arc Education		Consumer Cyclical		First Lien Senior Secured Term Loan		EURIBOR + 5.75%, 8.0% Cash		07/22		07/29			6,147			5,587			5,938				0.5	%			(3) (5) (6) (7) (12)		Arc Education					Consumer Cyclical				First Lien Senior Secured Term Loan			EURIBOR + 5.75%, 8.0% Cash			07/22				07/29				6,147				5,587				5,938					0.5	%				(3) (5) (6) (7) (12)
											6,147			5,587			5,938																													6,147				5,587				5,938

Archimede	Archimede			Consumer Services		First Lien Senior Secured Term Loan		EURIBOR + 5.75%, 7.5% Cash		05/21		10/27			14,408			14,234				14,104				1.3	%			(3) (5) (6) (7) (12)			Archimede				Consumer Services			First Lien Senior Secured Term Loan			EURIBOR + 5.75%, 7.5% Cash				05/21				10/27				14,408			14,234					14,104					1.3		%			(3) (5) (6) (7) (12)
											14,408			14,234			14,104																													14,408				14,234				14,104

3436

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.0% Cash	07/22	07/29	$	616	$	566	$	600	0.1	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.0% Cash	08/22	07/29	1,903		1,823		1,856		0.2	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.0% Cash	09/22	07/29	654		615		638		0.1	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR+ 5.75%, 10.3% Cash	07/22	07/29	259		252		253		—	%	(3) (5) (6) (7) (18)
		First Lien Senior Secured Term Loan	SONIA + 5.75%, 9.2% Cash	07/22	07/29	3,197		3,028		3,072		0.3	%	(3) (5) (6) (7) (21)
		Subordinated Term Loan	10.5% PIK	07/22	07/29	999		958		973		0.1	%	(3) (6)
		Preferred Stock (83,120 shares)	10.0% PIK	07/22	N/A			103		100		—	%	(3) (6)
		Equity Loan Notes (83,120 units)	10.0% PIK	07/22	N/A			103		100		—	%	(3) (6)
		Common Stock (929 shares)	N/A	07/22	N/A			1		—		—	%	(3) (6) (30)
						7,628		7,449		7,592

Armstrong Transport Group (Pele Buyer, LLC)	Air Freight & Logistics	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	10/22	06/24	5,960		5,842		5,826		0.5	%	(5) (6) (7) (19)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.2% Cash	05/21	06/24	4,040		3,996		3,949		0.4	%	(5) (6) (7) (9)
						10,000		9,838		9,775

ASC Communications, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.3% Cash	07/22	07/27	12,631		12,434		12,434		1.1	%	(5) (6) (7) (17)
		Class A Units (15,285.8 units)	N/A	07/22	N/A			320		369		—	%	(6) (30)
						12,631		12,754		12,803

ASPEQ Heating Group LLC	Building Products, Air & Heating	First Lien Senior Secured Term Loan	LIBOR + 4.25%, 9.0% Cash	05/21	11/25	1,602		1,593		1,602		0.1	%	(5) (6) (7) (9)
						1,602		1,593		1,602

Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.00%, 9.4% Cash	11/21	11/28	2,382		2,553		2,289		0.2	%	(3) (5) (6) (7) (21)
						2,382		2,553		2,289

ATL II MRO Holdings Inc.	Transportation	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	11/22	11/28	12,500		12,194		12,188		1.1	%	(5) (6) (7) (19)
		Revolver	SOFR + 6.00%, 10.4% Cash	11/22	11/28	—		(61)		(63)		—	%	(6) (7) (19)
						12,500		12,133		12,125

Audio Precision, Inc.	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.2% Cash	05/21	10/24	2,678		3,008		2,665		0.2	%	(5) (6) (7) (12)
		First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.7% Cash	05/21	10/24	4,944		4,909		4,919		0.5	%	(5) (6) (7) (9)
						7,622		7,917		7,584

Auxi International	Commercial Finance	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.1% Cash	05/21	12/26	320		358		280		—	%	(3) (5) (6) (7) (13)
						320		358		280

Avalign Holdings, Inc.	Health Care Supplies	First Lien Senior Secured Term Loan	SOFR + 4.50%, 9.1% Cash	05/21	12/25	1,795		1,792		1,695		0.2	%	(5) (6) (7) (17)
						1,795		1,792		1,695

Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 4.50%, 7.7% Cash	11/21	11/27	2,792		2,820		2,680		0.2	%	(3) (5) (6) (7) (16)
						2,792		2,820		2,680

AWP Group Holdings, Inc.	Business Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.5% Cash	05/21	12/27	1,472		1,456		1,443		0.1	%	(5) (6) (7) (9)
						1,472		1,456		1,443

3537

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 10.0% Cash	11/21	11/27	$	4,560	$	4,467	$	4,489	0.4	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.25%, 10.0% Cash	11/21	11/27	—		(8)		(6)		—	%	(6) (7) (9)
		Subordinated Term Loan	12.0% PIK	11/21	05/28	1,431		1,409		1,403		0.1	%	(6)
		Common Stock (192,307.7 shares)	N/A	11/21	N/A			192		183		—	%	(6) (30)
						5,991		6,060		6,069

Bariacum S.A	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 6.7% Cash	11/21	11/28	2,775		2,856		2,711		0.2	%	(3) (5) (6) (7) (13)
						2,775		2,856		2,711

Benify (Bennevis AB)	High Tech Industries	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 7.9% Cash	05/21	07/26	341		423		341		—	%	(3) (5) (6) (7) (23)
						341		423		341

Bestop, Inc.	Auto Parts & Equipment	First Lien Senior Secured Term Loan	SOFR + 5.25%, 10.0% Cash	05/21	01/25	3,575		3,570		3,203		0.3	%	(5) (6) (7) (18)
						3,575		3,570		3,203

Beyond Risk Management, Inc.	Other Financial	First Lien Senior Secured Term Loan	LIBOR + 4.50%, 8.9% Cash	10/21	10/27	2,551		2,499		2,493		0.2	%	(5) (6) (7) (8)
						2,551		2,499		2,493

Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.6% Cash	05/21	02/28	4,909		5,322		4,767		0.4	%	(3) (5) (6) (7) (13)
						4,909		5,322		4,767

BigHand UK Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	05/21	01/28	322		317		316		—	%	(3) (5) (6) (7) (18)
		First Lien Senior Secured Term Loan	SONIA + 5.50%, 9.0% Cash	05/21	01/28	376		430		369		—	%	(3) (5) (6) (7) (21)
						698		747		685

Biolam Group	Consumer Non-cyclical	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.2% Cash	12/22	11/29	3,157		2,956		2,939		0.3	%	(3) (5) (6) (7) (12)
						3,157		2,956		2,939

Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 10.0% Cash	08/21	08/27	3,734		3,631		3,458		0.3	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 9.6% Cash	08/21	08/27	4,647		4,573		4,345		0.4	%	(5) (6) (7) (8)
						8,381		8,204		7,803

Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	07/22	09/27	32,980		32,980		34,314		3.2	%
		Preferred Stock- Series C (17,725 shares)	7.0% PIK	07/22	N/A			17,533		17,861		1.6	%	(6)
						32,980		50,513		52,175

Brightline Trains Florida LLC	Transportation	Senior Secured Note	8.0% Cash	08/21	01/28	8,000		8,000		6,960		0.6	%	(6)
						8,000		8,000		6,960

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 6.5% Cash	10/21	10/28	3,078		3,205		3,009		0.3	%	(3) (5) (6) (7) (12)
						3,078		3,205		3,009

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.5% Cash	10/21	10/27	10,580		10,492		10,482		1.0	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 10.5% Cash	10/21	10/27	—		(9)		(10)		—	%	(6) (7) (9)
		LLC Units (923,857.7 units)	N/A	10/21	N/A			924		961		0.1	%	(6) (30)
						10,580		11,407		11,433

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 7.00%, 9.3% Cash	05/21	12/27	7,059		7,574		6,881		0.6	%	(3) (5) (6) (7) (21)
						7,059		7,574		6,881

3638

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Bucharest Bidco Limited	Hotel, Gaming & Leisure	First Lien Senior Secured GBP Term Loan	SONIA + 7.00%, 10.2% Cash	05/21	07/26	$	791	$	816	$	695	0.1	%	(3) (6) (22)
		First Lien Senior Secured USD Term Loan	LIBOR + 7.00%, 12.1% Cash	05/21	07/26	175		156		154		—	%	(3) (6) (10)
						966		972		849

Burgess Point Purchaser Corporation	Auto Parts & Equipment	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 13.3% Cash	07/22	07/30	4,545		4,371		4,390		0.4	%	(5) (6) (7) (17)
		LP Units (455 units)	N/A	07/22	N/A			455		446		—	%	(6) (30)
						4,545		4,826		4,836

BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 11.6% Cash	06/22	06/26	5,885		5,589		5,644		0.5	%	(5) (6) (7) (12)
						5,885		5,589		5,644

CAi Software, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 10.2% Cash	07/22	12/28	1,377		1,351		1,341		0.1	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 6.25%, 11.0% Cash	12/21	12/28	8,989		8,831		8,755		0.8	%	(5) (6) (7) (9)
		Revolver	LIBOR + 6.25%, 11.0% Cash	12/21	12/28	—		(16)		(24)		—	%	(6) (7) (9)
						10,366		10,166		10,072

Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	CDOR + 7.00%, 11.9% Cash	06/21	03/26	4,109		4,562		3,876		0.4	%	(3) (5) (6) (7) (25)
		Class A Equity (500,000 units)	N/A	05/22	N/A			389		292		—	%	(3) (6) (30)
		Class C - Warrants (74,712.64 units)	N/A	05/22	N/A			—		—		—	%	(3) (6) (30)
						4,109		4,951		4,168

Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 12.5% Cash	04/22	04/27	3,907		3,855		3,862		0.4	%	(3) (5) (6) (7) (18)
		LLC Units (616,844 units)	N/A	04/22	N/A			617		567		0.1	%	(3) (6) (30)
						3,907		4,472		4,429

Carlson Travel, Inc	Business Travel Management	Common Stock (125,349 shares)	N/A	06/22	N/A			2,538		765		0.1	%	(5) (30)
								2,538		765

Centralis Finco S.a.r.l.	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.1% Cash	05/21	04/27	252		223		238		—	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.6% Cash	05/21	04/27	189		200		183		—	%	(3) (5) (6) (7) (12)
						441		423		421

Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.1% Cash	10/21	10/28	4,520		4,616		4,294		0.4	%	(3) (5) (6) (7) (13)
						4,520		4,616		4,294

CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	LIBOR + 4.50%, 8.8% Cash	02/22	02/28	17,662		17,354		17,133		1.6	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	12/22	02/28	2,134		2,069		2,069		0.2	%	(5) (6) (7) (18)
		Revolver	LIBOR + 4.50% 8.8% Cash	02/22	02/28	—		(29)		(50)		—	%	(6) (7) (8)
		Preferred Stock (551 shares)	N/A	02/22	N/A			551		1,027		0.1	%	(6) (7) (30)
						19,796		19,945		20,179

Chambers Global Holdings Limited	Data Processing & Outsourced Services	First Lien Senior Secured Term Loan	SONIA + 5.50%, 8.9% Cash	05/21	01/26	1,150		1,332		1,132		0.1	%	(3) (5) (6) (7) (21)
						1,150		1,332		1,132

Classic Collision (Summit Buyer, LLC)	Auto Collision Repair Centers	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	05/21	01/26	18,529		18,180		18,245		1.7	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	05/21	04/26	1,065		1,047		1,050		0.1	%	(5) (6) (7) (8)
						19,594		19,227		19,295

3739

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
CM Acquisition Holding Inc.	Internet & Direct Marketing	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.0% Cash	05/21	05/25	$	10,813	$	10,786	$	10,326	0.9	%	(5) (6) (7) (18)
						10,813		10,786		10,326

Coastal Marina Holdings, LLC	Other Financial	Subordinated Term Loan	8.0% Cash	11/21	11/31	8,310		7,754		7,764		0.7	%	(6)
		Subordinated Term Loan	10.0% PIK	11/21	11/31	3,230		3,027		3,018		0.3	%	(6)
		LLC Units (1,018,869 units)	N/A	11/21	N/A			4,547		5,364		0.5	%	(6) (30)
						11,540		15,328		16,146

Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 11.0% Cash	11/21	11/28	3,091		3,027		3,011		0.3	%	(3) (5) (6) (7) (9)
						3,091		3,027		3,011

Command Alkon (Project Potter Buyer, LLC)	Software	First Lien Senior Secured Term Loan	SOFR + 7.75%, 12.1% Cash	05/21	04/27	11,760		11,571		11,537		1.0	%	(5) (6) (7) (17)
						11,760		11,571		11,537

Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	04/28	378		371		369		—	%	(5) (6)
		LLC Units (46,085.6 units)	N/A	04/22	N/A			125		159		—	%	(6) (30)
						378		496		528

Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.6% Cash	04/22	04/28	7,133		7,004		7,024		0.6	%	(5) (6) (7) (19)
		Revolver	SOFR + 5.75%, 10.6% Cash	04/22	04/28	86		76		77		—	%	(6) (7) (19)
						7,219		7,080		7,101

Contabo Finco S.À.R.L.	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 7.6% Cash	10/22	10/29	10,329		9,402		10,071		0.9	%	(3) (5) (6) (7) (12)
						10,329		9,402		10,071

Core Scientific, Inc.	Technology	First Lien Senior Secured Term Loan	13.0% Cash	03/22	03/25	16,798		16,784		6,299		0.6	%	(6) (32)
		Common Stock (51,846 shares)	N/A	09/22	N/A			168		4		—	%	(30)
						16,798		16,952		6,303

Cosmelux International	Commodity Chemicals	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.8% Cash	05/21	07/24	967		1,086		967		0.1	%	(3) (5) (6) (7) (13)
						967		1,086		967

Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 3.25%, 3.3% Cash, 3.5% PIK	09/21	09/28	9,845		10,490		9,544		0.9	%	(3) (5) (6) (7) (13)
		Class A Units (531 units)	N/A	09/21	N/A			248		237		—	%	(3) (6) (30)
		Class B Units (231 units)	N/A	09/21	N/A			538		601		0.1	%	(3) (6) (30)
						9,845		11,276		10,382

CVL 3	Capital Equipment	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.6% Cash	12/21	12/28	4,056		4,195		3,983		0.4	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	12/21	12/28	2,480		2,426		2,436		0.2	%	(3) (5) (6) (7) (18)
						6,536		6,621		6,419

CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.4% Cash	05/21	01/27	4,087		4,018		4,054		0.4	%	(5) (6) (7) (8)
						4,087		4,018		4,054

DataServ Integrations, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.3% Cash	11/22	11/28	1,918		1,866		1,864		0.2	%	(5) (6) (7) (18)
		Partnership Units (93,153.8 units)	N/A	11/22	N/A			96		96		—	%	(6) (30)
						1,918		1,962		1,960

3840

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.4% Cash	12/21	12/26	$	700	$	688	$	690	0.1	%	(5) (6) (7) (8)
		Revolver	LIBOR + 6.00%, 10.4% Cash	12/21	12/26	—		(3)		(3)		—	%	(6) (7) (8)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			54		48		—	%	(6) (30)
						700		739		735

Direct Travel, Inc.	Lodging & Casinos	First Lien Senior Secured Term Loan	SOFR + 8.50%, 13.0% Cash	05/21	10/23	5,944		5,422		5,923		0.5	%	(6) (7) (18)
		Super Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	05/21	10/23	366		366		366		—	%	(6) (7) (18)
						6,310		5,788		6,289

DISA Holdings Corp.	Other Industrial	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	11/22	09/28	5,704		5,496		5,491		0.5	%	(5) (6) (7) (17)
		Revolver	SOFR + 5.50%, 9.8% Cash	11/22	09/28	13		—		—		—	%	(6) (7) (17)
						5,717		5,496		5,491

Dragon Bidco	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.1% Cash	05/21	04/28	534		591		524		—	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 8.9% Cash	05/21	04/28	747		744		733		0.1	%	(3) (5) (6) (7) (13)
						1,281		1,335		1,257

DreamStart Bidco SAS (d/b/a SmartTrade)	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.2% Cash	05/21	03/27	853		944		845		0.1	%	(3) (5) (6) (7) (12)
						853		944		845

Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.0% Cash	09/21	09/28	299		274		269		—	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.5% Cash	09/21	09/28	4,825		4,753		4,743		0.4	%	(3) (5) (6) (7) (9)
						5,124		5,027		5,012

Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.7% Cash	06/22	06/28	1,000		986		988		0.1	%	(3) (5) (6) (7) (18)
						1,000		986		988

Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.7% Cash	07/21	07/27	25,440		24,922		24,941		2.3	%	(5) (6) (7) (9)
						25,440		24,922		24,941

Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 11.7% Cash	11/21	11/29	16,433		16,175		15,792		1.5	%	(5) (6) (7) (9)
		Partnership Equity (448.2 units)	N/A	11/21	N/A			448		787		0.1	%	(6) (30)
						16,433		16,623		16,579

Ellkay, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 11.0% Cash	09/21	09/27	5,771		5,676		5,705		0.5	%	(5) (6) (7) (9)
						5,771		5,676		5,705

EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.5% Cash	12/21	12/27	19,323		18,860		18,532		1.7	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 10.5% Cash	12/21	12/27	1,281		1,239		1,208		0.1	%	(6) (7) (9)
						20,604		20,099		19,740

Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 11.7% Cash	05/21	12/25	1,808		1,796		1,803		0.2	%	(5) (6) (7) (9)
						1,808		1,796		1,803

EPS NASS Parent, Inc.	Electrical Components & Equipment	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.5% Cash	05/21	04/28	2,177		2,141		2,157		0.2	%	(5) (6) (7) (9)
						2,177		2,141		2,157

ERES Group	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 6.3% Cash	05/21	07/26	267		302		267		—	%	(3) (5) (6) (7) (11)
						267		302		267

3941

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Portfolio Company	Industry		Investment Type(1)(2)		Interest		Acq. Date		Maturity Date		Principal Amount			Cost			Fair Value				% of Net Assets *				Notes		Portfolio Company					Industry				Investment Type(1)(2)				Interest				Acq. Date				Maturity Date				Principal Amount				Cost				Fair Value						% of Net Assets *						Notes
eShipping, LLC	eShipping, LLC	Transportation Services		First Lien Senior Secured Term Loan		LIBOR + 5.00%, 9.4% Cash		11/21		11/27		$	4,677		$	4,578		$	4,641			0.4	%			(5) (6) (7) (8)		eShipping, LLC					Transportation Services				First Lien Senior Secured Term Loan				SOFR + 5.00%, 9.4% Cash				11/21				11/27				$	4,677			$	4,578			$	4,641					0.4		%				(5) (6) (7) (8)
			Revolver		LIBOR + 5.00%, 9.4% Cash		11/21		11/27		—			(12)			(4)			—	%			(6) (7) (8)							Revolver						SOFR + 5.00%, 9.4% Cash				11/21				11/27				—				(12)				(4)				—		%				(6) (7) (8)
											4,677			4,566			4,637																															4,677				4,566				4,637

Eurofins Digital Testing International LUX Holding SARL	Eurofins Digital Testing International LUX Holding SARL		Technology		First Lien Senior Secured Term Loan		EURIBOR + 6.75%, 8.9% Cash		12/22		12/29			1,480			1,338			1,352				0.1	%					(3) (5) (6) (7) (12)				Eurofins Digital Testing International LUX Holding SARL			Technology				First Lien Senior Secured Term Loan				EURIBOR + 6.75%, 8.9% Cash				12/22				12/29				1,480				1,338						1,352						0.1	%			(3) (5) (6) (7) (12)
				First Lien Senior Secured Term Loan		SOFR + 6.75%, 11.5% Cash		12/22		12/29		766			745			745				0.1	%			(3) (5) (6) (7) (18)									First Lien Senior Secured Term Loan						SOFR + 6.75%, 11.5% Cash				12/22				12/29				766				745				745						0.1		%				(3) (5) (6) (7) (18)
				First Lien Senior Secured Term Loan		SONIA + 6.75%, 10.0% Cash		12/22		12/29		2,171			2,158			2,112				0.2	%			(3) (5) (6) (7) (21)									First Lien Senior Secured Term Loan						SONIA + 6.75%, 10.0% Cash				12/22				12/29				2,171				2,158				2,112						0.2		%				(3) (5) (6) (7) (21)
				Second Lien Senior Secured Term Loan		11.5% PIK		12/22		12/30		528			507			513				—	%			(3) (6)									Second Lien Senior Secured Term Loan						11.5% PIK				12/22				12/30				528				507				513						—		%				(3) (6)
											4,945			4,748			4,722																															4,945				4,748				4,722

Events Software BidCo Pty Ltd																												Events Software BidCo Pty Ltd					Technology				First Lien Senior Secured Term Loan				BBSY + 6.00%, 9.3% Cash				03/22				03/28				1,737				1,853				1,573						0.1		%				(3) (5) (6) (7) (15)
	Events Software BidCo Pty Ltd			Technology		First Lien Senior Secured Term Loan		BBSY + 6.00%, 9.3% Cash		03/22		03/28			1,737			1,853				1,573				0.1	%								(3) (5) (6) (7) (15)
											1,737			1,853			1,573																															1,737				1,853				1,573

Express Wash Acquisition Company, LLC	Express Wash Acquisition Company, LLC	Consumer Cyclical			First Lien Senior Secured Term Loan		SOFR + 6.50%, 10.3% Cash		07/22		07/28			7,182			7,048			7,061				0.6	%				(5) (6) (7) (17)			Express Wash Acquisition Company, LLC				Consumer Cyclical				First Lien Senior Secured Term Loan				SOFR + 6.50%, 10.3% Cash				07/22				07/28				7,182				7,048					7,061						0.6		%			(5) (6) (7) (17)
			Revolver		SOFR + 6.50%, 10.3% Cash		07/22		07/28		140			135			136			—	%			(6) (7) (17)							Revolver							SOFR + 6.50%, 10.3% Cash				07/22				07/28				140				135				136				—		%				(6) (7) (17)
											7,322			7,183			7,197																															7,322				7,183				7,197

F24 (Stairway BidCo Gmbh)	F24 (Stairway BidCo Gmbh)		Software Services		First Lien Senior Secured Term Loan		EURIBOR + 6.25%, 8.1% Cash		05/21		08/27			386			432			384				—	%			(3) (5) (6) (7) (12)			F24 (Stairway BidCo Gmbh)					Software Services				First Lien Senior Secured Term Loan				EURIBOR + 6.25%, 8.1% Cash				05/21				08/27				386				432					384						—		%			(3) (5) (6) (7) (12)
											386			432			384																															386				432				384

Findex Group Limited	Findex Group Limited			Banking, Finance, Insurance & Real Estate		First Lien Senior Secured Term Loan		BBSY + 5.00%, 8.0% Cash		05/21		05/24			789			900				789				0.1	%				(3) (5) (6) (14)			Findex Group Limited			Banking, Finance, Insurance & Real Estate				First Lien Senior Secured Term Loan				BBSY + 5.00%, 8.0% Cash				05/21				05/24				789				900						789						0.1	%			(3) (5) (6) (14)
											789			900			789																															789				900				789

Fineline Technologies, Inc.	Fineline Technologies, Inc.	Consumer Services			First Lien Senior Secured Term Loan		LIBOR + 4.75%, 9.5% Cash		05/21		02/28			3,453			3,399			3,394				0.3	%			(5) (6) (7) (9)			Fineline Technologies, Inc.				Consumer Services				First Lien Senior Secured Term Loan				LIBOR + 4.75%, 9.5% Cash				05/21				02/28				3,453				3,399					3,394						0.3		%			(5) (6) (7) (9)
											3,453			3,399			3,394																															3,453				3,399				3,394

Finexvet	Finexvet		Consumer Cyclical		First Lien Senior Secured Term Loan		EURIBOR + 6.25%, 8.1% Cash		03/22		03/29			2,401			2,387			2,329				0.2	%			(3) (5) (6) (7) (13)			Finexvet				Consumer Cyclical				First Lien Senior Secured Term Loan				EURIBOR + 6.25%, 8.1% Cash				03/22				03/29				2,401				2,387					2,329						0.2		%			(3) (5) (6) (7) (13)
											2,401			2,387			2,329																															2,401				2,387				2,329

FinThrive Software Intermediate Holdings Inc.	FinThrive Software Intermediate Holdings Inc.	Business Equipment & Services			Preferred Stock (3,188.51 shares)		11.0% PIK		03/22		N/A						3,823			2,947				0.3	%			(5) (6)			FinThrive Software Intermediate Holdings Inc.				Business Equipment & Services				Preferred Stock (3,188.51 shares)				11.0% PIK				03/22				N/A								3,823					2,947						0.3		%			(5) (6)
											—			3,823			2,947																																			3,823				2,947

FitzMark Buyer, LLC	FitzMark Buyer, LLC		Cargo & Transportation		First Lien Senior Secured Term Loan		LIBOR + 4.50%, 8.9% Cash		05/21		12/26			4,267			4,210			4,209				0.4	%			(5) (6) (7) (9)			FitzMark Buyer, LLC				Cargo & Transportation				First Lien Senior Secured Term Loan				LIBOR + 4.50%, 8.9% Cash				05/21				12/26				4,267				4,210					4,209						0.4		%			(5) (6) (7) (9)
											4,267			4,210			4,209																															4,267				4,210				4,209

Five Star Holding LLC	Five Star Holding LLC	Packaging			Second Lien Senior Secured Term Loan		SOFR + 7.25%, 12.0% Cash		05/22		05/30			7,152			7,018			6,945				0.6	%			(5) (6) (7) (18)			Five Star Holding LLC				Packaging				Second Lien Senior Secured Term Loan				SOFR + 7.25%, 12.0% Cash				05/22				05/30				7,152				7,018					6,945						0.6		%			(5) (6) (7) (18)
			LLC Units (505.1 units)		N/A		05/22		N/A					505			502			0.1	%			(6) (30)									LLC Units (505.1 units)						N/A				05/22				N/A								505				502					0.1		%				(6) (30)
											7,152			7,523			7,447																															7,152				7,523				7,447

Flavor Producers, LLC.	Flavor Producers, LLC.		Packaged Foods & Meats		First Lien Senior Secured Term Loan		LIBOR + 4.75%, 9.4% Cash, 1.8% PIK		05/21		12/24			889			874			843				0.1	%			(5) (6) (7) (8)			Flavor Producers, LLC.				Packaged Foods & Meats				First Lien Senior Secured Term Loan				LIBOR + 4.75%, 9.4% Cash, 1.8% PIK				05/21				12/24				889				874					843						0.1		%			(5) (6) (7) (8)
											889			874			843																															889				874				843

Flexential Issuer, LLC	Flexential Issuer, LLC			Information Technology		Structured Secured Note - Class C		6.9% Cash		11/21		11/51			10,000			9,274				8,642				0.8	%							Flexential Issuer, LLC			Information Technology				Structured Secured Note - Class C				6.9% Cash				11/21				11/51				10,000				9,274						8,642						0.8	%
											10,000			9,274			8,642																															10,000				9,274				8,642

Flywheel Re Segregated Portfolio 2022-4	Flywheel Re Segregated Portfolio 2022-4	Investment Funds			Preferred Stock (3,202,747 shares)		N/A		08/22		N/A						3,203			3,219				0.3	%			(3) (6) (30)			Flywheel Re Segregated Portfolio 2022-4				Investment Funds				Preferred Stock (3,202,747 shares)				N/A				08/22				N/A								3,203					3,219						0.3		%			(3) (6) (30)
														3,203			3,219																																			3,203				3,219

Footco 40 Limited	Footco 40 Limited		Media & Entertainment		First Lien Senior Secured Term Loan		SONIA + 5.75%, 9.2% Cash		04/22		04/29			1,489			1,559			1,437				0.1	%			(3) (5) (6) (7) (21)			Footco 40 Limited				Media & Entertainment				First Lien Senior Secured Term Loan				SONIA + 5.75%, 9.2% Cash				04/22				04/29				1,489				1,559					1,437						0.1		%			(3) (5) (6) (7) (21)
											1,489			1,559			1,437																															1,489				1,559				1,437

4042

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Portfolio Company	Industry		Investment Type(1)(2)		Interest		Acq. Date		Maturity Date		Principal Amount			Cost			Fair Value				% of Net Assets *				Notes		Portfolio Company				Industry					Investment Type(1)(2)					Interest					Acq. Date					Maturity Date					Principal Amount					Cost					Fair Value					% of Net Assets *						Notes
Fortis Payment Systems, LLC	Fortis Payment Systems, LLC	Other Financial		First Lien Senior Secured Term Loan		SOFR + 5.25%, 9.9% Cash		10/22		02/26		$	1,575		$	1,516		$	1,513			0.1	%			(5) (6) (7) (17)		Fortis Payment Systems, LLC				Other Financial					First Lien Senior Secured Term Loan					SOFR + 5.25%, 9.9% Cash					10/22					02/26					$	1,575				$	1,516				$	1,513				0.1		%				(5) (6) (7) (17)
											1,575			1,516			1,513																																	1,575					1,516					1,513

FragilePak LLC	FragilePak LLC		Transportation Services		First Lien Senior Secured Term Loan		LIBOR + 5.75%, 10.5% Cash		05/21		05/27			9,158			8,868			9,158				0.8	%				(5) (6) (7) (9)		FragilePak LLC				Transportation Services					First Lien Senior Secured Term Loan					LIBOR + 5.75%, 10.5% Cash					05/21					05/27					9,158					8,868					9,158						0.8		%			(5) (6) (7) (9)
				Partnership Units (929.7 units)		N/A		05/21		N/A					930			1,169				0.1	%			(6) (30)							Partnership Units (929.7 units)							N/A					05/21					N/A										930					1,169					0.1		%				(6) (30)
											9,158			9,798			10,327																																	9,158					9,798					10,327

Front Line Power Construction LLC	Front Line Power Construction LLC	Construction Machinery			First Lien Senior Secured Term Loan		LIBOR + 12.50%, 17.2% Cash		11/21		11/28			1,366			1,277			1,522				0.1	%			(6) (7) (9)		Front Line Power Construction LLC					Construction Machinery					First Lien Senior Secured Term Loan					LIBOR + 12.50%, 17.2% Cash					11/21					11/28					1,366					1,277					1,522						0.1		%			(6) (7) (9)
			Common Stock (60,001 shares)		N/A		11/21		N/A					100			49			—	%			(30)								Common Stock (60,001 shares)						N/A					11/21					N/A										100					49					—	%				(30)
											1,366			1,377			1,571																																	1,366					1,377					1,571

FSS Buyer LLC	FSS Buyer LLC		Technology		First Lien Senior Secured Term Loan		LIBOR + 5.75%, 10.1% Cash		08/21		08/28			24,533			24,121			24,260				2.2	%			(5) (6) (7) (8)		FSS Buyer LLC				Technology					First Lien Senior Secured Term Loan					LIBOR + 5.75%, 10.1% Cash					08/21					08/28					24,533					24,121					24,260						2.2		%			(5) (6) (7) (8)
				LP Interest (2,902.3 units)		N/A		08/21		N/A					29			43				—	%			(6) (30)							LP Interest (2,902.3 units)						N/A					08/21					N/A										29					43					—		%				(6) (30)
				LP Units (12,760.8 units)		N/A		08/21		N/A					128			187				—	%			(6) (30)							LP Units (12,760.8 units)						N/A					08/21					N/A										128					187					—		%				(6) (30)
											24,533			24,278			24,490																																	24,533					24,278					24,490

GB Eagle Buyer, Inc.	GB Eagle Buyer, Inc.			Capital Goods		First Lien Senior Secured Term Loan		SOFR + 6.50%, 10.5% Cash		12/22		11/28			20,968			20,345				20,339				1.9	%					(5) (6) (7) (18)			GB Eagle Buyer, Inc.				Capital Goods					First Lien Senior Secured Term Loan					SOFR + 6.50%, 10.5% Cash					12/22					11/28					20,968					20,345						20,339					1.9		%	(5) (6) (7) (18)
			Revolver			SOFR + 6.50%, 10.5% Cash		12/22		11/28		—			(95)			(97)				—	%			(6) (7) (18)							Revolver									SOFR + 6.50%, 10.5% Cash					12/22					11/28					—					(95)					(97)					—		%				(6) (7) (18)
			Partnership Units (859 units)			N/A		12/22		N/A					859			859				0.1	%			(6) (30)							Partnership Units (859 units)									N/A					12/22					N/A										859					859					0.1		%				(6) (30)
											20,968			21,109			21,101																																	20,968					21,109					21,101

Glacis Acquisition S.A.R.L.	Glacis Acquisition S.A.R.L.	Transportation Services			First Lien Senior Secured Term Loan		EURIBOR + 6.50%, 7.7% Cash		05/21		07/23			3,907			4,012			3,907				0.4	%			(3) (5) (6) (7) (13)		Glacis Acquisition S.A.R.L.				Transportation Services					First Lien Senior Secured Term Loan					EURIBOR + 6.50%, 7.7% Cash					05/21					07/23					3,907					4,012					3,907						0.4		%			(3) (5) (6) (7) (13)
											3,907			4,012			3,907																																	3,907					4,012					3,907

Global Academic Group Limited	Global Academic Group Limited		Industrial Other		First Lien Senior Secured Term Loan		BBSY + 6.00%, 9.1% Cash		07/22		07/27			2,502			2,502			2,438				0.2	%			(3) (5) (6) (7) (15)		Global Academic Group Limited				Industrial Other					First Lien Senior Secured Term Loan					BBSY + 6.00%, 9.1% Cash					07/22					07/27					2,502					2,502					2,438						0.2		%			(3) (5) (6) (7) (15)
				First Lien Senior Secured Term Loan		BKBM + 6.00%, 9.1% Cash		07/22		07/27		4,365			4,202			4,242				0.4	%			(3) (5) (6) (7) (26)							First Lien Senior Secured Term Loan						BKBM + 6.00%, 9.1% Cash					07/22					07/27					4,365					4,202					4,242					0.4		%				(3) (5) (6) (7) (26)
											6,867			6,704			6,680																																	6,867					6,704					6,680

GPZN II GmbH		Healthcare			First Lien Senior Secured Term Loan		EURIBOR + 5.50%, 7.4% Cash		06/22		06/29			458			429			375				—	%			(3) (5) (6) (7) (11)
											458			429			375
GPNZ II GmbH																												GPNZ II GmbH				Healthcare						First Lien Senior Secured Term Loan					EURIBOR + 5.50%, 7.4% Cash					06/22					06/29					458					429					375					—		%				(3) (5) (6) (7) (11)
																																																						458					429					375

Graphpad Software, LLC	Graphpad Software, LLC		Internet Software & Services		First Lien Senior Secured Term Loan		LIBOR + 5.50%, 10.2% Cash		11/21		04/27			16,170			16,016			15,701				1.4	%			(5) (6) (7) (9)		Graphpad Software, LLC				Internet Software & Services					First Lien Senior Secured Term Loan					LIBOR + 5.50%, 10.2% Cash					11/21					04/27					16,170					16,016					15,701						1.4		%			(5) (6) (7) (9)
				First Lien Senior Secured Term Loan		LIBOR + 6.00%, 10.7% Cash		05/21		04/27		10,962			10,962			10,786				1.0	%			(5) (6) (7) (9)							First Lien Senior Secured Term Loan						LIBOR + 6.00%, 10.7% Cash					05/21					04/27					10,962					10,962					10,786					1.0		%				(5) (6) (7) (9)
											27,132			26,978			26,487																																	27,132					26,978					26,487

Greenhill II BV	Greenhill II BV	Technology			First Lien Senior Secured Term Loan		EURIBOR + 5.75%, 7.1% Cash		07/22		07/29			739			672			716				0.1	%			(3) (5) (6) (7) (12)				Greenhill II BV				Technology					First Lien Senior Secured Term Loan					EURIBOR + 5.75%, 7.1% Cash					07/22					07/29					739					672					716						0.1		%			(3) (5) (6) (7) (12)
											739			672			716																																	739					672					716

Groupe Product Life	Groupe Product Life		Consumer Non-cyclical		First Lien Senior Secured Term Loan		EURIBOR + 6.25%, 8.5% Cash		10/22		10/29			1,561			1,382			1,495				0.1	%			(3) (5) (6) (7) (12)		Groupe Product Life				Consumer Non-cyclical					First Lien Senior Secured Term Loan					EURIBOR + 6.25%, 8.5% Cash					10/22					10/29					1,561					1,382					1,495						0.1		%			(3) (5) (6) (7) (12)
											1,561			1,382			1,495																																	1,561					1,382					1,495

Gusto Aus BidCo Pty Ltd	Gusto Aus BidCo Pty Ltd	Consumer Non-cyclical			First Lien Senior Secured Term Loan		BBSY + 6.50%, 10.2% Cash		10/22		10/28			2,208			2,016			2,135				0.2	%			(3) (5) (6) (7) (16)		Gusto Aus BidCo Pty Ltd				Consumer Non-cyclical					First Lien Senior Secured Term Loan					BBSY + 6.50%, 10.2% Cash					10/22					10/28					2,208					2,016					2,135						0.2		%			(3) (5) (6) (7) (16)
											2,208			2,016			2,135																																	2,208					2,016					2,135

Healthe Care Specialty Pty Ltd	Healthe Care Specialty Pty Ltd		Healthcare & Pharmaceuticals		First Lien Senior Secured Term Loan		BBSY + 5.00%, 8.6% Cash		05/21		10/24			998			1,122			976				0.1	%			(3) (5) (6) (7) (16)		Healthe Care Specialty Pty Ltd				Healthcare & Pharmaceuticals					First Lien Senior Secured Term Loan					BBSY + 5.00%, 8.6% Cash					05/21					10/24					998					1,122					976						0.1		%			(3) (5) (6) (7) (16)
											998			1,122			976																																	998					1,122					976

HeartHealth Bidco Pty Ltd	HeartHealth Bidco Pty Ltd	Healthcare			First Lien Senior Secured Term Loan		BBSY + 5.25%, 8.6% Cash		09/22		09/28			626			569			598				0.1	%			(3) (5) (6) (7) (15)		HeartHealth Bidco Pty Ltd				Healthcare					First Lien Senior Secured Term Loan					BBSY + 5.25%, 8.6% Cash					09/22					09/28					626					569					598						0.1		%			(3) (5) (6) (7) (15)
											626			569			598																																	626					569					598

4143

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	11/23	$	659	$	643	$	638	0.1	%	(6)
		Subordinated Term Loan	11.0% PIK	11/21	12/28	5,222		5,117		5,086		0.5	%	(6)
						5,881		5,760		5,724

Heartland, LLC	Business Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.5% Cash	05/21	08/25	6,714		6,632		6,630		0.6	%	(5) (6) (7) (9)
						6,714		6,632		6,630

Heavy Construction Systems Specialists, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.9% Cash	11/21	11/27	22,807		22,423		22,522		2.1	%	(5) (6) (7) (8)
		Revolver	LIBOR + 5.75%, 9.9% Cash	11/21	11/27	—		(36)		(27)		—	%	(6) (7) (8)
						22,807		22,387		22,495

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 6.9% Cash	05/21	09/26	8,845		9,691		8,615		0.8	%	(3) (5) (6) (7) (12)
						8,845		9,691		8,615

HEKA Invest	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.7% Cash	10/22	10/29	9,998		8,922		9,692		0.9	%	(3) (5) (6) (7) (12)
						9,998		8,922		9,692

HemaSource, Inc.	Health Care Distributors	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.5% Cash	05/21	07/23	7,736		7,716		7,705		0.7	%	(5) (6) (7) (9)
						7,736		7,716		7,705

Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.4% Cash	05/21	03/27	1,547		1,524		1,478		0.1	%	(5) (6) (7) (17)
						1,547		1,524		1,478

Honour Lane Logistics Holdings Limited	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.5% Cash	04/22	11/28	17,500		17,023		17,093		1.6	%	(3) (5) (6) (7) (19)
						17,500		17,023		17,093

HTI Technology & Industries	Electronic Component Manufacturing	First Lien Senior Secured Term Loan	SOFR + 8.50%, 11.7% Cash	07/22	07/25	9,541		9,395		9,397		0.9	%	(5) (6) (7) (18)
		Revolver	SOFR + 8.50%, 11.7% Cash	07/22	07/25	—		(14)		(15)		—	%	(6) (7) (18)
						9,541		9,381		9,382

HW Holdco, LLC (Hanley Wood LLC)	Advertising	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 6.0% Cash	05/21	12/24	6,760		6,722		6,658		0.6	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 5.00%, 9.3% Cash	05/21	12/24	6,958		6,864		6,867		0.6	%	(5) (6) (7) (8)
						13,718		13,586		13,525

Hygie 31 Holding	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.4% Cash	09/22	09/29	640		562		624		0.1	%	(3) (5) (6) (7) (12)
						640		562		624

IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.0% Cash	12/22	05/28	3,415		3,270		3,321		0.3	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.5% Cash	05/21	04/28	4,482		4,873		4,339		0.4	%	(3) (5) (6) (7) (12)
						7,897		8,143		7,660

Image International Intermediate Holdco II, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.9% Cash	05/21	07/23	24,783		24,657		24,605		2.3	%	(5) (6) (7) (8)
						24,783		24,657		24,605

Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 6.2% Cash	11/21	11/28	4,022		4,162		3,913		0.4	%	(3) (5) (6) (7) (13)
						4,022		4,162		3,913

Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 9.3% Cash	05/21	04/28	1,001		1,095		870		0.1	%	(3) (5) (6) (7) (13)
						1,001		1,095		870

INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 7.4% Cash	05/21	12/27	436		721		647		0.1	%	(3) (5) (6) (7) (12)
						436		721		647

4244

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Interstellar Group B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.5% Cash	08/22	02/29	$	127	$	120	$	123	—	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.5% Cash	08/22	08/29	2,442		2,262		2,354		0.2	%	(3) (5) (6) (7) (12)
						2,569		2,382		2,477

Ipsen International Holding GmbH	Capital Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 7.4% Cash, 0.5% PIK	05/21	08/24	1,140		1,191		1,113		0.1	%	(3) (6) (7) (13)
						1,140		1,191		1,113

Iridium Bidco Limited	Radio & Television	First Lien Senior Secured Term Loan	SONIA + 5.00%, 8.4% Cash	05/21	04/24	4,591		5,063		4,557		0.4	%	(3) (5) (6) (7) (21)
						4,591		5,063		4,557

Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.1% Cash	10/22	10/29	9,165		8,020		8,754		0.8	%	(3) (5) (6) (7) (11)
						9,165		8,020		8,754

ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.1% Cash	12/21	12/27	714		700		703		0.1	%	(5) (6) (7) (8)
		Revolver	LIBOR + 4.75%, 9.1% Cash	12/21	12/27	6		4		5		—	%	(6) (7) (8)
		Common Stock (1,433.37 shares)	N/A	12/21	N/A			144		127		—	%	(6) (30)
						720		848		835

Jade Bidco Limited (Jane’s)	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	05/21	02/29	3,527		3,551		3,463		0.3	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.3% Cash	05/21	02/29	21,245		20,783		20,860		1.9	%	(3) (5) (6) (7) (19)
						24,772		24,334		24,323

Jaguar Merger Sub Inc.	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.5% Cash	12/21	09/24	7,652		7,571		7,617		0.7	%	(5) (6) (7) (18)
		Revolver	SOFR + 5.00%, 9.5% Cash	12/21	09/24	—		(4)		(2)		—	%	(6) (7) (18)
						7,652		7,567		7,615

Jon Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	BKBM + 5.50%, 10.2% Cash	03/22	03/27	3,951		4,230		3,855		0.4	%	(3) (5) (6) (7) (26)
						3,951		4,230		3,855

Jones Fish Hatcheries & Distributors LLC	Consumer Products	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.2% Cash	02/22	02/28	2,785		2,736		2,745		0.3	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 10.2% Cash	02/22	02/28	—		(7)		(6)		—	%	(6) (7) (9)
		Partnership Units (974.68 units)	N/A	02/22	N/A			97		115		—	%	(6) (30)
						2,785		2,826		2,854

Kano Laboratories LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 10.1% Cash	05/21	11/26	2,863		2,826		2,808		0.3	%	(5) (6) (7) (10)
						2,863		2,826		2,808

Kid Distro Holdings, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.5% Cash	10/21	10/27	23,637		23,247		23,361		2.1	%	(5) (6) (7) (9)
		LLC Units (1,062,795.2 units)	N/A	10/21	N/A			1,064		962		0.1	%	(6) (30)
						23,637		24,311		24,323

Kona Buyer, LLC	High Tech Industries	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.3% Cash	05/21	12/27	14,728		14,510		14,486		1.3	%	(5) (6) (7) (18)
						14,728		14,510		14,486

KSLB Holdings, LLC	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	LIBOR + 4.50%, 9.2% Cash	05/21	07/25	5,979		5,747		5,447		0.5	%	(5) (6) (7) (9)
						5,979		5,747		5,447

Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.5% Cash	12/21	12/28	2,183		2,222		2,039		0.2	%	(3) (5) (6) (7) (12)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	694		711		653		0.1	%	(3) (6)
						2,877		2,933		2,692

4345

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Lattice Group Holdings Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.3% Cash	05/22	05/29	$	667	$	645	$	633	0.1	%	(3) (5) (6) (7) (19)
		Revolver	SOFR + 5.25%, 9.8% Cash	05/22	11/28	35		34		34		—	%	(3) (6) (7) (18)
						702		679		667

LeadsOnline, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.5% Cash	02/22	02/28	12,918		12,720		12,759		1.2	%	(5) (6) (7) (9)
		Revolver	LIBOR + 4.75%, 9.5% Cash	02/22	02/28	—		(29)		(24)		—	%	(6) (7) (9)
		LLC Units (39,370.1 units)	N/A	02/22	N/A			39		49		—	%	(6) (30)
						12,918		12,730		12,784

Liberty Steel Holdings USA Inc.	Industrial Other	Revolver	SOFR + 4.50%, 8.8% Cash	04/22	04/25	7,500		7,443		7,442		0.7	%	(5) (6) (7) (17)
						7,500		7,443		7,442

Life Extension Institute, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.9% Cash	05/21	02/24	7,007		7,007		7,007		0.6	%	(5) (6) (7) (8)
						7,007		7,007		7,007

Listrac Bidco Limited	Health Care	First Lien Senior Secured Term Loan	SONIA + 6.25%, 9.6% Cash	05/21	02/23	1,887		1,879		1,406		0.1	%	(3) (6) (7) (22)
		Revolver	SONIA + 6.25%, 9.6% Cash	05/21	02/23	61		62		45		—	%	(3) (6) (7) (22)
						1,948		1,941		1,451

LivTech Purchaser, Inc.	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 9.7% Cash	05/21	12/25	1,527		1,513		1,482		0.1	%	(5) (6) (7) (9)
						1,527		1,513		1,482

Loftware, Inc.	Application Software	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 10.0% Cash	05/21	12/25	21,255		21,118		19,915		1.8	%	(5) (6) (7) (9)
						21,255		21,118		19,915

Long Term Care Group, Inc.	Healthcare	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.3% Cash	04/22	09/27	4,200		4,125		4,083		0.4	%	(5) (6) (7) (8)
						4,200		4,125		4,083

Marmoutier Holding B.V.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.8% Cash	12/21	12/24	356		330		341		—	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.8% Cash	12/21	12/28	1,825		1,889		1,752		0.2	%	(3) (5) (6) (7) (13)
		Revolver	EURIBOR + 5.00%, 7.8% Cash	12/21	6/27	46		42		40		—	%	(3) (6) (7) (12)
						2,227		2,261		2,133

Marshall Excelsior Co.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.8% Cash	02/22	02/28	5,718		5,635		5,639		0.5	%	(5) (6) (7) (18)
		Revolver	Prime + 4.50%, 11.5% Cash	02/22	02/28	647		634		636		0.1	%	(6) (7) (29)
						6,365		6,269		6,275

MC Group Ventures Corporation	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.9% Cash	07/21	06/27	6,588		6,470		6,513		0.6	%	(5) (6) (7) (8)
		Partnership Units (560 Units)	N/A	06/21	N/A			560		585		0.1	%	(6) (30)
						6,588		7,030		7,098

Media Recovery, Inc. (SpotSee)	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SONIA + 6.00%, 9.4% Cash	05/21	11/25	840		971		840		0.1	%	(5) (6) (7) (20)
						840		971		840

Median B.V.	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.00%, 9.4% Cash	02/22	10/27	5,954		6,514		4,950		0.5	%	(3) (5) (7) (21)
						5,954		6,514		4,950

Medical Solutions Parent Holdings, Inc.	Healthcare	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 11.4% Cash	11/21	11/29	4,421		4,382		4,067		0.4	%	(5) (7) (8)
						4,421		4,382		4,067

Medplast Holdings, Inc.	Health Care	Second Lien Senior Secured Term Loan	LIBOR + 7.75%, 12.1% Cash	05/21	07/26	9,325		8,718		7,915		0.7	%	(5) (7) (8)
						9,325		8,718		7,915

4446

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes

Mercell Holding AS	Technology	First Lien Senior Secured Term Loan	NIBOR + 6.00%, 9.1% Cash	08/22	08/29	$	3,188	$	3,126	$	3,102	0.3	%	(3) (5) (6) (7) (28)
		Class A Units (114.4 units)	N/A	08/22	N/A			111		116		—	%	(3) (6) (30)
		Class B Units (28,943.8 units)	N/A	08/22	N/A			—		—		—	%	(3) (6) (30)
						3,188		3,237		3,218

Mertus 522. GmbH	Health Care	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.5% Cash	05/21	05/26	3,827		3,916		3,368		0.3	%	(3) (5) (6) (7) (13)
						3,827		3,916		3,368

Metis BidCo Pty Limited	Business Equipment & Services	First Lien Senior Secured Term Loan	BBSY + 5.25%, 8.5% Cash	05/21	04/26	387		439		387		—	%	(3) (5) (6) (15)
						387		439		387

MNS Buyer, Inc.	Construction & Building	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.9% Cash	08/21	08/27	912		897		835		0.1	%	(5) (6) (7) (8)
		Partnership Units (76.92 Units)	N/A	08/21	N/A			77		54		—	%	(6) (30)
						912		974		889

Modern Star Holdings Bidco Pty Limited	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	BBSY + 6.25%, 9.1% Cash	05/21	12/26	784		858		768		0.1	%	(3) (5) (6) (7) (14)
						784		858		768

Mold-Rite Plastics, LLC	Containers, Packaging & Glass	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 11.2% Cash	09/21	09/29	13,983		12,725		10,487		1.0	%	(5) (6) (7) (10)
						13,983		12,725		10,487

Murphy Midco Limited	Media, Diversified & Production	First Lien Senior Secured Term Loan	SONIA + 5.00%, 8.2% Cash	05/21	11/27	611		690		603		0.1	%	(3) (5) (6) (7) (22)
						611		690		603

Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.8% Cash	05/21	08/26	2,441		2,411		2,403		0.2	%	(5) (6) (7) (8)
						2,441		2,411		2,403

Napa Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 6.00%, 9.6% Cash	03/22	03/28	13,303		13,767		11,960		1.1	%	(3) (5) (6) (7) (16)
						13,303		13,767		11,960

Narda Acquisitionco., Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 10.2% Cash	12/21	12/27	4,557		4,489		4,119		0.4	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.50%, 10.2% Cash	12/21	12/27	106		91		4		—	%	(6) (7) (9)
		Class A Preferred Stock (3708.01 shares)	N/A	12/21	N/A			371		242		—	%	(6) (30)
		Class B Common Stock (412 shares)	N/A	12/21	N/A			41		—		—	%	(6) (30)
						4,663		4,992		4,365

Navia Benefit Solutions, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 9.6% Cash	05/21	02/27	4,574		4,519		4,497		0.4	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 9.6% Cash	11/22	02/27	2,032		1,983		1,982		0.2	%	(5) (6) (7) (17)
						6,606		6,502		6,479

NeoxCo	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 9.2% Cash	05/21	05/25	241		268		241		—	%	(3) (5) (6) (7) (13)
		Second Lien Senior Secured Term Loan	12.5% PIK	05/21	08/25	42		46		42		—	%	(3) (6)
						283		314		283

Net Health Acquisition Corp.	Health Care Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	05/21	12/25	3,609		3,581		3,581		0.3	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	05/21	12/25	7,363		7,303		7,305		0.7	%	(5) (6) (7) (8)
						10,972		10,884		10,886

4547

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Nexus Underwriting Management Limited	Other Financial	First Lien Senior Secured Term Loan	SONIA + 5.25%, 7.4% Cash	10/21	10/28	$	3,853	$	4,206	$	3,770	0.3	%	(3) (5) (6) (7) (22)
		Revolver	SONIA + 5.25%, 7.4% Cash	10/21	04/23	146		161		146		—	%	(3) (6) (7) (22)
						3,999		4,367		3,916

Northstar Recycling, LLC	Environmental Industries	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.5% Cash	10/21	09/27	6,128		6,028		6,056		0.6	%	(5) (6) (7) (9)
						6,128		6,028		6,056

Novotech Aus Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.25%, 8.8% Cash	01/22	01/28	3,909		4,107		3,815		0.4	%	(3) (5) (6) (7) (16)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 9.6% Cash	01/22	01/28	4,177		4,077		4,053		0.4	%	(3) (5) (6) (7) (19)
						8,086		8,184		7,868

NPM Investments 28 B.V.	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.5% Cash	09/22	10/29	4,287		3,808		4,167		0.4	%	(3) (5) (6) (7) (12)
						4,287		3,808		4,167

OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	12/21	12/28	9,568		9,398		9,419		0.9	%	(5) (6) (7) (8)
		Revolver	LIBOR + 5.75%, 10.1% Cash	12/21	12/28	—		(23)		(21)		—	%	(6) (7) (8)
		Partnership Units (210,920.11 units)	N/A	12/21	N/A			211		226		—	%	(6) (30)
						9,568		9,586		9,624

OAC Holdings I Corp	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.00%, 10.0% Cash	03/22	03/29	3,621		3,556		3,567		0.3	%	(5) (6) (7) (19)
		Revolver	SOFR + 5.00%, 10.0% Cash	03/22	03/28	763		739		743		0.1	%	(6) (7) (19)
						4,384		4,295		4,310

OG III B.V.	Containers & Glass Products	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.9% Cash	06/21	06/28	14,280		15,517		13,967		1.3	%	(3) (5) (6) (7) (12)
						14,280		15,517		13,967

Omni Intermediate Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	05/21	12/26	16,708		16,501		16,375		1.5	%	(5) (6) (7) (18)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.7% Cash	06/22	12/26	4,798		4,692		4,702		0.4	%	(5) (6) (7) (18)
						21,506		21,193		21,077

Options Technology Ltd.	Computer Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.0% Cash	05/21	12/25	8,530		8,404		8,361		0.8	%	(3) (5) (6) (7) (10)
						8,530		8,404		8,361

Oracle Vision Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 4.75%, 7.7% Cash	06/21	05/28	1,334		1,527		1,334		0.1	%	(3) (5) (6) (7) (22)
						1,334		1,527		1,334

Origin Bidco Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 7.7% Cash	06/21	06/28	354		395		342		—	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.5% Cash	06/21	06/28	597		584		577		0.1	%	(3) (5) (6) (7) (9)
						951		979		919

OSP Hamilton Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.2% Cash	12/21	12/27	2,258		2,219		2,190		0.2	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.5% Cash	12/22	12/27	2,274		2,206		2,206		0.2	%	(5) (6) (7) (18)
		Revolver	LIBOR + 6.00%, 10.2% Cash	12/21	12/27	—		(3)		(6)		—	%	(6) (7) (9)
		LP Units (60,040 units)	N/A	07/22	N/A			208		221		—	%	(6) (30)
						4,532		4,630		4,611

Panoche Energy Center LLC	Electric	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	4,924		4,430		4,628		0.4	%	(6)
						4,924		4,430		4,628

4648

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Panther Bidco Pty Ltd (Junior Adventures Group)	Consumer Services	First Lien Senior Secured Term Loan	BBSY + 6.00%, 9.4% Cash	05/21	06/24	$	656	$	745	$	628	0.1	%	(3) (5) (6) (16)
						656		745		628

Pare SAS (SAS Maurice MARLE)	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.1% Cash, 0.75% PIK	05/21	12/26	527		591		511		—	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 9.6% Cash	11/22	10/26	4,900		4,705		4,690		0.4	%	(3) (5) (6) (7) (18)
						5,427		5,296		5,201

Patriot New Midco 1 Limited (Forensic Risk Alliance)	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 8.5% Cash	05/21	02/27	378		424		360		—	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	LIBOR + 6.75%, 11.4% Cash	05/21	02/27	443		439		421		—	%	(3) (5) (6) (7) (9)
						821		863		781

PDQ.Com Corporation	Business Equipment & Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.4% Cash	08/21	08/27	16,981		16,670		16,738		1.5	%	(5) (6) (7) (9)
		Class A-2 Partnership Units (86.4 units)	N/A	08/21	N/A			86		124		—	%	(6) (30)
						16,981		16,756		16,862

PEGASUS TRANSTECH HOLDING, LLC	Trucking	First Lien Senior Secured Term Loan	LIBOR + 6.75%, 11.1% Cash	05/21	11/24	9,981		9,951		9,622		0.9	%	(5) (6) (7) (8)
						9,981		9,951		9,622

Perforce Software, Inc.	Internet Software & Services	Second Lien Senior Secured Term Loan	LIBOR + 8.00%, 12.4% Cash	05/21	07/27	6,497		6,434		6,348		0.6	%	(5) (6) (7) (8)
						6,497		6,434		6,348

Perimeter Master Note Business Trust	Credit Card ABS	Structured Secured Note - Class A	4.7% Cash	05/22	05/27	182		182		165		—	%	(3) (6)
		Structured Secured Note - Class B	5.4% Cash	05/22	05/27	182		182		162		—	%	(3) (6)
		Structured Secured Note - Class C	5.9% Cash	05/22	05/27	182		182		157		—	%	(3) (6)
		Structured Secured Note - Class D	8.5% Cash	05/22	05/27	181		181		158		—	%	(3) (6)
		Structured Secured Note - Class E	11.4% Cash	05/22	05/27	9,273		9,273		8,154		0.7	%	(3) (6)
						10,000		10,000		8,796

Permaconn BidCo Pty Ltd	Tele- communications	First Lien Senior Secured Term Loan	BBSY + 6.00%, 9.1% Cash	12/21	12/27	7,569		7,805		7,430		0.7	%	(3) (5) (6) (7) (15)
						7,569		7,805		7,430

Polara Enterprises, L.L.C.	Capital Equipment	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.6% Cash	12/21	12/27	4,200		4,129		4,132		0.4	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	06/22	12/27	2,577		2,530		2,535		0.2	%	(5) (6) (7) (18)
		Revolver	LIBOR + 4.75%, 9.6% Cash	12/21	12/27	—		(16)		(15)		—	%	(6) (7) (9)
		Partnership Units (7,408.6 units)	N/A	12/21	N/A			741		823		0.1	%	(6) (30)
						6,777		7,384		7,475

Policy Services Company, LLC	Property & Casualty Insurance	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 8.8% Cash, 4.0% PIK	12/21	06/26	51,948		50,457		50,748		4.7	%	(6) (7) (9)
		Warrants - Class A (2.6774 units)	N/A	12/21	N/A			—		459		—	%	(5) (6) (30)
		Warrants - Class B (0.9036 units)	N/A	12/21	N/A			—		155		—	%	(5) (6) (30)
		Warrants - Class CC (0.0929 units)	N/A	12/21	N/A			—		—		—	%	(5) (6) (30)
		Warrants - Class D (0.2586 units)	N/A	12/21	N/A			—		44		—	%	(5) (6) (30)
						51,948		50,457		51,406

Premium Franchise Brands, LLC	Research & Consulting Services	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 9.9% Cash	05/21	12/26	24,659		24,294		24,337		2.2	%	(5) (6) (7) (9)
						24,659		24,294		24,337

4749

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Premium Invest	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.5% Cash	06/21	06/28	$	4,482	$	4,716	$	4,482	0.4	%	(3) (5) (6) (7) (13)
						4,482		4,716		4,482

Preqin MC Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.6% Cash	08/21	07/28	2,500		2,437		2,438		0.2	%	(3) (5) (6) (7) (10)
						2,500		2,437		2,438

Professional Datasolutions, Inc. (PDI)	Application Software	First Lien Senior Secured Term Loan	LIBOR + 4.50%, 8.7% Cash	05/21	10/24	11,759		11,722		11,300		1.0	%	(5) (6) (7) (9)
						11,759		11,722		11,300

ProfitOptics, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.6% Cash	03/22	03/28	659		648		650		0.1	%	(5) (6) (7) (10)
		Revolver	LIBOR + 5.75%, 9.6% Cash	03/22	03/28	—		(3)		(3)		—	%	(6) (7) (10)
		Second Lien Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	32		32		30		—	%	(6)
		LLC Units (96,774.2 units)	N/A	03/22	N/A			65		69		—	%	(6) (30)
						691		742		746

Protego Bidco B.V.	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 7.7% Cash	05/21	03/28	468		509		439		—	%	(3) (5) (6) (7) (13)
		Revolver	EURIBOR + 5.25%, 7.1% Cash	05/21	03/27	127		139		123		—	%	(3) (6) (7) (13)
						595		648		562

PSP Intermediate 4, LLC	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.3% Cash	05/22	05/29	872		825		829		0.1	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 10.0% Cash	05/22	05/29	866		844		842		0.1	%	(3) (5) (6) (7) (9)
						1,738		1,669		1,671

QPE7 SPV1 BidCo Pty Ltd	Consumer Cyclical	First Lien Senior Secured Term Loan	BBSY + 5.50%, 8.6% Cash	09/21	09/26	4,711		4,843		4,521		0.4	%	(3) (5) (6) (7) (14)
						4,711		4,843		4,521

Questel Unite	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.5% Cash	05/21	12/27	1,887		1,995		1,754		0.2	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	LIBOR + 6.25%, 11.0% Cash	05/21	12/27	1,000		989		971		0.1	%	(3) (5) (6) (7) (9)
						2,887		2,984		2,725

R1 Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.8% Cash	12/22	12/28	10,304		9,873		9,873		0.9	%	(5) (6) (7) (18)
		Revolver	SOFR + 6.25%, 10.8% Cash	12/22	12/28	472		403		403		—	%	(6) (7) (18)
						10,776		10,276		10,276

Randys Holdings, Inc.	Automobile Manufacturers	First Lien Senior Secured Term Loan	SOFR + 6.50%, 10.6% Cash	11/22	10/28	16,547		15,909		15,885		1.5	%	(5) (6) (7) (18)
		Revolver	SOFR + 6.50%, 10.6% Cash	11/22	10/28	367		299		297		—	%	(6) (7) (18)
		Partnership Units (6,667 units)	N/A	11/22	N/A			667		667		0.1	%	(6) (30)
						16,914		16,875		16,849

Recovery Point Systems, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.50%, 10.3% Cash	05/21	07/26	2,429		2,429		2,400		0.2	%	(5) (6) (7) (9)
						2,429		2,429		2,400

Renaissance Holding Corp.	Application Software	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 11.4% Cash	05/21	05/26	9,325		9,306		8,622		0.8	%	(5) (7) (8)
						9,325		9,306		8,622

Renovation Parent Holdings, LLC	Home Furnishings	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 5.50% Cash	11/21	11/27	14,417		14,117		13,668		1.3	%	(5) (6) (7) (9)
		Partnership Equity (592,105.3 units)	N/A	11/21	N/A			592		456		—	%	(6) (30)
						14,417		14,709		14,124

4850

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
REP SEKO MERGER SUB LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.6% Cash	05/21	12/26	$	5,866	$	6,293	$	5,793	0.5	%	(5) (6) (7) (11)
		First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 6.6% Cash	06/22	12/26	13,780		13,331		13,608		1.3	%	(5) (6) (7) (11)
		First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.5% Cash	05/21	12/26	7,858		7,841		7,754		0.7	%	(5) (6) (7) (9)
						27,504		27,465		27,155

Resonetics, LLC	Health Care Equipment	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 11.7% Cash	05/21	04/29	10,304		10,126		10,088		0.9	%	(5) (6) (7) (9)
						10,304		10,126		10,088

RevSpring, Inc.	Business Services	Second Lien Senior Secured Term Loan	LIBOR + 8.25%, 13.0% Cash	05/21	10/26	2,556		2,516		2,556		0.2	%	(5) (6) (7) (9)
						2,556		2,516		2,556

Reward Gateway (UK) Ltd	Precious Metals & Minerals	First Lien Senior Secured Term Loan	SONIA + 6.25%, 8.4% Cash	08/21	06/28	12,084		13,594		11,897		1.1	%	(3) (5) (6) (7) (22)
						12,084		13,594		11,897

Riedel Beheer B.V.	Food & Beverage	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 8.5% Cash	12/21	12/28	2,213		2,248		2,162		0.2	%	(3) (5) (6) (7) (12)
						2,213		2,248		2,162

ROI Solutions LLC	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 9.2% Cash	05/21	08/24	8,466		8,466		8,466		0.8	%	(5) (6) (7) (9)
						8,466		8,466		8,466

Royal Buyer, LLC	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.4% Cash	08/22	08/28	14,725		14,388		14,411		1.3	%	(5) (6) (7) (18)
		Revolver	SOFR + 6.00%, 10.4% Cash	08/22	08/28	544		499		502		—	%	(6) (7) (18)
						15,269		14,887		14,913

RPX Corporation	Research & Consulting Services	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.9% Cash	05/21	10/25	17,082		16,867		16,740		1.5	%	(5) (6) (7) (9)
						17,082		16,867		16,740

Safety Products Holdings, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 11.2% Cash	05/21	12/26	5,377		5,296		5,306		0.5	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 6.00%, 11.2% Cash	05/21	09/23	159		135		121		—	%	(5) (6) (7) (9)
						5,536		5,431		5,427

Sandvine Corporation	Communications Equipment	Second Lien Senior Secured Term Loan	LIBOR + 8.00%, 12.4% Cash	05/21	11/26	8,685		8,660		8,546		0.8	%	(5) (6) (7) (8)
						8,685		8,660		8,546

Sanoptis S.A.R.L.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.2% Cash	06/22	07/29	11,066		10,330		10,610		1.0	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	SARON + 5.50%, 5.9% Cash	06/22	07/29	3,996		3,757		3,886		0.4	%	(3) (5) (6) (7) (27)
						15,062		14,087		14,496

Scaled Agile, Inc.	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.2% Cash	12/21	12/28	1,735		1,701		1,716		0.2	%	(5) (6) (7) (18)
		Revolver	SOFR + 5.50%, 10.2% Cash	12/21	12/28	—		(6)		(3)		—	%	(6) (7) (18)
						1,735		1,695		1,713

Scout Bidco B.V.	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.0% Cash	05/22	03/29	3,243		3,143		3,155		0.3	%	(3) (5) (6) (7) (12)
		Revolver	EURIBOR + 6.00%, 8.0% Cash	05/22	03/29	—		(12)		(10)		—	%	(3) (6) (7) (12)
						3,243		3,131		3,145

Sereni Capital NV	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.2% Cash	05/22	11/28	358		331		348		—	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 8.2% Cash	05/22	05/29	490		479		479		—	%	(3) (5) (6) (7) (13)
						848		810		827

4951

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Shelf Bidco Ltd	Other Financial	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.7% Cash	12/22	01/30	$	34,800	$	33,720	$	33,721	3.1	%	(3) (5) (6) (7) (18)
		Common Stock (1,200,000 shares)	N/A	12/22	N/A			1,200		1,200		0.1	%	(3) (6) (30)
						34,800		34,920		34,921

Simulation Software Investment Company Pty Ltd	Business Services	First Lien Senior Secured Term Loan	BBSY + 5.50%, 8.4% Cash	05/21	08/25	892		897		871		0.1	%	(3) (5) (6) (7) (15)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 10.1% Cash	05/21	08/25	958		939		925		0.1	%	(3) (5) (6) (7) (18)
						1,850		1,836		1,796

SISU ACQUISITIONCO., INC.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 10.2% Cash	05/21	12/26	2,519		2,485		2,315		0.2	%	(5) (6) (7) (9)
						2,519		2,485		2,315

Smartling, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	11/21	10/27	14,384		14,109		14,054		1.3	%	(5) (6) (7) (8)
		Revolver	LIBOR + 5.75%, 10.1% Cash	11/21	10/27	—		(17)		(21)		—	%	(6) (7) (8)
						14,384		14,092		14,033

SN BUYER, LLC	Health Care Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.0% Cash	05/21	12/26	5,110		5,057		5,029		0.5	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.3% Cash	11/22	12/26	2,162		2,120		2,118		0.2	%	(5) (6) (7) (18)
						7,272		7,177		7,147

Soho Square III Debtco II SARL	Diversified Capital Markets	First Lien Senior Secured Term Loan	9.5% PIK	10/22	10/27	5,639		5,177		5,616		0.5	%	(3) (6)
						5,639		5,177		5,616

Solo Buyer, L.P.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.25%, 10.4% Cash	12/22	12/29	22,606		22,046		22,042		2.0	%	(5) (6) (7) (18)
		Revolver	SOFR + 6.25%, 10.4% Cash	12/22	12/28	—		(49)		(50)		—	%	(6) (7) (18)
		Partnership Units (516,399 units)	N/A	12/22	N/A			516		516		—	%	(6) (30)
						22,606		22,513		22,508

Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)	Other Utility	First Lien Senior Secured Term Loan	SOFR + 5.00%, 9.6% Cash	11/22	03/27	1,674		1,623		1,621		0.1	%	(5) (6) (7) (18)
		Revolver	SOFR + 5.00%, 9.6% Cash	11/22	03/27	—		(3)		(4)		—	%	(6) (7) (18)
						1,674		1,620		1,617

Spatial Business Systems LLC	Electric	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.7% Cash	10/22	10/28	6,094		5,766		5,754		0.5	%	(5) (6) (7) (17)
		Revolver	SOFR + 5.50%, 9.7% Cash	10/22	10/28	—		(34)		(35)		—	%	(6) (7) (17)
						6,094		5,732		5,719

Springbrook Software (SBRK Intermediate, Inc.)	Enterprise Software & Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	05/21	12/26	6,689		6,621		6,555		0.6	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	SOFR + 6.50%, 11.1% Cash	12/22	12/26	4,171		4,087		4,087		0.4	%	(5) (6) (7) (18)
						10,860		10,708		10,642

SSCP Pegasus Midco Limited	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SONIA + 6.50%, 9.4% Cash	05/21	11/27	677		766		667		0.1	%	(3) (5) (6) (7) (21)
						677		766		667

SSCP Spring Bidco Limited	Health Care	First Lien Senior Secured Term Loan	SONIA + 6.00%, 8.2% Cash	05/21	07/25	989		1,150		983		0.1	%	(3) (5) (6) (7) (21)
						989		1,150		983

SSCP Thermal Bidco SAS	Industrial Machinery	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 7.4% Cash	05/21	07/24	710		804		710		0.1	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 9.5% Cash	05/21	07/24	98		98		98		—	%	(3) (5) (6) (7) (10)
						808		902		808

Starnmeer B.V.	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.30%, 10.7% Cash	10/21	04/27	13,388		13,224		13,267		1.2	%	(3) (5) (6) (7) (9)
						13,388		13,224		13,267

5052

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes

Superjet Buyer, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.5% Cash	12/21	12/27	$	22,943	$	22,548	$	22,622	2.1	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 10.5% Cash	12/21	12/27	—		(31)		(26)		—	%	(6) (7) (9)
						22,943		22,517		22,596

Syniverse Holdings, Inc.	Technology Distributors	Series A Preferred Equity (7,575,758 units)	12.5% PIK	05/22	N/A			7,945		6,515		0.6	%	(5) (6)
								7,945		6,515

Syntax Systems Ltd	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	11/21	10/28	6,378		6,317		5,955		0.5	%	(3) (5) (6) (7) (8)
		Revolver	LIBOR + 5.75%, 10.1% Cash	11/21	10/26	617		610		569		0.1	%	(3) (6) (7) (8)
						6,995		6,927		6,524

TA SL Cayman Aggregator Corp.	Technology	Subordinated Term Loan	7.8% PIK	07/21	07/28	1,054		1,039		1,022		0.1	%	(6)
		Common Stock (770 shares)	N/A	07/21	N/A			24		29		—	%	(6) (30)
						1,054		1,063		1,051

Tank Holding Corp	Metal & Glass Containers	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.2% Cash	03/22	03/28	14,310		14,021		14,023		1.3	%	(5) (6) (7) (17)
		Revolver	SOFR + 5.75%, 10.2% Cash	03/22	03/28	109		96		96		—	%	(6) (7) (17)
						14,419		14,117		14,119

Tanqueray Bidco Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 6.25%, 8.4% Cash	11/22	11/29	1,633		1,486		1,558		0.1	%	(3) (5) (6) (7) (21)
						1,633		1,486		1,558

Techone B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.9% Cash	11/21	11/28	5,840		5,844		5,602		0.5	%	(3) (5) (6) (7) (12)
		Revolver	EURIBOR + 5.50%, 7.9% Cash	11/21	05/28	141		137		130		—	%	(3) (6) (7) (12)
						5,981		5,981		5,732

Tencarva Machinery Company, LLC	Capital Equipment	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 9.7% Cash	12/21	12/23	881		869		871		0.1	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 5.00%, 9.7% Cash	12/21	12/27	5,431		5,349		5,368		0.5	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.00%, 9.7% Cash	12/21	12/27	—		(16)		(13)		—	%	(6) (7) (9)
						6,312		6,202		6,226

Terrybear, Inc.	Consumer Products	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	263		259		259		—	%	(6)
		Common Stock (24,358.97 shares)	N/A	04/22	N/A			239		255		—	%	(6) (30)
						263		498		514

The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	LIBOR + 4.25%, 9.0% Cash	10/21	12/27	1,251		1,163		1,191		0.1	%	(5) (6) (7) (9)
		Revolver	LIBOR + 4.25%, 9.0% Cash	10/21	12/27	—		(18)		(14)		—	%	(6) (7) (9)
		Subordinated Term Loan	LIBOR + 7.75%, 12.7% Cash	10/21	10/28	5,110		5,023		5,043		0.5	%	(6) (10)
						6,361		6,168		6,220

The Cleaver-Brooks Company, Inc.	Industrial Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.1% Cash	07/22	07/28	22,694		22,223		22,268		2.0	%	(5) (6) (7) (17)
		Subordinated Term Loan	11.0% PIK	07/22	07/29	4,848		4,745		4,755		0.4	%	(6)
						27,542		26,968		27,023

The Hilb Group, LLC	Insurance Brokerage	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.9% Cash	05/21	12/26	3,527		3,431		3,388		0.3	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	05/21	12/25	928		912		913		0.1	%	(6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.1% Cash	05/21	12/26	2,668		2,604		2,625		0.2	%	(5) (6) (7) (8)
						7,123		6,947		6,926

5153

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes

The Octave Music Group, Inc.	Media: Diversified & Production	Second Lien Senior Secured Term Loan	SOFR + 7.50%, 12.1% Cash	04/22	04/30	$	6,541	$	6,419	$	6,437	0.6	%	(5) (6) (7) (18)
		Partnership Equity (353,584.39 units)	N/A	04/22	N/A			354		532		—	%	(6) (30)
						6,541		6,773		6,969

Total Safety U.S. Inc	Diversified Support Services	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.7% Cash, 5.0% PIK	07/22	08/25	7,630		7,630		7,631		0.7	%	(6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.7% Cash	08/21	08/25	2,300		2,282		2,178		0.2	%	(7) (9)
						9,930		9,912		9,809

Trader Corporation	Technology	First Lien Senior Secured Term Loan	CDOR + 6.75%, 11.6% Cash	12/22	12/29	4,601		4,451		4,486		0.4	%	(3) (5) (6) (7) (24)
		Revolver	CDOR + 6.75%, 11.6% Cash	12/22	12/28	—		(9)		(9)		—	%	(3) (6) (7) (24)
						4,601		4,442		4,477

Trident Maritime Systems, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.5% Cash	05/21	02/27	8,957		8,849		8,836		0.8	%	(5) (6) (7) (9)
						8,957		8,849		8,836

Truck-Lite Co., LLC	Automotive Parts & Equipment	First Lien Senior Secured Term Loan	SOFR + 6.25%, 11.1% Cash	05/21	12/26	21,301		21,046		20,683		1.9	%	(5) (6) (7) (18)
						21,301		21,046		20,683

TSM II Luxco 10 SARL	Chemical & Plastics	Subordinated Term Loan	9.3% PIK	03/22	03/27	9,723		9,719		9,450		0.9	%	(3) (5) (6) (7)
						9,723		9,719		9,450

TSYL Corporate Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	SOFR + 4.75%, 9.2% Cash	12/22	12/28	637		591		591		0.1	%	(5) (6) (7) (18)
		Revolver	SOFR + 4.75%, 9.2% Cash	12/22	12/28	—		(4)		(4)		—	%	(6) (7) (18)
		Partnership Units (4,673 units)	N/A	12/22	N/A			5		5		—	%	(6) (30)
						637		592		592

Turbo Buyer, Inc.	Finance Companies	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.7% Cash	11/21	12/25	12,639		12,428		12,243		1.1	%	(5) (6) (7) (9)
						12,639		12,428		12,243

Turnberry Solutions, Inc.	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.25%, 9.2% Cash	07/21	09/26	2,646		2,606		2,606		0.2	%	(5) (6) (7) (18)
						2,646		2,606		2,606

UKFast Leaders Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 7.25%, 10.8% Cash	05/21	09/27	4,248		4,885		3,759		0.3	%	(3) (5) (6) (7) (21)
						4,248		4,885		3,759

Union Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.75%, 9.2% Cash	06/22	06/29	2,361		2,331		2,269		0.2	%	(3) (5) (6) (7) (21)
						2,361		2,331		2,269

United Therapy Holding III GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 8.3% Cash	04/22	03/29	1,144		1,101		1,098		0.1	%	(3) (5) (6) (7) (13)
						1,144		1,101		1,098

USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	Legal Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 10.5% Cash	05/21	11/24	2,518		2,394		2,277		0.2	%	(5) (6) (7) (18)
						2,518		2,394		2,277

Utac Ceram	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 8.2% Cash	05/21	09/27	854		945		845		0.1	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.9% Cash	05/21	09/27	243		238		240		—	%	(3) (5) (6) (7) (9)
						1,097		1,183		1,085

Validity, Inc.	IT Consulting & Other Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.1% Cash	05/21	05/25	939		911		918		0.1	%	(5) (6) (7) (8)
						939		911		918

5254

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Victoria Bidco Limited	Industrial Machinery	First Lien Senior Secured Term Loan	SONIA + 6.50%, 7.7% Cash	03/22	01/29	$	4,612	$	5,039	$	4,483	0.4	%	(3) (5) (6) (7) (22)
		First Lien Senior Secured Term Loan	SONIA + 6.50%, 6.50% Cash	03/22	01/29	473		465		460		—	%	(3) (5) (6) (7) (21)
						5,085		5,504		4,943

VistaJet Pass Through Trust 2021-1B	Airlines	Structured Secured Note - Class B	6.3% Cash	11/21	2/29	9,286		9,286		7,584		0.7	%	(6)
						9,286		9,286		7,584

Vital Buyer, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 10.2% Cash	06/21	06/28	963		947		962		0.1	%	(5) (6) (7) (9)
		Partnership Units (1,096.2 units)	N/A	06/21	N/A			11		20		—	%	(6) (30)
						963		958		982

VP Holding Company	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.9% Cash	05/21	05/24	14,537		14,383		14,259		1.3	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.6% Cash	05/21	05/24	8,528		8,391		8,364		0.8	%	(5) (6) (7) (18)
						23,065		22,774		22,623

W2O Holdings, Inc.	Healthcare Technology	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.5% Cash	05/21	06/25	620		620		614		0.1	%	(6) (7) (9)
						620		620		614

Wheels Up Experience Inc	Transportation Services	First Lien Senior Secured Term Loan	12.0% Cash	10/22	04/31	22,500		21,621		21,921		2.0	%	(6)
						22,500		21,621		21,921

Woodland Foods, LLC	Food & Beverage	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 10.5% Cash	12/21	12/27	8,253		8,113		7,403		0.7	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 10.5% Cash	12/21	12/27	1,294		1,266		1,127		0.1	%	(6) (7) (9)
		Common Stock (1,204.46 shares)	N/A	12/21	N/A			1,205		733		0.1	%	(6) (30)
						9,547		10,584		9,263

World 50, Inc.	Professional Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.1% Cash	05/21	01/26	15,383		15,165		15,216		1.4	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 9.6% Cash	05/21	01/26	520		520		512		—	%	(5) (6) (7) (8)
						15,903		15,685		15,728

WWEC Holdings III Corp	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 6.00%, 10.6% Cash	10/22	09/28	10,780		10,467		10,453		1.0	%	(5) (6) (7) (18)
		Revolver	SOFR + 6.00%, 10.6% Cash	10/22	09/28	839		794		792		0.1	%	(6) (7) (18)
						11,619		11,261		11,245

Xeinadin Bidco Limited	Financial Other	First Lien Senior Secured Term Loan	SONIA + 5.25%, 8.2% Cash	05/22	05/29	10,730		10,678		10,376		1.0	%	(3) (5) (6) (7) (21)
		Subordinated Term Loan	11.0% PIK	05/22	05/29	3,789		3,779		3,687		0.3	%	(3) (6) (7)
		Common Stock (354,281 shares)	N/A	05/22	N/A			452		439		—	%	(3) (6) (30)
						14,519		14,909		14,502

ZB Holdco LLC	Food & Beverage	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 9.5% Cash	02/22	02/28	2,684		2,623		2,628		0.2	%	(5) (6) (7) (9)
		Revolver	LIBOR + 4.75%, 9.5% Cash	02/22	02/28	—		(14)		(12)		—	%	(6) (7) (9)
		LLC Units (152.7 units)	N/A	02/22	02/28			153		189		—	%	(6) (30)
						2,684		2,762		2,805

Zeppelin Bidco Limited	Services: Business	First Lien Senior Secured Term Loan	SONIA + 6.25%, 9.2% Cash	03/22	03/29	2,910		3,075		2,581		0.2	%	(3) (5) (6) (7) (20)
						2,910		3,075		2,581

Subtotal Non–Control / Non–Affiliate Investments (186.1%)						2,032,045		2,073,049		2,023,356

5355

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Affiliate Investments (4):
Eclipse Business Capital, LLC	Banking, Finance, Insurance, & Real Estate	Second Lien Senior Secured Term Loan	7.5% Cash	08/21	07/28	$	3,209	$	3,182	$	3,209	0.3	%	(6)
		Revolver	LIBOR + 7.25%	08/21	07/28	3,722		3,646		3,722		0.3	%	(6) (8)
		LLC Units (63,139,338 units)	N/A	08/21	N/A			65,809		95,340		8.8	%	(6)
						6,931		72,637		102,271

Thompson Rivers LLC	Investment Funds & Vehicles	6.3% Member Interest	N/A	08/21	N/A	—		19,213		12,041		1.1	%
						—		19,213		12,041

Waccamaw River LLC	Investment Funds & Vehicles	20% Member Interest	N/A	08/21	N/A	—		22,602		20,212		1.9	%	(3)
						—		22,602		20,212

Subtotal Affiliate Investments (12.4%)						6,931		114,452		134,524














Total Investments, December 31, 2022 (198.5%)*						$	2,038,976	$	2,187,501	$	2,157,880

Derivative Instruments


Interest Rate Swaps:
Description	Company Receives	Company Pays	Maturity Date	Notional Amount		Value	Hedged Instrument	Unrealized Appreciation (Depreciation)
Interest rate swap (See Note 5)	6.00%	SOFR + 3.245%	5/10/2027	$	100,000	$(4,534)	Series D Notes	$	(4,534)
Interest rate swap (See Note 5)	6.00%	SOFR + 3.382%	5/10/2027	$	55,000	$(2,813)	Series E Notes	(2,813)
Total Interest Rate Swaps, December 31, 2022								$	(7,347)

5456

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)

Foreign Currency Forward Contracts:

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Counterparty

Settlement Date

Unrealized Appreciation (Depreciation)

Foreign currency forward contract (AUD)

A$61,845

$41,434

BNP Paribas SA

01/09/23

660

Foreign currency forward contract (AUD)

A$61,845

$41,434

BNP Paribas SA

01/09/23

660

Foreign currency forward contract (AUD)

A$2,300

$1,557

BNP Paribas SA

04/11/23

Foreign currency forward contract (AUD)

A$2,300

$1,557

BNP Paribas SA

04/11/23

Foreign currency forward contract (AUD)

$40,131

A$61,845

BNP Paribas SA

01/09/23

(1,964)

Foreign currency forward contract (AUD)

$40,131

A$61,845

BNP Paribas SA

01/09/23

(1,964)

Foreign currency forward contract (AUD)

$42,446

A$63,128

BNP Paribas SA

04/11/23

(684)

Foreign currency forward contract (AUD)

$42,446

A$63,128

BNP Paribas SA

04/11/23

(684)

Foreign currency forward contract (CAD)

C$7,479

$5,491

BNP Paribas SA

01/09/23

Foreign currency forward contract (CAD)

C$7,479

$5,491

BNP Paribas SA

01/09/23

Foreign currency forward contract (CAD)

$5,473

$7,479

BNP Paribas SA

01/09/23

(53)

Foreign currency forward contract (CAD)

$5,473

C$7,479

BNP Paribas SA

01/09/23

(53)

Foreign currency forward contract (CAD)

$5,383

$7,326

BNP Paribas SA

04/11/23

(35)

Foreign currency forward contract (CAD)

$5,383

C$7,326

BNP Paribas SA

04/11/23

(35)

Foreign currency forward contract (DKK)

7,401kr.

$1,056

BNP Paribas SA

01/09/23

Foreign currency forward contract (DKK)

7,401kr.

$1,056

BNP Paribas SA

01/09/23

Foreign currency forward contract (DKK)

$982

7,401kr.

BNP Paribas SA

01/09/23

(83)

Foreign currency forward contract (DKK)

$982

7,401kr.

BNP Paribas SA

01/09/23

(83)

Foreign currency forward contract (DKK)

$1,078

7,499kr.

BNP Paribas SA

04/11/23

(9)

Foreign currency forward contract (DKK)

$1,078

7,499kr.

BNP Paribas SA

04/11/23

(9)

Foreign currency forward contract (EUR)

€187,162

$198,632

BNP Paribas SA

01/09/23

1,693

Foreign currency forward contract (EUR)

€187,162

$198,632

BNP Paribas SA

01/09/23

1,693

Foreign currency forward contract (EUR)

$185,138

€187,162

BNP Paribas SA

01/09/23

(15,187)

Foreign currency forward contract (EUR)

$185,138

€187,162

BNP Paribas SA

01/09/23

(15,187)

Foreign currency forward contract (EUR)

$199,111

€186,411

BNP Paribas SA

04/11/23

(1,665)

Foreign currency forward contract (EUR)

$199,111

€186,411

BNP Paribas SA

04/11/23

(1,665)

Foreign currency forward contract (GBP)

£56,336

$68,032

BNP Paribas SA

01/09/23

Foreign currency forward contract (GBP)

£56,336

$68,032

BNP Paribas SA

01/09/23

Foreign currency forward contract (GBP)

£1,600

$1,929

BNP Paribas SA

04/11/23

Foreign currency forward contract (GBP)

£1,600

$1,929

BNP Paribas SA

04/11/23

Foreign currency forward contract (GBP)

$62,569

£56,336

BNP Paribas SA

01/09/23

(5,477)

Foreign currency forward contract (GBP)

$62,569

£56,336

BNP Paribas SA

01/09/23

(5,477)

Foreign currency forward contract (GBP)

$66,247

£54,756

BNP Paribas SA

04/11/23

(38)

Foreign currency forward contract (GBP)

$66,247

£54,756

BNP Paribas SA

04/11/23

(38)

Foreign currency forward contract (NZD)

NZ$8,665

$5,451

BNP Paribas SA

01/09/23

Foreign currency forward contract (NZD)

NZ$8,665

$5,451

BNP Paribas SA

01/09/23

Foreign currency forward contract (NZD)

$5,009

NZ$8,665

BNP Paribas SA

01/09/23

(487)

Foreign currency forward contract (NZD)

$5,009

NZ$8,665

BNP Paribas SA

01/09/23

(487)

Foreign currency forward contract (NZD)

$5,060

NZ$8,044

BNP Paribas SA

04/11/23

(46)

Foreign currency forward contract (NZD)

$5,060

NZ$8,044

BNP Paribas SA

04/11/23

(46)

Foreign currency forward contract (NOK)

38,802kr

$3,939

BNP Paribas SA

01/09/23

Foreign currency forward contract (NOK)

38,802kr

$3,939

BNP Paribas SA

01/09/23

Foreign currency forward contract (NOK)

$3,626

38,802kr

BNP Paribas SA

01/09/23

(318)

Foreign currency forward contract (NOK)

$3,626

38,802kr

BNP Paribas SA

01/09/23

(318)

Foreign currency forward contract (NOK)

$4,097

40,202kr

BNP Paribas SA

04/11/23

(7)

Foreign currency forward contract (NOK)

$4,097

40,202kr

BNP Paribas SA

04/11/23

(7)

Foreign currency forward contract (SEK)

5,694kr

$547

BNP Paribas SA

01/09/23

—

Foreign currency forward contract (SEK)

5,694kr

$547

BNP Paribas SA

01/09/23

—

Foreign currency forward contract (SEK)

$512

5,694kr

BNP Paribas SA

01/09/23

(35)

Foreign currency forward contract (SEK)

$512

5,694kr

BNP Paribas SA

01/09/23

(35)

Foreign currency forward contract (SEK)

$555

5,751kr

BNP Paribas SA

04/11/23

—

Foreign currency forward contract (SEK)

$555

5,751kr

BNP Paribas SA

04/11/23

—

Foreign currency forward contract (CHF)

18,873Fr.

$19,744

BNP Paribas SA

01/09/23

689

Foreign currency forward contract (CHF)

18,873Fr.

$19,744

BNP Paribas SA

01/09/23

689

Foreign currency forward contract (CHF)

$19,491

18,873Fr.

BNP Paribas SA

01/09/23

(942)

Foreign currency forward contract (CHF)

$19,491

18,873Fr.

BNP Paribas SA

01/09/23

(942)

Foreign currency forward contract (CHF)

$5,336

4,891Fr.

BNP Paribas SA

04/11/23

(12)

Foreign currency forward contract (CHF)

$5,336

4,891Fr.

BNP Paribas SA

04/11/23

(12)

Total Foreign Currency Forward Contracts, December 31, 2022

(23,870)

Total Foreign Currency Forward Contracts, December 31, 2022

(23,870)

* 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. A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to LIBOR, EURIBOR, GBP LIBOR, SARON, BBSY, CDOR, STIBOR, SOFR, BKBM, NIBOR, SONIA or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically reset semi-annually, quarterly, or monthly at the borrower’s option. 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 investments), which as of December 31, 2022 represented 198.5% 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 25.8% of total investments at fair value as of December 31, 2022. 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).

5557

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2022

(Amounts in thousands, except share amounts)


			December 31, 2021 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2022 Value		Amount of Interest or Dividends Credited to Income(c)				December 31, 2021 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2022 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Portfolio Company	Type of Investment	December 31, 2021 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2022 Value		Amount of Interest or Dividends Credited to Income(c)		Portfolio Company	Type of Investment	December 31, 2021 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2022 Value		Amount of Interest or Dividends Credited to Income(c)
Eclipse Business Capital, LLC (d)	Eclipse Business Capital, LLC (d)	Second Lien Senior Secured Term Loan (7.5% Cash)	$	3,345	$	4	$	—	$	—	$	(140)	$	3,209	$	242	Eclipse Business Capital, LLC (d)	Second Lien Senior Secured Term Loan (7.5% Cash)	$	3,345	$	4	$	—	$	—	$	(140)	$	3,209	$	242
		Revolver (LIBOR + 7.25%)	$	1,283	$	3,736	$	(1,284)	$	—	$	(13)	$	3,722	$	347		Revolver (LIBOR + 7.25%)	$	1,283	$	3,736	$	(1,284)	$	—	$	(13)	$	3,722	$	347
		LLC units (63,139,338 units)	$	65,412	$	2,386	$	—	$	—	$	27,542	$	95,340	$	7,923		LLC units (63,139,338 units)	$	65,412	$	2,386	$	—	$	—	$	27,542	$	95,340	$	7,923
			$	70,040	$	6,126	$	(1,284)	$	—	$	27,389	$	102,271	$	8,512			$	70,040	$	6,126	$	(1,284)	$	—	$	27,389	$	102,271	$	8,512

Thompson Rivers LLC	Thompson Rivers LLC	6.3% Member Interest	$	33,511	$	—	$	(13,036)	$	—	$	(8,434)	$	12,041	$	3,571	Thompson Rivers LLC	6.3% Member Interest	$	33,511	$	—	$	(13,036)	$	—	$	(8,434)	$	12,041	$	3,571
Thompson Rivers LLC	Thompson Rivers LLC		$	33,511	$	—	$	(13,036)	$	—	$	(8,434)	$	12,041	$	3,571	Thompson Rivers LLC		$	33,511	$	—	$	(13,036)	$	—	$	(8,434)	$	12,041	$	3,571

Waccamaw River LLC	Waccamaw River LLC	20% Member Interest	$	13,500	$	8,882			$	—	$	(2,170)	$	20,212	$	1,850	Waccamaw River LLC	20% Member Interest	$	13,500	$	8,882	—		$	—	$	(2,170)	$	20,212	$	1,850
Waccamaw River LLC	Waccamaw River LLC	20% Member Interest	$	13,500	$	8,882	$	—	$	—	$	(2,170)	$	20,212	$	1,850	Waccamaw River LLC	20% Member Interest	$	13,500	$	8,882	$	—	$	—	$	(2,170)	$	20,212	$	1,850

Total Affiliate Investments	Total Affiliate Investments		$	117,051	$	15,008	$	(14,320)	$	—	$	16,785	$	134,524	$	13,933	Total Affiliate Investments		$	117,051	$	15,008	$	(14,320)	$	—	$	16,785	$	134,524	$	13,933

(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)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~~Revolving Credit ~~Facility”).~~Facility.

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

(7)Debt investment includes interest rate floor feature.

(8)The interest rate on these loans is subject to 1 Month LIBOR, which as of December 31, 2022 was 4.39157%.

(9)The interest rate on these loans is subject to 3 Month LIBOR, which as of December 31, 2022 was 4.76729%.

(10)The interest rate on these loans is subject to 6 Month LIBOR, which as of December 31, 2022 was 5.13886%.

(11)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2022 was 1.88400%.

(12)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2022 was 2.13200%.

(13)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2022 was 2.69300%.

(14)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2022 was 3.01500%.

(15)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2022 was 3.26470%.

(16)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2022 was 3.76500%.

(17)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2022 was 4.35806%.

(18)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2022 was 4.58745%.

(19)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2022 was 4.78131%.

(20)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2022 was 3.43570%.

(21)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2022 was 3.75470%.

(22)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2022 was 4.09490%.

(23)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2022 was 2.70100%.

(24)The interest rate on these loans is subject to 1 Month CDOR, which as of December 31, 2022 was 4.73750%.

(25)The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2022 was 4.93500%.

(26)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2022 was 4.53000%.

(27)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2022 was 0.94212%.

(28)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2022 was 3.04000%.

(29)The interest rate on these loans is subject to Prime, which as of December 31, 2022 was 7.50000%.

(30)Investment is non-income producing.

(31)The sale of all or a portion of this investment did not qualify for sale accounting under ~~FASB~~ ASC ~~Topic~~ 860, ~~Transfers and Servicing (“ASC 860”),~~

and therefore the investment remains on the Company’s Consolidated Schedule of Investments as of December 31, 2022. See Note 5 in the

Unaudited Consolidated Financial Statements for further details.

(32)Non-accrual investment.

See accompanying notes.

5658

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION

Organization and Business

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, with ~~$362.2~~$348.0 billion in assets under management as of ~~March 31,~~September 30, 2023.

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 up to $2,000,000,000 in 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.~~Companies. 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 Audited Consolidated

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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, 2022. 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 March 2020, the FASB issued Accounting Standards Update, 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 iswas effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued Accounting Standards Update 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company ~~is currently evaluating the impact of~~determined this guidance will not have a material impact on its consolidated financial statements.

Share Purchase Program

At the discretion of the Board, the Company commenced a share repurchase program in which the Company may repurchase, in each quarter, up to 5% of its 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 if it deems such action to be in the Company’s best interest and the best interest of its stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act 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 the Company’s share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the ~~net asset value~~NAV per share as of the last calendar day of the applicable quarter; provided that, the Company and Barings have applied for exemptive relief from SEC that, if granted, will permit the Company to repurchase shares that have not been outstanding for at least one year at 98% of such ~~net asset value~~NAV pursuant to such tender offers (an “Early Repurchase Deduction”). There can be no assurance that the SEC will issue such order for exemptive relief. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining stockholders.

During the three months ended ~~March 31,~~September 30, 2023, the Company accepted for repurchase ~~481.464~~1,835,452 shares for a total value of ~~$10,014.~~$38.2 million. For the nine months ended September 30, 2023, the Company accepted for repurchase 1,835,934 shares for a total value of $38.2 million.

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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 is 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 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 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 pro-rated. 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 and nine months ended ~~March 31,~~September 30, 2023, ~~and 2022,~~ the Base Management ~~Fee~~Fees determined in accordance with the terms of the Advisory Agreement ~~was $3.8~~were $4.3 million and ~~$2.2~~$12.4 million, respectively. For the three and nine months ended September 30, 2022, the Base Management Fees determined in accordance with the terms of the Advisory Agreement were $3.2 million and $8.3 million, respectively. As of ~~March 31,~~September 30, 2023, the Base Management Fee of ~~$3.8~~$4.3 million for the quarter ended ~~March 31,~~September 30, 2023 was unpaid and included in “Base management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2022, the Base Management ~~fee~~Fees of $3.5 million for the three months ended December 31, 2022 and $3.3 million for the three months ended September 30, 2022, were unpaid and included in “Base management fees payable” in the accompanying Audited and Unaudited Consolidated Balance Sheet.

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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 ~~will be~~is 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 ~~will be~~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 ~~will be~~is determined on a quarterly basis, and ~~will be~~is calculated by multiplying 8.0% by the average of the Company’s ~~net asset value~~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 ~~net asset value~~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

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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,~~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 ~~net asset values~~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 ~~net asset values~~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 ~~Independent Directors,~~Company, as defined in Section 2(a)(19) of the 1940 Act, 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 and nine months ended ~~March 31,~~September 30, 2023, the Incentive Fees determined in accordance with the terms of the Advisory Agreement were $2.9 million and $8.2 million, respectively. For both the three and nine months ended September 30, 2022, the Incentive Fee determined in accordance with the terms of the Advisory Agreement was ~~$2.6~~$2.1 million. ~~For the three months ended March 31, 2022, the Company did not incur any Incentive Fees.~~ As of ~~March 31,~~September 30, 2023, the Incentive Fee of ~~$2.6~~$2.9 million for the quarter ended ~~March 31,~~September 30, 2023 was unpaid and included in “Incentive management fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2022, the Incentive Fee of $0.9 million for the three months ended December 31, 2022 was unpaid and included in “Incentive management fees payable” in the accompanying Audited Consolidated Balance Sheet.

The Advisory Agreement ~~has~~had an initial term of two years. Thereafter, it ~~shall continue~~continues 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 directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act. The Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, (i) by the vote of a majority of the outstanding voting securities of the Company or (ii) by the vote of the Board, or (iii) by the Adviser upon 90 days’ written notice. The Advisory Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

Payment of Expenses

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

•organizational and offering expenses;

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

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

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Company’s allocable portion of Barings’ overhead in performing its obligations under the Administration Agreement, 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 ~~will continue in effect for~~had an initial term of two ~~years from its initial effective date, May 13, 2021, and thereafter will continue~~years. Thereafter, it continues 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 Company’s directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act. 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. As of ~~March 31,~~September 30, 2023, BIIL had approximately ~~£15.9~~£14.4 billion in assets under management.

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;

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

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 generally accepted accounting principles;

• 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 and nine months ended ~~March 31,~~September 30, 2023, the Company incurred and was invoiced by the Administrator expenses of approximately $0.5 million and $1.4 million, respectively. For the three and nine months ended September 30, 2022, the Company incurred and was invoiced by the Administrator expenses of approximately ~~$0.6~~$0.5 million and ~~$0.4~~$1.4 million, respectively. As of ~~March 31,~~September 30, 2023, administrative expenses of ~~$0.6~~$0.5 million incurred during the three months ended ~~March 31,~~September 30, 2023 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2022, administrative expenses of $0.5 million incurred during the three months ended December 31, 2022 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.

The Administration Agreement ~~has~~had an initial term of two ~~years and thereafter will continue~~years. Thereafter, it continues 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 directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act. 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 distribution and/or shareholder servicing fees of the Company (if applicable following receipt, if any, of the multi-class exemptive relief from SEC (the “Multi-Class Exemptive Relief”) that, if granted, will permit the Company to issue multiple classes of shares of its common stock with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees). 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 us 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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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.

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

payment for the applicable quarter. The Reimbursement Payment for any calendar quarter will be paid by the Company to 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 and nine months ended ~~March 31,~~September 30, 2023 or 2022.

3. INVESTMENTS

Portfolio Composition

The Company predominately invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. 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 ~~PIK~~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,~~September 30, 2023 and December 31, 2022 are shown in the following table:


($ in thousands)	($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets		($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
March 31, 2023:
September 30, 2023:												September 30, 2023:
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	1,904,516	83	%	$	1,872,391	83	%	168	%	Senior debt and 1st lien notes	$	1,884,412	81	%	$	1,841,845	80	%	146	%
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	170,578		8		165,123		7		15		Subordinated debt and 2nd lien notes	160,241		7		150,167		7		12
Structured products	Structured products	27,849		1		24,426		1		2		Structured products	27,142		1		23,668		1		2
Equity shares	Equity shares	145,965		6		180,623		8		16		Equity shares	217,967		9		258,933		11		21
Equity warrants	Equity warrants	4		—		1,073		—		—		Equity warrants	4		—		1,277		—		—
Investment in joint ventures	Investment in joint ventures	38,201		2		27,762		1		2		Investment in joint ventures	43,661		2		30,069		1		2

		$	2,287,113	100	%	$	2,271,398	100	%	203	%		$	2,333,427	100	%	$	2,305,959	100	%	183	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2022:
Senior debt and 1st lien notes	$	1,817,043	83	%	$	1,777,492	82	%	163	%
Subordinated debt and 2nd lien notes	169,463		8		163,899		8		15
Structured products	28,560		1		25,022		1		2
Equity shares	130,616		6		158,131		7		15
Equity warrants	4		—		1,083		—		—
Investment in joint ventures	41,815		2		32,253		2		3

	$	2,187,501	100	%	2,157,880		100	%	198	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the three months ended ~~March 31,~~September 30, 2023, the Company made new investments totaling ~~$71.8~~$98.7 million, made additional investments in existing portfolio companies totaling ~~$59.3~~$68.8 million, made additional investments in existing joint venture equity portfolio companies totaling $1.5 million and made a ~~$12.0~~$13.0 million equity co-investment alongside certain affiliates in an existing portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. During the nine months ended September 30, 2023, the Company made new investments totaling $219.5 million, made additional investments in existing portfolio companies totaling $136.5 million, made a new investment in a new joint venture equity portfolio company totaling $6.1 million, made additional investments in existing joint venture equity portfolio companies totaling $2.5 million and made a $75.0 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 three months ended ~~March 31,~~September 30, 2022, the Company made new investments totaling ~~$154.5~~$199.8 million and made additional investments in existing portfolio companies totaling $57.8 million. During the nine months ended September 30, 2022, the Company made new investments totaling $516.6 million, made additional investments in existing portfolio companies totaling ~~$63.4~~$221.7 million and made additional investments in existing joint venture equity portfolio companies totaling ~~$6.8~~$8.9 million.

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

Industry Composition

The industry composition of investments at fair value at ~~March 31,~~September 30, 2023 and December 31, 2022 was as follows:


($ in thousands)	($ in thousands)	March 31, 2023				December 31, 2022				($ in thousands)	September 30, 2023				December 31, 2022
Aerospace and Defense	Aerospace and Defense	$	130,589	5.8	%	$	101,192	4.7	%	Aerospace and Defense	$	116,470	5.1	%	$	101,192	4.7	%
Automotive	Automotive	55,052		2.4		54,357		2.5		Automotive	47,472		2.1		54,357		2.5
Banking, Finance, Insurance and Real Estate	Banking, Finance, Insurance and Real Estate	283,621		12.5		270,117		12.5		Banking, Finance, Insurance and Real Estate	350,702		15.2		270,117		12.5
Beverage, Food and Tobacco	Beverage, Food and Tobacco	22,687		1.0		21,389		1.0		Beverage, Food and Tobacco	24,956		1.1		21,389		1.0
Capital Equipment	Capital Equipment	83,621		3.7		60,393		2.8		Capital Equipment	69,734		3.0		60,393		2.8
Chemicals, Plastics, and Rubber	Chemicals, Plastics, and Rubber	34,189		1.5		34,679		1.6		Chemicals, Plastics, and Rubber	26,973		1.2		34,679		1.6
Construction and Building	Construction and Building	23,943		1.0		23,802		1.1		Construction and Building	20,900		0.9		23,802		1.1
Consumer Goods: Durable	Consumer Goods: Durable	30,679		1.4		29,699		1.4		Consumer Goods: Durable	29,108		1.3		29,699		1.4
Consumer Goods: Non-durable	Consumer Goods: Non-durable	35,658		1.6		35,567		1.6		Consumer Goods: Non-durable	37,143		1.6		35,567		1.6
Containers, Packaging and Glass	Containers, Packaging and Glass	46,771		2.1		47,828		2.2		Containers, Packaging and Glass	48,545		2.1		47,828		2.2

Energy: Electricity										Energy: Electricity	6,004		0.2		—		—

Environmental Industries	Environmental Industries	60,438		2.7		60,035		2.8		Environmental Industries	61,208		2.7		60,035		2.8

Healthcare and Pharmaceuticals	Healthcare and Pharmaceuticals	206,339		9.1		197,319		9.1		Healthcare and Pharmaceuticals	204,385		8.8		197,319		9.1
High Tech Industries	High Tech Industries	348,892		15.4		346,180		16.0		High Tech Industries	349,388		15.2		346,180		16.0
Hotel, Gaming and Leisure	Hotel, Gaming and Leisure	20,528		0.9		20,211		0.9		Hotel, Gaming and Leisure	21,657		0.9		20,211		0.9
Investment Funds and Vehicles	Investment Funds and Vehicles	27,762		1.2		32,253		1.5		Investment Funds and Vehicles	30,069		1.2		32,253		1.5
Media: Advertising, Printing and Publishing	Media: Advertising, Printing and Publishing	34,975		1.5		35,399		1.6		Media: Advertising, Printing and Publishing	28,010		1.2		35,399		1.6
Media: Broadcasting and Subscription	Media: Broadcasting and Subscription	9,366		0.4		9,372		0.5		Media: Broadcasting and Subscription	9,532		0.4		9,372		0.5
Media: Diversified and Production	Media: Diversified and Production	35,011		1.5		29,337		1.4		Media: Diversified and Production	57,214		2.5		29,337		1.4
Metals and Mining	Metals and Mining	7,449		0.3		7,442		0.3		Metals and Mining	7,485		0.3		7,442		0.3

Services: Business	Services: Business	389,905		17.2		371,974		17.3		Services: Business	382,203		16.6		371,974		17.3
Services: Consumer	Services: Consumer	102,214		4.5		99,808		4.6		Services: Consumer	103,267		4.5		99,808		4.6
Structured Products	Structured Products	46,038		2.0		46,943		2.2		Structured Products	42,161		1.8		46,943		2.2
Telecommunications	Telecommunications	21,515		1.0		20,922		1.0		Telecommunications	22,616		1.0		20,922		1.0
Transportation: Cargo	Transportation: Cargo	155,374		6.8		142,437		6.6		Transportation: Cargo	151,945		6.6		142,437		6.6
Transportation: Consumer	Transportation: Consumer	48,690		2.1		48,878		2.3		Transportation: Consumer	45,177		2.0		48,878		2.3
Utilities: Electric	Utilities: Electric	10,092		0.4		10,347		0.5		Utilities: Electric	11,635		0.5		10,347		0.5

Total	Total	$	2,271,398	100.0	%	$	2,157,880	100.0	%	Total	$	2,305,959	100.0	%	$	2,157,880	100.0	%

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 nine months ended September 30, 2023, the Company held a

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

9.1% partnership interest in CPCF BPCC. As of September 30, 2023, the cost and fair value of the Company’s investment in CPCF BPCC were $6.1 million and $5.9 million, respectively.

For both the three and nine months ended September 30, 2023, CPCF BPCC declared $1.9 million in dividends, of which $0.2 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

The total value of CPCF BPCC’s investment portfolio was $162.0 million as of September 30, 2023. As of September 30, 2023, CPCF BPCC’s investments had an aggregate cost of $162.8 million. As of September 30, 2023, the CPCF BPCC investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
September 30, 2023:
Senior debt and 1st lien notes	$	162,771	100	%	$	162,014	100	%






	$	162,771	100	%	$	162,014	100	%

As of September 30, 2023, the weighted average yield on the principal amount of CPCF BPCC’s outstanding debt investments was approximately 11.2%.

The industry composition of CPCF BPCC’s investments at fair value at September 30, 2023 was as follows:


($ in thousands)	September 30, 2023
Aerospace and Defense	$	13,668	8.4	%
Automotive	6,875		4.2
Banking, Finance, Insurance and Real Estate	8,751		5.4

Capital Equipment	11,382		7.0
Chemicals, Plastics, and Rubber	2,936		1.8

Consumer Goods: Durable	2,992		1.9



Energy: Electricity	4,975		3.1



Healthcare and Pharmaceuticals	24,149		14.9
High Tech Industries	24,060		14.9


Media: Advertising, Printing and Publishing	6,766		4.2

Media: Diversified and Production	5,803		3.6


Services: Business	33,103		20.4
Services: Consumer	4,798		3.0


Transportation: Cargo	2,961		1.8
Transportation: Consumer	4,862		3.0
Utilities: Electric	3,933		2.4


Total	$	162,014	100.0	%

The geographic composition of CPCF BPCC’s investments at fair value at September 30, 2023 was as follows:


($ in thousands)	September 30, 2023


Canada	$	9,798	6.0	%
France	16,581		10.2
Germany	9,566		5.9

Netherlands	2,910		1.8


United Kingdom	5,768		3.6
USA	117,391		72.5
Total	$	162,014	100.0	%

CPCF BPCC LLC’s credit facility with Citibank, N.A., which is non-recourse to the Company, initially closed on June 16, 2023, and had approximately $102.0 million outstanding as of September 30, 2023.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The Company may sell portions of its investments via assignment to CPCF BPCC. Since inception, as of September 30, 2023, the Company had sold $163.6 million of its investments to CPCF BPCC. For the three and nine months ended September 30, 2023, the Company realized a gain on the sales of its investments to CPCF BPCC of $0.1 million and $2.1 million, respectively. 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:

•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, Financial Services - Investment Companies, 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.

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,~~September 30, 2023. As of ~~March 31,~~September 30, 2023, 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 and nine months ended ~~March 31,~~September 30, 2023, ~~and 2022,~~ Thompson Rivers declared ~~$57.0~~$8.0 million and ~~$20.0~~$106.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and ~~$1.3~~nine months ended September 30, 2023, the Company recognized $0.5 million and $6.7 million of the dividends, respectively, as a return of capital. For the three and nine months ended September 30, 2022, Thompson Rivers declared $89.1 million and $178.5 million in dividends, respectively, of which $0.9 million and $3.0 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended ~~March 31, 2023,~~September 30, 2022, the Company recognized ~~$3.6~~$4.8 million and $8.3 million, respectively, of the dividends as a return of capital.

As of ~~March 31,~~September 30, 2023, Thompson Rivers had ~~$664.1~~$415.6 million in Ginnie Mae early buyout loans and ~~$29.8~~$13.2 million in cash. As of December 31, 2022, Thompson Rivers had $890.9 million in Ginnie Mae early buyout loans and $65.1 million in cash. As of ~~March 31,~~September 30, 2023, Thompson Rivers had ~~4,028~~2,677 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2022, Thompson Rivers had 5,414 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

6569

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of ~~March 31,~~September 30, 2023 and December 31, 2022, the Thompson Rivers investment portfolio consisted of the following investments:


($ in thousands)	($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
March 31, 2023:
September 30, 2023:										September 30, 2023:
Federal Housing Administration (“FHA”) loans	Federal Housing Administration (“FHA”) loans	$	634,664	91	%	$	605,542	91	%	Federal Housing Administration (“FHA”) loans	$	419,651	92	%	$	384,251	92	%
Veterans Affairs (“VA”) loans	Veterans Affairs (“VA”) loans	61,344		9		58,569		9		Veterans Affairs (“VA”) loans	34,071		8		31,380		8

		$	696,008	100	%	$	664,111	100	%		$	453,722	100	%	$	415,631	100	%
December 31, 2022:	December 31, 2022:									December 31, 2022:
Federal Housing Administration (“FHA”) loans	Federal Housing Administration (“FHA”) loans	$	864,625	91	%	$	811,358	91	%	Federal Housing Administration (“FHA”) loans	$	864,625	91	%	$	811,358	91	%
Veterans Affairs (“VA”) loans	Veterans Affairs (“VA”) loans	84,654		9		79,553		9		Veterans Affairs (“VA”) loans	84,654		9		79,553		9
		$	949,279	100	%	$	890,911	100	%		$	949,279	100	%	$	890,911	100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately ~~$171.3~~$101.2 million and $224.2 million outstanding as of ~~March 31,~~September 30, 2023 and December 31, 2022, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately ~~$311.6~~$195.6 million and $428.0 million outstanding as of ~~March 31,~~September 30, 2023 and December 31, 2022, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately ~~$104.4~~$64.1 million and $184.2 million outstanding as of ~~March 31,~~September 30, 2023 and December 31, 2022, respectively.

The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, Financial Services - Investment Companies, 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.

As of ~~March 31,~~September 30, 2023 and December 31, 2022, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	($ in thousands)	As of March 31, 2023		As of December 31, 2022		($ in thousands)	As of September 30, 2023		As of December 31, 2022
Total contributed capital by Barings Private Credit Corporation (1)	Total contributed capital by Barings Private Credit Corporation (1)	$	32,226	$	32,226	Total contributed capital by Barings Private Credit Corporation (1)	$	32,226	$	32,226
Total contributed capital by all members (2)	Total contributed capital by all members (2)	$	482,083	$	482,083	Total contributed capital by all members (2)	$	482,083	$	482,083

Total unfunded commitments by Barings Private Credit Corporation	Total unfunded commitments by Barings Private Credit Corporation	$	—	$	—	Total unfunded commitments by Barings Private Credit Corporation	$	—	$	—
Total unfunded commitments by all members	Total unfunded commitments by all members	$	—	$	—	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 $209.3 million, respectively, of total contributed capital by related parties.

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 ~~approximately $22.5 million~~ has been funded as of ~~March 31,~~September 30, 2023. As of ~~March 31,~~September 30, 2023, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement ~~total~~totaled $125.0 million, all of which ~~$112.6 million~~has been funded (including $14.0 million of recallable return of capital) ~~has been funded.~~.

For the three months ended ~~March 31,~~September 30, 2023, Waccamaw River did not declare a dividend. For the nine months ended September 30, 2023, Waccamaw River declared $7.3 million in dividends, of which $1.5 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2022, Waccamaw River declared ~~$3.6~~$2.7 million and ~~$1.5~~$6.6 million in dividends, respectively, of which ~~$0.7~~$0.5 million and ~~$0.3~~$1.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

6670

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of ~~March 31,~~September 30, 2023, Waccamaw River had ~~$220.2~~$223.7 million in unsecured consumer loans and ~~$9.7~~$21.2 million in cash. As of December 31, 2022, Waccamaw River had $200.5 million in unsecured consumer loans and $8.0 million in cash. As of ~~March 31,~~September 30, 2023, Waccamaw River had ~~20,755~~23,199 outstanding loans with an average loan size of ~~$11,329,~~$10,832, remaining average life to maturity of ~~43.3~~41.8 months and weighted average interest rate of ~~12.3%~~12.7%. As of December 31, 2022, Waccamaw River had 18,335 outstanding loans with an average loan size of $11,542, remaining average life to maturity of 44.0 months and weighted average interest rate of 12.0%.

Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately ~~$76.5~~$88.3 million and $72.3 million outstanding as of ~~March 31,~~September 30, 2023 and December 31, 2022, respectively. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately ~~$71.3~~$75.2 million and $44.8 million outstanding as of ~~March 31,~~September 30, 2023 and December 31, 2022, respectively.

The Company has determined that Waccamaw River is an investment company under ASC Topic 946, Financial Services - Investment Companies, 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,~~September 30, 2023 and December 31, 2022, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	($ in thousands)	As of March 31, 2023		As of December 31, 2022		($ in thousands)	As of September 30, 2023		As of December 31, 2022
Total contributed capital by Barings Private Credit Corporation	Total contributed capital by Barings Private Credit Corporation	$	22,520	$	22,520	Total contributed capital by Barings Private Credit Corporation	$	25,000	$	22,520
Total contributed capital by all members (1)	Total contributed capital by all members (1)	$	126,620	$	126,620	Total contributed capital by all members (1)	$	139,020	$	126,620

Total return of capital (recallable) by Barings Private Credit Corporation	Total return of capital (recallable) by Barings Private Credit Corporation	$	—	$	—	Total return of capital (recallable) by Barings Private Credit Corporation	$	—	$	—
Total return of capital (recallable) by all members (2)	Total return of capital (recallable) by all members (2)	$	(14,020)	$	(14,020)	Total return of capital (recallable) by all members (2)	$	(14,020)	$	(14,020)

Total unfunded commitments by Barings Private Credit Corporation	Total unfunded commitments by Barings Private Credit Corporation	$	2,480	$	2,480	Total unfunded commitments by Barings Private Credit Corporation	$	—	$	2,480
Total unfunded commitments by all members ~~(3)~~	Total unfunded commitments by all members ~~(3)~~	$	12,400	$	12,400	Total unfunded commitments by all members ~~(3)~~	$	—	$	12,400	(3)

(1)Includes $87.3 million and $79.9 million of total contributed capital by related ~~parties.~~parties as of September 30, 2023 and December 31, 2022, respectively.

(2)Includes ($12.3) million of total return of capital (recallable) by related parties.

(3)Includes $7.4 million of unfunded commitments by related parties.

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,~~September 30, 2023 and December 31, 2022, ~~$3.1~~$3.3 million and $3.7 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 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, Financial Services Investment ~~Companies.~~Companies. 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.

6771

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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. In April and September 2023, the Company made additional equity investments in Rocade totaling $50.0 million and $13.0 million, respectively. As of September 30, 2023, the Company had $35.0 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, Financial Services - Investment Companies. 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.

Valuation of Investments

The Adviser conducts the valuation of the Company’s investments, upon which the Company’s ~~net asset value~~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.

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

values that would have been used had an active market for the securities existed. In addition, changes in the market

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

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~~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 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

6973

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 ~~net asset value~~NAV of each company and the Company’s ownership percentage as a practical expedient. The ~~net asset value~~NAV is determined in accordance with the specialized accounting guidance for investment companies.

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,~~September 30, 2023 and December 31, 2022. The weighted average range of unobservable inputs is based on fair value of investments.

March 31, 2023
($ in thousands)(3)
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)
$ 1,660,200 Yield Analysis Market Yield 7.4% – 28.8% 11.3% Decrease
21,612 Discounted Cash Flow Analysis Discount Rate 12.6% 12.6% Decrease
6,350 Market Approach Adjusted EBITDA Multiple 7.3x 7.3x Increase
108,481 Recent Transaction Transaction Price 95.0% – 100.0% 96.9% Increase
Subordinated debt and 2nd lien notes(2)
128,252 Yield Analysis Market Yield 9.0% – 16.9% 12.9% Decrease
6,289 Market Approach Adjusted EBITDA Multiple 11.0x 11.0x Increase
643 Recent Transaction Transaction Price 97.0% 97.0% Increase
Equity shares 7,197 Yield Analysis Market Yield 15.4% – 16.7% 16.1% Decrease
153,819 Market Approach Adjusted EBITDA Multiple 6.5x – 40.0x 12.1x Increase
1,487 Market Approach Revenue Multiple 6.3x – 9.5x 6.6x Increase
3,235 Net Asset Approach Liabilities $(20,598.4) $(20,598.4) Decrease
13,261 Recent Transaction Transaction Price $0.01 – $1,408.64 $942.50 Increase
Equity warrants 1,073 Market Approach Adjusted EBITDA Multiple 7.0x – 16.5x 7.6x Increase

September 30, 2023

($ in thousands)(3)

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)

1,538,861

Yield Analysis

Market Yield

7.3% – 41.4%

11.8%

Decrease

7,559

Market Approach

Adjusted EBITDA Multiple

7.0x – 8.0x

7.9x

Increase

223,666

Recent Transaction

Transaction Price

96.1% – 100.0%

97.5%

Increase

Subordinated debt and 2nd lien notes(2)

125,085

Yield Analysis

Market Yield

9.0% – 18.9%

13.7%

Decrease

6,546

Market Approach

Adjusted EBITDA Multiple

11.0x

Increase

Equity shares

8,518

Yield Analysis

Market Yield

14.2% – 15.5%

14.9%

Decrease

240,161

Market Approach

Adjusted EBITDA Multiple

6.5x – 35.0x

11.1x

Increase

1,510

Market Approach

Revenue Multiple

6.3x – 9.5x

6.6x

Increase

5,044

Net Asset Approach

Liabilities

$(44,742.4)

Decrease

3,662

Recent Transaction

Transaction Price

$1.00 – $1,000.00

$226.77

Increase

Equity warrants

1,277

Market Approach

Adjusted EBITDA Multiple

6.5x – 14.0x

7.9x

Increase

(1) Excludes investments with an aggregate fair value amounting to ~~$33,912,~~$29,849, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(2) Excludes investments with an aggregate fair value amounting to ~~$8,949,~~$5,593, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(3) For structured products, investments with an aggregate fair value amounting to ~~$16,064,~~$15,217, were valued by the Adviser using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2022

($ 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)

1,440,027

Yield Analysis

Market Yield

7.2% – 30.8%

11.4%

Decrease

21,921

Discounted Cash Flow Analysis

Discount Rate

13.0%

Decrease

262,514

Recent Transaction

Transaction Price

96.7% – 100.0%

97.5%

Increase

Subordinated debt and 2nd lien notes(2)

125,363

Yield Analysis

Market Yield

9.3% – 16.6%

13.0%

Decrease

6,931

Market Approach

Adjusted EBITDA Multiple

9.0x

Increase

513

Recent Transaction

Transaction Price

97.3%

Increase

Structured products(3)

7,584

Discounted Cash Flow Analysis

Discount Rate

10.4%

Decrease

Equity shares

9,462

Yield Analysis

Market Yield

15.7% – 17.8%

16.6%

Decrease

137,680

Market Approach

Adjusted EBITDA Multiple

6.5x – 43.0x

10.7x

Increase

1,406

Market Approach

Revenue Multiple

6.5x – 7.0x

6.8x

Increase

220

Market Approach

Adjusted EBITDA/Revenue Multiple Blend

5.8x

Increase

3,219

Net Asset Approach

Liabilities

$(8,941.8)

Decrease

5,326

Recent Transaction

Transaction Price

$0.00 – $4,673.00

$516.37

Increase

Equity warrants

1,083

Market Approach

Adjusted EBITDA Multiple

6.5x – 17.5x

7.3x

Increase

(1) Excludes investments with an aggregate fair value amounting to $11,588, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(2) Excludes investments with an aggregate fair value amounting to $10,487, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(3) Excludes investments with an aggregate fair value amounting to $8,796, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

7175

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,~~September 30, 2023 and December 31, 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:


		Fair Value as of March 31, 2023									Fair Value as of September 30, 2023
($ in thousands)	($ in thousands)	Level 1		Level 2		Level 3		Total		($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	—	$	41,836	$	1,830,555	$	1,872,391	Senior debt and 1st lien notes	$	—	$	41,910	$	1,799,935	$	1,841,845
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	—		20,990		144,133		165,123		Subordinated debt and 2nd lien notes	—		12,943		137,224		150,167
Structured products	Structured products	—		8,362		16,064		24,426		Structured products	—		8,451		15,217		23,668
Equity shares	Equity shares	52		1,572		178,999		180,623		Equity shares	38		—		258,895		258,933
Equity warrants	Equity warrants	—		—		1,073		1,073		Equity warrants	—		—		1,277		1,277

Investments subject to leveling	Investments subject to leveling	$	52	$	72,760	$	2,170,824	$	2,243,636	Investments subject to leveling	$	38	$	63,304	$	2,212,548	$	2,275,890
Investment in joint ventures(1)								$	27,762
Investment in joint ventures (1)										Investment in joint ventures (1)							$	30,069
								$	2,271,398								$	2,305,959

		Fair Value as of December 31, 2022									Fair Value as of December 31, 2022
($ in thousands)	($ in thousands)	Level 1		Level 2		Level 3		Total		($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	—	$	41,442	$	1,736,050	$	1,777,492	Senior debt and 1st lien notes	$	—	$	41,442	$	1,736,050	$	1,777,492
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	—		20,605		143,294		163,899		Subordinated debt and 2nd lien notes	—		20,605		143,294		163,899
Structured products	Structured products	—		8,642		16,380		25,022		Structured products	—		8,642		16,380		25,022
Equity shares	Equity shares	53		765		157,313		158,131		Equity shares	53		765		157,313		158,131
Equity warrants	Equity warrants	—		—		1,083		1,083		Equity warrants	—		—		1,083		1,083

Investments subject to leveling	Investments subject to leveling	$	53	$	71,454	$	2,054,120	$	2,125,627	Investments subject to leveling	$	53	$	71,454	$	2,054,120	$	2,125,627
Investment in joint ventures(1)								$	32,253
Investment in joint ventures (2)										Investment in joint ventures (2)							$	32,253
								$	2,157,880								$	2,157,880

(1)The Company’s investments in CPCF BPCC, Thompson Rivers and Waccamaw River are measured at fair value using NAV 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 Consolidated Balance Sheet and Consolidated Balance Sheet.

(2)The Company’s investments in Thompson Rivers and Waccamaw River are measured at fair value using NAV 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 Consolidated Balance Sheet and Consolidated Balance Sheet.

7276

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~~nine months ended ~~March 31,~~September 30, 2023 and 2022:


Three Months Ended March 31, 2023 ($ in thousands)		Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Equity Warrants		Total
Nine Months Ended September 30, 2023 ($ in thousands)														Nine Months Ended September 30, 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	Fair value, beginning of period	$	1,736,050	$	143,294	$	16,380	$	157,313	$	1,083	$	2,054,120	Fair value, beginning of period	$	1,736,050	$	143,294	$	16,380	$	157,313	$	1,083	$	2,054,120
New investments	New investments	127,129		663		—		14,788		—		142,580		New investments	322,327		22,993		—		85,045		—		430,365

Transfers into (out of) Level 3, net														Transfers into (out of) Level 3, net	—		(839)		—		522		—		(317)
Proceeds from sales of investments	Proceeds from sales of investments	—		—		—		—		—		—		Proceeds from sales of investments	(163,022)		—		—		(95)		—		(163,117)
Loan origination fees received	Loan origination fees received	(3,560)		(20)		—		—		—		(3,580)		Loan origination fees received	(8,613)		(47)		—		—		—		(8,660)
Principal repayments received	Principal repayments received	(38,725)		(685)		(714)		—		—		(40,124)		Principal repayments received	(94,610)		(25,632)		(1,428)		—		—		(121,670)
Payment in kind interest/dividends		1,204		991		—		—		—		2,195
Payment-in-kind interest/dividends														Payment-in-kind interest/dividends	4,273		1,861		—		4,830		—		10,964

Accretion of loan premium/discount	Accretion of loan premium/discount	141		46		—		—		—		187		Accretion of loan premium/discount	470		384		—		—		—		854
Accretion of deferred loan origination revenue	Accretion of deferred loan origination revenue	2,482		85		—		—		—		2,567		Accretion of deferred loan origination revenue	7,261		292		—		—		—		7,553
Realized gain (loss)	Realized gain (loss)	(1,173)		(4)		—		—		—		(1,177)		Realized gain (loss)	(702)		(278)		—		(450)		—		(1,430)
Unrealized appreciation (depreciation)	Unrealized appreciation (depreciation)	7,007		(237)		398		6,898		(10)		14,056		Unrealized appreciation (depreciation)	(3,499)		(4,804)		265		11,730		194		3,886
Fair value, end of period	Fair value, end of period	$	1,830,555	$	144,133	$	16,064	$	178,999	$	1,073	$	2,170,824	Fair value, end of period	$	1,799,935	$	137,224	$	15,217	$	258,895	$	1,277	$	2,212,548


Three Months Ended March 31, 2022 ($ in thousands)		Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Total
Nine Months Ended September 30, 2022 ($ in thousands)												Nine Months Ended September 30, 2022 ($ 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	Fair value, beginning of period	$	1,138,818	$	92,224	$	—	$	75,005	$	1,306,047	Fair value, beginning of period	$	1,138,818	$	92,224	$	—	$	75,005	$	—	$	1,306,047
New investments	New investments	192,122		9,734		—		6,049		207,905		New investments	569,838		54,870		6,000		42,789		4		673,501
Transfers into Level 3, net		—		—		9,811		—		9,811
Transfers into (out of) Level 3, net												Transfers into (out of) Level 3, net	5,425		4,067		9,811		3,518		—		22,821
Proceeds from sales of investments	Proceeds from sales of investments	(219)		—		—		—		(219)		Proceeds from sales of investments	1,665		(573)		—		—		—		1,092
Loan origination fees received	Loan origination fees received	(4,770)		18		—		—		(4,752)		Loan origination fees received	(14,238)		(829)		—		—		—		(15,067)
Principal repayments received	Principal repayments received	(9,032)		(361)		—		—		(9,393)		Principal repayments received	(153,392)		(1,003)		(714)		—		—		(155,109)
Payment in kind interest/dividends		599		212		—		—		811
Payment-in-kind interest/dividends												Payment-in-kind interest/dividends	1,823		1,199				100		—		3,122

Accretion of loan premium/discount	Accretion of loan premium/discount	1		3		—		—		4		Accretion of loan premium/discount	34		58		—		—		—		92
Accretion of deferred loan origination revenue	Accretion of deferred loan origination revenue	1,473		47		—		—		1,520		Accretion of deferred loan origination revenue	7,840		188		—		—		—		8,028
Realized gain (loss)	Realized gain (loss)	(132)		(11)		—		—		(143)		Realized gain (loss)	(6,565)		(1,895)		—		—		—		(8,460)
Unrealized appreciation (depreciation)	Unrealized appreciation (depreciation)	(3,931)		(1,037)		162		17,983		13,177		Unrealized appreciation (depreciation)	(52,156)		(3,899)		(1,340)		24,401		(4)		(32,998)
Fair value, end of period	Fair value, end of period	$	1,314,929	$	100,829	$	9,973	$	99,037	$	1,524,768	Fair value, end of period	$	1,499,092	$	144,407	$	13,757	$	145,813	$	—	$	1,803,069

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~~depreciation on Level 3 investments of ~~$11.8~~$4.7 million during the ~~three~~nine months ended ~~March 31,~~September 30, 2023 was related to portfolio company investments that were still held by the Company as of ~~March 31,~~September 30, 2023. Pre-tax net unrealized ~~appreciation~~depreciation on Level 3 investments of ~~$13.3~~$37.9 million during the ~~three~~nine months ended ~~March 31,~~September 30, 2022 was related to portfolio company investments that were still held by the Company as of ~~March 31,~~September 30, 2022.

During the ~~three~~nine months ended ~~March 31,~~September 30, 2023, the Company made investments of approximately ~~$124.8~~$361.9 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the ~~three~~nine months ended ~~March 31,~~September 30, 2023, the Company made investments of ~~$18.4~~$77.6 million in portfolio companies to which it was previously committed to provide such financing.

7377

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the ~~three~~nine months ended ~~March 31,~~September 30, 2022, the Company made investments of approximately ~~$191.1~~$666.5 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the ~~three~~nine months ended ~~March 31,~~September 30, 2022, the Company made investments of ~~$33.5~~$80.5 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 purchase and sales of the Company’s syndicated senior secured loans (if any) generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company 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. As of ~~March 31,~~September 30, 2023, the Company does not “Control” any of its portfolio companies for the purposes of the 1940 Act. Under the 1940 Act, the Company is deemed to be an Affiliated Person of a company in which the Company has invested if it owns at least 5.0%, but no more than 25.0%, of the outstanding voting securities of such company.

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,~~September 30, 2023 and December 31, 2022, the Company had two portfolio companies and one portfolio company, respectively, with ~~an investment~~investments that ~~was~~were on non-accrual.

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Payment-in-Kind Interest

The Company currently holds, and expects to hold in the future, some loans in its portfolio that contain ~~payment-in-kind (“PIK”)~~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.

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

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.

Fee 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.

Fee income for the three and nine months ended ~~March 31,~~September 30, 2023 and 2022 ~~was~~were as follows:


		Three Months Ended		Three Months Ended			Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
($ in thousands)	($ in thousands)	March 31, 2023		March 31, 2022		($ in thousands)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Recurring Fee Income:	Recurring Fee Income:					Recurring Fee Income:
Amortization of loan origination fees	Amortization of loan origination fees	$	2,194	$	1,487	Amortization of loan origination fees	$	2,012	$	1,796	$	6,353	$	4,975
Management, valuation and other fees	Management, valuation and other fees	562		366		Management, valuation and other fees	589		464		1,795		1,283
Total Recurring Fee Income	Total Recurring Fee Income	2,756		1,853		Total Recurring Fee Income	2,601		2,260		8,148		6,258
Non-Recurring Fee Income:	Non-Recurring Fee Income:					Non-Recurring Fee Income:

Prepayment fees						Prepayment fees	—		230		380		241
Acceleration of unamortized loan origination fees	Acceleration of unamortized loan origination fees	409		67		Acceleration of unamortized loan origination fees	264		1,346		1,314		3,156
Advisory, loan amendment and other fees	Advisory, loan amendment and other fees	189		81		Advisory, loan amendment and other fees	413		241		714		696
Total Non-Recurring Fee Income	Total Non-Recurring Fee Income	598		148		Total Non-Recurring Fee Income	677		1,817		2,408		4,093
Total Fee Income	Total Fee Income	$	3,354	$	2,001	Total Fee Income	$	3,278	$	4,077	$	10,556	$	10,351

General and Administrative Expenses

Other general and administrative expenses include Board fees, D&O insurance costs, offering 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.

Offering Expenses

Costs associated with the offering of common stock of the Company are capitalized as deferred offering expenses and included on the Consolidated Balance Sheet in “Prepaid expenses and other assets” and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s private offering of common stock and the preparation of the Company’s registration statement on Form 10.

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Segments

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

similar business and economic characteristics, they have been aggregated into a single lending and investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements.

Concentration of Credit Risk

As of ~~March 31,~~September 30, 2023 and December 31, 2022, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of ~~both March 31,~~September 30, 2023 and December 31, 2022, the Company’s largest single portfolio company investment represented approximately 4.8% and 4.7%, 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,~~September 30, 2023, 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,~~September 30, 2023, 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 2023 Debt Securitization. As of September 30, 2023, all assets (other than those that are owned by BPC ~~Funding)~~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.

Financial and Derivative Instruments

Pursuant to ASC 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,~~September 30, 2023 the Company held 1817 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 6970 investments that were denominated in Euros, ~~one investment~~two investments that ~~was~~were denominated in Swiss francs, one investment that was denominated in Swedish krona, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone and 2928 investments that were denominated in British pounds sterling. As of December 31, 2022, the Company held 18 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 65 investments that were denominated in Euros, one investment that was denominated in Swiss francs, one investment that was denominated in Swedish krona, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone and 29 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~~nine months ended ~~March 31,~~September 30, 2023 and ~~March 31,~~September 30, 2022, 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~~Company’s investments denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) ~~- foreign~~– forward currency ~~transactions”~~contracts” and net realized

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

gains or losses on forward currency contracts are included in “Net realized gains (losses) ~~- foreign~~– forward currency ~~transactions”~~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.

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

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 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 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 and nine months ended ~~March 31,~~September 30, 2023, the Company recorded a net ~~expense~~expenses of $0.1 million and $0.4 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 year 2021), 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,~~September 30, 2023 and December 31, 2022 was approximately ~~$2,260.4~~$2,306.7 million and $2,160.8 million, respectively. As of ~~March 31,~~September 30, 2023, net unrealized appreciation on the Company’s investments (tax basis) was approximately ~~$12.0~~$20.4 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately ~~$88.8~~$107.8 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately ~~$76.8~~$87.4 million. As of December 31, 2022, net unrealized depreciation on the Company’s investments (tax basis) was approximately $18.2 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $83.6 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $101.8 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 reflects 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 ~~LLCs~~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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

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 Consolidated Balance Sheet. As of ~~March 31,~~September 30, 2023 and December 31, 2022, the Company had a net deferred tax liability of ~~$0.4~~$0.3 million and $0.2 million, respectively, pertaining to operating losses and tax basis differences related to certain partnership interests.

5. BORROWINGS

The Company had the following borrowings outstanding as of ~~March 31,~~September 30, 2023 and December 31, 2022:


Issuance Date ($ in thousands)	Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of March 31, 2023	March 31, 2023		December 31, 2022		Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of September 30, 2023	September 30, 2023		December 31, 2022
Credit Facilities:	Credit Facilities:							Credit Facilities:
Revolving Credit Facility - May 11, 2021		May 11, 2026	6.658%	$	797,858	$	795,284
SMBC Credit Facility - March 6, 2023		March 6, 2028	7.401%	64,000		—
Revolving Credit Facility – May 11, 2021								Revolving Credit Facility – May 11, 2021	May 11, 2026	7.248%	$	467,642	$	795,284
SMBC Credit Facility – March 6, 2023								SMBC Credit Facility – March 6, 2023	March 6, 2028	7.432%	62,500		—
Total Credit Facilities	Total Credit Facilities			$	861,858	$	795,284	Total Credit Facilities			$	530,142	$	795,284
Debt Securitization:								Debt Securitization:
August 23, 2023 – Class A-1 Notes								August 23, 2023 – Class A-1 Notes	July 15, 2031	7.807%	$	300,000	$	—
August 23, 2023 – Class A-2 Notes								August 23, 2023 – Class A-2 Notes	July 15, 2031	8.757%	35,000		—
August 23, 2023 – Class A-2 Loans								August 23, 2023 – Class A-2 Loans	July 15, 2031	8.757%	20,000
August 23, 2023 – Class B Notes								August 23, 2023 – Class B Notes	July 15, 2031	9.557%	25,000		—
August 23, 2023 – Class C Notes								August 23, 2023 – Class C Notes	July 15, 2031	11.757%	22,500		—

(Less: Deferred financing fees)								(Less: Deferred financing fees)			(2,385)		—
Total Debt Securitization								Total Debt Securitization			$	400,115	$	—
Notes:	Notes:							Notes:
July 29, 2021 - Series A Notes		July 29, 2026	3.500%	$	75,000	$	75,000
September 15, 2021 - Series B Notes		July 29, 2026	3.500%	38,000		38,000
October 28, 2021 - Series C Notes		July 29, 2026	3.500%	37,000		37,000
May 10, 2022 - Series D Notes (1)		May 10, 2027	6.000%	98,447		95,466
July 26, 2022 - Series E Notes (1)		May 10, 2027	6.000%	53,841		52,187
July 29, 2021 – Series A Notes								July 29, 2021 – Series A Notes	July 29, 2026	3.500%	$	75,000	$	75,000
September 15, 2021 – Series B Notes								September 15, 2021 – Series B Notes	July 29, 2026	3.500%	38,000		38,000
October 28, 2021 – Series C Notes								October 28, 2021 – Series C Notes	July 29, 2026	3.500%	37,000		37,000
May 10, 2022 – Series D Notes (1)								May 10, 2022 – Series D Notes (1)	May 10, 2027	6.000%	95,181		95,466
July 26, 2022 – Series E Notes (1)								July 26, 2022 – Series E Notes (1)	May 10, 2027	6.000%	52,082		52,187

(Less: Deferred financing fees)	(Less: Deferred financing fees)			(576)		(615)		(Less: Deferred financing fees)			(517)		(615)
Total Notes	Total Notes			$	301,712	$	297,038	Total Notes			$	296,746	$	297,038
Secured Borrowing:	Secured Borrowing:							Secured Borrowing:
Secured Borrowing	Secured Borrowing	March 14, 2023	N/A	$	—	$	18,559	Secured Borrowing	March 14, 2023	N/A	$	—	$	18,559
Secured Borrowing		April 25, 2023	7.919%	31,870		—
Secured Borrowing		May 14, 2023	8.011%	25,291		—

Total Secured Borrowing	Total Secured Borrowing			$	57,161	$	18,559	Total Secured Borrowing			$	—	$	18,559

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

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 ~~191.8%~~200.9% as of ~~March 31,~~September 30, 2023.

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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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.

Advances under the Revolving Credit Facility initially bore interest at a per annum rate equal to, in the case of dollar advances, three-month 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 bear 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. BPC Funding currently 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 pays an unused fee of 1.25% per annum if the unused facility amount is greater than 50%, or 0.75% per annum if the unused facility amount is less than or equal

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

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.

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 period during which BPC Funding may borrow under the Revolving Credit Facility expires on May 11, 2024, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by May 11, 2026.

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 (as described above) 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,~~September 30, 2023, the Company was in compliance with all covenants of the Revolving Credit Facility.

As of ~~March 31,~~September 30, 2023, the Company had U.S. dollar borrowings of ~~$653.4~~$326.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of ~~7.019%~~7.669% (three month SOFR of ~~4.676%~~5.369%), borrowings denominated in British pounds sterling of £30.2 million ($~~37.3~~36.9 million U.S. dollars) with a weighted average interest rate of ~~5.412%~~6.904% (weighted average three month adjusted cumulative compounded SONIA of ~~3.080%~~4.572%), borrowings denominated in Australian dollars of A$7.8 million ($~~5.2~~5.0 million U.S. dollars) with an interest rate of ~~5.532%~~6.426% (three month BBSW of ~~3.382%~~4.276%), borrowings denominated in Canadian dollars of C$5.4 million ($4.0 million U.S. dollars) with an interest rate of ~~7.173%~~7.650% (three month CDOR of ~~5.023%~~5.500%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($~~3.8~~3.7 million U.S. dollars) with an interest rate of ~~7.255%~~8.060% (three month NZBB of ~~4.855%~~5.660%) and borrowings denominated in Euros of €86.6 million ($~~94.1~~91.7 million U.S. dollars) with an interest rate of ~~4.659%~~5.881% (three month EURIBOR of ~~2.492%~~3.714%). 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.

As of December 31, 2022, the Company had U.S. dollar borrowings of $653.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 6.465% (three month SOFR of 4.113%), borrowings denominated in British pounds sterling of £30.2 million ($36.3 million U.S. dollars) with a weighted average interest rate of 4.415% (weighted average three month adjusted cumulative compounded SONIA of 2.083%), borrowings denominated in Australian dollars of

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

A$7.8 million ($5.3 million U.S dollars) with a weighted average interest rate of 5.210% (three month BBSW of 3.060%), borrowings denominated in Canadian dollars of C$5.4 million ($4.0 million U.S. dollars) with an interest rate of 6.708% (three month CDOR of 4.558%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($3.9 million U.S. dollars) with an interest rate of 6.490% (three month NZBB of 4.090%) and borrowings denominated in Euros of €86.6 million ($92.4 million U.S. dollars) with an interest rate of 3.772% (three month EURIBOR of 1.605%). 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 “unrealized appreciation (depreciation) -– foreign currency transactions” in the Company’s Consolidated Statements of Operations.

As of ~~March 31,~~September 30, 2023 and December 31, 2022, the fair value of the borrowings outstanding under the Revolving Credit Facility was ~~$797.9~~$467.6 million and $795.3 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.

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

SMBC Revolving Credit Facility

On March 6, 2023, the Company entered into a Senior Secured Revolving Credit Agreement ~~(the~~(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 ~~is $115~~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~~$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.

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 ~~will pay~~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 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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

immediately due and payable. As of September 30, 2023, the Company was in compliance with all covenants of the SMBC Credit Facility.

As of ~~March 31,~~September 30, 2023, the Company had U.S. dollar borrowings of ~~$64.0~~$62.5 million outstanding under the SMBC Credit Facility with a weighted average interest rate of ~~7.401% (three~~7.432% (one month SOFR of ~~4.897%~~5.332%).

As of ~~March 31,~~September 30, 2023, the fair value of the borrowings outstanding under the SMBC Credit Facility was ~~$64.0~~$62.5 million. 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 “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 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, as collateral trustee (the “CLO Indenture”).

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

The Class A-2 Loans were incurred under a credit agreement (the “Class A-2 Credit Agreement”), dated as of the 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 Bank and Trust Company, as loan agent and as collateral trustee. The 2023 Debt Securitization is backed by a diversified portfolio of middle-market commercial loans. The Debt is scheduled to mature on July 15, 2031; however the Debt may be redeemed by the Issuers, at the direction of the Company as holder of the Subordinated Notes, on any business day after July 15, 2024. The Company acts 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 is required to retain a portion of the Subordinated Notes. The Company has retained all of the Subordinated Notes issued in the 2023 Debt Securitization.

The CLO Issuer intends to use the proceeds from the 2023 Debt Securitization to, among other things, purchase certain loans (“Collateral Obligations”) on the Closing Date (1) from the Company pursuant to a master loan sale agreement entered into on the Closing Date (the “Loan Sale Agreement”), and (2) from BPC Funding pursuant to the master participation and assignment agreement entered into on the Closing Date (the “Participation Agreement”), each as described below. Following the closing of the 2023 Debt Securitization, BPC Funding intends to use proceeds from the 2023 Debt Securitization to reduce certain outstanding indebtedness under the documents governing the Revolving Credit Facility.

Under the terms of the Loan Sale Agreement that provided for the sale of Collateral Obligations to the CLO Issuer, the Company transferred to the CLO Issuer a portion of its ownership interest in the Collateral Obligations securing the 2023 Debt Securitization for the purchase price and other consideration set forth in the Loan Sale Agreement. Under the terms of the Participation Agreement, pending the settlement of the 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 Loan Sale Agreement.

The Secured Debt is the secured obligation of the Issuers, the Subordinated Notes are the unsecured obligations of the CLO Issuer, and the CLO Indenture and Class A-2 Credit Agreement governing the Debt include customary covenants and events of default. The Debt has not been, and will not be, registered under the Securities Act of 1933, as amended, or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

As of September 30, 2023, the fair value of the Class A-1 Notes, Class A-2 Notes, Class A-2 Loans, Class B Notes and Class C Notes was $402.4 million. The fair values of the Class A-1 Notes, Class A-2 Notes, Class A-2 Loans, Class B Notes and Class C Notes are 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 Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

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 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 shareholders, 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 September 30, 2023, 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 of 1933, as amended (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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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,~~September 30, 2023 and December 31, 2022, the fair ~~value~~values of the outstanding July 2026 Notes ~~was $128.6~~were $130.1 million and $125.9 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

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

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 shareholders, 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 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 September 30, 2023, 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,~~September 30, 2023 and December 31, 2022, the fair ~~value~~values of the outstanding May 2027 Notes ~~was $141.7~~were $147.3 million and $147.7 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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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,~~September 30, 2023, the interest rate swap had a fair value of ~~$(1.6)~~$(4.8) 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 the Company’s 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, the Company entered into a $55.0 million notional value interest rate swap. The Company receives a fixed rate interest at 6.00% paid semi-annually and pays quarterly based on a compounded daily rate of SOFR plus 3.38200%. The swap transaction matures on May 10, 2027. The interest expense related to the Series E Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of ~~March 31,~~September 30, 2023, the interest rate swap had a fair value of ~~$(1.2)~~$(2.9) 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 the Company’s 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.

Secured Borrowings

As of ~~March 31,~~September 30, 2023, ~~and~~the Company had no secured borrowings (“Secured Borrowings”) outstanding. As of December 31, 2022, the Company had ~~$57.2 million and~~ $18.6 million ~~respectively,~~ of ~~secured borrowings (“~~Secured ~~Borrowings”)~~Borrowings outstanding, which were recorded as a result of certain securities that were sold and simultaneously repurchased at a premium, with amounts payable to the counterparty due on the repurchase settlement date,

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

which iswas generally within 120 days of the trade date. The Company’s Secured Borrowings bore interest at a weighted average rate of ~~7.960% (three month SOFR of 4.897%) as of March 31, 2023, as compared to~~ 7.843% ~~(three month~~(three-month SOFR of 4.587%) for the year ended December 31, 2022. As of ~~March 31, 2023 and~~ December 31, 2022, the fair value of the Secured Borrowings was ~~$57.2 million and~~ $18.6 ~~million, respectively.~~million. The fair value of the Secured Borrowings are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

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,~~September 30, 2023 and December 31, 2022:

As of March 31, 2023

($ in thousands)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

As of September 30, 2023

($ in thousands)

Description

As of September 30, 2023

($ in thousands)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$2,300

$1,557

04/11/23

(15)

Derivative liabilities

Foreign currency forward contract (AUD)

A$5,023

$3,431

10/10/23

(191)

Derivative liabilities

Foreign currency forward contract (AUD)

$46,243

A$68,728

04/11/23

163

Derivative assets

Foreign currency forward contract (AUD)

$47,174

A$70,394

10/10/23

1,760

Derivative assets

Foreign currency forward contract (CAD)

$5,383

C$7,326

04/11/23

(33)

Derivative liabilities

Foreign currency forward contract (CAD)

$5,361

C$7,053

10/10/23

150

Derivative assets

Foreign currency forward contract (DKK)

200kr.

$29

04/11/23

—

Derivative assets

Foreign currency forward contract (DKK)

$1,164

kr.7,870

10/10/23

Derivative assets

Foreign currency forward contract (DKK)

$1,098

7,639kr.

04/11/23

(17)

Derivative liabilities

Foreign currency forward contract (EUR)

$204,852

€191,711

04/11/23

(3,646)

Derivative liabilities

Foreign currency forward contract (EUR)

$226,210

€205,324

10/10/23

8,843

Derivative assets

Foreign currency forward contract (GBP)

£1,600

$1,929

04/11/23

Derivative assets

Foreign currency forward contract (GBP)

$66,247

£54,756

04/11/23

(1,482)

Derivative liabilities

Foreign currency forward contract (GBP)

$76,753

£60,245

10/10/23

3,163

Derivative assets

Foreign currency forward contract (NZD)

$5,234

NZ$8,323

04/11/23

Derivative assets

Foreign currency forward contract (NZD)

$5,426

NZ$8,792

10/10/23

142

Derivative assets

Foreign currency forward contract (NOK)

1,514kr

$140

04/11/23

Derivative assets

Foreign currency forward contract (NOK)

$4,170

40,964kr

04/11/23

247

Derivative assets

Foreign currency forward contract (NOK)

$3,910

41,996kr

10/10/23

(29)

Derivative liabilities

Foreign currency forward contract (SEK)

$555

5,751kr

04/11/23

(1)

Derivative liabilities

Foreign currency forward contract (SEK)

$553

5,904kr

10/10/23

Derivative assets

Foreign currency forward contract (CHF)

$5,336

4,891Fr.

04/11/23

(25)

Derivative liabilities

Foreign currency forward contract (CHF)

$6,864

6,046Fr.

10/10/23

246

Derivative assets

Total

(4,738)

Total

14,143

8388

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2022

($ in thousands)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$61,845

$41,434

01/09/23

660

Derivative assets

Foreign currency forward contract (AUD)

A$2,300

$1,557

04/11/23

Derivative assets

Foreign currency forward contract (AUD)

$40,131

A$61,845

01/09/23

(1,964)

Derivative liabilities

Foreign currency forward contract (AUD)

$42,446

A$63,128

04/11/23

(684)

Derivative liabilities

Foreign currency forward contract (CAD)

C$7,479

$5,491

01/09/23

Derivative assets

Foreign currency forward contract (CAD)

$5,473

C$7,479

01/09/23

(53)

Derivative liabilities

Foreign currency forward contract (CAD)

$5,383

C$7,326

04/11/23

(35)

Derivative liabilities

Foreign currency forward contract (DKK)

7,401kr.

$1,056

01/09/23

Derivative assets

Foreign currency forward contract (DKK)

$982

7,401kr.

01/09/23

(83)

Derivative liabilities

Foreign currency forward contract (DKK)

$1,078

7,499kr.

04/11/23

(9)

Derivative liabilities

Foreign currency forward contract (EUR)

€187,162

$198,632

01/09/23

1,693

Derivative assets

Foreign currency forward contract (EUR)

$185,138

€187,162

01/09/23

(15,187)

Derivative liabilities

Foreign currency forward contract (EUR)

$199,111

€186,411

04/11/23

(1,665)

Derivative liabilities

Foreign currency forward contract (GBP)

£56,336

$68,032

01/09/23

Derivative assets

Foreign currency forward contract (GBP)

£1,600

$1,929

04/11/23

Derivative assets

Foreign currency forward contract (GBP)

$62,569

£56,336

01/09/23

(5,477)

Derivative liabilities

Foreign currency forward contract (GBP)

$66,247

£54,756

04/11/23

(38)

Derivative liabilities

Foreign currency forward contract (NZD)

NZ$8,665

$5,451

01/09/23

Derivative assets

Foreign currency forward contract (NZD)

$5,009

NZ$8,665

01/09/23

(487)

Derivative liabilities

Foreign currency forward contract (NZD)

$5,060

NZ$8,044

04/11/23

(46)

Derivative liabilities

Foreign currency forward contract (NOK)

38,802kr

$3,939

01/09/23

Derivative assets

Foreign currency forward contract (NOK)

$3,626

38,802kr

01/09/23

(318)

Derivative liabilities

Foreign currency forward contract (NOK)

$4,097

40,202kr

04/11/23

(7)

Derivative liabilities

Foreign currency forward contract (SEK)

5,694kr

$547

01/09/23

—

Derivative assets

Foreign currency forward contract (SEK)

$512

5,694kr

01/09/23

(35)

Derivative liabilities

Foreign currency forward contract (SEK)

$555

5,751kr

04/11/23

—

Derivative liabilities

Foreign currency forward contract (CHF)

18,873Fr.

$19,744

01/09/23

689

Derivative assets

Foreign currency forward contract (CHF)

$19,491

18,873Fr.

01/09/23

(942)

Derivative liabilities

Foreign currency forward contract (CHF)

$5,336

4,891Fr.

04/11/23

(12)

Derivative liabilities

Total

(23,870)

As of ~~March 31,~~September 30, 2023 and December 31, 2022, the total fair ~~value~~values of the Company’s foreign currency forward contracts ~~was $(4.7)~~were $14.1 million and $(23.9) 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.

Net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations. Net realized gains or losses on forward contracts recognized by the Company for the three months ended March 31, 2023 and 2022 are shown in the following table:

Three Months Ended Three Months Ended
($ in thousands) March 31, 2023 March 31, 2022
Forward currency contracts $ (21,395) $ 957

~~Barings Private Credit Corporation~~

~~Notes to Unaudited Consolidated Financial Statements — (Continued)~~

Net unrealized appreciation or depreciation on forward currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” in the Company’s Unaudited Consolidated Statements of Operations. Net unrealized appreciation or depreciation on forward contracts recognized by the Company for the three months ended March 31, 2023 and 2022 are shown in the following table:

Three Months Ended Three Months Ended
($ in thousands) March 31, 2023 March 31, 2022
Forward currency contracts $ 19,132 $ 2,400

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,~~September 30, 2023 and December 31, 2022, 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,~~September 30, 2023 and December 31, 2022 were as follows:

Portfolio Company
($ in thousands) Investment Type March 31, 2023 December 31, 2022
Accurus Aerospace Corporation(1)(2) Revolver $ 553 $ 691
AlliA Insurance Brokers NV(1)(2)(3) Delayed Draw Term Loan 2,055 —
Amtech LLC(1) Delayed Draw Term Loan 1,818 1,818
Amtech LLC(1) Revolver 455 364
AnalytiChem Holding GmbH(1)(2)(3) Bridge Revolver 470 462
APC1 Holding(1)(3) Delayed Draw Term Loan — 354
Aquavista Watersides 2 LTD(1)(2)(4) Capex / Acquisition Facility 999 1,179
Arc Education(1)(3) Delayed Draw Term Loan 3,857 3,789
Argus Bidco Limited(1)(2)(4) CAF Term Loan 1,349 1,579
Argus Bidco Limited(1)(2)(4) RCF Bridge Term Loan 344 335
ASC Communications, LLC Revolver 647 647
Astra Bidco Limited(1)(4) Delayed Draw Term Loan 1,088 1,059
ATL II MRO Holdings Inc.(1) Revolver 2,500 2,500
Avance Clinical Bidco Pty Ltd(1)(5) Delayed Draw Term Loan 1,494 1,512
Azalea Buyer, Inc.(1) Delayed Draw Term Loan 962 962
Azalea Buyer, Inc.(1) Revolver 481 481
Bariacum S.A(1)(3) Acquisition Facility 978 961
Beyond Risk Management, Inc.(1)(2) Delayed Draw Term Loan 2,423 2,423
Biolam Group(1)(2)(3) Delayed Draw Term Loan 4,153 4,783
Bounteous, Inc.(1)(2) Delayed Draw Term Loan 2,697 2,697
Brightpay Limited(1)(2)(3) Delayed Draw Term Loan 192 188
BrightSign LLC(1)(2) Revolver — 1,109
British Engineering Services Holdco Limited(1)(4) Acquisition/Capex Facility 209 203
CAi Software, LLC(1)(2) Revolver 943 943
Canadian Orthodontic Partners Corp.(1)(2)(6) Delayed Draw Term Loan — 291
Centralis Finco S.a.r.l.(1)(3) Incremental CAF Term Loan 267 298
CGI Parent, LLC(1)(2) Revolver 1,653 1,653
Classic Collision (Summit Buyer, LLC)(1) Delayed Draw Term Loan 156 156
Classic Collision (Summit Buyer, LLC)(1) Delayed Draw Term Loan 5,143 5,143
Comply365, LLC(1) Revolver 575 489


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023		December 31, 2022
Accurus Aerospace Corporation(1)(2)	Revolver	$	311	$	691
Adhefin International(1)(2)(3)	Delayed Draw Term Loan	402		—
Air Comm Corporation, LLC(1)(2)	Delayed Draw Term Loan	1,550		—
AlliA Insurance Brokers NV(1)(2)(3)	Delayed Draw Term Loan	1,707		—
Americo Chemical Products, LLC(1)(2)	Revolver	1,400		—

8589

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company
($ in thousands) Investment Type March 31, 2023 December 31, 2022
Coyo Uprising GmbH(1)(3) Delayed Draw Term Loan 514 505
DataServ Integrations, LLC(1) Revolver 481 481
DecksDirect, LLC(1) Revolver 218 218
Direct Travel, Inc.(1) Delayed Draw Term Loan 193 233
DISA Holdings Corp.(1) Delayed Draw Term Loan 1,368 1,368
DISA Holdings Corp.(1) Revolver 429 416
DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3) Acquisition Facility — 168
Dune Group(1)(2)(3) Delayed Draw Term Loan 1,542 1,515
Dwyer Instruments, Inc.(1) Delayed Draw Term Loan 4,513 4,513
Eclipse Business Capital, LLC(1) Revolver 12,963 12,321
EMI Porta Holdco LLC(1)(2) Delayed Draw Term Loan 7,947 7,947
EMI Porta Holdco LLC(1)(2) Revolver 936 1,261
EPS NASS Parent, Inc.(1) Delayed Draw Term Loan 92 92
eShipping, LLC(1) Delayed Draw Term Loan 1,274 1,274
eShipping, LLC(1) Revolver 743 743
Eurofins Digital Testing International LUX Holding SARL(1)(3) Delayed Draw Term Loan 2,686 2,639
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3) Delayed Draw Term Loan 537 528
Events Software BidCo Pty Ltd(1)(2) Delayed Draw Term Loan 640 640
Express Wash Acquisition Company, LLC(1)(2) Revolver 115 115
F24 (Stairway BidCo GmbH)(1)(2)(3) Acquisition Term Loan 54 57
Faraday(1)(2)(3) Delayed Draw Term Loan 1,947 —
FineLine Systems(1)(2) Delayed Draw Term Loan — 478
Footco 40 Limited(1)(2)(4) Delayed Draw Term Loan 556 766
Fortis Payment Systems, LLC(1)(2) Delayed Draw Term Loan 925 925
FragilePak LLC(1) Delayed Draw Term Loan 4,649 4,649
GB Eagle Buyer, Inc.(1)(2) Revolver 3,226 3,226
Glacis Acquisition S.A.R.L.(1)(3) Delayed Draw Term Loan 7,532 7,399
Global Academic Group Limited(1)(7) Term Loan 446 451
GPZN II GmbH(1)(2)(3) CAF Term Loan — 560
Graphpad Software, LLC(1)(2) Delayed Draw Term Loan 2,602 2,602
Greenhill II BV(1)(3) Capex Acquisition Facility 259 255
Groupe Product Life(1)(3) Delayed Draw Term Loan 1,122 1,102
Gusto Aus BidCo Pty Ltd(1)(5) Delayed Draw Term Loan 220 223
HeartHealth Bidco Pty Ltd(1)(5) Delayed Draw Term Loan 309 313
Heartland Veterinary Partners, LLC(1) Delayed Draw Term Loan 148 148
Heartland, LLC(1) Delayed Draw Term Loan 336 710
Heavy Construction Systems Specialists, LLC(1) Revolver 2,193 2,193
HEKA Invest(1)(2)(3) Delayed Draw Term Loan 1,131 1,111
HTI Technology & Industries(1)(2) Delayed Draw Term Loan 1,691 1,691
HTI Technology & Industries(1)(2) Revolver 1,128 1,128
HW Holdco, LLC (Hanley Wood LLC)(1) Delayed Draw Term Loan 655 1,074
Innovad Group II BV(1)(2)(3) Delayed Draw Term Loan 203 200
INOS 19-090 GmbH(1)(3) Acquisition Facility 221 217
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 2,668 2,621
Interstellar Group B.V.(1)(3) Delayed Draw Term Loan 113 111
Isolstar Holding NV (IPCOM)(1)(2)(3) Accordion Facility 3,761 3,695


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
Amtech LLC(1)	Delayed Draw Term Loan	909	1,818
Amtech LLC(1)	Revolver	318	364
AnalytiChem Holding GmbH(1)(2)(3)	Bridge Revolver	458	462
APC1 Holding(1)(3)	Delayed Draw Term Loan	—	354
Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	986	1,179
Arc Education(1)(3)	Delayed Draw Term Loan	2,881	3,789
Argus Bidco Limited(1)(2)(4)	CAF Term Loan	1,037	1,579
Argus Bidco Limited(1)(2)(4)	RCF Bridge Term Loan	—	335
ASC Communications, LLC(1)	Revolver	647	647
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	698	1,059
ATL II MRO Holdings Inc.(1)	Revolver	2,500	2,500
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,439	1,512
AWP Group Holdings, Inc.(1)(2)	Delayed Draw Term Loan	237	—
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	644	962
Azalea Buyer, Inc.(1)(2)	Revolver	481	481
Bariacum S.A(1)(2)(3)	Acquisition Facility	423	961
Beyond Risk Management, Inc.(1)(2)	Delayed Draw Term Loan	2,423	2,423
Biolam Group(1)(2)(3)	Delayed Draw Term Loan	1,446	4,783
Bounteous, Inc.(1)(2)	Delayed Draw Term Loan	2,697	2,697
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	187	188
BrightSign LLC(1)(2)	Revolver	369	1,109
British Engineering Services Holdco Limited(1)(2)(4)	Acquisition/Capex Facility	120	203
CAi Software, LLC(1)(2)	Revolver	943	943
Canadian Orthodontic Partners Corp.(1)(2)(6)	Delayed Draw Term Loan	—	291
Centralis Finco S.a.r.l.(1)(3)	Incremental CAF Term Loan	—	298
CGI Parent, LLC(1)(2)	Revolver	1,653	1,653
Classic Collision (Summit Buyer, LLC)(1)	Delayed Draw Term Loan	—	156
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	1,586	5,143
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	10,000	—
Comply365, LLC(1)	Revolver	575	489
Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	501	505
DataServ Integrations, LLC(1)	Revolver	481	481
DecksDirect, LLC(1)(2)	Revolver	381	218
Direct Travel, Inc.(1)	Delayed Draw Term Loan	193	233
DISA Holdings Corp.(1)	Delayed Draw Term Loan	1,287	1,368
DISA Holdings Corp.(1)	Revolver	364	416
DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	Acquisition Facility	—	168
Dune Group(1)(2)(3)	Delayed Draw Term Loan	1,007	1,515
Dwyer Instruments, Inc.(1)	Delayed Draw Term Loan	4,513	4,513
Eclipse Business Capital, LLC(1)	Revolver	12,706	12,321
EMI Porta Holdco LLC(1)(2)	Delayed Draw Term Loan	7,947	7,947
EMI Porta Holdco LLC(1)(2)	Revolver	605	1,261
EPS NASS Parent, Inc.(1)	Delayed Draw Term Loan	—	92
eShipping, LLC(1)	Delayed Draw Term Loan	671	1,274
eShipping, LLC(1)	Revolver	743	743
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	2,617	2,639

8690

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company
($ in thousands) Investment Type March 31, 2023 December 31, 2022
Isolstar Holding NV (IPCOM)(1)(2)(3) Accordion Facility 617 606
Isolstar Holding NV (IPCOM)(1)(2)(3) Delayed Draw Term Loan 1,515 1,488
ITI Intermodal, Inc.(1)(2) Delayed Draw Term Loan — 103
ITI Intermodal, Inc.(1)(2) Delayed Draw Term Loan 4,249 —
ITI Intermodal, Inc.(1)(2) Revolver 857 118
Jaguar Merger Sub Inc.(1) Delayed Draw Term Loan — 422
Jaguar Merger Sub Inc.(1) Revolver — 490
Jon Bidco Limited(1)(7) Capex & Acquisition Facility 745 753
Jones Fish Hatcheries & Distributors LLC(1)(2) Revolver 418 418
Kano Laboratories LLC(1)(2) Delayed Draw Term Loan 724 724
Kano Laboratories LLC(1) Delayed Draw Term Loan 860 860
Lambir Bidco Limited(1)(2)(3) Delayed Draw Term Loan 833 819
Lattice Group Holdings Bidco Limited(1)(2) Delayed Draw Term Loan 255 298
LeadsOnline, LLC(1) Revolver 1,952 1,952
LivTech Purchaser, Inc.(1)(2) Delayed Draw Term Loan 244 244
Marmoutier Holding B.V.(1)(2)(3) Delayed Draw Term Loan 24 24
Marmoutier Holding B.V.(1)(2)(3) Revolver 108 106
Marshall Excelsior Co.(1) Revolver 29 216
MC Group Ventures Corporation(1) Delayed Draw Term Loan 467 467
Mercell Holding AS(1)(8) Capex Acquisition Facility 750 797
Mertus 522. GmbH(1)(2)(3) Capex Acquisition Facility 2,794 2,745
Modern Star Holdings Bidco Pty Limited(1)(2)(5) Term Loan 58 59
Murphy Midco Limited(1)(2)(4) Delayed Draw Term Loan 87 97
Narda Acquisitionco., Inc.(1)(2) Revolver 953 953
NeoxCo(1)(2)(3) Delayed Draw Term Loan 489 —
Nexus Underwriting Management Limited(1)(2)(4) Acquisition Facility 1,061 1,254
NF Holdco, LLC(1)(2) Revolver 1,479 —
Novotech Aus Bidco Pty Ltd(1)(2) Capex & Acquisition Facility 971 971
NPM Investments 28 BV(1)(3) Delayed Draw Term Loan 942 925
OA Buyer, Inc.(1) Revolver 1,331 1,331
OAC Holdings I Corp(1) Revolver 254 607
OG III B.V.(1)(3) Accordion Facility — 650
Omni Intermediate Holdings, LLC(1)(2) Delayed Draw Term Loan — 3,407
Omni Intermediate Holdings, LLC(1)(2) Delayed Draw Term Loan 806 1,008
Options Technology Ltd.(1)(2) Delayed Draw Term Loan 1,406 1,406
OSP Hamilton Purchaser, LLC(1)(2) Revolver 885 187
Pare SAS (SAS Maurice MARLE)(1) Delayed Draw Term Loan 2,100 2,100
PDQ.Com Corporation(1) Delayed Draw Term Loan 3,836 3,836
Polara Enterprises, L.L.C.(1) Revolver 947 947
Premium Invest(1)(3) Delayed Draw Term Loan 6,084 5,977
ProfitOptics, LLC(1) Revolver 123 193
Protego Bidco B.V.(1)(2)(3) Delayed Draw Term Loan 260 255
PSP Intermediate 4, LLC(1)(2)(3) Delayed Draw Term Loan 740 727
QPE7 SPV1 BidCo Pty Ltd(1)(5) Accordion Facility — 2,585
Qualified Industries, LLC(1)(2) Revolver 364 —
Questel Unite(1)(2)(3) Incremental Term Loan 2,749 2,701
R1 Holdings, LLC(1) Delayed Draw Term Loan 1,820 2,623


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	523	528
Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	620	640
Express Wash Acquisition Company, LLC(1)	Revolver	115	115
F24 (Stairway BidCo GmbH)(1)(2)(3)	Acquisition Term Loan	—	57
Faraday(1)(3)	Delayed Draw Term Loan	1,897	—
FineLine Systems(1)(2)	Delayed Draw Term Loan	—	478
Finexvet(1)(2)(3)	Delayed Draw Term Loan	1,863	—
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	502	766
Fortis Payment Systems, LLC(1)	Delayed Draw Term Loan	210	925
FragilePak LLC(1)	Delayed Draw Term Loan	—	4,649
Front Line Power Construction, LLC(1)(2)	Delayed Draw Term Loan	30	—
GB Eagle Buyer, Inc.(1)(2)	Revolver	3,226	3,226
Glacis Acquisition S.A.R.L.(1)(2)(3)	Delayed Draw Term Loan	6,339	7,399
Global Academic Group Limited(1)(2)(7)	Term Loan	393	451
GPNZ II GmbH(1)(2)(3)	CAF Term Loan	—	560
GPNZ II GmbH(1)(2)(3)	Term Loan	59	—
Graphpad Software, LLC(1)(2)	Delayed Draw Term Loan	2,602	2,602
Greenhill II BV(1)(3)	Capex Acquisition Facility	115	255
Groupe Product Life(1)(3)	Delayed Draw Term Loan	—	1,102
Gusto Aus BidCo Pty Ltd(1)(5)	Delayed Draw Term Loan	212	223
HeartHealth Bidco Pty Ltd(1)(5)	Delayed Draw Term Loan	290	313
Heartland Veterinary Partners, LLC(1)	Delayed Draw Term Loan	—	148
Heartland, LLC(1)	Delayed Draw Term Loan	—	710
Heavy Construction Systems Specialists, LLC(1)	Revolver	2,193	2,193
HEKA Invest(1)(3)	Delayed Draw Term Loan	1,102	1,111
HemaSource, Inc.(1)(2)	Revolver	3,290	—
HTI Technology & Industries(1)	Delayed Draw Term Loan	1,691	1,691
HTI Technology & Industries(1)	Revolver	1,128	1,128
HW Holdco, LLC (Hanley Wood LLC)(1)	Delayed Draw Term Loan	—	1,074
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	40	200
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	164	217
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	1,496	2,621
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	110	111
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	—	3,695
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	—	606
Isolstar Holding NV (IPCOM)(1)(3)	Delayed Draw Term Loan	1,476	1,488
ITI Intermodal, Inc.(1)(2)	Delayed Draw Term Loan	—	103
ITI Intermodal, Inc.(1)	Revolver	1,207	118
Jaguar Merger Sub Inc.(1)	Delayed Draw Term Loan	—	422
Jaguar Merger Sub Inc.(1)	Revolver	—	490
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	558	753
Jones Fish Hatcheries & Distributors LLC(1)(2)	Revolver	418	418
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	724	724
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	860	860
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	704	819
Lattice Group Holdings Bidco Limited(1)(2)	Delayed Draw Term Loan	255	298

8791

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company
($ in thousands) Investment Type March 31, 2023 December 31, 2022
R1 Holdings, LLC(1) Revolver 1,601 1,601
Randys Holdings, Inc.(1)(2) Delayed Draw Term Loan 5,516 5,516
Randys Holdings, Inc.(1)(2) Revolver 1,891 1,964
Rep Seko Merger Sub LLC(1)(2) Delayed Draw Term Loan 415 520
Reward Gateway (UK) Ltd(1)(2)(4) Acquisition Facility 787 765
Rocade Holdings LLC(1) Preferred Equity 98,000 —
Royal Buyer, LLC(1) Delayed Draw Term Loan 2,776 2,945
Royal Buyer, LLC(1) Revolver 1,787 1,787
Safety Products Holdings, LLC(1)(2) Delayed Draw Term Loan 2,730 2,730
Sanoptis S.A.R.L.(1)(3) Acquisition Capex Facility 3,024 5,535
Sanoptis S.A.R.L.(1)(2)(9) CAF Delayed Draw Term Loan 1,199 —
SBP Holdings LP(1)(2) Delayed Draw Term Loan 1,469 —
SBP Holdings LP(1)(2) Revolver 887 —
Scaled Agile, Inc.(1)(2) Delayed Draw Term Loan 416 416
Scaled Agile, Inc.(1)(2) Revolver 336 336
Scout Bidco B.V.(1)(3) Delayed Draw Term Loan 1,155 1,135
Scout Bidco B.V.(1)(3) Revolver 524 515
Sereni Capital NV(1)(2)(3) Delayed Draw Term Loan 1,599 —
Sereni Capital NV(1)(2)(3) Term Loan — 109
Simulation Software Investment Company Pty Ltd(1) Delayed Draw Term Loan 408 408
Smartling, Inc.(1)(2) Delayed Draw Term Loan 2,076 2,076
Smartling, Inc.(1)(2) Revolver 1,038 1,038
Soho Square III Debtco II SARL(1)(4) Delayed Draw Term Loan 3,478 3,383
Solo Buyer, L.P.(1)(2) Revolver 1,995 1,995
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Delayed Draw Term Loan 399 665
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1) Revolver 141 156
Spatial Business Systems LLC(1) Delayed Draw Term Loan 7,500 7,500
Spatial Business Systems LLC(1) Revolver 1,406 1,406
SSCP Pegasus Midco Limited(1)(4) Delayed Draw Term Loan 463 451
Superjet Buyer, LLC(1) Revolver 1,825 1,825
Syntax Systems Ltd(1)(2) Delayed Draw Term Loan 1,770 1,770
Syntax Systems Ltd(1)(2) Revolver 309 309
Tank Holding Corp(1) Revolver 469 545
Tanqueray Bidco Limited(1)(2)(4) Capex Facility 1,118 1,088
Techone B.V.(1)(3) Revolver 144 94
Tencarva Machinery Company, LLC(1) Revolver 1,129 1,129
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Delayed Draw Term Loan 4,195 4,195
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1) Revolver 1,233 1,233
The Cleaver-Brooks Company, Inc.(1) Revolver 2,768 2,422
The Hilb Group, LLC(1)(2) Delayed Draw Term Loan 1,843 2,537
Trader Corporation(1)(6) Revolver 345 345
TSYL Corporate Buyer, Inc.(1) Delayed Draw Term Loan 1,681 1,681
TSYL Corporate Buyer, Inc.(1) Revolver 177 177
Turbo Buyer, Inc.(1)(2) Delayed Draw Term Loan 1,509 1,509
Union Bidco Limited(1)(2)(4) Acquisition Facility 216 210
United Therapy Holding III GmbH(1)(2)(3) Acquisition Facility 625 1,089


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
LeadsOnline, LLC(1)(2)	Revolver	3,190	1,952
LivTech Purchaser, Inc.(1)(2)	Delayed Draw Term Loan	—	244
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	24	24
Marmoutier Holding B.V.(1)(2)(3)	Revolver	104	106
Marshall Excelsior Co.(1)(2)	Revolver	288	216
MC Group Ventures Corporation(1)	Delayed Draw Term Loan	435	467
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	738	797
Mertus 522. GmbH(1)(2)(3)	Capex Acquisition Facility	—	2,745
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	56	59
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	490	—
Moonlight Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	538	—
Murphy Midco Limited(1)(2)(4)	Delayed Draw Term Loan	85	97
Narda Acquisitionco., Inc.(1)	Revolver	1,059	953
NAW Buyer, LLC(1)	Delayed Draw Term Loan	9,223	—
NAW Buyer, LLC(1)	Revolver	2,306	—
NeoxCo(1)(2)(3)	Delayed Draw Term Loan	476	—
Nexus Underwriting Management Limited(1)(2)(4)	Acquisition Facility	709	1,254
Nexus Underwriting Management Limited(1)(2)(4)	Revolver	74	—
NF Holdco, LLC(1)	Revolver	887	—
Novotech Aus Bidco Pty Ltd(1)	Capex & Acquisition Facility	971	971
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	918	925
OA Buyer, Inc.(1)	Revolver	1,331	1,331
OAC Holdings I Corp(1)(2)	Revolver	1,370	607
OG III B.V.(1)(3)	Accordion Facility	—	650
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	—	3,407
Omni Intermediate Holdings, LLC(1)	Delayed Draw Term Loan	806	1,008
Options Technology Ltd.(1)	Delayed Draw Term Loan	1,406	1,406
OSP Hamilton Purchaser, LLC(1)(2)	Revolver	941	187
Pare SAS (SAS Maurice MARLE)(1)(2)	Delayed Draw Term Loan	2,100	2,100
PDQ.Com Corporation(1)	Delayed Draw Term Loan	3,111	3,836
Polara Enterprises, L.L.C.(1)	Revolver	947	947
Premium Invest(1)(2)(3)	Delayed Draw Term Loan	5,929	5,977
Process Insights Acquisition, Inc.(1)(2)	Delayed Draw Term Loan	1,220	—
Process Insights Acquisition, Inc.(1)(2)	Revolver	1,323	—
ProfitOptics, LLC(1)(2)	Revolver	116	193
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	202	255
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	721	727
QPE7 SPV1 BidCo Pty Ltd(1)(5)	Accordion Facility	—	2,585
Qualified Industries, LLC(1)	Revolver	364	—
Questel Unite(1)(2)(3)	Incremental Term Loan	2,679	2,701
R1 Holdings, LLC(1)	Delayed Draw Term Loan	1,820	2,623
R1 Holdings, LLC(1)	Revolver	1,947	1,601
Randys Holdings, Inc.(1)	Delayed Draw Term Loan	5,516	5,516
Randys Holdings, Inc.(1)	Revolver	1,658	1,964
Rep Seko Merger Sub LLC(1)(2)	Delayed Draw Term Loan	—	520
Reward Gateway (UK) Ltd(1)(2)(4)	Acquisition Facility	—	765
Rocade Holdings LLC(1)(2)	Preferred Equity	35,000	—

8892

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company
($ in thousands) Investment Type March 31, 2023 December 31, 2022
Unither (Uniholding)(1)(2)(3) Delayed Draw Term Loan 471 —
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1) Delayed Draw Term Loan 3,371 3,371
W2O Holdings, Inc.(1)(2) Delayed Draw Term Loan 108 —
W2O Holdings, Inc.(1)(2) Delayed Draw Term Loan — 487
Waccamaw River LLC(2) Joint Venture 2,480 2,480
Whitcraft Holdings, Inc.(1) Revolver 2,515 —
Woodland Foods, LLC(1)(2) Line of Credit 330 330
WWEC Holdings III Corp(1)(2) Delayed Draw Term Loan 2,329 2,329
WWEC Holdings III Corp(1)(2) Revolver 1,025 1,025
Xeinadin Bidco Limited(1)(4) CAF Term Loan 4,876 4,743
ZB Holdco LLC(1) Delayed Draw Term Loan — 1,352
ZB Holdco LLC(1) Revolver 845 845
Zeppelin Bidco Limited(1)(2)(4) Capex / Acquisition Facility 1,293 1,258
Total unused commitments to extend financing $ 346,948 $ 247,730


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
Rock Labor, LLC(1)(2)	Revolver	941	—
Royal Buyer, LLC(1)	Delayed Draw Term Loan	1,804	2,945
Royal Buyer, LLC(1)	Revolver	1,787	1,787
Safety Products Holdings, LLC(1)(2)	Delayed Draw Term Loan	—	2,730
Sanoptis S.A.R.L.(1)(2)(3)	Acquisition Capex Facility	41	5,535
Sanoptis S.A.R.L.(1)(2)(3)	CAF Term Loan	2,396	—
SBP Holdings LP(1)	Delayed Draw Term Loan	788	—
SBP Holdings LP(1)	Revolver	1,065	—
Scaled Agile, Inc.(1)(2)	Delayed Draw Term Loan	331	416
Scaled Agile, Inc.(1)(2)	Revolver	336	336
Scout Bidco B.V.(1)(3)	Delayed Draw Term Loan	—	1,135
Scout Bidco B.V.(1)(2)(3)	Revolver	511	515
Sereni Capital NV(1)(2)(3)	Delayed Draw Term Loan	673	—
Sereni Capital NV(1)(3)	Term Loan	—	109
Simulation Software Investment Company Pty Ltd(1)(2)	Delayed Draw Term Loan	408	408
Sinari Invest(1)(2)(3)	Delayed Draw Term Loan	665	—
Smartling, Inc.(1)(2)	Delayed Draw Term Loan	—	2,076
Smartling, Inc.(1)	Revolver	1,038	1,038
SmartShift Group, Inc.(1)(2)	Delayed Draw Term Loan	5,690	—
SmartShift Group, Inc.(1)(2)	Revolver	2,731	—
Soho Square III Debtco II SARL(1)(4)	Delayed Draw Term Loan	1,135	3,383
Solo Buyer, L.P.(1)(2)	Revolver	1,596	1,995
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)	Delayed Draw Term Loan	399	665
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)	Revolver	98	156
Spatial Business Systems LLC(1)	Delayed Draw Term Loan	1,875	7,500
Spatial Business Systems LLC(1)	Revolver	1,406	1,406
SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	381	451
Superjet Buyer, LLC(1)	Revolver	1,369	1,825
Syntax Systems Ltd(1)(2)	Delayed Draw Term Loan	1,770	1,770
Syntax Systems Ltd(1)(2)	Revolver	309	309
Tank Holding Corp(1)(2)	Delayed Draw Term Loan	2,047	—
Tank Holding Corp(1)(2)	Revolver	142	545
Tanqueray Bidco Limited(1)(4)	Capex Facility	1,104	1,088
Techone B.V.(1)(3)	Revolver	140	94
Tencarva Machinery Company, LLC(1)	Revolver	1,129	1,129
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Delayed Draw Term Loan	4,195	4,195
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	1,233	1,233
The Cleaver-Brooks Company, Inc.(1)	Revolver	2,768	2,422
The Hilb Group, LLC(1)	Delayed Draw Term Loan	1,080	2,537
Trader Corporation(1)(6)	Revolver	346	345
Trintech, Inc.(1)(2)	Revolver	1,020	—
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	1,681	1,681
TSYL Corporate Buyer, Inc.(1)	Revolver	177	177
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	1,509	1,509
Union Bidco Limited(1)(2)(4)	Acquisition Facility	213	210
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	609	1,089

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023		December 31, 2022
Unither (Uniholding)(1)(3)	Delayed Draw Term Loan	459		—
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2)	Delayed Draw Term Loan	2,404		3,371
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	108		—
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	—		487
Waccamaw River LLC(2)	Joint Venture	—		2,480
West-NR AcquisitionCo., LLC(1)(2)	Delayed Draw Term Loan	3,750		—
Whitcraft Holdings, Inc.(1)(2)	Revolver	2,515		—
Woodland Foods, LLC(1)(2)	Line of Credit	736		330
WWEC Holdings III Corp(1)	Delayed Draw Term Loan	2,329		2,329
WWEC Holdings III Corp(1)	Revolver	1,584		1,025
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	3,949		4,743
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	—		1,352
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	2,932		—
ZB Holdco LLC(1)(2)	Revolver	811		845
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	1,277		1,258
Total unused commitments to extend financing		$	278,323	$	247,730

(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 Swiss francs. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.~~

8994

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

8. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the ~~three~~nine months ended ~~March 31,~~September 30, 2023 and 2022:


		Three Months Ended			Three Months Ended				Nine Months Ended			Nine Months Ended
($ in thousands, except share and per share amounts)	($ in thousands, except share and per share amounts)	March 31, 2023			March 31, 2022			($ in thousands, except share and per share amounts)	September 30, 2023			September 30, 2022
Per share data:	Per share data:							Per share data:
Net asset value at beginning of period	Net asset value at beginning of period	$	20.55		$	20.58		Net asset value at beginning of period	$	20.55		$	20.58
Net investment income (1)	Net investment income (1)	0.61			0.51			Net investment income (1)	1.85			1.42
Net realized gain on investments / foreign currency transactions (1)		(0.42)			—
Net unrealized appreciation (depreciation) on investments / foreign currency transactions (1)		0.57			0.29
Net realized gain on investments / foreign currency transactions / forward currency contracts (1)								Net realized gain on investments / foreign currency transactions / forward currency contracts (1)	(0.54)			0.20
Net unrealized appreciation (depreciation) on investments / foreign currency transactions / forward currency contracts (1)								Net unrealized appreciation (depreciation) on investments / foreign currency transactions / forward currency contracts (1)	0.67			(0.08)
Total increase from investment operations (1)	Total increase from investment operations (1)	0.76			0.80			Total increase from investment operations (1)	1.98			1.54
Dividends paid to stockholders from net investment income	Dividends paid to stockholders from net investment income	(0.49)			(0.34)			Dividends paid to stockholders from net investment income	(1.69)			(1.21)
Dividends paid to stockholders from short-term realized gains	Dividends paid to stockholders from short-term realized gains	(0.02)			(0.08)			Dividends paid to stockholders from short-term realized gains	(0.02)			(0.08)
Total dividends declared	Total dividends declared	(0.51)			(0.42)			Total dividends declared	(1.71)			(1.29)

Net asset value at end of period	Net asset value at end of period	$	20.80		$	20.96		Net asset value at end of period	$	20.82		$	20.83
Shares outstanding at end of period	Shares outstanding at end of period	53,790,939			40,713,710			Shares outstanding at end of period	60,626,254			51,995,302
Net assets at end of period	Net assets at end of period	$	1,118,966		$	853,407		Net assets at end of period	$	1,262,528		$	1,083,298
Average net assets	Average net assets	$	1,092,490		$	839,879		Average net assets	$	1,167,448		$	973,609
Ratio of total expenses to average net assets (annualized) (2)	Ratio of total expenses to average net assets (annualized) (2)	9.69		%	4.03		%	Ratio of total expenses to average net assets (annualized) (2)	10.06		%	5.25		%

Ratio of net investment income to average net assets (annualized) (2)	Ratio of net investment income to average net assets (annualized) (2)	11.96		%	9.92		%	Ratio of net investment income to average net assets (annualized) (2)	12.15		%	9.30		%
Portfolio turnover ratio (annualized)	Portfolio turnover ratio (annualized)	2.25		%	0.89		%	Portfolio turnover ratio (annualized)	13.73		%	11.79		%
Total return (3)	Total return (3)	3.74		%	3.91		%	Total return (3)	9.99		%	7.56		%

(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.

(3)Total return is calculated as the change in ~~net asset value (“NAV”)~~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

~~As of April 3,~~On October 2, 2023, the Company sold ~~4,178,064.52~~521,964.46 unregistered shares of its common stock (with the number of shares issued being determined on ~~April~~October 24, 2023), for an aggregate ~~offering price~~consideration of approximately ~~$86.9~~$10.9 million at a price per share of ~~$20.80,~~$20.82, 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 17, 2023, the Company amended the SMBC Credit Agreement (the “Amended SMBC Credit Facility”) to amend certain provisions of the SMBC Credit Facility to increase the facility size from $115 million to $165 million, subject to the terms of the Amended SMBC Credit Facility. In connection with the facility increase contemplated by the Amended SMBC Credit Facility, Regions Bank joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $50,000,000.

~~On May 4,~~November 9, 2023, the Board declared regular monthly distributions for ~~June~~December 2023 through ~~August 2023.~~February 2024. The regular monthly cash distributions, each in the gross amount of $0.20 per share are payable on ~~June 29, 2023, July~~December 28, 2023, January 30, 2024 and ~~August 30, 2023,~~February 28, 2024, to stockholders of record on ~~June 27,~~December 26, 2023, ~~July 25, 2023~~January 26, 2024 and ~~August 28, 2023,~~February 26, 2024, respectively.

9095

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 and nine months ended ~~March 31,~~September 30, 2023, 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, 2022. 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 entitled “Risk Factors” in Part I of our Annual Report on Form 10-K for the year ended December 31, 2022 and in Item 1A entitled “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 (the “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, 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 BDC under the 1940 Act and are externally managed by Barings LLC, or Barings, an investment adviser that is registered with the SEC under the Advisers Act. In addition, we have elected for federal income tax purposes to be treated as a RIC under Subchapter M of 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 the Advisory Agreement and the Administration Agreement.

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 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 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 the Initial Portfolio from MassMutual and CM Life, which comprised 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.Composition

The ~~investments~~Company predominately invests 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.

~~We continue to invest in predominately~~ senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. ~~Senior secured~~The Adviser’s existing SEC co-investment exemptive relief under the 1940 Act permits the Company and the Adviser’s affiliated private ~~debt investments are negotiated directly with~~funds and SEC regulated funds to co-invest in loans originated by the ~~borrower, rather than marketed by a third party or bought and sold in~~Adviser, which allows the ~~secondary market. We believe~~Adviser to efficiently implement its 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~~investment strategy for the Company.

The cost basis of the Company’s debt investments ~~are recognized over the life~~includes any unamortized purchased premium or discount, unamortized loan origination fees and payment-in-kind (“PIK”) interest, if any. Summaries of the ~~loan using~~composition of the ~~effective interest method or, in some cases, recognized~~Company’s investment portfolio at cost and fair value, and as ~~earned. Terms~~a percentage of ~~our senior secured private debt~~total 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 475 basis points and SOFR plus 675 basis points per annum. To a lesser extent, we will invest opportunistically innet 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,~~September 30, 2023 and December 31, 2022 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, 2023:
Senior debt and 1st lien notes	$	1,884,412	81	%	$	1,841,845	80	%	146	%
Subordinated debt and 2nd lien notes	160,241		7		150,167		7		12
Structured products	27,142		1		23,668		1		2
Equity shares	217,967		9		258,933		11		21
Equity warrants	4		—		1,277		—		—
Investment in joint ventures	43,661		2		30,069		1		2

	$	2,333,427	100	%	$	2,305,959	100	%	183	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2022:
Senior debt and 1st lien notes	$	1,817,043	83	%	$	1,777,492	82	%	163	%
Subordinated debt and 2nd lien notes	169,463		8		163,899		8		15
Structured products	28,560		1		25,022		1		2
Equity shares	130,616		6		158,131		7		15
Equity warrants	4		—		1,083		—		—
Investment in joint ventures	41,815		2		32,253		2		3

	$	2,187,501	100	%	2,157,880		100	%	198	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the three months ended September 30, 2023, the Company made new investments totaling $98.7 million, made additional investments in existing portfolio companies totaling $68.8 million, made additional investments in existing joint venture equity portfolio companies totaling $1.5 million and made a $13.0 million equity co-investment alongside certain affiliates in an existing portfolio company that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. During the nine months ended September 30, 2023, the Company made new investments totaling $219.5 million, made additional investments in existing portfolio companies totaling $136.5 million, made a new investment in a new joint venture equity portfolio company totaling $6.1 million, made additional investments in existing joint venture equity portfolio companies totaling $2.5 million and made a $75.0 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 three months ended September 30, 2022, the Company made new investments totaling $199.8 million and made additional investments in existing portfolio companies totaling $57.8 million. During the nine months ended September 30, 2022, the Company made new investments totaling $516.6 million, made additional investments in existing portfolio companies totaling $221.7 million and made additional investments in existing joint venture equity portfolio companies totaling $8.9 million.

Industry Composition

The industry composition of investments at fair value at September 30, 2023 and December 31, 2022 was as follows:


($ in thousands)	September 30, 2023				December 31, 2022
Aerospace and Defense	$	116,470	5.1	%	$	101,192	4.7	%
Automotive	47,472		2.1		54,357		2.5
Banking, Finance, Insurance and Real Estate	350,702		15.2		270,117		12.5
Beverage, Food and Tobacco	24,956		1.1		21,389		1.0
Capital Equipment	69,734		3.0		60,393		2.8
Chemicals, Plastics, and Rubber	26,973		1.2		34,679		1.6
Construction and Building	20,900		0.9		23,802		1.1
Consumer Goods: Durable	29,108		1.3		29,699		1.4
Consumer Goods: Non-durable	37,143		1.6		35,567		1.6
Containers, Packaging and Glass	48,545		2.1		47,828		2.2

Energy: Electricity	6,004		0.2		—		—

Environmental Industries	61,208		2.7		60,035		2.8

Healthcare and Pharmaceuticals	204,385		8.8		197,319		9.1
High Tech Industries	349,388		15.2		346,180		16.0
Hotel, Gaming and Leisure	21,657		0.9		20,211		0.9
Investment Funds and Vehicles	30,069		1.2		32,253		1.5
Media: Advertising, Printing and Publishing	28,010		1.2		35,399		1.6
Media: Broadcasting and Subscription	9,532		0.4		9,372		0.5
Media: Diversified and Production	57,214		2.5		29,337		1.4
Metals and Mining	7,485		0.3		7,442		0.3

Services: Business	382,203		16.6		371,974		17.3
Services: Consumer	103,267		4.5		99,808		4.6
Structured Products	42,161		1.8		46,943		2.2
Telecommunications	22,616		1.0		20,922		1.0
Transportation: Cargo	151,945		6.6		142,437		6.6
Transportation: Consumer	45,177		2.0		48,878		2.3
Utilities: Electric	11,635		0.5		10,347		0.5


Total	$	2,305,959	100.0	%	$	2,157,880	100.0	%

CPCF BPCC LLC

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

9.1% partnership interest in CPCF BPCC. As of September 30, 2023, the cost and fair value of the Company’s investment in CPCF BPCC were $6.1 million and $5.9 million, respectively.


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
September 30, 2023:
Senior debt and 1st lien notes	$	162,771	100	%	$	162,014	100	%






	$	162,771	100	%	$	162,014	100	%

As of September 30, 2023, the weighted average yield on the principal amount of ~~our~~CPCF BPCC’s outstanding ~~debt investments other than non-accrual~~ debt investments was approximately ~~10.3%~~11.2%.

The industry composition of CPCF BPCC’s investments at fair value at September 30, 2023 was as follows:


($ in thousands)	September 30, 2023
Aerospace and Defense	$	13,668	8.4	%
Automotive	6,875		4.2
Banking, Finance, Insurance and Real Estate	8,751		5.4

Capital Equipment	11,382		7.0
Chemicals, Plastics, and Rubber	2,936		1.8

Consumer Goods: Durable	2,992		1.9



Energy: Electricity	4,975		3.1



Healthcare and Pharmaceuticals	24,149		14.9
High Tech Industries	24,060		14.9


Media: Advertising, Printing and Publishing	6,766		4.2

Media: Diversified and Production	5,803		3.6


Services: Business	33,103		20.4
Services: Consumer	4,798		3.0


Transportation: Cargo	2,961		1.8
Transportation: Consumer	4,862		3.0
Utilities: Electric	3,933		2.4


Total	$	162,014	100.0	%

The geographic composition of CPCF BPCC’s investments at fair value at September 30, 2023 was as follows:


($ in thousands)	September 30, 2023


Canada	$	9,798	6.0	%
France	16,581		10.2
Germany	9,566		5.9

Netherlands	2,910		1.8


United Kingdom	5,768		3.6
USA	117,391		72.5
Total	$	162,014	100.0	%

CPCF BPCC LLC’s credit facility with Citibank, N.A., which is non-recourse to the Company, initially closed on June 16, 2023, and ~~9.9%~~had approximately $102.0 million outstanding as of September 30, 2023.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

•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;

The Company has determined that CPCF BPCC is an investment company under ASC Topic 946, Financial Services - Investment Companies, ~~respectively.~~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.

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 September 30, 2023. As of ~~March~~September 30, 2023, 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 and nine months ended September 30, 2023, Thompson Rivers declared $8.0 million and $106.0 million in dividends, respectively, of which nil was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2023, the Company recognized $0.5 million and $6.7 million of the dividends, respectively, as a return of capital. For the three and nine months ended September 30, 2022, Thompson Rivers declared $89.1 million and $178.5 million in dividends, respectively, of which $0.9 million and $3.0 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. In addition, for the three and nine months ended September 30, 2022, the Company recognized $4.8 million and $8.3 million, respectively, of the dividends as a return of capital.

As of September 30, 2023, Thompson Rivers had $415.6 million in Ginnie Mae early buyout loans and $13.2 million in cash. As of December 31, 2022, Thompson Rivers had $890.9 million in Ginnie Mae early buyout loans and $65.1 million in cash. As of September 30, 2023, Thompson Rivers had 2,677 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2022, Thompson Rivers had 5,414 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of September 30, 2023 and December 31, 2022, the ~~weighted average yield on~~Thompson Rivers investment portfolio consisted of the ~~principal amount~~following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
September 30, 2023:
Federal Housing Administration (“FHA”) loans	$	419,651	92	%	$	384,251	92	%
Veterans Affairs (“VA”) loans	34,071		8		31,380		8

	$	453,722	100	%	$	415,631	100	%
December 31, 2022:
Federal Housing Administration (“FHA”) loans	$	864,625	91	%	$	811,358	91	%
Veterans Affairs (“VA”) loans	84,654		9		79,553		9
	$	949,279	100	%	$	890,911	100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $101.2 million and $224.2 million outstanding as of September 30, 2023 and December 31, 2022, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $195.6 million and $428.0 million outstanding as of September 30, 2023 and December 31, 2022, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $64.1 million and $184.2 million outstanding as of September 30, 2023 and December 31, 2022, respectively.

As of September 30, 2023 and December 31, 2022, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 2023		As of December 31, 2022
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 $209.3 million, respectively, of total contributed capital by related parties.

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 ~~our outstanding debt investments~~which has been funded as of September 30, 2023. As of September 30, 2023, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement totaled $125.0 million, all of which has been funded (including ~~non-accrual debt investments)~~$14.0 million of recallable return of capital).

For the three months ended September 30, 2023, Waccamaw River did not declare a dividend. For the nine months ended September 30, 2023, Waccamaw River declared $7.3 million in dividends, of which $1.5 million was ~~approximately 10.2%~~recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and ~~9.8%, respectively.~~nine months ended September 30, 2022, Waccamaw River declared $2.7 million and $6.6 million in dividends, respectively, of which $0.5 million and $1.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

9270

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

~~Relationship~~As of September 30, 2023, Waccamaw River had $223.7 million in unsecured consumer loans and $21.2 million in cash. As of December 31, 2022, Waccamaw River had $200.5 million in unsecured consumer loans and $8.0 million in cash. As of September 30, 2023, Waccamaw River had 23,199 outstanding loans with ~~Our Adviser, Barings~~an average loan size of $10,832, remaining average life to maturity of 41.8 months and weighted average interest rate of 12.7%. As of December 31, 2022, Waccamaw River had 18,335 outstanding loans with an average loan size of $11,542, remaining average life to maturity of 44.0 months and weighted average interest rate of 12.0%.

~~Our Adviser, Barings, a wholly-owned subsidiary of MassMutual,~~Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which 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. Subjectnon-recourse to the ~~overall supervision~~Company, had approximately $88.3 million and $72.3 million outstanding as of ~~our Board~~September 30, 2023 and December 31, 2022, respectively. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $75.2 million and $44.8 million outstanding as of ~~Directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations,~~September 30, 2023 and ~~provides investment advisory and management services to us. Barings GPFG is part of Barings’ $281.6 billion Global Fixed Income Platform (as of March~~December 31, ~~2023)~~2022, respectively.

The Company has determined 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 the Company. BIILWaccamaw River is an investment ~~adviser registered~~company under ASC Topic 946, Financial Services - Investment Companies, however, in accordance with such guidance, the ~~SEC~~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 September 30, 2023 and December 31, 2022, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 2023		As of December 31, 2022
Total contributed capital by Barings Private Credit Corporation	$	25,000	$	22,520
Total contributed capital by all members (1)	$	139,020	$	126,620

Total return of capital (recallable) by Barings Private Credit Corporation	$	—	$	—
Total return of capital (recallable) by all members (2)	$	(14,020)	$	(14,020)

Total unfunded commitments by Barings Private Credit Corporation	$	—	$	2,480
Total unfunded commitments by all members	$	—	$	12,400	(3)

(1)Includes $87.3 million and $79.9 million of total contributed capital by related parties as of September 30, 2023 and December 31, 2022, respectively.

(2)Includes ($12.3) million of total return of capital (recallable) by related parties.

(3)Includes $7.4 million of unfunded commitments by related parties.

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 September 30, 2023 and December 31, 2022, $3.3 million and $3.7 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 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, Financial ~~Conduct Authority~~Services Investment Companies. 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Rocade Holdings LLC

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 ~~United Kingdom with its~~ principal ~~office located~~market for the security, or in ~~London. As~~the absence of ~~March 31, 2023, BIIL had approximately £15.9 billion~~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 ~~under management.~~or liabilities.

~~Among~~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.

The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other ~~things, Barings (i)~~observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the ~~composition of our portfolio, the nature and timing~~fair value of the ~~changes therein~~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 ~~manner~~correlation of ~~implementing such changes; (ii) identifies, evaluates~~changes in broker quotes with the underlying performance of the portfolio company.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

values that would have been used had an active market for the securities existed. In addition, changes in the market environment and ~~negotiates~~other events that may occur over the ~~structure~~life of the investments ~~made~~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 ~~us; (iii) executes, closes,~~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.

Independent Valuation

Valuation Inputs

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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.

Level 3 Unobservable Inputs

September 30, 2023

($ in thousands)(3)

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)

1,538,861

Yield Analysis

Market Yield

7.3% – 41.4%

11.8%

Decrease

7,559

Market Approach

Adjusted EBITDA Multiple

7.0x – 8.0x

7.9x

Increase

223,666

Recent Transaction

Transaction Price

96.1% – 100.0%

97.5%

Increase

Subordinated debt and 2nd lien notes(2)

125,085

Yield Analysis

Market Yield

9.0% – 18.9%

13.7%

Decrease

6,546

Market Approach

Adjusted EBITDA Multiple

11.0x

Increase

Equity shares

8,518

Yield Analysis

Market Yield

14.2% – 15.5%

14.9%

Decrease

240,161

Market Approach

Adjusted EBITDA Multiple

6.5x – 35.0x

11.1x

Increase

1,510

Market Approach

Revenue Multiple

6.3x – 9.5x

6.6x

Increase

5,044

Net Asset Approach

Liabilities

$(44,742.4)

Decrease

3,662

Recent Transaction

Transaction Price

$1.00 – $1,000.00

$226.77

Increase

Equity warrants

1,277

Market Approach

Adjusted EBITDA Multiple

6.5x – 14.0x

7.9x

Increase

(1) Excludes investments with an aggregate fair value amounting to $29,849, which the Adviser valued using unadjusted prices from independent pricing services and ~~monitors~~independent indicative broker quotes where pricing inputs were not readily available.

(2) Excludes investments with an aggregate fair value amounting to $5,593, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

(3) For structured products, investments with an aggregate fair value amounting to $15,217, were valued by the Adviser using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2022

($ 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)

1,440,027

Yield Analysis

Market Yield

7.2% – 30.8%

11.4%

Decrease

21,921

Discounted Cash Flow Analysis

Discount Rate

13.0%

Decrease

262,514

Recent Transaction

Transaction Price

96.7% – 100.0%

97.5%

Increase

Subordinated debt and 2nd lien notes(2)

125,363

Yield Analysis

Market Yield

9.3% – 16.6%

13.0%

Decrease

6,931

Market Approach

Adjusted EBITDA Multiple

9.0x

Increase

513

Recent Transaction

Transaction Price

97.3%

Increase

Structured products(3)

7,584

Discounted Cash Flow Analysis

Discount Rate

10.4%

Decrease

Equity shares

9,462

Yield Analysis

Market Yield

15.7% – 17.8%

16.6%

Decrease

137,680

Market Approach

Adjusted EBITDA Multiple

6.5x – 43.0x

10.7x

Increase

1,406

Market Approach

Revenue Multiple

6.5x – 7.0x

6.8x

Increase

220

Market Approach

Adjusted EBITDA/Revenue Multiple Blend

5.8x

Increase

3,219

Net Asset Approach

Liabilities

$(8,941.8)

Decrease

5,326

Recent Transaction

Transaction Price

$0.00 – $4,673.00

$516.37

Increase

Equity warrants

1,083

Market Approach

Adjusted EBITDA Multiple

6.5x – 17.5x

7.3x

Increase

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 September 30, 2023 and December 31, 2022, categorized by the ASC Topic 820 valuation hierarchy, as previously described:


	Fair Value as of September 30, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	41,910	$	1,799,935	$	1,841,845
Subordinated debt and 2nd lien notes	—		12,943		137,224		150,167
Structured products	—		8,451		15,217		23,668
Equity shares	38		—		258,895		258,933
Equity warrants	—		—		1,277		1,277

Investments subject to leveling	$	38	$	63,304	$	2,212,548	$	2,275,890
Investment in joint ventures (1)							$	30,069
							$	2,305,959

	Fair Value as of December 31, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	41,442	$	1,736,050	$	1,777,492
Subordinated debt and 2nd lien notes	—		20,605		143,294		163,899
Structured products	—		8,642		16,380		25,022
Equity shares	53		765		157,313		158,131
Equity warrants	—		—		1,083		1,083

Investments subject to leveling	$	53	$	71,454	$	2,054,120	$	2,125,627
Investment in joint ventures (2)							$	32,253
							$	2,157,880

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Nine Months Ended September 30, 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	322,327		22,993		—		85,045		—		430,365

Transfers into (out of) Level 3, net	—		(839)		—		522		—		(317)
Proceeds from sales of investments	(163,022)		—		—		(95)		—		(163,117)
Loan origination fees received	(8,613)		(47)		—		—		—		(8,660)
Principal repayments received	(94,610)		(25,632)		(1,428)		—		—		(121,670)
Payment-in-kind interest/dividends	4,273		1,861		—		4,830		—		10,964

Accretion of loan premium/discount	470		384		—		—		—		854
Accretion of deferred loan origination revenue	7,261		292		—		—		—		7,553
Realized gain (loss)	(702)		(278)		—		(450)		—		(1,430)
Unrealized appreciation (depreciation)	(3,499)		(4,804)		265		11,730		194		3,886
Fair value, end of period	$	1,799,935	$	137,224	$	15,217	$	258,895	$	1,277	$	2,212,548


Nine Months Ended September 30, 2022 ($ 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	$	1,138,818	$	92,224	$	—	$	75,005	$	—	$	1,306,047
New investments	569,838		54,870		6,000		42,789		4		673,501
Transfers into (out of) Level 3, net	5,425		4,067		9,811		3,518		—		22,821
Proceeds from sales of investments	1,665		(573)		—		—		—		1,092
Loan origination fees received	(14,238)		(829)		—		—		—		(15,067)
Principal repayments received	(153,392)		(1,003)		(714)		—		—		(155,109)
Payment-in-kind interest/dividends	1,823		1,199				100		—		3,122

Accretion of loan premium/discount	34		58		—		—		—		92
Accretion of deferred loan origination revenue	7,840		188		—		—		—		8,028
Realized gain (loss)	(6,565)		(1,895)		—		—		—		(8,460)
Unrealized appreciation (depreciation)	(52,156)		(3,899)		(1,340)		24,401		(4)		(32,998)
Fair value, end of period	$	1,499,092	$	144,407	$	13,757	$	145,813	$	—	$	1,803,069

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 depreciation on Level 3 investments of $4.7 million during the nine months ended September 30, 2023 was related to portfolio company investments that were still held by the Company as of September 30, 2023. Pre-tax net unrealized depreciation on Level 3 investments of $37.9 million during the nine months ended September 30, 2022 was related to portfolio company investments that were still held by the Company as of September 30, 2022.

During the nine months ended September 30, 2023, the Company made investments of approximately $361.9 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the nine months ended September 30, 2023, the Company made investments of $77.6 million in portfolio companies to which it was previously committed to provide such financing.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the nine months ended September 30, 2022, the Company made investments of approximately $666.5 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the nine months ended September 30, 2022, the Company made investments of $80.5 million in portfolio companies to which it was previously committed to provide such financing.

Unsettled Purchases and Sales of Investments

Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio 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 ~~we make; (iv) determines~~ 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. As of September 30, 2023, the Company does not “Control” any of its portfolio companies for the purposes of the 1940 Act. Under the 1940 Act, the Company is deemed to be an Affiliated Person of a company in which the Company has invested if it owns at least 5.0%, but no more than 25.0%, of the outstanding voting securities of such company.

Cash and Foreign Currencies

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 ~~assets~~obligations, the Company will place the loan on non-accrual status and will generally cease recognizing interest income on that ~~we will purchase, retain~~loan for financial reporting purposes until all principal and interest have been brought current through payment or ~~sell; (v) performs~~ due ~~diligence on prospective~~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 September 30, 2023 and December 31, 2022, the Company had two portfolio companies and ~~(vi) provides us~~one portfolio company, respectively, with investments that were on non-accrual.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Payment-in-Kind Interest

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.

Fee Income

Fee income for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
($ in thousands)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Recurring Fee Income:
Amortization of loan origination fees	$	2,012	$	1,796	$	6,353	$	4,975
Management, valuation and other fees	589		464		1,795		1,283
Total Recurring Fee Income	2,601		2,260		8,148		6,258
Non-Recurring Fee Income:
Prepayment fees	—		230		380		241
Acceleration of unamortized loan origination fees	264		1,346		1,314		3,156
Advisory, loan amendment and other fees	413		241		714		696
Total Non-Recurring Fee Income	677		1,817		2,408		4,093
Total Fee Income	$	3,278	$	4,077	$	10,556	$	10,351

General and Administrative Expenses

Offering Expenses

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Segments

The Company lends to and invests in customers in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment. All applicable segment disclosures are included in or can be derived from the Company’s financial statements.

Concentration of Credit Risk

As of September 30, 2023 and December 31, 2022, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of September 30, 2023 and December 31, 2022, the Company’s largest single portfolio company investment represented approximately 4.8% and 4.7%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment ~~advisory, research~~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 September 30, 2023, 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 September 30, 2023, 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 2023 Debt Securitization. As of September 30, 2023, 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.

Financial and Derivative Instruments

Investments Denominated in Foreign Currency

As of September 30, 2023 the Company held 17 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 70 investments that were denominated in Euros, two investments that were denominated in Swiss francs, one investment that was denominated in Swedish krona, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone and 28 investments that were denominated in British pounds sterling. As of December 31, 2022, the Company held 18 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, one investment that was denominated in Danish kroner, 65 investments that were denominated in Euros, one investment that was denominated in Swiss francs, one investment that was denominated in Swedish krona, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian krone and 29 investments that were denominated in British pounds sterling.

In addition, during both the nine months ended September 30, 2023 and September 30, 2022, 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 foreign currency contracts are included in “Net unrealized appreciation (depreciation) – forward currency contracts” and net realized

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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.

4. INCOME TAXES

The Company has elected for federal income tax purposes to be treated, and intends to qualify annually, as wea 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 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 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 and nine months ended September 30, 2023, the Company recorded net expenses of $0.1 million and $0.4 million, respectively, for U.S. federal excise tax.

For federal income tax purposes, the cost of investments owned as of September 30, 2023 and December 31, 2022 was approximately $2,306.7 million and $2,160.8 million, respectively. As of September 30, 2023, net unrealized appreciation on the Company’s investments (tax basis) was approximately $20.4 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $107.8 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $87.4 million. As of December 31, 2022, net unrealized depreciation on the Company’s investments (tax basis) was approximately $18.2 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $83.6 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $101.8 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 reflects 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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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), if any, will be 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 Consolidated Balance Sheet. As of September 30, 2023 and December 31, 2022, the Company had a net deferred tax liability of $0.3 million and $0.2 million, respectively, pertaining to operating losses and tax basis differences related to certain partnership interests.

5. BORROWINGS

The Company had the following borrowings outstanding as of September 30, 2023 and December 31, 2022:


Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of September 30, 2023	September 30, 2023		December 31, 2022
Credit Facilities:
Revolving Credit Facility – May 11, 2021	May 11, 2026	7.248%	$	467,642	$	795,284
SMBC Credit Facility – March 6, 2023	March 6, 2028	7.432%	62,500		—
Total Credit Facilities			$	530,142	$	795,284
Debt Securitization:
August 23, 2023 – Class A-1 Notes	July 15, 2031	7.807%	$	300,000	$	—
August 23, 2023 – Class A-2 Notes	July 15, 2031	8.757%	35,000		—
August 23, 2023 – Class A-2 Loans	July 15, 2031	8.757%	20,000
August 23, 2023 – Class B Notes	July 15, 2031	9.557%	25,000		—
August 23, 2023 – Class C Notes	July 15, 2031	11.757%	22,500		—

(Less: Deferred financing fees)			(2,385)		—
Total Debt Securitization			$	400,115	$	—
Notes:
July 29, 2021 – Series A Notes	July 29, 2026	3.500%	$	75,000	$	75,000
September 15, 2021 – Series B Notes	July 29, 2026	3.500%	38,000		38,000
October 28, 2021 – Series C Notes	July 29, 2026	3.500%	37,000		37,000
May 10, 2022 – Series D Notes (1)	May 10, 2027	6.000%	95,181		95,466
July 26, 2022 – Series E Notes (1)	May 10, 2027	6.000%	52,082		52,187

(Less: Deferred financing fees)			(517)		(615)
Total Notes			$	296,746	$	297,038
Secured Borrowing:
Secured Borrowing	March 14, 2023	N/A	$	—	$	18,559


Total Secured Borrowing			$	—	$	18,559

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

BNP Paribas Revolving Credit Facility

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 (as described above) 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 September 30, 2023, the Company was in compliance with all covenants of the Revolving Credit Facility.

As of September 30, 2023, the Company had U.S. dollar borrowings of $326.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 7.669% (three month SOFR of 5.369%), borrowings denominated in British pounds sterling of £30.2 million ($36.9 million U.S. dollars) with a weighted average interest rate of 6.904% (weighted average three month adjusted cumulative compounded SONIA of 4.572%), borrowings denominated in Australian dollars of A$7.8 million ($5.0 million U.S. dollars) with an interest rate of 6.426% (three month BBSW of 4.276%), borrowings denominated in Canadian dollars of C$5.4 million ($4.0 million U.S. dollars) with an interest rate of 7.650% (three month CDOR of 5.500%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($3.7 million U.S. dollars) with an interest rate of 8.060% (three month NZBB of 5.660%) and borrowings denominated in Euros of €86.6 million ($91.7 million U.S. dollars) with an interest rate of 5.881% (three month EURIBOR of 3.714%). 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

A$7.8 million ($5.3 million U.S dollars) with a weighted average interest rate of 5.210% (three month BBSW of 3.060%), borrowings denominated in Canadian dollars of C$5.4 million ($4.0 million U.S. dollars) with an interest rate of 6.708% (three month CDOR of 4.558%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($3.9 million U.S. dollars) with an interest rate of 6.490% (three month NZBB of 4.090%) and borrowings denominated in Euros of €86.6 million ($92.4 million U.S. dollars) with an interest rate of 3.772% (three month EURIBOR of 1.605%). 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 “unrealized appreciation (depreciation) – foreign currency transactions” in the Company’s Consolidated Statements of Operations.

As of September 30, 2023 and December 31, 2022, the fair value of the borrowings outstanding under the Revolving Credit Facility was $467.6 million and $795.3 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 ~~reasonably require~~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.

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

immediately due and payable. As of September 30, 2023, the Company was in compliance with all covenants of the SMBC Credit Facility.

As of September 30, 2023, the Company had U.S. dollar borrowings of $62.5 million outstanding under the SMBC Credit Facility with a weighted average interest rate of 7.432% (one month SOFR of 5.332%).

As of September 30, 2023, the fair value of the borrowings outstanding under the SMBC Credit Facility was $62.5 million. 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

The Class A-2 Loans were incurred under a credit agreement (the “Class A-2 Credit Agreement”), dated as of the 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 Bank and Trust Company, as loan agent and as collateral trustee. The 2023 Debt Securitization is backed by a diversified portfolio of middle-market commercial loans. The Debt is scheduled to mature on July 15, 2031; however the Debt may be redeemed by the Issuers, at the direction of the Company as holder of the Subordinated Notes, on any business day after July 15, 2024. The Company acts as retention holder in connection with the 2023 Debt Securitization for the ~~investment~~purposes of ~~our funds.~~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 retain a portion of the Subordinated Notes. The Company has retained all of the Subordinated Notes issued in the 2023 Debt Securitization.

Under the terms of the ~~Administration~~Loan Sale Agreement ~~Barings performs (or oversees, or arranges~~that provided for the ~~performance of)~~sale of Collateral Obligations to the ~~administrative~~CLO Issuer, the Company transferred to the CLO Issuer a portion of its ownership interest in the Collateral Obligations securing the 2023 Debt Securitization for the purchase price and other consideration set forth in the Loan Sale Agreement. Under the terms of the Participation Agreement, pending the settlement of the 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of September 30, 2023, the fair value of the Class A-1 Notes, Class A-2 Notes, Class A-2 Loans, Class B Notes and Class C Notes was $402.4 million. The fair values of the Class A-1 Notes, Class A-2 Notes, Class A-2 Loans, Class B Notes and Class C Notes are based on unadjusted prices from independent pricing services ~~necessary~~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 ~~our operation, including,~~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 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 ~~limited~~including, the date of prepayment) if certain change in control events occur. Subject to ~~office facilities, equipment, clerical, bookkeeping and record keeping services~~the terms of the July 2021 NPA, the Company may redeem the July 2026 Notes in whole or in part at ~~such office facilities and such other services as Barings, subject to review by the Board, will~~any time or from time to time ~~determine~~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 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 shareholders, to be ~~necessary~~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 ~~useful~~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 ~~perform~~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 September 30, 2023, the Company was in compliance with all covenants under the July 2021 NPA.

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

Barings ~~will also, on our behalf and~~Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 ~~Board’s oversight, arrange~~registration requirements of the Securities Act, as applicable.

As of September 30, 2023 and December 31, 2022, the fair values of the outstanding July 2026 Notes were $130.1 million and $125.9 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

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.

As of September 30, 2023 and December 31, 2022, the fair values of the outstanding May 2027 Notes were $147.3 million and $147.7 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 September 30, 2023, the interest rate swap had a fair value of $(4.8) 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 the Company’s 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, 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 September 30, 2023, the interest rate swap had a fair value of $(2.9) 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 the Company’s 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.

Secured Borrowings

As of September 30, 2023, the Company had no secured borrowings (“Secured Borrowings”) outstanding. As of December 31, 2022, the Company had $18.6 million of Secured Borrowings outstanding, which were recorded as a result of certain securities that were sold and simultaneously repurchased at a premium, with amounts payable to the counterparty due on the repurchase settlement date, which was generally within 120 days of the trade date. The Company’s Secured Borrowings bore interest at a weighted average rate of 7.843% (three-month SOFR of 4.587%) for the year ended December 31, 2022. As of December 31, 2022, the fair value of the Secured Borrowings was $18.6 million. The fair value of the Secured Borrowings are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

6. DERIVATIVE INSTRUMENTS

The following tables present the Company’s foreign currency forward contracts as of September 30, 2023 and December 31, 2022:

As of September 30, 2023

($ in thousands)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$5,023

$3,431

10/10/23

(191)

Derivative liabilities

Foreign currency forward contract (AUD)

$47,174

A$70,394

10/10/23

1,760

Derivative assets

Foreign currency forward contract (CAD)

$5,361

C$7,053

10/10/23

150

Derivative assets

Foreign currency forward contract (DKK)

$1,164

kr.7,870

10/10/23

Derivative assets

Foreign currency forward contract (EUR)

$226,210

€205,324

10/10/23

8,843

Derivative assets

Foreign currency forward contract (GBP)

$76,753

£60,245

10/10/23

3,163

Derivative assets

Foreign currency forward contract (NZD)

$5,426

NZ$8,792

10/10/23

142

Derivative assets

Foreign currency forward contract (NOK)

$3,910

41,996kr

10/10/23

(29)

Derivative liabilities

Foreign currency forward contract (SEK)

$553

5,904kr

10/10/23

Derivative assets

Foreign currency forward contract (CHF)

$6,864

6,046Fr.

10/10/23

246

Derivative assets

Total

14,143

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2022

($ in thousands)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$61,845

$41,434

01/09/23

660

Derivative assets

Foreign currency forward contract (AUD)

A$2,300

$1,557

04/11/23

Derivative assets

Foreign currency forward contract (AUD)

$40,131

A$61,845

01/09/23

(1,964)

Derivative liabilities

Foreign currency forward contract (AUD)

$42,446

A$63,128

04/11/23

(684)

Derivative liabilities

Foreign currency forward contract (CAD)

C$7,479

$5,491

01/09/23

Derivative assets

Foreign currency forward contract (CAD)

$5,473

C$7,479

01/09/23

(53)

Derivative liabilities

Foreign currency forward contract (CAD)

$5,383

C$7,326

04/11/23

(35)

Derivative liabilities

Foreign currency forward contract (DKK)

7,401kr.

$1,056

01/09/23

Derivative assets

Foreign currency forward contract (DKK)

$982

7,401kr.

01/09/23

(83)

Derivative liabilities

Foreign currency forward contract (DKK)

$1,078

7,499kr.

04/11/23

(9)

Derivative liabilities

Foreign currency forward contract (EUR)

€187,162

$198,632

01/09/23

1,693

Derivative assets

Foreign currency forward contract (EUR)

$185,138

€187,162

01/09/23

(15,187)

Derivative liabilities

Foreign currency forward contract (EUR)

$199,111

€186,411

04/11/23

(1,665)

Derivative liabilities

Foreign currency forward contract (GBP)

£56,336

$68,032

01/09/23

Derivative assets

Foreign currency forward contract (GBP)

£1,600

$1,929

04/11/23

Derivative assets

Foreign currency forward contract (GBP)

$62,569

£56,336

01/09/23

(5,477)

Derivative liabilities

Foreign currency forward contract (GBP)

$66,247

£54,756

04/11/23

(38)

Derivative liabilities

Foreign currency forward contract (NZD)

NZ$8,665

$5,451

01/09/23

Derivative assets

Foreign currency forward contract (NZD)

$5,009

NZ$8,665

01/09/23

(487)

Derivative liabilities

Foreign currency forward contract (NZD)

$5,060

NZ$8,044

04/11/23

(46)

Derivative liabilities

Foreign currency forward contract (NOK)

38,802kr

$3,939

01/09/23

Derivative assets

Foreign currency forward contract (NOK)

$3,626

38,802kr

01/09/23

(318)

Derivative liabilities

Foreign currency forward contract (NOK)

$4,097

40,202kr

04/11/23

(7)

Derivative liabilities

Foreign currency forward contract (SEK)

5,694kr

$547

01/09/23

—

Derivative assets

Foreign currency forward contract (SEK)

$512

5,694kr

01/09/23

(35)

Derivative liabilities

Foreign currency forward contract (SEK)

$555

5,751kr

04/11/23

—

Derivative liabilities

Foreign currency forward contract (CHF)

18,873Fr.

$19,744

01/09/23

689

Derivative assets

Foreign currency forward contract (CHF)

$19,491

18,873Fr.

01/09/23

(942)

Derivative liabilities

Foreign currency forward contract (CHF)

$5,336

4,891Fr.

04/11/23

(12)

Derivative liabilities

Total

(23,870)

As of September 30, 2023 and December 31, 2022, the total fair values of the Company’s foreign currency forward contracts were $14.1 million and $(23.9) 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 September 30, 2023 and ~~oversee, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers~~December 31, 2022, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2023 and ~~dealers, corporate fiduciaries, insurers, banks and such other persons~~December 31, 2022 were as follows:


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023		December 31, 2022
Accurus Aerospace Corporation(1)(2)	Revolver	$	311	$	691
Adhefin International(1)(2)(3)	Delayed Draw Term Loan	402		—
Air Comm Corporation, LLC(1)(2)	Delayed Draw Term Loan	1,550		—
AlliA Insurance Brokers NV(1)(2)(3)	Delayed Draw Term Loan	1,707		—
Americo Chemical Products, LLC(1)(2)	Revolver	1,400		—

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
Amtech LLC(1)	Delayed Draw Term Loan	909	1,818
Amtech LLC(1)	Revolver	318	364
AnalytiChem Holding GmbH(1)(2)(3)	Bridge Revolver	458	462
APC1 Holding(1)(3)	Delayed Draw Term Loan	—	354
Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	986	1,179
Arc Education(1)(3)	Delayed Draw Term Loan	2,881	3,789
Argus Bidco Limited(1)(2)(4)	CAF Term Loan	1,037	1,579
Argus Bidco Limited(1)(2)(4)	RCF Bridge Term Loan	—	335
ASC Communications, LLC(1)	Revolver	647	647
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	698	1,059
ATL II MRO Holdings Inc.(1)	Revolver	2,500	2,500
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,439	1,512
AWP Group Holdings, Inc.(1)(2)	Delayed Draw Term Loan	237	—
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	644	962
Azalea Buyer, Inc.(1)(2)	Revolver	481	481
Bariacum S.A(1)(2)(3)	Acquisition Facility	423	961
Beyond Risk Management, Inc.(1)(2)	Delayed Draw Term Loan	2,423	2,423
Biolam Group(1)(2)(3)	Delayed Draw Term Loan	1,446	4,783
Bounteous, Inc.(1)(2)	Delayed Draw Term Loan	2,697	2,697
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	187	188
BrightSign LLC(1)(2)	Revolver	369	1,109
British Engineering Services Holdco Limited(1)(2)(4)	Acquisition/Capex Facility	120	203
CAi Software, LLC(1)(2)	Revolver	943	943
Canadian Orthodontic Partners Corp.(1)(2)(6)	Delayed Draw Term Loan	—	291
Centralis Finco S.a.r.l.(1)(3)	Incremental CAF Term Loan	—	298
CGI Parent, LLC(1)(2)	Revolver	1,653	1,653
Classic Collision (Summit Buyer, LLC)(1)	Delayed Draw Term Loan	—	156
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	1,586	5,143
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	10,000	—
Comply365, LLC(1)	Revolver	575	489
Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	501	505
DataServ Integrations, LLC(1)	Revolver	481	481
DecksDirect, LLC(1)(2)	Revolver	381	218
Direct Travel, Inc.(1)	Delayed Draw Term Loan	193	233
DISA Holdings Corp.(1)	Delayed Draw Term Loan	1,287	1,368
DISA Holdings Corp.(1)	Revolver	364	416
DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	Acquisition Facility	—	168
Dune Group(1)(2)(3)	Delayed Draw Term Loan	1,007	1,515
Dwyer Instruments, Inc.(1)	Delayed Draw Term Loan	4,513	4,513
Eclipse Business Capital, LLC(1)	Revolver	12,706	12,321
EMI Porta Holdco LLC(1)(2)	Delayed Draw Term Loan	7,947	7,947
EMI Porta Holdco LLC(1)(2)	Revolver	605	1,261
EPS NASS Parent, Inc.(1)	Delayed Draw Term Loan	—	92
eShipping, LLC(1)	Delayed Draw Term Loan	671	1,274
eShipping, LLC(1)	Revolver	743	743
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	2,617	2,639

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	523	528
Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	620	640
Express Wash Acquisition Company, LLC(1)	Revolver	115	115
F24 (Stairway BidCo GmbH)(1)(2)(3)	Acquisition Term Loan	—	57
Faraday(1)(3)	Delayed Draw Term Loan	1,897	—
FineLine Systems(1)(2)	Delayed Draw Term Loan	—	478
Finexvet(1)(2)(3)	Delayed Draw Term Loan	1,863	—
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	502	766
Fortis Payment Systems, LLC(1)	Delayed Draw Term Loan	210	925
FragilePak LLC(1)	Delayed Draw Term Loan	—	4,649
Front Line Power Construction, LLC(1)(2)	Delayed Draw Term Loan	30	—
GB Eagle Buyer, Inc.(1)(2)	Revolver	3,226	3,226
Glacis Acquisition S.A.R.L.(1)(2)(3)	Delayed Draw Term Loan	6,339	7,399
Global Academic Group Limited(1)(2)(7)	Term Loan	393	451
GPNZ II GmbH(1)(2)(3)	CAF Term Loan	—	560
GPNZ II GmbH(1)(2)(3)	Term Loan	59	—
Graphpad Software, LLC(1)(2)	Delayed Draw Term Loan	2,602	2,602
Greenhill II BV(1)(3)	Capex Acquisition Facility	115	255
Groupe Product Life(1)(3)	Delayed Draw Term Loan	—	1,102
Gusto Aus BidCo Pty Ltd(1)(5)	Delayed Draw Term Loan	212	223
HeartHealth Bidco Pty Ltd(1)(5)	Delayed Draw Term Loan	290	313
Heartland Veterinary Partners, LLC(1)	Delayed Draw Term Loan	—	148
Heartland, LLC(1)	Delayed Draw Term Loan	—	710
Heavy Construction Systems Specialists, LLC(1)	Revolver	2,193	2,193
HEKA Invest(1)(3)	Delayed Draw Term Loan	1,102	1,111
HemaSource, Inc.(1)(2)	Revolver	3,290	—
HTI Technology & Industries(1)	Delayed Draw Term Loan	1,691	1,691
HTI Technology & Industries(1)	Revolver	1,128	1,128
HW Holdco, LLC (Hanley Wood LLC)(1)	Delayed Draw Term Loan	—	1,074
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	40	200
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	164	217
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	1,496	2,621
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	110	111
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	—	3,695
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	—	606
Isolstar Holding NV (IPCOM)(1)(3)	Delayed Draw Term Loan	1,476	1,488
ITI Intermodal, Inc.(1)(2)	Delayed Draw Term Loan	—	103
ITI Intermodal, Inc.(1)	Revolver	1,207	118
Jaguar Merger Sub Inc.(1)	Delayed Draw Term Loan	—	422
Jaguar Merger Sub Inc.(1)	Revolver	—	490
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	558	753
Jones Fish Hatcheries & Distributors LLC(1)(2)	Revolver	418	418
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	724	724
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	860	860
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	704	819
Lattice Group Holdings Bidco Limited(1)(2)	Delayed Draw Term Loan	255	298

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
LeadsOnline, LLC(1)(2)	Revolver	3,190	1,952
LivTech Purchaser, Inc.(1)(2)	Delayed Draw Term Loan	—	244
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	24	24
Marmoutier Holding B.V.(1)(2)(3)	Revolver	104	106
Marshall Excelsior Co.(1)(2)	Revolver	288	216
MC Group Ventures Corporation(1)	Delayed Draw Term Loan	435	467
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	738	797
Mertus 522. GmbH(1)(2)(3)	Capex Acquisition Facility	—	2,745
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	56	59
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	490	—
Moonlight Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	538	—
Murphy Midco Limited(1)(2)(4)	Delayed Draw Term Loan	85	97
Narda Acquisitionco., Inc.(1)	Revolver	1,059	953
NAW Buyer, LLC(1)	Delayed Draw Term Loan	9,223	—
NAW Buyer, LLC(1)	Revolver	2,306	—
NeoxCo(1)(2)(3)	Delayed Draw Term Loan	476	—
Nexus Underwriting Management Limited(1)(2)(4)	Acquisition Facility	709	1,254
Nexus Underwriting Management Limited(1)(2)(4)	Revolver	74	—
NF Holdco, LLC(1)	Revolver	887	—
Novotech Aus Bidco Pty Ltd(1)	Capex & Acquisition Facility	971	971
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	918	925
OA Buyer, Inc.(1)	Revolver	1,331	1,331
OAC Holdings I Corp(1)(2)	Revolver	1,370	607
OG III B.V.(1)(3)	Accordion Facility	—	650
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	—	3,407
Omni Intermediate Holdings, LLC(1)	Delayed Draw Term Loan	806	1,008
Options Technology Ltd.(1)	Delayed Draw Term Loan	1,406	1,406
OSP Hamilton Purchaser, LLC(1)(2)	Revolver	941	187
Pare SAS (SAS Maurice MARLE)(1)(2)	Delayed Draw Term Loan	2,100	2,100
PDQ.Com Corporation(1)	Delayed Draw Term Loan	3,111	3,836
Polara Enterprises, L.L.C.(1)	Revolver	947	947
Premium Invest(1)(2)(3)	Delayed Draw Term Loan	5,929	5,977
Process Insights Acquisition, Inc.(1)(2)	Delayed Draw Term Loan	1,220	—
Process Insights Acquisition, Inc.(1)(2)	Revolver	1,323	—
ProfitOptics, LLC(1)(2)	Revolver	116	193
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	202	255
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	721	727
QPE7 SPV1 BidCo Pty Ltd(1)(5)	Accordion Facility	—	2,585
Qualified Industries, LLC(1)	Revolver	364	—
Questel Unite(1)(2)(3)	Incremental Term Loan	2,679	2,701
R1 Holdings, LLC(1)	Delayed Draw Term Loan	1,820	2,623
R1 Holdings, LLC(1)	Revolver	1,947	1,601
Randys Holdings, Inc.(1)	Delayed Draw Term Loan	5,516	5,516
Randys Holdings, Inc.(1)	Revolver	1,658	1,964
Rep Seko Merger Sub LLC(1)(2)	Delayed Draw Term Loan	—	520
Reward Gateway (UK) Ltd(1)(2)(4)	Acquisition Facility	—	765
Rocade Holdings LLC(1)(2)	Preferred Equity	35,000	—

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
Rock Labor, LLC(1)(2)	Revolver	941	—
Royal Buyer, LLC(1)	Delayed Draw Term Loan	1,804	2,945
Royal Buyer, LLC(1)	Revolver	1,787	1,787
Safety Products Holdings, LLC(1)(2)	Delayed Draw Term Loan	—	2,730
Sanoptis S.A.R.L.(1)(2)(3)	Acquisition Capex Facility	41	5,535
Sanoptis S.A.R.L.(1)(2)(3)	CAF Term Loan	2,396	—
SBP Holdings LP(1)	Delayed Draw Term Loan	788	—
SBP Holdings LP(1)	Revolver	1,065	—
Scaled Agile, Inc.(1)(2)	Delayed Draw Term Loan	331	416
Scaled Agile, Inc.(1)(2)	Revolver	336	336
Scout Bidco B.V.(1)(3)	Delayed Draw Term Loan	—	1,135
Scout Bidco B.V.(1)(2)(3)	Revolver	511	515
Sereni Capital NV(1)(2)(3)	Delayed Draw Term Loan	673	—
Sereni Capital NV(1)(3)	Term Loan	—	109
Simulation Software Investment Company Pty Ltd(1)(2)	Delayed Draw Term Loan	408	408
Sinari Invest(1)(2)(3)	Delayed Draw Term Loan	665	—
Smartling, Inc.(1)(2)	Delayed Draw Term Loan	—	2,076
Smartling, Inc.(1)	Revolver	1,038	1,038
SmartShift Group, Inc.(1)(2)	Delayed Draw Term Loan	5,690	—
SmartShift Group, Inc.(1)(2)	Revolver	2,731	—
Soho Square III Debtco II SARL(1)(4)	Delayed Draw Term Loan	1,135	3,383
Solo Buyer, L.P.(1)(2)	Revolver	1,596	1,995
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)	Delayed Draw Term Loan	399	665
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)	Revolver	98	156
Spatial Business Systems LLC(1)	Delayed Draw Term Loan	1,875	7,500
Spatial Business Systems LLC(1)	Revolver	1,406	1,406
SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	381	451
Superjet Buyer, LLC(1)	Revolver	1,369	1,825
Syntax Systems Ltd(1)(2)	Delayed Draw Term Loan	1,770	1,770
Syntax Systems Ltd(1)(2)	Revolver	309	309
Tank Holding Corp(1)(2)	Delayed Draw Term Loan	2,047	—
Tank Holding Corp(1)(2)	Revolver	142	545
Tanqueray Bidco Limited(1)(4)	Capex Facility	1,104	1,088
Techone B.V.(1)(3)	Revolver	140	94
Tencarva Machinery Company, LLC(1)	Revolver	1,129	1,129
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Delayed Draw Term Loan	4,195	4,195
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	1,233	1,233
The Cleaver-Brooks Company, Inc.(1)	Revolver	2,768	2,422
The Hilb Group, LLC(1)	Delayed Draw Term Loan	1,080	2,537
Trader Corporation(1)(6)	Revolver	346	345
Trintech, Inc.(1)(2)	Revolver	1,020	—
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	1,681	1,681
TSYL Corporate Buyer, Inc.(1)	Revolver	177	177
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	1,509	1,509
Union Bidco Limited(1)(2)(4)	Acquisition Facility	213	210
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	609	1,089

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023		December 31, 2022
Unither (Uniholding)(1)(3)	Delayed Draw Term Loan	459		—
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2)	Delayed Draw Term Loan	2,404		3,371
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	108		—
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	—		487
Waccamaw River LLC(2)	Joint Venture	—		2,480
West-NR AcquisitionCo., LLC(1)(2)	Delayed Draw Term Loan	3,750		—
Whitcraft Holdings, Inc.(1)(2)	Revolver	2,515		—
Woodland Foods, LLC(1)(2)	Line of Credit	736		330
WWEC Holdings III Corp(1)	Delayed Draw Term Loan	2,329		2,329
WWEC Holdings III Corp(1)	Revolver	1,584		1,025
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	3,949		4,743
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	—		1,352
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	2,932		—
ZB Holdco LLC(1)(2)	Revolver	811		845
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	1,277		1,258
Total unused commitments to extend financing		$	278,323	$	247,730

(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 ~~such other capacity deemed~~unfunded commitments.

(2)Represents a commitment to ~~be necessary~~extend financing to a portfolio company where one or ~~desirable.~~ 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

8. FINANCIAL HIGHLIGHTS

The following is ~~responsible~~a schedule of financial highlights for the ~~financial~~nine months ended September 30, 2023 and ~~other records that we are required~~2022:


	Nine Months Ended			Nine Months Ended
($ in thousands, except share and per share amounts)	September 30, 2023			September 30, 2022
Per share data:
Net asset value at beginning of period	$	20.55		$	20.58
Net investment income (1)	1.85			1.42
Net realized gain on investments / foreign currency transactions / forward currency contracts (1)	(0.54)			0.20
Net unrealized appreciation (depreciation) on investments / foreign currency transactions / forward currency contracts (1)	0.67			(0.08)
Total increase from investment operations (1)	1.98			1.54
Dividends paid to stockholders from net investment income	(1.69)			(1.21)
Dividends paid to stockholders from short-term realized gains	(0.02)			(0.08)
Total dividends declared	(1.71)			(1.29)








Net asset value at end of period	$	20.82		$	20.83
Shares outstanding at end of period	60,626,254			51,995,302
Net assets at end of period	$	1,262,528		$	1,083,298
Average net assets	$	1,167,448		$	973,609
Ratio of total expenses to average net assets (annualized) (2)	10.06		%	5.25		%

Ratio of net investment income to average net assets (annualized) (2)	12.15		%	9.30		%
Portfolio turnover ratio (annualized)	13.73		%	11.79		%
Total return (3)	9.99		%	7.56		%

(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.

(3)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 October 2, 2023, the Company sold 521,964.46 unregistered shares of its common stock (with the number of shares issued being determined on October 24, 2023), for aggregate consideration of approximately $10.9 million at a price per share of $20.82, determined in accordance with Section 23 of the 1940 Act. The sale of common stock was made pursuant to ~~maintain~~subscription agreements entered into by the Company and ~~will prepare all reports and other materials required to be filed~~the participating investors in connection with the ~~SEC~~ Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder and/or ~~any other regulatory authority.~~Regulation S under the Securities Act.

~~Included in Barings GPFG is Barings North American Private Finance Team (the “U.S. Investment Team”), which consists of 51 investment professionals (as of March 31, 2023) located in three offices~~On November 9, 2023, the Board declared regular monthly distributions for December 2023 through February 2024. The regular monthly cash distributions, each in the ~~U.S.~~ gross amount of $0.20 per share are payable on December 28, 2023, January 30, 2024 and February 28, 2024, to stockholders of record on December 26, 2023, January 26, 2024 and February 26, 2024, respectively.

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

The ~~U.S. Investment Team provides~~following discussion is designed to provide a full set of solutions to the North American middle market, including revolvers, first and second lien senior secured loans, unitranche structures, 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. 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 also entered into the Expense Support Agreement with Barings, pursuant to which Barings may elect to make certain Expense Payments on our behalf, including organization and offering expenses, provided that no portion of the payment will be used to pay anybetter understanding of our ~~interest expenses or, if applicable~~Unaudited Consolidated Financial Statements for the three and nine months ended September 30, 2023, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following ~~receipt of~~discussion should be read in conjunction with the ~~Multi-Class Exemptive Relief (as defined~~Unaudited Consolidated Financial Statements and the notes thereto included in ~~Part II,~~ Item 21 of this Quarterly Report on Form ~~10-Q), if~~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, 2022. Historical results and percentage relationships among any ~~our distribution and/or shareholder servicing fees. Any Expense Payment that Barings commits to pay must be paid by Barings to us~~amounts in the financial statements are not necessarily indicative of trends in operating results for 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 exceed the cumulative distributions accrued to our stockholders, subject to the terms of the Expense Support Agreement.future periods.

Portfolio Composition

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 September 30, 2023 and December 31, 2022 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, 2023:
Senior debt and 1st lien notes	$	1,884,412	81	%	$	1,841,845	80	%	146	%
Subordinated debt and 2nd lien notes	160,241		7		150,167		7		12
Structured products	27,142		1		23,668		1		2
Equity shares	217,967		9		258,933		11		21
Equity warrants	4		—		1,277		—		—
Investment in joint ventures	43,661		2		30,069		1		2

	$	2,333,427	100	%	$	2,305,959	100	%	183	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2022:
Senior debt and 1st lien notes	$	1,817,043	83	%	$	1,777,492	82	%	163	%
Subordinated debt and 2nd lien notes	169,463		8		163,899		8		15
Structured products	28,560		1		25,022		1		2
Equity shares	130,616		6		158,131		7		15
Equity warrants	4		—		1,083		—		—
Investment in joint ventures	41,815		2		32,253		2		3

	$	2,187,501	100	%	2,157,880		100	%	198	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Industry Composition

The industry composition of investments at fair value at September 30, 2023 and December 31, 2022 was as follows:


($ in thousands)	September 30, 2023				December 31, 2022
Aerospace and Defense	$	116,470	5.1	%	$	101,192	4.7	%
Automotive	47,472		2.1		54,357		2.5
Banking, Finance, Insurance and Real Estate	350,702		15.2		270,117		12.5
Beverage, Food and Tobacco	24,956		1.1		21,389		1.0
Capital Equipment	69,734		3.0		60,393		2.8
Chemicals, Plastics, and Rubber	26,973		1.2		34,679		1.6
Construction and Building	20,900		0.9		23,802		1.1
Consumer Goods: Durable	29,108		1.3		29,699		1.4
Consumer Goods: Non-durable	37,143		1.6		35,567		1.6
Containers, Packaging and Glass	48,545		2.1		47,828		2.2

Energy: Electricity	6,004		0.2		—		—

Environmental Industries	61,208		2.7		60,035		2.8

Healthcare and Pharmaceuticals	204,385		8.8		197,319		9.1
High Tech Industries	349,388		15.2		346,180		16.0
Hotel, Gaming and Leisure	21,657		0.9		20,211		0.9
Investment Funds and Vehicles	30,069		1.2		32,253		1.5
Media: Advertising, Printing and Publishing	28,010		1.2		35,399		1.6
Media: Broadcasting and Subscription	9,532		0.4		9,372		0.5
Media: Diversified and Production	57,214		2.5		29,337		1.4
Metals and Mining	7,485		0.3		7,442		0.3

Services: Business	382,203		16.6		371,974		17.3
Services: Consumer	103,267		4.5		99,808		4.6
Structured Products	42,161		1.8		46,943		2.2
Telecommunications	22,616		1.0		20,922		1.0
Transportation: Cargo	151,945		6.6		142,437		6.6
Transportation: Consumer	45,177		2.0		48,878		2.3
Utilities: Electric	11,635		0.5		10,347		0.5


Total	$	2,305,959	100.0	%	$	2,157,880	100.0	%

CPCF BPCC LLC

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

9.1% partnership interest in CPCF BPCC. As of September 30, 2023, the cost and fair value of the Company’s investment in CPCF BPCC were $6.1 million and $5.9 million, respectively.


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
September 30, 2023:
Senior debt and 1st lien notes	$	162,771	100	%	$	162,014	100	%






	$	162,771	100	%	$	162,014	100	%

As of September 30, 2023, the weighted average yield on the principal amount of CPCF BPCC’s outstanding debt investments was approximately 11.2%.

The industry composition of CPCF BPCC’s investments at fair value at September 30, 2023 was as follows:


($ in thousands)	September 30, 2023
Aerospace and Defense	$	13,668	8.4	%
Automotive	6,875		4.2
Banking, Finance, Insurance and Real Estate	8,751		5.4

Capital Equipment	11,382		7.0
Chemicals, Plastics, and Rubber	2,936		1.8

Consumer Goods: Durable	2,992		1.9



Energy: Electricity	4,975		3.1



Healthcare and Pharmaceuticals	24,149		14.9
High Tech Industries	24,060		14.9


Media: Advertising, Printing and Publishing	6,766		4.2

Media: Diversified and Production	5,803		3.6


Services: Business	33,103		20.4
Services: Consumer	4,798		3.0


Transportation: Cargo	2,961		1.8
Transportation: Consumer	4,862		3.0
Utilities: Electric	3,933		2.4


Total	$	162,014	100.0	%

The geographic composition of CPCF BPCC’s investments at fair value at September 30, 2023 was as follows:


($ in thousands)	September 30, 2023


Canada	$	9,798	6.0	%
France	16,581		10.2
Germany	9,566		5.9

Netherlands	2,910		1.8


United Kingdom	5,768		3.6
USA	117,391		72.5
Total	$	162,014	100.0	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

•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;

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 September 30, 2023. As of September 30, 2023, 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of September 30, 2023 and December 31, 2022, 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, 2023:
Federal Housing Administration (“FHA”) loans	$	419,651	92	%	$	384,251	92	%
Veterans Affairs (“VA”) loans	34,071		8		31,380		8

	$	453,722	100	%	$	415,631	100	%
December 31, 2022:
Federal Housing Administration (“FHA”) loans	$	864,625	91	%	$	811,358	91	%
Veterans Affairs (“VA”) loans	84,654		9		79,553		9
	$	949,279	100	%	$	890,911	100	%

As of September 30, 2023 and December 31, 2022, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 2023		As of December 31, 2022
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 $209.3 million, respectively, of total contributed capital by related parties.

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 September 30, 2023. As of September 30, 2023, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement totaled $125.0 million, all of which has been funded (including $14.0 million of recallable return of capital).

For the three months ended September 30, 2023, Waccamaw River did not declare a dividend. For the nine months ended September 30, 2023, Waccamaw River declared $7.3 million in dividends, of which $1.5 million was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations. For the three and nine months ended September 30, 2022, Waccamaw River declared $2.7 million and $6.6 million in dividends, respectively, of which $0.5 million and $1.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statements of Operations.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of September 30, 2023, Waccamaw River had $223.7 million in unsecured consumer loans and $21.2 million in cash. As of December 31, 2022, Waccamaw River had $200.5 million in unsecured consumer loans and $8.0 million in cash. As of September 30, 2023, Waccamaw River had 23,199 outstanding loans with an average loan size of $10,832, remaining average life to maturity of 41.8 months and weighted average interest rate of 12.7%. As of December 31, 2022, Waccamaw River had 18,335 outstanding loans with an average loan size of $11,542, remaining average life to maturity of 44.0 months and weighted average interest rate of 12.0%.

Waccamaw River’s secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $88.3 million and $72.3 million outstanding as of September 30, 2023 and December 31, 2022, respectively. Waccamaw River’s secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $75.2 million and $44.8 million outstanding as of September 30, 2023 and December 31, 2022, respectively.

As of September 30, 2023 and December 31, 2022, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 2023		As of December 31, 2022
Total contributed capital by Barings Private Credit Corporation	$	25,000	$	22,520
Total contributed capital by all members (1)	$	139,020	$	126,620

Total return of capital (recallable) by Barings Private Credit Corporation	$	—	$	—
Total return of capital (recallable) by all members (2)	$	(14,020)	$	(14,020)

Total unfunded commitments by Barings Private Credit Corporation	$	—	$	2,480
Total unfunded commitments by all members	$	—	$	12,400	(3)

(1)Includes $87.3 million and $79.9 million of total contributed capital by related parties as of September 30, 2023 and December 31, 2022, respectively.

(2)Includes ($12.3) million of total return of capital (recallable) by related parties.

(3)Includes $7.4 million of unfunded commitments by related parties.

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 September 30, 2023 and December 31, 2022, $3.3 million and $3.7 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 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, Financial Services Investment Companies. 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Rocade Holdings LLC

Valuation of Investments

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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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

Independent Valuation

Valuation Inputs

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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.

Level 3 Unobservable Inputs

September 30, 2023

($ in thousands)(3)

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)

1,538,861

Yield Analysis

Market Yield

7.3% – 41.4%

11.8%

Decrease

7,559

Market Approach

Adjusted EBITDA Multiple

7.0x – 8.0x

7.9x

Increase

223,666

Recent Transaction

Transaction Price

96.1% – 100.0%

97.5%

Increase

Subordinated debt and 2nd lien notes(2)

125,085

Yield Analysis

Market Yield

9.0% – 18.9%

13.7%

Decrease

6,546

Market Approach

Adjusted EBITDA Multiple

11.0x

Increase

Equity shares

8,518

Yield Analysis

Market Yield

14.2% – 15.5%

14.9%

Decrease

240,161

Market Approach

Adjusted EBITDA Multiple

6.5x – 35.0x

11.1x

Increase

1,510

Market Approach

Revenue Multiple

6.3x – 9.5x

6.6x

Increase

5,044

Net Asset Approach

Liabilities

$(44,742.4)

Decrease

3,662

Recent Transaction

Transaction Price

$1.00 – $1,000.00

$226.77

Increase

Equity warrants

1,277

Market Approach

Adjusted EBITDA Multiple

6.5x – 14.0x

7.9x

Increase

(1) Excludes investments with an aggregate fair value amounting to $29,849, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2022

($ 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)

1,440,027

Yield Analysis

Market Yield

7.2% – 30.8%

11.4%

Decrease

21,921

Discounted Cash Flow Analysis

Discount Rate

13.0%

Decrease

262,514

Recent Transaction

Transaction Price

96.7% – 100.0%

97.5%

Increase

Subordinated debt and 2nd lien notes(2)

125,363

Yield Analysis

Market Yield

9.3% – 16.6%

13.0%

Decrease

6,931

Market Approach

Adjusted EBITDA Multiple

9.0x

Increase

513

Recent Transaction

Transaction Price

97.3%

Increase

Structured products(3)

7,584

Discounted Cash Flow Analysis

Discount Rate

10.4%

Decrease

Equity shares

9,462

Yield Analysis

Market Yield

15.7% – 17.8%

16.6%

Decrease

137,680

Market Approach

Adjusted EBITDA Multiple

6.5x – 43.0x

10.7x

Increase

1,406

Market Approach

Revenue Multiple

6.5x – 7.0x

6.8x

Increase

220

Market Approach

Adjusted EBITDA/Revenue Multiple Blend

5.8x

Increase

3,219

Net Asset Approach

Liabilities

$(8,941.8)

Decrease

5,326

Recent Transaction

Transaction Price

$0.00 – $4,673.00

$516.37

Increase

Equity warrants

1,083

Market Approach

Adjusted EBITDA Multiple

6.5x – 17.5x

7.3x

Increase

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


	Fair Value as of September 30, 2023
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	41,910	$	1,799,935	$	1,841,845
Subordinated debt and 2nd lien notes	—		12,943		137,224		150,167
Structured products	—		8,451		15,217		23,668
Equity shares	38		—		258,895		258,933
Equity warrants	—		—		1,277		1,277

Investments subject to leveling	$	38	$	63,304	$	2,212,548	$	2,275,890
Investment in joint ventures (1)							$	30,069
							$	2,305,959

	Fair Value as of December 31, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	41,442	$	1,736,050	$	1,777,492
Subordinated debt and 2nd lien notes	—		20,605		143,294		163,899
Structured products	—		8,642		16,380		25,022
Equity shares	53		765		157,313		158,131
Equity warrants	—		—		1,083		1,083

Investments subject to leveling	$	53	$	71,454	$	2,054,120	$	2,125,627
Investment in joint ventures (2)							$	32,253
							$	2,157,880

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Nine Months Ended September 30, 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	322,327		22,993		—		85,045		—		430,365

Transfers into (out of) Level 3, net	—		(839)		—		522		—		(317)
Proceeds from sales of investments	(163,022)		—		—		(95)		—		(163,117)
Loan origination fees received	(8,613)		(47)		—		—		—		(8,660)
Principal repayments received	(94,610)		(25,632)		(1,428)		—		—		(121,670)
Payment-in-kind interest/dividends	4,273		1,861		—		4,830		—		10,964

Accretion of loan premium/discount	470		384		—		—		—		854
Accretion of deferred loan origination revenue	7,261		292		—		—		—		7,553
Realized gain (loss)	(702)		(278)		—		(450)		—		(1,430)
Unrealized appreciation (depreciation)	(3,499)		(4,804)		265		11,730		194		3,886
Fair value, end of period	$	1,799,935	$	137,224	$	15,217	$	258,895	$	1,277	$	2,212,548


Nine Months Ended September 30, 2022 ($ 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	$	1,138,818	$	92,224	$	—	$	75,005	$	—	$	1,306,047
New investments	569,838		54,870		6,000		42,789		4		673,501
Transfers into (out of) Level 3, net	5,425		4,067		9,811		3,518		—		22,821
Proceeds from sales of investments	1,665		(573)		—		—		—		1,092
Loan origination fees received	(14,238)		(829)		—		—		—		(15,067)
Principal repayments received	(153,392)		(1,003)		(714)		—		—		(155,109)
Payment-in-kind interest/dividends	1,823		1,199				100		—		3,122

Accretion of loan premium/discount	34		58		—		—		—		92
Accretion of deferred loan origination revenue	7,840		188		—		—		—		8,028
Realized gain (loss)	(6,565)		(1,895)		—		—		—		(8,460)
Unrealized appreciation (depreciation)	(52,156)		(3,899)		(1,340)		24,401		(4)		(32,998)
Fair value, end of period	$	1,499,092	$	144,407	$	13,757	$	145,813	$	—	$	1,803,069

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 depreciation on Level 3 investments of $4.7 million during the nine months ended September 30, 2023 was related to portfolio company investments that were still held by the Company as of September 30, 2023. Pre-tax net unrealized depreciation on Level 3 investments of $37.9 million during the nine months ended September 30, 2022 was related to portfolio company investments that were still held by the Company as of September 30, 2022.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Unsettled Purchases and Sales of Investments

Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio 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. As of September 30, 2023, the Company does not “Control” any of its portfolio companies for the purposes of the 1940 Act. Under the 1940 Act, the Company is deemed to be an Affiliated Person of a company in which the Company has invested if it owns at least 5.0%, but no more than 25.0%, of the outstanding voting securities of such company.

Cash and Foreign Currencies

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 September 30, 2023 and December 31, 2022, the Company had two portfolio companies and one portfolio company, respectively, with investments that were on non-accrual.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Payment-in-Kind Interest

Fee Income

Fee income for the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
($ in thousands)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Recurring Fee Income:
Amortization of loan origination fees	$	2,012	$	1,796	$	6,353	$	4,975
Management, valuation and other fees	589		464		1,795		1,283
Total Recurring Fee Income	2,601		2,260		8,148		6,258
Non-Recurring Fee Income:
Prepayment fees	—		230		380		241
Acceleration of unamortized loan origination fees	264		1,346		1,314		3,156
Advisory, loan amendment and other fees	413		241		714		696
Total Non-Recurring Fee Income	677		1,817		2,408		4,093
Total Fee Income	$	3,278	$	4,077	$	10,556	$	10,351

General and Administrative Expenses

Offering Expenses

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Segments

Concentration of Credit Risk

As of September 30, 2023 and December 31, 2022, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of September 30, 2023 and December 31, 2022, the Company’s largest single portfolio company investment represented approximately 4.8% and 4.7%, 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.

Financial and Derivative Instruments

Investments Denominated in Foreign Currency

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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.

4. INCOME TAXES

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 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 and nine months ended September 30, 2023, the Company recorded net expenses of $0.1 million and $0.4 million, respectively, for U.S. federal excise tax.

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 reflects 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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

5. BORROWINGS

The Company had the following borrowings outstanding as of September 30, 2023 and December 31, 2022:


Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of September 30, 2023	September 30, 2023		December 31, 2022
Credit Facilities:
Revolving Credit Facility – May 11, 2021	May 11, 2026	7.248%	$	467,642	$	795,284
SMBC Credit Facility – March 6, 2023	March 6, 2028	7.432%	62,500		—
Total Credit Facilities			$	530,142	$	795,284
Debt Securitization:
August 23, 2023 – Class A-1 Notes	July 15, 2031	7.807%	$	300,000	$	—
August 23, 2023 – Class A-2 Notes	July 15, 2031	8.757%	35,000		—
August 23, 2023 – Class A-2 Loans	July 15, 2031	8.757%	20,000
August 23, 2023 – Class B Notes	July 15, 2031	9.557%	25,000		—
August 23, 2023 – Class C Notes	July 15, 2031	11.757%	22,500		—

(Less: Deferred financing fees)			(2,385)		—
Total Debt Securitization			$	400,115	$	—
Notes:
July 29, 2021 – Series A Notes	July 29, 2026	3.500%	$	75,000	$	75,000
September 15, 2021 – Series B Notes	July 29, 2026	3.500%	38,000		38,000
October 28, 2021 – Series C Notes	July 29, 2026	3.500%	37,000		37,000
May 10, 2022 – Series D Notes (1)	May 10, 2027	6.000%	95,181		95,466
July 26, 2022 – Series E Notes (1)	May 10, 2027	6.000%	52,082		52,187

(Less: Deferred financing fees)			(517)		(615)
Total Notes			$	296,746	$	297,038
Secured Borrowing:
Secured Borrowing	March 14, 2023	N/A	$	—	$	18,559


Total Secured Borrowing			$	—	$	18,559

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

BNP Paribas Revolving Credit Facility

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 (as described above) 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 September 30, 2023, the Company was in compliance with all covenants of the Revolving Credit Facility.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

A$7.8 million ($5.3 million U.S dollars) with a weighted average interest rate of 5.210% (three month BBSW of 3.060%), borrowings denominated in Canadian dollars of C$5.4 million ($4.0 million U.S. dollars) with an interest rate of 6.708% (three month CDOR of 4.558%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($3.9 million U.S. dollars) with an interest rate of 6.490% (three month NZBB of 4.090%) and borrowings denominated in Euros of €86.6 million ($92.4 million U.S. dollars) with an interest rate of 3.772% (three month EURIBOR of 1.605%). 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 “unrealized appreciation (depreciation) – foreign currency transactions” in the Company’s Consolidated Statements of Operations.

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.

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

immediately due and payable. As of September 30, 2023, the Company was in compliance with all covenants of the SMBC Credit Facility.

2023 Debt Securitization

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

July 2026 Notes

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

May 2027 Notes

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 September 30, 2023, the interest rate swap had a fair value of $(4.8) 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 the Company’s 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, 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 September 30, 2023, the interest rate swap had a fair value of $(2.9) 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 the Company’s 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.

Secured Borrowings

6. DERIVATIVE INSTRUMENTS

The following tables present the Company’s foreign currency forward contracts as of September 30, 2023 and December 31, 2022:

As of September 30, 2023

($ in thousands)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$5,023

$3,431

10/10/23

(191)

Derivative liabilities

Foreign currency forward contract (AUD)

$47,174

A$70,394

10/10/23

1,760

Derivative assets

Foreign currency forward contract (CAD)

$5,361

C$7,053

10/10/23

150

Derivative assets

Foreign currency forward contract (DKK)

$1,164

kr.7,870

10/10/23

Derivative assets

Foreign currency forward contract (EUR)

$226,210

€205,324

10/10/23

8,843

Derivative assets

Foreign currency forward contract (GBP)

$76,753

£60,245

10/10/23

3,163

Derivative assets

Foreign currency forward contract (NZD)

$5,426

NZ$8,792

10/10/23

142

Derivative assets

Foreign currency forward contract (NOK)

$3,910

41,996kr

10/10/23

(29)

Derivative liabilities

Foreign currency forward contract (SEK)

$553

5,904kr

10/10/23

Derivative assets

Foreign currency forward contract (CHF)

$6,864

6,046Fr.

10/10/23

246

Derivative assets

Total

14,143

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2022

($ in thousands)

Description

Notional Amount to be Purchased

Notional Amount to be Sold

Maturity Date

Gross Amount of Recognized Assets (Liabilities)

Balance Sheet Location of Net Amounts

Foreign currency forward contract (AUD)

A$61,845

$41,434

01/09/23

660

Derivative assets

Foreign currency forward contract (AUD)

A$2,300

$1,557

04/11/23

Derivative assets

Foreign currency forward contract (AUD)

$40,131

A$61,845

01/09/23

(1,964)

Derivative liabilities

Foreign currency forward contract (AUD)

$42,446

A$63,128

04/11/23

(684)

Derivative liabilities

Foreign currency forward contract (CAD)

C$7,479

$5,491

01/09/23

Derivative assets

Foreign currency forward contract (CAD)

$5,473

C$7,479

01/09/23

(53)

Derivative liabilities

Foreign currency forward contract (CAD)

$5,383

C$7,326

04/11/23

(35)

Derivative liabilities

Foreign currency forward contract (DKK)

7,401kr.

$1,056

01/09/23

Derivative assets

Foreign currency forward contract (DKK)

$982

7,401kr.

01/09/23

(83)

Derivative liabilities

Foreign currency forward contract (DKK)

$1,078

7,499kr.

04/11/23

(9)

Derivative liabilities

Foreign currency forward contract (EUR)

€187,162

$198,632

01/09/23

1,693

Derivative assets

Foreign currency forward contract (EUR)

$185,138

€187,162

01/09/23

(15,187)

Derivative liabilities

Foreign currency forward contract (EUR)

$199,111

€186,411

04/11/23

(1,665)

Derivative liabilities

Foreign currency forward contract (GBP)

£56,336

$68,032

01/09/23

Derivative assets

Foreign currency forward contract (GBP)

£1,600

$1,929

04/11/23

Derivative assets

Foreign currency forward contract (GBP)

$62,569

£56,336

01/09/23

(5,477)

Derivative liabilities

Foreign currency forward contract (GBP)

$66,247

£54,756

04/11/23

(38)

Derivative liabilities

Foreign currency forward contract (NZD)

NZ$8,665

$5,451

01/09/23

Derivative assets

Foreign currency forward contract (NZD)

$5,009

NZ$8,665

01/09/23

(487)

Derivative liabilities

Foreign currency forward contract (NZD)

$5,060

NZ$8,044

04/11/23

(46)

Derivative liabilities

Foreign currency forward contract (NOK)

38,802kr

$3,939

01/09/23

Derivative assets

Foreign currency forward contract (NOK)

$3,626

38,802kr

01/09/23

(318)

Derivative liabilities

Foreign currency forward contract (NOK)

$4,097

40,202kr

04/11/23

(7)

Derivative liabilities

Foreign currency forward contract (SEK)

5,694kr

$547

01/09/23

—

Derivative assets

Foreign currency forward contract (SEK)

$512

5,694kr

01/09/23

(35)

Derivative liabilities

Foreign currency forward contract (SEK)

$555

5,751kr

04/11/23

—

Derivative liabilities

Foreign currency forward contract (CHF)

18,873Fr.

$19,744

01/09/23

689

Derivative assets

Foreign currency forward contract (CHF)

$19,491

18,873Fr.

01/09/23

(942)

Derivative liabilities

Foreign currency forward contract (CHF)

$5,336

4,891Fr.

04/11/23

(12)

Derivative liabilities

Total

(23,870)

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 September 30, 2023 and December 31, 2022, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of September 30, 2023 and December 31, 2022 were as follows:


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023		December 31, 2022
Accurus Aerospace Corporation(1)(2)	Revolver	$	311	$	691
Adhefin International(1)(2)(3)	Delayed Draw Term Loan	402		—
Air Comm Corporation, LLC(1)(2)	Delayed Draw Term Loan	1,550		—
AlliA Insurance Brokers NV(1)(2)(3)	Delayed Draw Term Loan	1,707		—
Americo Chemical Products, LLC(1)(2)	Revolver	1,400		—

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
Amtech LLC(1)	Delayed Draw Term Loan	909	1,818
Amtech LLC(1)	Revolver	318	364
AnalytiChem Holding GmbH(1)(2)(3)	Bridge Revolver	458	462
APC1 Holding(1)(3)	Delayed Draw Term Loan	—	354
Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	986	1,179
Arc Education(1)(3)	Delayed Draw Term Loan	2,881	3,789
Argus Bidco Limited(1)(2)(4)	CAF Term Loan	1,037	1,579
Argus Bidco Limited(1)(2)(4)	RCF Bridge Term Loan	—	335
ASC Communications, LLC(1)	Revolver	647	647
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	698	1,059
ATL II MRO Holdings Inc.(1)	Revolver	2,500	2,500
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,439	1,512
AWP Group Holdings, Inc.(1)(2)	Delayed Draw Term Loan	237	—
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	644	962
Azalea Buyer, Inc.(1)(2)	Revolver	481	481
Bariacum S.A(1)(2)(3)	Acquisition Facility	423	961
Beyond Risk Management, Inc.(1)(2)	Delayed Draw Term Loan	2,423	2,423
Biolam Group(1)(2)(3)	Delayed Draw Term Loan	1,446	4,783
Bounteous, Inc.(1)(2)	Delayed Draw Term Loan	2,697	2,697
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	187	188
BrightSign LLC(1)(2)	Revolver	369	1,109
British Engineering Services Holdco Limited(1)(2)(4)	Acquisition/Capex Facility	120	203
CAi Software, LLC(1)(2)	Revolver	943	943
Canadian Orthodontic Partners Corp.(1)(2)(6)	Delayed Draw Term Loan	—	291
Centralis Finco S.a.r.l.(1)(3)	Incremental CAF Term Loan	—	298
CGI Parent, LLC(1)(2)	Revolver	1,653	1,653
Classic Collision (Summit Buyer, LLC)(1)	Delayed Draw Term Loan	—	156
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	1,586	5,143
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	10,000	—
Comply365, LLC(1)	Revolver	575	489
Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	501	505
DataServ Integrations, LLC(1)	Revolver	481	481
DecksDirect, LLC(1)(2)	Revolver	381	218
Direct Travel, Inc.(1)	Delayed Draw Term Loan	193	233
DISA Holdings Corp.(1)	Delayed Draw Term Loan	1,287	1,368
DISA Holdings Corp.(1)	Revolver	364	416
DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	Acquisition Facility	—	168
Dune Group(1)(2)(3)	Delayed Draw Term Loan	1,007	1,515
Dwyer Instruments, Inc.(1)	Delayed Draw Term Loan	4,513	4,513
Eclipse Business Capital, LLC(1)	Revolver	12,706	12,321
EMI Porta Holdco LLC(1)(2)	Delayed Draw Term Loan	7,947	7,947
EMI Porta Holdco LLC(1)(2)	Revolver	605	1,261
EPS NASS Parent, Inc.(1)	Delayed Draw Term Loan	—	92
eShipping, LLC(1)	Delayed Draw Term Loan	671	1,274
eShipping, LLC(1)	Revolver	743	743
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	2,617	2,639

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
Eurofins Digital Testing International LUX Holding SARL(1)(2)(3)	Delayed Draw Term Loan	523	528
Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	620	640
Express Wash Acquisition Company, LLC(1)	Revolver	115	115
F24 (Stairway BidCo GmbH)(1)(2)(3)	Acquisition Term Loan	—	57
Faraday(1)(3)	Delayed Draw Term Loan	1,897	—
FineLine Systems(1)(2)	Delayed Draw Term Loan	—	478
Finexvet(1)(2)(3)	Delayed Draw Term Loan	1,863	—
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	502	766
Fortis Payment Systems, LLC(1)	Delayed Draw Term Loan	210	925
FragilePak LLC(1)	Delayed Draw Term Loan	—	4,649
Front Line Power Construction, LLC(1)(2)	Delayed Draw Term Loan	30	—
GB Eagle Buyer, Inc.(1)(2)	Revolver	3,226	3,226
Glacis Acquisition S.A.R.L.(1)(2)(3)	Delayed Draw Term Loan	6,339	7,399
Global Academic Group Limited(1)(2)(7)	Term Loan	393	451
GPNZ II GmbH(1)(2)(3)	CAF Term Loan	—	560
GPNZ II GmbH(1)(2)(3)	Term Loan	59	—
Graphpad Software, LLC(1)(2)	Delayed Draw Term Loan	2,602	2,602
Greenhill II BV(1)(3)	Capex Acquisition Facility	115	255
Groupe Product Life(1)(3)	Delayed Draw Term Loan	—	1,102
Gusto Aus BidCo Pty Ltd(1)(5)	Delayed Draw Term Loan	212	223
HeartHealth Bidco Pty Ltd(1)(5)	Delayed Draw Term Loan	290	313
Heartland Veterinary Partners, LLC(1)	Delayed Draw Term Loan	—	148
Heartland, LLC(1)	Delayed Draw Term Loan	—	710
Heavy Construction Systems Specialists, LLC(1)	Revolver	2,193	2,193
HEKA Invest(1)(3)	Delayed Draw Term Loan	1,102	1,111
HemaSource, Inc.(1)(2)	Revolver	3,290	—
HTI Technology & Industries(1)	Delayed Draw Term Loan	1,691	1,691
HTI Technology & Industries(1)	Revolver	1,128	1,128
HW Holdco, LLC (Hanley Wood LLC)(1)	Delayed Draw Term Loan	—	1,074
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	40	200
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	164	217
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	1,496	2,621
Interstellar Group B.V.(1)(3)	Delayed Draw Term Loan	110	111
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	—	3,695
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	—	606
Isolstar Holding NV (IPCOM)(1)(3)	Delayed Draw Term Loan	1,476	1,488
ITI Intermodal, Inc.(1)(2)	Delayed Draw Term Loan	—	103
ITI Intermodal, Inc.(1)	Revolver	1,207	118
Jaguar Merger Sub Inc.(1)	Delayed Draw Term Loan	—	422
Jaguar Merger Sub Inc.(1)	Revolver	—	490
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	558	753
Jones Fish Hatcheries & Distributors LLC(1)(2)	Revolver	418	418
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	724	724
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	860	860
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	704	819
Lattice Group Holdings Bidco Limited(1)(2)	Delayed Draw Term Loan	255	298

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
LeadsOnline, LLC(1)(2)	Revolver	3,190	1,952
LivTech Purchaser, Inc.(1)(2)	Delayed Draw Term Loan	—	244
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	24	24
Marmoutier Holding B.V.(1)(2)(3)	Revolver	104	106
Marshall Excelsior Co.(1)(2)	Revolver	288	216
MC Group Ventures Corporation(1)	Delayed Draw Term Loan	435	467
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	738	797
Mertus 522. GmbH(1)(2)(3)	Capex Acquisition Facility	—	2,745
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	56	59
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Term Loan	490	—
Moonlight Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	538	—
Murphy Midco Limited(1)(2)(4)	Delayed Draw Term Loan	85	97
Narda Acquisitionco., Inc.(1)	Revolver	1,059	953
NAW Buyer, LLC(1)	Delayed Draw Term Loan	9,223	—
NAW Buyer, LLC(1)	Revolver	2,306	—
NeoxCo(1)(2)(3)	Delayed Draw Term Loan	476	—
Nexus Underwriting Management Limited(1)(2)(4)	Acquisition Facility	709	1,254
Nexus Underwriting Management Limited(1)(2)(4)	Revolver	74	—
NF Holdco, LLC(1)	Revolver	887	—
Novotech Aus Bidco Pty Ltd(1)	Capex & Acquisition Facility	971	971
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	918	925
OA Buyer, Inc.(1)	Revolver	1,331	1,331
OAC Holdings I Corp(1)(2)	Revolver	1,370	607
OG III B.V.(1)(3)	Accordion Facility	—	650
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	—	3,407
Omni Intermediate Holdings, LLC(1)	Delayed Draw Term Loan	806	1,008
Options Technology Ltd.(1)	Delayed Draw Term Loan	1,406	1,406
OSP Hamilton Purchaser, LLC(1)(2)	Revolver	941	187
Pare SAS (SAS Maurice MARLE)(1)(2)	Delayed Draw Term Loan	2,100	2,100
PDQ.Com Corporation(1)	Delayed Draw Term Loan	3,111	3,836
Polara Enterprises, L.L.C.(1)	Revolver	947	947
Premium Invest(1)(2)(3)	Delayed Draw Term Loan	5,929	5,977
Process Insights Acquisition, Inc.(1)(2)	Delayed Draw Term Loan	1,220	—
Process Insights Acquisition, Inc.(1)(2)	Revolver	1,323	—
ProfitOptics, LLC(1)(2)	Revolver	116	193
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	202	255
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	721	727
QPE7 SPV1 BidCo Pty Ltd(1)(5)	Accordion Facility	—	2,585
Qualified Industries, LLC(1)	Revolver	364	—
Questel Unite(1)(2)(3)	Incremental Term Loan	2,679	2,701
R1 Holdings, LLC(1)	Delayed Draw Term Loan	1,820	2,623
R1 Holdings, LLC(1)	Revolver	1,947	1,601
Randys Holdings, Inc.(1)	Delayed Draw Term Loan	5,516	5,516
Randys Holdings, Inc.(1)	Revolver	1,658	1,964
Rep Seko Merger Sub LLC(1)(2)	Delayed Draw Term Loan	—	520
Reward Gateway (UK) Ltd(1)(2)(4)	Acquisition Facility	—	765
Rocade Holdings LLC(1)(2)	Preferred Equity	35,000	—

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023	December 31, 2022
Rock Labor, LLC(1)(2)	Revolver	941	—
Royal Buyer, LLC(1)	Delayed Draw Term Loan	1,804	2,945
Royal Buyer, LLC(1)	Revolver	1,787	1,787
Safety Products Holdings, LLC(1)(2)	Delayed Draw Term Loan	—	2,730
Sanoptis S.A.R.L.(1)(2)(3)	Acquisition Capex Facility	41	5,535
Sanoptis S.A.R.L.(1)(2)(3)	CAF Term Loan	2,396	—
SBP Holdings LP(1)	Delayed Draw Term Loan	788	—
SBP Holdings LP(1)	Revolver	1,065	—
Scaled Agile, Inc.(1)(2)	Delayed Draw Term Loan	331	416
Scaled Agile, Inc.(1)(2)	Revolver	336	336
Scout Bidco B.V.(1)(3)	Delayed Draw Term Loan	—	1,135
Scout Bidco B.V.(1)(2)(3)	Revolver	511	515
Sereni Capital NV(1)(2)(3)	Delayed Draw Term Loan	673	—
Sereni Capital NV(1)(3)	Term Loan	—	109
Simulation Software Investment Company Pty Ltd(1)(2)	Delayed Draw Term Loan	408	408
Sinari Invest(1)(2)(3)	Delayed Draw Term Loan	665	—
Smartling, Inc.(1)(2)	Delayed Draw Term Loan	—	2,076
Smartling, Inc.(1)	Revolver	1,038	1,038
SmartShift Group, Inc.(1)(2)	Delayed Draw Term Loan	5,690	—
SmartShift Group, Inc.(1)(2)	Revolver	2,731	—
Soho Square III Debtco II SARL(1)(4)	Delayed Draw Term Loan	1,135	3,383
Solo Buyer, L.P.(1)(2)	Revolver	1,596	1,995
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)	Delayed Draw Term Loan	399	665
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.)(1)	Revolver	98	156
Spatial Business Systems LLC(1)	Delayed Draw Term Loan	1,875	7,500
Spatial Business Systems LLC(1)	Revolver	1,406	1,406
SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	381	451
Superjet Buyer, LLC(1)	Revolver	1,369	1,825
Syntax Systems Ltd(1)(2)	Delayed Draw Term Loan	1,770	1,770
Syntax Systems Ltd(1)(2)	Revolver	309	309
Tank Holding Corp(1)(2)	Delayed Draw Term Loan	2,047	—
Tank Holding Corp(1)(2)	Revolver	142	545
Tanqueray Bidco Limited(1)(4)	Capex Facility	1,104	1,088
Techone B.V.(1)(3)	Revolver	140	94
Tencarva Machinery Company, LLC(1)	Revolver	1,129	1,129
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Delayed Draw Term Loan	4,195	4,195
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	1,233	1,233
The Cleaver-Brooks Company, Inc.(1)	Revolver	2,768	2,422
The Hilb Group, LLC(1)	Delayed Draw Term Loan	1,080	2,537
Trader Corporation(1)(6)	Revolver	346	345
Trintech, Inc.(1)(2)	Revolver	1,020	—
TSYL Corporate Buyer, Inc.(1)	Delayed Draw Term Loan	1,681	1,681
TSYL Corporate Buyer, Inc.(1)	Revolver	177	177
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	1,509	1,509
Union Bidco Limited(1)(2)(4)	Acquisition Facility	213	210
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	609	1,089

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2023		December 31, 2022
Unither (Uniholding)(1)(3)	Delayed Draw Term Loan	459		—
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2)	Delayed Draw Term Loan	2,404		3,371
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	108		—
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	—		487
Waccamaw River LLC(2)	Joint Venture	—		2,480
West-NR AcquisitionCo., LLC(1)(2)	Delayed Draw Term Loan	3,750		—
Whitcraft Holdings, Inc.(1)(2)	Revolver	2,515		—
Woodland Foods, LLC(1)(2)	Line of Credit	736		330
WWEC Holdings III Corp(1)	Delayed Draw Term Loan	2,329		2,329
WWEC Holdings III Corp(1)	Revolver	1,584		1,025
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	3,949		4,743
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	—		1,352
ZB Holdco LLC(1)(2)	Delayed Draw Term Loan	2,932		—
ZB Holdco LLC(1)(2)	Revolver	811		845
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	1,277		1,258
Total unused commitments to extend financing		$	278,323	$	247,730