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 ~~June~~September 30, 2022


¨			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: None.

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 ¨ 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 ~~August 9,~~November 10, 2022 was ~~51,795,798.~~52,152,176.

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 ~~June~~September 30, 2022 and Consolidated Balance Sheet as of December 31, 2021	3
	Unaudited Consolidated Statement s of Operations for the Three and ~~Six~~Nine Months Ended ~~June~~September 30, 2022 and for the Three Months Ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021	4
	Unaudited Consolidated Statement s of Changes in Net Assets for the Three and ~~Six~~Nine Months Ended ~~June~~September 30, 2022 and for the Three Months Ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021	6
	Unaudited Consolidated Statement s of Cash Flows for the ~~Six~~Nine Months Ended ~~June~~September 30, 2022 and for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021	8
	Unaudited Consolidated Schedule of Investments as of ~~June~~September 30, 2022	9
	Consolidated Schedule of Investments as of December 31, 2021	2930
	Notes to Unaudited Consolidated Financial Statements	4647
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	7781
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	95101
Item 4.	Controls and Procedures	97103

PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	98104
Item 1A.	Risk Factors	98104
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	98104
Item 3.	Defaults Upon Senior Securities	98104
Item 4.	Mine Safety Disclosures	99105
Item 5.	Other Information	99105
Item 6.	Exhibits	99105
Signatures		~~100~~106

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

Barings Private Credit Corporation

Consolidated Balance Sheets

(in thousands, except share and per share data)


		June 30, 2022		December 31, 2021			September 30, 2022		December 31, 2021
		(Unaudited)					(Unaudited)
Assets:	Assets:					Assets:
Investments at fair value:	Investments at fair value:					Investments at fair value:
Non-Control / Non-Affiliate investments (cost of $1,675,504 and $1,282,754 as of June 30, 2022 and December 31, 2021, respectively)		$	1,638,186	$	1,280,597
Affiliate investments (cost of $122,865 and $113,764 as of June 30, 2022 and December 31, 2021, respectively)		136,110		117,051
Non-Control / Non-Affiliate investments (cost of $1,832,610 and $1,282,754 as of September 30, 2022 and December 31, 2021, respectively)						Non-Control / Non-Affiliate investments (cost of $1,832,610 and $1,282,754 as of September 30, 2022 and December 31, 2021, respectively)	$	1,769,820	$	1,280,597
Affiliate investments (cost of $117,458 and $113,764 as of September 30, 2022 and December 31, 2021, respectively)						Affiliate investments (cost of $117,458 and $113,764 as of September 30, 2022 and December 31, 2021, respectively)	135,640		117,051

Total investments at fair value	Total investments at fair value	1,774,296		1,397,648		Total investments at fair value	1,905,460		1,397,648
Cash (restricted cash of $3,407 and $0 at June 30, 2022 and December 31, 2021, respectively)		171,597		117,250
Foreign currencies (cost of $25,666 and $6,198 as of June 30, 2022 and December 31, 2021, respectively)		25,603		6,253
Cash (restricted cash of $10,627 and $0 at September 30, 2022 and December 31, 2021, respectively)						Cash (restricted cash of $10,627 and $0 at September 30, 2022 and December 31, 2021, respectively)	95,244		117,250
Foreign currencies (cost of $46,824 and $6,198 as of September 30, 2022 and December 31, 2021, respectively)						Foreign currencies (cost of $46,824 and $6,198 as of September 30, 2022 and December 31, 2021, respectively)	45,883		6,253
Interest and fees receivable	Interest and fees receivable	31,799		17,571		Interest and fees receivable	35,176		17,571
Prepaid expenses and other assets	Prepaid expenses and other assets	15,589		1,933		Prepaid expenses and other assets	526		290
Derivative asset						Derivative asset	23,850		1,643
Deferred financing fees	Deferred financing fees	4,815		4,466		Deferred financing fees	4,502		4,466
Receivable from unsettled transactions	Receivable from unsettled transactions	5,151		3,909		Receivable from unsettled transactions	18,789		3,909
Total assets	Total assets	$	2,028,850	$	1,549,030	Total assets	$	2,129,430	$	1,549,030
Liabilities:	Liabilities:					Liabilities:
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities	$	784	$	1,039	Accounts payable and accrued liabilities	$	1,373	$	1,039
Interest payable	Interest payable	6,833		3,779		Interest payable	9,358		3,779
Administrative fees payable	Administrative fees payable	535		300		Administrative fees payable	547		300
Base management fees payable	Base management fees payable	2,850		1,489		Base management fees payable	3,243		1,489

Incentive management fees payable						Incentive management fees payable	2,127		—

Derivative liability	Derivative liability	1,351		1,905		Derivative liability	8,814		1,905
Payable from unsettled transactions	Payable from unsettled transactions	21,335		31,693		Payable from unsettled transactions	31,010		31,693
Borrowings under credit facility	Borrowings under credit facility	673,818		524,825		Borrowings under credit facility	693,017		524,825
Notes payable (net of deferred financing fees)	Notes payable (net of deferred financing fees)	249,482		149,594		Notes payable (net of deferred financing fees)	296,643		149,594

Total liabilities	Total liabilities	956,988		714,624		Total liabilities	1,046,132		714,624
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, 51,594,967 and 40,551,193 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)		52		41
Common stock, $0.001 par value per share (499,950,000 shares authorized, 51,995,302 and 40,551,193 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)						Common stock, $0.001 par value per share (499,950,000 shares authorized, 51,995,302 and 40,551,193 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)	52		41
Additional paid-in capital	Additional paid-in capital	1,050,350		818,723		Additional paid-in capital	1,058,721		818,723
Total distributable earnings	Total distributable earnings	21,460		15,642		Total distributable earnings	24,525		15,642
Total net assets	Total net assets	1,071,862		834,406		Total net assets	1,083,298		834,406
Total liabilities and net assets	Total liabilities and net assets	$	2,028,850	$	1,549,030	Total liabilities and net assets	$	2,129,430	$	1,549,030
Net asset value per share	Net asset value per share	$	20.77	$	20.58	Net asset value per share	$	20.83	$	20.58

See accompanying notes.

Barings Private Credit Corporation

Unaudited Consolidated Statements of Operations

(in thousands, except share and per share data)


		Three Months Ended		For the period from May 10, 2021 (commencement of operations) to		Six Months Ended		For the period from May 10, 2021 (commencement of operations) to			Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021			September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Investment income:	Investment income:									Investment income:
Interest income:	Interest income:									Interest income:
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	$	26,258	$	5,953	$	47,646	$	5,953	Non-Control / Non-Affiliate investments	$	32,832	$	11,821	$	80,478	$	17,775
Affiliate investments	Affiliate investments	136		—		219		—		Affiliate investments	171		56		389		56

Total interest income	Total interest income	26,394		5,953		47,865		5,953		Total interest income	33,003		11,877		80,867		17,831
Dividend income:	Dividend income:									Dividend income:

Non-Control / Non-Affiliate investments										Non-Control / Non-Affiliate investments	886		—		886		—
Affiliate investments	Affiliate investments	3,368		—		7,791		—		Affiliate investments	3,110		2,227		10,901		2,227

Total dividend income	Total dividend income	3,368		—		7,791		—		Total dividend income	3,996		2,227		11,787		2,227
Fee and other income:	Fee and other income:									Fee and other income:
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	4,265		823		6,263		823		Non-Control / Non-Affiliate investments	4,068		2,756		10,331		3,578
Affiliate investments	Affiliate investments	8		—		11		—		Affiliate investments	9		10		20		10

Total fee and other income	Total fee and other income	4,273		823		6,274		823		Total fee and other income	4,077		2,766		10,351		3,588
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	528		37		1,924		37		Non-Control / Non-Affiliate investments	1,259		97		3,183		134

Total payment-in-kind interest income	Total payment-in-kind interest income	528		37		1,924		37		Total payment-in-kind interest income	1,259		97		3,183		134

Interest income from cash										Interest income from cash	3		—		4		—
Total investment income	Total investment income	34,563		6,813		63,854		6,813		Total investment income	42,338		16,967		106,192		23,780
Operating expenses:	Operating expenses:									Operating expenses:
Interest and other financing fees	Interest and other financing fees	7,446		894		12,522		894		Interest and other financing fees	11,322		2,578		23,844		3,472
Base management fee (Note 2)	Base management fee (Note 2)	2,850		687		5,018		687		Base management fee (Note 2)	3,243		1,489		8,262		2,176

Incentive management fees (Note 2)										Incentive management fees (Note 2)	2,127		—		2,127		—

General and administrative expenses (Note 2)	General and administrative expenses (Note 2)	1,479		525		2,694		525		General and administrative expenses (Note 2)	1,493		758		4,186		1,283

Total operating expenses										Total operating expenses	18,185		4,825		38,419		6,931
Base management fee waived (Note 2)										Base management fee waived (Note 2)	—		(1,489)		—		(1,489)
Net operating expenses	Net operating expenses	11,775		2,106		20,234		2,106		Net operating expenses	18,185		3,336		38,419		5,442
Net investment income before taxes	Net investment income before taxes	22,788		4,707		43,620		4,707		Net investment income before taxes	24,153		13,631		67,773		18,338
Income taxes, including excise tax expense	Income taxes, including excise tax expense	3		—		3		—		Income taxes, including excise tax expense	(116)		—		(112)		—
Net investment income	Net investment income	22,785		4,707		43,617		4,707		Net investment income	24,269		13,631		67,885		18,338


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		For the period from May 10, 2021 (commencement of operations) to		Six Months Ended		For the period from May 10, 2021 (commencement of operations) to			Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
		June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021			September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions:	Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions:									Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions:
Net realized gains (losses):	Net realized gains (losses):									Net realized gains (losses):
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	(2,382)		1		(2,525)		1		Non-Control / Non-Affiliate investments	(6,965)		(116)		(9,490)		(116)
Net realized gains (losses) on investments	Net realized gains (losses) on investments	(2,382)		1		(2,525)		1		Net realized gains (losses) on investments	(6,965)		(116)		(9,490)		(116)
Foreign currency transactions	Foreign currency transactions	3,463		(811)		3,878		(811)		Foreign currency transactions	12,776		456		16,654		(354)
Net realized gains (losses)	Net realized gains (losses)	1,081		(810)		1,353		(810)		Net realized gains (losses)	5,811		340		7,164		(470)
Net unrealized appreciation (depreciation):	Net unrealized appreciation (depreciation):									Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	Non-Control / Non-Affiliate investments	(29,162)		779		(35,284)		779		Non-Control / Non-Affiliate investments	(25,471)		(3,572)		(60,753)		(2,793)
Affiliate investments	Affiliate investments	(4,323)		—		9,958		—		Affiliate investments	4,937		219		14,894		219

Net unrealized appreciation (depreciation) on investments	Net unrealized appreciation (depreciation) on investments	(33,485)		779		(25,326)		779		Net unrealized appreciation (depreciation) on investments	(20,534)		(3,353)		(45,859)		(2,574)
Foreign currency transactions	Foreign currency transactions	21,995		3,127		25,455		3,127		Foreign currency transactions	16,394		2,927		41,849		6,053
Net unrealized appreciation (depreciation)	Net unrealized appreciation (depreciation)	(11,490)		3,906		129		3,906		Net unrealized appreciation (depreciation)	(4,140)		(426)		(4,010)		3,479
Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions	Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions	(10,409)		3,096		1,482		3,096		Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions	1,671		(86)		3,154		3,009

Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	12,376	$	7,803	$	45,099	$	7,803	Net increase in net assets resulting from operations	$	25,940	$	13,545	$	71,039	$	21,347
Net investment income per share—basic and diluted	Net investment income per share—basic and diluted	$	0.45	$	0.21	$	0.95	$	0.21	Net investment income per share—basic and diluted	$	0.47	$	0.53	$	1.42	$	0.75
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	$	0.24	$	0.35	$	0.99	$	0.35	Net increase in net assets resulting from operations per share—basic and diluted	$	0.50	$	0.53	$	1.49	$	0.87
Dividends / distributions per share:	Dividends / distributions per share:									Dividends / distributions per share:

Total dividends / distributions per share	Total dividends / distributions per share	$	0.43	$	—	$	0.85	$	—	Total dividends / distributions per share	$	0.44	$	0.40	$	1.29	$	0.40
Weighted average shares outstanding—basic and diluted	Weighted average shares outstanding—basic and diluted	50,839,557		22,500,000		45,762,100		22,500,000		Weighted average shares outstanding—basic and diluted	51,880,409		25,760,105		47,823,948		24,582,845

See accompanying notes.

Barings Private Credit Corporation

Unaudited Consolidated Statements of Changes in Net Assets

(in thousands, except share amounts)

For the period from May 10, 2021 (commencement of operations) to June 30, 2021 Common Stock Additional
Paid-In
Capital Total Distributable Earnings Total
Net
Assets
Number
of Shares Par
Value
Balance, May 10, 2021 (1) 50 $ — $ 1 $ (58) $ (57)
Net investment income — — — 4,707 4,707
Net realized gain on investments / foreign currency transactions — — — (810) (810)
Net unrealized appreciation on investments / foreign currency transactions — — — 3,906 3,906
Issuance of common stock 22,500,000 23 449,977 — 450,000
Repurchase of shares from Adviser (50) — (1) — (1)
Balance, June 30, 2021 22,500,000 $ 23 $ 449,977 $ 7,745 $ 457,745

~~(1) The beginning balance of $(57) relates to organizational costs and professional fees incurred prior to commencement of operations.~~


Three Months Ended September 30, 2021	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, June 30, 2021	22,500,000	$	23	$	449,978	$	7,744	$	457,745
Net investment income	—	—		—		13,631		13,631

Net realized gain on investments / foreign currency transactions	—	—		—		340		340
Net unrealized depreciation on investments / foreign currency transactions	—	—		—		(426)		(426)


Distributions declared from earnings	—	—		—		(12,398)		(12,398)
Issuance of common stock	12,193,370	12		249,987		—		249,999








Balance, September 30, 2021	34,693,370	$	35	$	699,965	$	8,891	$	708,891


Three Months Ended June 30, 2022		Common Stock			Additional Paid-In Capital				Total Distributable Earnings				Total Net Assets
		Number of Shares	Par Value
Balance, March 31, 2022		40,713,710	$	41			$	822,100			$	31,266					$	853,407
Three Months Ended September 30, 2022															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															Balance, June 30, 2022	51,594,967			$	52			$	1,050,350			$	21,460			$	1,071,862
Net investment income	Net investment income	—	—		—				22,785				22,785		Net investment income	—			—		—				24,269				24,269

Net realized gain on investments / foreign currency transactions	Net realized gain on investments / foreign currency transactions	—	—		—				1,081				1,081		Net realized gain on investments / foreign currency transactions	—			—		—				5,811				5,811
Net unrealized depreciation on investments / foreign currency transactions	Net unrealized depreciation on investments / foreign currency transactions	—	—		—				(11,490)				(11,490)		Net unrealized depreciation on investments / foreign currency transactions	—			—		—				(4,140)				(4,140)

Dividends/distributions	Dividends/distributions	6,107	—		129				(22,182)				(22,053)		Dividends/distributions	1,009			—		21				(22,875)				(22,854)
Issuance of common stock	Issuance of common stock	10,875,150	11		228,121				—				228,132		Issuance of common stock	399,326			—		8,350				—				8,350

Balance, June 30, 2022		51,594,967	$	52	$	1,050,350			$	21,460			$	1,071,862
Balance, September 30, 2022															Balance, September 30, 2022	51,995,302			$	52	$	1,058,721			$	24,525			$	1,083,298

See accompanying notes.

Barings Private Credit Corporation

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

(in thousands, except share amounts)


For the period from May 10, 2021 (commencement of operations) to June 30, 2021		Common Stock			Additional Paid-In Capital				Total Distributable Earnings				Total Net Assets
		Number of Shares	Par Value
For the period from May 10, 2021 (commencement of operations) to September 30, 2021															For the period from May 10, 2021 (commencement of operations) to September 30, 2021	Common Stock						Additional Paid-In Capital				Total Distributable Earnings				Total Net Assets
																Number of Shares				Par Value
Balance, May 10, 2021 (1)	Balance, May 10, 2021 (1)	50	$	—			$	1			$	(58)					$	(57)	Balance, May 10, 2021 (1)	50				$	—			$	1			$	(58)	$	(57)
Net investment income	Net investment income	—	—		—				4,707				4,707		Net investment income	—				—		—				18,338				18,338

Net realized gain on investments / foreign currency transactions		—	—		—				(810)				(810)
Net realized loss on investments / foreign currency transactions															Net realized loss on investments / foreign currency transactions	—				—		—				(470)				(470)
Net unrealized appreciation on investments / foreign currency transactions	Net unrealized appreciation on investments / foreign currency transactions	—	—		—				3,906				3,906		Net unrealized appreciation on investments / foreign currency transactions	—				—		—				3,479				3,479

Distributions declared from earnings															Distributions declared from earnings	—				—		—				(12,398)				(12,398)
Issuance of common stock	Issuance of common stock	22,500,000	23		449,977				—				450,000		Issuance of common stock	34,693,370				35		699,965				—				700,000
Repurchase of shares from Adviser	Repurchase of shares from Adviser	(50)	—		(1)				—				(1)		Repurchase of shares from Adviser	(50)				—		(1)				—				(1)

Balance, June 30, 2021		22,500,000	$	23	$	449,977			$	7,745			$	457,745
Balance, September 30, 2021															Balance, September 30, 2021	34,693,370				$	35	$	699,965			$	8,891			$	708,891

(1) The beginning balance of $(57) relates to organizational costs and professional fees incurred prior to commencement of operations.


Six Months Ended June 30, 2022		Common Stock			Additional Paid-In Capital				Total Distributable Earnings				Total Net Assets
		Number of Shares	Par Value
Nine Months Ended September 30, 2022															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	Balance, December 31, 2021	40,551,193	$	41			$	818,723			$	15,642					$	834,406	Balance, December 31, 2021	40,551,193				$	41			$	818,723			$	15,642	$	834,406
Net investment income	Net investment income	—	—		—				43,617				43,617		Net investment income	—				—		—				67,885				67,885
Net realized gain on investments / foreign currency transactions	Net realized gain on investments / foreign currency transactions	—	—		—				1,353				1,353		Net realized gain on investments / foreign currency transactions	—				—		—				7,164				7,164
Net unrealized appreciation on investments / foreign currency transactions		—	—		—				129				129
Net unrealized depreciation on investments / foreign currency transactions															Net unrealized depreciation on investments / foreign currency transactions	—				—		—				(4,010)				(4,010)
Dividends/distributions	Dividends/distributions	12,184	—		255				(39,281)				(39,026)		Dividends/distributions	13,193				—		276				(62,156)				(61,880)
Issuance of common stock	Issuance of common stock	11,031,590	11		231,372				—				231,383		Issuance of common stock	11,430,916				11		239,722				—				239,733

Balance, June 30, 2022		51,594,967	$	52	$	1,050,350			$	21,460			$	1,071,862
Balance, September 30, 2022															Balance, September 30, 2022	51,995,302				$	52	$	1,058,721			$	24,525			$	1,083,298

See accompanying notes.

Barings Private Credit Corporation

Unaudited Consolidated Statements of Cash Flows

(in thousands)


		Six Months Ended		For the period from May 10, 2021 (commencement of operations) to			Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
		June 30, 2022		June 30, 2021			September 30, 2022		September 30, 2021
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	$	45,099	$	7,803	Net increase in net assets resulting from operations	$	71,039	$	21,347
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:	Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:					Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of portfolio investments	Purchases of portfolio investments	(499,825)		(65,014)		Purchases of portfolio investments	(747,736)		(391,276)
Purchases of portfolio investments from MassMutual	Purchases of portfolio investments from MassMutual	—		(602,838)		Purchases of portfolio investments from MassMutual	—		(602,838)
Repayments received / sales of portfolio investments	Repayments received / sales of portfolio investments	80,265		9,360		Repayments received / sales of portfolio investments	165,466		83,006

Purchases of short-term investments						Purchases of short-term investments	—		(152,000)

Loan origination and other fees received	Loan origination and other fees received	10,513		1,907		Loan origination and other fees received	15,068		7,208
Net realized (gain) loss on investments	Net realized (gain) loss on investments	2,525		(1)		Net realized (gain) loss on investments	9,490		116
Net realized (gain) loss on foreign currency transactions	Net realized (gain) loss on foreign currency transactions	(3,878)		811		Net realized (gain) loss on foreign currency transactions	(16,654)		354
Net unrealized (appreciation) depreciation on investments	Net unrealized (appreciation) depreciation on investments	25,326		(779)		Net unrealized (appreciation) depreciation on investments	45,859		2,574
Net unrealized (appreciation) depreciation on foreign currency transactions	Net unrealized (appreciation) depreciation on foreign currency transactions	(25,455)		(3,127)		Net unrealized (appreciation) depreciation on foreign currency transactions	(41,849)		(6,053)
Payment-in-kind interest		(1,924)		(37)
Payment-in-kind interest and dividends						Payment-in-kind interest and dividends	(3,914)		134
Amortization of deferred financing fees	Amortization of deferred financing fees	634		106		Amortization of deferred financing fees	986		306
Amortization of offering costs	Amortization of offering costs	97		29		Amortization of offering costs	97		108
Accretion of loan origination and other fees	Accretion of loan origination and other fees	(4,990)		(706)		Accretion of loan origination and other fees	(8,131)		(3,174)
Amortization / accretion of purchased loan premium / discount	Amortization / accretion of purchased loan premium / discount	(49)		(1)		Amortization / accretion of purchased loan premium / discount	(149)		(2)
Payments for derivative contracts						Payments for derivative contracts	(3,301)		(189)
Proceeds from derivative contracts						Proceeds from derivative contracts	19,585		866
Changes in operating assets and liabilities:	Changes in operating assets and liabilities:					Changes in operating assets and liabilities:
Interest and fees receivables	Interest and fees receivables	(14,026)		(6,527)		Interest and fees receivables	(18,253)		(11,155)
Prepaid expenses and other assets	Prepaid expenses and other assets	5,642		(451)		Prepaid expenses and other assets	(330)		(437)
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities	(756)		1,280		Accounts payable and accrued liabilities	4,101		503

Interest payable	Interest payable	3,064		785		Interest payable	5,604		1,805
Fair value of interest rate swap		(275)		—

Net cash used in operating activities	Net cash used in operating activities	(378,013)		(657,400)		Net cash used in operating activities	(503,022)		(1,048,797)
Cash flows from financing activities:	Cash flows from financing activities:					Cash flows from financing activities:
Borrowings under credit facility	Borrowings under credit facility	215,448		289,203		Borrowings under credit facility	250,822		321,517
Repayments under credit facility	Repayments under credit facility	(55,000)		—		Repayments under credit facility	(61,978)		—
Proceeds from notes payable	Proceeds from notes payable	100,000		—		Proceeds from notes payable	155,000		113,000
Financing fees paid	Financing fees paid	(1,095)		(3,785)		Financing fees paid	(1,292)		(4,082)
Issuance of common stock	Issuance of common stock	231,383		450,000		Issuance of common stock	239,733		700,000
Cash dividends / distributions paid	Cash dividends / distributions paid	(39,026)		—		Cash dividends / distributions paid	(61,639)		(12,398)
Purchase of shares from Adviser	Purchase of shares from Adviser	—		(1)		Purchase of shares from Adviser	—		(1)
Net cash provided by financing activities	Net cash provided by financing activities	451,710		735,417		Net cash provided by financing activities	520,646		1,118,036
Net increase in cash and foreign currencies	Net increase in cash and foreign currencies	73,697		78,017		Net increase in cash and foreign currencies	17,624		69,239
Cash and foreign currencies, beginning of period	Cash and foreign currencies, beginning of period	123,503		1		Cash and foreign currencies, beginning of period	123,503		1
Cash and foreign currencies, end of period	Cash and foreign currencies, end of period	$	197,200	$	78,018	Cash and foreign currencies, end of period	$	141,127	$	69,240
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	$	9,098	$	—	Cash paid for interest	$	17,181	$	1,349
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	$	255	$	—	Dividends/distributions paid through DRIP share issuances	$	276	$	—
Dividends/distributions payable						Dividends/distributions payable	$	241	$	—

See accompanying notes.

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments

~~June~~September 30, 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		LIBOR + 5.75%, 6.8% Cash		05/21		07/25		$	10,952		$	10,882		$	10,950			1.0	%			(5) (6) (7) (9)		1WorldSync, Inc.					IT Consulting & Other Services				First Lien Senior Secured Term Loan			SOFR + 5.25%, 8.2% Cash			05/21			07/25			$	10,924			$	10,859			$	10,924				1.0	%				(5) (6) (7) (20)
											10,952			10,882			10,950																												10,924			10,859				10,924

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			5,202				0.5	%				(6)*			Accelerant Holdings				Banking, Finance, Insurance & Real Estate			Class A Convertible Preferred Equity (5,000 shares)			N/A			01/22			N/A								5,000				5,302					0.5		%			(6) (30)
														5,000			5,202																															5,000				5,302

Acclime Holdings HK Limited																												Acclime Holdings HK Limited					Business Services				First Lien Senior Secured Term Loan			LIBOR + 6.50%, 9.6% Cash			08/21			07/27			5,165				5,041				5,010					0.5	%				(3) (5) (6) (7) (10)
	Acclime Holdings HK Limited	Business Services			First Lien Senior Secured Term Loan		LIBOR + 6.50%, 7.0% Cash		08/21		07/27			5,165			5,035			5,155				0.5	%					(3) (5) (6) (7) (10)								First Lien Senior Secured Term Loan			LIBOR + 6.50%, 9.6% Cash			08/21			08/27				2,335				2,267				2,265					0.2		%			(3) (5) (6) (7) (10)
											5,165			5,035			5,155																												7,500			7,308				7,275

Accurus Aerospace Corporation	Accurus Aerospace Corporation		Aerospace & Defense		First Lien Senior Secured Term Loan		LIBOR + 5.75%, 7.7% Cash		04/22		03/28			13,390			13,195			13,189				1.2	%				(5) (6) (7) (9)			Accurus Aerospace Corporation				Aerospace & Defense			First Lien Senior Secured Term Loan			LIBOR + 5.75%, 7.7% Cash			04/22			03/28				13,382				13,194				13,213					1.2		%			(5) (6) (7) (9)
				Revolver		LIBOR + 5.75%, 7.7% Cash		04/22		03/28		—			(20)			(21)				—	%			(6) (7) (9)								Revolver					LIBOR + 5.75%, 7.7% Cash			04/22			03/28			—				(19)				(17)				—		%			(6) (7) (9)
				Common Stock (262,573.98 shares)		N/A		04/22		N/A					263			263				—	%			(6)*								Common Stock (262,573.98 shares)					N/A			04/22			N/A							262				264				—		%			(6) (30)
											13,390			13,438			13,431																												13,382			13,437				13,460

Acogroup	Acogroup	Business Services			First Lien Senior Secured Term Loan		EURIBOR + 7.50%, 7.5% Cash		05/21		10/26			1,255			1,446			1,226				0.1	%			(3) (5) (6) (7) (14)			Acogroup					Business Services			First Lien Senior Secured Term Loan			EURIBOR + 6.25%, 6.8% Cash			05/21			10/26				1,175				1,446				1,145					0.1		%			(3) (5) (6) (7) (14)
			First Lien Senior Secured Term Loan		EURIBOR + 7.50%, 7.5% Cash		03/22		10/26		26,847			27,563			26,241			2.4	%			(3) (5) (6) (7) (14)										First Lien Senior Secured Term Loan					EURIBOR + 6.25%, 6.8% Cash			03/22			10/26			25,157				27,593				24,503				2.3		%			(3) (5) (6) (7) (14)
											28,102			29,009			27,467																												26,332			29,039				25,648

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 + 5.0%, 6.6% Cash		05/21		03/25			704			793			704				0.1	%			(3) (5) (6) (7) (18)			Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)				Health Care Services			First Lien Senior Secured Term Loan			BBSY + 5.00%, 6.6% Cash			05/21			03/25				658				793				654					0.1		%			(3) (5) (6) (7) (17)
										704		793			704																											658			793			654

Air Comm Corporation, LLC	Air Comm Corporation, LLC				Aerospace & Defense		First Lien Senior Secured Term Loan		SOFR + 5.75%, 8.6% Cash		06/21			07/27			22,117			21,680				21,738				2.0		%				(5) (6) (7) (21)		Air Comm Corporation, LLC		Aerospace & Defense			First Lien Senior Secured Term Loan			LIBOR + 5.50%, 8.4% Cash			06/21				07/27				24,822				24,408					24,450					2.2		%		(5) (6) (7) (9)
											22,117			21,680			21,738																												24,822			24,408				24,450

AIT Worldwide Logistics Holdings, Inc.	AIT Worldwide Logistics Holdings, Inc.	Transportation Services		Second Lien Senior Secured Term Loan			LIBOR + 7.50%, 9.8% Cash		05/21		04/29			7,220			7,075			6,931				0.6	%			(5) (6) (7) (9)			AIT Worldwide Logistics Holdings, Inc.				Transportation Services			Second Lien Senior Secured Term Loan			LIBOR + 7.50%, 11.2% Cash			05/21			04/29				7,220				7,079				7,097					0.7		%			(5) (6) (7) (9)
											7,220			7,075			6,931																												7,220			7,079				7,097

Amalfi Midco																												Amalfi Midco					Healthcare				Subordinated Loan Notes			2.0% Cash, 9.0% PIK			09/22			09/28			4,439				4,451				4,443					0.4	%				(3) (6)
																																			Class B Common Stock (93,165,208 shares)			N/A			09/22			N/A							1,040				1,040				0.1		%			(3) (6) (30)
																																			Warrants (380,385.0 units)			N/A			09/22			N/A							4				—				—		%			(3) (6) (30)
																																															4,439				5,495				5,483

Amtech LLC	Amtech LLC		Technology		First Lien Senior Secured Term Loan		LIBOR + 5.50%, 6.6% Cash		11/21		11/27			2,714			2,632			2,643				0.2	%			(5) (6) (7) (8)			Amtech LLC						Technology			First Lien Senior Secured Term Loan			LIBOR + 5.50%, 8.1% Cash			11/21			11/27				2,707				2,629					2,644					0.2	%				(5) (6) (7) (8)
		Revolver				LIBOR + 5.50%, 6.6% Cash		11/21		11/27		—			(8)			(7)				—	%			(6) (7) (9)									Revolver						LIBOR + 5.50%, 8.0% Cash			11/21			11/27				91				83				84					—		%			(6) (7) (8)
										2,714		2,624			2,636																											2,798			2,712			2,728

AnalytiChem Holding GmbH	AnalytiChem Holding GmbH	Chemicals				First Lien Senior Secured Term Loan		BBSY + 6.50%, 7.0% Cash		11/21		12/28			1,374			1,424				1,339				0.1	%				(3) (5) (6) (7) (17)			AnalytiChem Holding GmbH			Chemicals			First Lien Senior Secured Term Loan			BBSY + 6.50%, 9.0% Cash			11/21			12/28				1,284				1,424					1,255					0.1	%				(3) (5) (6) (7) (16)
			First Lien Senior Secured Term Loan		EURIBOR + 6.50%, 6.5% Cash		11/21		11/28		4,871			5,013			4,750			0.4	%			(3) (5) (6) (7) (14)							First Lien Senior Secured Term Loan							EURIBOR + 6.50%, 6.5% Cash			11/21			11/28			4,565				5,017				4,462				0.4		%			(3) (5) (6) (7) (13)
			First Lien Senior Secured Term Loan		EURIBOR + 6.50%, 6.5% Cash		11/21		12/28		1,671			1,823			1,629			0.2	%			(3) (5) (6) (7) (14)							First Lien Senior Secured Term Loan							EURIBOR + 6.50%, 6.5% Cash			11/21			12/28			1,566				1,824				1,530				0.1		%			(3) (5) (6) (7) (13)
			First Lien Senior Secured Term Loan		LIBOR + 6.50%, 7.5% Cash		11/21		12/28		951			951			928			0.1	%			(3) (5) (6) (7) (9)							First Lien Senior Secured Term Loan							LIBOR + 6.50%, 9.7% Cash			11/21			12/28			951				951				930				0.1		%			(3) (5) (6) (7) (9)
			First Lien Senior Secured Term Loan		EURIBOR + 6.50%, 6.5% Cash		04/22		10/28		7,089			7,196			6,883			0.6	%			(3) (5) (6) (7) (14)							First Lien Senior Secured Term Loan							EURIBOR + 6.50%, 6.5% Cash			04/22			10/28			6,643				7,203				6,469				0.6		%			(3) (5) (6) (7) (13)
			First Lien Senior Secured Term Loan		LIBOR + 6.50%, 7.5% Cash		06/22		10/28		1,283			1,283			1,251			0.1	%			(3) (5) (6) (7) (9)							First Lien Senior Secured Term Loan							LIBOR + 6.50%, 9.8% Cash			06/22			10/28			1,283				1,284				1,254				0.1		%			(3) (5) (6) (7) (9)
			Revolver		EURIBOR + 6.50%, 6.5% Cash		04/22		10/23		—			(10)			(11)			—	%			(3) (6) (7) (14)							Revolver							EURIBOR + 6.50%, 6.5% Cash			04/22			10/23			—				(8)				(9)				—		%			(3) (6) (7) (13)
											17,239			17,680			16,769																												16,292			17,695				15,891

Anju Software, Inc.			Application Software		First Lien Senior Secured Term Loan		LIBOR + 7.25%, 8.9% Cash		05/21		02/25			1,425			1,421			1,343				0.1	%			(5) (6) (7) (8)
											1,425			1,421			1,343

Apex Bidco Limited				Business Equipment & Services		First Lien Senior Secured Term Loan		GBP LIBOR + 6.25%, 7.4% Cash		05/21		01/27			411			470				411				—	%				(3) (5) (6) (7) (11)
											411			470			411

APOG Bidco Pty Ltd			Healthcare			Second Lien Senior Secured Term Loan		BBSY + 7.25%, 8.4% Cash		04/22		03/30			1,115			1,189				1,092				0.1	%				(3) (5) (6) (7) (16)
											1,115			1,189			1,092

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Anju Software, Inc.																												Anju Software, Inc.				Application Software				First Lien Senior Secured Term Loan				LIBOR + 7.25%, 10.4% Cash				05/21				02/25				$	1,421			$	1,417			$	1,211				0.1		%				(5) (6) (7) (8)
																																																		1,421				1,417				1,211

APC1 Holding																												APC1 Holding				Diversified Manufacturing				First Lien Senior Secured Term Loan				EURIBOR + 6.00%, 6.1% Cash				07/22				07/29				1,763				1,772				1,701					0.2		%				(3) (5) (6) (7) (13)
																																																		1,763				1,772				1,701

Apex Bidco Limited																												Apex Bidco Limited				Business Equipment & Services				First Lien Senior Secured Term Loan				SONIA + 6.25%, 8.4% Cash				05/21				01/27				377				470				377					—		%				(3) (5) (6) (7) (22)
																																																		377				470				377

APOG Bidco Pty Ltd																												APOG Bidco Pty Ltd				Healthcare				Second Lien Senior Secured Term Loan				BBSY + 7.25%, 9.9% Cash				04/22				03/30				1,042				1,190				1,025					0.1		%				(3) (5) (6) (7) (15)
																																																		1,042				1,190				1,025

Aptus 1829. GmbH	Aptus 1829. GmbH	Chemicals, Plastics, & Rubber		First Lien Senior Secured Term Loan		EURIBOR + 6.50%, 6.5% Cash		09/21		09/27		$	5,062		$	5,548		$	4,951			0.5	%			(3) (5) (6) (7) (14)		Aptus 1829. GmbH				Chemicals, Plastics, & Rubber				First Lien Senior Secured Term Loan				EURIBOR + 7.00%, 7.0% Cash				09/21				09/27				4,744				5,552				4,635					0.4		%				(3) (5) (6) (7) (13)
			Preferred Stock (14 shares)		N/A		09/21		N/A					122			110			—	%			(3) (6)						Preferred Stock (14 shares)						N/A				09/21				N/A								122				108				—		%			(3) (6) (30)
			Common Stock (49 shares)		N/A		09/21		N/A					12			11			—	%			(3) (6)						Common Stock (49 shares)						N/A				09/21				N/A								12				13				—		%			(3) (6) (30)
											5,062			5,682			5,072																														4,744				5,686				4,756

Apus Bidco Limited	Apus Bidco Limited		Banking, Finance, Insurance & Real Estate		First Lien Senior Secured Term Loan		SONIA + 5.50%, 7.0% Cash		05/21		03/28			1,155			1,308			1,133				0.1	%				(3) (5) (6) (7) (24)				Apus Bidco Limited			Banking, Finance, Insurance & Real Estate				First Lien Senior Secured Term Loan				SONIA + 5.50%, 7.2% Cash				05/21				03/28				1,061				1,309					1,037						0.1		%		(3) (5) (6) (7) (23)
											1,155			1,308			1,133																														1,061				1,309				1,037

AQA Acquisition Holding, Inc.	AQA Acquisition Holding, Inc.			High Tech Industries		Second Lien Senior Secured Term Loan		LIBOR + 7.50%, 9.2% Cash		05/21		03/29			7,460			7,275				7,344				0.7	%				(5) (6) (7) (8)			AQA Acquisition Holding, Inc.			High Tech Industries				Second Lien Senior Secured Term Loan				LIBOR + 7.50%, 10.6% Cash				05/21				03/29				7,460				7,281					7,359						0.7		%		(5) (6) (7) (9)
											7,460			7,275			7,344																														7,460				7,281				7,359

Aquavista Watersides 2 LTD	Aquavista Watersides 2 LTD		Transportation Services			First Lien Senior Secured Term Loan		SONIA + 6.00%, 6.9% Cash		12/21		12/28			2,512			2,652				2,419				0.2	%				(3) (5) (6) (7) (24)			Aquavista Watersides 2 LTD			Transportation Services				First Lien Senior Secured Term Loan				SONIA + 6.00%, 6.9% Cash				12/21				12/28				2,309				2,690					2,258						0.2		%		(3) (5) (6) (7) (23)
				Revolver		SONIA + 6.00%, 6.9% Cash		12/21		12/22		—			—			(5)				—	%			(3) (6) (7) (23)							First Lien Senior Secured Term Loan						SONIA + 6.00%, 6.9% Cash				12/21				12/24				—				(32)				(26)					—	%				(3) (5) (6) (7) (23)
				Second Lien Senior Secured Term Loan		SONIA + 10.5% PIK		12/21		12/28		663			707			647				0.1	%			(3) (6) (7) (24)							Second Lien Senior Secured Term Loan						SONIA + 10.5% PIK				12/21				12/28				609				708				596					0.1	%				(3) (6) (7) (23)
											3,175			3,359			3,061																														2,918				3,366				2,828

Arc Education																												Arc Education				Consumer Cyclical					First Lien Senior Secured Term Loan				EURIBOR + 5.75%, 5.8% Cash				07/22				07/29				5,643				5,580				5,415					0.5		%				(3) (5) (6) (7) (13)
																																																		5,643				5,580				5,415

Archimede	Archimede	Consumer Services			First Lien Senior Secured Term Loan		EURIBOR + 5.50%, 5.7% Cash		05/21		10/27			14,114			14,208			13,761				1.3	%			(3) (5) (6) (7) (15)		Archimede					Consumer Services			First Lien Senior Secured Term Loan				EURIBOR + 5.25%, 5.5% Cash				05/21				10/27				13,225				14,221					12,895					1.2		%				(3) (5) (6) (7) (14)
											14,114			14,208			13,761																														13,225				14,221				12,895

Argus Bidco Limited																												Argus Bidco Limited				High Tech Industries				First Lien Senior Secured Term Loan				SONIA + 5.75%, 7.9% Cash				07/22				07/29				2,967				3,024				2,837					0.3		%				(3) (5) (6) (7) (22)
																																				First Lien Senior Secured Term Loan				EURIBOR + 5.75%, 6.9% Cash				07/22				07/29				565				566				549					0.1		%				(3) (5) (6) (7) (13)
																																				First Lien Senior Secured Term Loan				EURIBOR + 5.75%, 6.9% Cash				08/22				07/29				1,747				1,823				1,699					0.2		%				(3) (5) (6) (7) (13)
																																				First Lien Senior Secured Term Loan				EURIBOR + 5.75%, 6.9% Cash				09/22				07/29				601				615				584					0.1		%				(3) (5) (6) (7) (13)
																																				First Lien Senior Secured Term Loan				LIBOR+ 5.75%, 9.4% Cash				07/22				07/29				259				252				252					—		%				(3) (5) (6) (7) (9)
																																				Subordinated Term Loan				10.5% PIK				07/22				07/29				908				938				883					0.1		%				(3) (6)
																																				Preferred Stock (83,120 shares)				10.0% PIK				07/22				N/A								98				93					—		%				(3) (6)
	Argus Bidco Limited		High Tech Industries		First Lien Senior Secured Term Loan		SONIA + 5.50%, 6.2% Cash		05/21		12/27			413			468			413				—	%				(3) (5) (6) (7) (23)									Equity Loan Notes (83,120 units)				10.0% PIK				07/22				N/A								98					93					—		%				(3) (6)
		First Lien Senior Secured Term Loan				EURIBOR + 5.50%, 5.8% Cash		04/22		12/27		212			214			212				—	%			(5) (6) (7) (14)										Common Stock (929 shares)				N/A				07/22				N/A								1				1					—		%				(3) (6) (30)
										625		682			625																												7,047				7,415				6,991

Armstrong Transport Group (Pele Buyer, LLC)	Armstrong Transport Group (Pele Buyer, LLC)	Air Freight & Logistics				First Lien Senior Secured Term Loan		LIBOR + 4.50%, 6.2% Cash		05/21		06/24			4,053			3,994				3,991				0.4	%				(5) (6) (7) (8)			Armstrong Transport Group (Pele Buyer, LLC)			Air Freight & Logistics				First Lien Senior Secured Term Loan				LIBOR + 4.50%, 7.6% Cash				05/21				06/24				4,040				3,989					3,992						0.4		%		(5) (6) (7) (8)
											4,053			3,994			3,991																														4,040				3,989				3,992

ASPEQ Heating Group LLC			Building Products, Air & Heating		First Lien Senior Secured Term Loan		LIBOR + 5.25%, 7.5% Cash		05/21		11/25			1,611			1,601			1,611				0.2	%			(5) (6) (7) (9)
										1,611		1,601			1,611

Astra Bidco Limited		Healthcare				First Lien Senior Secured Term Loan		SONIA + 5.75%, 7.2% Cash		11/21		11/28			2,405			2,547				2,324				0.2	%			(3) (5) (6) (7) (23)
											2,405			2,547			2,324

Audio Precision, Inc.			High Tech Industries		First Lien Senior Secured Term Loan		EURIBOR + 6.00%, 7.0% Cash		05/21		10/24			2,637			3,019			2,637				0.2	%			(5) (6) (7) (14)
				First Lien Senior Secured Term Loan		LIBOR + 6.00%, 8.3% Cash		05/21		10/24		4,969			4,926			4,969				0.5	%			(5) (6) (7) (9)
											7,606			7,945			7,606

Auxi International		Commercial Finance			First Lien Senior Secured Term Loan		EURIBOR + 7.25%, 7.3% Cash		05/21		12/26			314			358			283				—	%			(3) (5) (6) (7) (15)
											314			358			283

Avalign Holdings, Inc.			Health Care Supplies		First Lien Senior Secured Term Loan		LIBOR + 4.50%, 6.1% Cash		05/21		12/25			1,804			1,801			1,750				0.2	%			(5) (6) (7) (9)
											1,804			1,801			1,750

Avance Clinical Bidco Pty Ltd		Healthcare			First Lien Senior Secured Term Loan		BBSY + 5.50%, 6.0% Cash		11/21		11/27			2,831			2,810			2,727				0.3	%			(3) (5) (6) (7) (17)
											2,831			2,810			2,727

AWP Group Holdings, Inc.			Business Services		First Lien Senior Secured Term Loan		LIBOR + 4.75%, 7.0% Cash		05/21		12/27			1,242			1,224			1,226				0.1	%			(6) (7) (9)
											1,242			1,224			1,226

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
ASC Communications, LLC																												ASC Communications, LLC					Media & Entertainment					First Lien Senior Secured Term Loan				SOFR + 5.00%, 8.0% Cash				07/22				07/27				$	12,966			$	12,755			$	12,747					1.2		%				(5) (6) (7) (18)
																																				Class A Units (15,285.8 units)				N/A				07/22				N/A								320				320					—		%				(6) (30)
																																																				12,966				13,075				13,067

ASPEQ Heating Group LLC																												ASPEQ Heating Group LLC								Building Products, Air & Heating				First Lien Senior Secured Term Loan				LIBOR + 5.25%, 8.4% Cash				05/21				11/25				1,602				1,593					1,601						0.1		%				(5) (6) (7) (8)
																																																		1,602				1,593				1,601

Astra Bidco Limited																												Astra Bidco Limited					Healthcare					First Lien Senior Secured Term Loan				SONIA + 5.75%, 8.2% Cash				11/21				11/28				2,211				2,550				2,128						0.2		%				(3) (5) (6) (7) (22)
																																																				2,211				2,550				2,128

Audio Precision, Inc.																												Audio Precision, Inc.					High Tech Industries					First Lien Senior Secured Term Loan				EURIBOR + 6.00%, 7.2% Cash				05/21				10/24				2,465				3,013				2,438						0.2		%				(5) (6) (7) (13)
																																				First Lien Senior Secured Term Loan				LIBOR + 6.00%, 9.7% Cash				05/21				10/24				4,944				4,905				4,891					0.4		%				(5) (6) (7) (9)
																																																				7,409				7,918				7,329

Auxi International																												Auxi International								Commercial Finance				First Lien Senior Secured Term Loan				EURIBOR + 7.25%, 9.1% Cash				05/21				12/26				294				358					259						—		%				(3) (5) (6) (7) (14)
																																																				294				358				259

Avalign Holdings, Inc.																												Avalign Holdings, Inc.					Health Care Supplies					First Lien Senior Secured Term Loan				LIBOR + 4.50%, 7.6% Cash				05/21				12/25				1,795				1,792				1,732						0.2		%				(5) (6) (7) (8)
																																																				1,795				1,792				1,732

Avance Clinical Bidco Pty Ltd																												Avance Clinical Bidco Pty Ltd					Healthcare					First Lien Senior Secured Term Loan				BBSY + 5.50%, 9.1% Cash				11/21				11/27				2,647				2,815				2,559						0.2		%				(3) (5) (6) (7) (17)
																																																				2,647				2,815				2,559

AWP Group Holdings, Inc.																												AWP Group Holdings, Inc.					Business Services					First Lien Senior Secured Term Loan				LIBOR + 4.75%, 8.4% Cash				05/21				12/27				1,239				1,222				1,212						0.1		%				(5) (6) (7) (9)
																																																				1,239				1,222				1,212

Azalea Buyer, Inc.	Azalea Buyer, Inc.	Technology		First Lien Senior Secured Term Loan		LIBOR + 5.25%, 6.8% Cash		11/21		11/27		$	4,583		$	4,481		$	4,493			0.4	%			(5) (6) (7) (9)		Azalea Buyer, Inc.					Technology					First Lien Senior Secured Term Loan				LIBOR + 5.25%, 8.9% Cash				11/21				11/27				4,571				4,474				4,483						0.4		%				(5) (6) (7) (9)
			Revolver		LIBOR + 5.25%, 6.8% Cash		11/21		11/27		58			49			50			—	%			(6) (7) (9)							Revolver							LIBOR + 5.25%, 8.9% Cash				11/21				11/27				—				(8)				(8)				—		%				(6) (7) (9)
			Subordinated Term Loan		12.0% PIK		11/21		05/28		1,310			1,286			1,289			0.1	%			(6)*							Subordinated Term Loan							12.0% PIK				11/21				05/28				1,349				1,326				1,330				0.1		%				(6)
			Common Stock (192,307.7 units)		N/A		11/21		N/A					192			156			—	%			(6)*							Common Stock (192,307.7 units)							N/A				11/21				N/A								192				143				—		%				(6) (30)
											5,951			6,008			5,988																																5,920				5,984				5,948

Bariacum S.A	Bariacum S.A		Consumer Products		First Lien Senior Secured Term Loan		EURIBOR + 5.50%, 5.5% Cash		11/21		11/28			2,718			2,850			2,638				0.2	%					(3) (5) (6) (7) (14)				Bariacum S.A				Consumer Products				First Lien Senior Secured Term Loan				EURIBOR + 5.50%, 6.7% Cash				11/21				11/28				2,547				2,853						2,480						0.2		%			(3) (5) (6) (7) (13)
											2,718			2,850			2,638																																2,547				2,853				2,480

Bearcat Buyer, Inc.				Healthcare & Pharmaceuticals		First Lien Senior Secured Term Loan		LIBOR + 4.75%, 7.0% Cash		05/21		07/26			2,449			2,424				2,449				0.2	%							(6) (7) (9)
											2,449			2,424			2,449

Benify (Bennevis AB)	Benify (Bennevis AB)		High Tech Industries			First Lien Senior Secured Term Loan		STIBOR + 5.25%, 5.3% Cash		05/21		07/26			366			446				366				—	%					(3) (5) (6) (7) (25)			Benify (Bennevis AB)				High Tech Industries				First Lien Senior Secured Term Loan				STIBOR + 5.25%, 7.2% Cash				05/21				07/26				320				423						320						—		%			(3) (5) (6) (7) (24)
											366			446			366																																320				423				320

Bestop, Inc.	Bestop, Inc.			Auto Parts & Equipment		First Lien Senior Secured Term Loan		SOFR + 5.25%, 6.6% Cash		05/21		01/25			3,673			3,667				3,642				0.3	%					(5) (6) (7) (20)			Bestop, Inc.				Auto Parts & Equipment				First Lien Senior Secured Term Loan				SOFR + 5.25%, 9.5% Cash				05/21				01/25				3,673				3,667						3,552						0.3		%			(5) (6) (7) (19)
										3,673		3,667			3,642																												3,673				3,667				3,552

Beyond Risk Management, Inc.	Beyond Risk Management, Inc.	Other Financial				First Lien Senior Secured Term Loan		LIBOR + 4.50%, 6.8% Cash		10/21		10/27			2,560			2,488				2,485				0.2	%				(5) (6) (7) (9)			Beyond Risk Management, Inc.				Other Financial				First Lien Senior Secured Term Loan				LIBOR + 4.50%, 8.2% Cash				10/21				10/27				2,560				2,498						2,493						0.2		%			(5) (6) (7) (9)
												2,560			2,488			2,485																													2,560				2,498				2,493

Bidwax	Bidwax	Non-durable Consumer Goods		First Lien Senior Secured Term Loan		EURIBOR + 6.45%, 6.5% Cash		05/21		02/28		4,809			5,313			4,698				0.4	%			(3) (5) (6) (7) (15)		Bidwax					Non-durable Consumer Goods					First Lien Senior Secured Term Loan				EURIBOR + 6.45%, 6.5% Cash				05/21				02/28				4,506				5,318				4,376						0.4		%				(3) (5) (6) (7) (14)
											4,809			5,313			4,698																																4,506				5,318				4,376

BigHand UK Bidco Limited	BigHand UK Bidco Limited		High Tech Industries		First Lien Senior Secured Term Loan		SONIA + 5.50%, 6.7% Cash		05/21		01/28			379			429			372				—	%				(3) (5) (6) (7) (23)			BigHand UK Bidco Limited					High Tech Industries				First Lien Senior Secured Term Loan				SONIA + 5.50%, 7.7% Cash				05/21				01/28				349				429					343						—		%				(3) (5) (6) (7) (22)
				First Lien Senior Secured Term Loan		SOFR +5.50%, 6.3% Cash		05/21		01/28		147			147			144				—	%			(3) (6) (7) (20)								First Lien Senior Secured Term Loan							SOFR + 5.50%, 8.7% Cash				05/21				01/28				322				317				317					—		%				(3) (6) (7) (19)
				First Lien Senior Secured Term Loan		SOFR +5.50%, 7.0% Cash		05/21		01/28		175			170			172				—	%			(3) (5) (6) (7) (20)																									671				746				660
											701			746			688

Bounteous, Inc.	Bounteous, Inc.	Technology			First Lien Senior Secured Term Loan		LIBOR + 5.00%, 7.2% Cash		08/21		08/27			8,412			8,217			8,238				0.8	%			(5) (6) (7) (9)			Bounteous, Inc.						Technology				First Lien Senior Secured Term Loan				LIBOR + 5.25%, 7.5% Cash				08/21				08/27				8,396				8,211					8,219						0.8		%				(5) (6) (7) (9)
											8,412			8,217			8,238																																8,396				8,211				8,219

Brightline Trains Florida LLC			Transportation		Senior Secured Note		8.0% Cash		08/21		01/28			8,000			8,000			7,580				0.7	%			(6)*
											8,000			8,000			7,580

Brightpay Limited		Technology			First Lien Senior Secured Term Loan		EURIBOR + 5.25%, 5.3% Cash		10/21		10/28			2,739			2,943			2,685				0.3	%			(3) (5) (6) (7) (14)
											2,739			2,943			2,685

BrightSign LLC			Media & Entertainment		First Lien Senior Secured Term Loan		LIBOR + 5.75%, 8.0% Cash		10/21		10/27			10,633			10,537			10,357				1.0	%			(5) (6) (7) (9)
				Revolver		LIBOR + 5.75%, 8.0% Cash		10/21		10/27		—			(10)			(29)				0.1	%			(6) (7) (9)
				LLC Units (923,857.7 units)		N/A		10/21		N/A					924			844				—	%			(6)*
											10,633			11,451			11,172

British Engineering Services Holdco Limited		Commercial Services & Supplies			First Lien Senior Secured Term Loan		SONIA + 7.0%, 9.3% Cash		05/21		12/27			6,939			7,374			6,760				0.6	%			(3) (5) (6) (7) (24)
											6,939			7,374			6,760

Bucharest Midco Limited			Hotel, Gaming & Leisure		First Lien Senior Secured GBP Term Loan		7.00% Cash		05/21		07/26			799			802			690				0.1	%			(3) (6)
				First Lien Senior Secured USD Term Loan		7.00% Cash		05/21		07/26		168			146			145				—	%			(3) (6)
											967			948			835

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
BVI Medical, Inc. Healthcare Second Lien Senior Secured Term Loan EURIBOR + 9.50%, 9.5% Cash 06/22 06/26 $ 5,765 $ 5,566 $ 5,534 0.5 % (5) (6) (7) (14)
5,765 5,566 5,534
CAi Software, LLC Technology First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.4% Cash 12/21 12/28 9,034 8,865 8,854 0.8 % (5) (6) (7) (9)
Revolver LIBOR + 6.25%, 8.4% Cash 12/21 12/27 — (17) (19) — % (6) (7) (9)
9,034 8,848 8,835
Canadian Orthodontic Partners Corp. Healthcare First Lien Senior Secured Term Loan CDOR + 6.50%, 9.7% Cash 06/21 03/26 4,341 4,585 4,206 0.4 % (3) (5) (6) (7) (26)
Class A Equity (500,000 units) N/A 05/22 N/A 389 388 — %
(3) (6)*
Class C - Warrants (74,712.64 units) N/A 05/22 N/A — — — %
(3) (6)*
4,341 4,974 4,594
Caribou Holding Company, LLC Technology First Lien Senior Secured Term Loan SOFR + 7.64%, 8.6% Cash 04/22 04/27 3,907 3,850 3,848 0.4 % (3) (5) (6) (7) (20)
LLC Units (616,844 units) N/A 04/22 N/A 617 617 0.1 %
(3) (6)*
3,907 4,467 4,465
Carlson Travel, Inc Business Travel Management Common Stock (125,349 shares) N/A 06/22 N/A 2,538 2,382 0.2 %
(5)*
2,538 2,382
Centralis Finco S.a.r.l. Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 05/21 05/27 117 136 116 — % (3) (5) (6) (7) (14)
117 136 116
Ceres Pharma NV Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 10/21 10/28 3,009 3,201 2,906 0.3 % (3) (5) (6) (7) (14)
3,009 3,201 2,906
CGI Parent, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.9% Cash 02/22 02/28 17,751 17,415 17,441 1.6 % (5) (6) (7) (9)
Revolver LIBOR + 5.50%, 6.9% Cash 02/22 02/28 — (31) (29) — % (6) (7) (9)
Preferred Stock (551 shares) N/A 02/22 N/A 551 806 0.1 % (6) (7)
17,751 17,935 18,218
Chambers Global Holdings Limited Data Processing & Outsourced Services First Lien Senior Secured Term Loan SONIA + 5.25, 6.4% Cash 05/21 01/26 1,161 1,330 1,141 0.1 % (3) (5) (6) (7) (23)
1,161 1,330 1,141
Classic Collision (Summit Buyer, LLC) Auto Collision Repair Centers First Lien Senior Secured Term Loan LIBOR + 5.25%, 8.1% Cash 05/21 01/26 18,632 18,332 18,357 1.7 % (5) (6) (7) (10)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 8.1% Cash 05/21 04/26 691 670 673 0.1 % (5) (6) (7) (10)
19,323 19,002 19,030
CM Acquisitions Holdings Inc. Internet & Direct Marketing First Lien Senior Secured Term Loan SOFR + 4.75%, 7.3% Cash 05/21 05/25 10,869 10,837 10,728 1.0 % (5) (6) (7) (20)
10,869 10,837 10,728
Coastal Marina Holdings, LLC Other Financial Subordinated Term Loan 10.0% PIK 11/21 11/31 2,512 2,301 2,280 0.2 %
(6) *
Subordinated Term Loan 8.00% Cash 11/21 11/31 6,522 5,946 5,915 0.6 %
(6) *
LLC Units (1,0132,978 units) N/A 11/21 N/A 4,522 5,070 0.5 %
(6) *
9,034 12,769 13,265
Cobham Slip Rings SAS Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.5% Cash 11/21 11/28 3,091 3,022 3,031 0.3 % (3) (5) (6) (7) (9)
3,091 3,022 3,031
Command Alkon (Project Potter Buyer, LLC) Software First Lien Senior Secured Term Loan LIBOR + 7.0%, 8.7% Cash 05/21 04/27 11,850 11,643 11,661 1.1 % (5) (6) (7) (8)
11,850 11,643 11,661


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Bridger Aerospace Group Holdings, LLC	Environmental Industries	Municipal Revenue Bond	11.5% Cash	07/22	09/27	$	32,980	$	32,980	$	34,308	3.2	%
		Preferred Stock- Series C (17,725 shares)	7.0% PIK	07/22	N/A			16,900		16,900		1.6	%	(6)
						32,980		49,880		51,208

Brightline Trains Florida LLC	Transportation	Senior Secured Note	8.0% Cash	08/21	01/28	8,000		8,000		7,500		0.7	%	(6)
						8,000		8,000		7,500

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 5.1% Cash	10/21	10/28	2,567		2,946		2,521		0.2	%	(3) (5) (6) (7) (13)
						2,567		2,946		2,521

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.1% Cash	10/21	10/27	10,607		10,515		10,535		1.0	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.50%, 9.1% Cash	10/21	10/27	—		924		1,039		0.1	%	(6) (7) (9)
		LLC Units (923,857.7 units)	N/A	10/21	N/A			(10)		(8)		—	%	(6) (30)
						10,607		11,429		11,566

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 7.00%, 9.2% Cash	05/21	12/27	6,378		7,381		6,196		0.6	%	(3) (5) (6) (7) (21)
						6,378		7,381		6,196

Bucharest Midco Limited	Hotel, Gaming & Leisure	First Lien Senior Secured GBP Term Loan	7.00% Cash	05/21	07/26	734		809		627		0.1	%	(3) (6)
		First Lien Senior Secured USD Term Loan	7.00% Cash	05/21	07/26	175		154		149		—	%	(3) (6)
						909		963		776

Burgess Point Purchaser Corporation	Auto Parts & Equipment	Second Lien Senior Secured Term Loan	SOFR + 9.00%, 12.2% Cash	07/22	07/30	4,545		4,367		4,364		0.4	%	(5) (6) (7) (18)
		LP Units (455 units)	N/A	07/22	N/A			455		409		—	%	(6) (30)
						4,545		4,822		4,773

BVI Medical, Inc.	Healthcare	Second Lien Senior Secured Term Loan	EURIBOR + 9.50%, 10.7% Cash	06/22	06/26	5,402		5,578		5,204		0.5	%	(5) (6) (7) (13)
						5,402		5,578		5,204

CAi Software, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 9.9% Cash	12/21	12/28	9,012		8,848		8,831		0.8	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 6.25%, 8.7% Cash	07/22	12/28	1,380		1,354		1,353		0.1	%	(5) (6) (7) (9)
		Revolver	LIBOR + 6.25%, 9.9% Cash	12/21	12/28	—		(17)		(19)		—	%	(6) (7) (9)
						10,392		10,185		10,165

Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	CDOR + 7.00%, 9.7% Cash, 0.50% PIK	06/21	03/26	4,057		4,567		3,896		0.4	%	(3) (5) (6) (7) (25)
		Class A Equity (500,000 units)	N/A	05/22	N/A			389		364		—	%	(3) (6) (30)
		Class C - Warrants (74,712.64 units)	N/A	05/22	N/A			—		—		—	%	(3) (6) (30)
						4,057		4,956		4,260

Caribou Holding Company, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 7.64%, 10.1% Cash	04/22	04/27	3,907		3,852		3,857		0.4	%	(3) (5) (6) (7) (19)
		LLC Units (616,844 units)	N/A	04/22	N/A			617		595		0.1	%	(3) (6) (30)
						3,907		4,469		4,452

Carlson Travel, Inc	Business Travel Management	Common Stock (125,349 shares)	N/A	06/22	N/A			2,538		1,065		0.1	%	(5) (30)
								2,538		1,065

Centralis Finco S.a.r.l.	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.6% Cash	05/21	04/27	404		422		384		—	%	(3) (5) (6) (7) (13)
						404		422		384

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Compass Precision, LLC Aerospace & Defense Senior Subordinated Term Loan 11.0% Cash, 1.0% PIK 04/22 10/25 $ 376 $ 369 $ 368 — % (5) (6)
LLC Units (46,085.6 units) N/A 04/22 N/A 125 127 — %
(6)*
376 494 495
Comply365, LLC Technology First Lien Senior Secured Term Loan SOFR + 5.50%, 6.5% Cash 04/22 04/28 7,168 7,029 7,025 0.7 % (5) (6) (7) (20)
Revolver SOFR + 5.50%, 6.5% Cash 04/22 04/28 — (11) (11) — % (6) (7) (20)
7,168 7,018 7,014
Contabo Finco S.À R.L Internet Software & Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 11/21 10/26 22,531 23,960 22,483 2.1 % (3) (6) (7) (14)
22,531 23,960 22,483
Core Scientific, Inc. Technology First Lien Senior Secured Term Loan 9.8% Cash 03/22 03/25 17,241 17,404 16,827 1.6 % (3) (6)
17,241 17,404 16,827
Cosmelux International Commodity Chemicals First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 05/21 07/24 947 1,084 947 0.1 % (3) (5) (6) (7) (15)
947 1,084 947
Coyo Uprising GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash, 3.5% PIK 09/21 09/28 9,149 9,972 8,942 0.8 % (3) (5) (6) (7) (14)
Class A Units (531.0 units) N/A 09/21 N/A 248 227 — % (3) (6)
Class B Units (231.0 units) N/A 09/21 N/A 538 605 0.1 % (3) (6)
9,149 10,758 9,774
Crash Champions, LLC Automotive First Lien Senior Secured Term Loan SOFR + 5.00%, 7.2% Cash 05/21 08/25 19,512 19,084 18,716 1.7 % (6) (5) (7) (20)
19,512 19,084 18,716
CVL 3 Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 12/21 12/28 3,973 4,189 3,891 0.4 % (3) (5) (6) (7) (14)
First Lien Senior Secured Term Loan SOFR + 5.50%, 6.4% Cash 12/21 12/28 2,480 2,422 2,429 0.2 % (3) (5) (6) (7) (20)
6,453 6,611 6,320
CW Group Holdings, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.7% Cash 05/21 01/27 4,108 4,031 3,968 0.4 % (5) (6) (7) (8)
4,108 4,031 3,968
DecksDirect, LLC Building Materials First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.7% Cash 12/21 12/26 709 696 689 0.1 % (5) (6) (7) (8)
Revolver LIBOR + 6.00%, 7.7% Cash 12/21 12/26 65 62 59 — % (6) (7) (8)
LLC Units (1,280.8 units) N/A 12/21 N/A 55 38 — %
(6)*
774 813 786
Direct Travel, Inc. Lodging & Casinos First Lien Senior Secured Term Loan LIBOR + 1.00%, 2.0% Cash, 7.5% PIK 05/21 10/23 5,711 4,923 5,243 0.5 % (6) (7) (9)
Super Senior Secured Term Loan LIBOR + 6.00%, 7.0% Cash 05/21 10/23 374 374 374 — % (6) (7) (9)
6,085 5,297 5,617
Dragon Bidco Technology First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 05/21 04/28 1,255 1,334 1,226 0.1 % (3) (5) (6) (7) (15)
1,255 1,334 1,226
DreamStart Bidco SAS (d/b/a SmartTrade) Diversified Financial Services First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 05/21 03/27 836 943 830 0.1 % (3) (6) (7) (15)
836 943 830
Dune Group Health Care Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 5.8% Cash 09/21 09/28 4,825 4,748 4,761 0.4 % (3) (5) (6) (7) (9)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 09/21 09/28 293 271 270 — % (3) (5) (6) (7) (14)
5,118 5,019 5,031


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 5.5% Cash	10/21	10/28	$	2,819	$	3,205	$	2,733	0.3	%	(3) (5) (6) (7) (13)
						2,819		3,205		2,733

CGI Parent, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 7.8% Cash	02/22	02/28	17,751		17,428		17,471		1.6	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.50%, 7.8% Cash	02/22	02/28	—		(30)		(26)		—	%	(6) (7) (9)
		Preferred Stock (551 shares)	N/A	02/22	N/A			551		955		0.1	%	(6) (7) (30)
						17,751		17,949		18,400

Chambers Global Holdings Limited	Data Processing & Outsourced Services	First Lien Senior Secured Term Loan	SONIA + 5.25, 7.4% Cash	05/21	01/26	1,067		1,331		1,052		0.1	%	(3) (5) (6) (7) (22)
						1,067		1,331		1,052

Classic Collision (Summit Buyer, LLC)	Auto Collision Repair Centers	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.9% Cash	05/21	01/26	18,578		18,196		18,156		1.7	%	(5) (6) (7) (10)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.9% Cash	05/21	04/26	938		919		922		0.1	%	(5) (6) (7) (10)
						19,516		19,115		19,078

CM Acquisitions Holdings Inc.	Internet & Direct Marketing	First Lien Senior Secured Term Loan	Prime + 3.75%, 8.5% Cash	05/21	05/25	1,118		1,115		1,089		0.1	%	(5) (6) (7) (29)
		First Lien Senior Secured Term Loan	SOFR + 4.75%, 7.1% Cash	05/21	05/25	9,751		9,724		9,497		0.9	%	(5) (6) (7) (19)
						10,869		10,839		10,586

Coastal Marina Holdings, LLC	Other Financial	Subordinated Term Loan	10.0% PIK	11/21	11/31	2,575		2,368		2,339		0.2	%	(6)
		Subordinated Term Loan	8.0% Cash	11/21	11/31	6,522		5,956		5,915		0.5	%	(6)
		LLC Units (1,013,978 units)	N/A	11/21	N/A			4,547		5,095		0.5	%	(6) (30)
						9,097		12,871		13,349

Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 9.9% Cash	11/21	11/28	3,091		3,025		3,005		0.3	%	(3) (5) (6) (7) (9)
						3,091		3,025		3,005

Command Alkon (Project Potter Buyer, LLC)	Software	First Lien Senior Secured Term Loan	SOFR + 7.75%, 10.0% Cash	05/21	04/27	11,790		11,592		11,536		1.1	%	(5) (6) (7) (18)
						11,790		11,592		11,536

Compass Precision, LLC	Aerospace & Defense	Senior Subordinated Term Loan	11.0% Cash, 1.0% PIK	04/22	10/25	377		370		370		—	%	(5) (6)
		LLC Units (46,085.6 units)	N/A	04/22	N/A			125		130		—	%	(6) (30)
						377		495		500

Comply365, LLC	Technology	First Lien Senior Secured Term Loan	SOFR + 5.50%, 8.4% Cash	04/22	04/28	7,150		7,016		7,029		0.6	%	(5) (6) (7) (19)
		Revolver	SOFR + 5.50%, 8.4% Cash	04/22	04/28	—		(10)		(9)		—	%	(6) (7) (19)
						7,150		7,006		7,020

Contabo Finco S.À R.L	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.8% Cash	11/21	10/26	21,113		23,973		21,104		1.9	%	(3) (6) (7) (13)
						21,113		23,973		21,104

Core Scientific, Inc.	Technology	First Lien Senior Secured Term Loan	13.0% Cash	03/22	03/25	16,798		16,784		16,731		1.5	%	(3) (6)
		Common Stock (51,846 shares)	N/A	09/22	N/A			168		67		—	%	(3) (30)
						16,798		16,952		16,798

Cosmelux International	Commodity Chemicals	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	05/21	07/24	887		1,085		887		0.1	%	(3) (5) (6) (7) (14)
						887		1,085		887

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Dunlipharder B.V. Technology First Lien Senior Secured Term Loan SOFR + 6.50%, 7.6% Cash 06/22 06/28 $ 1,000 $ 985 $ 985 0.1 % (3) (5) (6) (7) (19)
1,000 985 985
Dunn Paper, Inc. Forest Products & Paper Second Lien Senior Secured Term Loan LIBOR + 9.25%, 10.3% Cash 05/21 08/23 2,481 2,456 573 0.1 % (5) (6) (7) (9) (30)
2,481 2,456 573
Dwyer Instruments, Inc. Electric First Lien Senior Secured Term Loan LIBOR + 6.0%, 8.3% Cash 07/21 07/27 6,481 6,358 6,331 0.6 % (5) (6) (7) (9)
6,481 6,358 6,331
Echo Global Logistics, Inc. Air Transportation Second Lien Senior Secured Term Loan LIBOR + 7.25%, 8.2% Cash 11/21 11/29 16,433 16,162 16,203 1.5 % (5) (6) (7) (8)
Partnership Equity (448.2 units) N/A 11/21 N/A 448 597 0.1 %
(6)*
16,433 16,610 16,800
Ellkay, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.9% Cash 09/21 09/27 5,800 5,697 5,715 0.5 % (5) (6) (7) (9)
5,800 5,697 5,715
EMI Porta Holdco LLC Diversified Manufacturing First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.1% Cash 12/21 12/27 18,427 17,923 17,961 1.7 % (5) (6) (7) (9)
Revolver LIBOR + 5.50%, 7.1% Cash 12/21 12/27 824 778 781 0.1 % (6) (7) (9)
19,251 18,701 18,742
Entact Environmental Services, Inc. Environmental Industries First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 05/21 12/25 1,832 1,818 1,777 0.2 % (5) (6) (7) (9)
1,832 1,818 1,777
EPS NASS Parent, Inc. Electrical Components & Equipment First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 05/21 04/28 2,194 2,154 2,166 0.2 % (5) (6) (7) (9)
2,194 2,154 2,166
ERES Group Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.00%, 5.0% Cash 05/21 07/26 261 302 261 — % (3) (5) (6) (7) (14)
261 302 261
eShipping, LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.4% Cash 11/21 11/27 5,455 5,333 5,350 0.5 % (5) (6) (7) (8)
Revolver LIBOR + 5.75%, 7.4% Cash 11/21 11/27 — (13) (12) — % (6) (7) (9)
5,455 5,320 5,338
Events Software BidCo Pty Ltd Technology First Lien Senior Secured Term Loan BBSY + 5.50%, 7.4% Cash 03/22 03/28 1,762 1,853 1,701 0.2 % (3) (5) (6) (7) (17)
1,762 1,853 1,701
F24 (Stairway BidCo Gmbh) Software Services First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 05/21 08/27 371 425 371 — % (3) (5) (6) (7) (14)
371 425 371
Findex Group Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan BBSY + 5.25%, 5.5% Cash 05/21 05/24 800 900 800 0.1 % (3) (5) (6) (16)
800 900 800
Fineline Technologies, Inc. Consumer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 05/21 02/28 3,470 3,411 3,470 0.3 % (6) (7) (9)
3,470 3,411 3,470
Finexvet Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 03/22 03/29 2,122 2,171 2,063 0.2 % (3) (5) (6) (7) (14)
2,122 2,171 2,063
FinThrive Software Intermediate Holdings Inc. Business Equipment & Services Preferred Stock (3,188.51 shares) 11.0% PIK 03/22 N/A 3,518 3,728 0.3 % (5) (6)
3,518 3,728
FitzMark Buyer, LLC Cargo & Transportation First Lien Senior Secured Term Loan LIBOR + 4.50%, 5.5% Cash 05/21 12/26 4,281 4,217 4,208 0.4 % (5) (6) (7) (9)
4,281 4,217 4,208


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 3.25%, 3.3% Cash, 3.5% PIK	09/21	09/28	$	8,573	$	9,979	$	8,401	0.8	%	(3) (5) (6) (7) (14)
		Class A Units (531 units)	N/A	09/21	N/A			248		215		—	%	(3) (6) (30)
		Class B Units (231 units)	N/A	09/21	N/A			538		516		—	%	(3) (6) (30)
						8,573		10,765		9,132

CVL 3	Capital Equipment	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 5.5% Cash	12/21	12/28	3,723		4,192		3,648		0.3	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.1% Cash	12/21	12/28	2,480		2,424		2,431		0.2	%	(3) (5) (6) (7) (19)
						6,203		6,616		6,079

CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 8.5% Cash	05/21	01/27	4,108		4,035		3,988		0.4	%	(5) (6) (7) (8)
						4,108		4,035		3,988

DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 9.1% Cash	12/21	12/26	700		688		689		0.1	%	(5) (6) (7) (8)
		Revolver	LIBOR + 6.00%, 9.1% Cash	12/21	12/26	—		(4)		(3)		—	%	(6) (7) (8)
		Common Stock (1,280.8 shares)	N/A	12/21	N/A			55		51		—	%	(6) (30)
						700		739		737

Direct Travel, Inc.	Lodging & Casinos	First Lien Senior Secured Term Loan	LIBOR + 8.00%, 11.5% Cash	05/21	10/23	5,711		5,067		5,209		0.5	%	(6) (7) (9)
		Super Senior Secured Term Loan	LIBOR + 6.00%, 9.0% Cash	05/21	10/23	374		374		374		—	%	(6) (7) (9)
						6,085		5,441		5,583

Dragon Bidco	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 6.8% Cash	05/21	04/28	1,175		1,335		1,152		0.1	%	(3) (5) (6) (7) (14)
						1,175		1,335		1,152

DreamStart Bidco SAS (d/b/a SmartTrade)	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 7.1% Cash	05/21	03/27	783		944		780		0.1	%	(3) (5) (6) (7) (13)
						783		944		780

Dune Group	Health Care Equipment	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.4% Cash	09/21	09/28	4,825		4,750		4,768		0.4	%	(3) (5) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 6.9% Cash	09/21	09/28	275		273		255		—	%	(3) (5) (6) (7) (13)
						5,100		5,023		5,023

Dunlipharder B.V.	Technology	First Lien Senior Secured Term Loan	SOFR + 6.50%, 8.8% Cash	06/22	06/28	1,000		986		986		0.1	%	(3) (5) (6) (7) (18)
						1,000		986		986

Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 7.8% Cash	07/21	07/27	987		979		967		0.1	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.4% Cash	07/21	07/27	24,483		23,946		23,904		2.2	%	(5) (6) (7) (9)
						25,470		24,925		24,871

Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 9.8% Cash	11/21	11/29	16,433		16,168		15,759		1.4	%	(5) (6) (7) (9)
		Partnership Equity (448.2 units)	N/A	11/21	N/A			448		641		0.1	%	(6) (30)
						16,433		16,616		16,400

Ellkay, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 9.5% Cash	09/21	09/27	5,785		5,686		5,710		0.5	%	(5) (6) (7) (9)
						5,785		5,686		5,710

EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.5% Cash	12/21	12/27	18,828		18,344		18,117		1.7	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 9.5% Cash	12/21	12/27	773		729		707		0.1	%	(6) (7) (9)
						19,601		19,073		18,824

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Five Star Holding LLC Packaging Second Lien Senior Secured Term Loan SOFR + 7.25%, 8.8% Cash 05/22 05/30 $ 7,152 $ 7,011 $ 7,009 0.7 % (5) (6) (7) (19)
LLC Units (505.1 Units) N/A 05/22 N/A 505 505 — %
(6)*
7,152 7,516 7,514
Flavor Producers, LLC. Packaged Foods & Meats First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash, 1.0% PIK 05/21 12/23 892 868 876 0.1 % (5) (6) (7) (9)
892 868 876
Flexential Issuer, LLC Information Technology Structured Secured Note - Class C 6.9% Cash 11/21 11/51 10,000 9,267 9,254 0.9 %
10,000 9,267 9,254
Footco 40 Limited Media & Entertainment First Lien Senior Secured Term Loan SONIA + 5.75%, 6.8% Cash 04/22 04/29 1,504 1,553 1,441 0.1 % (3) (5) (6) (7) (23)
1,504 1,553 1,441
FragilePak LLC Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.4% Cash 05/21 05/27 9,204 8,884 9,107 0.8 % (5) (6) (7) (8)
Partnership Units (929.7 units) N/A 05/21 N/A 930 930 0.1 %
(6)*
9,204 9,814 10,037
Front Line Power Construction LLC Construction Machinery First Lien Senior Secured Term Loan LIBOR + 12.50%, 14.0% Cash 11/21 11/28 1,247 1,183 1,216 0.1 % (6) (7) (9)
Common Stock (15,890 shares) N/A 11/21 N/A 68 38 — %
1,247 1,251 1,254
FSS Buyer LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 08/21 08/28 24,657 24,213 24,301 2.3 % (5) (6) (7) (8)
LP Interest (2,902.34 units) N/A 08/21 N/A 29 34 — %
(6)*
LP Units (12,760.8 units) N/A 08/21 N/A 128 149 — %
(6)*
24,657 24,370 24,484
Glacis Acquisition S.A.R.L. Transportation Services First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 05/21 07/23 3,827 3,945 3,827 0.4 % (3) (5) (6) (7) (15)
3,827 3,945 3,827
GPZN II GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 06/22 06/29 449 427 422 — % (3) (5) (6) (7) (13)
449 427 422
Graphpad Software, LLC Internet Software & Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.5% Cash 11/21 04/27 16,224 16,054 16,186 1.5 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.0% Cash 05/21 04/27 10,950 10,950 10,950 1.0 % (5) (6) (7) (9)
27,174 27,004 27,136
Healthe Care Specialty Pty Ltd Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan BBSY + 5.00%, 5.8% Cash 05/21 10/24 1,012 1,118 989 0.1 % (3) (5) (6) (7) (18)
1,012 1,118 989
Heartland Veterinary Partners, LLC Healthcare Subordinated Term Loan 11.0% PIK 11/21 11/28 5,079 4,968 4,979 0.5 %
(6)*
Subordinated Term Loan 11.0% PIK 11/21 11/23 659 641 643 0.1 %
(6)*
5,738 5,609 5,622
Heartland, LLC Business Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 05/21 08/25 6,748 6,651 6,642 0.6 % (5) (6) (7) (9)
6,748 6,651 6,642
Heavy Construction Systems Specialists, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 11/21 11/27 22,807 22,390 22,445 2.1 % (5) (6) (7) (8)
Revolver LIBOR + 5.75%, 6.8% Cash 11/21 11/27 — (39) (35) — % (6) (7) (8)
22,807 22,351 22,410
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) Insurance First Lien Senior Secured Term Loan EURIBOR + 5.00%, 5.0% Cash 05/21 09/26 8,664 9,674 8,526 0.8 % (3) (5) (6) (7) (14)
8,664 9,674 8,526


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.4% Cash	05/21	12/25	$	1,820	$	1,807	$	1,782	0.2	%	(5) (6) (7) (9)
						1,820		1,807		1,782

EPS NASS Parent, Inc.	Electrical Components & Equipment	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.4% Cash	05/21	04/28	2,183		2,145		2,159		0.2	%	(5) (6) (7) (9)
						2,183		2,145		2,159

ERES Group	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 7.2% Cash	05/21	07/26	245		302		245		—	%	(3) (5) (6) (7) (13)
						245		302		245

eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 8.1% Cash	11/21	11/27	5,017		4,908		5,004		0.5	%	(5) (6) (7) (8)
		Revolver	LIBOR + 5.00%, 8.1% Cash	11/21	11/27	—		(13)		(1)		—	%	(6) (7) (8)
						5,017		4,895		5,003

Events Software BidCo Pty Ltd	Technology	First Lien Senior Secured Term Loan	BBSY + 5.50%, 8.3% Cash	03/22	03/28	1,647		1,851		1,549		0.1	%	(3) (5) (6) (7) (16)
						1,647		1,851		1,549

Express Wash Acquisition Company, LLC	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.50%, 9.1% Cash	07/22	07/28	6,615		6,475		6,471		0.6	%	(5) (6) (7) (18)
		Revolver	SOFR + 6.50%, 9.1% Cash	07/22	07/28	255		250		250		—	%	(5) (6) (7) (18)
						6,870		6,725		6,721

F24 (Stairway BidCo Gmbh)	Software Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 6.9% Cash	05/21	08/27	355		432		351		—	%	(3) (5) (6) (7) (13)
						355		432		351

Findex Group Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	BBSY + 5.25%, 7.2% Cash	05/21	05/24	748		900		748		0.1	%	(3) (5) (6) (16)
						748		900		748

Fineline Technologies, Inc.	Consumer Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 8.4% Cash	05/21	02/28	3,453		3,403		3,425		0.3	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 4.75%, 8.4% Cash	05/21	02/27	—		(7)		(4)		—	%	(6) (7) (9)
						3,453		3,396		3,421

Finexvet	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 5.5% Cash	03/22	03/29	2,204		2,385		2,138		0.2	%	(3) (5) (6) (7) (13)
						2,204		2,385		2,138

FinThrive Software Intermediate Holdings Inc.	Business Equipment & Services	Preferred Stock (3,188.51 shares)	11.0% PIK	03/22	N/A			3,618		3,652		0.3	%	(5) (6)
								3,618		3,652

FitzMark Buyer, LLC	Cargo & Transportation	First Lien Senior Secured Term Loan	LIBOR + 4.50%, 7.3% Cash	05/21	12/26	4,270		4,210		4,204		0.4	%	(5) (6) (7) (9)
						4,270		4,210		4,204

Five Star Holding LLC	Packaging	Second Lien Senior Secured Term Loan	SOFR + 7.25%, 10.4% Cash	05/22	05/30	7,152		7,015		6,952		0.6	%	(5) (6) (7) (18)
		LLC Units (505.1 units)	N/A	05/22	N/A			505		505		—	%	(6) (30)
						7,152		7,520		7,457

Flavor Producers, LLC.	Packaged Foods & Meats	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 7.3% Cash, 1.0% PIK	05/21	12/23	891		871		871		0.1	%	(5) (6) (7) (9)
						891		871		871

Flexential Issuer, LLC	Information Technology	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	10,000		9,271		8,608		0.8	%
						10,000		9,271		8,608

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

Footco 40 Limited	Media & Entertainment	First Lien Senior Secured Term Loan	SONIA + 5.75%, 9.3% Cash	04/22	04/29	1,382		1,556		1,334		0.1	%	(3) (5) (6) (7) (22)
						1,382		1,556		1,334

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
HemaSource, Inc. Health Care Distributors First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.2% Cash 05/21 07/23 $ 8,149 $ 8,108 $ 8,102 0.8 % (5) (6) (7) (9)
8,149 8,108 8,102
Home Care Assistance, LLC Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.0%, 6.7% Cash 05/21 03/27 1,555 1,529 1,524 0.1 % (5) (6) (7) (8)
1,555 1,529 1,524
Honour Lane Logistics Holdings Limited Transportation Services First Lien Senior Secured Term Loan SOFR + 5.25%, 6.7% Cash 04/22 11/28 17,500 16,987 16,975 1.6 % (3) (5) (6) (7) (21)
17,500 16,987 16,975
HW Holdco, LLC (Hanley Wood LLC) Advertising First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 05/21 12/24 13,839 13,675 13,594 1.3 % (5) (6) (7) (9)
13,839 13,675 13,594
IM Square Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.5% Cash 05/21 04/28 4,391 4,866 4,322 0.4 % (3) (5) (6) (7) (15)
4,391 4,866 4,322
Image International Intermediate Holdco II, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.2% Cash 05/21 07/24 24,934 24,727 24,736 2.3 % (5) (6) (7) (8)
24,934 24,727 24,736
Infoniqa Holdings GmbH Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 11/21 11/28 3,940 4,155 3,853 0.4 % (3) (5) (6) (7) (14)
3,940 4,155 3,853
Innovad Group II BV Beverage, Food & Tobacco First Lien Senior Secured Term Loan EURIBOR + 5.75%, 6.0% Cash 05/21 04/28 981 1,093 898 0.1 % (3) (5) (6) (7) (15)
981 1,093 898
INOS 19-090 GmbH Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 5.4%, 5.4% Cash 05/21 12/27 640 722 640 0.1 % (3) (5) (6) (7) (14)
640 722 640
Ipsen International Holding GmbH Capital Equipment First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash, 0.5% PIK 05/21 08/24 1,126 1,181 1,083 0.1 % (3) (6) (7) (15)
1,126 1,181 1,083
Iridium Bidco Limited Radio & Television First Lien Senior Secured Term Loan GBP LIBOR + 5.25%, 5.8% Cash 05/21 04/24 3,722 4,002 3,688 0.3 % (3) (5) (6) (7) (12)
First Lien Senior Secured Term Loan GBP LIBOR + 5.25%, 5.8% Cash 05/21 09/23 913 1,049 905 0.1 % (3) (5) (6) (7) (12)
4,635 5,051 4,593
Isolstar Holding NV (IPCOM) Trading Companies & Distributors First Lien Senior Secured Term Loan EURIBOR + 5.00%, 5.0% Cash 05/21 12/24 2,467 2,334 2,467 0.2 % (3) (6) (7) (14)
First Lien Senior Secured Term Loan EURIBOR + 5.00%, 5.0% Cash 05/21 06/25 851 982 851 0.1 % (3) (5) (6) (7) (14)
3,318 3,316 3,318
ISS#2, LLC (d/b/a Industrial Services Solutions) Commercial Services & Supplies First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 05/21 02/26 1,967 1,822 1,927 0.2 % (6) (7) (9)
1,967 1,822 1,927
ITI Intermodal, Inc. Transportation Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.4% Cash 12/21 12/27 718 703 704 0.1 % (5) (6) (7) (8)
Revolver LIBOR + 4.75%, 6.4% Cash 12/21 12/27 — (2) (2) — % (6) (7) (8)
Common Stock (1,433.4 units) N/A 01/22 N/A 144 143 — %
(6)*
718 845 845
Jade Bidco Limited (Jane's) Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 05/21 02/29 3,455 3,546 3,377 0.3 % (3) (5) (6) (7) (14)
First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.0% Cash 05/21 02/29 21,245 20,753 20,771 1.9 % (3) (5) (6) (7) (10)
24,700 24,299 24,148


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
FragilePak LLC	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.9% Cash	05/21	05/27	$	9,181	$	8,876	$	9,153	0.8	%	(5) (6) (7) (9)
		Partnership Units (929.7 units)	N/A	05/21	N/A			929		1,049		0.1	%	(6) (30)
						9,181		9,805		10,202

Front Line Power Construction LLC	Construction Machinery	First Lien Senior Secured Term Loan	LIBOR + 12.50%, 15.5% Cash	11/21	11/28	1,247		1,185		1,192		0.1	%	(6) (7) (9)
		Common Stock (60,001 shares)	N/A	11/21	N/A			68		28		—	%	(30)
						1,247		1,253		1,220

FSS Buyer LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.9% Cash	08/21	08/28	24,595		24,167		24,281		2.2	%	(5) (6) (7) (8)
		LP Interest (2,902.34 units)	N/A	08/21	N/A			29		32		—	%	(30)
		LP Units (12,760.8 units)	N/A	08/21	N/A			128		143		—	%	(30)
						24,595		24,324		24,456

Glacis Acquisition S.A.R.L.	Transportation Services	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 7.7% Cash	05/21	07/23	3,586		3,979		3,586		0.3	%	(3) (5) (6) (7) (14)
						3,586		3,979		3,586

Global Academic Group Limited	Industrial Other	First Lien Senior Secured Term Loan	BBSY + 6.00%, 8.3% Cash	07/22	07/27	2,372		2,499		2,301		0.2	%	(3) (5) (6) (7) (16)
		First Lien Senior Secured Term Loan	BKBM + 6.00%, 8.3% Cash	07/22	07/27	3,904		4,196		3,775		0.3	%	(3) (5) (6) (7) (26)
						6,276		6,695		6,076

GPZN II GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 6.2% Cash	06/22	06/29	421		428		397		—	%	(3) (5) (6) (7) (12)
						421		428		397

Graphpad Software, LLC	Internet Software & Services	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 6.5% Cash	11/21	04/27	16,131		15,970		15,996		1.5	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 6.00%, 7.0% Cash	05/21	04/27	10,962		10,962		10,841		1.0	%	(5) (6) (7) (9)
						27,093		26,932		26,837

Greenhill II BV	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	07/22	07/29	678		671		653		0.1	%	(3) (5) (6) (7) (13)
						678		671		653

Healthe Care Specialty Pty Ltd	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	BBSY + 5.00%, 5.8% Cash	05/21	10/24	946		1,120		934		0.1	%	(3) (5) (6) (7) (17)
						946		1,120		934

HeartHealth Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.25%, 8.3% Cash	09/22	07/28	594		568		565		0.1	%	(3) (5) (6) (7) (16)
						594		568		565

Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	11/28	5,222		5,114		5,129		0.5	%	(6)
		Subordinated Term Loan	11.0% PIK	11/21	11/23	659		642		645		0.1	%	(6)
						5,881		5,756		5,774

Heartland, LLC	Business Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 8.4% Cash	05/21	08/25	6,731		6,642		6,636		0.6	%	(5) (6) (7) (9)
						6,731		6,642		6,636

Heavy Construction Systems Specialists, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.6% Cash	11/21	11/27	22,807		22,407		22,483		2.1	%	(5) (6) (7) (8)
		Revolver	LIBOR + 5.75%, 8.6% Cash	11/21	11/27	—		(38)		(31)		—	%	(6) (7) (8)
						22,807		22,369		22,452

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 5.0% Cash	05/21	09/26	8,119		9,682		7,981		0.7	%	(3) (5) (6) (7) (13)
						8,119		9,682		7,981

HemaSource, Inc.	Health Care Distributors	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 8.4% Cash	05/21	07/23	7,736		7,707		7,706		0.7	%	(5) (6) (7) (9)
						7,736		7,707		7,706

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Jaguar Merger Sub Inc. Other Financial First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/21 09/24 $ 3,780 $ 3,734 $ 3,733 0.3 % (5) (6) (7) (9)
Revolver LIBOR + 5.25%, 7.5% Cash 12/21 09/24 — (5) (5) — % (6) (7) (9)
3,780 3,729 3,728
Jeeves Information Systems AB High Tech Industries First Lien Senior Secured Term Loan STIBOR + 5.25%, 5.8% Cash 05/21 12/22 148 181 148 — % (3) (5) (6) (7) (25)
First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 05/21 12/22 3,952 4,497 3,952 0.4 % (3) (5) (6) (7) (13)
First Lien Senior Secured Term Loan SARON + 5.25%, 5.8% Cash 05/21 12/22 15,720 16,147 15,720 1.5 % (3) (5) (6) (7) (27)
19,820 20,825 19,820
Jon Bidco Limited Healthcare First Lien Senior Secured Term Loan BKBM + 5.50%, 7.1% Cash 03/22 03/27 3,884 4,219 3,769 0.4 % (3) (5) (6) (7) (29)
3,884 4,219 3,769
Jones Fish Hatcheries & Distributors LLC Consumer Products First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.8% Cash 02/22 02/28 2,785 2,732 2,735 0.3 % (5) (6) (7) (10)
Revolver LIBOR + 5.75%, 6.8% Cash 02/22 02/28 — (8) (7) — % (6) (7) (9)
LLC Units (974.7 units) N/A 02/22 N/A 97 97 — %
(6)*
2,785 2,821 2,825
Kano Laboratories LLC Chemicals, Plastics & Rubber First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.0% Cash 05/21 11/26 2,896 2,856 2,826 0.3 % (5) (6) (7) (9)
2,896 2,856 2,826
Kid Distro Holdings, LLC Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 10/21 10/27 23,757 23,330 23,400 2.2 % (5) (6) (7) (9)
LLC Units (1,062,795.2 units) N/A 10/21 N/A 1,064 1,012 0.1 %
(6)*
23,757 24,394 24,412
Kona Buyer, LLC High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.8% Cash 05/21 12/27 14,973 14,729 14,673 1.4 % (5) (6) (7) (9)
14,973 14,729 14,673
KSLB Holdings, LLC Beverage, Food & Tobacco First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.2% Cash 05/21 07/25 5,994 5,722 5,419 0.5 % (5) (6) (7) (8)
5,994 5,722 5,419
LAF International Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 05/21 03/28 575 649 575 0.1 % (3) (5) (6) (7) (15)
575 649 575
Lambir Bidco Limited Healthcare First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.0% Cash 12/21 12/28 2,138 2,217 2,066 0.2 % (3) (5) (6) (7) (14)
Second Lien Senior Secured Term Loan 12.0% PIK 12/21 06/29 641 670 625 0.1 % (3) (6)
2,779 2,887 2,691
Lattice Group Holdings Bidco Limited Technology First Lien Senior Secured Term Loan SOFR + 5.25%, 5.8% Cash 05/22 05/29 610 587 586 0.1 % (3) (5) (6) (7) (19)
Revolver SOFR + 5.25%, 6.7% Cash 05/22 11/28 35 35 35 — % (3) (6) (7) (19)
645 622 621
LeadsOnline, LLC Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.3% Cash 02/22 02/28 12,983 12,768 12,786 1.2 % (5) (6) (7) (9)
Revolver LIBOR + 5.00%, 7.3% Cash 02/22 02/28 260 228 231 — % (6) (7) (9)
LLC Units (39,370.1 units) N/A 02/22 N/A 39 39 — %
(6)*
13,243 13,035 13,056
Liberty Steel Holdings USA Inc. Industrial Other Revolver SOFR + 5.00%, 6.0% Cash 04/22 04/25 7,500 7,430 7,425 0.7 % (5) (6) (7) (19)
7,500 7,430 7,425


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.1% Cash	05/21	03/27	$	1,551	$	1,526	$	1,524	0.1	%	(5) (6) (7) (18)
						1,551		1,526		1,524

Honour Lane Logistics Holdings Limited	Transportation Services	First Lien Senior Secured Term Loan	SOFR + 5.25%, 6.7% Cash	04/22	11/28	17,500		17,005		16,642		1.5	%	(3) (5) (6) (7) (20)
						17,500		17,005		16,642

HTI Technology & Industries	Electronic Component Manufacturing	First Lien Senior Secured Term Loan	SOFR + 8.50%, 11.4% Cash	07/22	07/25	9,585		9,425		9,416		0.9	%	(5) (6) (7) (19)
		Revolver	SOFR + 8.50%, 11.4% Cash	07/22	07/25	—		(16)		(17)		0.9	%	(5) (6) (7) (19)
						9,585		9,409		9,399

HW Holdco, LLC (Hanley Wood LLC)	Advertising	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 6.0% Cash	05/21	12/24	13,824		13,675		13,604		1.3	%	(5) (6) (7) (9)
						13,824		13,675		13,604

Hygie 31 Holding	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 7.4% Cash	09/22	09/29	588		561		572		0.1	%	(3) (5) (6) (7) (13)
						588		561		572

IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.5% Cash	05/21	04/28	4,115		4,870		4,059		0.4	%	(3) (5) (6) (7) (14)
						4,115		4,870		4,059

Image International Intermediate Holdco II, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.6% Cash	05/21	07/23	24,833		24,667		24,411		2.2	%	(5) (6) (7) (8)
						24,833		24,667		24,411

Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 6.2% Cash	11/21	11/28	3,692		4,158		3,589		0.3	%	(3) (5) (6) (7) (14)
						3,692		4,158		3,589

Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 6.0% Cash	05/21	04/28	919		1,094		821		0.1	%	(3) (5) (6) (7) (14)
						919		1,094		821

INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.40%, 6.4% Cash	05/21	12/27	599		722		598		0.1	%	(3) (5) (6) (7) (13)
						599		722		598

Interstellar Group B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 6.4% Cash	08/22	08/29	2,241		2,258		2,171		0.2	%	(3) (5) (6) (7) (13)
		Super Senior Secured Term Loan	EURIBOR + 5.25%, 6.4% Cash	08/22	02/29	—		(3)		(3)		—	%	(3) (5) (6) (7) (13)
						2,241		2,255		2,168

Ipsen International Holding GmbH	Capital Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 6.8% Cash, 0.5% PIK	05/21	08/24	1,048		1,183		1,028		0.1	%	(3) (6) (7) (14)
						1,048		1,183		1,028

Iridium Bidco Limited	Radio & Television	First Lien Senior Secured Term Loan	SONIA + 5.5%, 8.9% Cash	05/21	04/24	4,261		5,057		4,225		0.4	%	(3) (5) (6) (7) (23)
						4,261		5,057		4,225

Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 5.0% Cash	05/21	12/24	2,919		2,971		2,919		0.3	%	(3) (5) (6) (7) (12)
		First Lien Senior Secured Term Loan	EURIBOR + 4.75%, 5.0% Cash	05/21	06/25	797		982		797		0.1	%	(3) (5) (6) (7) (12)
						3,716		3,953		3,716

ISS#2, LLC (d/b/a Industrial Services Solutions)	Commercial Services & Supplies	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 9.2% Cash	05/21	02/26	1,923		1,790		1,876		0.2	%	(6) (7) (9)
						1,923		1,790		1,876

ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 7.9% Cash	12/21	12/27	716		701		704		0.1	%	(5) (6) (7) (8)
		Revolver	LIBOR + 4.75%, 7.9% Cash	12/21	12/27	6		4		5		—	%	(6) (7) (8)
		Common Stock (1,433.37 shares)	N/A	01/22	N/A			144		143		—	%	(6) (30)
						722		849		852

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Life Extension Institute, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.6% Cash 05/21 02/24 $ 7,097 $ 7,097 $ 7,097 0.7 % (5) (6) (7) (8)
7,097 7,097 7,097
Listrac Bidco Limited Health Care First Lien Senior Secured Term Loan GBP LIBOR + 5.25%, 6.2% Cash 05/21 11/22 1,362 1,341 1,110 0.1 % (3) (6) (7) (12)
First Lien Senior Secured Term Loan GBP LIBOR + 5.25%, 6.2% Cash 05/21 08/22 56 45 54 — % (3) (6) (7) (12)
Revolver GBP LIBOR + 5.25%, 6.2% Cash 05/21 11/22 38 29 37 — % (3) (6) (7) (12)
1,456 1,415 1,201
LivTech Purchaser, Inc. Business Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 05/21 12/25 1,527 1,511 1,513 0.1 % (5) (6) (7) (9)
1,527 1,511 1,513
Loftware, Inc. Application Software First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.9% Cash 05/21 12/25 21,360 21,201 20,591 1.9 % (5) (6) (7) (9)
21,360 21,201 20,591
Long Term Care Group, Inc. Healthcare First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.3% Cash 04/22 09/27 4,222 4,140 4,137 0.4 % (5) (6) (7) (8)
4,222 4,140 4,137
Marmoutier Holding B.V. Consumer Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 12/21 12/28 1,788 1,877 1,739 0.2 % (3) (5) (6) (7) (14)
Revolver EURIBOR + 5.00%, 5.0% Cash 12/21 06/27 — (4) (3) — % (3) (6) (7) (14)
1,788 1,873 1,736
Marshall Excelsior Co. Capital Goods First Lien Senior Secured Term Loan SOFR + 5.50%, 7.7% Cash 02/22 02/28 5,732 5,642 5,631 0.5 % (5) (6) (7) (20)
Revolver SOFR + 5.50%, 7.7% Cash 02/22 02/28 475 461 460 — % (6) (7) (20)
6,207 6,103 6,091
MC Group Ventures Corporation Business Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 8.4% Cash 07/21 06/27 5,795 5,666 5,703 0.5 % (5) (6) (7) (9)
Partnership Units (560 units) N/A 06/21 N/A 560 624 0.1 %
(6)*
5,795 6,226 6,327
Media Recovery, Inc. (SpotSee) Containers, Packaging & Glass First Lien Senior Secured Term Loan SONIA + 6.00%, 7.2% Cash 05/21 11/25 853 975 853 0.1 % (5) (6) (7) (23)
853 975 853
Median B.V. Healthcare First Lien Senior Secured Term Loan SONIA + 6.00%, 7.2% Cash 02/22 10/27 6,012 6,499 5,425 0.5 % (3) (5) (7) (23)
6,012 6,499 5,425
Medical Solutions Parent Holdings, Inc. Healthcare Second Lien Senior Secured Term Loan LIBOR + 7.00%, 9.9% Cash 11/21 11/29 4,421 4,380 4,067 0.4 % (5) (7) (9)
4,421 4,380 4,067
Medplast Holdings, Inc. Health Care Second Lien Senior Secured Term Loan LIBOR + 7.75%, 9.4% Cash 05/21 07/26 9,325 8,647 8,603 0.8 % (5) (7) (8)
9,325 8,647 8,603
Mertus 522. GmbH Health Care First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 05/21 05/26 3,749 3,897 3,609 0.3 % (3) (5) (6) (7) (15)
3,749 3,897 3,609
Metis BidCo Pty Limited Business Equipment & Services First Lien Senior Secured Term Loan BBSY + 5.25%, 5.5% Cash 05/21 04/26 392 439 392 — % (3) (5) (6) (17)
392 439 392
MNS Buyer, Inc. Construction & Building First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.2% Cash 08/21 08/27 916 900 903 0.1 % (5) (6) (7) (8)
Partnership Units (76.92 Units) N/A 08/21 N/A 77 64 — %
(6)*
916 977 967
Modern Star Holdings Bidco Pty Limited Non-durable Consumer Goods First Lien Senior Secured Term Loan BBSY + 6.0%, 7.1% Cash 05/21 12/26 795 857 774 0.1 % (3) (5) (6) (7) (16)
795 857 774


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Jade Bidco Limited (Jane's)	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 6.3% Cash	05/21	02/29	$	3,237	$	3,548	$	3,172	0.3	%	(3) (5) (6) (7) (14)
		First Lien Senior Secured Term Loan	LIBOR + 6.25%, 8.0% Cash	05/21	02/29	21,245		20,768		20,815		1.9	%	(3) (5) (6) (7) (10)
						24,482		24,316		23,987

Jaguar Merger Sub Inc.	Other Financial	First Lien Senior Secured Term Loan	SOFR + 5.25%, 8.2% Cash	12/21	09/24	4,865		4,768		4,736		0.4	%	(5) (6) (7) (19)
		Revolver	SOFR + 5.25%, 8.2% Cash	12/21	09/24	—		(5)		(7)		—	%	(6) (7) (19)
						4,865		4,763		4,729

Jon Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	BKBM + 5.50%, 9.4% Cash	03/22	03/27	3,534		4,225		3,438		0.3	%	(3) (5) (6) (7) (26)
						3,534		4,225		3,438

Jones Fish Hatcheries & Distributors LLC	Consumer Products	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.9% Cash	02/22	02/28	2,785		2,734		2,740		0.3	%	(5) (6) (7) (8)
		Revolver	LIBOR + 5.75%, 8.9% Cash	02/22	02/28	—		(8)		(7)		—	%	(6) (7) (8)
		LLC Units (974.68 units)	N/A	02/22	N/A			98		98		—	%	(6) (30)
						2,785		2,824		2,831

Kano Laboratories LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 7.0% Cash	05/21	11/26	2,879		2,841		2,817		0.3	%	(5) (6) (7) (9)
						2,879		2,841		2,817

Kid Distro Holdings, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.6% Cash	10/21	10/27	23,697		23,288		23,380		2.2	%	(5) (6) (7) (9)
		LLC Units (1,062,795.2 units)	N/A	10/21	N/A	—		1,064		999		0.1	%	(6) (30)
						23,697		24,352		24,379

Kona Buyer, LLC	High Tech Industries	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 8.3% Cash	05/21	12/27	14,934		14,702		14,664		1.3	%	(5) (6) (7) (9)
						14,934		14,702		14,664

KSLB Holdings, LLC	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	LIBOR + 4.50%, 7.6% Cash	05/21	07/25	5,979		5,727		5,507		0.5	%	(5) (6) (7) (8)
						5,979		5,727		5,507

Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 7.2% Cash	12/21	12/28	2,004		2,220		1,921		0.2	%	(3) (5) (6) (7) (13)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	600		670		578		0.1	%	(3) (6)
						2,604		2,890		2,499

Lattice Group Holdings Bidco Limited	Technology	First Lien Senior Secured Term Loan	SOFR + 5.25%, 6.8% Cash	05/22	05/29	667		644		646		0.1	%	(3) (5) (6) (7) (19)
		Revolver	SOFR + 5.25%, 8.8% Cash	05/22	11/28	35		35		35		—	%	(3) (6) (7) (19)
						702		679		681

LeadsOnline, LLC	Business Equipment & Services	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 8.7% Cash	02/22	02/28	12,950		12,744		12,773		1.2	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.00%, 8.7% Cash	02/22	02/28	—		(30)		(27)		—	%	(6) (7) (9)
		LLC Units (39,370.1 units)	N/A	02/22	N/A			39		43		—	%	(6)
						12,950		12,753		12,789

Liberty Steel Holdings USA Inc.	Industrial Other	Revolver	SOFR + 5.00%, 7.5% Cash	04/22	04/25	7,500		7,436		7,425		0.7	%	(5) (6) (7) (18)
						7,500		7,436		7,425

Life Extension Institute, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.6% Cash	05/21	02/24	7,052		7,052		7,052		0.6	%	(5) (6) (7) (8)
						7,052		7,052		7,052

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Mold-Rite Plastics, LLC Containers, Packaging & Glass Second Lien Senior Secured Term Loan LIBOR + 7.00%, 8.5% Cash 09/21 09/29 $ 5,000 $ 4,954 $ 4,325 0.4 % (5) (6) (7) (10)
5,000 4,954 4,325
Murphy Midco Limited Media, Diversified & Production First Lien Senior Secured Term Loan SONIA + 4.75%, 6.1% Cash 05/21 11/27 572 644 563 0.1 % (3) (5) (6) (7) (23)
572 644 563
Music Reports, Inc. Media & Entertainment First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.1% Cash 05/21 08/26 2,585 2,550 2,535 0.2 % (5) (6) (7) (8)
2,585 2,550 2,535
Napa Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 6.00%, 7.2% Cash 03/22 03/28 13,490 13,737 13,102 1.2 % (3) (5) (6) (7) (17)
13,490 13,737 13,102
Narda Acquisitionco., Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/21 12/27 4,580 4,506 4,396 0.4 % (5) (6) (7) (9)
Revolver LIBOR + 5.25%, 7.5% Cash 12/21 12/27 — (17) (42) — % (6) (7) (9)
Class A Preferred Stock (3,708.1 units) N/A 12/21 N/A 371 311 — %
(6)*
Class B Common Stock (412.0 units) N/A 12/21 N/A 41 — — %
(6)*
4,580 4,901 4,665
Navia Benefit Solutions, Inc. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.8% Cash 05/21 02/27 4,597 4,505 4,534 0.4 % (6) (7) (8)
4,597 4,505 4,534
NeoxCo Internet Software & Services First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 05/21 05/25 237 267 237 — % (3) (5) (6) (7) (15)
Second Lien Senior Secured Term Loan 12.5% PIK 05/21 08/25 41 46 41 — % (3) (6)
278 313 278
Net Health Acquisition Corp. Health Care Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.4% Cash 05/21 12/25 11,020 10,889 10,896 1.0 % (5) (6) (7) (8)
11,020 10,889 10,896
Nexus Underwriting Management Limited Other Financial First Lien Senior Secured Term Loan SONIA + 5.25%, 5.9% Cash 10/21 10/28 3,890 4,198 3,783 0.4 % (3) (5) (6) (7) (24)
Revolver SONIA + 5.25%, 5.9% Cash 10/21 04/23 147 160 147 — % (3) (6) (7) (24)
4,037 4,358 3,930
Northstar Recycling, LLC Environmental Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 10/21 09/27 6,159 6,049 6,067 0.6 % (5) (6) (7) (9)
6,159 6,049 6,067
Novotech Aus Bidco Pty Ltd Healthcare First Lien Senior Secured Term Loan BBSY + 5.75%, 7.6% Cash 01/22 01/28 3,964 4,101 3,889 0.4 % (3) (5) (6) (7) (18)
First Lien Senior Secured Term Loan SOFR + 5.25%, 7.6% Cash 01/22 01/28 4,177 4,069 4,079 0.4 % (3) (5) (6) (7) (21)
8,141 8,170 7,968
OA Buyer, Inc. Healthcare First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.3% Cash 12/21 12/28 9,613 9,431 9,421 0.9 % (5) (6) (7) (9)
Revolver LIBOR + 6.00%, 8.3% Cash 12/21 12/28 — (25) (27) — % (6) (7) (9)
Partnership Units (210,920.1 units) N/A 12/21 N/A 211 211 — %
(6)*
9,613 9,617 9,605
OAC Holdings I Corp Automotive First Lien Senior Secured Term Loan SOFR + 5.00%, 7.8% Cash 03/22 03/29 3,630 3,560 3,563 0.3 % (5) (6) (7) (21)
Revolver SOFR + 5.00%, 6.7% Cash 03/22 03/28 1,076 1,050 1,051 0.1 % (6) (7) (19)
4,706 4,610 4,614
OG III B.V. Containers & Glass Products First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 06/21 06/28 14,625 16,150 14,259 1.3 % (3) (5) (6) (7) (14)
14,625 16,150 14,259


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Listrac Bidco Limited	Health Care	First Lien Senior Secured Term Loan	GBP LIBOR + 5.25%, 8.8% Cash	05/21	11/22	$	1,362	$	1,503	$	1,083	0.1	%	(3) (6) (7) (11)
		First Lien Senior Secured Term Loan	GBP LIBOR + 5.25%, 8.8% Cash	05/21	09/22	82		79		65		—	%	(3) (6) (7) (11)
		Revolver	GBP LIBOR + 5.25%, 8.8% Cash	05/21	11/22	57		50		45		—	%	(3) (6) (7) (11)
						1,501		1,632		1,193

LivTech Purchaser, Inc.	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 6.0% Cash	05/21	12/25	1,527		1,512		1,514		0.1	%	(5) (6) (7) (9)
						1,527		1,512		1,514

Loftware, Inc.	Application Software	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.4% Cash	05/21	12/25	21,307		21,159		19,688		1.8	%	(5) (6) (7) (9)
						21,307		21,159		19,688

Long Term Care Group, Inc.	Healthcare	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 8.8% Cash	04/22	09/27	4,211		4,133		4,140		0.4	%	(5) (6) (7) (8)
						4,211		4,133		4,140

Marmoutier Holding B.V.	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 6.9% Cash	12/21	12/28	1,675		1,888		1,641		0.2	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 6.9% Cash	12/21	12/24	327		329		320		—	%	(3) (5) (6) (7) (13)
		Revolver	EURIBOR + 5.00%, 5.0% Cash	12/21	6/27	—		(4)		(3)		—	%	(3) (6) (7) (13)
						2,002		2,213		1,958

Marshall Excelsior Co.	Capital Goods	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	02/22	02/28	5,732		5,645		5,645		0.5	%	(5) (6) (7) (19)
		Revolver	SOFR + 5.50%, 9.2% Cash	02/22	02/28	647		634		634		0.1	%	(6) (7) (19)
						6,379		6,279		6,279

MC Group Ventures Corporation	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.4% Cash	07/21	06/27	5,780		5,657		5,693		0.5	%	(5) (6) (7) (9)
		Partnership Units (560 units)	N/A	06/21	N/A	—		560		560		0.1	%	(6) (30)
						5,780		6,217		6,253

Media Recovery, Inc. (SpotSee)	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	SONIA + 6.00%, 8.2% Cash	05/21	11/25	781		973		781		0.1	%	(5) (6) (7) (21)
						781		973		781

Median B.V.	Healthcare	First Lien Senior Secured Term Loan	SONIA + 6.00%, 7.5% Cash	02/22	10/27	5,526		6,506		4,973		0.5	%	(3) (5) (6) (7) (23)
						5,526		6,506		4,973

Medical Solutions Parent Holdings, Inc.	Healthcare	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 9.9% Cash	11/21	11/29	4,421		4,381		4,200		0.4	%	(5) (6) (7) (10)
						4,421		4,381		4,200

Medplast Holdings, Inc.	Health Care	Second Lien Senior Secured Term Loan	LIBOR + 7.75%, 10.9% Cash	05/21	07/26	9,325		8,683		8,463		0.8	%	(5) (7) (8)
						9,325		8,683		8,463

Mercell Holding AS	Technology	First Lien Senior Secured Term Loan	NIBOR + 6.00%, 8.1% Cash	08/22	08/29	3,398		3,676		3,286		0.3	%	(3) (5) (6) (7) (28)
		Class A Units (114.4 units)	N/A	08/22	N/A			111		105		—	%	(3) (6) (30)
		Class B Units (28,943.8 units)	N/A	08/22	N/A			—		—		—	%	(3) (6) (30)
						3,398		3,787		3,391

Mertus 522. GmbH	Health Care	First Lien Senior Secured Term Loan	EURIBOR + 6.0%, 8.5% Cash	05/21	05/26	3,513		3,906		3,391		0.3	%	(3) (5) (6) (7) (14)
						3,513		3,906		3,391

Metis BidCo Pty Limited	Business Equipment & Services	First Lien Senior Secured Term Loan	BBSY + 5.75%, 7.2% Cash	05/21	04/26	366		439		366		—	%	(3) (5) (6) (16)
						366		439		366

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Omni Intermediate Holdings, LLC Transportation First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.0% Cash 05/21 12/26 $ 16,792 $ 16,560 $ 16,388 1.5 % (5) (6) (7) (8)
First Lien Senior Secured Term Loan SOFR + 5.00%, 7.3% Cash 06/22 12/26 2,576 2,460 2,460 0.2 % (5) (6) (7) (20)
19,368 19,020 18,848
Options Technology Ltd. Computer Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.2% Cash 05/21 12/25 8,566 8,419 8,411 0.8 % (3) (5) (6) (7) (10)
8,566 8,419 8,411
Oracle Vision Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.25%, 5.7% Cash 06/21 05/28 1,347 1,525 1,322 0.1 % (3) (5) (6) (7) (24)
1,347 1,525 1,322
Origin Bidco Limited Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.2% Cash 06/21 06/28 597 583 586 0.1 % (3) (5) (6) (7) (9)
First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 06/21 06/28 347 394 341 — % (3) (5) (6) (7) (14)
944 977 927
OSP Hamilton Purchaser, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 12/21 12/27 2,269 2,227 2,232 0.2 % (5) (6) (7) (9)
Revolver LIBOR + 5.25%, 7.5% Cash 12/21 12/27 56 53 53 — % (6) (7) (9)
2,325 2,280 2,285
Panther Bidco Pty Ltd (Junior Adventures Group) Consumer Services First Lien Senior Secured Term Loan BBSY + 5.50%, 7.0% Cash 05/21 06/23 664 745 629 0.1 % (3) (5) (6) (18)
664 745 629
Pare SAS (SAS Maurice MARLE) Health Care Equipment First Lien Senior Secured Term Loan EURIBOR + 6.50%, 6.5% Cash 05/21 12/26 836 958 834 0.1 % (3) (5) (6) (7) (15)
836 958 834
Patriot New Midco 1 Limited (Forensic Risk Alliance) Diversified Financial Services First Lien Senior Secured Term Loan LIBOR + 6.75%, 8.2% Cash 05/21 02/27 472 467 448 — % (3) (5) (6) (7) (9)
First Lien Senior Secured Term Loan EURIBOR + 6.75%, 6.8% Cash 05/21 02/27 371 424 352 — % (3) (5) (6) (7) (14)
843 891 800
PDQ.Com Corporation Business Equipment & Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.3% Cash 08/21 08/27 16,561 16,229 16,256 1.5 % (5) (6) (7) (9)
Class A-2 Partnership Units (86.39 units) N/A 08/21 N/A 86 117 — %
(6)*
16,561 16,315 16,373
PEGASUS TRANSTECH HOLDING, LLC Trucking First Lien Senior Secured Term Loan LIBOR + 6.50%, 8.2% Cash 05/21 11/24 10,033 9,996 9,812 0.9 % (5) (6) (7) (8)
10,033 9,996 9,812
Perforce Software, Inc. Internet Software & Services Second Lien Senior Secured Term Loan LIBOR + 8.00%, 9.7% Cash 05/21 07/27 6,497 6,428 6,497 0.6 % (5) (6) (7) (8)
6,497 6,428 6,497
Perimeter Master Note Business Trust Credit Card ABS Structured Secured Note - Class A 4.7% Cash 05/22 05/27 109 109 106 — %
(3) (6)*
Structured Secured Note - Class B 5.4% Cash 05/22 05/27 109 109 109 — %
(3) (6)*
Structured Secured Note - Class C 5.9% Cash 05/22 05/27 109 109 104 — %
(3) (6)*
Structured Secured Note - Class D 8.5% Cash 05/22 05/27 109 109 101 — %
(3) (6)*
Structured Secured Note - Class E 11.4% Cash 05/22 05/27 5,564 5,564 5,178 0.5 %
(3) (6)*
6,000 6,000 5,598
Permaconn BidCo Pty Ltd Tele-communications First Lien Senior Secured Term Loan BBSY + 6.50%, 7.8% Cash 12/21 12/27 7,675 7,791 7,499 0.7 % (3) (5) (6) (7) (17)
7,675 7,791 7,499


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
MNS Buyer, Inc.	Construction & Building	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.6% Cash	08/21	08/27	$	914	$	898	$	899	0.1	%	(5) (6) (7) (8)
		Partnership Units (76.92 units)	N/A	08/21	N/A			77		70		—	%	(6) (30)
						914		975		969

Modern Star Holdings Bidco Pty Limited	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	BBSY + 6.25%, 8.8% Cash	05/21	12/26	744		857		726		0.1	%	(3) (5) (6) (7) (15)
						744		857		726

Mold-Rite Plastics, LLC	Containers, Packaging & Glass	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 8.5% Cash	09/21	09/29	13,983		12,694		11,536		1.1	%	(5) (6) (7) (10)
						13,983		12,694		11,536

Murphy Midco Limited	Media, Diversified & Production	First Lien Senior Secured Term Loan	SONIA + 5.00%, 5.9% Cash	05/21	11/27	493		609		488		—	%	(3) (5) (6) (7) (23)
		First Lien Senior Secured Term Loan	SONIA + 5.00%, 6.2% Cash	05/21	11/27	33		35		31		—	%	(3) (6) (7) (23)
						526		644		519

Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 8.7% Cash	05/21	08/26	2,497		2,464		2,454		0.2	%	(5) (6) (7) (8)
						2,497		2,464		2,454

Napa Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 6.00%, 8.5% Cash	03/22	03/28	12,613		13,752		12,020		1.1	%	(3) (5) (6) (7) (16)
						12,613		13,752		12,020

Narda Acquisitionco., Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.9% Cash	12/21	12/27	4,580		4,509		4,227		0.4	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.25%, 8.9% Cash	12/21	12/27	53		37		(29)		—	%	(6) (7) (9)
		Class A Preferred Stock (3,708.1 units)	N/A	12/21	N/A			371		299		—	%	(6) (30)
		Class B Common Stock (412 units)	N/A	12/21	N/A			41		—		—	%	(6) (30)
						4,633		4,958		4,497

Navia Benefit Solutions, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.2% Cash	05/21	02/27	4,585		4,526		4,549		0.4	%	(5) (6) (7) (8)
						4,585		4,526		4,549

NeoxCo	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 6.8% Cash	05/21	05/25	222		267		222		—	%	(3) (5) (6) (7) (14)
		Second Lien Senior Secured Term Loan	12.5% PIK	05/21	08/25	38		46		38		—	%	(3) (6)
						260		313		260

Net Health Acquisition Corp.	Health Care Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.9% Cash	05/21	12/25	3,609		3,574		3,574		0.3	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.9% Cash	05/21	12/25	7,382		7,308		7,312		0.7	%	(5) (6) (7) (8)
						10,991		10,882		10,886

Nexus Underwriting Management Limited	Other Financial	First Lien Senior Secured Term Loan	SONIA + 5.25%, 5.9% Cash	10/21	10/28	3,575		4,202		3,488		0.3	%	(3) (5) (6) (7) (23)
		Revolver	SONIA + 5.25%, 5.9% Cash	10/21	04/23	136		161		135		—	%	(3) (6) (7) (23)
						3,711		4,363		3,623

Northstar Recycling, LLC	Environmental Industries	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 8.4% Cash	10/21	09/27	6,144		6,038		6,038		0.6	%	(5) (6) (7) (9)
						6,144		6,038		6,038

Novotech Aus Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.75%, 7.6% Cash	01/22	01/28	3,706		4,104		3,554		0.3	%	(3) (5) (6) (7) (17)
		First Lien Senior Secured Term Loan	SOFR + 5.25%, 7.6% Cash	01/22	01/28	4,177		4,073		3,966		0.4	%	(3) (5) (6) (7) (20)
						7,883		8,177		7,520

NPM Investments 28 B.V.	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 7.4% Cash	09/22	09/29	3,935		3,804		3,804		0.3	%	(3) (5) (6) (7) (13)
						3,935		3,804		3,804

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Polara Enterprises, L.L.C. Capital Equipment First Lien Senior Secured Term Loan LIBOR + 4.75%, 5.8% Cash 12/21 12/27 $ 6,811 $ 6,682 $ 6,675 0.6 % (5) (6) (7) (9)
Revolver LIBOR + 4.75%, 5.8% Cash 12/21 12/27 123 741 741 0.1 % (6) (7) (9)
Partnership Units (7,408.6 Units) N/A 12/21 N/A 105 104 — %
(6)*
6,934 7,528 7,520
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 50,909 49,556 49,381 4.6 % (5) (6) (7) (9)
Warrants - Class A (26,774 units N/A 12/21 N/A — — — % (5) (6)
Warrants - Class B (9,036 units N/A 12/21 N/A — — — % (5) (6)
Warrants - Class CC (929 units N/A 12/21 N/A — — — % (5) (6)
Warrants - Class D (2,387 units) N/A 12/21 N/A — — — % (5) (6)
50,909 49,556 49,381
Premium Franchise Brands, LLC Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.25%, 8.5% Cash 05/21 12/26 24,784 24,378 24,378 2.3 % (5) (6) (7) (9)
24,784 24,378 24,378
Premium Invest Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.2% Cash 06/21 06/28 3,868 4,343 3,868 0.4 % (3) (5) (6) (7) (15)
3,868 4,343 3,868
Preqin MC Limited Banking, Finance, Insurance & Real Estate First Lien Senior Secured Term Loan SOFR + 5.25%, 5.5% Cash 08/21 07/28 2,500 2,433 2,448 0.2 % (3) (5) (6) (7) (21)
2,500 2,433 2,448
Professional Datasolutions, Inc. (PDI) Application Software First Lien Senior Secured Term Loan LIBOR + 4.50%, 5.5% Cash 05/21 10/24 11,789 11,743 11,645 1.1 % (5) (6) (7) (9)
11,789 11,743 11,645
ProfitOptics, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 6.5% Cash 03/22 03/28 710 696 697 0.1 % (5) (6) (7) (9)
Revolver LIBOR + 5.75%, 6.5% Cash 03/22 03/28 — (4) (3) — % (6) (7) (9)
Second Lien Senior Subordinated Term Loan 8.0% Cash 03/22 03/29 32 32 32 — %
(6)*
LLC Units (96,774.2 units) N/A 03/22 N/A 65 66 — %
(6)*
742 789 792
Protego Bidco B.V. Aerospace & Defense First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.0% Cash 05/21 03/28 458 508 446 — % (3) (5) (6) (7) (14)
Revolver EURIBOR + 5.25%, 5.3% Cash 05/21 03/27 125 139 123 — % (3) (6) (7) (14)
583 647 569
PSP Intermediate 4, LLC Technology First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 05/22 05/29 854 822 811 0.1 % (3) (5) (6) (7) (14)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.9% Cash 05/22 05/29 866 842 842 0.1 % (3) (5) (6) (7) (9)
1,720 1,664 1,653
QPE7 SPV1 BidCo Pty Ltd Consumer Cyclical First Lien Senior Secured Term Loan BBSY + 5.50%, 6.0% Cash 09/21 09/26 4,505 4,649 4,456 0.4 % (3) (5) (6) (7) (17)
4,505 4,649 4,456
Questel Unite Business Services First Lien Senior Secured Term Loan EURIBOR + 6.25%, 6.3% Cash 05/21 12/27 1,848 1,989 1,848 0.2 % (3) (5) (6) (7) (14)
First Lien Senior Secured Term Loan LIBOR + 6.25%, 7.3% Cash 05/21 12/27 1,000 988 1,000 0.1 % (3) (5) (6) (7) (9)
2,848 2,977 2,848
Recovery Point Systems, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 6.50%, 7.5% Cash 05/21 07/26 2,442 2,442 2,442 0.2 % (5) (6) (7) (9)
2,442 2,442 2,442


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 9.1% Cash	12/21	12/28	$	9,592	$	9,416	$	9,427	0.9	%	(5) (6) (7) (8)
		Revolver	LIBOR + 6.00%, 9.1% Cash	12/21	12/28	—		(24)		(23)		—	%	(6) (7) (8)
		Partnership Units (210,920.11 units)	N/A	12/21	N/A	—		211		211		—	%	(6) (30)
						9,592		9,603		9,615

OAC Holdings I Corp	Automotive	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.0% Cash	03/22	03/29	3,621		3,554		3,560		0.3	%	(5) (6) (7) (19)
		Revolver	SOFR + 5.00%, 8.0% Cash	03/22	03/28	567		542		545		0.1	%	(6) (7) (19)
						4,188		4,096		4,105

OG III B.V.	Containers & Glass Products	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 6.8% Cash	06/21	06/28	13,108		15,499		13,038		1.2	%	(3) (5) (6) (7) (13)
						13,108		15,499		13,038

Omni Intermediate Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	05/21	12/26	16,750		16,531		16,383		1.5	%	(5) (6) (7) (19)
		First Lien Senior Secured Term Loan	SOFR + 5.00%, 8.7% Cash	06/22	12/26	4,810		4,698		4,704		0.4	%	(5) (6) (7) (19)
						21,560		21,229		21,087

Options Technology Ltd.	Computer Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 6.2% Cash	05/21	12/25	8,545		8,408		8,407		0.8	%	(3) (5) (6) (7) (10)
						8,545		8,408		8,407

Oracle Vision Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 4.75%, 5.7% Cash	06/21	05/28	1,238		1,526		1,219		0.1	%	(3) (5) (6) (7) (23)
						1,238		1,526		1,219

Origin Bidco Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 6.3% Cash	06/21	06/28	325		395		318		—	%	(3) (5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.7% Cash	06/21	06/28	597		583		584		0.1	%	(3) (5) (6) (7) (13)
						922		978		902

OSP Hamilton Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.9% Cash	12/21	12/27	2,264		2,223		2,230		0.2	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.25%, 8.9% Cash	12/21	12/27	—		(3)		(3)		—	%	(6) (7) (9)
		LP Units (60,040 units)	N/A	07/22	N/A			63		67		—	%	(6) (30)
						2,264		2,283		2,294

Panoche Energy Center LLC	Electric	First Lien Senior Secured Bond	6.9% Cash	07/22	07/29	4,924		4,416		4,530		0.4	%	(6)
						4,924		4,416		4,530

Panther Bidco Pty Ltd (Junior Adventures Group)	Consumer Services	First Lien Senior Secured Term Loan	BBSY + 6.00%, 7.0% Cash	05/21	06/24	621		745		601		0.1	%	(3) (5) (6) (17)
						621		745		601

Pare SAS (SAS Maurice MARLE)	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.50%, 8.4% Cash	05/21	12/26	784		958		783		0.1	%	(3) (5) (6) (7) (14)
						784		958		783

Patriot New Midco 1 Limited (Forensic Risk Alliance)	Diversified Financial Services	First Lien Senior Secured Term Loan	LIBOR + 6.75%, 9.7% Cash	05/21	02/27	472		468		455		—	%	(3) (5) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 7.1% Cash	05/21	02/27	348		424		334		—	%	(3) (5) (6) (7) (13)
						820		892		789

PDQ.Com Corporation	Business Equipment & Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 8.4% Cash	08/21	08/27	16,503		16,182		16,230		1.5	%	(5) (6) (7) (9)
		Class A-2 Partnership Units (86.39 units)	N/A	08/21	N/A			87		114		—	%	(6) (30)
						16,503		16,269		16,344

PEGASUS TRANSTECH HOLDING, LLC	Trucking	First Lien Senior Secured Term Loan	LIBOR + 6.50%, 9.6% Cash	05/21	11/24	10,000		9,966		9,800		0.9	%	(5) (6) (7) (8)
						10,000		9,966		9,800

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Renaissance Holding Corp. Application Software Second Lien Senior Secured Term Loan LIBOR + 7.00%, 8.7% Cash 05/21 05/26 $ 9,325 $ 9,304 $ 8,626 0.8 % (5) (7) (8)
9,325 9,304 8,626
Renovation Parent Holdings, LLC Home furnishings First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.5% Cash 11/21 11/27 14,490 14,161 14,204 1.3 % (5) (6) (7) (9)
Partnership Equity (592,105.3 units) N/A 11/21 N/A 592 592 0.1 %
(6)*
14,490 14,753 14,796
REP SEKO MERGER SUB LLC Air Freight & Logistics First Lien Senior Secured Term Loan EURIBOR + 5.00%, 6.0% Cash 05/21 12/26 5,789 6,333 5,674 0.5 % (5) (6) (7) (14)
First Lien Senior Secured Term Loan EURIBOR + 5.00%, 6.0% Cash 06/22 12/26 13,566 13,372 13,295 1.2 % (5) (6) (7) (15)
First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.7% Cash 05/21 12/26 7,750 7,732 7,582 0.7 % (5) (6) (7) (8)
27,105 27,437 26,551
Resonetics, LLC Health Care Equipment Second Lien Senior Secured Term Loan LIBOR + 7.00%, 8.6% Cash 05/21 04/29 10,304 10,116 10,304 1.0 % (5) (6) (7) (9)
10,304 10,116 10,304
RevSpring, Inc. Business Services Second Lien Senior Secured Term Loan LIBOR + 8.25%, 10.5% Cash 05/21 10/26 2,556 2,511 2,556 0.2 % (5) (6) (7) (9)
2,556 2,511 2,556
Reward Gateway (UK) Ltd Precious Metals & Minerals First Lien Senior Secured Term Loan SONIA + 6.75%, 7.4% Cash 08/21 06/28 12,200 13,573 11,951 1.1 % (3) (5) (6) (7) (23)
12,200 13,573 11,951
Riedel Beheer B.V. Food & Beverage First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 12/21 12/28 1,746 1,838 1,703 0.2 % (3) (5) (6) (7) (14)
1,746 1,838 1,703
ROI Solutions LLC Business Services First Lien Senior Secured Term Loan LIBOR + 5.00%, 6.5% Cash 05/21 08/24 8,474 8,474 8,474 0.8 % (5) (6) (7) (9)
8,474 8,474 8,474
RPX Corporation Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.7% Cash 05/21 10/25 17,427 17,173 17,134 1.6 % (5) (6) (7) (8)
17,427 17,173 17,134
Safety Products Holdings, LLC Non-durable Consumer Goods First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.6% Cash 05/21 12/26 5,393 5,262 5,285 0.5 % (5) (6) (7) (8)
5,393 5,262 5,285
Sandvine Corporation Communications Equipment Second Lien Senior Secured Term Loan LIBOR + 8.00%, 9.7% Cash 05/21 11/26 8,685 8,657 8,685 0.8 % (5) (6) (7) (8)
8,685 8,657 8,685
Sanoptis S.A.R.L. Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 05/21 05/26 1,045 1,187 1,045 0.1 % (3) (5) (6) (7) (14)
First Lien Senior Secured Term Loan EURIBOR + 6.00%, 6.0% Cash 05/21 05/26 18,581 19,843 18,581 1.7 % (3) (5) (6) (7) (14)
First Lien Senior Secured Term Loan SARON + 5.50%, 5.5% Cash 05/21 05/26 2,938 3,074 2,938 0.3 % (3) (5) (6) (7) (28)
First Lien Senior Secured Term Loan SARON + 5.50%, 5.5% Cash 06/22 07/29 3,240 3,151 3,151 0.3 % (3) (5) (6) (7) (28)
First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 06/22 07/29 9,381 8,918 8,918 0.8 % (3) (5) (6) (7) (14)
35,185 36,173 34,633
Scaled Agile, Inc. Research & Consulting Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 12/21 12/28 1,744 1,705 1,726 0.2 % (5) (6) (7) (9)
Revolver LIBOR + 5.50%, 7.8% Cash 12/21 12/28 — (6) (3) — % (6) (7) (9)
1,744 1,699 1,723
Scout Bidco B.V. Diversified Manufacturing First Lien Senior Secured Term Loan EURIBOR + 6.0%, 6.0% Cash 05/22 03/29 3,176 3,136 3,069 0.3 % (3) (5) (6) (7) (14)
Revolver EURIBOR + 6.0%, 6.0% Cash 05/22 03/29 — (13) (13) — % (3) (6) (7) (14)
3,176 3,123 3,056


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Perforce Software, Inc.	Internet Software & Services	Second Lien Senior Secured Term Loan	LIBOR + 8.00%, 11.1% Cash	05/21	07/27	$	6,497	$	6,431	$	6,459	0.6	%	(5) (6) (7) (8)
						6,497		6,431		6,459

Perimeter Master Note Business Trust	Credit Card ABS	Structured Secured Note - Class A	4.7% Cash	05/22	05/27	109		109		99		—	%	(3) (6)
		Structured Secured Note - Class B	5.4% Cash	05/22	05/27	109		109		98		—	%	(3) (6)
		Structured Secured Note - Class C	5.9% Cash	05/22	05/27	109		109		94		—	%	(3) (6)
		Structured Secured Note - Class D	8.5% Cash	05/22	05/27	109		109		94		—	%	(3) (6)
		Structured Secured Note - Class E	11.4% Cash	05/22	05/27	5,564		5,564		4,823		0.4	%	(3) (6)
						6,000		6,000		5,208

Permaconn BidCo Pty Ltd	Tele-communications	First Lien Senior Secured Term Loan	BBSY + 6.50%, 9.1% Cash	12/21	12/27	7,176		7,798		7,028		0.6	%	(3) (5) (6) (7) (17)
						7,176		7,798		7,028

Polara Enterprises, L.L.C.	Capital Equipment	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 7.3% Cash	12/21	12/27	6,801		6,677		6,678		0.6	%	(5) (6) (7) (9)
		Revolver	LIBOR + 4.75%, 7.3% Cash	12/21	12/27	—		(17)		(17)		—	%	(6) (7) (9)
		Partnership Units (7,408.6 units)	N/A	12/21	N/A			741		741		0.1	%	(6) (30)
						6,801		7,401		7,402

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	51,428		50,150		49,885		4.6	%	(5) (6) (7) (9)
		Warrants - Class A (26,774 units)	N/A	12/21	N/A			—		—		—	%	(5) (6) (30)
		Warrants - Class B (9,036 units)	N/A	12/21	N/A			—		—		—	%	(5) (6) (30)
		Warrants - Class C (929 units)	N/A	12/21	N/A			—		—		—	%	(5) (6) (30)
		Warrants - Class D (2,387 units)	N/A	12/21	N/A			—		—		—	%	(5) (6) (30)
						51,428		50,150		49,885

Premium Franchise Brands, LLC	Research & Consulting Services	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 9.9% Cash	05/21	12/26	24,721		24,336		24,358		2.2	%	(5) (6) (7) (9)
						24,721		24,336		24,358

Premium Invest	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 6.5% Cash	06/21	06/28	4,115		4,706		4,115		0.4	%	(3) (5) (6) (7) (14)
						4,115		4,706		4,115

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		2,435		2,454		0.2	%	(3) (5) (6) (7) (10)
						2,500		2,435		2,454

Professional Datasolutions, Inc. (PDI)	Application Software	First Lien Senior Secured Term Loan	LIBOR + 4.50%, 7.2% Cash	05/21	10/24	11,759		11,717		11,594		1.1	%	(5) (6) (7) (9)
						11,759		11,717		11,594

ProfitOptics, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.6% Cash	03/22	03/28	708		695		691		0.1	%	(5) (6) (7) (10)
		Revolver	LIBOR + 5.75%, 9.6% Cash	03/22	03/28	—		(4)		(5)		—	%	(6) (7) (10)
		Second Lien Senior Subordinated Term Loan	8.0% Cash	03/22	03/29	32		32		32		—	%	(6)
		LLC Units (96,774.2 units)	N/A	03/22	N/A			65		65		—	%	(6) (30)
						740		788		783

Protego Bidco B.V.	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 7.7% Cash	05/21	03/28	429		509		419		—	%	(3) (5) (6) (7) (14)
		Revolver	EURIBOR + 5.25%, 6.9% Cash	05/21	03/27	117		139		116		—	%	(3) (6) (7) (13)
						546		648		535

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
Sereni Capital NV Consumer Cyclical First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 05/22 11/28 $ 81 $ 69 $ 68 — % (3) (5) (6) (7) (15)
First Lien Senior Secured Term Loan EURIBOR + 5.75%, 5.8% Cash 05/22 05/29 480 478 467 — % (3) (5) (6) (7) (15)
Revolver EURIBOR + 5.75%, 5.8% Cash 05/22 11/22 — (1) (1) — % (3) (6) (7) (15)
561 546 534
Simulation Software Investment Company Pty Ltd Business Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 6.5% Cash 05/21 09/22 639 638 638 0.1 % (3) (5) (6) (7) (9)
First Lien Senior Secured Term Loan BBSY + 5.50%, 5.8% Cash 05/21 09/22 619 697 619 0.1 % (3) (5) (6) (7) (17)
1,258 1,335 1,257
SISU ACQUISITIONCO., INC. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 05/21 12/26 2,531 2,492 2,429 0.2 % (5) (6) (7) (9)
2,531 2,492 2,429
Smartling, Inc. Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.3% Cash 11/21 10/27 14,456 14,156 14,198 1.3 % (5) (6) (7) (9)
Revolver LIBOR + 5.75%, 7.3% Cash 11/21 10/27 — (19) (16) — % (6) (7) (9)
14,456 14,137 14,182
SN BUYER, LLC Health Care Services First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.8% Cash 05/21 12/26 5,108 5,049 5,108 0.5 % (5) (6) (7) (9)
5,108 5,049 5,108
Springbrook Software (SBRK Intermediate, Inc.) Enterprise Software & Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 05/21 12/26 6,723 6,647 6,723 0.6 % (6) (7) (9)
6,723 6,647 6,723
SPT Acquico Limited High Tech Industries First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 05/21 12/27 1,807 1,768 1,807 0.2 % (3) (5) (6) (7) (9)
1,807 1,768 1,807
SSCP Pegasus Midco Limited Healthcare & Pharmaceuticals First Lien Senior Secured Term Loan SONIA + 6.75%, 7.7% Cash 05/21 11/27 684 764 668 0.1 % (3) (5) (6) (7) (23)
684 764 668
SSCP Spring Bidco Limited Health Care First Lien Senior Secured Term Loan SONIA+ 6.00%, 7.1% Cash 05/21 07/25 998 1,149 998 0.1 % (3) (5) (6) (7) (24)
998 1,149 998
SSCP Thermal Bidco SAS Industrial Machinery First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 05/21 07/24 696 804 696 0.1 % (3) (5) (6) (7) (15)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 5.4% Cash 05/21 07/24 98 98 98 — % (3) (5) (6) (7) (15)
794 902 794
Starnmeer B.V. Technology First Lien Senior Secured Term Loan LIBOR + 6.40%, 6.9% Cash 10/21 04/27 13,388 13,209 13,233 1.2 % (3) (5) (6) (7) (9)
13,388 13,209 13,233
Superjet Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 12/21 12/27 23,117 22,687 22,731 2.1 % (5) (6) (7) (9)
Revolver LIBOR + 5.75%, 8.0% Cash 12/21 12/27 — (34) (30) — % (6) (7) (9)
23,117 22,653 22,701
Syniverse Holdings, Inc. Technology Distributors First Lien Senior Secured Term Loan SOFR + 7.00%, 8.3% Cash 05/22 05/27 20,003 19,052 17,578 1.6 % (5) (7) (20)
Series A Preferred Equity (7,575,758 units) N/A 05/22 N/A 7,424 7,424 0.7 % (5) (6)
20,003 26,476 25,002
Syntax Systems Ltd Technology First Lien Senior Secured Term Loan LIBOR + 5.75%, 7.2% Cash 11/21 10/28 6,411 6,340 6,347 0.6 % (3) (5) (6) (7) (8)
Revolver LIBOR + 5.75%, 7.2% Cash 11/21 10/26 516 508 509 — % (3) (6) (7) (8)
6,927 6,848 6,856


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%, 6.1% Cash	05/22	05/29	$	801	$	823	$	766	0.1	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.4% Cash	05/22	05/29	865		843		845		0.1	%	(3) (5) (6) (7) (9)
						1,666		1,666		1,611

QPE7 SPV1 BidCo Pty Ltd	Consumer Cyclical	First Lien Senior Secured Term Loan	BBSY + 5.50%, 8.0% Cash	09/21	09/26	4,212		4,564		4,005		0.4	%	(3) (5) (6) (7) (16)
						4,212		4,564		4,005

Questel Unite	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 7.4% Cash	05/21	12/27	1,732		1,992		1,672		0.2	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	LIBOR + 6.25%, 9.9% Cash	05/21	12/27	1,000		988		986		0.1	%	(3) (5) (6) (7) (9)
						2,732		2,980		2,658

Recovery Point Systems, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.50%, 9.4% Cash	05/21	07/26	2,442		2,442		2,437		0.2	%	(5) (6) (7) (9)
						2,442		2,442		2,437

Renaissance Holding Corp.	Application Software	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 10.1% Cash	05/21	05/26	9,325		9,305		8,859		0.8	%	(5) (7) (8)
						9,325		9,305		8,859

Renovation Parent Holdings, LLC	Home furnishings	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 7.5% Cash	11/21	11/27	14,454		14,139		14,198		1.3	%	(5) (6) (7) (9)
		Partnership Equity (592,105.3 units)	N/A	11/21	N/A	—		592		592		0.1	%	(6) (30)
						14,454		14,731		14,790

REP SEKO MERGER SUB LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 6.0% Cash	05/21	12/26	5,398		6,305		5,324		0.5	%	(5) (6) (7) (13)
		First Lien Senior Secured Term Loan	EURIBOR + 5.00%, 6.0% Cash	06/22	12/26	12,712		13,385		12,538		1.2	%	(5) (6) (7) (14)
		First Lien Senior Secured Term Loan	LIBOR + 5.00%, 8.1% Cash	05/21	12/26	7,727		7,709		7,611		0.7	%	(5) (6) (7) (9)
						25,837		27,399		25,473

Resonetics, LLC	Health Care Equipment	Second Lien Senior Secured Term Loan	LIBOR + 7.00%, 10.2% Cash	05/21	04/29	10,304		10,121		10,158		0.9	%	(5) (6) (7) (9)
						10,304		10,121		10,158

RevSpring, Inc.	Business Services	Second Lien Senior Secured Term Loan	LIBOR + 8.25%, 10.5% Cash	05/21	10/26	2,556		2,513		2,556		0.2	%	(5) (6) (7) (9)
						2,556		2,513		2,556

Reward Gateway (UK) Ltd	Precious Metals & Minerals	First Lien Senior Secured Term Loan	SONIA + 6.50%, 7.7% Cash	08/21	06/28	11,214		13,584		11,013		1.0	%	(3) (5) (6) (7) (22)
						11,214		13,584		11,013

Riedel Beheer B.V.	Food & Beverage	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.2% Cash	12/21	12/28	2,032		2,247		1,976		0.2	%	(3) (5) (6) (7) (13)
						2,032		2,247		1,976

ROI Solutions LLC	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 8.7% Cash	05/21	08/24	8,469		8,469		8,469		0.8	%	(5) (6) (7) (9)
						8,469		8,469		8,469

Royal Buyer, LLC	Industrial Other	First Lien Senior Secured Term Loan	SOFR + 6.00%, 8.9% Cash	08/22	08/28	14,725		14,375		14,372		1.4	%	(5) (6) (7) (19)
		Revolver	SOFR + 6.00%, 8.9% Cash	08/22	08/28	543		498		497		—	%	(5) (6) (7) (19)
						15,268		14,873		14,869

RPX Corporation	Research & Consulting Services	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.6% Cash	05/21	10/25	17,197		16,963		16,940		1.6	%	(5) (6) (7) (8)
						17,197		16,963		16,940

Safety Products Holdings, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 9.1% Cash	05/21	12/26	5,393		5,307		5,312		0.5	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 6.00%, 9.1% Cash	05/21	09/23	159		127		116		—	%	(5) (6) (7) (8)
						5,552		5,434		5,428

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
TA SL Cayman Aggregator Corp. Technology Subordinated Term Loan 7.8% PIK 07/21 07/28 $ 1,010 $ 993 $ 996 0.1 %
(6)*
Common Stock (770 shares) N/A 07/21 N/A 24 36 — %
(6)*
1,010 1,017 1,032
Tank Holding Corp Metal & Glass Containers First Lien Senior Secured Term Loan SOFR + 6.00%, 7.6% Cash 03/22 03/28 14,345 14,033 14,050 1.3 % (5) (6) (7) (19)
Revolver SOFR + 6.00%, 7.6% Cash 03/22 03/28 273 259 259 — % (6) (7) (19)
14,618 14,292 14,309
Techone B.V. Technology First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.5% Cash 11/21 11/28 4,410 4,580 4,252 0.4 % (3) (5) (6) (7) (14)
Revolver EURIBOR + 5.50%, 5.5% Cash 11/21 05/28 129 127 123 — % (3) (6) (7) (14)
4,539 4,707 4,375
Tencarva Machinery Company, LLC Capital Equipment First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.5% Cash 12/21 12/27 5,458 5,355 5,366 0.5 % (5) (6) (7) (9)
Revolver LIBOR + 5.50%, 7.5% Cash 12/21 12/27 — (18) (16) — % (6) (7) (9)
5,458 5,337 5,350
Terrybear, Inc. Consumer Products Subordinated Term Loan 10.0% Cash, 4.0% PIK 04/22 04/28 256 251 251 — %
(6)*
Partnership Equity (24,359 units) N/A 04/22 N/A 239 244 — %
(6)*
256 490 495
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Brokerage, Asset Managers & Exchanges First Lien Senior Secured Term Loan LIBOR + 4.25%, 5.9% Cash 10/21 12/27 1,258 1,160 1,190 0.1 % (5) (6) (7) (8)
Revolver LIBOR + 4.25%, 5.9% Cash 10/21 12/27 — (20) (15) — % (6) (7) (8)
Subordinated Term Loan 9.00% Cash 10/21 12/27 4,974 4,882 4,896 0.5 %
(6)*
6,232 6,022 6,071
The Hilb Group, LLC Insurance Brokerage First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 05/21 12/26 2,682 2,610 2,627 0.2 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.8% Cash 05/21 12/26 1,034 926 935 0.1 % (5) (6) (7) (9)
First Lien Senior Secured Term Loan LIBOR + 5.75%, 8.0% Cash 05/21 12/25 933 915 914 0.1 % (6) (7) (9)
4,649 4,451 4,476
The Octave Music Group, Inc. Media: Diversified & Production Second Lien Senior Secured Term Loan SOFR + 7.75%, 8.2% Cash 04/22 03/30 6,541 6,413 6,410 0.6 % (5) (6) (7) (20)
Partnership Equity (353,584.39 units) N/A 04/22 N/A 354 354 — %
(6)*
6,541 6,767 6,764
Total Safety U.S. Inc Diversified Support Services First Lien Senior Secured Term Loan LIBOR + 6.00%, 7.0% Cash 08/21 08/25 2,375 2,353 2,268 0.2 % (7) (10)
2,375 2,353 2,268
Trident Maritime Systems, Inc. Aerospace & Defense First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.0% Cash 05/21 02/27 9,006 8,881 8,848 0.8 % (5) (6) (7) (9)
9,006 8,881 8,848
Truck-Lite Co., LLC Automotive Parts & Equipment First Lien Senior Secured Term Loan SOFR + 6.25%, 8.5% Cash 05/21 12/26 21,410 21,132 20,982 2.0 % (5) (6) (7) (9)
21,410 21,132 20,982
TSM II Luxco 10 SARL Chemical & Plastics Subordinated Term Loan EURIBOR + 8.75%, 8.8% Cash 03/22 03/27 8,886 9,074 8,531 0.8 % (3) (5) (6) (7) (15)
8,886 9,074 8,531
Turbo Buyer, Inc. Finance Companies First Lien Senior Secured Term Loan LIBOR + 6.00%, 8.2% Cash 11/21 12/25 11,826 11,581 11,628 1.1 % (5) (6) (7) (9)
11,826 11,581 11,628
Turnberry Solutions, Inc. Consumer Cyclical First Lien Senior Secured Term Loan SOFR + 6.00%, 7.1% Cash 07/21 09/26 2,659 2,615 2,590 0.2 % (5) (6) (7) (20)
2,659 2,615 2,590


Portfolio Company	Industry	Investment Type(1)(2)	Interest	Acq. Date	Maturity Date	Principal Amount		Cost		Fair Value		% of Net Assets *		Notes
Sandvine Corporation	Communications Equipment	Second Lien Senior Secured Term Loan	LIBOR + 8.00%, 11.1% Cash	05/21	11/26	$	8,685	$	8,658	$	8,659	0.8	%	(5) (6) (7) (8)
						8,685		8,658		8,659

Sanoptis S.A.R.L.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SARON + 5.50%, 7.8% Cash	06/22	07/29	3,151		3,153		3,072		0.3	%	(3) (5) (6) (7) (27)
		First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 7.4% Cash	06/22	07/29	10,076		10,219		9,678		0.9	%	(3) (5) (6) (7) (14)
						13,227		13,372		12,750

Scaled Agile, Inc.	Research & Consulting Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	12/21	12/28	1,739		1,708		1,739		0.2	%	(5) (6) (7) (19)
		First Lien Senior Secured Term Loan	SOFR + 5.50%, 9.2% Cash	12/21	12/23	—		(5)		—		—	%	(5) (6) (7) (19)
		Revolver	SOFR + 5.50%, 9.2% Cash	12/21	12/28	—		(6)		—		—	%	(6) (7) (19)
						1,739		1,697		1,739

Scout Bidco B.V.	Diversified Manufacturing	First Lien Senior Secured Term Loan	EURIBOR + 6.00%, 6.6% Cash	05/22	03/29	2,976		3,139		2,888		0.3	%	(3) (5) (6) (7) (13)
		Revolver	EURIBOR + 6.00%, 6.6% Cash	05/22	03/29	—		(12)		(11)		—	%	(3) (6) (7) (13)
						2,976		3,127		2,877

Sereni Capital NV	Consumer Cyclical	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	05/22	11/28	208		200		198		—	%	(3) (5) (6) (7) (14)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	05/22	05/29	450		479		439		0.1	%	(3) (5) (6) (7) (14)
						658		679		637

Simulation Software Investment Company Pty Ltd	Business Services	First Lien Senior Secured Term Loan	SOFR + 5.50%, 7.9% Cash	05/21	08/25	957		938		937		0.1	%	(3) (5) (6) (7) (19)
		First Lien Senior Secured Term Loan	BBSY + 5.50%, 7.9% Cash	05/21	08/25	846		896		833		0.1	%	(3) (5) (6) (7) (16)
						1,803		1,834		1,770

SISU ACQUISITIONCO., INC.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.9% Cash	05/21	12/26	2,531		2,494		2,322		0.2	%	(5) (6) (7) (9)
						2,531		2,494		2,322

Smartling, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 9.4% Cash	11/21	10/27	14,420		14,132		14,140		1.3	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 9.4% Cash	11/21	10/27	—		(18)		(18)		—	%	(6) (7) (9)
						14,420		14,114		14,122

SN BUYER, LLC	Health Care Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.8% Cash	05/21	12/26	5,110		5,054		5,110		0.5	%	(5) (6) (7) (8)
						5,110		5,054		5,110

Springbrook Software (SBRK Intermediate, Inc.)	Enterprise Software & Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.6% Cash	05/21	12/26	6,706		6,634		6,614		0.6	%	(5) (6) (7) (8)
						6,706		6,634		6,614

SSCP Pegasus Midco Limited	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	SONIA + 6.75%, 8.4% Cash	05/21	11/27	629		765		617		0.1	%	(3) (5) (6) (7) (22)
						629		765		617

SSCP Spring Bidco Limited	Health Care	First Lien Senior Secured Term Loan	SONIA+ 6.00%, 7.2% Cash	05/21	07/25	918		1,150		918		0.1	%	(3) (5) (6) (7) (22)
						918		1,150		918

SSCP Thermal Bidco SAS	Industrial Machinery	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.5% Cash	05/21	07/24	652		804		652		0.1	%	(3) (5) (6) (7) (14)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.8% Cash	05/21	07/24	98		98		98		—	%	(3) (5) (6) (7) (10)
						750		902		750

Starnmeer B.V.	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.40%, 9.2% Cash	10/21	04/27	13,388		13,216		13,134		1.2	%	(3) (5) (6) (7) (9)
						13,388		13,216		13,134

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
UKFast Leaders Limited Technology First Lien Senior Secured Term Loan SONIA + 7.25%, 8.4% Cash 05/21 09/27 $ 4,288 $ 4,878 $ 4,205 0.4 % (3) (5) (6) (7) (23)
4,288 4,878 4,205
Union Bidco Limited Healthcare First Lien Senior Secured Term Loan SONIA + 5.50%, 6.7% Cash 06/22 06/29 2,190 2,134 2,138 0.2 % (3) (5) (6) (7) (23)
2,190 2,134 2,138
United Therapy Holding III GmbH Healthcare First Lien Senior Secured Term Loan EURIBOR + 5.50%, 5.7% Cash 04/22 03/29 711 678 651 0.1 % (3) (5) (6) (7) (15)
711 678 651
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) Legal Services First Lien Senior Secured Term Loan SOFR + 5.50%, 7.7% Cash 05/21 11/24 2,354 2,198 2,247 0.2 % (5) (6) (7) (20)
2,354 2,198 2,247
Utac Ceram Business Services First Lien Senior Secured Term Loan EURIBOR + 5.25%, 5.3% Cash 05/21 09/27 836 943 824 0.1 % (3) (5) (6) (7) (14)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 7.5% Cash 05/21 09/27 243 237 239 — % (3) (5) (6) (7) (9)
1,079 1,180 1,063
Validity, Inc. IT Consulting & Other Services First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.4% Cash 05/21 05/25 939 905 939 0.1 % (5) (6) (7) (8)
939 905 939
Victoria Bidco Limited Industrial Machinery First Lien Senior Secured Term Loan SONIA + 6.50%, 6.7% Cash 03/22 01/29 4,656 5,016 4,519 0.4 % (3) (5) (6) (7) (24)
4,656 5,016 4,519
VistaJet Pass Through Trust 2021-1B Airlines Structured Secured Note - Class B 6.3% Cash 11/21 02/29 10,000 10,000 9,673 0.9 %
(6)*
10,000 10,000 9,673
Vital Buyer, LLC Technology First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.6% Cash 06/21 06/28 972 955 971 0.1 % (5) (6) (7) (9)
Partnership Units (1,096.2 units) N/A 06/21 N/A 11 19 — %
(6)*
972 966 990
VP Holding Company Transportation Services First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.2% Cash 05/21 05/24 7,239 7,027 6,950 0.6 % (5) (6) (7) (8)
7,239 7,027 6,950
W2O Holdings, Inc. Healthcare Technology First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.6% Cash 05/21 06/25 623 623 623 0.1 % (6) (10)
First Lien Senior Secured Term Loan LIBOR + 4.75%, 7.1% Cash 05/21 06/25 — — — — % (6) (7) (9)
623 623 623
Woodland Foods, LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 5.50%, 7.1% Cash 12/21 12/27 8,295 8,142 8,161 0.8 % (5) (6) (7) (9)
Revolver LIBOR + 5.50%, 7.1% Cash 12/21 12/27 563 533 537 0.1 % (6) (7) (9)
Common Stock (1,204.46 shares) N/A 12/21 N/A 1,204 1,204 0.1 %
(6)*
8,858 9,879 9,902
World 50, Inc. Professional Services First Lien Senior Secured Term Loan LIBOR + 4.50%, 6.4% Cash 05/21 01/26 13,295 13,077 13,106 1.2 % (5) (6) (7) (8)
First Lien Senior Secured Term Loan LIBOR + 4.75%, 6.4% Cash 05/21 01/26 2,199 2,164 2,168 0.2 % (5) (6) (7) (8)
First Lien Senior Secured Term Loan LIBOR + 5.25%, 6.9% Cash 05/21 01/26 553 553 553 0.1 % (5) (6) (7) (8)
16,047 15,794 15,827
Xeinadin Bidco Limited Financial Other First Lien Senior Secured Term Loan SONIA + 5.25%, 6.2% Cash 05/22 05/29 10,833 10,651 10,403 1.0 % (3) (5) (6) (7) (23)
Subordinated Term Loan 11.0% PIK 05/22 05/29 3,703 3,655 3,583 0.3 % (3) (6) (7)
Common Stock (354,281 shares) N/A 05/22 N/A 440 430 — %
(3) (6)*
14,536 14,746 14,416


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%, 9.4% Cash	12/21	12/27	$	23,001	$	22,589	$	22,656	2.1	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 9.4% Cash	12/21	12/27	—		(32)		(27)		—	%	(6) (7) (9)
						23,001		22,557		22,629

Syniverse Holdings, Inc.	Technology Distributors	Series A Preferred Equity (7,575,758 units)	12.5% PIK	05/22	N/A			7,424		7,045		0.6	%	(5) (6)
								7,424		7,045

Syntax Systems Ltd	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.0% Cash	11/21	10/28	6,395		6,338		6,216		0.6	%	(3) (5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.0% Cash	11/21	10/23	—		(10)		(50)		—	%	(3) (5) (6) (7) (8)
		Revolver	LIBOR + 5.50%, 8.0% Cash	11/21	10/26	617		610		591		0.1	%	(3) (6) (7) (8)
						7,012		6,938		6,757

TA SL Cayman Aggregator Corp.	Technology	Subordinated Term Loan	7.8% PIK	07/21	07/28	1,054		1,038		1,041		0.1	%	(6)
		Common Stock (770 shares)	N/A	07/21	N/A			24		41		—	%	(6) (30)
						1,054		1,062		1,082

Tank Holding Corp	Metal & Glass Containers	First Lien Senior Secured Term Loan	SOFR + 6.00%, 8.9% Cash	03/22	03/28	14,345		14,045		14,076		1.3	%	(5) (6) (7) (18)
		Revolver	SOFR + 6.00%, 8.9% Cash	03/22	03/28	—		(14)		(12)		—	%	(6) (7) (18)
						14,345		14,031		14,064

Techone B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 6.7% Cash	11/21	11/28	4,721		5,199		4,589		0.4	%	(3) (5) (6) (7) (13)
		Revolver	EURIBOR + 5.50%, 6.7% Cash	11/21	05/28	121		127		116		—	%	(3) (6) (7) (13)
						4,842		5,326		4,705

Tencarva Machinery Company, LLC	Capital Equipment	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.9% Cash	12/21	12/27	5,444		5,360		5,374		0.5	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.9% Cash	12/21	12/23	886		872		875		0.1	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.25%, 8.9% Cash	12/21	12/27	—		(17)		(15)		—	%	(6) (7) (9)
						6,330		6,215		6,234

Terrybear, Inc.	Consumer Products	Subordinated Term Loan	10.0% Cash, 4.0% PIK	04/22	04/28	261		256		257		—	%	(6)
		Partnership Equity (24,358.97 units)	N/A	04/22	N/A			239		239		—	%	(6) (30)
						261		495		496

The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	LIBOR + 4.25%, 7.9% Cash	10/21	12/27	1,257		1,165		1,181		0.1	%	(5) (6) (7) (9)
		Revolver	LIBOR + 4.25%, 7.9% Cash	10/21	12/27	—		(19)		(17)		—	%	(6) (7) (9)
		Subordinated Term Loan	LIBOR + 7.00%, 9.6% Cash	10/21	10/28	5,028		4,939		4,958		0.5	%	(6) (10)
						6,285		6,085		6,122

The Cleaver-Brooks Company, Inc.	Industrial Equipment	First Lien Senior Secured Term Loan	SOFR + 5.75%, 8.9% Cash	07/22	07/28	23,043		22,551		22,538		2.1	%	(5) (6) (7) (18)
		Subordinated Term Loan	11.0% PIK	07/22	07/29	4,847		4,743		4,738		0.4	%	(6)
						27,890		27,294		27,276

The Hilb Group, LLC	Insurance Brokerage	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.9% Cash	05/21	12/26	2,675		2,607		2,626		0.2	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.6% Cash	05/21	12/26	1,338		1,235		1,227		0.1	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 8.9% Cash	05/21	12/25	930		914		913		0.1	%	(6) (7) (8)
						4,943		4,756		4,766

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
ZB Holdco LLC Food & Beverage First Lien Senior Secured Term Loan LIBOR + 5.00%, 7.6% Cash 02/22 02/28 $ 2,698 $ 2,625 $ 2,627 0.2 % (5) (6) (7) (9)
Revolver LIBOR + 5.00%, 7.6% Cash 02/22 02/28 — (16) (15) — % (6) (7) (9)
LLC Units (152.7 units) N/A 02/22 N/A 153 188 — %
(6)*
2,698 2,762 2,800
Zeppelin Bidco Limited Services: Business First Lien Senior Secured Term Loan SONIA + 6.25%, 6.9% Cash 03/22 03/29 2,938 3,063 2,835 0.3 % (3) (5) (6) (7) (22)
Revolver SONIA + 6.25%, 6.9% Cash 03/22 05/22 — (1) (7) — % (3) (6) (7) (22)
2,938 3,062 2,828
Subtotal Non–Control / Non–Affiliate Investments (152.8%) 1,642,185 1,675,504 1,638,186
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 3,180 3,209 0.3 %
(6)*
Revolver LIBOR + 7.25% 08/21 07/28 5,005 4,922 5,005 0.5 % (6) (8)
LLC Units (63,139,338 units) N/A 08/21 N/A 63,423 81,807 7.6 %
(6)*
8,214 71,525 90,021
Thompson Rivers LLC Investment Funds & Vehicles 6.3% Member Interest N/A 08/21 N/A 28,738 24,363 2.3 %
(3)*
28,738 24,363
Waccamaw River LLC Investment Funds & Vehicles 20% Member Interest N/A 08/21 N/A 22,602 21,726 2.0 %
(3)*
22,602 21,726
Subtotal Affiliate Investments (12.7%) 8,214 122,865 136,110
Total Investments, June 30, 2022 (165.5%)* $ 1,650,399 $ 1,798,369 $ 1,774,296

Interest Rate Swaps:
Description Company Receives Company Pays Maturity Date Notional Amount Hedged Instrument
Interest rate swap (See Note 5) 6.00 % SOFR + 3.245% 5/10/2027 $ 100,000 May 2027 Notes


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%, 9.6% Cash	04/22	03/30	$	6,541	$	6,416	$	6,432	0.6	%	(5) (6) (7) (19)
		Partnership Equity (353,584.39 units)	N/A	04/22	N/A			354		508		—	%	(6) (30)
						6,541		6,770		6,940

Total Safety U.S. Inc	Diversified Support Services	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 9.0% Cash	08/21	08/25	2,369		2,348		2,265		0.2	%	(7) (10)
		First Lien Senior Secured Term Loan	LIBOR + 11.00%, 14.0% Cash, 5.0% PIK	07/22	08/25	7,500		7,500		7,500		0.7	%	(6) (7) (10)
						9,869		9,848		9,765

Trident Maritime Systems, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.00%, 8.7% Cash	05/21	02/27	8,979		8,863		8,844		0.8	%	(5) (6) (7) (9)
						8,979		8,863		8,844

Truck-Lite Co., LLC	Automotive Parts & Equipment	First Lien Senior Secured Term Loan	SOFR + 6.25%, 9.9% Cash	05/21	06/29	21,365		21,098		20,973		1.9	%	(5) (6) (7) (19)
						21,365		21,098		20,973

TSM II Luxco 10 SARL	Chemical & Plastics	Subordinated Term Loan	9.3% PIK	03/22	03/27	8,327		9,088		7,994		0.7	%	(3) (5) (6) (7)
						8,327		9,088		7,994

Turbo Buyer, Inc.	Finance Companies	First Lien Senior Secured Term Loan	LIBOR + 6.00%, 10.2% Cash	11/21	12/25	11,810		11,581		11,412		1.0	%	(5) (6) (7) (9)
						11,810		11,581		11,412

Turnberry Solutions, Inc.	Consumer Cyclical	First Lien Senior Secured Term Loan	SOFR + 6.25%, 9.2% Cash	07/21	09/26	2,652		2,610		2,610		0.2	%	(5) (6) (7) (20)
						2,652		2,610		2,610

UKFast Leaders Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 7.25%, 9.4% Cash	05/21	09/27	3,942		4,881		3,774		0.3	%	(3) (5) (6) (7) (22)
						3,942		4,881		3,774

Union Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.50%, 7.0% Cash	06/22	06/29	2,147		2,281		2,099		0.2	%	(3) (5) (6) (7) (22)
						2,147		2,281		2,099

United Therapy Holding III GmbH	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 5.7% Cash	04/22	03/29	666		680		619		0.1	%	(3) (5) (6) (7) (14)
						666		680		619

USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	Legal Services	First Lien Senior Secured Term Loan	SOFR + 5.75%, 8.0% Cash	05/21	11/24	2,348		2,264		2,309		0.2	%	(5) (6) (7) (19)
		First Lien Senior Secured Term Loan	SOFR + 5.75%, 8.3% Cash	05/21	11/24	177		120		119		—	%	(5) (6) (7) (19)
						2,525		2,384		2,428

Utac Ceram	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 6.4% Cash	05/21	09/27	784		944		774		0.1	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.9% Cash	05/21	09/27	242		237		240		—	%	(3) (5) (6) (7) (9)
						1,026		1,181		1,014

Validity, Inc.	IT Consulting & Other Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 7.9% Cash	05/21	05/25	939		908		934		0.1	%	(5) (6) (7) (8)
						939		908		934

Victoria Bidco Limited	Industrial Machinery	First Lien Senior Secured Term Loan	SONIA + 6.50%, 8.7% Cash	03/22	01/29	4,719		5,499		4,605		0.4	%	(3) (5) (6) (7) (21)
						4,719		5,499		4,605

VistaJet Pass Through Trust 2021-1B	Airlines	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	9,286		9,286		8,548		0.8	%	(6)
						9,286		9,286		8,548

Vital Buyer, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.6% Cash	06/21	06/28	972		956		972		0.1	%	(5) (6) (7) (9)
		Partnership Units (1,096.2 units)	N/A	06/21	N/A			11		22		—	%	(6) (30)
						972		967		994

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 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
VP Holding Company	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.6% Cash	05/21	05/24	$	10,814	$	10,470	$	10,353	1.0	%	(5) (6) (7) (8)
						10,814		10,470		10,353

W2O Holdings, Inc.	Healthcare Technology	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 7.6% Cash	05/21	06/25	622		622		618		0.1	%	(6) (10)
		First Lien Senior Secured Term Loan	LIBOR + 4.75%, 7.1% Cash	05/21	06/25	—		—		(3)		—	%	(6) (7) (9)
						622		622		615

Wheels Up Experience Inc	Transportation Services	First Lien Senior Secured Term Loan	12.0% Cash	09/22	10/29	25,000		24,000		24,343		2.2	%	(6)*
						25,000		24,000		24,343

Woodland Foods, LLC	Food & Beverage	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 8.6% Cash	12/21	12/27	8,274		8,128		7,968		0.7	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.50%, 8.6% Cash	12/21	12/27	1,050		1,021		990		0.1	%	(6) (7) (9)
		Common Stock (1,204.46 shares)	N/A	12/21	N/A			1,204		1,050		0.1	%	(6) (30)
						9,324		10,353		10,008

World 50, Inc.	Professional Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 7.9% Cash	05/21	01/26	15,422		15,187		15,229		1.4	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 8.4% Cash	05/21	01/26	521		522		513		—	%	(5) (6) (7) (8)
						15,943		15,709		15,742

Xeinadin Bidco Limited	Financial Other	First Lien Senior Secured Term Loan	SONIA + 5.25%, 6.9% Cash	05/22	05/29	9,957		10,664		9,596		0.9	%	(3) (5) (6) (7) (22)
		Subordinated Term Loan	11.0% PIK	05/22	05/29	3,517		3,776		3,412		0.3	%	(3) (6) (7)
		Common Stock (354,281 shares)	N/A	05/22	N/A			452		408		—	%	(3) (6) (30)
						13,474		14,892		13,416

ZB Holdco LLC	Food & Beverage	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 8.4% Cash	02/22	02/28	2,698		2,631		2,634		0.2	%	(5) (6) (7) (9)
		Revolver	LIBOR + 4.75%, 8.4% Cash	02/22	02/28	—		(15)		(13)		—	%	(6) (7) (9)
		LLC Units (152.69 units)	N/A	02/22	N/A			153		179		—	%	(6) (30)
						2,698		2,769		2,800

Zeppelin Bidco Limited	Services: Business	First Lien Senior Secured Term Loan	SONIA + 6.25%, 8.4% Cash	03/22	03/29	2,701		3,069		2,615		0.2	%	(3) (5) (6) (7) (22)
		Revolver	SONIA + 6.25%, 8.4% Cash	03/22	05/22	—		(1)		(6)		—	%	(3) (6) (7) (22)
						2,701		3,068		2,609

Subtotal Non–Control / Non–Affiliate Investments (163.4%)						1,756,473		1,832,610		1,769,820

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	3,208		3,181		3,208		0.3	%	(6)
		Revolver	LIBOR + 7.25%	08/21	07/28	4,364		4,284		4,364		0.4	%	(6) (8)
		LLC Units (63,139,338 units)	N/A	08/21	N/A			63,423		89,342		8.2	%	(6)
						7,572		70,888		96,914

Thompson Rivers LLC	Investment Funds & Vehicles	6.3% Member Interest	N/A	08/21	N/A			23,968		17,355		1.6	%	(3)
								23,968		17,355

Waccamaw River LLC	Investment Funds & Vehicles	20% Member Interest	N/A	08/21	N/A			22,602		21,371		2.0	%	(3)
								22,602		21,371

Subtotal Affiliate Investments (12.5%)						7,572		117,458		135,640














Total Investments, September 30, 2022 (175.9%)*						$	1,764,045	$	1,950,068	$	1,905,460

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

September 30, 2022

(Amounts in thousands, except share amounts)

Derivative Instruments

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) $45,869 A$62,534 BNP Paribas SA 07/07/22 $ 2,689
Foreign currency forward contract (AUD) A$62,534 $43,441 BNP Paribas SA 07/07/22 (261)
Foreign currency forward contract (AUD) $41,967 A$60,587 BNP Paribas SA 10/06/22 101
Foreign currency forward contract (CAD) $1,730 C$2,190 BNP Paribas SA 07/07/22 29
Foreign currency forward contract (CAD) C$2,190 $1,715 BNP Paribas SA 07/07/22 (14)
Foreign currency forward contract (CAD) $1,284 C$1,652 BNP Paribas SA 10/06/22 1
Foreign currency forward contract (DKK) 2,157kr. $305 BNP Paribas SA 07/07/22 (2)
Foreign currency forward contract (DKK) $322 2,157kr. BNP Paribas SA 07/07/22 19
Foreign currency forward contract (DKK) $310 2,176kr. BNP Paribas SA 10/06/22 2
Foreign currency forward contract (EUR) $164,068 €149,309 BNP Paribas SA 07/07/22 7,745
Foreign currency forward contract (EUR) €149,309 $157,250 BNP Paribas SA 07/07/22 (926)
Foreign currency forward contract (EUR) $164,805 €155,470 BNP Paribas SA 10/06/22 954
Foreign currency forward contract (GBP) $54,561 £42,497 BNP Paribas SA 07/07/22 2,869
Foreign currency forward contract (GBP) £42,497 $51,808 BNP Paribas SA 07/07/22 (115)
Foreign currency forward contract (GBP) $52,192 £42,738 BNP Paribas SA 10/06/22 114
Foreign currency forward contract (NZD) $457 NZ$661 BNP Paribas SA 07/07/22 44
Foreign currency forward contract (NZD) NZ$661 $414 BNP Paribas SA 07/07/22 (1)
Foreign currency forward contract (NZD) $392 NZ$627 BNP Paribas SA 10/06/22 1
Foreign currency forward contract (SEK) 5,569kr $550 BNP Paribas SA 07/07/22 (6)
Foreign currency forward contract (SEK) $599 5,569kr BNP Paribas SA 07/07/22 55
Foreign currency forward contract (SEK) $560 5,656kr BNP Paribas SA 10/06/22 6
Foreign currency forward contract (CHF) $20,259 18,801Fr. BNP Paribas SA 07/07/22 575
Foreign currency forward contract (CHF) 18,801Fr. $19,662 BNP Paribas SA 07/07/22 22
Foreign currency forward contract (CHF) $19,957 18,960Fr. BNP Paribas SA 10/06/22 (26)
Total Foreign Currency Forward Contracts, June 30, 2022 $ 13,875

Interest Rate Swaps:

Description

Company Receives

Company Pays

Maturity Date

Notional Amount

Hedged Instrument

Interest rate swap (See Note 5)

6.00

SOFR + 3.245%

5/10/2027

100,000

Series D Notes

Interest rate swap (See Note 5)

6.00

SOFR + 3.382%

5/10/2027

55,000

Series E Notes

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$62,055

$40,196

BNP Paribas SA

10/06/22

(281)

Foreign currency forward contract (AUD)

$42,946

A$62,055

BNP Paribas SA

10/06/22

3,031

Foreign currency forward contract (AUD)

$40,131

A$61,845

BNP Paribas SA

01/09/23

277

Foreign currency forward contract (CAD)

C$1,652

$1,205

BNP Paribas SA

10/06/22

(3)

Foreign currency forward contract (CAD)

$1,284

C$1,652

BNP Paribas SA

10/06/22

Foreign currency forward contract (CAD)

$1,257

C$1,722

BNP Paribas SA

01/09/23

Foreign currency forward contract (DKK)

7,318kr.

$964

BNP Paribas SA

10/06/22

(1)

Foreign currency forward contract (DKK)

$1,026

7,318kr.

BNP Paribas SA

10/06/22

Foreign currency forward contract (DKK)

$982

7,401kr.

BNP Paribas SA

01/09/23

Foreign currency forward contract (EUR)

€171,045

$167,475

BNP Paribas SA

10/06/22

(144)

Foreign currency forward contract (EUR)

$180,540

€171,045

BNP Paribas SA

10/06/22

13,209

Foreign currency forward contract (EUR)

$169,009

€171,261

BNP Paribas SA

01/09/23

145

Foreign currency forward contract (GBP)

£47,988

$53,040

BNP Paribas SA

10/06/22

375

Foreign currency forward contract (GBP)

$58,269

£47,988

BNP Paribas SA

10/06/22

4,853

Foreign currency forward contract (GBP)

$55,713

£50,397

BNP Paribas SA

01/09/23

(460)

Foreign currency forward contract (NZD)

NZ$7,465

$4,257

BNP Paribas SA

10/06/22

(47)

Foreign currency forward contract (NZD)

$4,646

NZ$7,465

BNP Paribas SA

10/06/22

436

Foreign currency forward contract (NZD)

$4,348

NZ$7,622

BNP Paribas SA

01/09/23

Foreign currency forward contract (NOK)

39,724kr

$3,719

BNP Paribas SA

10/06/22

(67)

Foreign currency forward contract (NOK)

$4,060

39,724kr

BNP Paribas SA

10/06/22

409

Foreign currency forward contract (NOK)

$3,544

37,988kr

BNP Paribas SA

01/09/23

Foreign currency forward contract (SEK)

5,656kr

$505

BNP Paribas SA

10/06/22

Foreign currency forward contract (SEK)

$560

5,656kr

BNP Paribas SA

10/06/22

Foreign currency forward contract (SEK)

$512

5,694kr

BNP Paribas SA

01/09/23

(3)

Foreign currency forward contract (CHF)

18,960Fr.

$19,388

BNP Paribas SA

10/06/22

(128)

Foreign currency forward contract (CHF)

$19,957

18,960Fr.

BNP Paribas SA

10/06/22

697

Foreign currency forward contract (CHF)

$19,491

18,873Fr.

BNP Paribas SA

01/09/23

122

Total Foreign Currency Forward Contracts, September 30, 2022

22,716

* Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. Eclipse Business Capital, LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing. The Board of Directors (the “Board”) of Barings Private Credit ~~Corporation~~Corporation’s (the “Company”) ~~determined~~external investment adviser, Barings LLC (“Barings” or the “Adviser”), determines in good faith ~~that all~~whether the Company’s investments were valued at fair value in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company’s ~~valuation policies and procedures~~board of directors (the “Board”), and the Investment Company Act of 1940, as amended (the “1940 Act”) based on, among other things, the input of the Company’s external investment adviser, Barings LLC (“Barings” or the “Adviser”), the Company’s Audit Committee and an independent valuation firm that has been engaged to assist in the valuation of the Company’s middle-market equity and debt investments.. 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 ~~June~~September 30, 2022 represented ~~165.5~~% of 175.9% 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 ~~27.4%~~24.7% of total investments at fair value as of ~~June~~September 30, 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).

(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 ~~six~~nine months ended ~~June~~September 30, 2022 were as follows:

2728

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

~~June~~September 30, 2022

(Amounts in thousands, except share amounts)


			December 31, 2021 Value		Gross Additions (b)		Gross Reductions (c)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		June 30, 2022 Value		Amount of Interest or Dividends Credited to Income(d)				December 31, 2021 Value		Gross Additions (a)		Gross Reductions (b)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		September 30, 2022 Value		Amount of Interest or Dividends Credited to Income(c)
Portfolio Company	Portfolio Company	Type of Investment(a)															Portfolio Company	Type of Investment
Eclipse Business Capital, LLC ~~(e)~~(d)	Eclipse Business Capital, LLC ~~(e)~~(d)	Second Lien Senior Secured Term Loan (7.5% Cash)	$	3,345	$	2	$	—	$	—	$	(138)	$	3,209	$	119	Eclipse Business Capital, LLC ~~(e)~~(d)	Second Lien Senior Secured Term Loan (7.5% Cash)	$	3,345	$	3	$	—	$	—	$	(140)	$	3,208	$	180
		Revolver (LIBOR + 7.25%)	1,283		3,728		—		—		(6)		5,005		111			Revolver (LIBOR + 7.25%)	1,283		3,733		(642)		—		(10)		4,364		229
		LLC units (63,139,338 units)	65,412		—		—		—		16,395		81,807		4,860			LLC units (63,139,338 units)	65,412		—		—		—		23,930		89,342		6,551
			70,040		3,730		—		—		16,251		90,021		5,090				70,040		3,736		(642)		—		23,780		96,914		6,960

Thompson Rivers LLC	Thompson Rivers LLC	6.3% Member Interest	33,511		—		(3,511)		—		(5,637)		24,363		2,157		Thompson Rivers LLC	6.3% Member Interest	33,511		—		(8,281)		—		(7,875)		17,355		3,036
			33,511		—		(3,511)		—		(5,637)		24,363		2,157				33,511		—		(8,281)		—		(7,875)		17,355		3,036

Waccamaw River LLC	Waccamaw River LLC	20% Member Interest	13,500		8,882				—		(656)		21,726		774		Waccamaw River LLC	20% Member Interest	13,500		8,882				—		(1,011)		21,371		1,314
			13,500		8,882		—		—		(656)		21,726		774				13,500		8,882		—		—		(1,011)		21,371		1,314

Total Affiliate Investments	Total Affiliate Investments		$	117,051	$	12,612	$	(3,511)	$	—	$	9,958	$	136,110	$	8,021	Total Affiliate Investments		$	117,051	$	12,618	$	(8,923)	$	—	$	14,894	$	135,640	$	11,310

(a) ~~Eclipse Business Capital, LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing.~~

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

~~(c)~~(b) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments, sales and return of capital.

~~(d)~~(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.

~~(e)~~(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)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 ~~June~~September 30, 2022 was ~~1.78671%~~3.14271%.

(9)The interest rate on these loans is subject to 3 Month LIBOR, which as of ~~June~~September 30, 2022 was ~~2.28514%~~3.75471%.

(10)The interest rate on these loans is subject to 6 Month LIBOR, which as of ~~June~~September 30, 2022 was ~~2.93514%~~4.23200%.

(11)~~The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of June 30, 2022 was 1.66920%.~~

~~(12)~~The interest rate on these loans is subject to 6 Month GBP LIBOR, which as of ~~June~~September 30, 2022 was ~~2.25610%~~4.40470%.

~~(13)~~(12)The interest rate on these loans is subject to 1 Month EURIBOR, which as of ~~June~~September 30, 2022 was ~~-0.50800%~~0.67900%.

~~(14)~~(13)The interest rate on these loans is subject to 3 Month EURIBOR, which as of ~~June~~September 30, 2022 was ~~-0.19500%~~1.17300%.

~~(15)~~(14)The interest rate on these loans is subject to 6 Month EURIBOR, which as of ~~June~~September 30, 2022 was ~~0.26300%~~1.80900%.

~~(16)~~(15)The interest rate on these loans is subject to 1 Month BBSY, which as of ~~June~~September 30, 2022 was ~~1.14000%~~2.70750%.

~~(17)~~(16)The interest rate on these loans is subject to 3 Month BBSY, which as of ~~June~~September 30, 2022 was ~~1.81320%~~3.06310%.

~~(18)~~(17)The interest rate on these loans is subject to 6 Month BBSY, which as of ~~June~~September 30, 2022 was ~~2.67220%~~3.56880%.

~~(19)~~(18)The interest rate on these loans is subject to 1 Month SOFR, which as of ~~June~~September 30, 2022 was ~~1.68597%~~3.04205%.

~~(20)~~(19)The interest rate on these loans is subject to 3 Month SOFR, which as of ~~June~~September 30, 2022 was ~~2.11654%~~3.59329%.

~~(21)~~(20)The interest rate on these loans is subject to 6 Month SOFR, which as of ~~June~~September 30, 2022 was ~~2.63063%~~3.99102%.

~~(22)~~(21)The interest rate on these loans is subject to 1 Month SONIA, which as of ~~June~~September 30, 2022 was ~~1.19310%~~2.25330%.

~~(23)~~(22)The interest rate on these loans is subject to 3 Month SONIA, which as of ~~June~~September 30, 2022 was ~~1.54990%~~3.22510%.

~~(24)~~(23)The interest rate on these loans is subject to 6 Month SONIA, which as of ~~June~~September 30, 2022 was ~~1.97950%~~4.12810%.

~~(25)~~(24)The interest rate on these loans is subject to 3 Month STIBOR, which as of ~~June~~September 30, 2022 was ~~0.00802%~~1.72500%.

~~(26)~~(25)The interest rate on these loans is subject to 3 Month CDOR, which as of ~~June~~September 30, 2022 was ~~2.75500%~~4.20000%.

~~(27)~~(26)The interest rate on these loans is subject to 13 Month ~~SARON,~~BKBM, which as of ~~June~~September 30, 2022 was ~~-0.46480%~~3.64000%.

~~(28)~~(27)The interest rate on these loans is subject to 3 Month SARON, which as of ~~June~~September 30, 2022 was ~~-0.62710%~~0.436530%.

(28)The interest rate on these loans is subject to 1 Month NIBOR, which as of September 30, 2022 was 2.70000%.

(29)The interest rate on these loans is subject to ~~3 Month BKBM,~~Prime, which as of ~~June~~September 30, 2022 was ~~2.68000%~~6.25000%.

(30)~~Non-accrual investment.~~Investment is non-income producing.

See accompanying notes.

2829

Barings Private Credit Corporation

Consolidated Schedule of Investments

December 31, 2021

(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
Non–Control / Non–Affiliate Investments:

1WorldSync, Inc.	IT Consulting & Other Services	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 7.3% Cash	05/21	07/25	$	11,008	$	10,927	$	11,008	1.3	%	(5) (6) (7) (9)
						11,008		10,927		11,008

Acclime Holdings HK Limited	Business Services	First Lien Senior Secured Term Loan	LIBOR + 6.5%, 7.0% Cash	08/21	07/27	4,206		4,065		4,072		0.5	%	(3) (5) (6) (7) (9)
						4,206		4,065		4,072

Accomplish Group Midco Limited	Health Care Services	First Lien Senior Secured Term Loan	GBP LIBOR + 5.25%, 5.8% Cash	05/21	11/25	1,409		1,462		1,409		0.2	%	(3) (5) (6) (7) (11)
						1,409		1,462		1,409

Accurus Aerospace Corporation	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 4.5%, 5.5% Cash, 1.5% PIK	05/21	10/24	6,462		5,662		6,240		0.7	%	(6) (7) (10)
						6,462		5,662		6,240

Acogroup	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 5.0%, 5.0% Cash, 2.5% PIK	05/21	10/26	1,365		1,446		1,365		0.2	%	(3) (5) (6) (7) (14)
						1,365		1,446		1,365

Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)	Health Care Services	First Lien Senior Secured Term Loan	BBSY + 5.0%, 6.0% Cash	05/21	09/23	744		792		744		0.1	%	(3) (5) (6) (7) (17)
						744		792		744

Air Comm Corporation, LLC	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.3% Cash	06/21	07/27	22,226		21,746		21,727		2.6	%	(5) (6) (7) (9)
						22,226		21,746		21,727

AIT Worldwide Logistics Holdings, Inc.	Air Freight & Logistics	Second Lien Senior Secured Term Loan	LIBOR + 7.75%, 8.5% Cash	05/21	04/29	7,220		7,067		7,220		0.9	%	(5) (6) (7) (9)
						7,220		7,067		7,220

Amtech LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.3% Cash	11/21	11/27	2,727		2,639		2,636		0.3	%	(5) (6) (7) (8)
		Revolver	LIBOR + 5.5%, 6.3% Cash	11/21	11/27	—		(9)		(9)		—	%	(6) (7) (9)
						2,727		2,630		2,627

AnalytiChem Holding GmbH	Chemicals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 6.3% Cash	11/21	11/28	3,116		2,979		2,938		0.4	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	BBSY + 6.25%, 6.3% Cash	11/21	11/28	1,452		1,424		1,416		0.1	%	(3) (5) (6) (7) (16)
		First Lien Senior Secured Term Loan	LIBOR + 6.25%, 6.3% Cash	11/21	11/28	951		951		928		0.1	%	(3) (5) (6) (7) (9)
						5,519		5,354		5,282

Anju Software, Inc.	Application Software	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 6.3% Cash	05/21	02/25	1,432		1,427		1,406		0.2	%	(5) (6) (7) (8)
						1,432		1,427		1,406

Apex Bidco Limited	Business Equipment & Services	First Lien Senior Secured Term Loan	GBP LIBOR + 6.25%, 6.8% Cash	05/21	01/27	458		469		457		0.1	%	(3) (5) (6) (7) (11)
						458		469		457

Aptus 1829. GmbH	Chemicals, Plastics, & Rubber	First Lien Senior Secured Term Loan	EURIBOR + 6.5%, 6.5% Cash	09/21	09/27	4,732		4,794		4,627		0.6	%	(3) (5) (6) (7) (13)
		Preferred Stock (14 shares)	N/A	09/21	N/A			122		120		—	%	(3) (5) (6)
		Common Stock (49 shares)	N/A	09/21	N/A			12		12		—	%	(3) (5) (6)
						4,732		4,928		4,759

Apus Bidco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SONIA + 5.5%, 5.5% Cash	05/21	03/28	1,288		1,306		1,262		0.2	%	(3) (5) (6) (7) (23)
						1,288		1,306		1,262

AQA Acquisition Holding, Inc.	High Tech Industries	Second Lien Senior Secured Term Loan	LIBOR + 7.5%, 8.0% Cash	05/21	03/29	7,460		7,265		7,460		0.9	%	(5) (6) (7) (9)
						7,460		7,265		7,460

2930

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
Aquavista Watersides 2 LTD	Transportation Services	First Lien Senior Secured Term Loan	SONIA + 6.0%, 6.1% Cash	12/21	12/28	$	2,801	$	2,641	$	2,673	0.3	%	(3) (5) (6) (7) (23)
		Second Lien Senior Secured Term Loan	SONIA + 10.5% PIK	12/21	12/28	—		(2)		(2)		0.1	%	(3) (6) (7) (23)
		Revolver	SONIA + 6.0%, 6.1% Cash	12/21	12/22	700		671		679		—	%	(3) (6) (7) (23)
						3,501		3,310		3,350

Archimede	Consumer Services	First Lien Senior Secured Term Loan	EURIBOR + 6.0%, 6.0% Cash	05/21	10/27	1,251		1,302		1,227		0.1	%	(3) (5) (6) (7) (13)
						1,251		1,302		1,227

Argus Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	SONIA + 5.5%, 5.8% Cash	05/21	12/27	461		467		461		0.1	%	(3) (5) (6) (7) (22)
						461		467		461

Armstrong Transport Group (Pele Buyer, LLC)	Air Freight & Logistics	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	06/24	4,071		3,998		3,989		0.5	%	(5) (6) (7) (9)
						4,071		3,998		3,989

ASPEQ Heating Group LLC	Building Products, Air & Heating	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	05/21	11/25	1,620		1,609		1,620		0.2	%	(5) (6) (7) (8)
						1,620		1,609		1,620

Astra Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.75%, 5.8% Cash	11/21	11/28	2,682		2,540		2,566		0.3	%	(3) (5) (6) (7) (22)
						2,682		2,540		2,566

Athena Midco Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	BBSY + 5.25%, 5.3% Cash	05/21	12/25	408		422		404		—	%	(3) (5) (6) (7) (16)
						408		422		404

Audio Precision, Inc.	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 6.0%, 7.0% Cash	05/21	10/24	2,898		3,045		2,898		0.3	%	(5) (6) (7) (13)
		First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	05/21	10/24	4,992		4,940		4,992		0.6	%	(5) (6) (7) (9)
						7,890		7,985		7,890

Auxi International	Commercial Finance	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 6.3% Cash	05/21	12/26	341		357		308		—	%	(3) (5) (6) (7) (14)
						341		357		308

Avalign Holdings, Inc.	Health Care Supplies	First Lien Senior Secured Term Loan	LIBOR + 4.5%, 4.6% Cash	05/21	12/25	1,814		1,810		1,803		0.2	%	(5) (6) (7) (9)
						1,814		1,810		1,803

Avance Clinical Bidco Pty Ltd	Healthcare	First Lien Senior Secured Term Loan	BBSY + 5.5%, 6.0% Cash	11/21	11/27	2,994		2,801		2,855		0.3	%	(3) (5) (6) (7) (16)
						2,994		2,801		2,855

AWP Group Holdings, Inc.	Business Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	12/27	1,251		1,232		1,232		0.1	%	(5) (6) (7) (9)
						1,251		1,232		1,232

Azalea Buyer, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	11/21	11/27	4,606		4,496		4,494		0.5	%	(5) (6) (7)
		Common Stock (192,307.69 shares)	N/A	11/21	N/A			192		192		—	%	(6)
		Subordinated Term Loan	12.0% PIK	11/21	05/28	1,260		1,235		1,234		0.2	%	(6)
		Revolver	LIBOR + 5.25%, 6.3% Cash	11/21	11/27	—		(9)		(10)		—	%	(6) (7)
						5,866		5,914		5,910

Bariacum S.A	Consumer Products	First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 5.5% Cash	11/21	11/28	2,957		2,844		2,847		0.3	%	(3) (5) (6) (7) (13)
						2,957		2,844		2,847

BDP International, Inc. (f/k/a BDP Buyer, LLC)	Air Freight & Logistics	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	12/24	9,937		9,779		9,788		1.2	%	(5) (6) (7) (8)
						9,937		9,779		9,788

3031

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
Bearcat Buyer, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	07/26	$	2,461	$	2,434	$	2,461	0.3	%	(5) (6) (7) (9)
						2,461		2,434		2,461

Benify (Bennevis AB)	High Tech Industries	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 5.3% Cash	05/21	07/26	414		446		414		—	%	(3) (5) (6) (7) (18)
						414		446		414

Bestop, Inc.	Auto Parts & Equipment	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	05/21	01/25	3,111		3,110		3,080		0.4	%	(5) (6) (7) (8)
						3,111		3,110		3,080

Beyond Risk Management, Inc.	Other Financial	First Lien Senior Secured Term Loan	LIBOR + 4.50%, 5.3% Cash	10/21	09/27	2,427		2,336		2,327		0.3	%	(5) (6) (7) (9)
						2,427		2,336		2,327

Bidwax	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	EURIBOR + 6.5%, 6.5% Cash	05/21	02/28	5,231		5,305		5,087		0.6	%	(3) (5) (6) (7) (13)
						5,231		5,305		5,087

BigHand UK Bidco Limited	High Tech Industries	First Lien Senior Secured Term Loan	GBP LIBOR + 5.25%, 5.4% Cash	05/21	01/28	423		424		410		—	%	(3) (5) (6) (7) (12)
						423		424		410

Bottom Line Systems, LLC	Health Care Services	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.3% Cash	05/21	02/23	3,416		3,413		3,416		0.4	%	(5) (6) (7) (9)
						3,416		3,413		3,416

Bounteous, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	08/21	08/27	8,453		8,240		8,230		1.0	%	(5) (6) (7) (9)
						8,453		8,240		8,230

Brightline Trains Florida LLC	Transportation	First Lien Senior Secured Note	8.0% Cash	08/21	01/28	8,000		8,000		8,008		1.0	%	(6)
						8,000		8,000		8,008

Brightpay Limited	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.3% Cash	10/21	10/28	2,677		2,647		2,599		0.3	%	(3) (5) (6) (7) (13)
						2,677		2,647		2,599

BrightSign LLC	Media & Entertainment	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	10/21	10/27	10,687		10,583		10,580		1.3	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 6.8% Cash	10/21	10/27	—		(11)		(11)		—	%	(6) (7) (9)
		LLC Units (923,857.7 units)	N/A	10/21	N/A			924		947		0.1	%	(6)
						10,687		11,496		11,516

British Engineering Services Holdco Limited	Commercial Services & Supplies	First Lien Senior Secured Term Loan	SONIA + 6.75%, 7.0% Cash	05/21	12/27	5,862		5,641		5,742		0.7	%	(3) (5) (6) (7) (23)
		Revolver	SONIA + 6.75%, 7.0% Cash	05/21	06/22	—		(1)		—		—	%	(3) (5) (6) (7) (23)
						5,862		5,640		5,742

Bucharest Midco Limited	Hotel, Gaming & Leisure	First Lien Senior Secured GBP Term Loan	7.0% PIK	05/21	07/26	838		738		642		0.1	%	(3) (6)
		First Lien Senior Secured USD Term Loan	7.0% PIK	05/21	07/26	163		139		125		—	%	(3) (6)
						1,001		877		767

C0003 Pty Ltd (Icon Cancer Care)	Health Care Facilities	First Lien Senior Secured Term Loan	BBSY + 4.5%, 5.0% Cash	05/21	10/24	1,031		1,095		1,031		0.2	%	(3) (5) (6) (7) (16)
		Second Lien Senior Secured Term Loan	BBSY + 8.0%, 8.5% Cash	05/21	04/25	350		373		350		—	%	(3) (5) (6) (7) (16)
						1,381		1,468		1,381

CAi Software, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 7.3% Cash	12/21	12/28	9,057		8,877		8,876		1.1	%	(3) (5) (6) (7) (9)
		Revolver	LIBOR + 6.25%, 7.3% Cash	12/21	12/28	—		(19)		(19)		—	%	(3) (6) (7) (9)
						9,057		8,858		8,857

3132

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
Canadian Orthodontic Partners Corp.	Healthcare	First Lien Senior Secured Term Loan	CDOR + 6.5%, 7.5% Cash	06/21	03/26	$	4,329	$	4,478	$	4,290	0.5	%	(3) (5) (6) (7) (20)
						4,329		4,478		4,290

Cascade LP Holdings, LLC	Environ-mental Industries	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash, 0.5% PIK	05/21	12/22	1,530		1,501		1,511		0.2	%	(5) (6) (7) (9)
		Subordinated Term Loan	LIBOR + 5.5%, 6.5% Cash, 0.5% PIK	05/21	12/22	27		27		27		—	%	(5) (6) (7) (9)
						1,557		1,528		1,538

Centralis Finco S.a.r.l.	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.3% Cash	05/21	05/27	128		136		128		—	%	(3) (5) (6) (7) (13)
						128		136		128

Ceres Pharma NV	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.5%, 5.5% Cash	10/21	10/28	3,273		3,192		3,128		0.4	%	(3) (5) (6) (7) (14)
						3,273		3,192		3,128

Chambers Global Holdings Limited	Data Processing & Outsourced Services	First Lien Senior Secured Term Loan	GBP LIBOR + 6.0%, 6.5% Cash	05/21	01/26	1,295		1,328		1,285		0.2	%	(3) (5) (6) (7) (11)
						1,295		1,328		1,285

Claritas, LLC	Application Software	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	05/21	12/23	1,627		1,619		1,627		0.2	%	(5) (6) (7) (9)
						1,627		1,619		1,627

Classic Collision (Summit Buyer, LLC)	Auto Collision Repair Centers	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	05/21	01/26	19,184		18,822		18,967		2.3	%	(5) (6) (7) (9)
						19,184		18,822		18,967

CM Acquisitions Holdings Inc.	Internet & Direct Marketing	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	05/25	10,925		10,887		10,925		1.3	%	(5) (6) (7) (9)
						10,925		10,887		10,925

Coastal Marina Holdings, LLC	Other Financial	Subordinated Term Loan	10.0% PIK	11/21	11/31	8,804		7,983		7,983		0.9	%	(6)
		LLC Units (273,796 units	N/A	11/21	N/A			821		821		0.1	%	(6)
						8,804		8,804		8,804

Cobham Slip Rings SAS	Diversified Manufacturing	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 6.4% Cash	11/21	11/28	3,091		3,016		3,014		0.4	%	(3) (5) (6) (7) (9)
						3,091		3,016		3,014

Command Alkon (Project Potter Buyer, LLC)	Software	First Lien Senior Secured Term Loan	LIBOR + 8.25%, 9.3% Cash	05/21	04/27	11,880		11,398		11,617		1.4	%	(5) (6) (7) (8)
						11,880		11,398		11,617

Contabo Finco S.À R.L	Internet Software & Services	First Lien Senior Secured Term Loan	SONIA + 5.25%, 5.3% Cash	05/21	10/26	24,509		23,910		24,018		2.9	%	(3) (5) (6) (7) (22)
						24,509		23,910		24,018

Cosmelux International	Commodity Chemicals	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	05/21	07/24	1,030		1,082		1,023		0.1	%	(3) (5) (6) (7) (14)
						1,030		1,082		1,023

Coyo Uprising GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 6.5%, 6.5% Cash	09/21	09/28	9,686		9,705		9,418		1.1	%	(3) (5) (6) (7) (13)
		Class A Units (531.0 units)	N/A	09/21	N/A			248		708		0.1	%	(3) (6)
		Class B Units (231.0 units)	N/A	09/21	N/A			538		305		—	%	(3) (6)
						9,686		10,491		10,431

Crash Champions	Automotive	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	05/21	08/25	15,470		14,972		14,870		1.8	%	(5) (6) (7) (9)
						15,470		14,972		14,870

3233

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
CVL 3	Capital Equipment	First Lien Senior Secured Term Loan	EURIBOR + 5.5%, 5.5% Cash	12/21	12/28	$	4,321	$	4,183	$	4,213	0.5	%	(3) (5) (6) (7) (13)
		6- Month Bridge Term Loan	EURIBOR + 5.5%, 5.5% Cash	12/21	06/22	569		551		563		0.1	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	SOFR + 5.5%, 5.5% Cash	12/21	12/28	2,480		2,419		2,418		0.3	%	(3) (5) (6) (7) (24)
						7,370		7,153		7,194

CW Group Holdings, LLC	High Tech Industries	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	05/21	01/27	4,128		4,044		4,064		0.5	%	(5) (6) (7) (9)
						4,128		4,044		4,064

Dart Buyer, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	05/21	04/25	2,217		2,202		2,129		0.3	%	(5) (6) (7) (9)
						2,217		2,202		2,129

DecksDirect, LLC	Building Materials	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	12/21	12/26	727		713		713		0.1	%	(5) (6) (7) (8)
		Revolver	LIBOR + 6.0%, 7.0% Cash	12/21	12/26	—		(4)		(4)		—	%	(6) (7) (9)
		LLC Units (1,280.8 Units)	N/A	12/21	N/A			55		55		—	%	(6)
						727		764		764

Direct Travel, Inc.	Lodging & Casinos	First Lien Senior Secured Term Loan	LIBOR + 1.0%, 2.0% Cash, 7.5% PIK	05/21	10/23	5,591		4,528		4,417		0.6	%	(6) (7) (9)
		Super Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	05/21	10/23	374		374		374		—	%	(6) (7) (9)
						5,965		4,902		4,791

Discovery Education, Inc.	Publishing	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	10/26	8,633		8,633		8,633		1.0	%	(5) (6) (7) (9)
						8,633		8,633		8,633

Dragon Bidco	High Tech Industries	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 6.8% Cash	05/21	04/28	569		590		558		0.1	%	(3) (5) (6) (7) (14)
						569		590		558

DreamStart Bidco SAS (d/b/a SmartTrade)	Diversified Financial Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.3% Cash	05/21	03/27	909		941		898		0.1	%	(3) (5) (6) (7) (14)
						909		941		898

Dune Group	Diversified Financial Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.0% Cash	09/21	09/28	4,825		4,743		4,714		0.6	%	(3) (5) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	09/21	09/28	319		268		275		—	%	(3) (5) (6) (7) (13)
						5,144		5,011		4,989

Dunn Paper, Inc.	Forest Products & Paper	Second Lien Senior Secured Term Loan	LIBOR + 8.75%, 9.8% Cash	05/21	08/23	2,481		2,452		2,176		0.3	%	(5) (6) (7) (8)
						2,481		2,452		2,176

Dwyer Instruments, Inc.	Electric	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.3% Cash	07/21	07/27	6,513		6,376		6,446		0.8	%	(5) (6) (7) (9)
						6,513		6,376		6,446

Echo Global Logistics, Inc.	Air Transportation	Second Lien Senior Secured Term Loan	LIBOR + 7.25%, 8.0% Cash	11/21	11/29	16,433		16,148		16,145		1.9	%	(5) (6) (7) (9)
		Partnership Equity (448.2 units)	N/A	11/21	N/A			448		448		0.1	%	(6)
						16,433		16,596		16,593

Ellkay, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	09/21	09/27	5,829		5,717		5,724		0.7	%	(5) (6) (7) (9)
						5,829		5,717		5,724

EMI Porta Holdco LLC	Diversified Manufacturing	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.5% Cash	12/21	12/27	16,780		16,237		16,231		1.9	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 6.5% Cash	12/21	12/27	—		(50)		(51)		—	%	(6) (7) (9)
						16,780		16,187		16,180

3334

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
Entact Environmental Services, Inc.	Environmental Industries	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	05/21	12/25	$	1,860	$	1,844	$	1,836	0.2	%	(5) (6) (7) (9)
						1,860		1,844		1,836

EPS NASS Parent, Inc.	Electrical Components & Equipment	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	05/21	04/28	2,082		2,040		2,047		0.2	%	(5) (6) (7) (9)
						2,082		2,040		2,047

ERES Group	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.0%, 5.0% Cash,	05/21	07/26	341		362		341		—	%	(3) (5) (6) (7) (13)
						341		362		341

eShipping, LLC	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	11/21	11/27	5,483		5,351		5,348		0.7	%	(5) (6) (7) (8)
		Revolver	LIBOR + 5.75%, 6.8% Cash	11/21	11/27	127		113		113		—	%	(6) (7) (9)
						5,610		5,464		5,461

F24 (Stairway BidCo Gmbh)	Software Services	First Lien Senior Secured Term Loan	EURIBOR + 6.0%, 6.0% Cash	05/21	08/27	378		402		378		—	%	(3) (5) (6) (13)
						378		402		378

Findex Group Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	BBSY + 5.25%, 5.5% Cash	05/21	05/24	846		899		846		0.1	%	(3) (5) (6) (16)
						846		899		846

Fineline Technologies, Inc.	Consumer Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	02/28	3,488		3,424		3,488		0.4	%	(5) (6) (7) (9)
						3,488		3,424		3,488

FitzMark Buyer, LLC	Cargo & Transportation	First Lien Senior Secured Term Loan	LIBOR + 4.5%, 5.5% Cash	05/21	12/26	4,314		4,243		4,227		0.5	%	(5) (6) (7) (9)
						4,314		4,243		4,227

Flavor Producers, LLC.	Packaged Foods & Meats	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash, 1.0% PIK	05/21	12/23	892		861		878		0.1	%	(5) (6) (7) (9)
						892		861		878

Flexential Issuer, LLC	Information Technology	Structured Secured Note - Class C	6.9% Cash	11/21	11/51	10,000		9,261		9,755		1.2	%
						10,000		9,261		9,755

FragilePak LLC	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	05/21	05/27	9,274		8,924		8,966		1.2	%	(5) (6) (7) (10)
		Partnership Units (929.7 units)	N/A	05/21	N/A			930		918				(6)
						9,274		9,854		9,884

Front Line Power Construction LLC	Construction Machinery	First Lien Senior Secured Term Loan	LIBOR + 12.5%, 13.5% Cash	11/21	11/28	1,250		1,210		1,213		0.1	%	(6) (7) (9)
		Common Stock (15,890 shares)	N/A	11/21	N/A			41		35		—	%
						1,250		1,251		1,248

FSS Buyer LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.5% Cash	08/21	08/28	24,781		24,305		24,341		3.0	%	(5) (6) (7) (9)
		LP Interest (2,902.34 units)	N/A	08/21	N/A			29		75		—	%	(6)
		LP Units (12,760.8 units)	N/A	08/21	N/A			128		330		—	%	(6)
						24,781		24,462		24,746

Glacis Acquisition S.A.R.L.	Transportation Services	First Lien Senior Secured Term Loan	EURIBOR + 6.5%, 6.5% Cash	05/21	07/23	1,296		1,128		1,296		0.2	%	(3) (5) (6) (7) (14)
						1,296		1,128		1,296

Graphpad Software, LLC	Internet Software & Services	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash,	11/21	04/27	16,248		16,064		16,060		1.9	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	05/21	04/27	11,047		11,047		11,103		1.3	%	(5) (6) (7) (9)
						27,295		27,111		27,163

3435

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
Healthe Care Specialty Pty Ltd	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	BBSY + 4.75%, 5.3% Cash	05/21	10/24	$	1,084	$	1,128	$	1,069	0.1	%	(3) (5) (6) (7) (17)
						1,084		1,128		1,069

Heartland Veterinary Partners, LLC	Healthcare	Subordinated Term Loan	11.0% PIK	11/21	11/28	5,175		5,038		5,036		0.6	%	(6)
						5,175		5,038		5,036

Heartland, LLC	Commercial Services & Supplies	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	08/25	6,608		6,495		6,458		0.8	%	(5) (6) (7) (9)
						6,608		6,495		6,458

Heavy Construction Systems Specialists, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.5% Cash	11/21	11/27	22,807		22,359		22,351		2.7	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 6.5% Cash	11/21	11/27	—		(43)		(44)		—	%	(6) (7) (9)
						22,807		22,316		22,307

Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))	Insurance	First Lien Senior Secured Term Loan	EURIBOR + 5.0%, 5.0% Cash,	05/21	09/26	8,219		8,510		8,029		1.0	%	(3) (5) (6) (7) (14)
						8,219		8,510		8,029

HemaSource, Inc.	Health Care Distributors	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash,	05/21	07/23	8,475		8,414		8,475		1.0	%	(5) (6) (7) (8)
						8,475		8,414		8,475

Home Care Assistance, LLC	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash,	05/21	03/27	1,562		1,534		1,531		0.2	%	(5) (6) (7) (9)
						1,562		1,534		1,531

HW Holdco, LLC (Hanley Wood LLC)	Advertising	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash,	05/21	12/24	13,160		12,964		12,860		1.5	%	(5) (6) (7) (8)
						13,160		12,964		12,860

IGL Holdings III Corp.	Commercial Printing	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash,	05/21	11/26	9,172		9,053		9,076		1.1	%	(5) (6) (7) (9)
						9,172		9,053		9,076

IM Square	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.3% Cash,	05/21	04/28	4,776		4,858		4,700		0.6	%	(3) (5) (6) (7) (14)
						4,776		4,858		4,700

Image International Intermediate Holdco II, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	05/21	07/24	25,000		24,715		24,625		2.9	%	(5) (6) (7) (8)
						25,000		24,715		24,625

Infoniqa Holdings GmbH	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.3% Cash	11/21	11/28	4,286		4,148		4,168		0.5	%	(3) (5) (6) (7) (13)
						4,286		4,148		4,168

Innovad Group II BV	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	05/21	04/28	990		1,020		930		0.1	%	(3) (5) (6) (7) (13)
						990		1,020		930

INOS 19-090 GmbH	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 6.13%, 6.1% Cash	05/21	12/27	696		721		695		0.1	%	(3) (5) (6) (7) (13)
						696		721		695

Ipsen International Holding GmbH	Capital Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 6.8% Cash, 0.5% PIK	05/21	08/24	1,222		1,156		1,095		0.1	%	(3) (6) (7) (14)
						1,222		1,156		1,095

Iridium Bidco Limited	Radio & Television	First Lien Senior Secured Term Loan	GBP LIBOR + 5.25%, 5.8% Cash	05/21	09/23	1,018		1,045		1,018		0.1	%	(3) (5) (6) (7) (12)
						1,018		1,045		1,018

Isolstar Holding NV (IPCOM)	Trading Companies & Distributors	First Lien Senior Secured Term Loan	EURIBOR + 5.0%, 5.0% Cash,	05/21	06/25	925		974		925		0.1	%	(3) (5) (6) (7) (13)
						925		974		925

ISS#2, LLC (d/b/a Industrial Services Solutions)	Commercial Services & Supplies	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash,	05/21	02/26	1,627		1,472		1,547		0.2	%	(6) (7) (10)
						1,627		1,472		1,547

3536

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
ITI Intermodal, Inc.	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash,	12/21	12/27	$	721	$	705	$	705	0.1	%	(5) (6) (7) (8)
		Revolver	LIBOR + 4.75%, 5.8% Cash	12/21	12/27	—		(2)		(2)		—	%	(6) (7) (9)
						721		703		703

Jade Bidco Limited (Jane's)	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 4.5%, 4.5% Cash, 2.0% PIK	05/21	12/26	213		224		213		—	%	(3) (5) (6) (7) (14)
		First Lien Senior Secured Term Loan	LIBOR + 4.5%, 4.5% Cash, 2.0% PIK	05/21	12/26	1,174		1,164		1,174		0.2	%	(3) (5) (6) (7) (10)
						1,387		1,388		1,387

Jaguar Merger Sub Inc.	Other Financial	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	12/21	09/24	2,543		2,487		2,486		0.3	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.25%, 6.3% Cash	12/21	09/24	—		(6)		(6)		—	%	(6) (7) (9)
						2,543		2,481		2,480

Jeeves Information Systems AB	High Tech Industries	First Lien Senior Secured Term Loan	STIBOR + 5.25%, 5.3% Cash	05/21	12/22	168		181		166		—	%	(3) (5) (6) (7) (19)
		First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.3% Cash	05/21	12/22	4,299		4,345		4,114		0.5	%	(3) (5) (6) (7) (14)
		First Lien Senior Secured Term Loan	CHF LIBOR + 5.25%, 5.3% Cash	05/21	12/22	16,517		16,133		16,270		2.0	%	(3) (5) (6) (7) (21)
						20,984		20,659		20,550

Kano Laboratories LLC	Chemicals, Plastics & Rubber	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	05/21	11/26	2,929		2,886		2,839		0.3	%	(5) (6) (7) (10)
						2,929		2,886		2,839

Kestrel Midco Limited	Health Care Distributors	First Lien Senior Secured Term Loan	GBP LIBOR + 5.5%, 6.0% Cash,	05/21	12/24	1,486		1,547		1,486		0.2	%	(3) (5) (6) (7) (11)
						1,486		1,547		1,486

Kid Distro Holdings, LLC	Media & Entertainment	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	10/21	10/27	23,936		23,474		23,457		2.8	%	(5) (6) (7) (9)
		Partnership Units (1,062,795.2 units)	N/A	10/21	N/A			1,064		1,063		0.1	%	(6)*
						23,936		24,538		24,520

Kona Buyer, LLC	High Tech Industries	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.3% Cash	05/21	12/27	10,661		10,489		10,661		1.3	%	(5) (6) (7) (9)
						10,661		10,489		10,661

KSLB Holdings, LLC	Beverage, Food & Tobacco	First Lien Senior Secured Term Loan	LIBOR + 4.5%, 5.5% Cash	05/21	07/25	6,041		5,727		5,564		0.7	%	(5) (6) (7) (8)
						6,041		5,727		5,564

LAF International	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.0%, 6.0% Cash	05/21	03/28	569		594		556		0.1	%	(3) (5) (6) (7) (14)
						569		594		556

Lambir Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	EURIBOR + 6.0%, 6.0% Cash	12/21	12/28	2,326		2,212		2,230		0.3	%	(3) (5) (6) (7) (13)
		Second Lien Senior Secured Term Loan	12.0% PIK	12/21	06/29	657		632		637		0.1	%	(3) (6)
		Revolver	EURIBOR + 6.0%, 6.0% Cash	12/21	12/24	145		136		137		—	%	(3) (6) (7) (13)
						3,128		2,980		3,004

Life Extension Institute, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash	05/21	02/24	7,188		7,188		7,188		0.9	%	(5) (6) (7) (9)
						7,188		7,188		7,188

Listrac Bidco Limited	Health Care	First Lien Senior Secured Term Loan	GBP LIBOR + 5.25%, 5.3% Cash	05/21	11/22	640		618		632		0.1	%	(3) (6) (7) (12)
						640		618		632

LivTech Purchaser, Inc.	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash,	05/21	12/25	1,625		1,606		1,611		0.2	%	(5) (6) (7) (9)
						1,625		1,606		1,611

3637

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
Loftware, Inc.	Application Software	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	05/21	12/25	$	21,493	$	21,314	$	21,117	2.5	%	(5) (6) (7) (9)
						21,493		21,314		21,117

Marmoutier Holding B.V.	Consumer Products	First Lien Senior Secured Term	EURIBOR + 5.75%, 5.8% Cash	12/21	12/28	1,944		1,872		1,880		0.2	%	(3) (5) (6) (7) (13)
		Revolver	EURIBOR + 5.0%, 5.0% Cash	12/21	06/27	—		(4)		(4)		—	%	(3) (6) (7) (13)
						1,944		1,868		1,876

MC Group Ventures Corporation	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash	07/21	06/27	5,824		5,684		5,774		0.7	%	(5) (6) (7) (9)
		Partnership Units (560 units)	N/A	06/21	N/A			560		571		0.1	%	(6)
						5,824		6,244		6,345

Media Recovery, Inc. (SpotSee)	Containers, Packaging & Glass	First Lien Senior Secured Term Loan	GBP LIBOR + 6.0%, 7.0% Cash	05/21	11/25	947		970		947		0.1	%	(5) (6) (7) (11)
						947		970		947

Medical Solutions Parent Holdings, Inc.	Healthcare	Second Lien Senior Secured Term Loan	LIBOR + 7.0%, 7.5% Cash	11/21	11/29	4,421		4,377		4,362		0.5	%	(5) (7) (9)
						4,421		4,377		4,362

Medplast Holdings, Inc.	Health Care	Second Lien Senior Secured Term Loan	LIBOR + 7.75%, 7.8% Cash	05/21	07/26	9,325		8,580		8,854		1.1	%	(5) (7) (8)
						9,325		8,580		8,854

Mertus 522. GmbH	Health Care	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 6.3% Cash	05/21	05/26	438		260		251		—	%	(3) (5) (6) (7) (14)
						438		260		251

Metis BidCo Pty Limited (0.0%)*	Business Equipment & Services	First Lien Senior Secured Term Loan	BBSY + 5.25%, 5.3% Cash	05/21	04/26	414		439		414		—	%	(3) (5) (6) (16)
						414		439		414

MNS Buyer, Inc.	Construction & Building	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash	08/21	08/27	921		903		905		0.1	%	(5) (6) (7) (8)
		LLC Units (76.92 Units)	N/A	08/21	N/A			77		78		—	%	(6)
						921		980		983

Modern Star Holdings Bidco Pty Limited	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	BBSY + 6.25%, 6.8% Cash	05/21	12/26	841		855		837		0.1	%	(3) (5) (6) (7) (15)
						841		855		837

Mold-Rite Plastics, LLC	Containers, Packaging & Glass	Second Lien Senior Secured Term Loan	LIBOR + 7.0%, 7.5% Cash	09/21	09/29	5,000		4,950		4,975		0.6	%	(5) (6) (7) (9)
						5,000		4,950		4,975

Murphy Midco Limited	Media, Diversified & Production	First Lien Senior Secured Term Loan	GBP LIBOR + 4.75%, 4.8% Cash	05/21	11/27	638		642		623		0.1	%	(3) (5) (6) (7) (12)
						638		642		623

Music Reports, Inc.	Media & Entertainment	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	05/21	08/26	2,598		2,559		2,546		0.3	%	(5) (6) (7) (9)
						2,598		2,559		2,546

Narda Acquisitionco., Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	12/21	12/27	4,591		4,511		4,511		0.6	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.25%, 6.3% Cash	12/21	12/27	—		(18)		(19)		—	%	(6) (7) (9)
		Class A Preferred Stock (3,708.1 units)	N/A	12/21	N/A			371		371		—	%	(6)
		Class B Common Stock (412.0 units)	N/A	12/21	N/A			41		41		—	%	(6)
						4,591		4,905		4,904
Navia Benefit Solutions, Inc.	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	05/21	02/27	4,630		4,527		4,590		0.5	%	(5) (6) (7) (9)
						4,630		4,527		4,590

3738

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
NeoxCo	Internet Software & Services	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 6.8% Cash	05/21	05/25	$	250	$	259	$	250	—	%	(3) (5) 6) ((7) (14)
		Second Lien Senior Secured Term Loan	12.5% PIK	05/21	08/25	40		41		40		—	%	(3) (6)
						290		300		290

Net Health Acquisition Corp.	Health Care Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	05/21	12/23	938		924		934		0.1	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	05/21	12/25	10,154		9,997		10,104		1.2	%	(5) (6) (7) (9)
						11,092		10,921		11,038

NEWCO AH	Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 6.3% Cash	05/21	10/25	1,279		1,353		1,279		0.2	%	(3) (5) (6) (7) (13)
						1,279		1,353		1,279

Nexus Underwriting Management Limited	Other Financial	First Lien Senior Secured Term Loan	SONIA + 5.25%, 5.3% Cash	10/21	10/28	4,218		4,072		4,060		0.5	%	(3) (5) (6) (7) (23)
		Revolver	SONIA + 5.25%, 5.3% Cash	10/21	04/22	82		81		80		—	%	(3) (6) (7) (23)
						4,300		4,153		4,140

Northstar Recycling, LLC	Environmental Industries	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	10/21	09/27	6,190		6,071		6,066		0.7	%	(5) (6) (7) (9)
						6,190		6,071		6,066

Novotech Aus Bidco Pty Ltd	Publishing	First Lien Senior Secured Term Loan	BBSY + 5.5%, 6.0% Cash,	05/21	09/23	1,333		1,416		1,328		0.2	%	(3) (5) (6) (7) (15)
						1,333		1,416		1,328

OA Buyer, Inc.	Healthcare	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 6.8% Cash	12/21	12/28	8,501		8,331		8,331		1.0	%	(3) (5) (6) (7) (9)
		Revolver	LIBOR + 6.0%, 6.8% Cash	12/21	12/28	—		(27)		(27)		—	%	(3) (6) (7) (9)
		Partnership Units (210,920.1 units)	N/A	12/21	N/A			211		211		—	%	(3) (6)
						8,501		8,515		8,515

OG III B.V.	Containers & Glass Products	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	06/21	06/28	12,862		13,322		12,573		1.5	%	(3) (5) (6) (7) (13)
						12,862		13,322		12,573

Omni Intermediate Holdings, LLC	Transportation	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	05/21	12/26	14,387		13,972		13,981		1.7	%	(5) (6) (7) (8)
						14,387		13,972		13,981

Options Technology Ltd.	Computer Services	First Lien Senior Secured Term Loan	LIBOR + 4.5%, 5.5% Cash	05/21	12/25	8,594		8,428		8,394		1.0	%	(3) (5) (6) (7) (9)
						8,594		8,428		8,394

Oracle Vision Bidco Limited	Healthcare	First Lien Senior Secured Term Loan	SONIA + 5.25%, 5.3% Cash	06/21	05/28	1,502		1,522		1,467		0.2	%	(3) (5) (6) (7) (23)
						1,502		1,522		1,467

Origin Bidco Limited	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	06/21	06/28	597		582		584		0.1	%	(3) (5) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	06/21	06/28	377		394		369		—	%	(3) (5) (6) (7) (13)
						974		976		953

OSP Hamilton Purchaser, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	12/21	12/27	2,281		2,235		2,235		0.3	%	(5) (6) (7) (8)
		Revolver	LIBOR + 5.75%, 6.8% Cash	12/21	12/27	—		(4)		(4)		—	%	(6) (7) (9)
						2,281		2,231		2,231

Pacific Health Supplies Bidco Pty Limited	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	BBSY + 6.0%, 6.5% Cash	05/21	12/25	1,073		1,114		1,044		0.1	%	(3) (5) (6) (7) (16)
						1,073		1,114		1,044

Panther Bidco Pty Ltd (Junior Adventures Group)	Consumer Services	First Lien Senior Secured Term Loan	BBSY + 5.5%, 6.5% Cash	05/21	06/23	702		744		679		0.1	%	(3) (5) (6) (17)
						702		744		679

3839

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
Pare SAS (SAS Maurice MARLE)	Health Care Equipment	First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 6.8% Cash	05/21	12/26	$	910	$	957	$	910	0.1	%	(3) (5) (6) (7) (13)
						910		957		910

Patriot New Midco 1 Limited (Forensic Risk Alliance)	Diversified Financial Services	First Lien Senior Secured Term Loan	LIBOR + 6.75%, 7.8% Cash	05/21	02/27	429		450		409		—	%	(3) (5) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 6.75%, 6.8% Cash	05/21	02/27	502		496		479		0.1	%	(3) (5) (6) (7) (13)
						931		946		888

PDQ.Com Corporation	Business Equipment & Services	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	08/21	08/27	15,776		15,421		15,410		1.9	%	(5) (6) (7) (9)
		Class A-2 Partnership Units (86.39 units)	N/A	08/21	N/A			86		87		—	%	(6)
						15,776		15,507		15,497

PEGASUS TRANSTECH HOLDING, LLC	Trucking	First Lien Senior Secured Term Loan	LIBOR + 6.5%, 7.5% Cash	05/21	11/24	8,333		8,333		8,333		1.0	%	(5) (6) (7) (8)
						8,333		8,333		8,333

Perforce Software, Inc.	Internet Software & Services	Second Lien Senior Secured Term Loan	LIBOR + 8.0%, 8.1% Cash	05/21	07/27	6,497		6,423		6,497		0.8	%	(5) (6) (7) (8)
						6,497		6,423		6,497

Permaconn BidCo Pty Ltd	Tele-communications	First Lien Senior Secured Term Loan	BBSY + 6.5%, 6.5% Cash	12/21	12/27	8,114		7,776		7,891		0.9	%	(3) (5) (6) (7) (15)
						8,114		7,776		7,891

Pilot Air Freight, LLC	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	05/21	07/24	14,191		14,014		14,191		1.7	%	(5) (6) (7) (9)
						14,191		14,014		14,191

Polara Enterprises, L.L.C.	Capital Equipment	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	12/21	12/27	4,243		4,159		4,158		0.5	%	(5) (6) (7) (9)
		Revolver	LIBOR + 4.75%, 5.8% Cash	12/21	12/27	—		(11)		(11)		—	%	(6) (7) (9)
		Partnership Units (3,820.44 Units)	N/A	12/21	N/A			382		382		—	%	(6)
						4,243		4,530		4,529

Policy Services Company, LLC	Property & Casualty Insurance	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash, 4.0% PIK	12/21	06/26	43,421		41,702		41,694		5.0	%	(5) (6) (7) (9)
		Warrants - Class A (26,774 units)	N/A	12/21	N/A			—		—		—	%	(6)
		Warrants - Class B (9,036 units)	N/A	12/21	N/A			—		—		—	%	(6)
		Warrants - Class CC (929 units)	N/A	12/21	N/A			—		—		—	%	(6)
		Warrants - Class D (2,387 units)	N/A	12/21	N/A			—		—		—	%	(6)
						43,421		41,702		41,694

Premium Franchise Brands, LLC	Research & Consulting Services	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 7.3% Cash	05/21	12/26	24,972		24,525		24,473		2.9	%	(5) (6) (7) (9)
						24,972		24,525		24,473

Premium Invest	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	EURIBOR + 6.0%, 6.0% Cash	06/21	06/28	4,208		4,335		4,141		0.5	%	(3) (5) (6) (7) (13)
						4,208		4,335		4,141

Preqin MC Limited	Banking, Finance, Insurance & Real Estate	First Lien Senior Secured Term Loan	SOFR + 5.5%, 5.5% Cash	08/21	07/28	2,500		2,429		2,478		0.3	%	(3) (5) (6) (7) (25)
						2,500		2,429		2,478

Professional Datasolutions, Inc. (PDI)	Application Software	First Lien Senior Secured Term Loan	LIBOR + 4.5%, 5.5% Cash	05/21	10/24	11,850		11,794		11,672		1.4	%	(5) (6) (7) (9)
						11,850		11,794		11,672

Protego Bidco B.V.	Aerospace & Defense	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.3% Cash	05/21	03/27	136		139		134		—	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	EURIBOR + 6.0%, 6.0% Cash	05/21	03/28	498		506		481		0.1	%	(3) (5) (6) (7) (13)
						634		645		615

3940

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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

QPE7 SPV1 BidCo Pty Ltd	Consumer Cyclical	First Lien Senior Secured Term Loan	BBSY + 5.5%, 6.0% Cash	09/21	09/26	$	4,048	$	3,902	$	3,985	0.5	%	(3) (5) (6) (7) (16)
						4,048		3,902		3,985

Questel Unite	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 6.25%, 6.3% Cash	05/21	12/27	2,011		1,982		1,981		0.3	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	LIBOR + 6.25%, 6.8% Cash	05/21	12/27	1,000		987		994		0.1	%	(3) (5) (6) (7) (9)
						3,011		2,969		2,975

Recovery Point Systems, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.5%, 7.5% Cash,	05/21	08/26	2,454		2,454		2,454		0.3	%	(5) (6) (7) (9)
						2,454		2,454		2,454

Renaissance Holding Corp.	Application Software	Second Lien Senior Secured Term Loan	LIBOR + 7.0%, 7.1% Cash	05/21	05/26	9,325		9,301		9,339		1.1	%	(5) (7) (8)
						9,325		9,301		9,339

Renovation Parent Holdings, LLC	Home furnishings	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 6.5% Cash	11/21	11/27	14,563		14,206		14,199		1.7	%	(5) (6) (7) (10)
		Partnership Equity (592,105.3 units)	N/A	11/21	N/A			592		610		0.1	%	(6)
						14,563		14,798		14,809

REP SEKO MERGER SUB LLC	Air Freight & Logistics	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	05/21	12/26	7,411		7,391		7,284		0.9	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	EURIBOR + 5.0%, 6.0% Cash	05/21	12/26	6,298		6,326		6,203		0.7	%	(5) (6) (7) (13)
						13,709		13,717		13,487

Resonetics, LLC	Health Care Equipment	Second Lien Senior Secured Term Loan	LIBOR + 7.0%, 7.8% Cash	05/21	04/29	10,304		10,106		10,098		1.2	%	(5) (6) (7) (10)
						10,304		10,106		10,098

RevSpring, Inc.	Business Services	Second Lien Senior Secured Term Loan	LIBOR + 8.25%, 8.4% Cash	05/21	10/26	2,556		2,507		2,556		0.3	%	(5) (6) (7) (9)
						2,556		2,507		2,556

Reward Gateway (UK) Ltd	Precious Metals & Minerals	First Lien Senior Secured Term Loan	SONIA + 6.75%, 6.8% Cash	08/21	06/28	13,113		13,066		12,770		1.5	%	(3) (5) (6) (7) (23)
						13,113		13,066		12,770

Riedel Beheer B.V.	Food & Beverage	First Lien Senior Secured Term Loan	EURIBOR + 5.5%, 5.5% Cash	12/21	12/28	1,899		1,835		1,843		0.2	%	(3) (5) (6) (7) (13)
		Super Senior Secured Term Loan	EURIBOR + 5.5%, 5.5% Cash	12/21	12/28	230		222		223		—	%	(3) (5) (6) (7) (13)
		Revolver	EURIBOR + 5.5%, 5.5% Cash	12/21	06/28	—		(5)		(5)		—	%	(3) (6) (7) (13)
						2,129		2,052		2,061

ROI Solutions LLC	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.0%, 6.0% Cash	05/21	08/24	8,474		8,474		8,474		1.0	%	(5) (6) (7) (9)
						8,474		8,474		8,474

RPX Corporation	Research & Consulting Services	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	05/21	10/25	17,802		17,508		17,436		2.1	%	(5) (6) (7) (9)
						17,802		17,508		17,436

Safety Products Holdings, LLC	Non-durable Consumer Goods	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	05/21	12/26	5,400		5,245		5,213		0.6	%	(5) (6) (7) (8)
						5,400		5,245		5,213

Sandvine Corporation	Communications Equipment	Second Lien Senior Secured Term Loan	LIBOR + 8.0%, 8.1% Cash	05/21	11/26	8,685		8,654		8,685		1.0	%	(5) (6) (7) (8)
						8,685		8,654		8,685

4041

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
Sanoptis SARL	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	EURIBOR + 5.75%, 5.8% Cash	05/21	05/26	$	1,137	$	1,185	$	1,137	0.1	%	(3) (5) (6) (7) (14)
		First Lien Senior Secured Term Loan	EURIBOR + 6.0%, 6.0% Cash	05/21	05/26	14,895		14,637		14,895		1.8	%	(3) (5) (6) (7) (14)
		First Lien Senior Secured Term Loan	CHF LIBOR + 5.75%, 5.8% Cash	05/21	05/26	390		384		390		—	%	(3) (5) (6) (7) (21)
		First Lien Senior Secured Term Loan	CHF LIBOR + 6.0%, 6.0% Cash	05/21	05/26	2,697		2,689		2,697		0.4	%	(3) (5) (6) (7) (21)
						19,119		18,895		19,119

Scaled Agile, Inc.	Research & Consulting Services	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.3% Cash	05/21	12/28	1,748		1,705		1,705		0.2	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.5%, 6.3% Cash	05/21	12/28	—		(7)		(7)		—	%	(6) (7) (9)
						1,748		1,698		1,698

Simulation Software Investment Company Pty Ltd	Business Services	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash	05/21	09/22	639		637		639		0.1	%	(3) (5) (6) (7) (9)
		First Lien Senior Secured Term Loan	BBSY + 5.5%, 5.6% Cash	05/21	09/22	654		696		654		0.1	%	(3) (5) (6) (7) (16)
						1,293		1,333		1,293

SISU ACQUISITIONCO., INC.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	05/21	12/26	2,545		2,503		2,458		0.3	%	(5) (6) (7) (9)
						2,545		2,503		2,458

Smartling, Inc.	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	11/21	11/27	14,529		14,204		14,197		1.7	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 6.8% Cash	11/21	11/27	—		(20)		(21)		—	%	(6) (7) (9)
						14,529		14,184		14,176

SN BUYER, LLC	Health Care Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	05/21	12/26	5,185		5,119		5,185		0.6	%	(5) (6) (7) (8)
						5,185		5,119		5,185

Springbrook Software (SBRK Intermediate, Inc.)	Enterprise Software & Services	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash	05/21	12/26	2,434		2,426		2,434		0.3	%	(5) (6) (7) (9)
						2,434		2,426		2,434

SPT Acquico Limited	High Tech Industries	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	12/27	1,807		1,765		1,807		0.2	%	(3) (5) (6) (7) (9)
						1,807		1,765		1,807

SSCP Pegasus Midco Limited	Healthcare & Pharmaceuticals	First Lien Senior Secured Term Loan	GBP LIBOR + 6.75%, 6.8% Cash	05/21	11/27	763		762		758		0.1	%	(3) (5) (6) (7) (11)
						763		762		758

SSCP Spring Bidco Limited	Health Care	First Lien Senior Secured Term Loan	GBP LIBOR + 6.25%, 6.8% Cash	05/21	07/25	1,113		1,148		1,108		0.1	%	(3) (5) (6) (7) (12)
						1,113		1,148		1,108

SSCP Thermal Bidco SAS	Industrial Machinery	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.3% Cash	05/21	07/24	757		804		757		0.1	%	(3) (5) (6) (7) (14)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 5.4% Cash	05/21	07/24	98		98		98		—	%	(3) (5) (6) (7) (10)
						855		902		855

Starnmeer B.V.	Technology	First Lien Senior Secured Term Loan	LIBOR + 6.4%, 6.9% Cash	10/21	04/27	13,388		13,193		13,187		1.6	%	(3) (5) (6) (7) (9)
						13,388		13,193		13,187

Superjet Buyer, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.5% Cash	12/21	12/27	23,175		22,711		22,711		2.7	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.75%, 6.5% Cash	12/21	12/27	—		(37)		(37)		—	%	(6) (7) (9)
						23,175		22,674		22,674

Syntax Systems Ltd	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.3% Cash	11/21	10/28	6,459		6,380		6,377		0.8	%	(3) (5) (6) (7) (8)
		Revolver	LIBOR + 5.5%, 6.3% Cash	11/21	10/26	405		396		396		—	%	(3) (6) (7) (8)
						6,864		6,776		6,773

4142

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
TA SL Cayman Aggregator Corp.	Technology	Subordinated Term Loan	8.8% PIK	07/21	07/28	$	967	$	948	$	950	0.1	%	(6)
		Common Stock (770 shares)	N/A	07/21	N/A			24		31		—	%	(6)*
						967		972		981

Techone B.V.	Technology	First Lien Senior Secured Term Loan	EURIBOR + 5.5%, 5.5% Cash	11/21	11/28	4,046		3,907		3,914		0.5	%	(3) (5) (6) (7) (13)
		Revolver	EURIBOR + 5.5%, 5.5% Cash	11/21	05/28	50		45		45		—	%	(3) (6) (7) (13)
						4,096		3,952		3,959

Temple Midco Limited	Industrial Machinery	First Lien Senior Secured Term Loan	GBP LIBOR + 5.25%, 5.8% Cash	05/21	08/24	990		1,017		990		0.1	%	(3) (5) (6) (7) (12)
						990		1,017		990

Tencarva Machinery Company, LLC	Capital Equipment	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash	12/21	12/27	5,486		5,375		5,374		0.6	%	(3) (5) (6) (7) (9)
		Revolver	LIBOR + 5.5%, 6.5% Cash	12/21	12/27	—		(20)		(20)				(3) (6) (7) (9)
						5,486		5,355		5,354

The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)	Brokerage, Asset Managers & Exchanges	First Lien Senior Secured Term Loan	LIBOR + 4.25%, 5.3% Cash	10/21	12/27	1,264		1,158		1,158		0.1	%	(5) (6) (7) (9)
		Revolver	LIBOR + 4.25%, 5.3% Cash	10/21	12/27	—		(21)		(22)		—	%	(6) (7) (9)
		Subordinated Term Loan	7.75% PIK	10/21	10/28	4,974		4,876		4,874		0.6	%	(6)
						6,238		6,013		6,010

The Hilb Group, LLC	Insurance Brokerage	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	05/21	12/26	3,635		3,537		3,562		0.4	%	(5) (6) (7) (9)
		First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.3% Cash	05/21	12/26	117		(4)		(4)		—	%	(5) (6) (7) (9)
						3,752		3,533		3,558

The Octave Music Group, Inc. (fka TouchTones Interactive Networks, Inc.)	Entertainment	First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash, 0.75% PIK	05/21	05/25	2,760		2,713		2,758		0.3	%	(5) (6) (7) (8)
						2,760		2,713		2,758

Total Safety U.S. Inc.	Diversified Support Services	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	08/21	08/25	2,472		2,446		2,434		0.3	%	(7) (10)
						2,472		2,446		2,434

Trident Maritime Systems, Inc.	Aerospace & Defense	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash	05/21	02/27	9,029		8,889		9,029		1.1	%	(5) (6) (7) (9)
						9,029		8,889		9,029

Truck-Lite Co., LLC	Automotive Parts & Equipment	First Lien Senior Secured Term Loan	LIBOR + 6.25%, 7.3% Cash	05/21	12/26	14,476		14,228		14,097		1.7	%	(5) (6) (7) (9)
						14,476		14,228		14,097

Turbo Buyer, Inc.	Finance Companies	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	11/21	12/25	9,425		9,197		9,190		1.1	%	(5) (6) (7) (9)
						9,425		9,197		9,190

Turnberry Solutions, Inc.	Consumer Cyclical	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	07/21	09/26	2,500		2,454		2,457		0.3	%	(5) (6) (7) (9)
						2,500		2,454		2,457

UKFast Leaders Limited	Technology	First Lien Senior Secured Term Loan	SONIA + 7.0%, 7.1% Cash	05/21	09/27	4,783		4,870		4,697		0.6	%	(3) (5) (6) (7) (22)
						4,783		4,870		4,697

USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)	Legal Services	First Lien Senior Secured Term Loan	LIBOR + 5.75%, 6.8% Cash	05/21	11/24	2,372		2,262		2,372		0.3	%	(5) (6) (7) (9)
						2,372		2,262		2,372

Utac Ceram	Business Services	First Lien Senior Secured Term Loan	EURIBOR + 5.25%, 5.3% Cash	05/21	09/27	910		942		892		0.1	%	(3) (5) (6) (7) (13)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 5.5% Cash	05/21	09/27	243		236		238		—	%	(3) (5) (6) (7) (9)
						1,153		1,178		1,130

4243

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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
Validity, Inc.	IT Consulting & Other Services	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 4.8% Cash	05/21	05/25	$	939	$	900	$	936	0.1	%	(5) (6) (7) (8)
						939		900		936

VistaJet Pass Through Trust 2021-1B	Airlines	Structured Secured Note - Class B	6.3% Cash	11/21	02/29	10,000		10,000		9,811		1.2	%
						10,000		10,000		9,811

Vital Buyer, LLC	Technology	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.3% Cash	06/21	06/28	982		964		966		0.1	%	(5) 6) ((7) (9)
		Partnership Units (1,096.2 units)	N/A	06/21	N/A			11		11		—	%	(6)
						982		975		977

Vitalyst, LLC	IT Consulting & Other Services	First Lien Senior Secured Term Loan	LIBOR + 6.0%, 7.0% Cash	05/21	08/22	1,942		1,942		1,942		0.2	%	(5) (6) (7) (9)
						1,942		1,942		1,942

VP Holding Company	Transportation Services	First Lien Senior Secured Term Loan	LIBOR + 5.5%, 6.5% Cash	05/21	05/24	7,149		7,045		7,034		0.8	%	(5) (6) (7) (9)
						7,149		7,045		7,034

W2O Holdings, Inc.	Healthcare Technology	First Lien Senior Secured Term Loan	LIBOR + 4.75%, 5.8% Cash	05/21	06/25	400		400		400		—	%	(6) (7) (9)
						400		400		400

Woodland Foods, LLC	Food & Beverage	First Lien Senior Secured Term Loan	LIBOR + 5.50%, 6.5% Cash	12/21	12/27	8,336		8,172		8,170		1.0	%	(5) (6) (7) (9)
		Revolver	LIBOR + 5.50%, 6.5% Cash	12/21	12/27	125		93		92		—	%	(6) (7) (9)
		Common Stock (1,204,461.64 shares)	N/A	12/21	N/A			1,204		1,204		0.1	%	(6)
						8,461		9,469		9,466

World 50, Inc.	Professional Services	First Lien Senior Secured Term Loan	LIBOR + 4.5%, 5.5% Cash	05/21	01/26	15,573		15,286		15,339		1.8	%	(5) (6) (7) (8)
		First Lien Senior Secured Term Loan	LIBOR + 5.25%, 6.3% Cash	05/21	01/26	691		691		691		0.1	%	(5) (6) (7) (8)
						16,264		15,977		16,030

Subtotal Non–Control / Non–Affiliate Investments (153.5%)						1,297,726		1,282,754		1,280,596

Affiliate Investments: (4)

Eclipse Business Capital, LLC	Banking, Finance, Insurance, & Real Estate	Second Lien Senior Secured Term Loan	7.5% Cash	07/21	07/28	3,209		3,178		3,345		0.4	%	(6)
		Revolver	LIBOR + 7.25%	07/21	07/28	1,283		1,194		1,283		0.2	%	(6) (9)
		LLC Units (63,139,338 units)	N/A	07/21	N/A			63,423		65,412		7.8	%	(6)
						4,492		67,795		70,040

Thompson Rivers LLC	Investment Funds & Vehicles	6.4% Member Interest	N/A	08/21	N/A			32,249		33,511		4.0	%	(3)
								32,249		33,511

Waccamaw River LLC	Investment Funds & Vehicles	20% Member Interest	N/A	08/21	N/A			13,720		13,501		1.6	%	(3)
								13,720		13,501

Subtotal Affiliate Investments (14.0%)						4,492		113,764		117,052














Total Investments, December 31, 2021 (167.5%)*						$	1,302,218	$	1,396,518	$	1,397,648

4344

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(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$20,975

$15,076

BNP Paribas SA

01/06/22

171

Foreign currency forward contract (AUD)

A$20,975

$15,076

BNP Paribas SA

01/06/22

171

Foreign currency forward contract (AUD)

$15,106

A$20,975

BNP Paribas SA

01/06/22

(142)

Foreign currency forward contract (AUD)

$15,106

A$20,975

BNP Paribas SA

01/06/22

(142)

Foreign currency forward contract (AUD)

$15,068

A$20,961

BNP Paribas SA

04/08/22

(172)

Foreign currency forward contract (AUD)

$15,068

A$20,961

BNP Paribas SA

04/08/22

(172)

Foreign currency forward contract (CAD)

$749

$586

BNP Paribas SA

01/06/22

Foreign currency forward contract (CAD)

$749

$586

BNP Paribas SA

01/06/22

Foreign currency forward contract (CAD)

$587

$749

BNP Paribas SA

01/06/22

(4)

Foreign currency forward contract (CAD)

$587

$749

BNP Paribas SA

01/06/22

(4)

Foreign currency forward contract (CAD)

$633

$808

BNP Paribas SA

04/08/22

(6)

Foreign currency forward contract (CAD)

$633

$808

BNP Paribas SA

04/08/22

(6)

Foreign currency forward contract (DKK)

2,141kr.

$326

BNP Paribas SA

01/06/22

Foreign currency forward contract (DKK)

2,141kr.

$326

BNP Paribas SA

01/06/22

Foreign currency forward contract (DKK)

$335

2,141kr.

BNP Paribas SA

01/06/22

Foreign currency forward contract (DKK)

$335

2,141kr.

BNP Paribas SA

01/06/22

Foreign currency forward contract (DKK)

$323

2,114kr.

BNP Paribas SA

04/08/22

(2)

Foreign currency forward contract (DKK)

$323

2,114kr.

BNP Paribas SA

04/08/22

(2)

Foreign currency forward contract (EUR)

€47,857

$54,213

BNP Paribas SA

01/06/22

243

Foreign currency forward contract (EUR)

€47,857

$54,213

BNP Paribas SA

01/06/22

243

Foreign currency forward contract (EUR)

$55,239

€47,857

BNP Paribas SA

01/06/22

783

Foreign currency forward contract (EUR)

$55,239

€47,857

BNP Paribas SA

01/06/22

783

Foreign currency forward contract (EUR)

$111,330

€98,201

BNP Paribas SA

04/08/22

(634)

Foreign currency forward contract (EUR)

$111,330

€98,201

BNP Paribas SA

04/08/22

(634)

Foreign currency forward contract (GBP)

£8,817

$11,744

BNP Paribas SA

01/06/22

197

Foreign currency forward contract (GBP)

£8,817

$11,744

BNP Paribas SA

01/06/22

197

Foreign currency forward contract (GBP)

£2,000

$2,664

BNP Paribas SA

01/07/22

Foreign currency forward contract (GBP)

£2,000

$2,664

BNP Paribas SA

01/07/22

Foreign currency forward contract (GBP)

$11,828

£8,817

BNP Paribas SA

01/06/22

(112)

Foreign currency forward contract (GBP)

$11,828

£8,817

BNP Paribas SA

01/06/22

(112)

Foreign currency forward contract (GBP)

$2,717

£2,000

BNP Paribas SA

01/07/22

Foreign currency forward contract (GBP)

$2,717

£2,000

BNP Paribas SA

01/07/22

Foreign currency forward contract (GBP)

$13,907

£10,446

BNP Paribas SA

04/08/22

(234)

Foreign currency forward contract (GBP)

$13,907

£10,446

BNP Paribas SA

04/08/22

(234)

Foreign currency forward contract (NZD)

NZ$610

$415

BNP Paribas SA

01/06/22

Foreign currency forward contract (NZD)

NZ$610

$415

BNP Paribas SA

01/06/22

Foreign currency forward contract (NZD)

$419

NZ$610

BNP Paribas SA

01/06/22

Foreign currency forward contract (NZD)

$419

NZ$610

BNP Paribas SA

01/06/22

Foreign currency forward contract (NZD)

$416

NZ$614

BNP Paribas SA

04/08/22

(3)

Foreign currency forward contract (NZD)

$416

NZ$614

BNP Paribas SA

04/08/22

(3)

Foreign currency forward contract (SEK)

5,421kr

$600

BNP Paribas SA

01/07/22

—

Foreign currency forward contract (SEK)

5,421kr

$600

BNP Paribas SA

01/07/22

—

Foreign currency forward contract (SEK)

$617

5,421kr

BNP Paribas SA

01/07/22

Foreign currency forward contract (SEK)

$617

5,421kr

BNP Paribas SA

01/07/22

Foreign currency forward contract (SEK)

$607

5,483kr

BNP Paribas SA

04/08/22

—

Foreign currency forward contract (SEK)

$607

5,483kr

BNP Paribas SA

04/08/22

—

Foreign currency forward contract (CHF)

Fr.17,957

$19,530

BNP Paribas SA

01/06/22

162

Foreign currency forward contract (CHF)

17,957Fr.

$19,530

BNP Paribas SA

01/06/22

162

Foreign currency forward contract (CHF)

Fr.103

$113

BNP Paribas SA

01/07/22

—

Foreign currency forward contract (CHF)

103Fr.

$113

BNP Paribas SA

01/07/22

—

Foreign currency forward contract (CHF)

$19,264

Fr.17,957

BNP Paribas SA

01/06/22

(428)

Foreign currency forward contract (CHF)

$19,264

17,957Fr.

BNP Paribas SA

01/06/22

(428)

Foreign currency forward contract (CHF)

$113

Fr.103

BNP Paribas SA

01/07/22

—

Foreign currency forward contract (CHF)

$113

103Fr.

BNP Paribas SA

01/07/22

—

Foreign currency forward contract (CHF)

$19,853

Fr.18,212

BNP Paribas SA

04/08/22

(168)

Foreign currency forward contract (CHF)

$19,853

18,212Fr.

BNP Paribas SA

04/08/22

(168)

Total Foreign Currency Forward Contracts, December 31, 2021

(262)

Total Foreign Currency Forward Contracts, December 31, 2021

(262)

* Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. Eclipse Business Capital, LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing. The Board determined in good faith that all investments were valued at fair value in accordance with the Company’s valuation policies and procedures and the 1940 Act based on, among other things, the input of the Company’s external investment adviser, Barings, the Company’s Audit Committee and an independent valuation firm that has been engaged to assist in the valuation of the Company’s middle-market equity and debt investments. 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, CHF LIBOR, BBSY, CDOR, STIBOR, SOFR, 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, 2021 represented 167.1% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 22.1% of total investments at fair value as of December 31, 2021. 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 period from May 10, 2021 (commencement of operations) to December 31, 2021 were as follows:

4445

Barings Private Credit Corporation

Consolidated Schedule of Investments — (Continued)

December 31, 2021

(Amounts in thousands, except share amounts)


		May 10, 2021 Value		Gross Additions (b)		Gross Reductions (c)		Amount of Realized Gain (Loss)		Amount of Unrealized Gain (Loss)		December 31, 2021 Value		Amount of Interest or Dividends Credited to Income(d)
Portfolio Company	Type of Investment(a)
Eclipse Business Capital, LLC (e)	Second Lien Senior Secured Term Loan (7.5% Cash)	$	—	$	3,178	$	—	$	—	$	167	$	3,345	$	119,929
	Revolver (LIBOR + 7.25%)	—		1,194		—		—		90		1,284		37,400
	LLC units (63,139,338 units)	—		63,423		—		—		1,989		65,412		2,528,320
		—		67,795		—		—		2,246		70,041		2,685,649

Thompson Rivers LLC	6.4% Member Interest	—		32,249		—		—		1,261		33,510		2,249,354
		—		32,249		—		—		1,261		33,510		2,249,354

Waccamaw River LLC	20% Member Interest	—		13,720				—		(219)		13,501		280,000
		—		13,720		—		—		(219)		13,501		280,000

Total Affiliate Investments		$	—	$	113,764	$	—	$	—	$	3,288	$	117,052	$	5,215,003

(a) Eclipse Business Capital, LLC, Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing.

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

(c) Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

(d) 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.

(e) 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 $600.0 million senior secured revolving credit facility with BNP Paribas.

(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, 2021 was 0.10125%.

(9)The interest rate on these loans is subject to 3 Month LIBOR, which as of December 31, 2021 was 0.20913%.

(10)The interest rate on these loans is subject to 6 Month LIBOR, which as of December 31, 2021 was 0.33875%.

(11)The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of December 31, 2021 was 0.26225%.

(12)The interest rate on these loans is subject to 6 Month GBP LIBOR, which as of December 31, 2021 was 0.47363%.

(13)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2021 was -0.57200%.

(14)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2021 was -0.54600%.

(15)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2021 was 0.01500%.

(16)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2021 was 0.06770%.

(17)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2021 was 0.21350%.

(18)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2021 was -0.00050%.

(19)The interest rate on these loans is subject to 6 Month STIBOR, which as of December 31, 2021 was -0.00020%.

(20)The interest rate on these loans is subject to 3 Month CDOR, which as of December 31, 2021 was 0.51750%.

(21)The interest rate on these loans is subject to 6 Month CHF LIBOR, which as of December 31, 2021 was -0.70280%.

(22)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2021 was 0.33830%.

(23)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2021 was 0.49870%.

(24)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2021 was 0.09125%.

(25)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2021 was 0.19947%.

See accompanying notes.

4546

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements

1. ORGANIZATION, BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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 intends to elect 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 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 ~~$349.8~~$338.4 billion in assets under management as of ~~June~~September 30, 2022.

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. 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

4647

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

for this exception. Therefore, the Company's investment portfolio is carried on the Unaudited and Audited Consolidated Balance Sheets at fair value, as discussed further in “Note 3 – Investments”, with any adjustments to fair value recognized as “Net unrealized appreciation (depreciation)” on the Unaudited Consolidated Statement 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, 2021. 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 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements.

Share Purchase Program

~~Beginning no later than the first full calendar quarter after the one-year anniversary of the Initial Closing, and at~~At the discretion of the Board, the Company ~~intends to commence~~commenced a share repurchase program in which the Company ~~intends to offer to~~may repurchase, in each quarter, up to 5% of ~~our~~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 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 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 req~~re~~uests~~purchase 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.

There were no share repurchases under the Company’s share repurchase program during the three and ~~six~~nine months ended ~~June~~September 30, 2022.

4748

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

2. AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment 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 ~~six~~nine months ended ~~June~~September 30, 2022, the Base Management Fee determined in accordance with the terms of the Advisory Agreement was ~~$2.8~~$3.2 million and ~~$5.0~~$8.3 million, respectively. For the three months ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021, the Base Management Fee determined in accordance with the terms of the Advisory Agreement was $1.5 million and $2.2 million, respectively. The Adviser voluntarily agreed to waive the Base Management Fee of $1.5 million for the three months ended September 30, 2021, which resulted in a net Base Management Fee of $0.7 ~~million.~~million for the period from May 10, 2021 (commencement of operations) to September 30, 2021 after taking into account the waiver. Any portion of the Base Management Fee waived is not subject to recoupment in subsequent periods. As of ~~June~~September 30, 2022, the Base Management Fee of ~~$2.8~~$3.2 million for the quarter ended ~~June~~September 30, 2022 was unpaid and included in “Base management fees payable” in the accompanying Unaudited

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Consolidated Balance Sheet. As of December 31, 2021, the Base Management fee of $1.5 million for the three months ended December 31, 2021 was unpaid and included in “Base management fees payable” in the accompanying Consolidated Balance Sheet.

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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

For purposes of the Advisory Agreement:

~~Barings Private Credit Corporation~~

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

other fees that the Company receives from portfolio companies, but excluding, for the avoidance of doubt, any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation) accrued during the period, minus the Company’s operating expenses accrued during the period (including, without limitation, the base management fee, administration expenses, any interest expense and dividends paid on any issued and outstanding preferred stock and the incentive fee) in respect of the Trailing Twelve Months less (b) any Net Capital Loss (if positive), in respect of the Trailing Twelve Months, divided by (2) the average of the Company’s net asset values 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 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 the Independent Directors, and such policies and procedures are consistent with the description of the calculation of the fees set forth above.

Barings may elect to defer or waive all or a portion of the fees that would otherwise be paid to it in its sole discretion. Any portion of a fee not taken as to any period will be deferred without interest and may be taken in any such other period prior to the occurrence of a liquidity event (if any) as Barings may determine in its sole discretion.

~~The Company did not incur any Incentive Fees for~~For both the three and ~~six~~nine months ended ~~June~~September 30, 2022, orthe Incentive Fee determined in accordance with the terms of the Advisory Agreement was $2.1 million. For the three months ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, ~~2021.~~2021, the Company did not incur any Incentive Fees.

The Advisory Agreement has an initial term of two years. Thereafter, it shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a majority of the 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,~~

5051

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 ~~serves~~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.

This Sub-Advisory Agreement will continue in effect for two years from its initial effective date, May 13, 2021, and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (1) the vote of the Board, or by the vote of a majority of the Company’s outstanding voting securities, and (2) the vote of a majority of the 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 ~~June~~September 30, 2022, BIIL had approximately ~~£16.7~~£16.5 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)~~

spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;

• the actual cost of goods and services used for the Company and obtained by the Administrator from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other method 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 ~~six~~nine months ended ~~June~~September 30, 2022, the Company incurred and was invoiced by the Administrator expenses of approximately $0.5 million and ~~$0.9~~$1.4 million, ~~respectively.~~respectively, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. For both the three months ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021, the Company incurred and was invoiced by the Administrator expenses of approximately $0.2 million, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. As of ~~June 30, 2021, Barings had not charged the Company for any expenses under the terms of the Administration Agreement. As of June~~September 30, 2022, administrative expenses of $0.5 million incurred during the three months ended ~~June~~September 30, 2022 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2021, administrative expenses of $0.3 million incurred during the three months ended December 31, 2021 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.

The Administration Agreement has an initial term of two years and thereafter will continue automatically for successive one-year periods so long as such continuance is specifically approved at least annually by the Board, including a majority of the 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 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 Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Barings; provided that Barings may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future quarters pursuant to the terms of the Expense Support Agreement.

~~Barings Private Credit Corporation~~

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

The Company’s obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent Barings has waived its right to receive such payment for the applicable quarter. The Reimbursement Payment for any calendar quarter will be paid by the Company to 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 ~~six~~nine months ended ~~June~~September 30, 2022, or for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021.

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 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 ~~June~~September 30, 2022 and December 31, 2021 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
June 30, 2022:
September 30, 2022:												September 30, 2022:
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	1,470,610	82	%	$	1,437,081	81	%	134	%	Senior debt and 1st lien notes	$	1,591,139	82	%	$	1,535,665	81	%	142	%
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	152,069		8		148,049		8		14		Subordinated debt and 2nd lien notes	166,123		9		161,729		8		15
Structured products	Structured products	25,267		1		24,525		1		2		Structured products	24,557		1		22,365		1		2
Equity shares	Equity shares	99,082		6		118,552		7		11		Equity shares	121,675		6		146,975		8		14
Equity warrants	Equity warrants	—		—		—		—		—		Equity warrants	4		—		—		—		—
Investment in joint ventures	Investment in joint ventures	51,341		3		46,089		3		5		Investment in joint ventures	46,570		2		38,726		2		3

		$	1,798,369	100	%	$	1,774,296	100	%	166	%		$	1,950,068	100	%	$	1,905,460	100	%	176	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value	Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2021:
Senior debt and 1st lien notes	1,144,755		82	%	1,141,252	82	%	137	%
Subordinated debt and 2nd lien notes	113,999		8		114,779	8		14
Structured products	19,261		2		19,566	2		2
Equity shares	72,534		5		75,040	5		9

Investment in joint ventures	45,969		3		47,011	3		6

	$	1,396,518	100	%	1,397,648	100	%	168	%

During the three months ended June 30, 2022, the Company made new investments totaling $139.7 million, made additional investments in existing portfolio companies totaling $123.0 million and made additional investments in existing joint venture equity portfolio companies totaling $2.1 million. During the six months ended June 30, 2022, the Company made new investments totaling $314.2 million, made investments in existing portfolio companies totaling $166.4 million and made additional investments in existing joint venture equity portfolio companies totaling $8.9 million.

5354

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

~~For~~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.

During the three months ended September 30, 2021, the Company made new investments totaling $129.9 million, made investments in existing portfolio companies totaling $96.9 million, made new joint venture equity investments totaling $39.3 million and made a $63.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies. During the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021, the Company purchased the Initial Portfolio from MassMutual and CM Life for an aggregate purchase price of $602.8 million, ~~and~~ made new investments totaling ~~$69.1 million.~~$223.9 million, made additional investments in portfolio companies purchased from MassMutual and CM Life totaling $71.9 million, made new joint venture equity investments totaling $39.3 million and made a $63.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies.

Industry Composition

The industry composition of investments at fair value at ~~June~~September 30, 2022 and December 31, 2021, excluding short-term investments, was as follows:


($ in thousands)	($ in thousands)	June 30, 2022				December 31, 2021				($ in thousands)	September 30, 2022				December 31, 2021
Aerospace and Defense	Aerospace and Defense	$	76,963	4.3	%	$	49,184	3.5	%	Aerospace and Defense	$	79,193	4.2	%	$	49,184	3.5	%
Automotive	Automotive	66,984		3.8		51,013		3.7		Automotive	52,584		2.8		51,013		3.7
Banking, Finance, Insurance and Real Estate	Banking, Finance, Insurance and Real Estate	193,081		10.9		153,347		11.0		Banking, Finance, Insurance and Real Estate	200,462		10.5		153,347		11.0
Beverage, Food and Tobacco	Beverage, Food and Tobacco	21,599		1.2		18,900		1.3		Beverage, Food and Tobacco	21,981		1.2		18,900		1.3
Capital Equipment	Capital Equipment	35,174		2.0		23,589		1.7		Capital Equipment	37,232		2.0		23,589		1.7
Chemicals, Plastics, and Rubber	Chemicals, Plastics, and Rubber	33,196		1.9		12,880		0.9		Chemicals, Plastics, and Rubber	31,458		1.7		12,880		0.9
Construction and Building	Construction and Building	21,320		1.2		18,783		1.3		Construction and Building	21,395		1.1		18,783		1.3
Consumer Goods: Durable	Consumer Goods: Durable	20,595		1.2		16,562		1.2		Consumer Goods: Durable	30,027		1.6		16,562		1.2
Consumer Goods: Non-durable	Consumer Goods: Non-durable	35,494		2.0		35,762		2.6		Consumer Goods: Non-durable	34,940		1.8		35,762		2.6
Containers, Packaging and Glass	Containers, Packaging and Glass	42,206		2.4		19,518		1.4		Containers, Packaging and Glass	47,764		2.5		19,518		1.4

Environmental Industries	Environmental Industries	7,844		0.4		9,440		0.7		Environmental Industries	59,027		3.1		9,440		0.7
Forest Products and Paper	Forest Products and Paper	573		—		2,176		0.2		Forest Products and Paper	—		—		2,176		0.2
Healthcare and Pharmaceuticals	Healthcare and Pharmaceuticals	185,163		10.4		133,275		9.5		Healthcare and Pharmaceuticals	165,669		8.7		133,275		9.5
High Tech Industries	High Tech Industries	292,548		16.5		253,273		18.1		High Tech Industries	320,573		16.8		253,273		18.1
Hotel, Gaming and Leisure	Hotel, Gaming and Leisure	14,100		0.8		9,571		0.7		Hotel, Gaming and Leisure	14,125		0.7		9,571		0.7
Investment Funds and Vehicles	Investment Funds and Vehicles	46,089		2.6		47,011		3.4		Investment Funds and Vehicles	41,928		2.2		47,011		3.4
Media: Advertising, Printing and Publishing	Media: Advertising, Printing and Publishing	13,594		0.8		21,493		1.5		Media: Advertising, Printing and Publishing	26,671		1.4		21,493		1.5
Media: Broadcasting and Subscription	Media: Broadcasting and Subscription	3,975		0.2		5,304		0.4		Media: Broadcasting and Subscription	3,787		0.2		5,304		0.4
Media: Diversified and Production	Media: Diversified and Production	33,820		1.9		24,082		1.7		Media: Diversified and Production	33,836		1.8		24,082		1.7
Metals and Mining	Metals and Mining	7,425		0.4		—		—		Metals and Mining	7,425		0.4		—		—

Services: Business	Services: Business	354,387		20.0		277,455		19.9		Services: Business	374,849		19.6		277,455		19.9
Services: Consumer	Services: Consumer	78,780		4.4		63,838		4.6		Services: Consumer	95,737		5.0		63,838		4.6
Structured Products	Structured Products	9,673		0.5		9,811		0.7		Structured Products	8,548		0.4		9,811		0.7
Telecommunications	Telecommunications	36,706		2.1		12,588		0.9		Telecommunications	21,238		1.1		12,588		0.9
Transportation: Cargo	Transportation: Cargo	124,164		7.0		109,154		7.8		Transportation: Cargo	124,339		6.5		109,154		7.8
Transportation: Consumer	Transportation: Consumer	17,591		1.0		18,392		1.3		Transportation: Consumer	44,922		2.4		18,392		1.3
Utilities: Electric	Utilities: Electric	1,252		0.1		1,247		0.1		Utilities: Electric	5,750		0.3		1,247		0.1

Total	Total	$	1,774,296	100.0	%	$	1,397,648	100.0	%	Total	$	1,905,460	100.0	%	$	1,397,648	100.0	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 ~~June~~September 30, 2022. As of ~~June~~September 30, 2022, 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 ~~six~~nine months ended ~~June~~September 30, 2022, Thompson Rivers declared ~~$69.4~~$89.1 million and ~~$89.4~~$178.5 million in dividends, respectively, of which $0.9 million and ~~$2.2~~$3.0 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations. In addition, for ~~both~~ the three and ~~six~~nine months ended ~~June~~September 30, 2022, ~~$3.5~~the Company recognized $4.8 million ~~was recognized~~and $8.3 million, respectively, of the dividends as a return of capital.

~~Barings Private Credit Corporation~~

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

As of ~~June~~September 30, 2022, Thompson Rivers had ~~$1.5~~$1.2 billion in Ginnie Mae early buyout loans and ~~$267.1~~$203.5 million in cash. As of December 31, 2021, Thompson Rivers had $3.1 billion in Ginnie Mae early buyout loans and $220.6 million in cash. As of ~~June~~September 30, 2022, Thompson Rivers had ~~8,676~~6,913 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2021, Thompson Rivers had 15,617 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

As of ~~June~~September 30, 2022 and December 31, 2021, 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
June 30, 2022:
September 30, 2022:										September 30, 2022:
Federal Housing Administration (“FHA”) loans	Federal Housing Administration (“FHA”) loans	$	1,419,533	90	%	$	1,389,345	90	%	Federal Housing Administration (“FHA”) loans	$	1,119,118	91	%	$	1,046,632	91	%
Veterans Affairs (“VA”) loans	Veterans Affairs (“VA”) loans	155,498		10		150,594		10		Veterans Affairs (“VA”) loans	112,609		9		105,378		9

		$	1,575,031	100	%	$	1,539,939	100	%		$	1,231,727	100	%	$	1,152,010	100	%
December 31, 2021:	December 31, 2021:									December 31, 2021:
Federal Housing Administration (“FHA”) loans	Federal Housing Administration (“FHA”) loans	$	2,799,869	93	%	$	2,839,495	93	%	Federal Housing Administration (“FHA”) loans	$	2,799,869	93	%	$	2,839,495	93	%
Veterans Affairs (“VA”) loans	Veterans Affairs (“VA”) loans	224,660		7		223,540		7		Veterans Affairs (“VA”) loans	224,660		7		223,540		7
		$	3,024,529	100	%	$	3,063,035	100	%		$	3,024,529	100	%	$	3,063,035	100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately ~~$396.6~~$284.8 million and $694.8 million outstanding as of ~~June~~September 30, 2022 and December 31, 2021, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately ~~$693.1~~$546.3 million and $1,245.2 million outstanding as of ~~June~~September 30, 2022 and December 31, 2021, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately ~~$340.3~~$241.5 million and $933.1 million outstanding as of ~~June~~September 30, 2022 and December 31, 2021, 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of ~~June~~September 30, 2022 and December 31, 2021, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	($ in thousands)	As of June 30, 2022			As of December 31, 2021			($ in thousands)	As of September 30, 2022			As of December 31, 2021
Total contributed capital by Barings Private Credit Corporation(1)	Total contributed capital by Barings Private Credit Corporation(1)	$	32,226		$	32,249		Total contributed capital by Barings Private Credit Corporation(1)	$	32,226		$	32,249
Total contributed capital by all members	Total contributed capital by all members	$	482,083	(2)	$	482,120	(3)	Total contributed capital by all members	$	482,083	(2)	$	482,120	(3)

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 of total contributed capital by related parties.

(3)Includes dividend re-investments of $32.1 million and $209.5 million of total contributed capital by related parties.

~~Barings Private Credit Corporation~~

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

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, of which approximately $22.5 million has been funded as of ~~June~~September 30, 2022. As of ~~June~~September 30, 2022, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, of which $112.6 million (including $14.0 million of recallable return of capital) has been funded.

For the three and ~~six~~nine months ended ~~June~~September 30, 2022, Waccamaw River declared ~~$2.4~~$2.7 million and ~~$3.9~~$6.6 million in dividends, respectively, of which $0.5 million and ~~$0.8~~$1.3 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.

As of ~~June~~September 30, 2022, Waccamaw River had ~~$130.1~~$169.1 million in unsecured consumer loans and ~~$12.3~~$11.5 million in cash. As of December 31, 2021, Waccamaw River had $60.8 million in unsecured consumer loans and $4.9 million in cash. As of ~~June~~September 30, 2022, Waccamaw River had ~~11,626~~15,017 outstanding loans with an average loan size of ~~$11,488,~~$11,649, remaining average life to maturity of ~~45.4~~44.7 months and weighted average interest rate of ~~11.0%~~11.6%. As of December 31, 2021, Waccamaw River had 5,500 outstanding loans with an average loan size of $11,280, remaining average life to maturity of 46.5 months and weighted average interest rate of 10.9%.

Waccamaw River's secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately ~~$37.1~~$56.7 million outstanding as of ~~June~~September 30, 2022. Waccamaw River's secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $24.1 million outstanding as of September 30, 2022.

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of ~~June~~September 30, 2022 and December 31, 2021, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	($ in thousands)	As of June 30, 2022			As of December 31, 2021			($ in thousands)	As of September 30, 2022			As of December 31, 2021
Total contributed capital by Barings Private Credit Corporation	Total contributed capital by Barings Private Credit Corporation	$	22,520		$	13,720		Total contributed capital by Barings Private Credit Corporation	$	22,520		$	13,720
Total contributed capital by all members	Total contributed capital by all members	$	126,620	(1)	$	82,620	(4)	Total contributed capital by all members	$	126,620	(1)	$	82,620	(4)

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		$	11,280		Total unfunded commitments by Barings Private Credit Corporation	$	2,480		$	11,280
Total unfunded commitments by all members	Total unfunded commitments by all members	$	12,400	(3)	$	56,400	(5)	Total unfunded commitments by all members	$	12,400	(3)	$	56,400	(5)

(1)Includes $79.9 million of total contributed capital by related parties.

(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.

(4)Includes $53.5 million of total contributed capital by related parties.

(5)Includes $33.8 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. As of ~~June~~September 30, 2022 and December 31, 2021, ~~$4.9~~$4.4 million and $1.3 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

~~Barings Private Credit Corporation~~

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

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.

Valuation of Investments

The ~~Company~~Adviser conducts the valuation of ~~its~~the Company’s investments, upon which ~~its~~the Company’s net asset value 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 have been 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. Under ASC Topic 820, 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. Under ASC Topic 820, 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 ~~Company~~Adviser determines the fair value of ~~its~~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 ~~Company~~Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.

There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the valuations currently assigned.

~~Barings Private Credit Corporation~~

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

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 may choose to designate the Company’s investment adviser to perform the fair value determination relating to such investments. 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 (if any) are valued using Level 1 inputs, using the last quoted sale price of that day. The Company’s syndicated senior secured loans (if any) and structured product investments (if any) 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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 ~~provider applies~~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 in making valuation recommendations to the Board, and will report to the Board on its rationale for each such determination. The Adviser uses its internal valuation model as a comparison point to validate the price range provided by the valuation provider and, where applicable, in determining the point within that range that it will use in making valuation recommendations to the Board.use. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the ~~Board~~Adviser that is outside of the range provided by the independent valuation provider ~~and will notify the Board of any such override~~ 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’~~stockholders' best interests, to request ~~the~~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. Pursuant to these procedures, the ~~Board~~Adviser determines ~~each quarter,~~ in good faith whether the ~~Company’s~~Company's investments were valued at fair value in accordance with the ~~Company’s~~Company's valuation policies and procedures and the 1940 Act based on, among other things, the ~~input of Barings, the~~ Company’s Audit Committee and the independent valuation firm.

Valuation Techniques

The ~~Company’s~~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 ~~Company’s~~Adviser’s market assumptions. The ~~Company’s~~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 ~~Company~~Adviser will utilize alternative approaches such as broker quotes or manual prices. The ~~Company~~Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can

~~Barings Private Credit Corporation~~

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

vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

Valuation of Investment in Thompson Rivers and Waccamaw River

As Thompson Rivers and Waccamaw River are investment companies with no readily determinable fair values, the ~~Company~~Adviser estimates the fair value of the Company’s investments in these entities using net asset value of each company and the Company’s ownership percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Level 3 Unobservable Inputs

The following tables summarize the significant unobservable inputs the ~~Company~~Adviser used in the valuation of ~~its~~the Company’s Level 3 debt and equity securities as of ~~June~~September 30, 2022 and December 31, 2021. The weighted average range of unobservable inputs is based on fair value of investments.

June 30, 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
$ 1,049,493 Yield Analysis Market Yield 6.0% – 19.2% 9.9% Decrease
7,562 Market Approach Adjusted EBITDA Multiple 6.0x – 6.6x 6.3x Increase
7,580 Discounted Cash Flow Analysis Discount Rate 9.2% 9.2% Decrease
347,175 Recent Transaction Transaction Price 96.0% – 100.0% 97.6% Increase
Subordinated debt and 2nd lien notes(1)
81,197 Yield Analysis Market Yield 8.2% – 14.9% 11.7% Decrease
8,787 Market Approach Adjusted EBITDA Multiple 10.3x – 11.6x 10.4x Increase
32,444 Recent Transaction Transaction Price 92.7% – 98.0% 96.2% Increase
Structured products 15,271 Discounted Cash Flow Analysis Discount Rate 5.5% – 13.0% 9.4% Decrease
Equity shares 102,582 Market Approach Adjusted EBITDA Multiple 5.9x – 49.5x 12.1x Increase
13,551 Recent Transaction Transaction Price $0.98 – $7,876 $103.99 Increase
Warrants — Market Approach Adjusted EBITDA Multiple 6.8x – 19.5x — Increase

September 30, 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)

1,243,446

Yield Analysis

Market Yield

6.9% – 24.5%

10.5%

Decrease

5,583

Waterfall Approach

Enterprise Value Multiple

6.3x

Increase

36,372

Discounted Cash Flow Analysis

Discount Rate

9.5% – 12.9%

11.8%

Decrease

208,718

Recent Transaction

Transaction Price

96.8% – 100.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(2)

112,292

Yield Analysis

Market Yield

8.6% – 17.5%

12.3%

Decrease

7,572

Market Approach

Adjusted EBITDA Multiple

9.8x

Increase

8,807

Recent Transaction

Transaction Price

96.0% – 100.0%

98.0%

Increase

Structured products(3)

8,548

Discounted Cash Flow Analysis

Discount Rate

9.3%

Decrease

Equity shares

108,941

Market Approach

Adjusted EBITDA Multiple

6.5x – 43.0x

10.4x

Increase

12,054

Market Approach

Revenue Multiple

6.3x – 29.8x

18.9x

Increase

24,818

Recent Transaction

Transaction Price

$0.0 – $1,000

$692.80

Increase

Warrants

—

Market Approach

Adjusted EBITDA Multiple

7.0x – 18.5x

N/A

Increase

(1) Excludes investments with an aggregate fair value amounting to ~~$4,325,~~$4,973, which the ~~Company~~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 $15,736, 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 $5,209, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

5961

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2021

($ 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

636,184

Yield Analysis

Market Yield

5.1% – 26.5%

7.5%

Decrease

502,634

Recent Transaction

Transaction Price

97.0% – 99.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(1)

58,642

Yield Analysis

Market Yield

5.3% – 20.5%

9.6%

Decrease

28,607

Recent Transaction

Transaction Price

97.0% – 98.3%

98.0%

Increase

Equity shares

71,037

Market Approach

Adjusted EBITDA Multiple

6.5x – 54.0x

15.3x

Decrease

3,968

Recent Transaction

Transaction Price

$1.0 – $1,000

$134.24

Increase

(1) Excludes investments with an aggregate fair value amounting to $4,975, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

The following table presents the Company’s investment portfolio at fair value as of ~~June~~September 30, 2022 and December 31, 2021, categorized by the ASC Topic 820 valuation hierarchy, as previously described:


		Fair Value as of June 30, 2022									Fair Value as of September 30, 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	$	—	$	25,271	$	1,411,810	$	1,437,081	Senior debt and 1st lien notes	$	—	$	36,573	$	1,499,092	$	1,535,665
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	—		21,296		126,753		148,049		Subordinated debt and 2nd lien notes	—		17,322		144,407		161,729
Structured products	Structured products	—		9,254		15,271		24,525		Structured products	—		8,608		13,757		22,365
Equity shares	Equity shares	38		2,381		116,133		118,552		Equity shares	96		1,066		145,813		146,975
Equity warrants		—		—		—		—

Investments subject to leveling	Investments subject to leveling	$	38	$	58,202	$	1,669,967	$	1,728,207	Investments subject to leveling	$	96	$	63,569	$	1,803,069	$	1,866,734
Investment in joint ventures(1)	Investment in joint ventures(1)							$	46,089	Investment in joint ventures(1)							$	38,726
								$	1,774,296								$	1,905,460

		Fair Value as of December 31, 2021									Fair Value as of December 31, 2021
($ 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	$	—	$	2,434	$	1,138,818	$	1,141,252	Senior debt and 1st lien notes	$	—	$	2,434	$	1,138,818	$	1,141,252
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	—		22,555		92,224		114,779		Subordinated debt and 2nd lien notes	—		22,555		92,224		114,779
Structured products	Structured products	—		19,566		—		19,566		Structured products	—		19,566		—		19,566
Equity shares	Equity shares	35		—		75,005		75,040		Equity shares	35		—		75,005		75,040

Investments subject to leveling	Investments subject to leveling	$	35	$	44,555	$	1,306,047	$	1,350,637	Investments subject to leveling	$	35	$	44,555	$	1,306,047	$	1,350,637
Investment in joint ventures(1)	Investment in joint ventures(1)							$	47,011	Investment in joint ventures(1)							$	47,011
								$	1,397,648								$	1,397,648

(1)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.

6062

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following table reconciles 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 ~~six~~nine months ended ~~June~~September 30, 2022 and for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021:


Six Months Ended June 30, 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	384,424		38,158		6,000		20,463		449,045		New investments	569,838		54,870		6,000		42,789		4		673,501
Transfers into Level 3, net	Transfers into Level 3, net	—		—		9,811		3,518		13,329		Transfers into Level 3, net	5,425		4,067		9,811		3,518		—		22,821
Proceeds from sales of investments	Proceeds from sales of investments	1,633		—		—		—		1,633		Proceeds from sales of investments	1,665		(573)		—		—		—		1,092
Loan origination fees received	Loan origination fees received	(9,865)		(647)		—		—		(10,512)		Loan origination fees received	(14,238)		(829)		—		—		—		(15,067)
Principal repayments received	Principal repayments received	(79,269)		(361)		—		—		(79,630)		Principal repayments received	(153,392)		(1,003)		(714)		—		—		(155,109)
Payment in kind interest		1,186		733		—		—		1,919
Payment in kind interest/dividends												Payment in kind interest/dividends	1,823		1,199				100		—		3,122

Accretion of loan premium/ discount		(9)		18		—		—		9
Accretion of loan premium/discount												Accretion of loan premium/discount	34		58		—		—		—		92
Accretion of deferred loan origination revenue	Accretion of deferred loan origination revenue	4,814		109		—		—		4,923		Accretion of deferred loan origination revenue	7,840		188		—		—		—		8,028
Realized loss	Realized loss	(2,514)		(11)		—		—		(2,525)		Realized loss	(6,565)		(1,895)		—		—		—		(8,460)
Unrealized appreciation (depreciation)	Unrealized appreciation (depreciation)	(27,408)		(3,470)		(540)		17,147		(14,271)		Unrealized appreciation (depreciation)	(52,156)		(3,899)		(1,340)		24,401		(4)		(32,998)
Fair value, end of period	Fair value, end of period	$	1,411,810	$	126,753	$	15,271	$	116,133	$	1,669,967	Fair value, end of period	$	1,499,092	$	144,407	$	13,757	$	145,813	$	—	$	1,803,069


For the period from May 10, 2021 to June 30, 2021 ($ in thousands)		Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Equity Shares		Total
For the period from May 10, 2021 to September 30, 2021 ($ in thousands)										For the period from May 10, 2021 to September 30, 2021 ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Equity Shares		Total
Fair value, beginning of period	Fair value, beginning of period	$	—	$	—	$	—	$	—	Fair value, beginning of period	$	—	$	—	$	—	$	—
New investments	New investments	66,184		1,454		1,501		69,139		New investments	280,081		10,580		66,180		356,841
Investments purchased from MassMutual	Investments purchased from MassMutual	496,205		88,836		—		585,041		Investments purchased from MassMutual	496,205		88,836		—		585,041

Loan origination fees received	Loan origination fees received	(1,885)		(22)		—		(1,907)		Loan origination fees received	(7,039)		(169)		—		(7,208)
Principal repayments received	Principal repayments received	(5,485)		(4,476)		—		(9,961)		Principal repayments received	(45,930)		(37,621)		—		(83,551)
Payment in kind interest	Payment in kind interest	20		—		—		20		Payment in kind interest	92		5		—		97

Accretion of deferred loan origination revenue	Accretion of deferred loan origination revenue	626		62		—		688		Accretion of deferred loan origination revenue	2,449		676		—		3,125
Realized gain	Realized gain	1		—		—		1		Realized gain	(46)		(69)		—		(115)
Unrealized appreciation (depreciation)	Unrealized appreciation (depreciation)	221		267		—		488		Unrealized appreciation (depreciation)	(3,137)		110		(20)		(3,047)
Fair value, end of period	Fair value, end of period	$	555,887	$	86,121	$	1,501	$	643,509	Fair value, end of period	$	722,675	$	62,348	$	66,160	$	851,183

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 Statement of Operations. Pre-tax net unrealized depreciation on Level 3 investments of ~~$26.8 million and $13.5~~$37.9 million during the ~~three and six~~nine months ended ~~June~~September 30, 2022 ~~respectively,~~ was related to portfolio company investments that were still held by the Company as of ~~June~~September 30, 2022. Pre-tax net unrealized ~~appreciation~~depreciation on Level 3 investments of ~~$0.5~~$2.4 million for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021 was related to portfolio company investments that were still held by the Company as of ~~June~~September 30, 2021.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the ~~six~~nine months ended ~~June~~September 30, 2022, the Company made investments of approximately ~~$421.1~~$666.5 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the ~~six~~nine months ended ~~June~~September 30, 2022, the Company made investments of ~~$68.4~~$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

~~Barings Private Credit Corporation~~

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

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 ~~June~~September 30, 2022, 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

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.

Short-Term Investments

Short-term investments represent investments in money market funds.

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 ~~June~~both September 30, 2022 and December 31, 2021, the Company had ~~one and~~ no non-accrual ~~assets, respectively.~~assets. 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 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.

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.

~~Barings Private Credit Corporation~~

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

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 ~~six~~nine months ended ~~June~~September 30, 2022 and for the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, ~~2021was~~2021 was as follows:


		Three Months Ended		For the period from May 10, 2021 (commencement of operations) to		Six Months Ended		For the period from May 10, 2021 (commencement of operations) to			Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	($ in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021		($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Recurring Fee Income:	Recurring Fee Income:									Recurring Fee Income:
Amortization of loan origination fees	Amortization of loan origination fees	$	1,693	$	693	$	3,180	$	693	Amortization of loan origination fees	$	1,796	$	1,372	$	4,975	$	2,065
Management, valuation and other fees	Management, valuation and other fees	453		40		819		40		Management, valuation and other fees	464		90		1,283		130
Total Recurring Fee Income	Total Recurring Fee Income	2,146		733		3,999		733		Total Recurring Fee Income	2,260		1,462		6,258		2,195
Non-Recurring Fee Income:	Non-Recurring Fee Income:									Non-Recurring Fee Income:

Prepayment fees										Prepayment fees	230		156		241		156
Acceleration of unamortized loan origination fees	Acceleration of unamortized loan origination fees	1,744		14		1,810		14		Acceleration of unamortized loan origination fees	1,346		1,096		3,156		1,109
Advisory, loan amendment and other fees	Advisory, loan amendment and other fees	383		76		465		76		Advisory, loan amendment and other fees	241		52		696		128
Total Non-Recurring Fee Income	Total Non-Recurring Fee Income	2,127		90		2,275		90		Total Non-Recurring Fee Income	1,817		1,304		4,093		1,393
Total Fee Income	Total Fee Income	$	4,273	$	823	$	6,274	$	823	Total Fee Income	$	4,077	$	2,766	$	10,351	$	3,588

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.

Other 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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.

Concentration of Credit Risk

As of ~~June~~September 30, 2022 and December 31, 2021, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of ~~June~~September 30, 2022 and December 31, 2021, the Company’s largest single portfolio company investment represented approximately 5.1% and 5.0%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, 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 ~~June~~September 30, 2022, 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.

~~Barings Private Credit Corporation~~

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

Financial and Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, ~~all~~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 Statement 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 Statement of Operations. The fair value of the Company’s interest rate ~~swap~~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 ~~June~~September 30, 2022 the Company held 1517 investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 5761 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 ~~Swiss francs, two investments that were denominated in Swedish krona,~~New Zealand dollars, one investment that was denominated in ~~New Zealand dollars~~Norwegian krone and 2526 investments that were denominated in British pounds sterling. As of December 31, 2021, the Company held 14 investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 49 investments that were denominated in Euros, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish krona, one investment that was denominated in New Zealand dollars and 22 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 Statement of Operations.

In addition, as of ~~June~~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) - foreign currency transactions” and 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 Statement 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 ~~intends to elect and qualify annually~~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) and certain built-in ~~gains.The~~gains. The Company met its source of income, asset diversification and minimum distribution requirements for 2021 and continually monitors these 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 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

~~Barings Private Credit Corporation~~

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

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.

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, 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 ~~June~~September 30, 2022 and December 31, 2021 was approximately ~~$1,798.2~~$1,949.8 million and $1,396.2 million, respectively. As of ~~June~~September 30, 2022, net unrealized ~~appreciation~~depreciation on the Company's investments (tax basis) was approximately ~~$3.2~~$0.8 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately ~~$52.4~~$78.5 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately ~~$49.2~~$79.3 million. As of December 31, 2021, net unrealized appreciation on the Company’s investments (tax basis) was approximately $3.2 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $12.4 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $9.2 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 (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC’s gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the RIC. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company's ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, their income is taxed to the Taxable Subsidiary and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for income tax purposes and may generate income tax expense or benefit as a result of their ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company's Unaudited Consolidated Statement 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 Statement of Operations, with the related deferred tax assets or liabilities, if any, included in ~~"Accounts~~“Accounts payable and accrued ~~liabilities"~~liabilities” in

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

the Company’s Unaudited Consolidated Balance Sheet. As of ~~June~~September 30, 2022, the Company had a net deferred tax liability of $0.1 million pertaining to tax basis differences in the Taxable Subsidiary's investment in certain partnership interests.

~~Barings Private Credit Corporation~~

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

5. BORROWINGS

The Company had the following borrowings outstanding as of ~~June~~September 30, 2022 and December 31, 2021:


Issuance Date ($ in thousands)	Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of June 30, 2022	June 30, 2022		December 31, 2021		Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of September 30, 2022	September 30, 2022		December 31, 2021
Credit Facility:	Credit Facility:							Credit Facility:
May 11, 2021	May 11, 2021	May 11, 2026	3.191%	$	673,818	524,825		May 11, 2021	May 11, 2026	4.567%	$	693,017	524,825
Total Credit Facility	Total Credit Facility			$	673,818	$	524,825	Total Credit Facility			$	693,017	$	524,825
Notes:	Notes:							Notes:
July 29, 2021 - Series A Notes	July 29, 2021 - Series A Notes	July 29, 2026	3.500%	$	75,000	$	75,000	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		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		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%	100,000		—		May 10, 2022 - Series D Notes(1)	May 10, 2027	6.000%	95,254		—
July 26, 2022 - Series E Notes (1)								July 26, 2022 - Series E Notes (1)	May 10, 2027	6.000%	52,066		—

(Less: Deferred financing fees)	(Less: Deferred financing fees)			(518)		(406)		(Less: Deferred financing fees)			(677)		(406)
Total Notes	Total Notes			$	249,482	$	149,594	Total Notes			$	296,643	$	149,594

(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~~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 ~~216.0%~~208.6% as of ~~June~~September 30, 2022.

Revolving Credit Facility

On May 11, 2021, BPC Funding, the Company’s wholly-owned subsidiary, entered into the Revolving Credit Facility with BNP Paribas (“BNPP”). BNPP serves as administrative agent, State Street Bank and Trust Company serves as collateral agent, and the Company serves as servicer under the Revolving Credit Facility. The initial maximum amount of borrowings available under the Revolving Credit Facility was $400 million. On November 18, 2021, BPC Funding and BNPP amended the Revolving Credit Facility to increase the maximum amount of borrowings available to $600 million from $400 million. Effective on March 9, 2022, BPC Funding and BNPP amended the Revolving Credit Facility to increase the maximum amount of borrowings available to $800 million from $600 million.

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 will pay 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 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 vary 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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

11, 2024, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by May 11, 2026.

~~Barings Private Credit Corporation~~

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

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 ~~June~~September 30, 2022, the Company was in compliance with all covenants of the Revolving Credit Facility.

As of ~~June~~September 30, 2022, the Company had U.S. dollar borrowings of ~~$526.4~~$556.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of ~~3.380%~~4.955% (one month SOFR of ~~1.025%~~2.577%), borrowings denominated in British pounds sterling of ~~£25.2~~£30.2 million ($~~30.6~~33.7 million U.S. dollars) with a weighted average interest rate of ~~3.059%~~3.606% (weighted average one month adjusted cumulative compounded SONIA of ~~0.690%~~1.274%), borrowings denominated in Australian dollars of A$~~22.1~~12.1 million ($~~15.2~~7.7 million U.S. dollars) with an interest rate of ~~2.679%~~4.441% (one month BBSW of ~~0.529%~~2.291%), borrowings denominated in Canadian dollars of C$5.4 million ($~~4.2~~3.9 million U.S. dollars) with an interest rate of ~~3.900%~~5.623% (one month CDOR of ~~1.750%~~3.473%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($~~3.8~~3.5 million U.S. dollars) with an interest rate of ~~4.370%~~5.560% (one month NZBB of ~~1.970%~~3.160%) and borrowings denominated in Euros of €89.6 million ($~~93.7~~87.8 million U.S. dollars) with an interest rate of ~~2.177%~~2.405% (one month EURIBOR of ~~0.000%~~0.238%). 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 Statement of Operations.

As of December 31, 2021, the Company had U.S. dollar borrowings of $431.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 2.313% (weighted average one month LIBOR of 0.132%), borrowings denominated in British pounds sterling of £25.2 million ($34.1 million U.S. dollars) with a weighted average interest rate of 2.538% (weighted average one month adjusted cumulative compounded SONIA of 0.170%), borrowings denominated in Australian dollars of A$17.8 million ($12.9 million U.S dollars) with a weighted average interest rate of 2.211% (one month BBSW of 0.061%), borrowings denominated in Canadian dollars of C$5.4 million ($4.3 million U.S. dollars) with an interest rate of 2.618% (one month CDOR of 0.468%) and borrowings denominated in Euros of €37.0 million ($42.1 million U.S. dollars) with an interest rate of 2.191% (weighted average one month EURIBOR of 0.000%). 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 Statement of Operations.

As of ~~June~~September 30, 2022 and December 31, 2021, the fair value of the borrowings outstanding under the Revolving Credit Facility was ~~$673.8~~$693.0 million and $524.8 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.

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.

The July 2026 Notes have a fixed interest rate of 3.5% per year, subject to a step up of (1) (x) 1.25% per year, to the extent that the initial rating for the July 2026 Notes does not satisfy certain investment grade rating conditions, and (y) at any time after the Company has received an investment grade rating for the July 2026 Notes, 0.75% per year, to the extent the July

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

2026 Notes thereafter 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.

~~Barings Private Credit Corporation~~

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

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.

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 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 ~~June~~September 30, 2022 and December 31, 2021, the fair value of the outstanding July 2026 Notes was ~~$129.0~~$124.3 million and $147.9 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 Company intends to use the net proceeds from the offering of the May 2027 Notes for general corporate purposes, including to make investments and make distributions permitted by the May 2022 NPA.

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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

events occur. Subject to the terms of the May 2022 NPA, the Company may redeem the May 2027 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before November 10, 2026, a make-whole premium.

~~Barings Private Credit Corporation~~

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

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.

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 ~~June~~September 30, 2022, the fair value of the outstanding May 2027 Notes was ~~$94.8~~$137.7 million. The fair value determinations of the Series D 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 ~~May 2027~~Series D Notes, on May 10, 2022, the Company entered into a $100.0 million notional value interest rate swap. The Company receives a fixed rate interest at 6.00% paid semi-annually and pays quarterly based on a compounded daily rate of SOFR plus 3.24500%. The swap transaction matures on May 10, 2027. The interest expense related to the ~~May 2027~~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 ~~June~~September 30, 2022, the interest rate swap had a fair value of ~~$0.3~~$(4.7) 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 ~~prepaid expenses and other assets~~derivative asset or ~~accounts payable and accrued liabilities~~derivative liability 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 ~~May 2027 Notes,~~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 ~~remaining difference~~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 ~~expense on~~in the Company’s Unaudited Consolidated Statements of Operations. ~~For the three and six months ended June~~As of September 30, 2022, the ~~Company recognized $(0.3) million~~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 ~~interest expense relating to~~derivative asset or derivative liability on the Company’s Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate ~~swap.~~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.

6971

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

6. DERIVATIVE INSTRUMENTS

The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company’s investments and related borrowings denominated in foreign currencies. Net unrealized appreciation or depreciation on foreign currency contracts are included in “Net unrealized appreciation (depreciation) - foreign currency transactions” and net realized gains or losses on forward currency contracts are included in “Net realized gains (losses) - foreign currency transactions” in the Unaudited Consolidated Statement of Operations. Forward currency contracts are considered undesignated derivative instruments.

The following tables present the Company's foreign currency forward contracts as of ~~June~~September 30, 2022 and December 31, 2021:

As of June 30, 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

As of September 30, 2022

($ in thousands)

Description

As of September 30, 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)

$45,869

A$62,534

07/07/22

2,689

Prepaid expense and other assets

Foreign currency forward contract (AUD)

A$62,055

$40,196

10/06/22

(281)

Derivative liability

Foreign currency forward contract (AUD)

A$62,534

$43,441

07/07/22

(261)

Derivative liability

Foreign currency forward contract (AUD)

$42,946

A$62,055

10/06/22

3,031

Derivative asset

Foreign currency forward contract (AUD)

$41,967

$60,587

10/06/22

101

Prepaid expense and other assets

Foreign currency forward contract (AUD)

$40,131

A$61,845

01/09/23

277

Derivative asset

Foreign currency forward contract (CAD)

$1,730

C$2,190

07/07/22

Prepaid expense and other assets

Foreign currency forward contract (CAD)

C$1,652

$1,205

10/06/22

(3)

Derivative liability

Foreign currency forward contract (CAD)

C$2,190

$1,715

07/07/22

(14)

Derivative liability

Foreign currency forward contract (CAD)

$1,284

C$1,652

10/06/22

Derivative asset

Foreign currency forward contract (CAD)

$1,284

C$1,652

10/06/22

Prepaid expense and other assets

Foreign currency forward contract (CAD)

$1,257

C$1,722

01/09/23

Derivative asset

Foreign currency forward contract (DKK)

2,157kr.

$305

07/07/22

(2)

Derivative liability

Foreign currency forward contract (DKK)

7,318kr.

$964

10/06/22

(1)

Derivative liability

Foreign currency forward contract (DKK)

$322

2,157kr.

07/07/22

Prepaid expense and other assets

Foreign currency forward contract (DKK)

$1,026

7,318kr.

10/06/22

Derivative asset

Foreign currency forward contract (DKK)

$310

2,176kr.

10/06/22

Prepaid expense and other assets

Foreign currency forward contract (DKK)

$982

7,401kr.

01/09/23

Derivative asset

Foreign currency forward contract (EUR)

$164,068

€149,309

07/07/22

7,745

Prepaid expense and other assets

Foreign currency forward contract (EUR)

€171,045

$167,475

10/06/22

(144)

Derivative liability

Foreign currency forward contract (EUR)

€149,309

$157,250

07/07/22

(926)

Derivative liability

Foreign currency forward contract (EUR)

$180,540

€171,045

10/06/22

13,209

Derivative asset

Foreign currency forward contract (EUR)

$164,805

€155,470

10/06/22

954

Prepaid expense and other assets

Foreign currency forward contract (EUR)

$169,009

€171,261

01/09/23

145

Derivative asset

Foreign currency forward contract (GBP)

$54,561

£42,497

07/07/22

2,869

Prepaid expense and other assets

Foreign currency forward contract (GBP)

£47,988

$53,040

10/06/22

375

Derivative asset

Foreign currency forward contract (GBP)

£42,497

$51,808

07/07/22

(115)

Derivative liability

Foreign currency forward contract (GBP)

$58,269

£47,988

10/06/22

4,853

Derivative asset

Foreign currency forward contract (GBP)

$52,192

£42,738

10/06/22

114

Prepaid expense and other assets

Foreign currency forward contract (GBP)

$55,713

£50,397

01/09/23

(460)

Derivative liability

Foreign currency forward contract (NZD)

$457

NZ$661

07/07/22

Prepaid expense and other assets

Foreign currency forward contract (NZD)

NZ$7,465

$4,257

10/06/22

(47)

Derivative liability

Foreign currency forward contract (NZD)

NZ$661

$414

07/07/22

(1)

Derivative liability

Foreign currency forward contract (NZD)

$4,646

NZ$7,465

10/06/22

436

Derivative asset

Foreign currency forward contract (NZD)

$392

NZ$627

10/06/22

Prepaid expense and other assets

Foreign currency forward contract (NZD)

$4,348

NZ$7,622

01/09/23

Derivative asset

Foreign currency forward contract (NOK)

39,724kr

$3,719

10/06/22

(67)

Derivative liability

Foreign currency forward contract (NOK)

$4,060

39,724kr

10/06/22

409

Derivative asset

Foreign currency forward contract (NOK)

$3,544

37,988kr

01/09/23

Derivative asset

Foreign currency forward contract (SEK)

5,569kr

$550

07/07/22

(6)

Derivative liability

Foreign currency forward contract (SEK)

5,656kr

$505

10/06/22

Derivative asset

Foreign currency forward contract (SEK)

$599

5,569kr

07/07/22

Prepaid expense and other assets

Foreign currency forward contract (SEK)

$560

5,656kr

10/06/22

Derivative asset

Foreign currency forward contract (SEK)

$560

5,656kr

10/06/22

Prepaid expense and other assets

Foreign currency forward contract (SEK)

$512

5,694kr

01/09/23

(3)

Derivative liability

Foreign currency forward contract (CHF)

$20,259

18,801Fr.

07/07/22

575

Prepaid expense and other assets

Foreign currency forward contract (CHF)

18,960Fr.

$19,388

10/06/22

(128)

Derivative liability

Foreign currency forward contract (CHF)

18,801Fr.

$19,662

07/07/22

Prepaid expense and other assets

Foreign currency forward contract (CHF)

$19,957

18,960Fr.

10/06/22

697

Derivative asset

Foreign currency forward contract (CHF)

$19,957

18,960Fr.

10/06/22

(26)

Derivative liability

Foreign currency forward contract (CHF)

$19,491

18,873Fr.

01/09/23

122

Derivative asset

Total

13,875

Total

22,716

7072

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2021

($ in thousands)

Description

As of December 31, 2021

($ 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 December 31, 2021

($ 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$20,975

$15,076.473

01/06/22

171

Prepaid expense and other assets

Foreign currency forward contract (AUD)

A$20,975

$15,076

01/06/22

171

Derivative asset

Foreign currency forward contract (AUD)

$15,106

A$20,975

01/06/22

(142)

Derivative liability

Foreign currency forward contract (AUD)

$15,106

A$20,975

01/06/22

(142)

Derivative liability

Foreign currency forward contract (AUD)

$15,068

A$20,961

04/08/22

(172)

Derivative liability

Foreign currency forward contract (AUD)

$15,068

A$20,961

04/08/22

(172)

Derivative liability

Foreign currency forward contract (CAD)

$749

$586.457

01/06/22

Prepaid expense and other assets

Foreign currency forward contract (CAD)

$749

$586

01/06/22

Derivative asset

Foreign currency forward contract (CAD)

$587

$749

01/06/22

(4)

Derivative liability

Foreign currency forward contract (CAD)

$587

$749

01/06/22

(4)

Derivative liability

Foreign currency forward contract (CAD)

$633

$808

04/08/22

(6)

Derivative liability

Foreign currency forward contract (CAD)

$633

$808

04/08/22

(6)

Derivative liability

Foreign currency forward contract (DKK)

2,140.728kr.

$326

01/06/22

Prepaid expense and other assets

Foreign currency forward contract (DKK)

2,141kr.

$326

01/06/22

Derivative asset

Foreign currency forward contract (DKK)

$335

2,140.728kr.

01/06/22

Prepaid expense and other assets

Foreign currency forward contract (DKK)

$335

2,141kr.

01/06/22

Derivative asset

Foreign currency forward contract (DKK)

$323

2,113.91kr.

04/08/22

(2)

Derivative liability

Foreign currency forward contract (DKK)

$323

2,114kr.

04/08/22

(2)

Derivative liability

Foreign currency forward contract (EUR)

€47,857.325

$54,213

01/06/22

243

Prepaid expense and other assets

Foreign currency forward contract (EUR)

€47,857

$54,213

01/06/22

243

Derivative asset

Foreign currency forward contract (EUR)

$55,239

€47,857.325

01/06/22

783

Prepaid expense and other assets

Foreign currency forward contract (EUR)

$55,239

€47,857

01/06/22

783

Derivative asset

Foreign currency forward contract (EUR)

$111,330

€98,200.754

04/08/22

(634)

Derivative liability

Foreign currency forward contract (EUR)

$111,330

€98,201

04/08/22

(634)

Derivative liability

Foreign currency forward contract (GBP)

£8,816.562

$11,744.291

01/06/22

197

Prepaid expense and other assets

Foreign currency forward contract (GBP)

£8,817

$11,744

01/06/22

197

Derivative asset

Foreign currency forward contract (GBP)

£2,000

$2,664.139

01/07/22

Prepaid expense and other assets

Foreign currency forward contract (GBP)

£2,000

$2,664

01/07/22

Derivative asset

Foreign currency forward contract (GBP)

$11,828.271

£8,816.562

01/06/22

(112)

Derivative liability

Foreign currency forward contract (GBP)

$11,828

£8,817

01/06/22

(112)

Derivative liability

Foreign currency forward contract (GBP)

$2,716.947

£2,000

01/07/22

Prepaid expense and other assets

Foreign currency forward contract (GBP)

$2,717

£2,000

01/07/22

Derivative asset

Foreign currency forward contract (GBP)

$13,906.654

£10,445.895

04/08/22

(234)

Derivative liability

Foreign currency forward contract (GBP)

$13,907

£10,446

04/08/22

(234)

Derivative liability

Foreign currency forward contract (NZD)

NZ$610,086

$415

01/06/22

Prepaid expense and other assets

Foreign currency forward contract (NZD)

NZ$610,086

$415

01/06/22

Derivative asset

Foreign currency forward contract (NZD)

$419

NZ$610,086

01/06/22

Prepaid expense and other assets

Foreign currency forward contract (NZD)

$419

NZ$610,086

01/06/22

Derivative asset

Foreign currency forward contract (NZD)

$416

NZ$613,901

04/08/22

(3)

Derivative liability

Foreign currency forward contract (NZD)

$416

NZ$613,901

04/08/22

(3)

Derivative liability

Foreign currency forward contract (SEK)

5,421.35kr

$600

01/07/22

—

Derivative liability

Foreign currency forward contract (SEK)

5,421kr

$600

01/07/22

—

Derivative liability

Foreign currency forward contract (SEK)

$617

5,421.35kr

01/07/22

Prepaid expense and other assets

Foreign currency forward contract (SEK)

$617

5,421kr

01/07/22

Derivative asset

Foreign currency forward contract (SEK)

$607

5,483.111kr

04/08/22

—

Derivative liability

Foreign currency forward contract (SEK)

$607

5,483kr

04/08/22

—

Derivative liability

Foreign currency forward contract (CHF)

Fr.17,956.939

$19,529.886

01/06/22

162

Prepaid expense and other assets

Foreign currency forward contract (CHF)

17,957Fr.

$19,530

01/06/22

162

Derivative asset

Foreign currency forward contract (CHF)

Fr.103.044

$112.799

01/07/22

—

Prepaid expense and other assets

Foreign currency forward contract (CHF)

103Fr.

$113

01/07/22

—

Derivative asset

Foreign currency forward contract (CHF)

$19,264.138

Fr.17,956.939

01/06/22

(428)

Derivative liability

Foreign currency forward contract (CHF)

$19,264

17,957Fr.

01/06/22

(428)

Derivative liability

Foreign currency forward contract (CHF)

$113.082

Fr.103.044

01/07/22

—

Prepaid expense and other assets

Foreign currency forward contract (CHF)

$113

103Fr.

01/07/22

—

Derivative asset

Foreign currency forward contract (CHF)

$19,853.07

Fr.18,211.896

04/08/22

(168)

Derivative liability

Foreign currency forward contract (CHF)

$19,853

18,212Fr.

04/08/22

(168)

Derivative liability

Total

(262)

Total

(262)

As of ~~June~~September 30, 2022 and December 31, 2021, the total fair value of the Company's foreign currency forward contracts was ~~$13.9~~$22.7 million and $(0.3) 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 and nine months ended September 30, 2022 and for the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to September 30, 2021 are shown in the following table:


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Forward currency contracts	$	12,721	$	677	$	16,284	$	677

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Net unrealized appreciation or depreciation on forward 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 and nine months ended September 30, 2022 and for the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to September 30, 2021 are shown in the following table:


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Forward currency contracts	$	8,841	$	72	$	22,978	$	820

7174

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 ~~June~~September 30, 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 ~~June~~September 30, 2022 and December 31, 2021 were as follows:


Portfolio Company ($ in thousands)	Portfolio Company ($ in thousands)	Investment Type	June 30, 2022		December 31, 2021		Portfolio Company ($ in thousands)	Investment Type	September 30, 2022		December 31, 2021
Acclime Holdings HK Limited~~(1)~~(2)	Acclime Holdings HK Limited~~(1)~~(2)	Delayed Draw Term Loan	$	—	$	148	Acclime Holdings HK Limited~~(1)~~(2)	Delayed Draw Term Loan	$	—	$	148
Acclime Holdings HK Limited~~(1)~~(2)	Acclime Holdings HK Limited~~(1)~~(2)	Delayed Draw Term Loan	—		812		Acclime Holdings HK Limited~~(1)~~(2)	Delayed Draw Term Loan	—		812
Accurus Aerospace Corporation~~(2)~~(1)	Accurus Aerospace Corporation~~(2)~~(1)	Revolver	1,383		—		Accurus Aerospace Corporation~~(2)~~(1)	Revolver	1,383		—
Air Comm Corporation, LLC(1)	Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	11		11		Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	—		11
Air Comm Corporation, LLC(1)	Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	2,760		2,760		Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	—		2,760
Amtech LLC(1)	Amtech LLC(1)	Delayed Draw Term Loan	1,818		1,818		Amtech LLC(1)	Delayed Draw Term Loan	1,818		1,818
Amtech LLC(1)	Amtech LLC(1)	Revolver	455		455		Amtech LLC(1)	Revolver	364		455
AnalytiChem Holding GmbH(1)(2)(3)	AnalytiChem Holding GmbH(1)(2)(3)	Bridge Revolver	452		4,001		AnalytiChem Holding GmbH(1)(2)(3)	Bridge Revolver	424		4,001
AnalytiChem Holding GmbH(1)(2)(3)	AnalytiChem Holding GmbH(1)(2)(3)	Incremental Term Loan	1,155		—		AnalytiChem Holding GmbH(1)(2)(3)	Incremental Term Loan	1,083		—
APC1 Holding(1)(2)(3)							APC1 Holding(1)(2)(3)	Delayed Draw Term Loan	490		—
Aquavista Watersides 2 LTD(1)(2)(4)	Aquavista Watersides 2 LTD(1)(2)(4)	Bridge Revolver	209		233		Aquavista Watersides 2 LTD(1)(2)(4)	Bridge Revolver	—		233
Aquavista Watersides 2 LTD(1)(2)(4)	Aquavista Watersides 2 LTD(1)(2)(4)	Acquisition Facility	1,308		1,459		Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	1,202		1,459
Arc Education(1)(2)(3)							Arc Education(1)(2)(3)	Delayed Draw Term Loan	3,478		—
Argus Bidco Limited(1)(2)(4)							Argus Bidco Limited(1)(2)(4)	CAF Term Loan	1,465		—
Argus Bidco Limited(1)(2)(4)							Argus Bidco Limited(1)(2)(4)	Bridge Term Loan	311		—
Astra Bidco Limited(1)(2)(4)	Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	1,069		1,192		Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	983		1,192
ASC Communications, LLC							ASC Communications, LLC	Revolver	647		—
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,534		1,622		Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,434		1,622
AWP Group Holdings, Inc.(1)		Delayed Draw Term Loan	233		233
AWP Group Holdings, Inc.(1)(2)							AWP Group Holdings, Inc.(1)(2)	Delayed Draw Term Loan	233		233
Azalea Buyer, Inc.(1)(2)	Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	962		962		Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	962		962
Azalea Buyer, Inc.(1)(2)	Azalea Buyer, Inc.(1)(2)	Revolver	423		481		Azalea Buyer, Inc.(1)(2)	Revolver	481		481
Bariacum S.A(1)(2)(3)	Bariacum S.A(1)(2)(3)	Acquisition Facility	941		1,023		Bariacum S.A(1)(2)(3)	Acquisition Facility	882		1,023
Bearcat Buyer, Inc.(1)	Bearcat Buyer, Inc.(1)	Delayed Draw Term Loan	96		96		Bearcat Buyer, Inc.(1)	Delayed Draw Term Loan	—		96
Beyond Risk Management, Inc.(1)(2)	Beyond Risk Management, Inc.(1)(2)	Delayed Draw Term Loan	2,423		2,573		Beyond Risk Management, Inc.(1)(2)	Delayed Draw Term Loan	2,423		2,573
BigHand UK Bidco Limited(1)(2)(4)	BigHand UK Bidco Limited(1)(2)(4)	Acquisition Facility	—		147		BigHand UK Bidco Limited(1)(2)(4)	Acquisition Facility	—		147
Bounteous, Inc.(1)	Bounteous, Inc.(1)	Delayed Draw Term Loan	2,697		2,697		Bounteous, Inc.(1)	Delayed Draw Term Loan	2,697		2,697
Brightpay Limited(1)(2)(3)	Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	276		602		Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	258		602
Brightpay Limited(1)(2)(3)	Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	185		201		Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	173		201
BrightSign LLC(1)(2)		Revolver	1,109		1,109
BrightSign LLC(1)							BrightSign LLC(1)	Revolver	1,109		1,109
British Engineering Services Holdco Limited(1)(2)(4)	British Engineering Services Holdco Limited(1)(2)(4)	Bridge Revolver	—		46		British Engineering Services Holdco Limited(1)(2)(4)	Bridge Revolver	—		46
British Engineering Services Holdco Limited(1)(2)(4)	British Engineering Services Holdco Limited(1)(2)(4)	Acquisition Facility	393		1,729		British Engineering Services Holdco Limited(1)(2)(4)	Acquisition Facility	362		1,729
CAi Software, LLC(1)(2)	CAi Software, LLC(1)(2)	Revolver	943		943		CAi Software, LLC(1)(2)	Revolver	943		943
Canadian Orthodontic Partners Corp.(1)(2)(6)	Canadian Orthodontic Partners Corp.(1)(2)(6)	Delayed Draw Term Loan	307		440		Canadian Orthodontic Partners Corp.(1)(2)(6)	Delayed Draw Term Loan	288		440
Centralis Finco S.a.r.l.(1)(2)(3)	Centralis Finco S.a.r.l.(1)(2)(3)	Acquisition Facility	67		73		Centralis Finco S.a.r.l.(1)(2)(3)	Incremental CAF Term Loan	274		73
Ceres Pharma NV(1)(2)(3)	Ceres Pharma NV(1)(2)(3)	Delayed Draw Term Loan	1,419		1,544		Ceres Pharma NV(1)(2)(3)	Delayed Draw Term Loan	1,330		1,544
CGI Parent, LLC(1)	CGI Parent, LLC(1)	Revolver	1,653		—		CGI Parent, LLC(1)	Revolver	1,653		—
Classic Collision (Summit Buyer, LLC)(1)		Delayed Draw Term Loan	537		788
Classic Collision (Summit Buyer, LLC)(1)(2)							Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	5,143		788
Classic Collision (Summit Buyer, LLC)(1)(2)							Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	284		—
Coastal Marina Holdings, LLC(1)(2)	Coastal Marina Holdings, LLC(1)(2)	PIK Tranche B Term Loan	656		656		Coastal Marina Holdings, LLC(1)(2)	PIK Tranche B Term Loan	656		656
Coastal Marina Holdings, LLC(1)(2)	Coastal Marina Holdings, LLC(1)(2)	Tranche A Term Loan	1,788		1,788		Coastal Marina Holdings, LLC(1)(2)	Tranche A Term Loan	1,788		1,788
Command Alkon (Project Potter Buyer, LLC)(1)		Delayed Draw Term Loan	—		13,153
Comply365, LLC(1)(2)		Revolver	575		—
Coyo Uprising GmbH(1)(2)(3)		Delayed Draw Term Loan	989		1,076
Crash Champions, LLC(1)(2)		Delayed Draw Term Loan	395		4,518
Dart Buyer, Inc(1)		Delayed Draw Term Loan	—		441
DecksDirect, LLC(1)(2)		Revolver	153		218
Direct Travel, Inc.(1)		Delayed Draw Term Loan	225		225
Command Alkon (Project Potter Buyer, LLC)(1)(2)							Command Alkon (Project Potter Buyer, LLC)(1)(2)	Delayed Draw Term Loan	—		13,153

7275

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Portfolio Company ($ in thousands)	Investment Type	June 30, 2022	December 31, 2021	Portfolio Company ($ in thousands)	Investment Type	September 30, 2022	December 31, 2021
Comply365, LLC(1)					Comply365, LLC(1)	Revolver	575	—
Coyo Uprising GmbH(1)(2)(3)					Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	927	1,076
Crash Champions, LLC(1)					Crash Champions, LLC(1)	Delayed Draw Term Loan	—	4,518
Dart Buyer, Inc(1)					Dart Buyer, Inc(1)	Delayed Draw Term Loan	—	441
DecksDirect, LLC(1)(2)					DecksDirect, LLC(1)(2)	Revolver	218	218
Direct Travel, Inc.(1)					Direct Travel, Inc.(1)	Delayed Draw Term Loan	225	225
DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	Acquisition Facility	165	179	DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	Acquisition Facility	154	179
Dune Group(1)(2)(3)	Dune Group(1)(2)(3)	Delayed Draw Term Loan	1,484	1,614	Dune Group(1)(2)(3)	Delayed Draw Term Loan	1,390	1,614
Dwyer Instruments, Inc.(1)(2)	Dwyer Instruments, Inc.(1)(2)	Delayed Draw Term Loan	987	987	Dwyer Instruments, Inc.(1)(2)	Delayed Draw Term Loan	4,513	987
Eclipse Business Capital, LLC(1)	Eclipse Business Capital, LLC(1)	Revolver	4,620	8,342	Eclipse Business Capital, LLC(1)	Revolver	11,679	8,342
EMI Porta Holdco LLC(1)		Delayed Draw Term Loan	8,949	10,678
EMI Porta Holdco LLC(1)		Revolver	1,719	2,542
EMI Porta Holdco LLC(1)(2)					EMI Porta Holdco LLC(1)(2)	Delayed Draw Term Loan	8,492	10,678
EMI Porta Holdco LLC(1)(2)					EMI Porta Holdco LLC(1)(2)	Revolver	1,769	2,542
EPS NASS Parent, Inc.(1)	EPS NASS Parent, Inc.(1)	Delayed Draw Term Loan	92	209	EPS NASS Parent, Inc.(1)	Delayed Draw Term Loan	92	209
eShipping, LLC(1)	eShipping, LLC(1)	Delayed Draw Term Loan	1,274	1,274	eShipping, LLC(1)	Delayed Draw Term Loan	1,274	1,274
eShipping, LLC(1)	eShipping, LLC(1)	Revolver	743	616	eShipping, LLC(1)	Revolver	743	616
Events Software BidCo Pty Ltd(1)(2)(5)		Delayed Draw Term Loan	441	—
Events Software BidCo Pty Ltd(1)(2)					Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	641	—
Express Wash Acquisition Company, LLC(1)(2)					Express Wash Acquisition Company, LLC(1)(2)	Delayed Draw Term Loan	583	—
F24 (Stairway BidCo GmbH)(1)(2)(3)	F24 (Stairway BidCo GmbH)(1)(2)(3)	Acquisition Term Loan	64	95	F24 (Stairway BidCo GmbH)(1)(2)(3)	Acquisition Term Loan	53	95
FineLine Systems(1)	FineLine Systems(1)	Delayed Draw Term Loan	478	478	FineLine Systems(1)	Delayed Draw Term Loan	478	478
Finexvet(1)(2)(3)		Acquisition Facility	230	—
Footco 40 Limited(1)(2)(4)	Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	773	—	Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	711	—
FragilePak LLC(1)(2)		Delayed Draw Term Loan	4,649	4,649
FragilePak LLC(1)					FragilePak LLC(1)	Delayed Draw Term Loan	4,649	4,649
Glacis Acquisition S.A.R.L.(1)(2)(3)	Glacis Acquisition S.A.R.L.(1)(2)(3)	Delayed Draw Term Loan	7,248	10,751	Glacis Acquisition S.A.R.L.(1)(2)(3)	Delayed Draw Term Loan	6,792	10,751
Global Academic Group Limited(1)(2)(7)					Global Academic Group Limited(1)(2)(7)	Term Loan	403	—
GPZN II GmbH(1)(2)(3)	GPZN II GmbH(1)(2)(3)	CAF Term Loan	549	—	GPZN II GmbH(1)(2)(3)	CAF Term Loan	514	—
Graphpad Software, LLC(1)		Delayed Draw Term Loan	2,602	2,602
Graphpad Software, LLC(1)(2)					Graphpad Software, LLC(1)(2)	Delayed Draw Term Loan	2,602	2,602
Greenhill II BV(1)(2)(3)					Greenhill II BV(1)(2)(3)	Capex Acquisition Facility	234	—
HeartHealth Bidco Pty Ltd(1)(2)(5)					HeartHealth Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	297	—
Heartland Veterinary Partners, LLC(1)	Heartland Veterinary Partners, LLC(1)	Delayed Draw Term Loan	148	364	Heartland Veterinary Partners, LLC(1)	Delayed Draw Term Loan	148	364
Heartland, LLC(1)(2)	Heartland, LLC(1)(2)	Delayed Draw Term Loan	710	892	Heartland, LLC(1)(2)	Delayed Draw Term Loan	710	892
Heavy Construction Systems Specialists, LLC(1)	Heavy Construction Systems Specialists, LLC(1)	Revolver	2,193	2,193	Heavy Construction Systems Specialists, LLC(1)	Revolver	2,193	2,193
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(2)(3)	Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(2)(3)	Committed Additional Facility	—	1,206	Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(2)(3)	Committed Additional Facility	—	1,206
HTI Technology & Industries(1)(2)					HTI Technology & Industries(1)(2)	Delayed Draw Term Loan	1,691	—
HTI Technology & Industries(1)(2)					HTI Technology & Industries(1)(2)	Revolver	1,128	—
HW Holdco, LLC (Hanley Wood LLC)(1)(2)	HW Holdco, LLC (Hanley Wood LLC)(1)(2)	Delayed Draw Term Loan	1,074	1,840	HW Holdco, LLC (Hanley Wood LLC)(1)(2)	Delayed Draw Term Loan	1,074	1,840
IGL Holdings III Corp.(1)	IGL Holdings III Corp.(1)	Delayed Draw Term Loan	—	337	IGL Holdings III Corp.(1)	Delayed Draw Term Loan	—	337
Innovad Group II BV(1)(2)(3)	Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	196	289	Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	183	289
INOS 19-090 GmbH(1)(2)(3)	INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	142	155	INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	133	155
Interstellar Group B.V.(1)(2)(3)					Interstellar Group B.V.(1)(2)(3)	Delayed Draw Term Loan	2,405	—
Interstellar Group B.V.(1)(2)(3)					Interstellar Group B.V.(1)(2)(3)	Delayed Draw Term Loan	219	—
Isolstar Holding NV (IPCOM)(1)(2)(3)	Isolstar Holding NV (IPCOM)(1)(2)(3)	Acquisition Facility	252	333	Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	186	333
Isolstar Holding NV (IPCOM)(1)(2)(3)	Isolstar Holding NV (IPCOM)(1)(2)(3)	Acquisition Facility	3,619		Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	3,391	—
ITI Intermodal, Inc.(1)(2)	ITI Intermodal, Inc.(1)(2)	Delayed Draw Term Loan	103	103	ITI Intermodal, Inc.(1)(2)	Delayed Draw Term Loan	103	103
ITI Intermodal, Inc.(1)(2)	ITI Intermodal, Inc.(1)(2)	Revolver	124	124	ITI Intermodal, Inc.(1)(2)	Revolver	118	124
Jaguar Merger Sub Inc.(1)(2)	Jaguar Merger Sub Inc.(1)(2)	Delayed Draw Term Loan	711	1,961	Jaguar Merger Sub Inc.(1)(2)	Delayed Draw Term Loan	3,763	1,961
Jaguar Merger Sub Inc.(1)(2)	Jaguar Merger Sub Inc.(1)(2)	Revolver	490	490	Jaguar Merger Sub Inc.(1)(2)	Revolver	490	490
Jeeves Information Systems AB(1)(2)(3)		Delayed Draw Term Loan	—	8,936
Jeeves Information Systems AB(1)(3)					Jeeves Information Systems AB(1)(3)	Delayed Draw Term Loan	—	8,936
Jon Bidco Limited(1)(2)(7)	Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	740	—	Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	673	—
Jones Fish Hatcheries & Distributors LLC(1)		Revolver	418	—
Kano Laboratories LLC(1)(2)		Delayed Draw Term Loan	724	724
Kano Laboratories LLC(1)(2)		Delayed Draw Term Loan	860	860
LAF International(1)(2)(3)		Acquisition Facility	52	114
Lambir Bidco Limited(1)(2)(3)		Bridge Revolver	—	436
Lambir Bidco Limited(1)(2)(3)		Delayed Draw Term Loan	802	872
Lattice Group Holdings Bidco Limited(1)(2)		Delayed Draw Term Loan	354	—
LeadsOnline, LLC(1)		Revolver	1,692	—
LivTech Purchaser, Inc.(1)		Delayed Draw Term Loan	60	145
Marmoutier Holding B.V.(1)(2)(3)		Delayed Draw Term Loan	372	405
Marmoutier Holding B.V.(1)(2)(3)		Revolver	149	162
Marshall Excelsior Co.(1)(2)		Revolver	388	—

7376

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Portfolio Company ($ in thousands)	Investment Type	June 30, 2022	December 31, 2021	Portfolio Company ($ in thousands)	Investment Type	September 30, 2022	December 31, 2021
MC Group Ventures Corporation(1)		Delayed Draw Term Loan	1,291	1,291
Jones Fish Hatcheries & Distributors LLC(1)					Jones Fish Hatcheries & Distributors LLC(1)	Revolver	418	—
Kano Laboratories LLC(1)(2)					Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	724	724
Kano Laboratories LLC(1)(2)					Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	860	860
LAF International(1)(3)					LAF International(1)(3)	Acquisition Facility	—	114
Lambir Bidco Limited(1)(2)(3)					Lambir Bidco Limited(1)(2)(3)	Bridge Revolver	—	436
Lambir Bidco Limited(1)(2)(3)					Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	751	872
Lattice Group Holdings Bidco Limited(1)					Lattice Group Holdings Bidco Limited(1)	Delayed Draw Term Loan	298	—
LeadsOnline, LLC(1)					LeadsOnline, LLC(1)	Revolver	1,952	—
LivTech Purchaser, Inc.(1)					LivTech Purchaser, Inc.(1)	Delayed Draw Term Loan	60	145
Marmoutier Holding B.V.(1)(2)(3)					Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	22	405
Marmoutier Holding B.V.(1)(2)(3)					Marmoutier Holding B.V.(1)(2)(3)	Revolver	140	162
Marshall Excelsior Co.(1)(2)					Marshall Excelsior Co.(1)(2)	Revolver	216	—
MC Group Ventures Corporation(1)(2)					MC Group Ventures Corporation(1)(2)	Delayed Draw Term Loan	1,291	1,291
Mercell Holding AS(1)(2)(8)					Mercell Holding AS(1)(2)(8)	Bridge Term Loan	255	—
Mercell Holding AS(1)(2)(8)					Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	850	—
Mertus 522. GmbH(1)(2)(3)	Mertus 522. GmbH(1)(2)(3)	Acquisition Facility	2,689	6,564	Mertus 522. GmbH(1)(2)(3)	Acquisition Facility	2,520	6,564
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Capex term Loan	59	63	Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Capex Term Loan	56	63
Murphy Midco Limited(1)(2)(4)	Murphy Midco Limited(1)(2)(4)	Delayed Draw Term Loan	143	160	Murphy Midco Limited(1)(2)(4)	Delayed Draw Term Loan	132	160
Narda Acquisitionco., Inc.(1)(2)	Narda Acquisitionco., Inc.(1)(2)	Revolver	1,059	1,059	Narda Acquisitionco., Inc.(1)(2)	Revolver	1,006	1,059
Navia Benefit Solutions, Inc.(1)	Navia Benefit Solutions, Inc.(1)	Delayed Draw Term Loan	2,141	2,141	Navia Benefit Solutions, Inc.(1)	Delayed Draw Term Loan	—	2,141
Nexus Underwriting Management Limited(1)(2)(4)	Nexus Underwriting Management Limited(1)(2)(4)	Revolver	—	82	Nexus Underwriting Management Limited(1)(2)(4)	Revolver	—	82
Nexus Underwriting Management Limited(1)(2)(4)	Nexus Underwriting Management Limited(1)(2)(4)	Acquisition Facility	1,267	1,533	Nexus Underwriting Management Limited(1)(2)(4)	Acquisition Facility	1,164	1,533
Novotech Aus Bidco Pty Ltd(1)(2)	Novotech Aus Bidco Pty Ltd(1)(2)	Capex & Acquisition Facility C	971	—	Novotech Aus Bidco Pty Ltd(1)(2)	Capex & Acquisition Facility	971	—
OA Buyer, Inc.(1)(2)		Revolver	1,331	1,331
NPM Investments 28 BV(1)(3)					NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	849	—
OA Buyer, Inc.(1)					OA Buyer, Inc.(1)	Revolver	1,331	1,331
OAC Holdings I Corp(1)	OAC Holdings I Corp(1)	Revolver	294	—	OAC Holdings I Corp(1)	Revolver	802	—
OG III B.V.(1)(2)(3)	OG III B.V.(1)(2)(3)	Acquisition Capex Facility	—	1,355	OG III B.V.(1)(2)(3)	Accordion Facility	879	1,355
Omni Intermediate Holdings, LLC(1)(2)	Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	3,407	929	Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	3,407	929
Omni Intermediate Holdings, LLC(1)(2)	Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	2,240	4,955	Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	—	4,955
Omni Intermediate Holdings, LLC(1)(2)	Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	1,008	—	Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	1,008	—
Options Technology Ltd.(1)(2)	Options Technology Ltd.(1)(2)	Delayed Draw Term Loan	1,406	1,406	Options Technology Ltd.(1)(2)	Delayed Draw Term Loan	1,406	1,406
OSP Hamilton Purchaser, LLC(1)	OSP Hamilton Purchaser, LLC(1)	Revolver	131	187	OSP Hamilton Purchaser, LLC(1)	Revolver	187	187
Pacific Health Supplies Bidco Pty Limited(1)(5)	Pacific Health Supplies Bidco Pty Limited(1)(5)	CapEx Term Loan	—	78	Pacific Health Supplies Bidco Pty Limited(1)(5)	CapEx Term Loan	—	78
PDQ.Com Corporation(1)	PDQ.Com Corporation(1)	Delayed Draw Term Loan	—	868	PDQ.Com Corporation(1)	Delayed Draw Term Loan	—	868
PDQ.Com Corporation(1)	PDQ.Com Corporation(1)	Delayed Draw Term Loan	4,320	4,320	PDQ.Com Corporation(1)	Delayed Draw Term Loan	4,320	4,320
Perimeter Master Note Business Trust (1)(2)	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class A	73	—	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class A	73	—
Perimeter Master Note Business Trust (1)(2)	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class B	73	—	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class B	73	—
Perimeter Master Note Business Trust (1)(2)	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class C	73	—	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class C	73	—
Perimeter Master Note Business Trust (1)(2)	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class D	73	—	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class D	73	—
Perimeter Master Note Business Trust (1)(2)	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class E	3,709	—	Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class E	3,709	—
Polara Enterprises, L.L.C.(1)(2)		Revolver	824	545
Polara Enterprises, L.L.C.(1)					Polara Enterprises, L.L.C.(1)	Revolver	947	545
Policy Services Company, LLC(1)(2)	Policy Services Company, LLC(1)(2)	Delayed Draw Term Loan	—	6,579	Policy Services Company, LLC(1)(2)	Delayed Draw Term Loan	—	6,579
Premium Invest(1)(2)(3)	Premium Invest(1)(2)(3)	Acquisition Facility	523	569	Premium Invest(1)(2)(3)	Delayed Draw Term Loan	5,486	569
ProfitOptics, LLC(1)(2)		Revolver	194	—
Protego Bidco B.V.(1)(2)(3)		Delayed Draw Term Loan	250	272
PSP Intermediate 4, LLC(1)(2)(3)		Delayed Draw Term Loan	712	—
QPE7 SPV1 BidCo Pty Ltd(1)(2)(5)		Acquisition Term Loan	—	714
Questel Unite(1)(2)(3)		Acquisition Capex Facility	2,646	2,878
REP SEKO MERGER SUB LLC(1)(2)		Delayed Draw Term Loan	666	1,043
Reward Gateway (UK) Ltd(1)(2)(4)		Acquisition Facility	773	1,354
Riedel Beheer B.V.(1)(2)(3)		Revolver	—	230
Riedel Beheer B.V.(1)(2)(3)		Delayed Draw Term Loan	141	153
ROI Solutions LLC(1)		Delayed Draw Term Loan	711	711
Safety Products Holdings, LLC(1)		Delayed Draw Term Loan	2,889	2,889
Sanoptis S.A.R.L.(1)(2)(3)		Acquisition Facility	7,482	5,316
Scaled Agile, Inc.(1)		Delayed Draw Term Loan	416	416
Scaled Agile, Inc.(1)		Revolver	336	336

7477

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Portfolio Company ($ in thousands)	Investment Type	June 30, 2022		December 31, 2021		Portfolio Company ($ in thousands)	Investment Type	September 30, 2022	December 31, 2021
ProfitOptics, LLC(1)(2)							ProfitOptics, LLC(1)(2)	Revolver	194	—
Protego Bidco B.V.(1)(2)(3)							Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	234	272
PSP Intermediate 4, LLC(1)(2)(3)							PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	667	—
QPE7 SPV1 BidCo Pty Ltd(1)(2)(5)							QPE7 SPV1 BidCo Pty Ltd(1)(2)(5)	Accordion Facility	2,705	714
Questel Unite(1)(2)(3)							Questel Unite(1)(2)(3)	Incremental Term Loan	2,479	2,878
Rep Seko Merger Sub LLC(1)(2)							Rep Seko Merger Sub LLC(1)(2)	Delayed Draw Term Loan	666	1,043
Reward Gateway (UK) Ltd(1)(2)(4)							Reward Gateway (UK) Ltd(1)(2)(4)	Acquisition Facility	710	1,354
Riedel Beheer B.V.(1)(2)(3)							Riedel Beheer B.V.(1)(2)(3)	Revolver	—	230
Riedel Beheer B.V.(1)(2)(3)							Riedel Beheer B.V.(1)(2)(3)	Delayed Draw Term Loan	—	153
ROI Solutions LLC(1)							ROI Solutions LLC(1)	Delayed Draw Term Loan	—	711
Royal Buyer, LLC(1)(2)							Royal Buyer, LLC(1)(2)	Delayed Draw Term Loan	2,945	—
Royal Buyer, LLC(1)(2)							Royal Buyer, LLC(1)(2)	Revolver	1,787	—
Safety Products Holdings, LLC(1)(2)							Safety Products Holdings, LLC(1)(2)	Delayed Draw Term Loan	2,730	2,889
Sanoptis S.A.R.L.(1)(2)(3)							Sanoptis S.A.R.L.(1)(2)(3)	Acquisition Capex Facility	5,726	5,316
Scaled Agile, Inc.(1)							Scaled Agile, Inc.(1)	Delayed Draw Term Loan	416	416
Scaled Agile, Inc.(1)							Scaled Agile, Inc.(1)	Revolver	336	336
Scout Bidco B.V.(1)(2)(3)	Scout Bidco B.V.(1)(2)(3)	Revolver	504		—		Scout Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	1,042	—
Scout Bidco B.V.(1)(2)(3)	Scout Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	1,112		—		Scout Bidco B.V.(1)(2)(3)	Revolver	473	—
Sereni Capital NV(1)(2)(3)	Sereni Capital NV(1)(2)(3)	Revolver	53		—		Sereni Capital NV(1)(2)(3)	Term Loan	220	—
Sereni Capital NV(1)(2)(3)		Term Loan	376		—
Simulation Software Investment Company Pty Ltd(1)(2)							Simulation Software Investment Company Pty Ltd(1)(2)	Delayed Draw Term Loan	408	—
Smartling, Inc.(1)	Smartling, Inc.(1)	Delayed Draw Term Loan	2,076		2,076		Smartling, Inc.(1)	Delayed Draw Term Loan	2,076	2,076
Smartling, Inc.(1)	Smartling, Inc.(1)	Revolver	1,038		1,038		Smartling, Inc.(1)	Revolver	1,038	1,038
Springbrook Software (SBRK Intermediate, Inc.)(1)		Delayed Draw Term Loan	—		558
Springbrook Software (SBRK Intermediate, Inc.)(1)(2)							Springbrook Software (SBRK Intermediate, Inc.)(1)(2)	Delayed Draw Term Loan	—	558
SSCP Pegasus Midco Limited(1)(2)(4)	SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	455		507		SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	418	507
Superjet Buyer, LLC(1)	Superjet Buyer, LLC(1)	Revolver	1,825		1,825		Superjet Buyer, LLC(1)	Revolver	1,825	1,825
Syntax Systems Ltd(1)		Revolver	410		521
Syntax Systems Ltd(1)		Delayed Draw Term Loan	1,770		1,770
Syntax Systems Ltd(1)(2)							Syntax Systems Ltd(1)(2)	Delayed Draw Term Loan	1,770	1,770
Syntax Systems Ltd(1)(2)							Syntax Systems Ltd(1)(2)	Revolver	309	521
Tank Holding Corp(1)	Tank Holding Corp(1)	Revolver	382		—		Tank Holding Corp(1)	Revolver	655	—
Techone B.V.(1)(2)(3)	Techone B.V.(1)(2)(3)	Delayed Draw Term Loan	1,310		752		Techone B.V.(1)(2)(3)	Delayed Draw Term Loan	639	752
Techone B.V.(1)(2)(3)	Techone B.V.(1)(2)(3)	Revolver	101		200		Techone B.V.(1)(2)(3)	Revolver	95	200
Tencarva Machinery Company, LLC(1)	Tencarva Machinery Company, LLC(1)	Delayed Draw Term Loan	886		886		Tencarva Machinery Company, LLC(1)	Delayed Draw Term Loan	—	886
Tencarva Machinery Company, LLC(1)	Tencarva Machinery Company, LLC(1)	Revolver	1,129		1,129		Tencarva Machinery Company, LLC(1)	Revolver	1,129	1,129
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	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)	Delayed Draw Term Loan	4,195	4,195
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	1,233		1,233		The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(1)	Revolver	1,233	1,233
The Cleaver-Brooks Company, Inc.(1)(2)							The Cleaver-Brooks Company, Inc.(1)(2)	Revolver	2,214	—
The Hilb Group, LLC(1)(2)	The Hilb Group, LLC(1)(2)	Delayed Draw Term Loan	5,034		5,954		The Hilb Group, LLC(1)(2)	Delayed Draw Term Loan	4,731	5,954
Truck-Lite Co., LLC(1)(2)	Truck-Lite Co., LLC(1)(2)	Delayed Draw Term Loan	—		4,488		Truck-Lite Co., LLC(1)(2)	Delayed Draw Term Loan	—	4,488
Turbo Buyer, Inc.(1)		Delayed Draw Term Loan	—		2,314
Turbo Buyer, Inc.(1)		Delayed Draw Term Loan	2,381		—
Union Bidco Limited(1)(4)		Acquisition Facility	406		—
Turbo Buyer, Inc.(1)(2)							Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	2,381	2,314
Union Bidco Limited(1)(2)(4)							Union Bidco Limited(1)(2)(4)	Acquisition Facility	239	—
United Therapy Holding III GmbH(1)(2)(3)	United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	1,477		—		United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	1,384	—
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)		Delayed Draw Term Loan	3,549		—
Victoria Bidco Limited(1)(2)(4)		Delayed Draw Term Loan	478		—
VP Holding Company(1)(2)		Delayed Draw Term Loan	7,696		—
W2O Holdings, Inc.(1)		Delayed Draw Term Loan	487		712
Waccamaw River(2)		Joint Venture	2,480		11,280
Woodland Foods, LLC(1)		Revolver	1,061		1,499
Xeinadin Bidco Limited(1)(2)(4)		CAF Term Loan	4,789		—
ZB Holdco LLC(1)		Delayed Draw Term Loan	1,352		—
ZB Holdco LLC(1)		Revolver	845		—
Zeppelin Bidco Limited(1)(2)(4)		Capex & Acquisition Facility	1,270		—
Zeppelin Bidco Limited(1)(2)(4)		Revolver	267		—
Total unused commitments to extend financing			$	183,787	$	215,494
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2)							USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2)	Delayed Draw Term Loan	3,371	—

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022		December 31, 2021
VP Holding Company(1)(2)	Delayed Draw Term Loan	4,100		—
VP Holding Company(1)(2)	Delayed Draw Term Loan	8,230		—
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	487		712
Waccamaw River(2)	Joint Venture	2,480		11,280
Woodland Foods, LLC(1)(2)	Line of Credit	573		1,499
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	4,402		—
ZB Holdco LLC(1)	Delayed Draw Term Loan	1,352		—
ZB Holdco LLC(1)	Revolver	845		—
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	1,168		—
Zeppelin Bidco Limited(1)(2)(4)	Revolver	245		—
Total unused commitments to extend financing		$	221,268	$	215,494

(1)The ~~Company's~~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.

~~Barings Private Credit Corporation~~

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

(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 a schedule of financial highlights for the nine months ended September 30, 2022 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021:


	Nine Months Ended			For the period from May 10, 2021 (commencement of operations) to
($ in thousands, except share and per share amounts)	September 30, 2022			September 30, 2021
Per share data:
Net asset value at beginning of period	$	20.58		$	—
Net investment income(1)	1.42			0.75
Net realized loss on investments / foreign currency transactions(1)	0.20			(0.06)
Net unrealized appreciation on investments / foreign currency transactions(1)	(0.08)			0.14
Total increase from investment operations(1)	1.54			0.83
Dividends declared from net investment income	(1.21)			(0.40)
Dividends declared from realized gains	(0.08)			—
Total dividends declared	(1.29)			(0.40)



Issuance of common stock	—			20.00




Net asset value at end of period	$	20.83		$	20.43
Shares outstanding at end of period	51,995,302			34,693,370
Net assets at end of period	$	1,083,298		$	708,891
Average net assets	$	973,609		$	495,338
Ratio of total expenses, prior to waiver of base management fee, to average net assets (annualized)(2)(3)	5.25		%	3.54		%
Ratio of total expenses, net of base management fee waived, to average net assets (annualized)(2)(3)	5.25		%	2.77		%
Ratio of net investment income to average net assets (annualized)(2)(3)	9.30		%	9.48		%
Portfolio turnover ratio (annualized)	11.79		%	11.18		%
Total return(4)	7.56		%	4.16		%

(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.

(3)Reflects annualized amounts. For the period from May 10, 2021 (commencement of operations) to September 30, 2021, reflects annualized amounts except in the case of non-recurring expenses (e.g. initial organization expenses and offering costs).

(4)Total return is calculated as the change in net asset value (“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. For purposes of the total return calculation for the period for the period from May 10, 2021 (commencement of operations) to September 30, 2021, beginning NAV is assumed to be the first share issuance at $20.00 per share.

9. SUBSEQUENT EVENTS

Subsequent to September 30, 2022, the Company made approximately $162.6 million of new commitments, of which $129.1 million closed and funded. The $129.1 million of investments consists of $128.3 million of first lien senior secured debt investments and $0.8 million of equity investments. The weighted average yield of the debt investments was 9.7%. In addition, the Company funded $19.5 million of previously committed delayed draw term loans.

Subsequent to September 30, 2022, the Company placed its debt investment in Core Scientific Inc. (“Core Scientific”) on non-accrual status effective with the monthly payment due October 31, 2022. As a result, under U.S. GAAP, the Company will no longer recognize interest income on its debt investment in Core Scientific for financial reporting purposes.

On October 3, 2022, the Company issued and sold 153,576.57 shares of its common stock, for an aggregate offering price of $3.2 million at a price per share of $20.83, 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

On October 13, 2022, the Board declared regular monthly distributions for October 2022 through December 2022. The regular monthly cash distributions, each in the gross amount of $0.15 per share are payable on October 28, 2022, November 29, 2022, and December 29, 2022 to stockholders of record on October 26, 2022, November 25, 2022, and December 27, 2022, respectively.

On November 10, 2022, the Board declared regular monthly distributions for January 2022 through March 2023. The regular monthly cash distributions, each in the gross amount of $0.155 per share are payable on January 30, 2023, February 27, 2023 and March 29, 2023, to stockholders of record on January 26, 2023, February 24, 2023 and March 27, 2023, respectively.

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 September 30, 2022, 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, 2021. 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, 2021 and in Item 1A entitled "Risk Factors" in Part II of our subsequently filed Quarterly Reports on Form 10-Q. 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; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises, such as the ongoing COVID-19 pandemic, on our or our portfolio companies’ business and the U.S. and global economy; 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 expect to elect 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 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. 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. To a lesser extent, we may make investments in syndicated loan opportunities for cash management and other purposes, which includes but is not limited to maintaining more liquid investments to manage our share repurchase program.

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.

The investments in the Initial Portfolio were selected based upon our defined investment objective, amount and type of unfunded obligations associated with each investment and the investment requirements set forth under the 1940 Act or otherwise imposed by applicable laws, rules or regulations, including in accordance with our election to be treated as a RIC for tax purposes.

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 private debt investments are negotiated directly with the borrower, rather than marketed by a third party or bought and sold in the secondary market. We believe senior secured private debt investments may offer higher returns and certain more favorable protections than syndicated senior secured loans. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Terms of our senior secured private debt investments are generally between five and seven years and bear interest between the London Interbank Offered Rate (“LIBOR”) (or an applicable successor rate) plus 450 basis points and LIBOR plus 650 basis points per annum. As of September 30, 2022 and December 31, 2021, the weighted average yield on the principal amount of our outstanding debt investments was approximately 8.6% and 6.6%, respectively.

~~COVID-19 Developments~~Forward-Looking Statements

~~During~~Some of the ~~six months ended June 30, 2022, the Coronavirus~~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 ~~COVID-19 pandemic continued to have an impact on the U.S. and global economies. To the extent the Company’s~~prospects of our portfolio companies, are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company’s future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of the Company’s portfolio companies.

~~8. FINANCIAL HIGHLIGHTS~~

~~The following is a schedule of financial highlights for the six months ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 30, 2021:~~

Six Months Ended For the period from May 10, 2021 (commencement of operations) to
($ in thousands, except share and per share amounts) June 30, 2022 June 30, 2021
Per share data:
Net asset value at beginning of period $ 20.58 $ —
Net investment income(1) 0.95 0.21
Net realized loss on investments / foreign currency transactions(1) 0.03 (0.04)
Net unrealized appreciation on investments / foreign currency transactions(1) — 0.17
Total increase from investment operations(1) 0.98 0.34
Dividends declared from net investment income (0.77) —
Dividends declared from realized gains (0.08) —
Total dividends declared (0.85) —
Issuance of common stock — 20.00
Other(2) 0.06 —
Net asset value at end of period $ 20.77 $ 20.34
Shares outstanding at end of period 51,594,967 22,500,000
Net assets at end of period $ 1,071,862 $ 457,744
Average net assets $ 917,222 $ 452,012
Ratio of total expenses, to average net assets (annualized)(3)(4) 4.41 % 3.30 %
Ratio of net investment income to average net assets (annualized)(3)(4) 9.51 % 7.49 %
Portfolio turnover ratio (annualized) 6.45 % 1.56 %
Total return(5) 5.06 % 1.70 %

~~(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)Represents~~ the impact of the ~~different share amounts used in calculating per share data as a result~~investments that we expect to make, the ability of ~~calculating certain per share data based upon~~our portfolio companies to achieve their objectives, our expected financings and investments, the ~~weighted average basic shares outstanding during the period~~adequacy of our cash resources and ~~certain per share data based on the shares outstanding as of a period end or transaction date.~~

~~(3)Does not include expenses of underlying investment companies.~~

~~(4)~~Reflects annualized amounts. For the period from May 10, 2021 (commencement of operations) to June 30, 2021, reflects annualized amounts except in the case of non-recurring expenses (e.g. initial organization expenses and offering costs).

~~(5)~~Total return is calculated as the change in net asset value (“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. For purposes of the total return calculation for the period for the period from May 10, 2021 (commencement of operations) to June 30, 2021, beginning NAV is assumed to be the first share issuance at $20.00 per share.

~~Barings Private Credit Corporation~~

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

~~9. SUBSEQUENT EVENTS~~

~~Subsequent to June 30, 2022, the Company~~ ~~made approximately~~ $224.5 million of new commitments, of which $164.5 million closed and funded. The $164.5 million of investments consists of $147.3 million of first lien senior secured debt investments, $16.2 million of second lien senior secured and subordinated debt investments and $1.0 million of equity investments. The weighted average yield of the debt investments was 8.4%. In addition, the Company funded $10.7 million of previously committed delayed draw term loans.

On July 1, 2022, the Company issued and sold 205,199.808 shares of its common stock, for an aggregate offering price of $4.3 million at a price per share of $20.77, 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 Companyworking capital, and the ~~participating investors in connection with~~timing of cash flows, if any, from the ~~Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.~~

~~On August 9, 2022, the Board declared a quarterly distribution of $0.44 per share payable on September 29, 2022 to holders of record as of September 27, 2022.~~

~~Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.~~

~~The following discussion is designed to provide a better understanding~~operations of our ~~unaudited consolidated financial~~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 ~~for~~include these words. Readers are cautioned that the three and six months ended June 30, 2022, 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 readforward-looking statements contained in ~~conjunction with the Unaudited Consolidated Financial Statements and the notes thereto included in Item 1 of~~ this Quarterly Report ~~on Form 10-Q,~~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 ~~Consolidated Financial Statements and notes thereto and Management’s Discussion and Analysis~~forward-looking statements for any reason, including the items discussed herein, in Item 1A entitled "Risk Factors" in Part I of ~~Financial Condition and Results of Operations contained in~~ our Annual Report on Form 10-K for the year ended December 31, ~~2021. Historical~~2021 and in Item 1A entitled "Risk Factors" in Part II of our subsequently filed Quarterly Reports on Form 10-Q. Other factors that could cause our actual results and ~~percentage relationships among~~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; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises, such as the ongoing COVID-19 pandemic, on our or our portfolio companies’ business and the U.S. and global economy; 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 ~~amounts~~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 ~~financial statements~~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 are a non-exchange traded, privately offered perpetual-life BDC, which is a BDC whose shares are not ~~necessarily indicative~~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 ~~trends~~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 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. 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 ~~results~~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. To a lesser extent, we may make investments in syndicated loan opportunities for cash management and other purposes, which includes but is not limited to maintaining more liquid investments to manage our share repurchase program.

Formation Transactions/Initial Portfolio

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 ~~future periods.~~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.

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, 2021 and in Item 1A entitled "Risk Factors" in Part II of our subsequently filed Quarterly Reports on Form 10-Q. 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; the interest rate environment or conditions affecting the financial and capital ~~markets, including with respect to changes from~~markets; the impact of global health crises, such as the ~~COVID-19 pandemic; the length and duration of the COVID-19 outbreak in the United States as well as worldwide and the magnitude of the economic impact of that outbreak; the effect of the~~ongoing COVID-19 pandemic, on our or our portfolio companies’ business ~~prospects~~ and the ~~prospects of~~U.S. and global economy; our, or our portfolio ~~companies, including our and their ability to achieve our respective objectives; the effect of the disruptions caused by the COVID-19 pandemic on our ability to continue to effectively manage our~~companies’, future business, ~~and on the availability of equity and debt capital and our use of borrowed money to finance a portion of our investments;~~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

Formation Transactions/Initial Portfolio

method or, in some cases, recognized as earned. Terms of our senior secured private debt investments are generally between five and seven years and bear interest between the London Interbank Offered Rate (“LIBOR”) (or an applicable successor rate) plus 450 basis points and LIBOR plus 650 basis points per annum. As of ~~June~~September 30, 2022 and December 31, 2021, the weighted average yield on the principal amount of our outstanding debt investments ~~other than non-accrual debt investment~~ was approximately ~~7.5%~~8.6% and 6.6%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investment) was approximately 7.5% and 6.6% as of June 30, 2022 and December 31, 2021, respectively.

COVID-19 Developments

The spread of the Coronavirus and the COVID-19 pandemic, and the related effect on the U.S. and global economies, has had adverse consequences for the business operations of some of our portfolio companies but no longer adversely affects our operations and the operations of Barings, including with respect to us. Barings continues to monitor the COVID-19 situation globally and is prepared to adapt office working patterns as required to ensure the safety of its employees and clients who visit Barings office locations. Barings’ cybersecurity policies are applied consistently when working remotely or in the office.

We will continue to monitor the situation relating to the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities and may take additional actions based on their recommendations. In these circumstances, there may be developments outside our control requiring us to adjust our plan of operation. As such, given the dynamic nature of this situation, we cannot reasonably estimate the impacts of COVID-19 on our financial condition, results of operations or cash flows in the future. However, to the extent our portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on our future net investment income, the fair value of our portfolio investments, our financial condition and the results of operations and financial condition of our portfolio companies.

Relationship with Our Adviser, Barings

Our Adviser, Barings, a wholly-owned subsidiary of MassMutual, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Advisers Act. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our Board of Directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings' ~~$274.4~~$264.0 billion Global Fixed Income Platform 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. BIIL is an investment adviser registered with the SEC in the U.S. and the Financial Conduct Authority in the United Kingdom with its principal office located in London. As of ~~June~~September 30, 2022, BIIL had approximately ~~£16.7~~£16.5 billion in assets under management.

Among other things, Barings (i) determines the composition of our portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by us; (iii) executes, closes, services and monitors the investments that we make; (iv) determines the securities and other assets that we will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides us with such other investment advisory, research and related services as we may, from time to time, reasonably require for the investment of our funds.

Under the terms of the Administration Agreement, Barings has agreed to perform (or oversee, or arrange for, the performance of) the administrative services necessary for our operation, including, but not limited to, office facilities, equipment, clerical, bookkeeping and record keeping services at such office facilities and such other services as Barings, subject to review by the Board, will from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Barings will also, on our behalf and subject to the Board’s oversight, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. Barings is responsible for the financial and other records that we are required to maintain and will prepare all reports and other materials required to be filed with the SEC or any other regulatory authority.

Expense Payment that Barings commits to pay must be paid by Barings to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment is made in writing, and/or offset against amounts due from us to Barings or its affiliates. If Barings elects to pay certain of our expenses, Barings will be entitled to reimbursement of such expenses from us if Available Operating Funds exceed the cumulative distributions accrued to our stockholders, subject to the terms of the Expense Support Agreement.

Portfolio Investment Composition

The total fair value of our investment portfolio was ~~$1,774.3~~$1,905.5 million and $1,397.6 million as of ~~June~~September 30, 2022 and December 31, 2021, respectively. As of ~~June~~September 30, 2022, we had investments in ~~245~~259 portfolio companies with an aggregate cost of ~~$1,798.4~~$1,950.1 million. As of December 31, 2021, we had investments in 219 portfolio companies with an aggregate cost of $1,396.5 million. As of ~~June~~September 30, 2022 and December 31, 2021, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.

As of ~~June~~September 30, 2022 and December 31, 2021, our 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
June 30, 2022:
September 30, 2022:										September 30, 2022:
Senior debt and 1st lien notes	Senior debt and 1st lien notes	$	1,470,610	82	%	$	1,437,081	81	%	Senior debt and 1st lien notes	$	1,591,139	82	%	$	1,535,665	81	%
Subordinated debt and 2nd lien notes	Subordinated debt and 2nd lien notes	152,069		8		148,049		8		Subordinated debt and 2nd lien notes	166,123		9		161,729		8
Structured products	Structured products	25,267		1		24,525		1		Structured products	24,557		1		22,365		1
Equity shares	Equity shares	99,082		6		118,552		7		Equity shares	121,675		6		146,975		8

Equity warrants										Equity warrants	4		—		—		—
Investment in joint ventures	Investment in joint ventures	51,341		3		46,089		3		Investment in joint ventures	46,570		2		38,726		2

		$	1,798,369	100	%	$	1,774,296	100	%		$	1,950,068	100	%	$	1,905,460	100	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
December 31, 2021:
Senior debt and 1st lien notes	1,144,755		82	%	1,141,252		82	%
Subordinated debt and 2nd lien notes	113,999		8		114,779		8
Structured products	19,261		2		19,566		2
Equity shares	72,534		5		75,040		5

Investment in joint ventures	45,969		3		47,011		3

	$	1,396,518	100	%	$	1,397,648	100	%

Investment Activity

During the ~~six~~nine months ended ~~June~~September 30, 2022, we made new investments totaling ~~$314.2~~$516.6 million, made additional investments in existing portfolio companies totaling ~~$166.4~~$221.7 million, and made additional investments in existing joint venture equity portfolio companies totaling $8.9 million. We had 2030 loans repaid at par totaling ~~$71.1~~$139.2 million and received ~~$6.9~~$32.9 million of portfolio company principal payments and sale proceeds, recognizing a net loss on these transactions of ~~$2.5~~$9.5 million. In addition, we received ~~$3.5~~$8.3 million of return of capital from one of our joint ventures.

~~For~~During the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021, we purchased the Initial Portfolio from MassMutual and CM Life for an aggregate purchase price of $602.8 million, ~~and~~ made new investments totaling ~~$69.1 million.~~$223.9 million, made additional investments in existing portfolio companies purchased from MassMutual and CM Life totaling $71.9 million, made new joint venture equity investments totaling $39.3 million and made a $63.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies. We had ~~two~~16 loans repaid at par totaling ~~$8.6~~$80.5 million and received ~~$1.3~~$3.1 million of portfolio company principal payments.

8084

Total portfolio investment activity for the ~~six~~nine months ended ~~June~~September 30, 2022 and for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021 was as follows:


Six Months Ended June 30, 2022: ($ in thousands)		Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Structured Products		Equity Shares		Investment in Joint Ventures		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		Investment in Joint Ventures		Total
Fair value, beginning of period	Fair value, beginning of period	$	1,141,252	$	114,779	$	19,566	$	75,040	$	47,011	$	1,397,648	Fair value, beginning of period	$	1,141,252	$	114,779	$	19,566	$	75,040	$	—	$	47,011	$	1,397,648
New investments	New investments	409,918		38,158		6,000		26,547		8,859		489,482		New investments	628,306		54,870		6,000		49,041		4		8,859		747,080

Proceeds from sales of investments	Proceeds from sales of investments	1,633		—		—		—		(3,487)		(1,854)		Proceeds from sales of investments	(16,368)		(573)		—		—		—		(8,257)		(25,198)
Loan origination fees received	Loan origination fees received	(9,866)		(647)		—		—		—		(10,513)		Loan origination fees received	(14,239)		(829)		—		—		—		—		(15,068)
Principal repayments received	Principal repayments received	(79,339)		(361)		—		—		—		(79,700)		Principal repayments received	(153,457)		(1,003)		(714)		—		—		—		(155,174)
Payment-in-kind interest		1,191		733		—		—		—		1,924
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	19		23		7		—		—		49		Accretion of loan premium/discount	75		64		10		—		—		—		149
Accretion of deferred loan origination revenue	Accretion of deferred loan origination revenue	4,814		176		—		—		—		4,990		Accretion of deferred loan origination revenue	7,840		291		—		—		—		—		8,131
Realized loss	Realized loss	(2,514)		(11)		—		—		—		(2,525)		Realized loss	(7,596)		(1,894)		—		—		—		—		(9,490)
Unrealized appreciation (depreciation)	Unrealized appreciation (depreciation)	(30,027)		(4,801)		(1,048)		16,965		(6,294)		(25,205)		Unrealized appreciation (depreciation)	(51,971)		(5,175)		(2,497)		22,794		(4)		(8,887)		(45,740)
Fair value, end of period	Fair value, end of period	$	1,437,081	$	148,049	$	24,525	$	118,552	$	46,089	$	1,774,296	Fair value, end of period	$	1,535,665	$	161,729	$	22,365	$	146,975	$	—	$	38,726	$	1,905,460


For the period from May 10, 2021 (commencement of operations) to June 30, 2021: ($ in thousands)		Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Equity Shares		Total
For the period from May 10, 2021 (commencement of operations) to September 30, 2021: ($ in thousands)										For the period from May 10, 2021 (commencement of operations) to September 30, 2021: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Equity Shares		Investment in Joint Ventures		Short-term Investments		Total
Fair value, beginning of period	Fair value, beginning of period	$	—	$	—	$	—	$	—	Fair value, beginning of period	$	—	$	—	$	—	$	—	$	—	$	—
New investments	New investments	66,184		1,454		1,501		69,139		New investments	282,527		10,580		66,180		39,320		152,000		550,607
Investments purchased from MassMutual	Investments purchased from MassMutual	496,205		106,633		—		602,838		Investments purchased from MassMutual	496,205		106,633		—		—		—		602,838

Loan origination fees received	Loan origination fees received	(1,885)		(22)		—		(1,907)		Loan origination fees received	(7,039)		(170)		—		—		—		(7,209)
Principal repayments received	Principal repayments received	(5,486)		(4,476)		—		(9,962)		Principal repayments received	(45,930)		(37,622)		—		—		—		(83,552)
Payment-in-kind interest earned	Payment-in-kind interest earned	20		—		—		20		Payment-in-kind interest earned	92		5		—		—		—		97
Accretion of loan discount	Accretion of loan discount	—		1		—		1		Accretion of loan discount	—		2		—		—		—		2
Accretion of deferred loan origination revenue	Accretion of deferred loan origination revenue	626		80		—		706		Accretion of deferred loan origination revenue	2,449		725		—		—		—		3,174
Realized gain	Realized gain	1		—		—		1		Realized gain	(46)		(69)		—		—		—		(115)
Unrealized appreciation (depreciation)	Unrealized appreciation (depreciation)	221		558		—		779		Unrealized appreciation (depreciation)	(3,146)		497		(20)		95		—		(2,574)
Fair value, end of period	Fair value, end of period	$	555,886	$	104,228	$	1,501	$	661,615	Fair value, end of period	$	725,112	$	80,581	$	66,160	$	39,415	$	152,000	$	1,063,268

Non-Accrual Assets

Generally, when interest and/or principal payments on a loan become past due, or if we otherwise do not expect the borrower to be able to service its debt and other obligations, we will place the loan on non-accrual status and will generally cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to a restructuring such that the interest income is deemed to be collectible. As of ~~June~~both September 30, 2022 ~~we had one portfolio company with investments on non-accrual, the fair value of which was $0.6 million, which comprised 0.0% of the total fair value of our portfolio,~~ and ~~the cost of which was $2.5 million, which comprised 0.1% of the total cost of our portfolio. As of~~ December 31, 2021, we had no non-accrual assets.

~~A summary of our non-accrual assets as of June 30, 2022 is provided below:~~

~~Dunn Paper, Inc.~~

During the quarter ended June 30, 2022, we placed our debt investment in Dunn Paper Inc., or Dunn Paper, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Dunn Paper for financial reporting purposes. As of June 30, 2022, the cost of our debt investment in Dunn Paper was $2.5 million and the fair value of such investment was $0.6 million.

8185

Results of Operations

For the three and ~~six~~nine months ended ~~June~~September 30, 2022 and for the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021

Operating results for the three and ~~six~~nine months ended ~~June~~September 30, 2022 and for the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021 were as follows:


		Three Months Ended		For the period from May 10, 2021 (commencement of operations) to		Six Months Ended		For the period from May 10, 2021 (commencement of operations) to			Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	($ in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021		($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Investment income:	Investment income:									Investment income:

Total investment income	Total investment income	$	34,563	$	6,813	$	63,854	$	6,813	Total investment income	$	42,338	$	16,967	$	106,192	$	23,780

Total operating expenses	Total operating expenses	11,775		2,106		20,234		2,106		Total operating expenses	18,185		4,825		38,419		6,931

Base management fee waived										Base management fee waived	—		(1,489)		—		(1,489)
Net operating expenses										Net operating expenses	18,185		3,336		38,419		5,442
Net investment income before taxes	Net investment income before taxes	22,788		4,707		43,620		4,707		Net investment income before taxes	24,153		13,631		67,773		18,338
Income taxes, including excise tax expense	Income taxes, including excise tax expense	3		—		3		—		Income taxes, including excise tax expense	(116)		—		(112)		—
Net investment income after taxes	Net investment income after taxes	22,785		4,707		43,617		4,707		Net investment income after taxes	24,269		13,631		67,885		18,338

Net realized gains (losses)	Net realized gains (losses)	1,081		(810)		1,353		(810)		Net realized gains (losses)	5,811		340		7,164		(470)

Net unrealized appreciation (depreciation)	Net unrealized appreciation (depreciation)	(11,490)		3,906		129		3,906		Net unrealized appreciation (depreciation)	(4,140)		(426)		(4,010)		3,479
Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions	Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions	(10,409)		3,096		1,482		3,096		Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions	1,671		(86)		3,154		3,009

Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	$	12,376	$	7,803	$	45,099	$	7,803	Net increase in net assets resulting from operations	$	25,940	$	13,545	$	71,039	$	21,347

Net increases or decreases in net assets resulting from operations can vary substantially from period to period due to various factors, including recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net changes in net assets resulting from operations may not be meaningful.

Investment Income


		Three Months Ended		For the period from May 10, 2021 (commencement of operations) to		Six Months Ended		For the period from May 10, 2021 (commencement of operations) to			Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	($ in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021		($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Investment income:	Investment income:									Investment income:

Total interest income	Total interest income	$	26,394	$	5,953	$	47,865	$	5,953	Total interest income	$	33,003	$	11,877	$	80,867	$	17,831

Total dividend income	Total dividend income	3,368		—		7,791		—		Total dividend income	3,996		2,227		11,787		2,227

Total fee and other income	Total fee and other income	4,273		823		6,274		823		Total fee and other income	4,077		2,766		10,351		3,588

Total payment-in-kind interest income	Total payment-in-kind interest income	528		37		1,924		37		Total payment-in-kind interest income	1,259		97		3,183		134

Interest income from cash										Interest income from cash	3		—		4		—
Total investment income	Total investment income	$	34,563	$	6,813	$	63,854	$	6,813	Total investment income	$	42,338	$	16,967	$	106,192	$	23,780

The change in investment income for the three and ~~six~~nine months ended ~~June~~September 30, 2022, as compared to the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, ~~2022,~~2021, was primarily due to an increase in the average size our portfolio from higher base rates, an increase in the weighted average yield on the portfolio, increased dividends from portfolio companies and joint venture investments, an increase in acceleration of unamortized OID and unamortized loan origination fee income associated with repayments of loans and increased payment-in-kind (“PIK”) interest income. The amount of our outstanding debt investments was ~~$1,650.4~~$1,764.0 million as of ~~June~~September 30, 2022, as compared to ~~$671.5~~$820.1 million as of ~~June~~September 30, 2021. The weighted average yield on the principal amount of our outstanding debt investments ~~other than non-accrual debt investments~~ was ~~7.5%~~8.6% as of ~~June~~September 30, 2022, as compared to ~~6.8%~~6.6% as of ~~June~~September 30, 2021. For the three and ~~six~~nine months ended ~~June~~September 30, 2022, dividends from portfolio companies and joint venture investments were ~~$3.4~~$4.0 million and ~~$7.8~~$11.8 million, respectively. For the three and ~~six~~nine months ended ~~June~~September 30, 2022, acceleration of unamortized OID income and unamortized loan origination fee totaled ~~$1.7~~$1.4 million and ~~$1.8~~$3.2 million, respectively, as compared to ~~$13,991~~$1.1 million for both the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to September 30, 2021. For the three and nine months ended September 30, 2022, PIK interest income was $1.3 million and $3.2 million, respectively, as compared to $97,000 and $134,000 for the three months ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, ~~2021. For the three and six months ended June 30, 2022, PIK interest income was $0.5 million and $1.9 million, respectively, as compared to $37,000 for the period from May 10,~~ 2021, ~~(commencement of operations) to June 30, 2021.~~respectively.

8286

~~Operating Expenses~~Base Management Fee

Three Months Ended For the period from
May 10, 2021
(commencement of
operations) to Six Months Ended For the period from
May 10, 2021
(commencement of
operations) to
($ in thousands) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021
Operating expenses:
Interest and other financing fees $ 7,446 $ 894 $ 12,522 $ 894
Base management fees 2,850 687 5,018 687
Other general and administrative expenses 1,479 525 2,694 525
Total operating expenses $ 11,775 $ 2,106 $ 20,234 $ 2,106
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).

~~Interest~~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 ~~Other Financing Fees~~

~~Interest~~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 ~~financing fees during~~similar cash equivalent investments maturing within one year of purchase.

For the three and ~~six~~nine months ended ~~June~~September 30, 2022, ~~were attributable to borrowings under~~ the ~~Revolving Credit Facility,~~Base Management Fee determined in accordance with the ~~July 2026 Notes~~terms of the Advisory Agreement was $3.2 million and $8.3 million, respectively. For the ~~May 2027 Notes (each as defined below under “Financial Condition, Liquidity~~three months ended September 30, 2021 and ~~Capital Resources”). Interest and other financing fees~~ for the period from May 10, 2021 (commencement of operations) to ~~June~~September 30, 2021, the Base Management Fee determined in accordance with the terms of the Advisory Agreement was $1.5 million and $2.2 million, respectively. The Adviser voluntarily agreed to waive the Base Management Fee of $1.5 million for the three months ended September 30, 2021, which resulted in a net Base Management Fee of $0.7 million for the period from May 10, 2021 (commencement of operations) to September 30, 2021 after taking into account the waiver. Any portion of the Base Management Fee waived is not subject to recoupment in subsequent periods. As of September 30, 2022, the Base Management Fee of $3.2 million for the quarter ended September 30, 2022 was unpaid and included in “Base management fees payable” in the accompanying Unaudited

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.

The calculation of the Incentive Fee for each quarter will be as follows:

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 other fees that the Company receives from portfolio companies, but excluding, for the avoidance of doubt, any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation) accrued during the period, minus the Company’s operating expenses accrued during the period (including, without limitation, the base management fee, administration expenses, any interest expense and dividends paid on any issued and outstanding preferred stock and the incentive fee) in respect of the Trailing Twelve Months less (b) any Net Capital Loss (if positive), in respect of the Trailing Twelve Months, divided by (2) the average of the Company’s net asset values measured at the beginning of each quarter in the Trailing Twelve Months.

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 $2.1 million. For the three months ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021, the Company did not incur any Incentive Fees.

Payment of Expenses

•organizational and offering expenses;

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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

•all other expenses of the Company’s operations and transactions, including those listed in the Advisory Agreement.

Sub-Advisory Agreement

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.

This Sub-Advisory Agreement will continue in effect for two years from its initial effective date, May 13, 2021, and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (1) the vote of the Board, or by the vote of a majority of the Company’s outstanding voting securities, and (2) the vote of a majority of the 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 September 30, 2022, BIIL had approximately £16.5 billion in assets under management.

Administration Agreement

The costs and expenses incurred by the Administrator on behalf of the Company under the Administration Agreement include, but are not limited to:

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

• the allocable portion of the salaries, bonuses, benefits and expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by such personnel in connection with performing administrative services for the Company under the Administration Agreement;

• all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and

For the three and nine months ended September 30, 2022, the Company incurred and was invoiced by the Administrator expenses of approximately $0.5 million and $1.4 million, respectively, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. For both the three months ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021, the Company incurred and was invoiced by the Administrator expenses of approximately $0.2 million, which amounts are included in “General and administrative expenses” in the accompanying Unaudited Consolidated Statements of Operations. As of September 30, 2022, administrative expenses of $0.5 million incurred during the three months ended September 30, 2022 were unpaid and included in “Administrative fees payable” in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2021, administrative expenses of $0.3 million incurred during the three months ended December 31, 2021 were unpaid and included in “Administrative fees payable” in the accompanying Consolidated Balance Sheet.

Expense Support and Conditional Reimbursement Agreement

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

There were no Expense Payments or Reimbursement Payments made during the three and nine months ended September 30, 2022, or for the period from May 10, 2021 (commencement of operations) to September 30, 2021.

3. INVESTMENTS

Portfolio Composition

The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and PIK interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, as of September 30, 2022 and December 31, 2021 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, 2022:
Senior debt and 1st lien notes	$	1,591,139	82	%	$	1,535,665	81	%	142	%
Subordinated debt and 2nd lien notes	166,123		9		161,729		8		15
Structured products	24,557		1		22,365		1		2
Equity shares	121,675		6		146,975		8		14
Equity warrants	4		—		—		—		—
Investment in joint ventures	46,570		2		38,726		2		3

	$	1,950,068	100	%	$	1,905,460	100	%	176	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value	Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2021:
Senior debt and 1st lien notes	1,144,755		82	%	1,141,252	82	%	137	%
Subordinated debt and 2nd lien notes	113,999		8		114,779	8		14
Structured products	19,261		2		19,566	2		2
Equity shares	72,534		5		75,040	5		9

Investment in joint ventures	45,969		3		47,011	3		6

	$	1,396,518	100	%	1,397,648	100	%	168	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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.

During the three months ended September 30, 2021, the Company made new investments totaling $129.9 million, made investments in existing portfolio companies totaling $96.9 million, made new joint venture equity investments totaling $39.3 million and made a $63.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies. During the period from May 10, 2021 (commencement of operations) to September 30, 2021, the Company purchased the Initial Portfolio from MassMutual and CM Life for an aggregate purchase price of $602.8 million, made new investments totaling $223.9 million, made additional investments in portfolio companies purchased from MassMutual and CM Life totaling $71.9 million, made new joint venture equity investments totaling $39.3 million and made a $63.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies.

Industry Composition

The industry composition of investments at fair value at September 30, 2022 and December 31, 2021, excluding short-term investments, was as follows:


($ in thousands)	September 30, 2022				December 31, 2021
Aerospace and Defense	$	79,193	4.2	%	$	49,184	3.5	%
Automotive	52,584		2.8		51,013		3.7
Banking, Finance, Insurance and Real Estate	200,462		10.5		153,347		11.0
Beverage, Food and Tobacco	21,981		1.2		18,900		1.3
Capital Equipment	37,232		2.0		23,589		1.7
Chemicals, Plastics, and Rubber	31,458		1.7		12,880		0.9
Construction and Building	21,395		1.1		18,783		1.3
Consumer Goods: Durable	30,027		1.6		16,562		1.2
Consumer Goods: Non-durable	34,940		1.8		35,762		2.6
Containers, Packaging and Glass	47,764		2.5		19,518		1.4



Environmental Industries	59,027		3.1		9,440		0.7
Forest Products and Paper	—		—		2,176		0.2
Healthcare and Pharmaceuticals	165,669		8.7		133,275		9.5
High Tech Industries	320,573		16.8		253,273		18.1
Hotel, Gaming and Leisure	14,125		0.7		9,571		0.7
Investment Funds and Vehicles	41,928		2.2		47,011		3.4
Media: Advertising, Printing and Publishing	26,671		1.4		21,493		1.5
Media: Broadcasting and Subscription	3,787		0.2		5,304		0.4
Media: Diversified and Production	33,836		1.8		24,082		1.7
Metals and Mining	7,425		0.4		—		—

Services: Business	374,849		19.6		277,455		19.9
Services: Consumer	95,737		5.0		63,838		4.6
Structured Products	8,548		0.4		9,811		0.7
Telecommunications	21,238		1.1		12,588		0.9
Transportation: Cargo	124,339		6.5		109,154		7.8
Transportation: Consumer	44,922		2.4		18,392		1.3
Utilities: Electric	5,750		0.3		1,247		0.1


Total	$	1,905,460	100.0	%	$	1,397,648	100.0	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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, 2022. As of September 30, 2022, 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, 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 Statement 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, 2022, Thompson Rivers had $1.2 billion in Ginnie Mae early buyout loans and $203.5 million in cash. As of December 31, 2021, Thompson Rivers had $3.1 billion in Ginnie Mae early buyout loans and $220.6 million in cash. As of September 30, 2022, Thompson Rivers had 6,913 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%. As of December 31, 2021, Thompson Rivers had 15,617 outstanding loans with an average unpaid balance of $0.2 million and weighted average coupon of 4.0%.

As of September 30, 2022 and December 31, 2021, 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, 2022:
Federal Housing Administration (“FHA”) loans	$	1,119,118	91	%	$	1,046,632	91	%
Veterans Affairs (“VA”) loans	112,609		9		105,378		9

	$	1,231,727	100	%	$	1,152,010	100	%
December 31, 2021:
Federal Housing Administration (“FHA”) loans	$	2,799,869	93	%	$	2,839,495	93	%
Veterans Affairs (“VA”) loans	224,660		7		223,540		7
	$	3,024,529	100	%	$	3,063,035	100	%

Thompson Rivers’ repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $284.8 million and $694.8 million outstanding as of September 30, 2022 and December 31, 2021, respectively. Thompson Rivers’ repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $546.3 million and $1,245.2 million outstanding as of September 30, 2022 and December 31, 2021, respectively. Thompson Rivers’ repurchase agreement with Barclays Bank, which is non-recourse to the Company, had approximately $241.5 million and $933.1 million outstanding as of September 30, 2022 and December 31, 2021, respectively.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of September 30, 2022 and December 31, 2021, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 2022			As of December 31, 2021
Total contributed capital by Barings Private Credit Corporation(1)	$	32,226		$	32,249
Total contributed capital by all members	$	482,083	(2)	$	482,120	(3)

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 of total contributed capital by related parties.

(3)Includes dividend re-investments of $32.1 million and $209.5 million 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, of which approximately $22.5 million has been funded as of September 30, 2022. As of September 30, 2022, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, of which $112.6 million (including $14.0 million of recallable return of capital) has been funded.

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 Statement of Operations.

As of September 30, 2022, Waccamaw River had $169.1 million in unsecured consumer loans and $11.5 million in cash. As of December 31, 2021, Waccamaw River had $60.8 million in unsecured consumer loans and $4.9 million in cash. As of September 30, 2022, Waccamaw River had 15,017 outstanding loans with an average loan size of $11,649, remaining average life to maturity of 44.7 months and weighted average interest rate of 11.6%. As of December 31, 2021, Waccamaw River had 5,500 outstanding loans with an average loan size of $11,280, remaining average life to maturity of 46.5 months and weighted average interest rate of 10.9%.

Waccamaw River's secured loan borrowing with JPMorgan Chase Bank, N.A., which is non-recourse to the Company, had approximately $56.7 million outstanding as of September 30, 2022. Waccamaw River's secured loan borrowing with Barclays Bank PLC, which is non-recourse to the Company, had approximately $24.1 million outstanding as of September 30, 2022.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of September 30, 2022 and December 31, 2021, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 2022			As of December 31, 2021
Total contributed capital by Barings Private Credit Corporation	$	22,520		$	13,720
Total contributed capital by all members	$	126,620	(1)	$	82,620	(4)

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		$	11,280
Total unfunded commitments by all members	$	12,400	(3)	$	56,400	(5)

(1)Includes $79.9 million of total contributed capital by related parties.

(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.

(4)Includes $53.5 million of total contributed capital by related parties.

(5)Includes $33.8 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. As of September 30, 2022 and December 31, 2021, $4.4 million and $1.3 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.

Valuation of Investments

The Adviser conducts the valuation of the Company’s investments, upon which the Company’s net asset value 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 have been approved by the Board.

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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.

Investment Valuation Process

Independent Valuation

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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. Pursuant to these procedures, the Adviser determines in good faith whether the Company's investments were valued at fair value in accordance with the Company's valuation policies and procedures and the 1940 Act based on, among other things, the Company’s Audit Committee and the independent valuation firm.

Valuation Techniques

The Adviser’s valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser’s market assumptions. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security.

Valuation of Investment in Thompson Rivers and Waccamaw River

As 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 of each company and the Company’s ownership percentage as a practical expedient. The net asset value is determined in accordance with the specialized accounting guidance for investment companies.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Level 3 Unobservable Inputs

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company’s Level 3 debt and equity securities as of September 30, 2022 and December 31, 2021. The weighted average range of unobservable inputs is based on fair value of investments.

September 30, 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)

1,243,446

Yield Analysis

Market Yield

6.9% – 24.5%

10.5%

Decrease

5,583

Waterfall Approach

Enterprise Value Multiple

6.3x

Increase

36,372

Discounted Cash Flow Analysis

Discount Rate

9.5% – 12.9%

11.8%

Decrease

208,718

Recent Transaction

Transaction Price

96.8% – 100.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(2)

112,292

Yield Analysis

Market Yield

8.6% – 17.5%

12.3%

Decrease

7,572

Market Approach

Adjusted EBITDA Multiple

9.8x

Increase

8,807

Recent Transaction

Transaction Price

96.0% – 100.0%

98.0%

Increase

Structured products(3)

8,548

Discounted Cash Flow Analysis

Discount Rate

9.3%

Decrease

Equity shares

108,941

Market Approach

Adjusted EBITDA Multiple

6.5x – 43.0x

10.4x

Increase

12,054

Market Approach

Revenue Multiple

6.3x – 29.8x

18.9x

Increase

24,818

Recent Transaction

Transaction Price

$0.0 – $1,000

$692.80

Increase

Warrants

—

Market Approach

Adjusted EBITDA Multiple

7.0x – 18.5x

N/A

Increase

(1) Excludes investments with an aggregate fair value amounting to $4,973, 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, 2021

($ 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

636,184

Yield Analysis

Market Yield

5.1% – 26.5%

7.5%

Decrease

502,634

Recent Transaction

Transaction Price

97.0% – 99.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(1)

58,642

Yield Analysis

Market Yield

5.3% – 20.5%

9.6%

Decrease

28,607

Recent Transaction

Transaction Price

97.0% – 98.3%

98.0%

Increase

Equity shares

71,037

Market Approach

Adjusted EBITDA Multiple

6.5x – 54.0x

15.3x

Decrease

3,968

Recent Transaction

Transaction Price

$1.0 – $1,000

$134.24

Increase

The following table presents the Company’s investment portfolio at fair value as of September 30, 2022 and December 31, 2021, categorized by the ASC Topic 820 valuation hierarchy, as previously described:


	Fair Value as of September 30, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	36,573	$	1,499,092	$	1,535,665
Subordinated debt and 2nd lien notes	—		17,322		144,407		161,729
Structured products	—		8,608		13,757		22,365
Equity shares	96		1,066		145,813		146,975


Investments subject to leveling	$	96	$	63,569	$	1,803,069	$	1,866,734
Investment in joint ventures(1)							$	38,726
							$	1,905,460

	Fair Value as of December 31, 2021
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	2,434	$	1,138,818	$	1,141,252
Subordinated debt and 2nd lien notes	—		22,555		92,224		114,779
Structured products	—		19,566		—		19,566
Equity shares	35		—		75,005		75,040


Investments subject to leveling	$	35	$	44,555	$	1,306,047	$	1,350,637
Investment in joint ventures(1)							$	47,011
							$	1,397,648

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following table reconciles the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021:


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 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 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


For the period from May 10, 2021 to September 30, 2021 ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Equity Shares		Total
Fair value, beginning of period	$	—	$	—	$	—	$	—
New investments	280,081		10,580		66,180		356,841
Investments purchased from MassMutual	496,205		88,836		—		585,041

Loan origination fees received	(7,039)		(169)		—		(7,208)
Principal repayments received	(45,930)		(37,621)		—		(83,551)
Payment in kind interest	92		5		—		97


Accretion of deferred loan origination revenue	2,449		676		—		3,125
Realized gain	(46)		(69)		—		(115)
Unrealized appreciation (depreciation)	(3,137)		110		(20)		(3,047)
Fair value, end of period	$	722,675	$	62,348	$	66,160	$	851,183

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 Statement of Operations. 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. Pre-tax net unrealized depreciation on Level 3 investments of $2.4 million for the period from May 10, 2021 (commencement of operations) to September 30, 2021 was related to portfolio company investments that were still held by the Company as of September 30, 2021.

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 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, 2022, 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

Short-Term Investments

Short-term investments represent investments in money market funds.

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 September 30, 2022 and December 31, 2021, the Company had no non-accrual assets. 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

Fee Income

Fee income for the three and nine months ended September 30, 2022 and for the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to September 30, 2021 was as follows:


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Recurring Fee Income:
Amortization of loan origination fees	$	1,796	$	1,372	$	4,975	$	2,065
Management, valuation and other fees	464		90		1,283		130
Total Recurring Fee Income	2,260		1,462		6,258		2,195
Non-Recurring Fee Income:
Prepayment fees	230		156		241		156
Acceleration of unamortized loan origination fees	1,346		1,096		3,156		1,109
Advisory, loan amendment and other fees	241		52		696		128
Total Non-Recurring Fee Income	1,817		1,304		4,093		1,393
Total Fee Income	$	4,077	$	2,766	$	10,351	$	3,588

Offering Expenses

Other General and Administrative Expenses

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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.

Concentration of Credit Risk

As of September 30, 2022 and December 31, 2021, there were no individual investments representing greater than 10% of the fair value of the Company’s portfolio. As of September 30, 2022 and December 31, 2021, the Company’s largest single portfolio company investment represented approximately 5.1% and 5.0%, respectively, of the fair value of the Company’s portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses, 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, 2022, 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.

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 Statement 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 Statement 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 September 30, 2022 the Company held 17 investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 61 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 26 investments that were denominated in British pounds sterling. As of December 31, 2021, the Company held 14 investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 49 investments that were denominated in Euros, two investments that were denominated in Swiss francs, two investments that were denominated in Swedish krona, one investment that was denominated in New Zealand dollars and 22 investments that were denominated in British pounds sterling.

In addition, as of 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) - foreign currency transactions” and 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 Statement of Operations.

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) and certain built-in gains. The Company met its source of income, asset diversification and minimum distribution requirements for 2021 and continually monitors these requirements with the goal of ensuring compliance with the Code.

For federal income tax purposes, the cost of investments owned as of September 30, 2022 and December 31, 2021 was approximately $1,949.8 million and $1,396.2 million, respectively. As of September 30, 2022, net unrealized depreciation on the Company's investments (tax basis) was approximately $0.8 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $78.5 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $79.3 million. As of December 31, 2021, net unrealized appreciation on the Company’s investments (tax basis) was approximately $3.2 million, consisting of gross unrealized appreciation, where the fair value of the Company’s investments exceeds their tax cost, of approximately $12.4 million and gross unrealized depreciation, where the tax cost of the Company’s investments exceeds their fair value, of approximately $9.2 million.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

the Company’s Unaudited Consolidated Balance Sheet. As of September 30, 2022, the Company had a net deferred tax liability of $0.1 million pertaining to tax basis differences in the Taxable Subsidiary's investment in certain partnership interests.

5. BORROWINGS

The Company had the following borrowings outstanding as of September 30, 2022 and December 31, 2021:


Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of September 30, 2022	September 30, 2022		December 31, 2021
Credit Facility:
May 11, 2021	May 11, 2026	4.567%	$	693,017	524,825
Total Credit Facility			$	693,017	$	524,825
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%	95,254		—
July 26, 2022 - Series E Notes (1)	May 10, 2027	6.000%	52,066		—

(Less: Deferred financing fees)			(677)		(406)
Total Notes			$	296,643	$	149,594

(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 208.6% as of September 30, 2022.

Revolving Credit Facility

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 September 30, 2022, the Company was in compliance with all covenants of the Revolving Credit Facility.

As of September 30, 2022, the Company had U.S. dollar borrowings of $556.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 4.955% (one month SOFR of 2.577%), borrowings denominated in British pounds sterling of £30.2 million ($33.7 million U.S. dollars) with a weighted average interest rate of 3.606% (weighted average one month adjusted cumulative compounded SONIA of 1.274%), borrowings denominated in Australian dollars of A$12.1 million ($7.7 million U.S. dollars) with an interest rate of 4.441% (one month BBSW of 2.291%), borrowings denominated in Canadian dollars of C$5.4 million ($3.9 million U.S. dollars) with an interest rate of 5.623% (one month CDOR of 3.473%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($3.5 million U.S. dollars) with an interest rate of 5.560% (one month NZBB of 3.160%) and borrowings denominated in Euros of €89.6 million ($87.8 million U.S. dollars) with an interest rate of 2.405% (one month EURIBOR of 0.238%). 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 Statement of Operations.

As of September 30, 2022 and December 31, 2021, the fair value of the borrowings outstanding under the Revolving Credit Facility was $693.0 million and $524.8 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.

July 2026 Notes

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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.

As of September 30, 2022 and December 31, 2021, the fair value of the outstanding July 2026 Notes was $124.3 million and $147.9 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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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, 2022, the fair value of the outstanding May 2027 Notes was $137.7 million. The fair value determinations of the Series D Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the Series D Notes, on May 10, 2022, the Company entered into a $100.0 million notional value interest rate swap. The Company receives a fixed rate interest at 6.00% paid semi-annually and pays quarterly based on a compounded daily rate of SOFR plus 3.24500%. The swap transaction matures on May 10, 2027. The interest expense related to the Series D Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company’s Unaudited Consolidated Statements of Operations. As of September 30, 2022, the interest rate swap had a fair value of $(4.7) 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 asset or derivative liability 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, 2022, 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 asset or derivative liability 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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

6. DERIVATIVE INSTRUMENTS

The following tables present the Company's foreign currency forward contracts as of September 30, 2022 and December 31, 2021:

As of September 30, 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$62,055

$40,196

10/06/22

(281)

Derivative liability

Foreign currency forward contract (AUD)

$42,946

A$62,055

10/06/22

3,031

Derivative asset

Foreign currency forward contract (AUD)

$40,131

A$61,845

01/09/23

277

Derivative asset

Foreign currency forward contract (CAD)

C$1,652

$1,205

10/06/22

(3)

Derivative liability

Foreign currency forward contract (CAD)

$1,284

C$1,652

10/06/22

Derivative asset

Foreign currency forward contract (CAD)

$1,257

C$1,722

01/09/23

Derivative asset

Foreign currency forward contract (DKK)

7,318kr.

$964

10/06/22

(1)

Derivative liability

Foreign currency forward contract (DKK)

$1,026

7,318kr.

10/06/22

Derivative asset

Foreign currency forward contract (DKK)

$982

7,401kr.

01/09/23

Derivative asset

Foreign currency forward contract (EUR)

€171,045

$167,475

10/06/22

(144)

Derivative liability

Foreign currency forward contract (EUR)

$180,540

€171,045

10/06/22

13,209

Derivative asset

Foreign currency forward contract (EUR)

$169,009

€171,261

01/09/23

145

Derivative asset

Foreign currency forward contract (GBP)

£47,988

$53,040

10/06/22

375

Derivative asset

Foreign currency forward contract (GBP)

$58,269

£47,988

10/06/22

4,853

Derivative asset

Foreign currency forward contract (GBP)

$55,713

£50,397

01/09/23

(460)

Derivative liability

Foreign currency forward contract (NZD)

NZ$7,465

$4,257

10/06/22

(47)

Derivative liability

Foreign currency forward contract (NZD)

$4,646

NZ$7,465

10/06/22

436

Derivative asset

Foreign currency forward contract (NZD)

$4,348

NZ$7,622

01/09/23

Derivative asset

Foreign currency forward contract (NOK)

39,724kr

$3,719

10/06/22

(67)

Derivative liability

Foreign currency forward contract (NOK)

$4,060

39,724kr

10/06/22

409

Derivative asset

Foreign currency forward contract (NOK)

$3,544

37,988kr

01/09/23

Derivative asset

Foreign currency forward contract (SEK)

5,656kr

$505

10/06/22

Derivative asset

Foreign currency forward contract (SEK)

$560

5,656kr

10/06/22

Derivative asset

Foreign currency forward contract (SEK)

$512

5,694kr

01/09/23

(3)

Derivative liability

Foreign currency forward contract (CHF)

18,960Fr.

$19,388

10/06/22

(128)

Derivative liability

Foreign currency forward contract (CHF)

$19,957

18,960Fr.

10/06/22

697

Derivative asset

Foreign currency forward contract (CHF)

$19,491

18,873Fr.

01/09/23

122

Derivative asset

Total

22,716

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2021

($ 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$20,975

$15,076

01/06/22

171

Derivative asset

Foreign currency forward contract (AUD)

$15,106

A$20,975

01/06/22

(142)

Derivative liability

Foreign currency forward contract (AUD)

$15,068

A$20,961

04/08/22

(172)

Derivative liability

Foreign currency forward contract (CAD)

$749

$586

01/06/22

Derivative asset

Foreign currency forward contract (CAD)

$587

$749

01/06/22

(4)

Derivative liability

Foreign currency forward contract (CAD)

$633

$808

04/08/22

(6)

Derivative liability

Foreign currency forward contract (DKK)

2,141kr.

$326

01/06/22

Derivative asset

Foreign currency forward contract (DKK)

$335

2,141kr.

01/06/22

Derivative asset

Foreign currency forward contract (DKK)

$323

2,114kr.

04/08/22

(2)

Derivative liability

Foreign currency forward contract (EUR)

€47,857

$54,213

01/06/22

243

Derivative asset

Foreign currency forward contract (EUR)

$55,239

€47,857

01/06/22

783

Derivative asset

Foreign currency forward contract (EUR)

$111,330

€98,201

04/08/22

(634)

Derivative liability

Foreign currency forward contract (GBP)

£8,817

$11,744

01/06/22

197

Derivative asset

Foreign currency forward contract (GBP)

£2,000

$2,664

01/07/22

Derivative asset

Foreign currency forward contract (GBP)

$11,828

£8,817

01/06/22

(112)

Derivative liability

Foreign currency forward contract (GBP)

$2,717

£2,000

01/07/22

Derivative asset

Foreign currency forward contract (GBP)

$13,907

£10,446

04/08/22

(234)

Derivative liability

Foreign currency forward contract (NZD)

NZ$610,086

$415

01/06/22

Derivative asset

Foreign currency forward contract (NZD)

$419

NZ$610,086

01/06/22

Derivative asset

Foreign currency forward contract (NZD)

$416

NZ$613,901

04/08/22

(3)

Derivative liability

Foreign currency forward contract (SEK)

5,421kr

$600

01/07/22

—

Derivative liability

Foreign currency forward contract (SEK)

$617

5,421kr

01/07/22

Derivative asset

Foreign currency forward contract (SEK)

$607

5,483kr

04/08/22

—

Derivative liability

Foreign currency forward contract (CHF)

17,957Fr.

$19,530

01/06/22

162

Derivative asset

Foreign currency forward contract (CHF)

103Fr.

$113

01/07/22

—

Derivative asset

Foreign currency forward contract (CHF)

$19,264

17,957Fr.

01/06/22

(428)

Derivative liability

Foreign currency forward contract (CHF)

$113

103Fr.

01/07/22

—

Derivative asset

Foreign currency forward contract (CHF)

$19,853

18,212Fr.

04/08/22

(168)

Derivative liability

Total

(262)

As of September 30, 2022 and December 31, 2021, the total fair value of the Company's foreign currency forward contracts was $22.7 million and $(0.3) 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.


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Forward currency contracts	$	12,721	$	677	$	16,284	$	677

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Forward currency contracts	$	8,841	$	72	$	22,978	$	820

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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, 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, 2022 and December 31, 2021 were as follows:


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022		December 31, 2021
Acclime Holdings HK Limited(1)(2)	Delayed Draw Term Loan	$	—	$	148
Acclime Holdings HK Limited(1)(2)	Delayed Draw Term Loan	—		812
Accurus Aerospace Corporation(1)	Revolver	1,383		—
Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	—		11
Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	—		2,760
Amtech LLC(1)	Delayed Draw Term Loan	1,818		1,818
Amtech LLC(1)	Revolver	364		455
AnalytiChem Holding GmbH(1)(2)(3)	Bridge Revolver	424		4,001
AnalytiChem Holding GmbH(1)(2)(3)	Incremental Term Loan	1,083		—
APC1 Holding(1)(2)(3)	Delayed Draw Term Loan	490		—
Aquavista Watersides 2 LTD(1)(2)(4)	Bridge Revolver	—		233
Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	1,202		1,459
Arc Education(1)(2)(3)	Delayed Draw Term Loan	3,478		—
Argus Bidco Limited(1)(2)(4)	CAF Term Loan	1,465		—
Argus Bidco Limited(1)(2)(4)	Bridge Term Loan	311		—
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	983		1,192
ASC Communications, LLC	Revolver	647		—
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,434		1,622
AWP Group Holdings, Inc.(1)(2)	Delayed Draw Term Loan	233		233
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	962		962
Azalea Buyer, Inc.(1)(2)	Revolver	481		481
Bariacum S.A(1)(2)(3)	Acquisition Facility	882		1,023
Bearcat Buyer, Inc.(1)	Delayed Draw Term Loan	—		96
Beyond Risk Management, Inc.(1)(2)	Delayed Draw Term Loan	2,423		2,573
BigHand UK Bidco Limited(1)(2)(4)	Acquisition Facility	—		147
Bounteous, Inc.(1)	Delayed Draw Term Loan	2,697		2,697
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	258		602
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	173		201
BrightSign LLC(1)	Revolver	1,109		1,109
British Engineering Services Holdco Limited(1)(2)(4)	Bridge Revolver	—		46
British Engineering Services Holdco Limited(1)(2)(4)	Acquisition Facility	362		1,729
CAi Software, LLC(1)(2)	Revolver	943		943
Canadian Orthodontic Partners Corp.(1)(2)(6)	Delayed Draw Term Loan	288		440
Centralis Finco S.a.r.l.(1)(2)(3)	Incremental CAF Term Loan	274		73
Ceres Pharma NV(1)(2)(3)	Delayed Draw Term Loan	1,330		1,544
CGI Parent, LLC(1)	Revolver	1,653		—
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	5,143		788
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	284		—
Coastal Marina Holdings, LLC(1)(2)	PIK Tranche B Term Loan	656		656
Coastal Marina Holdings, LLC(1)(2)	Tranche A Term Loan	1,788		1,788
Command Alkon (Project Potter Buyer, LLC)(1)(2)	Delayed Draw Term Loan	—		13,153

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022	December 31, 2021
Comply365, LLC(1)	Revolver	575	—
Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	927	1,076
Crash Champions, LLC(1)	Delayed Draw Term Loan	—	4,518
Dart Buyer, Inc(1)	Delayed Draw Term Loan	—	441
DecksDirect, LLC(1)(2)	Revolver	218	218
Direct Travel, Inc.(1)	Delayed Draw Term Loan	225	225
DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	Acquisition Facility	154	179
Dune Group(1)(2)(3)	Delayed Draw Term Loan	1,390	1,614
Dwyer Instruments, Inc.(1)(2)	Delayed Draw Term Loan	4,513	987
Eclipse Business Capital, LLC(1)	Revolver	11,679	8,342
EMI Porta Holdco LLC(1)(2)	Delayed Draw Term Loan	8,492	10,678
EMI Porta Holdco LLC(1)(2)	Revolver	1,769	2,542
EPS NASS Parent, Inc.(1)	Delayed Draw Term Loan	92	209
eShipping, LLC(1)	Delayed Draw Term Loan	1,274	1,274
eShipping, LLC(1)	Revolver	743	616
Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	641	—
Express Wash Acquisition Company, LLC(1)(2)	Delayed Draw Term Loan	583	—
F24 (Stairway BidCo GmbH)(1)(2)(3)	Acquisition Term Loan	53	95
FineLine Systems(1)	Delayed Draw Term Loan	478	478
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	711	—
FragilePak LLC(1)	Delayed Draw Term Loan	4,649	4,649
Glacis Acquisition S.A.R.L.(1)(2)(3)	Delayed Draw Term Loan	6,792	10,751
Global Academic Group Limited(1)(2)(7)	Term Loan	403	—
GPZN II GmbH(1)(2)(3)	CAF Term Loan	514	—
Graphpad Software, LLC(1)(2)	Delayed Draw Term Loan	2,602	2,602
Greenhill II BV(1)(2)(3)	Capex Acquisition Facility	234	—
HeartHealth Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	297	—
Heartland Veterinary Partners, LLC(1)	Delayed Draw Term Loan	148	364
Heartland, LLC(1)(2)	Delayed Draw Term Loan	710	892
Heavy Construction Systems Specialists, LLC(1)	Revolver	2,193	2,193
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(2)(3)	Committed Additional Facility	—	1,206
HTI Technology & Industries(1)(2)	Delayed Draw Term Loan	1,691	—
HTI Technology & Industries(1)(2)	Revolver	1,128	—
HW Holdco, LLC (Hanley Wood LLC)(1)(2)	Delayed Draw Term Loan	1,074	1,840
IGL Holdings III Corp.(1)	Delayed Draw Term Loan	—	337
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	183	289
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	133	155
Interstellar Group B.V.(1)(2)(3)	Delayed Draw Term Loan	2,405	—
Interstellar Group B.V.(1)(2)(3)	Delayed Draw Term Loan	219	—
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	186	333
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	3,391	—
ITI Intermodal, Inc.(1)(2)	Delayed Draw Term Loan	103	103
ITI Intermodal, Inc.(1)(2)	Revolver	118	124
Jaguar Merger Sub Inc.(1)(2)	Delayed Draw Term Loan	3,763	1,961
Jaguar Merger Sub Inc.(1)(2)	Revolver	490	490
Jeeves Information Systems AB(1)(3)	Delayed Draw Term Loan	—	8,936
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	673	—

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022	December 31, 2021
Jones Fish Hatcheries & Distributors LLC(1)	Revolver	418	—
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	724	724
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	860	860
LAF International(1)(3)	Acquisition Facility	—	114
Lambir Bidco Limited(1)(2)(3)	Bridge Revolver	—	436
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	751	872
Lattice Group Holdings Bidco Limited(1)	Delayed Draw Term Loan	298	—
LeadsOnline, LLC(1)	Revolver	1,952	—
LivTech Purchaser, Inc.(1)	Delayed Draw Term Loan	60	145
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	22	405
Marmoutier Holding B.V.(1)(2)(3)	Revolver	140	162
Marshall Excelsior Co.(1)(2)	Revolver	216	—
MC Group Ventures Corporation(1)(2)	Delayed Draw Term Loan	1,291	1,291
Mercell Holding AS(1)(2)(8)	Bridge Term Loan	255	—
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	850	—
Mertus 522. GmbH(1)(2)(3)	Acquisition Facility	2,520	6,564
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Capex Term Loan	56	63
Murphy Midco Limited(1)(2)(4)	Delayed Draw Term Loan	132	160
Narda Acquisitionco., Inc.(1)(2)	Revolver	1,006	1,059
Navia Benefit Solutions, Inc.(1)	Delayed Draw Term Loan	—	2,141
Nexus Underwriting Management Limited(1)(2)(4)	Revolver	—	82
Nexus Underwriting Management Limited(1)(2)(4)	Acquisition Facility	1,164	1,533
Novotech Aus Bidco Pty Ltd(1)(2)	Capex & Acquisition Facility	971	—
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	849	—
OA Buyer, Inc.(1)	Revolver	1,331	1,331
OAC Holdings I Corp(1)	Revolver	802	—
OG III B.V.(1)(2)(3)	Accordion Facility	879	1,355
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	3,407	929
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	—	4,955
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	1,008	—
Options Technology Ltd.(1)(2)	Delayed Draw Term Loan	1,406	1,406
OSP Hamilton Purchaser, LLC(1)	Revolver	187	187
Pacific Health Supplies Bidco Pty Limited(1)(5)	CapEx Term Loan	—	78
PDQ.Com Corporation(1)	Delayed Draw Term Loan	—	868
PDQ.Com Corporation(1)	Delayed Draw Term Loan	4,320	4,320
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class A	73	—
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class B	73	—
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class C	73	—
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class D	73	—
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class E	3,709	—
Polara Enterprises, L.L.C.(1)	Revolver	947	545
Policy Services Company, LLC(1)(2)	Delayed Draw Term Loan	—	6,579
Premium Invest(1)(2)(3)	Delayed Draw Term Loan	5,486	569

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022	December 31, 2021
ProfitOptics, LLC(1)(2)	Revolver	194	—
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	234	272
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	667	—
QPE7 SPV1 BidCo Pty Ltd(1)(2)(5)	Accordion Facility	2,705	714
Questel Unite(1)(2)(3)	Incremental Term Loan	2,479	2,878
Rep Seko Merger Sub LLC(1)(2)	Delayed Draw Term Loan	666	1,043
Reward Gateway (UK) Ltd(1)(2)(4)	Acquisition Facility	710	1,354
Riedel Beheer B.V.(1)(2)(3)	Revolver	—	230
Riedel Beheer B.V.(1)(2)(3)	Delayed Draw Term Loan	—	153
ROI Solutions LLC(1)	Delayed Draw Term Loan	—	711
Royal Buyer, LLC(1)(2)	Delayed Draw Term Loan	2,945	—
Royal Buyer, LLC(1)(2)	Revolver	1,787	—
Safety Products Holdings, LLC(1)(2)	Delayed Draw Term Loan	2,730	2,889
Sanoptis S.A.R.L.(1)(2)(3)	Acquisition Capex Facility	5,726	5,316
Scaled Agile, Inc.(1)	Delayed Draw Term Loan	416	416
Scaled Agile, Inc.(1)	Revolver	336	336
Scout Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	1,042	—
Scout Bidco B.V.(1)(2)(3)	Revolver	473	—
Sereni Capital NV(1)(2)(3)	Term Loan	220	—
Simulation Software Investment Company Pty Ltd(1)(2)	Delayed Draw Term Loan	408	—
Smartling, Inc.(1)	Delayed Draw Term Loan	2,076	2,076
Smartling, Inc.(1)	Revolver	1,038	1,038
Springbrook Software (SBRK Intermediate, Inc.)(1)(2)	Delayed Draw Term Loan	—	558
SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	418	507
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	521
Tank Holding Corp(1)	Revolver	655	—
Techone B.V.(1)(2)(3)	Delayed Draw Term Loan	639	752
Techone B.V.(1)(2)(3)	Revolver	95	200
Tencarva Machinery Company, LLC(1)	Delayed Draw Term Loan	—	886
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)(2)	Revolver	2,214	—
The Hilb Group, LLC(1)(2)	Delayed Draw Term Loan	4,731	5,954
Truck-Lite Co., LLC(1)(2)	Delayed Draw Term Loan	—	4,488
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	2,381	2,314
Union Bidco Limited(1)(2)(4)	Acquisition Facility	239	—
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	1,384	—
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2)	Delayed Draw Term Loan	3,371	—

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022		December 31, 2021
VP Holding Company(1)(2)	Delayed Draw Term Loan	4,100		—
VP Holding Company(1)(2)	Delayed Draw Term Loan	8,230		—
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	487		712
Waccamaw River(2)	Joint Venture	2,480		11,280
Woodland Foods, LLC(1)(2)	Line of Credit	573		1,499
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	4,402		—
ZB Holdco LLC(1)	Delayed Draw Term Loan	1,352		—
ZB Holdco LLC(1)	Revolver	845		—
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	1,168		—
Zeppelin Bidco Limited(1)(2)(4)	Revolver	245		—
Total unused commitments to extend financing		$	221,268	$	215,494

(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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

8. FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the nine months ended September 30, 2022 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021:


	Nine Months Ended			For the period from May 10, 2021 (commencement of operations) to
($ in thousands, except share and per share amounts)	September 30, 2022			September 30, 2021
Per share data:
Net asset value at beginning of period	$	20.58		$	—
Net investment income(1)	1.42			0.75
Net realized loss on investments / foreign currency transactions(1)	0.20			(0.06)
Net unrealized appreciation on investments / foreign currency transactions(1)	(0.08)			0.14
Total increase from investment operations(1)	1.54			0.83
Dividends declared from net investment income	(1.21)			(0.40)
Dividends declared from realized gains	(0.08)			—
Total dividends declared	(1.29)			(0.40)



Issuance of common stock	—			20.00




Net asset value at end of period	$	20.83		$	20.43
Shares outstanding at end of period	51,995,302			34,693,370
Net assets at end of period	$	1,083,298		$	708,891
Average net assets	$	973,609		$	495,338
Ratio of total expenses, prior to waiver of base management fee, to average net assets (annualized)(2)(3)	5.25		%	3.54		%
Ratio of total expenses, net of base management fee waived, to average net assets (annualized)(2)(3)	5.25		%	2.77		%
Ratio of net investment income to average net assets (annualized)(2)(3)	9.30		%	9.48		%
Portfolio turnover ratio (annualized)	11.79		%	11.18		%
Total return(4)	7.56		%	4.16		%

(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.

9. SUBSEQUENT EVENTS

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

Overview of Our Business

Formation Transactions/Initial Portfolio

COVID-19 Developments

Relationship with Our Adviser, Barings

Our Adviser, Barings, a wholly-owned subsidiary of MassMutual, is a leading global asset management firm and is registered with the SEC as an investment adviser under the Advisers Act. Barings’ primary investment capabilities include fixed income, private credit, real estate, equity, and alternative investments. Subject to the overall supervision of our Board of Directors (the “Board”), Barings’ Global Private Finance Group (“Barings GPFG”) manages our day-to-day operations, and provides investment advisory and management services to us. Barings GPFG is part of Barings' $264.0 billion Global Fixed Income Platform 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. BIIL is an investment adviser registered with the SEC in the U.S. and the Financial Conduct Authority in the United Kingdom with its principal office located in London. As of September 30, 2022, BIIL had approximately £16.5 billion in assets under management.

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 any of our interest expenses or, if applicable following receipt of the Multi-Class Exemptive Relief (as defined in Part II, Item 2 of this Quarterly Report on Form 10-Q), if any, our distribution and/or shareholder servicing fees. Any Expense Payment that Barings commits to pay must be paid by Barings to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment is made in writing, and/or offset against amounts due from us to Barings or its affiliates. If Barings elects to pay certain of our expenses, Barings will be entitled to reimbursement of such expenses from us if Available Operating Funds exceed the cumulative distributions accrued to our stockholders, subject to the terms of the Expense Support Agreement.

Portfolio Investment Composition

The total fair value of our investment portfolio was $1,905.5 million and $1,397.6 million as of September 30, 2022 and December 31, 2021, respectively. As of September 30, 2022, we had investments in 259 portfolio companies with an aggregate cost of $1,950.1 million. As of December 31, 2021, we had investments in 219 portfolio companies with an aggregate cost of $1,396.5 million. As of September 30, 2022 and December 31, 2021, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.

As of September 30, 2022 and December 31, 2021, our investment portfolio consisted of the following investments:


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
September 30, 2022:
Senior debt and 1st lien notes	$	1,591,139	82	%	$	1,535,665	81	%
Subordinated debt and 2nd lien notes	166,123		9		161,729		8
Structured products	24,557		1		22,365		1
Equity shares	121,675		6		146,975		8
Equity warrants	4		—		—		—
Investment in joint ventures	46,570		2		38,726		2

	$	1,950,068	100	%	$	1,905,460	100	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value		Percentage of Total Portfolio
December 31, 2021:
Senior debt and 1st lien notes	1,144,755		82	%	1,141,252		82	%
Subordinated debt and 2nd lien notes	113,999		8		114,779		8
Structured products	19,261		2		19,566		2
Equity shares	72,534		5		75,040		5

Investment in joint ventures	45,969		3		47,011		3

	$	1,396,518	100	%	$	1,397,648	100	%

Investment Activity

During the nine months ended September 30, 2022, we 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. We had 30 loans repaid at par totaling $139.2 million and received $32.9 million of portfolio company principal payments and sale proceeds, recognizing a net loss on these transactions of $9.5 million. In addition, we received $8.3 million of return of capital from one of our joint ventures.

During the period from May 10, 2021 (commencement of operations) to September 30, 2021, we purchased the Initial Portfolio from MassMutual and CM Life for an aggregate purchase price of $602.8 million, made new investments totaling $223.9 million, made additional investments in existing portfolio companies purchased from MassMutual and CM Life totaling $71.9 million, made new joint venture equity investments totaling $39.3 million and made a $63.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies. We had 16 loans repaid at par totaling $80.5 million and received $3.1 million of portfolio company principal payments.

Total portfolio investment activity for the nine months ended September 30, 2022 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021 was as follows:


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		Investment in Joint Ventures		Total
Fair value, beginning of period	$	1,141,252	$	114,779	$	19,566	$	75,040	$	—	$	47,011	$	1,397,648
New investments	628,306		54,870		6,000		49,041		4		8,859		747,080

Proceeds from sales of investments	(16,368)		(573)		—		—		—		(8,257)		(25,198)
Loan origination fees received	(14,239)		(829)		—		—		—		—		(15,068)
Principal repayments received	(153,457)		(1,003)		(714)		—		—		—		(155,174)
Payment-in-kind interest/dividends	1,823		1,199		—		100		—		—		3,122
Accretion of loan premium/discount	75		64		10		—		—		—		149
Accretion of deferred loan origination revenue	7,840		291		—		—		—		—		8,131
Realized loss	(7,596)		(1,894)		—		—		—		—		(9,490)
Unrealized appreciation (depreciation)	(51,971)		(5,175)		(2,497)		22,794		(4)		(8,887)		(45,740)
Fair value, end of period	$	1,535,665	$	161,729	$	22,365	$	146,975	$	—	$	38,726	$	1,905,460


For the period from May 10, 2021 (commencement of operations) to September 30, 2021: ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Equity Shares		Investment in Joint Ventures		Short-term Investments		Total
Fair value, beginning of period	$	—	$	—	$	—	$	—	$	—	$	—
New investments	282,527		10,580		66,180		39,320		152,000		550,607
Investments purchased from MassMutual	496,205		106,633		—		—		—		602,838

Loan origination fees received	(7,039)		(170)		—		—		—		(7,209)
Principal repayments received	(45,930)		(37,622)		—		—		—		(83,552)
Payment-in-kind interest earned	92		5		—		—		—		97
Accretion of loan discount	—		2		—		—		—		2
Accretion of deferred loan origination revenue	2,449		725		—		—		—		3,174
Realized gain	(46)		(69)		—		—		—		(115)
Unrealized appreciation (depreciation)	(3,146)		497		(20)		95		—		(2,574)
Fair value, end of period	$	725,112	$	80,581	$	66,160	$	39,415	$	152,000	$	1,063,268

Non-Accrual Assets

Results of Operations

For the three and nine months ended September 30, 2022 and for the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to September 30, 2021

Operating results for the three and nine months ended September 30, 2022 and for the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to September 30, 2021 were as follows:


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Investment income:






















Total investment income	$	42,338	$	16,967	$	106,192	$	23,780










Total operating expenses	18,185		4,825		38,419		6,931
Base management fee waived	—		(1,489)		—		(1,489)
Net operating expenses	18,185		3,336		38,419		5,442
Net investment income before taxes	24,153		13,631		67,773		18,338
Income taxes, including excise tax expense	(116)		—		(112)		—
Net investment income after taxes	24,269		13,631		67,885		18,338







Net realized gains (losses)	5,811		340		7,164		(470)






Net unrealized appreciation (depreciation)	(4,140)		(426)		(4,010)		3,479
Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions	1,671		(86)		3,154		3,009


Net increase in net assets resulting from operations	$	25,940	$	13,545	$	71,039	$	21,347

Investment Income


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Investment income:





Total interest income	$	33,003	$	11,877	$	80,867	$	17,831




Total dividend income	3,996		2,227		11,787		2,227




Total fee and other income	4,077		2,766		10,351		3,588




Total payment-in-kind interest income	1,259		97		3,183		134
Interest income from cash	3		—		4		—
Total investment income	$	42,338	$	16,967	$	106,192	$	23,780

The change in investment income for the three and nine months ended September 30, 2022, as compared to the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to September 30, 2021, was primarily due to an increase in the average size our portfolio from higher base rates, an increase in the weighted average yield on the portfolio, increased dividends from portfolio companies and joint venture investments, an increase in acceleration of unamortized OID and unamortized loan origination fee income associated with repayments of loans and increased payment-in-kind (“PIK”) interest income. The amount of our outstanding debt investments was $1,764.0 million as of September 30, 2022, as compared to $820.1 million as of September 30, 2021. The weighted average yield on the principal amount of our outstanding debt investments was 8.6% as of September 30, 2022, as compared to 6.6% as of September 30, 2021. For the three and nine months ended September 30, 2022, dividends from portfolio companies and joint venture investments were $4.0 million and $11.8 million, respectively. For the three and nine months ended September 30, 2022, acceleration of unamortized OID income and unamortized loan origination fee totaled $1.4 million and $3.2 million, respectively, as compared to $1.1 million for both the three months ended September 30, 2021 and the period from May 10, 2021 (commencement of operations) to September 30, 2021. For the three and nine months ended September 30, 2022, PIK interest income was $1.3 million and $3.2 million, respectively, as compared to $97,000 and $134,000 for the three months ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021, respectively.

Base Management Fee

For the three and nine months ended September 30, 2022, the Base Management Fee determined in accordance with the terms of the Advisory Agreement was $3.2 million and $8.3 million, respectively. For the three months ended September 30, 2021 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021, the Base Management Fee determined in accordance with the terms of the Advisory Agreement was $1.5 million and $2.2 million, respectively. The Adviser voluntarily agreed to waive the Base Management Fee of $1.5 million for the three months ended September 30, 2021, which resulted in a net Base Management Fee of $0.7 million for the period from May 10, 2021 (commencement of operations) to September 30, 2021 after taking into account the waiver. Any portion of the Base Management Fee waived is not subject to recoupment in subsequent periods. As of September 30, 2022, the Base Management Fee of $3.2 million for the quarter ended September 30, 2022 was unpaid and included in “Base management fees payable” in the accompanying Unaudited

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.

The calculation of the Incentive Fee for each quarter will be as follows:

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

For purposes of the Advisory Agreement:

Payment of Expenses

•organizational and offering expenses;

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

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

•all other expenses of the Company’s operations and transactions, including those listed in the Advisory Agreement.

Sub-Advisory Agreement

This Sub-Advisory Agreement will continue in effect for two years from its initial effective date, May 13, 2021, and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (1) the vote of the Board, or by the vote of a majority of the Company’s outstanding voting securities, and (2) the vote of a majority of the 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 September 30, 2022, BIIL had approximately £16.5 billion in assets under management.

Administration Agreement

The costs and expenses incurred by the Administrator on behalf of the Company under the Administration Agreement include, but are not limited to:

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

• all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and

Expense Support and Conditional Reimbursement Agreement

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

3. INVESTMENTS

Portfolio Composition

The cost basis of the Company’s debt investments includes any unamortized purchased premium or discount, unamortized loan origination fees and PIK interest, if any. Summaries of the composition of the Company’s investment portfolio at cost and fair value, and as a percentage of total investments and net assets, as of September 30, 2022 and December 31, 2021 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, 2022:
Senior debt and 1st lien notes	$	1,591,139	82	%	$	1,535,665	81	%	142	%
Subordinated debt and 2nd lien notes	166,123		9		161,729		8		15
Structured products	24,557		1		22,365		1		2
Equity shares	121,675		6		146,975		8		14
Equity warrants	4		—		—		—		—
Investment in joint ventures	46,570		2		38,726		2		3

	$	1,950,068	100	%	$	1,905,460	100	%	176	%


($ in thousands)	Cost		Percentage of Total Portfolio		Fair Value	Percentage of Total Portfolio		Percentage of Total Net Assets
December 31, 2021:
Senior debt and 1st lien notes	1,144,755		82	%	1,141,252	82	%	137	%
Subordinated debt and 2nd lien notes	113,999		8		114,779	8		14
Structured products	19,261		2		19,566	2		2
Equity shares	72,534		5		75,040	5		9

Investment in joint ventures	45,969		3		47,011	3		6

	$	1,396,518	100	%	1,397,648	100	%	168	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

During the three months ended September 30, 2021, the Company made new investments totaling $129.9 million, made investments in existing portfolio companies totaling $96.9 million, made new joint venture equity investments totaling $39.3 million and made a $63.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies. During the period from May 10, 2021 (commencement of operations) to September 30, 2021, the Company purchased the Initial Portfolio from MassMutual and CM Life for an aggregate purchase price of $602.8 million, made new investments totaling $223.9 million, made additional investments in portfolio companies purchased from MassMutual and CM Life totaling $71.9 million, made new joint venture equity investments totaling $39.3 million and made a $63.4 million equity co-investment alongside certain affiliates in a portfolio company focused on directly originated, senior-secured asset-based loans to middle-market companies.

Industry Composition

The industry composition of investments at fair value at September 30, 2022 and December 31, 2021, excluding short-term investments, was as follows:


($ in thousands)	September 30, 2022				December 31, 2021
Aerospace and Defense	$	79,193	4.2	%	$	49,184	3.5	%
Automotive	52,584		2.8		51,013		3.7
Banking, Finance, Insurance and Real Estate	200,462		10.5		153,347		11.0
Beverage, Food and Tobacco	21,981		1.2		18,900		1.3
Capital Equipment	37,232		2.0		23,589		1.7
Chemicals, Plastics, and Rubber	31,458		1.7		12,880		0.9
Construction and Building	21,395		1.1		18,783		1.3
Consumer Goods: Durable	30,027		1.6		16,562		1.2
Consumer Goods: Non-durable	34,940		1.8		35,762		2.6
Containers, Packaging and Glass	47,764		2.5		19,518		1.4



Environmental Industries	59,027		3.1		9,440		0.7
Forest Products and Paper	—		—		2,176		0.2
Healthcare and Pharmaceuticals	165,669		8.7		133,275		9.5
High Tech Industries	320,573		16.8		253,273		18.1
Hotel, Gaming and Leisure	14,125		0.7		9,571		0.7
Investment Funds and Vehicles	41,928		2.2		47,011		3.4
Media: Advertising, Printing and Publishing	26,671		1.4		21,493		1.5
Media: Broadcasting and Subscription	3,787		0.2		5,304		0.4
Media: Diversified and Production	33,836		1.8		24,082		1.7
Metals and Mining	7,425		0.4		—		—

Services: Business	374,849		19.6		277,455		19.9
Services: Consumer	95,737		5.0		63,838		4.6
Structured Products	8,548		0.4		9,811		0.7
Telecommunications	21,238		1.1		12,588		0.9
Transportation: Cargo	124,339		6.5		109,154		7.8
Transportation: Consumer	44,922		2.4		18,392		1.3
Utilities: Electric	5,750		0.3		1,247		0.1


Total	$	1,905,460	100.0	%	$	1,397,648	100.0	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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, 2022. As of September 30, 2022, 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.

As of September 30, 2022 and December 31, 2021, 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, 2022:
Federal Housing Administration (“FHA”) loans	$	1,119,118	91	%	$	1,046,632	91	%
Veterans Affairs (“VA”) loans	112,609		9		105,378		9

	$	1,231,727	100	%	$	1,152,010	100	%
December 31, 2021:
Federal Housing Administration (“FHA”) loans	$	2,799,869	93	%	$	2,839,495	93	%
Veterans Affairs (“VA”) loans	224,660		7		223,540		7
	$	3,024,529	100	%	$	3,063,035	100	%

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of September 30, 2022 and December 31, 2021, Thompson Rivers had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 2022			As of December 31, 2021
Total contributed capital by Barings Private Credit Corporation(1)	$	32,226		$	32,249
Total contributed capital by all members	$	482,083	(2)	$	482,120	(3)

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 of total contributed capital by related parties.

(3)Includes dividend re-investments of $32.1 million and $209.5 million 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, of which approximately $22.5 million has been funded as of September 30, 2022. As of September 30, 2022, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, of which $112.6 million (including $14.0 million of recallable return of capital) has been funded.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of September 30, 2022 and December 31, 2021, Waccamaw River had the following contributed capital and unfunded commitments from its members:


($ in thousands)	As of September 30, 2022			As of December 31, 2021
Total contributed capital by Barings Private Credit Corporation	$	22,520		$	13,720
Total contributed capital by all members	$	126,620	(1)	$	82,620	(4)

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		$	11,280
Total unfunded commitments by all members	$	12,400	(3)	$	56,400	(5)

(1)Includes $79.9 million of total contributed capital by related parties.

(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.

(4)Includes $53.5 million of total contributed capital by related parties.

(5)Includes $33.8 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. As of September 30, 2022 and December 31, 2021, $4.4 million and $1.3 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.

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.

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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.

Investment Valuation Process

Independent Valuation

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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. Pursuant to these procedures, the Adviser determines in good faith whether the Company's investments were valued at fair value in accordance with the Company's valuation policies and procedures and the 1940 Act based on, among other things, the Company’s Audit Committee and the independent valuation firm.

Valuation Techniques

Valuation of Investment in Thompson Rivers and Waccamaw River

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Level 3 Unobservable Inputs

September 30, 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)

1,243,446

Yield Analysis

Market Yield

6.9% – 24.5%

10.5%

Decrease

5,583

Waterfall Approach

Enterprise Value Multiple

6.3x

Increase

36,372

Discounted Cash Flow Analysis

Discount Rate

9.5% – 12.9%

11.8%

Decrease

208,718

Recent Transaction

Transaction Price

96.8% – 100.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(2)

112,292

Yield Analysis

Market Yield

8.6% – 17.5%

12.3%

Decrease

7,572

Market Approach

Adjusted EBITDA Multiple

9.8x

Increase

8,807

Recent Transaction

Transaction Price

96.0% – 100.0%

98.0%

Increase

Structured products(3)

8,548

Discounted Cash Flow Analysis

Discount Rate

9.3%

Decrease

Equity shares

108,941

Market Approach

Adjusted EBITDA Multiple

6.5x – 43.0x

10.4x

Increase

12,054

Market Approach

Revenue Multiple

6.3x – 29.8x

18.9x

Increase

24,818

Recent Transaction

Transaction Price

$0.0 – $1,000

$692.80

Increase

Warrants

—

Market Approach

Adjusted EBITDA Multiple

7.0x – 18.5x

N/A

Increase

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

December 31, 2021

($ 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

636,184

Yield Analysis

Market Yield

5.1% – 26.5%

7.5%

Decrease

502,634

Recent Transaction

Transaction Price

97.0% – 99.0%

97.9%

Increase

Subordinated debt and 2nd lien notes(1)

58,642

Yield Analysis

Market Yield

5.3% – 20.5%

9.6%

Decrease

28,607

Recent Transaction

Transaction Price

97.0% – 98.3%

98.0%

Increase

Equity shares

71,037

Market Approach

Adjusted EBITDA Multiple

6.5x – 54.0x

15.3x

Decrease

3,968

Recent Transaction

Transaction Price

$1.0 – $1,000

$134.24

Increase


	Fair Value as of September 30, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	36,573	$	1,499,092	$	1,535,665
Subordinated debt and 2nd lien notes	—		17,322		144,407		161,729
Structured products	—		8,608		13,757		22,365
Equity shares	96		1,066		145,813		146,975


Investments subject to leveling	$	96	$	63,569	$	1,803,069	$	1,866,734
Investment in joint ventures(1)							$	38,726
							$	1,905,460

	Fair Value as of December 31, 2021
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	2,434	$	1,138,818	$	1,141,252
Subordinated debt and 2nd lien notes	—		22,555		92,224		114,779
Structured products	—		19,566		—		19,566
Equity shares	35		—		75,005		75,040


Investments subject to leveling	$	35	$	44,555	$	1,306,047	$	1,350,637
Investment in joint ventures(1)							$	47,011
							$	1,397,648

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

The following table reconciles the beginning and ending balances of the Company’s investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine months ended September 30, 2022 and for the period from May 10, 2021 (commencement of operations) to September 30, 2021:


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 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 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


For the period from May 10, 2021 to September 30, 2021 ($ in thousands)	Senior Debt and 1st Lien Notes		Subordinated Debt and 2nd Lien Notes		Equity Shares		Total
Fair value, beginning of period	$	—	$	—	$	—	$	—
New investments	280,081		10,580		66,180		356,841
Investments purchased from MassMutual	496,205		88,836		—		585,041

Loan origination fees received	(7,039)		(169)		—		(7,208)
Principal repayments received	(45,930)		(37,621)		—		(83,551)
Payment in kind interest	92		5		—		97


Accretion of deferred loan origination revenue	2,449		676		—		3,125
Realized gain	(46)		(69)		—		(115)
Unrealized appreciation (depreciation)	(3,137)		110		(20)		(3,047)
Fair value, end of period	$	722,675	$	62,348	$	66,160	$	851,183

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 Statement of Operations. 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. Pre-tax net unrealized depreciation on Level 3 investments of $2.4 million for the period from May 10, 2021 (commencement of operations) to September 30, 2021 was related to portfolio company investments that were still held by the Company as of September 30, 2021.

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, 2022, 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

Short-Term Investments

Short-term investments represent investments in money market funds.

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 September 30, 2022 and December 31, 2021, the Company had no non-accrual assets. 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

Fee Income


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Recurring Fee Income:
Amortization of loan origination fees	$	1,796	$	1,372	$	4,975	$	2,065
Management, valuation and other fees	464		90		1,283		130
Total Recurring Fee Income	2,260		1,462		6,258		2,195
Non-Recurring Fee Income:
Prepayment fees	230		156		241		156
Acceleration of unamortized loan origination fees	1,346		1,096		3,156		1,109
Advisory, loan amendment and other fees	241		52		696		128
Total Non-Recurring Fee Income	1,817		1,304		4,093		1,393
Total Fee Income	$	4,077	$	2,766	$	10,351	$	3,588

Offering Expenses

Other General and Administrative Expenses

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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.

Concentration of Credit Risk

Financial and Derivative Instruments

Investments Denominated in Foreign Currency

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

4. INCOME TAXES

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

5. BORROWINGS

The Company had the following borrowings outstanding as of September 30, 2022 and December 31, 2021:


Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of September 30, 2022	September 30, 2022		December 31, 2021
Credit Facility:
May 11, 2021	May 11, 2026	4.567%	$	693,017	524,825
Total Credit Facility			$	693,017	$	524,825
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%	95,254		—
July 26, 2022 - Series E Notes (1)	May 10, 2027	6.000%	52,066		—

(Less: Deferred financing fees)			(677)		(406)
Total Notes			$	296,643	$	149,594

(1)Inclusive of change in fair market value of effective hedge.

Revolving Credit Facility

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

11, 2024, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by May 11, 2026.

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, 2022, the Company was in compliance with all covenants of the Revolving Credit Facility.

July 2026 Notes

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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.

May 2027 Notes

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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)

6. DERIVATIVE INSTRUMENTS

The following tables present the Company's foreign currency forward contracts as of September 30, 2022 and December 31, 2021:

As of September 30, 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$62,055

$40,196

10/06/22

(281)

Derivative liability

Foreign currency forward contract (AUD)

$42,946

A$62,055

10/06/22

3,031

Derivative asset

Foreign currency forward contract (AUD)

$40,131

A$61,845

01/09/23

277

Derivative asset

Foreign currency forward contract (CAD)

C$1,652

$1,205

10/06/22

(3)

Derivative liability

Foreign currency forward contract (CAD)

$1,284

C$1,652

10/06/22

Derivative asset

Foreign currency forward contract (CAD)

$1,257

C$1,722

01/09/23

Derivative asset

Foreign currency forward contract (DKK)

7,318kr.

$964

10/06/22

(1)

Derivative liability

Foreign currency forward contract (DKK)

$1,026

7,318kr.

10/06/22

Derivative asset

Foreign currency forward contract (DKK)

$982

7,401kr.

01/09/23

Derivative asset

Foreign currency forward contract (EUR)

€171,045

$167,475

10/06/22

(144)

Derivative liability

Foreign currency forward contract (EUR)

$180,540

€171,045

10/06/22

13,209

Derivative asset

Foreign currency forward contract (EUR)

$169,009

€171,261

01/09/23

145

Derivative asset

Foreign currency forward contract (GBP)

£47,988

$53,040

10/06/22

375

Derivative asset

Foreign currency forward contract (GBP)

$58,269

£47,988

10/06/22

4,853

Derivative asset

Foreign currency forward contract (GBP)

$55,713

£50,397

01/09/23

(460)

Derivative liability

Foreign currency forward contract (NZD)

NZ$7,465

$4,257

10/06/22

(47)

Derivative liability

Foreign currency forward contract (NZD)

$4,646

NZ$7,465

10/06/22

436

Derivative asset

Foreign currency forward contract (NZD)

$4,348

NZ$7,622

01/09/23

Derivative asset

Foreign currency forward contract (NOK)

39,724kr

$3,719

10/06/22

(67)

Derivative liability

Foreign currency forward contract (NOK)

$4,060

39,724kr

10/06/22

409

Derivative asset

Foreign currency forward contract (NOK)

$3,544

37,988kr

01/09/23

Derivative asset

Foreign currency forward contract (SEK)

5,656kr

$505

10/06/22

Derivative asset

Foreign currency forward contract (SEK)

$560

5,656kr

10/06/22

Derivative asset

Foreign currency forward contract (SEK)

$512

5,694kr

01/09/23

(3)

Derivative liability

Foreign currency forward contract (CHF)

18,960Fr.

$19,388

10/06/22

(128)

Derivative liability

Foreign currency forward contract (CHF)

$19,957

18,960Fr.

10/06/22

697

Derivative asset

Foreign currency forward contract (CHF)

$19,491

18,873Fr.

01/09/23

122

Derivative asset

Total

22,716

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of December 31, 2021

($ 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$20,975

$15,076

01/06/22

171

Derivative asset

Foreign currency forward contract (AUD)

$15,106

A$20,975

01/06/22

(142)

Derivative liability

Foreign currency forward contract (AUD)

$15,068

A$20,961

04/08/22

(172)

Derivative liability

Foreign currency forward contract (CAD)

$749

$586

01/06/22

Derivative asset

Foreign currency forward contract (CAD)

$587

$749

01/06/22

(4)

Derivative liability

Foreign currency forward contract (CAD)

$633

$808

04/08/22

(6)

Derivative liability

Foreign currency forward contract (DKK)

2,141kr.

$326

01/06/22

Derivative asset

Foreign currency forward contract (DKK)

$335

2,141kr.

01/06/22

Derivative asset

Foreign currency forward contract (DKK)

$323

2,114kr.

04/08/22

(2)

Derivative liability

Foreign currency forward contract (EUR)

€47,857

$54,213

01/06/22

243

Derivative asset

Foreign currency forward contract (EUR)

$55,239

€47,857

01/06/22

783

Derivative asset

Foreign currency forward contract (EUR)

$111,330

€98,201

04/08/22

(634)

Derivative liability

Foreign currency forward contract (GBP)

£8,817

$11,744

01/06/22

197

Derivative asset

Foreign currency forward contract (GBP)

£2,000

$2,664

01/07/22

Derivative asset

Foreign currency forward contract (GBP)

$11,828

£8,817

01/06/22

(112)

Derivative liability

Foreign currency forward contract (GBP)

$2,717

£2,000

01/07/22

Derivative asset

Foreign currency forward contract (GBP)

$13,907

£10,446

04/08/22

(234)

Derivative liability

Foreign currency forward contract (NZD)

NZ$610,086

$415

01/06/22

Derivative asset

Foreign currency forward contract (NZD)

$419

NZ$610,086

01/06/22

Derivative asset

Foreign currency forward contract (NZD)

$416

NZ$613,901

04/08/22

(3)

Derivative liability

Foreign currency forward contract (SEK)

5,421kr

$600

01/07/22

—

Derivative liability

Foreign currency forward contract (SEK)

$617

5,421kr

01/07/22

Derivative asset

Foreign currency forward contract (SEK)

$607

5,483kr

04/08/22

—

Derivative liability

Foreign currency forward contract (CHF)

17,957Fr.

$19,530

01/06/22

162

Derivative asset

Foreign currency forward contract (CHF)

103Fr.

$113

01/07/22

—

Derivative asset

Foreign currency forward contract (CHF)

$19,264

17,957Fr.

01/06/22

(428)

Derivative liability

Foreign currency forward contract (CHF)

$113

103Fr.

01/07/22

—

Derivative asset

Foreign currency forward contract (CHF)

$19,853

18,212Fr.

04/08/22

(168)

Derivative liability

Total

(262)


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Forward currency contracts	$	12,721	$	677	$	16,284	$	677

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


	Three Months Ended		Three Months Ended		Nine Months Ended		For the period from May 10, 2021 (commencement of operations) to
($ in thousands)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Forward currency contracts	$	8,841	$	72	$	22,978	$	820

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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, 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, 2022 and December 31, 2021 were as follows:


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022		December 31, 2021
Acclime Holdings HK Limited(1)(2)	Delayed Draw Term Loan	$	—	$	148
Acclime Holdings HK Limited(1)(2)	Delayed Draw Term Loan	—		812
Accurus Aerospace Corporation(1)	Revolver	1,383		—
Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	—		11
Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	—		2,760
Amtech LLC(1)	Delayed Draw Term Loan	1,818		1,818
Amtech LLC(1)	Revolver	364		455
AnalytiChem Holding GmbH(1)(2)(3)	Bridge Revolver	424		4,001
AnalytiChem Holding GmbH(1)(2)(3)	Incremental Term Loan	1,083		—
APC1 Holding(1)(2)(3)	Delayed Draw Term Loan	490		—
Aquavista Watersides 2 LTD(1)(2)(4)	Bridge Revolver	—		233
Aquavista Watersides 2 LTD(1)(2)(4)	Capex / Acquisition Facility	1,202		1,459
Arc Education(1)(2)(3)	Delayed Draw Term Loan	3,478		—
Argus Bidco Limited(1)(2)(4)	CAF Term Loan	1,465		—
Argus Bidco Limited(1)(2)(4)	Bridge Term Loan	311		—
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	983		1,192
ASC Communications, LLC	Revolver	647		—
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,434		1,622
AWP Group Holdings, Inc.(1)(2)	Delayed Draw Term Loan	233		233
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	962		962
Azalea Buyer, Inc.(1)(2)	Revolver	481		481
Bariacum S.A(1)(2)(3)	Acquisition Facility	882		1,023
Bearcat Buyer, Inc.(1)	Delayed Draw Term Loan	—		96
Beyond Risk Management, Inc.(1)(2)	Delayed Draw Term Loan	2,423		2,573
BigHand UK Bidco Limited(1)(2)(4)	Acquisition Facility	—		147
Bounteous, Inc.(1)	Delayed Draw Term Loan	2,697		2,697
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	258		602
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	173		201
BrightSign LLC(1)	Revolver	1,109		1,109
British Engineering Services Holdco Limited(1)(2)(4)	Bridge Revolver	—		46
British Engineering Services Holdco Limited(1)(2)(4)	Acquisition Facility	362		1,729
CAi Software, LLC(1)(2)	Revolver	943		943
Canadian Orthodontic Partners Corp.(1)(2)(6)	Delayed Draw Term Loan	288		440
Centralis Finco S.a.r.l.(1)(2)(3)	Incremental CAF Term Loan	274		73
Ceres Pharma NV(1)(2)(3)	Delayed Draw Term Loan	1,330		1,544
CGI Parent, LLC(1)	Revolver	1,653		—
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	5,143		788
Classic Collision (Summit Buyer, LLC)(1)(2)	Delayed Draw Term Loan	284		—
Coastal Marina Holdings, LLC(1)(2)	PIK Tranche B Term Loan	656		656
Coastal Marina Holdings, LLC(1)(2)	Tranche A Term Loan	1,788		1,788
Command Alkon (Project Potter Buyer, LLC)(1)(2)	Delayed Draw Term Loan	—		13,153

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022	December 31, 2021
Comply365, LLC(1)	Revolver	575	—
Coyo Uprising GmbH(1)(2)(3)	Delayed Draw Term Loan	927	1,076
Crash Champions, LLC(1)	Delayed Draw Term Loan	—	4,518
Dart Buyer, Inc(1)	Delayed Draw Term Loan	—	441
DecksDirect, LLC(1)(2)	Revolver	218	218
Direct Travel, Inc.(1)	Delayed Draw Term Loan	225	225
DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	Acquisition Facility	154	179
Dune Group(1)(2)(3)	Delayed Draw Term Loan	1,390	1,614
Dwyer Instruments, Inc.(1)(2)	Delayed Draw Term Loan	4,513	987
Eclipse Business Capital, LLC(1)	Revolver	11,679	8,342
EMI Porta Holdco LLC(1)(2)	Delayed Draw Term Loan	8,492	10,678
EMI Porta Holdco LLC(1)(2)	Revolver	1,769	2,542
EPS NASS Parent, Inc.(1)	Delayed Draw Term Loan	92	209
eShipping, LLC(1)	Delayed Draw Term Loan	1,274	1,274
eShipping, LLC(1)	Revolver	743	616
Events Software BidCo Pty Ltd(1)(2)	Delayed Draw Term Loan	641	—
Express Wash Acquisition Company, LLC(1)(2)	Delayed Draw Term Loan	583	—
F24 (Stairway BidCo GmbH)(1)(2)(3)	Acquisition Term Loan	53	95
FineLine Systems(1)	Delayed Draw Term Loan	478	478
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	711	—
FragilePak LLC(1)	Delayed Draw Term Loan	4,649	4,649
Glacis Acquisition S.A.R.L.(1)(2)(3)	Delayed Draw Term Loan	6,792	10,751
Global Academic Group Limited(1)(2)(7)	Term Loan	403	—
GPZN II GmbH(1)(2)(3)	CAF Term Loan	514	—
Graphpad Software, LLC(1)(2)	Delayed Draw Term Loan	2,602	2,602
Greenhill II BV(1)(2)(3)	Capex Acquisition Facility	234	—
HeartHealth Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	297	—
Heartland Veterinary Partners, LLC(1)	Delayed Draw Term Loan	148	364
Heartland, LLC(1)(2)	Delayed Draw Term Loan	710	892
Heavy Construction Systems Specialists, LLC(1)	Revolver	2,193	2,193
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.))(1)(2)(3)	Committed Additional Facility	—	1,206
HTI Technology & Industries(1)(2)	Delayed Draw Term Loan	1,691	—
HTI Technology & Industries(1)(2)	Revolver	1,128	—
HW Holdco, LLC (Hanley Wood LLC)(1)(2)	Delayed Draw Term Loan	1,074	1,840
IGL Holdings III Corp.(1)	Delayed Draw Term Loan	—	337
Innovad Group II BV(1)(2)(3)	Delayed Draw Term Loan	183	289
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	133	155
Interstellar Group B.V.(1)(2)(3)	Delayed Draw Term Loan	2,405	—
Interstellar Group B.V.(1)(2)(3)	Delayed Draw Term Loan	219	—
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	186	333
Isolstar Holding NV (IPCOM)(1)(2)(3)	Accordion Facility	3,391	—
ITI Intermodal, Inc.(1)(2)	Delayed Draw Term Loan	103	103
ITI Intermodal, Inc.(1)(2)	Revolver	118	124
Jaguar Merger Sub Inc.(1)(2)	Delayed Draw Term Loan	3,763	1,961
Jaguar Merger Sub Inc.(1)(2)	Revolver	490	490
Jeeves Information Systems AB(1)(3)	Delayed Draw Term Loan	—	8,936
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	673	—

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022	December 31, 2021
Jones Fish Hatcheries & Distributors LLC(1)	Revolver	418	—
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	724	724
Kano Laboratories LLC(1)(2)	Delayed Draw Term Loan	860	860
LAF International(1)(3)	Acquisition Facility	—	114
Lambir Bidco Limited(1)(2)(3)	Bridge Revolver	—	436
Lambir Bidco Limited(1)(2)(3)	Delayed Draw Term Loan	751	872
Lattice Group Holdings Bidco Limited(1)	Delayed Draw Term Loan	298	—
LeadsOnline, LLC(1)	Revolver	1,952	—
LivTech Purchaser, Inc.(1)	Delayed Draw Term Loan	60	145
Marmoutier Holding B.V.(1)(2)(3)	Delayed Draw Term Loan	22	405
Marmoutier Holding B.V.(1)(2)(3)	Revolver	140	162
Marshall Excelsior Co.(1)(2)	Revolver	216	—
MC Group Ventures Corporation(1)(2)	Delayed Draw Term Loan	1,291	1,291
Mercell Holding AS(1)(2)(8)	Bridge Term Loan	255	—
Mercell Holding AS(1)(2)(8)	Capex Acquisition Facility	850	—
Mertus 522. GmbH(1)(2)(3)	Acquisition Facility	2,520	6,564
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Capex Term Loan	56	63
Murphy Midco Limited(1)(2)(4)	Delayed Draw Term Loan	132	160
Narda Acquisitionco., Inc.(1)(2)	Revolver	1,006	1,059
Navia Benefit Solutions, Inc.(1)	Delayed Draw Term Loan	—	2,141
Nexus Underwriting Management Limited(1)(2)(4)	Revolver	—	82
Nexus Underwriting Management Limited(1)(2)(4)	Acquisition Facility	1,164	1,533
Novotech Aus Bidco Pty Ltd(1)(2)	Capex & Acquisition Facility	971	—
NPM Investments 28 BV(1)(3)	Delayed Draw Term Loan	849	—
OA Buyer, Inc.(1)	Revolver	1,331	1,331
OAC Holdings I Corp(1)	Revolver	802	—
OG III B.V.(1)(2)(3)	Accordion Facility	879	1,355
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	3,407	929
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	—	4,955
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	1,008	—
Options Technology Ltd.(1)(2)	Delayed Draw Term Loan	1,406	1,406
OSP Hamilton Purchaser, LLC(1)	Revolver	187	187
Pacific Health Supplies Bidco Pty Limited(1)(5)	CapEx Term Loan	—	78
PDQ.Com Corporation(1)	Delayed Draw Term Loan	—	868
PDQ.Com Corporation(1)	Delayed Draw Term Loan	4,320	4,320
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class A	73	—
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class B	73	—
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class C	73	—
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class D	73	—
Perimeter Master Note Business Trust (1)(2)	Series 2022-One Class E	3,709	—
Polara Enterprises, L.L.C.(1)	Revolver	947	545
Policy Services Company, LLC(1)(2)	Delayed Draw Term Loan	—	6,579
Premium Invest(1)(2)(3)	Delayed Draw Term Loan	5,486	569

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022	December 31, 2021
ProfitOptics, LLC(1)(2)	Revolver	194	—
Protego Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	234	272
PSP Intermediate 4, LLC(1)(2)(3)	Delayed Draw Term Loan	667	—
QPE7 SPV1 BidCo Pty Ltd(1)(2)(5)	Accordion Facility	2,705	714
Questel Unite(1)(2)(3)	Incremental Term Loan	2,479	2,878
Rep Seko Merger Sub LLC(1)(2)	Delayed Draw Term Loan	666	1,043
Reward Gateway (UK) Ltd(1)(2)(4)	Acquisition Facility	710	1,354
Riedel Beheer B.V.(1)(2)(3)	Revolver	—	230
Riedel Beheer B.V.(1)(2)(3)	Delayed Draw Term Loan	—	153
ROI Solutions LLC(1)	Delayed Draw Term Loan	—	711
Royal Buyer, LLC(1)(2)	Delayed Draw Term Loan	2,945	—
Royal Buyer, LLC(1)(2)	Revolver	1,787	—
Safety Products Holdings, LLC(1)(2)	Delayed Draw Term Loan	2,730	2,889
Sanoptis S.A.R.L.(1)(2)(3)	Acquisition Capex Facility	5,726	5,316
Scaled Agile, Inc.(1)	Delayed Draw Term Loan	416	416
Scaled Agile, Inc.(1)	Revolver	336	336
Scout Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	1,042	—
Scout Bidco B.V.(1)(2)(3)	Revolver	473	—
Sereni Capital NV(1)(2)(3)	Term Loan	220	—
Simulation Software Investment Company Pty Ltd(1)(2)	Delayed Draw Term Loan	408	—
Smartling, Inc.(1)	Delayed Draw Term Loan	2,076	2,076
Smartling, Inc.(1)	Revolver	1,038	1,038
Springbrook Software (SBRK Intermediate, Inc.)(1)(2)	Delayed Draw Term Loan	—	558
SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	418	507
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	521
Tank Holding Corp(1)	Revolver	655	—
Techone B.V.(1)(2)(3)	Delayed Draw Term Loan	639	752
Techone B.V.(1)(2)(3)	Revolver	95	200
Tencarva Machinery Company, LLC(1)	Delayed Draw Term Loan	—	886
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)(2)	Revolver	2,214	—
The Hilb Group, LLC(1)(2)	Delayed Draw Term Loan	4,731	5,954
Truck-Lite Co., LLC(1)(2)	Delayed Draw Term Loan	—	4,488
Turbo Buyer, Inc.(1)(2)	Delayed Draw Term Loan	2,381	2,314
Union Bidco Limited(1)(2)(4)	Acquisition Facility	239	—
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	1,384	—
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(1)(2)	Delayed Draw Term Loan	3,371	—

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)


Portfolio Company ($ in thousands)	Investment Type	September 30, 2022		December 31, 2021
VP Holding Company(1)(2)	Delayed Draw Term Loan	4,100		—
VP Holding Company(1)(2)	Delayed Draw Term Loan	8,230		—
W2O Holdings, Inc.(1)(2)	Delayed Draw Term Loan	487		712
Waccamaw River(2)	Joint Venture	2,480		11,280
Woodland Foods, LLC(1)(2)	Line of Credit	573		1,499
Xeinadin Bidco Limited(1)(2)(4)	CAF Term Loan	4,402		—
ZB Holdco LLC(1)	Delayed Draw Term Loan	1,352		—
ZB Holdco LLC(1)	Revolver	845		—
Zeppelin Bidco Limited(1)(2)(4)	Capex / Acquisition Facility	1,168		—
Zeppelin Bidco Limited(1)(2)(4)	Revolver	245		—
Total unused commitments to extend financing		$	221,268	$	215,494