Barings Private Credit 10-Q 2022 Q2 Quarterly report

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 30, 2022

OR

¨ 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, 2022 was 51,795,798.

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 30, 2022 and Consolidated Balance Sheet as of December 31, 2021	3
	Unaudited Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 30, 2021	4
	Unaudited Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 30, 2021	6
	Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 30, 2021	8
	Unaudited Consolidated Schedule of Investments as of June 30, 2022	9
	Consolidated Schedule of Investments as of December 31, 2021	29
	Notes to Unaudited Consolidated Financial Statements	46
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	77
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	95
Item 4.	Controls and Procedures	97
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	98
Item 1A.	Risk Factors	98
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	98
Item 3.	Defaults Upon Senior Securities	98
Item 4.	Mine Safety Disclosures	99
Item 5.	Other Information	99
Item 6.	Exhibits	99
Signatures		100

2

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
	(Unaudited)
Assets:
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
Total investments at fair value	1,774,296		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
Interest and fees receivable	31,799		17,571
Prepaid expenses and other assets	15,589		1,933
Deferred financing fees	4,815		4,466
Receivable from unsettled transactions	5,151		3,909
Total assets	$	2,028,850	$	1,549,030
Liabilities:
Accounts payable and accrued liabilities	$	784	$	1,039
Interest payable	6,833		3,779
Administrative fees payable	535		300
Base management fees payable	2,850		1,489
Derivative liability	1,351		1,905
Payable from unsettled transactions	21,335		31,693
Borrowings under credit facility	673,818		524,825
Notes payable (net of deferred financing fees)	249,482		149,594
Total liabilities	956,988		714,624
Commitments and contingencies (Note 7)
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
Additional paid-in capital	1,050,350		818,723
Total distributable earnings	21,460		15,642
Total net assets	1,071,862		834,406
Total liabilities and net assets	$	2,028,850	$	1,549,030
Net asset value per share	$	20.77	$	20.58

See accompanying notes.

3

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
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Investment income:
Interest income:
Non-Control / Non-Affiliate investments	$	26,258	$	5,953	$	47,646	$	5,953
Affiliate investments	136		—		219		—
Total interest income	26,394		5,953		47,865		5,953
Dividend income:
Affiliate investments	3,368		—		7,791		—
Total dividend income	3,368		—		7,791		—
Fee and other income:
Non-Control / Non-Affiliate investments	4,265		823		6,263		823
Affiliate investments	8		—		11		—
Total fee and other income	4,273		823		6,274		823
Payment-in-kind interest income:
Non-Control / Non-Affiliate investments	528		37		1,924		37
Total payment-in-kind interest income	528		37		1,924		37
Total investment income	34,563		6,813		63,854		6,813
Operating expenses:
Interest and other financing fees	7,446		894		12,522		894
Base management fee (Note 2)	2,850		687		5,018		687
General and administrative expenses (Note 2)	1,479		525		2,694		525
Net operating expenses	11,775		2,106		20,234		2,106
Net investment income before taxes	22,788		4,707		43,620		4,707
Income taxes, including excise tax expense	3		—		3		—
Net investment income	22,785		4,707		43,617		4,707

4

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
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions:
Net realized gains (losses):
Non-Control / Non-Affiliate investments	(2,382)		1		(2,525)		1
Net realized gains (losses) on investments	(2,382)		1		(2,525)		1
Foreign currency transactions	3,463		(811)		3,878		(811)
Net realized gains (losses)	1,081		(810)		1,353		(810)
Net unrealized appreciation (depreciation):
Non-Control / Non-Affiliate investments	(29,162)		779		(35,284)		779
Affiliate investments	(4,323)		—		9,958		—
Net unrealized appreciation (depreciation) on investments	(33,485)		779		(25,326)		779
Foreign currency transactions	21,995		3,127		25,455		3,127
Net unrealized appreciation (depreciation)	(11,490)		3,906		129		3,906
Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions	(10,409)		3,096		1,482		3,096
Net increase in net assets resulting from operations	$	12,376	$	7,803	$	45,099	$	7,803
Net investment income per share—basic and diluted	$	0.45	$	0.21	$	0.95	$	0.21
Net increase in net assets resulting from operations per share—basic and diluted	$	0.24	$	0.35	$	0.99	$	0.35
Dividends / distributions per share:
Total dividends / distributions per share	$	0.43	$	—	$	0.85	$	—
Weighted average shares outstanding—basic and diluted	50,839,557		22,500,000		45,762,100		22,500,000

See accompanying notes.

5

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 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
Net investment income	—	—		—		22,785		22,785
Net realized gain on investments / foreign currency transactions	—	—		—		1,081		1,081
Net unrealized depreciation on investments / foreign currency transactions	—	—		—		(11,490)		(11,490)
Dividends/distributions	6,107	—		129		(22,182)		(22,053)
Issuance of common stock	10,875,150	11		228,121		—		228,132
Balance, June 30, 2022	51,594,967	$	52	$	1,050,350	$	21,460	$	1,071,862

See accompanying notes.

6

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
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.

Six Months Ended June 30, 2022	Common Stock			Additional Paid-In Capital		Total Distributable Earnings		Total Net Assets
	Number of Shares	Par Value
Balance, December 31, 2021	40,551,193	$	41	$	818,723	$	15,642	$	834,406
Net investment income	—	—		—		43,617		43,617
Net realized gain on investments / foreign currency transactions	—	—		—		1,353		1,353
Net unrealized appreciation on investments / foreign currency transactions	—	—		—		129		129
Dividends/distributions	12,184	—		255		(39,281)		(39,026)
Issuance of common stock	11,031,590	11		231,372		—		231,383
Balance, June 30, 2022	51,594,967	$	52	$	1,050,350	$	21,460	$	1,071,862

See accompanying notes.

7

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
	June 30, 2022		June 30, 2021
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	45,099	$	7,803
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of portfolio investments	(499,825)		(65,014)
Purchases of portfolio investments from MassMutual	—		(602,838)
Repayments received / sales of portfolio investments	80,265		9,360
Loan origination and other fees received	10,513		1,907
Net realized (gain) loss on investments	2,525		(1)
Net realized (gain) loss on foreign currency transactions	(3,878)		811
Net unrealized (appreciation) depreciation on investments	25,326		(779)
Net unrealized (appreciation) depreciation on foreign currency transactions	(25,455)		(3,127)
Payment-in-kind interest	(1,924)		(37)
Amortization of deferred financing fees	634		106
Amortization of offering costs	97		29
Accretion of loan origination and other fees	(4,990)		(706)
Amortization / accretion of purchased loan premium / discount	(49)		(1)
Changes in operating assets and liabilities:
Interest and fees receivables	(14,026)		(6,527)
Prepaid expenses and other assets	5,642		(451)
Accounts payable and accrued liabilities	(756)		1,280
Interest payable	3,064		785
Fair value of interest rate swap	(275)		—
Net cash used in operating activities	(378,013)		(657,400)
Cash flows from financing activities:
Borrowings under credit facility	215,448		289,203
Repayments under credit facility	(55,000)		—
Proceeds from notes payable	100,000		—
Financing fees paid	(1,095)		(3,785)
Issuance of common stock	231,383		450,000
Cash dividends / distributions paid	(39,026)		—
Purchase of shares from Adviser	—		(1)
Net cash provided by financing activities	451,710		735,417
Net increase in cash and foreign currencies	73,697		78,017
Cash and foreign currencies, beginning of period	123,503		1
Cash and foreign currencies, end of period	$	197,200	$	78,018
Supplemental disclosure of cash flow information:
Cash paid for interest	$	9,098	$	—
Summary of non-cash financing transactions:
Dividends/distributions paid through DRIP share issuances	$	255	$	—

See accompanying notes.

8

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments

June 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
Non–Control / Non–Affiliate Investments:
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)
						10,952		10,882		10,950
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)*
								5,000		5,202
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)
						5,165		5,035		5,155
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)
		Revolver	LIBOR + 5.75%, 7.7% Cash	04/22	03/28	—		(20)		(21)		—	%	(6) (7) (9)
		Common Stock (262,573.98 shares)	N/A	04/22	N/A			263		263		—	%	(6)*
						13,390		13,438		13,431
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)
		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)
						28,102		29,009		27,467
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)
						704		793		704
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)
						22,117		21,680		21,738
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)
						7,220		7,075		6,931
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)
		Revolver	LIBOR + 5.50%, 6.6% Cash	11/21	11/27	—		(8)		(7)		—	%	(6) (7) (9)
						2,714		2,624		2,636
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)
		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	12/28	1,671		1,823		1,629		0.2	%	(3) (5) (6) (7) (14)
		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	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	LIBOR + 6.50%, 7.5% Cash	06/22	10/28	1,283		1,283		1,251		0.1	%	(3) (5) (6) (7) (9)
		Revolver	EURIBOR + 6.50%, 6.5% Cash	04/22	10/23	—		(10)		(11)		—	%	(3) (6) (7) (14)
						17,239		17,680		16,769
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

9

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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
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)
		Preferred Stock (14 shares)	N/A	09/21	N/A			122		110		—	%	(3) (6)
		Common Stock (49 shares)	N/A	09/21	N/A			12		11		—	%	(3) (6)
						5,062		5,682		5,072
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)
						1,155		1,308		1,133
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)
						7,460		7,275		7,344
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)
		Revolver	SONIA + 6.00%, 6.9% Cash	12/21	12/22	—		—		(5)		—	%	(3) (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)
						3,175		3,359		3,061
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)
						14,114		14,208		13,761
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)
		First Lien Senior Secured Term Loan	EURIBOR + 5.50%, 5.8% Cash	04/22	12/27	212		214		212		—	%	(5) (6) (7) (14)
						625		682		625
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)
						4,053		3,994		3,991
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

10

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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
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)
		Revolver	LIBOR + 5.25%, 6.8% Cash	11/21	11/27	58		49		50		—	%	(6) (7) (9)
		Subordinated Term Loan	12.0% PIK	11/21	05/28	1,310		1,286		1,289		0.1	%	(6)*
		Common Stock (192,307.7 units)	N/A	11/21	N/A			192		156		—	%	(6)*
						5,951		6,008		5,988
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)
						2,718		2,850		2,638
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)	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)
						366		446		366
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)
						3,673		3,667		3,642
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)
						2,560		2,488		2,485
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)
						4,809		5,313		4,698
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)
		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%, 7.0% Cash	05/21	01/28	175		170		172		—	%	(3) (5) (6) (7) (20)
						701		746		688
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)
						8,412		8,217		8,238
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

11

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

12

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

13

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

14

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

15

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

16

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

17

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

18

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

19

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

20

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

21

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

22

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

23

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

24

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

25

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

26

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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

*    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 (the “Company”) determined in good faith that all investments were valued at fair value in accordance with the Company’s valuation policies and procedures 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, 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 30, 2022 represented 165.5% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company’s initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 27.4% of total investments at fair value as of June 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 months endedJune 30, 2022 were as follows:

27

Barings Private Credit Corporation

Unaudited Consolidated Schedule of Investments (Continued)

June 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)
Portfolio Company	Type of Investment(a)
Eclipse Business Capital, LLC (e)	Second Lien Senior Secured Term Loan (7.5% Cash)	$	3,345	$	2	$	—	$	—	$	(138)	$	3,209	$	119
	Revolver (LIBOR + 7.25%)	1,283		3,728		—		—		(6)		5,005		111
	LLC units (63,139,338 units)	65,412		—		—		—		16,395		81,807		4,860
		70,040		3,730		—		—		16,251		90,021		5,090
Thompson Rivers LLC	6.3% Member Interest	33,511		—		(3,511)		—		(5,637)		24,363		2,157
		33,511		—		(3,511)		—		(5,637)		24,363		2,157
Waccamaw River LLC	20% Member Interest	13,500		8,882				—		(656)		21,726		774
		13,500		8,882		—		—		(656)		21,726		774
Total Affiliate Investments		$	117,051	$	12,612	$	(3,511)	$	—	$	9,958	$	136,110	$	8,021

(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, sales and return of capital.

(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 $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 30, 2022 was 1.78671%.

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

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

(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 30, 2022 was 2.25610%.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(27)The interest rate on these loans is subject to 1 Month SARON, which as of June 30, 2022 was -0.46480%.

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

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

(30)Non-accrual investment.

See accompanying notes.

28

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

29

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

30

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

31

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

32

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

33

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

34

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

35

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

36

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

37

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

38

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

39

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

40

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

41

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

42

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

43

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)
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)	$15,068	A$20,961	BNP Paribas SA	04/08/22	(172)
Foreign currency forward contract (CAD)	$749	$586	BNP Paribas SA	01/06/22	5
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 (DKK)	2,141kr.	$326	BNP Paribas SA	01/06/22	1
Foreign currency forward contract (DKK)	$335	2,141kr.	BNP Paribas SA	01/06/22	7
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)	$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 (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	45
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	8
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	3
Foreign currency forward contract (NZD)	$419	NZ$610	BNP Paribas SA	01/06/22	1
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)	$617	5,421kr	BNP Paribas SA	01/07/22	17
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)	Fr.103	$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)	$113	Fr.103	BNP Paribas SA	01/07/22	—
Foreign currency forward contract (CHF)	$19,853	Fr.18,212	BNP Paribas SA	04/08/22	(168)
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:

44

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.

45

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 billion in assets under management as of June 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

46

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 the discretion of the Board, the Company intends to commence a share repurchase program in which the Company intends to offer to repurchase, in each quarter, up to 5% of our 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 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 months ended June 30, 2022.

47

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 months ended June 30, 2022, the Base Management Fee determined in accordance with the terms of the Advisory Agreement was $2.8 million and $5.0 million, respectively. For the period from May 10, 2021 (commencement of operations) to June 30, 2021, the Base Management Fee determined in accordance with the terms of the Advisory Agreement was $0.7 million. As of June 30, 2022, the Base Management Fee of $2.8 million for the quarter ended June 30, 2022 was unpaid and included in “Base management fees payable” in the accompanying Unaudited 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.

48

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.

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

49

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 the three and six months ended June 30, 2022, or for the period from May 10, 2021 (commencement of operations) to June 30, 2021.

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,

50

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

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 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 30, 2022, BIIL had approximately £16.7 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;

• 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

51

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 months ended June 30, 2022, the Company incurred and was invoiced by the Administrator expenses of approximately $0.5 million and $0.9 million, respectively. As of June 30, 2021, Barings had not charged the Company for any expenses under the terms of the Administration Agreement. As of June 30, 2022, administrative expenses of $0.5 million incurred during the three months ended June 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; 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.

52

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 months ended June 30, 2022, or for the period from May 10, 2021 (commencement of operations) to June 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 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
June 30, 2022:
Senior debt and 1st lien notes	$	1,470,610	82	%	$	1,437,081	81	%	134	%
Subordinated debt and 2nd lien notes	152,069		8		148,049		8		14
Structured products	25,267		1		24,525		1		2
Equity shares	99,082		6		118,552		7		11
Equity warrants	—		—		—		—		—
Investment in joint ventures	51,341		3		46,089		3		5
	$	1,798,369	100	%	$	1,774,296	100	%	166	%

($ 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.

53

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

For the period from May 10, 2021 (commencement of operations) to June 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.

Industry Composition

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

($ in thousands)	June 30, 2022				December 31, 2021
Aerospace and Defense	$	76,963	4.3	%	$	49,184	3.5	%
Automotive	66,984		3.8		51,013		3.7
Banking, Finance, Insurance and Real Estate	193,081		10.9		153,347		11.0
Beverage, Food and Tobacco	21,599		1.2		18,900		1.3
Capital Equipment	35,174		2.0		23,589		1.7
Chemicals, Plastics, and Rubber	33,196		1.9		12,880		0.9
Construction and Building	21,320		1.2		18,783		1.3
Consumer Goods: Durable	20,595		1.2		16,562		1.2
Consumer Goods: Non-durable	35,494		2.0		35,762		2.6
Containers, Packaging and Glass	42,206		2.4		19,518		1.4
Environmental Industries	7,844		0.4		9,440		0.7
Forest Products and Paper	573		—		2,176		0.2
Healthcare and Pharmaceuticals	185,163		10.4		133,275		9.5
High Tech Industries	292,548		16.5		253,273		18.1
Hotel, Gaming and Leisure	14,100		0.8		9,571		0.7
Investment Funds and Vehicles	46,089		2.6		47,011		3.4
Media: Advertising, Printing and Publishing	13,594		0.8		21,493		1.5
Media: Broadcasting and Subscription	3,975		0.2		5,304		0.4
Media: Diversified and Production	33,820		1.9		24,082		1.7
Metals and Mining	7,425		0.4		—		—
Services: Business	354,387		20.0		277,455		19.9
Services: Consumer	78,780		4.4		63,838		4.6
Structured Products	9,673		0.5		9,811		0.7
Telecommunications	36,706		2.1		12,588		0.9
Transportation: Cargo	124,164		7.0		109,154		7.8
Transportation: Consumer	17,591		1.0		18,392		1.3
Utilities: Electric	1,252		0.1		1,247		0.1
Total	$	1,774,296	100.0	%	$	1,397,648	100.0	%

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

54

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

As of June 30, 2022, Thompson Rivers had $1.5 billion in Ginnie Mae early buyout loans and $267.1 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 30, 2022, Thompson Rivers had 8,676 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 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
June 30, 2022:
Federal Housing Administration (“FHA”) loans	$	1,419,533	90	%	$	1,389,345	90	%
Veterans Affairs (“VA”) loans	155,498		10		150,594		10
	$	1,575,031	100	%	$	1,539,939	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 $396.6 million and $694.8 million outstanding as of June 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 million and $1,245.2 million outstanding as of June 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 million and $933.1 million outstanding as of June 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.

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

($ in thousands)	As of  June 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.

55

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 30, 2022. As of June 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 months ended June 30, 2022, Waccamaw River declared $2.4 million and $3.9 million in dividends, respectively, of which $0.5 million and $0.8 million, respectively, was recognized as dividend income in the Company’s Unaudited Consolidated Statement of Operations.

As of June 30, 2022, Waccamaw River had $130.1 million in unsecured consumer loans and $12.3 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 30, 2022, Waccamaw River had 11,626 outstanding loans with an average loan size of $11,488, remaining average life to maturity of 45.4 months and weighted average interest rate of 11.0%. 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 million as of June 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.

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

($ in thousands)	As of  June 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 June 30, 2022 and December 31, 2021, $4.9 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

56

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 investment in Eclipse in accordance with ASC 946-320, presented as a single investment measured at fair value.

Valuation of Investments

The Company conducts the valuation of its investments, upon which its 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.

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 determines the fair value of its investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Company 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.

57

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Investment Valuation Process

The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser’s pricing committee.

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

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to an independent provider to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect their valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following the initial acquisition, such loans and equity investments are sent to a valuation provider which will determine the fair value of each investment. The independent valuation provider applies 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. If the Adviser’s pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Board 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’ best interests, to request the 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 determines each quarter, 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 input of Barings, the Company’s Audit Committee and the independent valuation firm.

Valuation Techniques

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

58

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 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.

Level 3 Unobservable Inputs

The following tables summarize the significant unobservable inputs the Company used in the valuation of its Level 3 debt and equity securities as of June 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

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

59

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 30, 2022 and December 31, 2021, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

	Fair Value as of June 30, 2022
($ in thousands)	Level 1		Level 2		Level 3		Total
Senior debt and 1st lien notes	$	—	$	25,271	$	1,411,810	$	1,437,081
Subordinated debt and 2nd lien notes	—		21,296		126,753		148,049
Structured products	—		9,254		15,271		24,525
Equity shares	38		2,381		116,133		118,552
Equity warrants	—		—		—		—
Investments subject to leveling	$	38	$	58,202	$	1,669,967	$	1,728,207
Investment in joint ventures(1)							$	46,089
							$	1,774,296
	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

(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.

60

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 months ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 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
Fair value, beginning of period	$	1,138,818	$	92,224	$	—	$	75,005	$	1,306,047
New investments	384,424		38,158		6,000		20,463		449,045
Transfers into Level 3, net	—		—		9,811		3,518		13,329
Proceeds from sales of investments	1,633		—		—		—		1,633
Loan origination fees received	(9,865)		(647)		—		—		(10,512)
Principal repayments received	(79,269)		(361)		—		—		(79,630)
Payment in kind interest	1,186		733		—		—		1,919
Accretion of loan premium/ discount	(9)		18		—		—		9
Accretion of deferred loan origination revenue	4,814		109		—		—		4,923
Realized loss	(2,514)		(11)		—		—		(2,525)
Unrealized appreciation (depreciation)	(27,408)		(3,470)		(540)		17,147		(14,271)
Fair value, end of period	$	1,411,810	$	126,753	$	15,271	$	116,133	$	1,669,967

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
Fair value, beginning of period	$	—	$	—	$	—	$	—
New investments	66,184		1,454		1,501		69,139
Investments purchased from MassMutual	496,205		88,836		—		585,041
Loan origination fees received	(1,885)		(22)		—		(1,907)
Principal repayments received	(5,485)		(4,476)		—		(9,961)
Payment in kind interest	20		—		—		20
Accretion of deferred loan origination revenue	626		62		—		688
Realized gain	1		—		—		1
Unrealized appreciation (depreciation)	221		267		—		488
Fair value, end of period	$	555,887	$	86,121	$	1,501	$	643,509

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

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

61

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 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 30, 2022 and December 31, 2021, the Company had one and no non-accrual assets, respectively. Dividend income is recorded on the ex-dividend date.

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.

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Barings Private Credit Corporation

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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 months ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 30, 2021was 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
($ in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Recurring Fee Income:
Amortization of loan origination fees	$	1,693	$	693	$	3,180	$	693
Management, valuation and other fees	453		40		819		40
Total Recurring Fee Income	2,146		733		3,999		733
Non-Recurring Fee Income:
Acceleration of unamortized loan origination fees	1,744		14		1,810		14
Advisory, loan amendment and other fees	383		76		465		76
Total Non-Recurring Fee Income	2,127		90		2,275		90
Total Fee Income	$	4,273	$	823	$	6,274	$	823

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.

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 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 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 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.

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Financial and Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, all 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 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 30, 2022 the Company held 15 investments that were denominated in Australian dollars, one investment that was denominated in Canadian dollars, one investment that was denominated in Danish kroner, 57 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 25 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 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.

4. INCOME TAXES

The Company intends to elect and qualify annually for federal income tax purposes to be treated 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.

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

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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 30, 2022 and December 31, 2021 was approximately $1,798.2 million and $1,396.2 million, respectively. As of June 30, 2022, 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 $52.4 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $49.2 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 payable and accrued liabilities" in the Company’s Unaudited Consolidated Balance Sheet. As of June 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.

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Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

5. BORROWINGS

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

Issuance Date ($ in thousands)	Maturity Date	Interest Rate as of June 30, 2022	June 30, 2022		December 31, 2021
Credit Facility:
May 11, 2021	May 11, 2026	3.191%	$	673,818	524,825
Total Credit Facility			$	673,818	$	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	May 10, 2027	6.000%	100,000		—
(Less: Deferred financing fees)			(518)		(406)
Total Notes			$	249,482	$	149,594

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 216.0% as of June 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 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

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

As of June 30, 2022, the Company had U.S. dollar borrowings of $526.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 3.380% (one month SOFR of 1.025%), borrowings denominated in British pounds sterling of £25.2 million ($30.6 million U.S. dollars) with a weighted average interest rate of 3.059% (weighted average one month adjusted cumulative compounded SONIA of 0.690%), borrowings denominated in Australian dollars of A$22.1 million ($15.2 million U.S. dollars) with an interest rate of 2.679% (one month BBSW of 0.529%), borrowings denominated in Canadian dollars of C$5.4 million ($4.2 million U.S. dollars) with an interest rate of 3.900% (one month CDOR of 1.750%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($3.8 million U.S. dollars) with an interest rate of 4.370% (one month NZBB of 1.970%) and borrowings denominated in Euros of €89.6 million ($93.7 million U.S. dollars) with an interest rate of 2.177% (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 “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 30, 2022 and December 31, 2021, the fair value of the borrowings outstanding under the Revolving Credit Facility was $673.8 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 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.

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

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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 30, 2022 and December 31, 2021, the fair value of the outstanding July 2026 Notes was $129.0 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 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.

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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 30, 2022, the fair value of the outstanding May 2027 Notes was $94.8 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 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 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 30, 2022, the interest rate swap had a fair value of $0.3 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 or accounts payable and accrued liabilities on the Company’s Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the May 2027 Notes, with the remaining difference included as a component of interest and other financing fees expense on the Company’s Unaudited Consolidated Statements of Operations. For the three and six months ended June 30, 2022, the Company recognized $(0.3) million as a component of interest expense relating to the change in fair value of the interest rate swap. 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.

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

70

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	$15,076.473	01/06/22	$	171	Prepaid expense and other assets
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	$586.457	01/06/22	5		Prepaid expense and other assets
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)	2,140.728kr.	$326	01/06/22	1		Prepaid expense and other assets
Foreign currency forward contract (DKK)	$335	2,140.728kr.	01/06/22	7		Prepaid expense and other assets
Foreign currency forward contract (DKK)	$323	2,113.91kr.	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)	$55,239	€47,857.325	01/06/22	783		Prepaid expense and other assets
Foreign currency forward contract (EUR)	$111,330	€98,200.754	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)	£2,000	$2,664.139	01/07/22	45		Prepaid expense and other assets
Foreign currency forward contract (GBP)	$11,828.271	£8,816.562	01/06/22	(112)		Derivative liability
Foreign currency forward contract (GBP)	$2,716.947	£2,000	01/07/22	8		Prepaid expense and other assets
Foreign currency forward contract (GBP)	$13,906.654	£10,445.895	04/08/22	(234)		Derivative liability
Foreign currency forward contract (NZD)	NZ$610,086	$415	01/06/22	3		Prepaid expense and other assets
Foreign currency forward contract (NZD)	$419	NZ$610,086	01/06/22	1		Prepaid expense and other assets
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)	$617	5,421.35kr	01/07/22	17		Prepaid expense and other assets
Foreign currency forward contract (SEK)	$607	5,483.111kr	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)	Fr.103.044	$112.799	01/07/22	—		Prepaid expense and other assets
Foreign currency forward contract (CHF)	$19,264.138	Fr.17,956.939	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)	$19,853.07	Fr.18,211.896	04/08/22	(168)		Derivative liability
Total				$	(262)

As of June 30, 2022 and December 31, 2021, the total fair value of the Company's foreign currency forward contracts was $13.9 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.

71

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 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 30, 2022 and December 31, 2021 were as follows:

Portfolio Company ($ in thousands)	Investment Type	June 30, 2022		December 31, 2021
Acclime Holdings HK Limited(1)	Delayed Draw Term Loan	$	—	$	148
Acclime Holdings HK Limited(1)	Delayed Draw Term Loan	—		812
Accurus Aerospace Corporation(1)(2)	Revolver	1,383		—
Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	11		11
Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	2,760		2,760
Amtech LLC(1)	Delayed Draw Term Loan	1,818		1,818
Amtech LLC(1)	Revolver	455		455
AnalytiChem Holding GmbH(1)(2)(3)	Bridge Revolver	452		4,001
AnalytiChem Holding GmbH(1)(2)(3)	Incremental Term Loan	1,155		—
Aquavista Watersides 2 LTD(1)(2)(4)	Bridge Revolver	209		233
Aquavista Watersides 2 LTD(1)(2)(4)	Acquisition Facility	1,308		1,459
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	1,069		1,192
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,534		1,622
AWP Group Holdings, Inc.(1)	Delayed Draw Term Loan	233		233
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	962		962
Azalea Buyer, Inc.(1)(2)	Revolver	423		481
Bariacum S.A(1)(2)(3)	Acquisition Facility	941		1,023
Bearcat Buyer, Inc.(1)	Delayed Draw Term Loan	96		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	276		602
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	185		201
BrightSign LLC(1)(2)	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	393		1,729
CAi Software, LLC(1)(2)	Revolver	943		943
Canadian Orthodontic Partners Corp.(1)(2)(6)	Delayed Draw Term Loan	307		440
Centralis Finco S.a.r.l.(1)(2)(3)	Acquisition Facility	67		73
Ceres Pharma NV(1)(2)(3)	Delayed Draw Term Loan	1,419		1,544
CGI Parent, LLC(1)	Revolver	1,653		—
Classic Collision (Summit Buyer, LLC)(1)	Delayed Draw Term Loan	537		788
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)	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

72

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company ($ in thousands)	Investment Type	June 30, 2022	December 31, 2021
DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	Acquisition Facility	165	179
Dune Group(1)(2)(3)	Delayed Draw Term Loan	1,484	1,614
Dwyer Instruments, Inc.(1)(2)	Delayed Draw Term Loan	987	987
Eclipse Business Capital, LLC(1)	Revolver	4,620	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
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)(5)	Delayed Draw Term Loan	441	—
F24 (Stairway BidCo GmbH)(1)(2)(3)	Acquisition Term Loan	64	95
FineLine Systems(1)	Delayed Draw Term Loan	478	478
Finexvet(1)(2)(3)	Acquisition Facility	230	—
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	773	—
FragilePak LLC(1)(2)	Delayed Draw Term Loan	4,649	4,649
Glacis Acquisition S.A.R.L.(1)(2)(3)	Delayed Draw Term Loan	7,248	10,751
GPZN II GmbH(1)(2)(3)	CAF Term Loan	549	—
Graphpad Software, LLC(1)	Delayed Draw Term Loan	2,602	2,602
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
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	196	289
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	142	155
Isolstar Holding NV (IPCOM)(1)(2)(3)	Acquisition Facility	252	333
Isolstar Holding NV (IPCOM)(1)(2)(3)	Acquisition Facility	3,619
ITI Intermodal, Inc.(1)(2)	Delayed Draw Term Loan	103	103
ITI Intermodal, Inc.(1)(2)	Revolver	124	124
Jaguar Merger Sub Inc.(1)(2)	Delayed Draw Term Loan	711	1,961
Jaguar Merger Sub Inc.(1)(2)	Revolver	490	490
Jeeves Information Systems AB(1)(2)(3)	Delayed Draw Term Loan	—	8,936
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	740	—
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	—

73

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company ($ in thousands)	Investment Type	June 30, 2022	December 31, 2021
MC Group Ventures Corporation(1)	Delayed Draw Term Loan	1,291	1,291
Mertus 522. GmbH(1)(2)(3)	Acquisition Facility	2,689	6,564
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Capex term Loan	59	63
Murphy Midco Limited(1)(2)(4)	Delayed Draw Term Loan	143	160
Narda Acquisitionco., Inc.(1)(2)	Revolver	1,059	1,059
Navia Benefit Solutions, Inc.(1)	Delayed Draw Term Loan	2,141	2,141
Nexus Underwriting Management Limited(1)(2)(4)	Revolver	—	82
Nexus Underwriting Management Limited(1)(2)(4)	Acquisition Facility	1,267	1,533
Novotech Aus Bidco Pty Ltd(1)(2)	Capex & Acquisition Facility C	971	—
OA Buyer, Inc.(1)(2)	Revolver	1,331	1,331
OAC Holdings I Corp(1)	Revolver	294	—
OG III B.V.(1)(2)(3)	Acquisition Capex Facility	—	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	2,240	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	131	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)(2)	Revolver	824	545
Policy Services Company, LLC(1)(2)	Delayed Draw Term Loan	—	6,579
Premium Invest(1)(2)(3)	Acquisition Facility	523	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

74

Barings Private Credit Corporation

Notes to Unaudited Consolidated Financial Statements — (Continued)

Portfolio Company ($ in thousands)	Investment Type	June 30, 2022		December 31, 2021
Scout Bidco B.V.(1)(2)(3)	Revolver	504		—
Scout Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	1,112		—
Sereni Capital NV(1)(2)(3)	Revolver	53		—
Sereni Capital NV(1)(2)(3)	Term Loan	376		—
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)	Delayed Draw Term Loan	—		558
SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	455		507
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
Tank Holding Corp(1)	Revolver	382		—
Techone B.V.(1)(2)(3)	Delayed Draw Term Loan	1,310		752
Techone B.V.(1)(2)(3)	Revolver	101		200
Tencarva Machinery Company, LLC(1)	Delayed Draw Term Loan	886		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 Hilb Group, LLC(1)(2)	Delayed Draw Term Loan	5,034		5,954
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		—
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	1,477		—
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

(1)The Company'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.

75

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.

COVID-19 Developments

During the six months ended June 30, 2022, the Coronavirus and the COVID-19 pandemic continued to have an impact on the U.S. and global economies. To the extent the Company’s 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 of calculating certain per share data based upon the weighted average basic shares outstanding during the period 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.

76

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 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.

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 of our unaudited consolidated financial statements for 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 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, the interest rate environment or conditions affecting the financial and capital markets, including with respect to changes from the impact of 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 COVID-19 pandemic on our business prospects and the prospects of 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 business and on the availability of equity and debt capital and our use of borrowed money to finance a portion of our investments; 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 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.

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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.

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.

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

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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 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% 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 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 30, 2022, BIIL had approximately £16.7 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.

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

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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 million and $1,397.6 million as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022, we had investments in 245 portfolio companies with an aggregate cost of $1,798.4 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 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 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
June 30, 2022:
Senior debt and 1st lien notes	$	1,470,610	82	%	$	1,437,081	81	%
Subordinated debt and 2nd lien notes	152,069		8		148,049		8
Structured products	25,267		1		24,525		1
Equity shares	99,082		6		118,552		7
Investment in joint ventures	51,341		3		46,089		3
	$	1,798,369	100	%	$	1,774,296	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 months ended June 30, 2022, we made new investments totaling $314.2 million, made additional investments in existing portfolio companies totaling $166.4 million, and made additional investments in existing joint venture equity portfolio companies totaling $8.9 million. We had 20 loans repaid at par totaling $71.1 million and received $6.9 million of portfolio company principal payments and sale proceeds, recognizing a net loss on these transactions of $2.5 million. In addition, we received $3.5 million of return of capital from one of our joint ventures.

For the period from May 10, 2021 (commencement of operations) to June 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. We had two loans repaid at par totaling $8.6 million and received $1.3 million of portfolio company principal payments.

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Total portfolio investment activity for the six months ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 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
Fair value, beginning of period	$	1,141,252	$	114,779	$	19,566	$	75,040	$	47,011	$	1,397,648
New investments	409,918		38,158		6,000		26,547		8,859		489,482
Proceeds from sales of investments	1,633		—		—		—		(3,487)		(1,854)
Loan origination fees received	(9,866)		(647)		—		—		—		(10,513)
Principal repayments received	(79,339)		(361)		—		—		—		(79,700)
Payment-in-kind interest	1,191		733		—		—		—		1,924
Accretion of loan premium/discount	19		23		7		—		—		49
Accretion of deferred loan origination revenue	4,814		176		—		—		—		4,990
Realized loss	(2,514)		(11)		—		—		—		(2,525)
Unrealized appreciation (depreciation)	(30,027)		(4,801)		(1,048)		16,965		(6,294)		(25,205)
Fair value, end of period	$	1,437,081	$	148,049	$	24,525	$	118,552	$	46,089	$	1,774,296

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
Fair value, beginning of period	$	—	$	—	$	—	$	—
New investments	66,184		1,454		1,501		69,139
Investments purchased from MassMutual	496,205		106,633		—		602,838
Loan origination fees received	(1,885)		(22)		—		(1,907)
Principal repayments received	(5,486)		(4,476)		—		(9,962)
Payment-in-kind interest earned	20		—		—		20
Accretion of loan discount	—		1		—		1
Accretion of deferred loan origination revenue	626		80		—		706
Realized gain	1		—		—		1
Unrealized appreciation (depreciation)	221		558		—		779
Fair value, end of period	$	555,886	$	104,228	$	1,501	$	661,615

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 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.

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Results of Operations

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

Operating results for the three and six months ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 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
($ in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Investment income:
Total investment income	$	34,563	$	6,813	$	63,854	$	6,813
Total operating expenses	11,775		2,106		20,234		2,106
Net investment income before taxes	22,788		4,707		43,620		4,707
Income taxes, including excise tax expense	3		—		3		—
Net investment income after taxes	22,785		4,707		43,617		4,707
Net realized gains (losses)	1,081		(810)		1,353		(810)
Net unrealized appreciation (depreciation)	(11,490)		3,906		129		3,906
Net realized gains (losses) and unrealized appreciation (depreciation) on investments and foreign currency transactions	(10,409)		3,096		1,482		3,096
Net increase in net assets resulting from operations	$	12,376	$	7,803	$	45,099	$	7,803

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
($ in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Investment income:
Total interest income	$	26,394	$	5,953	$	47,865	$	5,953
Total dividend income	3,368		—		7,791		—
Total fee and other income	4,273		823		6,274		823
Total payment-in-kind interest income	528		37		1,924		37
Total investment income	$	34,563	$	6,813	$	63,854	$	6,813

The change in investment income for the three and six months ended June 30, 2022, as compared to the period from May 10, 2021 (commencement of operations) to June 30, 2022, was primarily due to an increase in the average size our 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 million as of June 30, 2022, as compared to $671.5 million as of June 30, 2021. The weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was 7.5% as of June 30, 2022, as compared to 6.8% as of June 30, 2021. For three and six months ended June 30, 2022, dividends from portfolio companies and joint venture investments were $3.4 million and $7.8 million, respectively. For the three and six months ended June 30, 2022, acceleration of unamortized OID income and unamortized loan origination fee totaled $1.7 million and $1.8 million, respectively, as compared to $13,991 for the period from May 10, 2021 (commencement of operations) to June 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.

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Operating Expenses

	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

Interest and Other Financing Fees

Interest and other financing fees during the three and six months ended June 30, 2022 were attributable to borrowings under the Revolving Credit Facility, the July 2026 Notes and the May 2027 Notes (each as defined below under “Financial Condition, Liquidity and Capital Resources”). Interest and other financing fees for the period from May 10, 2021 (commencement of operations) to June 30, 2021 were attributable to borrowings under the Revolving Credit Facility.

Base Management Fee

Under the Advisory Agreement, we pay Barings a base management fee quarterly in arrears on a calendar quarter basis. The base management fee is calculated based on the average value of our gross assets at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. The base management fee for any partial quarter is appropriately pro-rated. See Note 2 to our Unaudited Consolidated Financial Statements for additional information regarding the Advisory Agreement and the fee arrangement thereunder. For the three and six months ended June 30, 2022, the amount of base management fee incurred was approximately $2.8 million and $5.0 million, respectively. For the period from May 10, 2021 (commencement of operations) to June 30, 2021, the amount of base management fee incurred was $0.7 million.

Other General and Administrative Expenses

Under the terms of the Administration Agreement, Barings performs (or oversees, or arranges for, the performance of) the administrative services necessary for our operations. We reimburse 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 us and Barings quarterly in arrears; provided that the agreed-upon quarterly expense amount will not exceed the amount of expenses that would otherwise be reimbursable by us 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. For the three and six months ended June 30, 2022, the amount of administration expense incurred and invoiced by Barings for expenses was $0.5 million and $0.9 million, respectively. As of June 30, 2021, the Adviser had not charged us for any expenses under the terms of the Administration Agreement. In addition to expenses incurred under the Administration Agreement, other general and administrative expenses include Board fees, D&O insurance costs, offering costs, legal and accounting expenses and other costs related to our operations.

Net Realized Gains (Losses)

Net realized gains (losses) during the three and six months ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 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
($ in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net realized gains (losses):
Non-Control / Non-Affiliate investments	$	(2,382)	$	1	$	(2,525)	$	1
Net realized gains (losses) on investments	(2,382)		1		(2,525)		1
Foreign currency transactions	3,463		(811)		3,878		(811)
Net realized gains (losses)	$	1,081	$	(810)	$	1,353	$	(810)

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During the three months ended June 30, 2022, we recognized net realized gains totaling $1.1 million, which consisted primarily of a net gain on foreign currency transactions of $3.5 million, partially offset by a net loss on our loan portfolio of $2.4 million. During the six months ended June 30, 2022, we recognized net realized gains totaling $1.4 million, which consisted primarily of a net gain on foreign currency transactions of $3.9 million, partially offset by a net loss on our loan portfolio of $2.5 million.

During the period from May 10, 2021 (commencement of operations) to June 30, 2021, we recognized net realized losses totaling $0.8 million, which consisted primarily of a net loss on foreign currency transactions of $0.8 million, partially offset by a net gain on our loan portfolio of $525.

Net Unrealized Appreciation (Depreciation)

Net unrealized appreciation (depreciation) during the three and six months ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 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
($ in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net unrealized appreciation (depreciation)
Non-Control / Non-Affiliate investments	$	(29,162)	$	779	$	(35,284)	$	779
Affiliate investments	(4,323)		—		9,958		—
Net unrealized appreciation (depreciation) on investments	(33,485)		779		(25,326)		779
Foreign currency transactions	21,995		3,127		25,455		3,127
Net unrealized appreciation (depreciation)	$	(11,490)	$	3,906	$	129	$	3,906

During the three months ended June 30, 2022, we recorded net unrealized depreciation totaling $11.5 million, consisting of net unrealized depreciation on our current portfolio of $32.9 million and net unrealized depreciation reclassification adjustments of $0.6 million, partially offset by net unrealized appreciation related to foreign currency transactions of $22.0 million. The net unrealized depreciation on our current portfolio of $32.9 million was driven primarily by the impact of foreign currency exchange rates on investments of $23.9 million, broad market moves for investments of $8.6 million and credit or fundamental performance of investments of $0.4 million.

During the six months ended June 30, 2022, we recorded net unrealized appreciation totaling $0.1 million, consisting of net unrealized appreciation related to foreign currency transactions of $25.5 million, partially offset by net unrealized depreciation reclassification adjustments of $0.8 million and net unrealized depreciation on our current portfolio of $24.4 million and deferred tax liability of $0.1 million. The net unrealized depreciation on our current portfolio of $24.4 million was driven primarily by the impact of foreign currency exchange rates on investments of $28.0 million and broad market moves for investments of $13.6 million, partially offset by credit or fundamental performance of investments of $17.2 million.

For the period from May 10, 2021 (commencement of operations) to June 30, 2021, we recorded net unrealized appreciation totaling $3.9 million, consisting of net unrealized appreciation on our current portfolio of $0.8 million and net unrealized appreciation related to foreign currency transactions of $3.1 million. The net unrealized appreciation on our current portfolio of $0.8 million was driven primarily by broad market moves for investments of $2.9 million, partially offset by the impact of foreign currency exchange rates on investments of $2.1 million.

Financial Condition, Liquidity and Capital Resources

We believe that our current cash and cash equivalents on hand, our available borrowing capacity under the Revolving Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. In addition, we expect to generate cash from the net proceeds of our continuous offering of shares of common stock in the Private Offering. This “Financial Condition, Liquidity and Capital Resources” section should be read in conjunction with “COVID-19 Developments” above, as well as with the notes to our Unaudited Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

Under the 1940 Act, we are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. Our asset coverage ratio was 216.0% as of June 30, 2022.

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Cash Flows

For the six months ended June 30, 2022, we experienced a net increase in cash in the amount of $73.7 million. During that period, our operating activities used $378.0 million in cash, consisting primarily of purchases of portfolio investments of $499.8 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $80.3 million. In addition, our financing activities provided net cash of $451.7 million, consisting primarily of net borrowings of $160.4 million under the Revolving Credit Facility, net proceeds from the issuance of the May 2027 Notes of $99.9 million and proceeds from the issuance of common stock of $231.4 million, partially offset by dividends paid in the amount of $39.0 million. As of June 30, 2022, we had $197.2 million of cash on hand, including foreign currencies.

For the period from May 10, 2021 (commencement of operations) to June 30, 2021, we experienced a net increase in cash in the amount of $78.0 million. During that period, our operating activities used $657.4 million in cash, consisting primarily of the purchase of the Initial Portfolio from MassMutual and CM Life for an aggregate purchase price of $602.8 million and purchases of portfolio investments of $65.0 million, partially offset by proceeds from sales of portfolio investments totaling $9.4 million. In addition, our financing activities provided $735.4 million of cash, consisting primarily of net borrowings under the Revolving Credit Facility totaling $285.4 million and proceeds from the issuance of common stock of $450.0 million. As of June 30, 2021, we had $78.0 million of cash on hand, including foreign currencies.

Financing Transactions

Revolving Credit Facility

On May 11, 2021, BPC Funding, our wholly-owned subsidiary, entered into the Revolving Credit Facility with BNPP. BNPP serves as administrative agent, State Street Bank and Trust Company serves as collateral agent, and we serve 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 must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

Proceeds from borrowings under the Revolving Credit Facility may be used to fund portfolio investments by BPC Funding, to make advances under delayed draw term loans and revolving loans for which BPC Funding is a lender, and to make permitted distributions. The period during which BPC Funding may borrow under the Revolving Credit Facility expires on May 11, 2024, and the Revolving Credit Facility will mature and all amounts outstanding thereunder must be repaid by May 11, 2026.

BPC Funding’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in all of BPC Funding’s portfolio investments and cash. The obligations of BPC Funding under the Revolving Credit Facility are non-recourse to us, and our exposure under the Revolving Credit Facility is limited to the value of our investment in BPC Funding.

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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 30, 2022, we were in compliance with all covenants of the Revolving Credit Facility.

As of June 30, 2022, we had U.S. dollar borrowings of $526.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 3.380% (one month SOFR of 1.025%), borrowings denominated in British pounds sterling of £25.2 million ($30.6 million U.S. dollars) with a weighted average interest rate of 3.059% (weighted average one month adjusted cumulative compounded SONIA of 0.690%), borrowings denominated in Australian dollars of A$22.1 million ($15.2 million U.S. dollars) with an interest rate of 2.679% (one month BBSW of 0.529%), borrowings denominated in Canadian dollars of C$5.4 million ($4.2 million U.S. dollars) with an interest rate of 3.900% (one month CDOR of 1.750%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($3.8 million U.S. dollars) with an interest rate of 4.370% (one month NZBB of 1.970%) and borrowings denominated in Euros of €89.6 million ($93.7 million U.S. dollars) with an interest rate of 2.177% (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 “net unrealized appreciation (depreciation) - foreign currency transactions” in our Unaudited Consolidated Statement of Operations.

July 2026 Notes

On July 29, 2021, we entered into the July 2021 NPA governing the issuance of (1) $75.0 million in aggregate principal amount of the Series A Notes, (2) $38.0 million in aggregate principal amount of Series B Notes, and (3) $37.0 million in aggregate principal amount of the Series C 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 will mature on July 29, 2026 unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the July 2021 NPA.

The July 2026 Notes, for which we are required to obtain an initial rating by November 15, 2021, 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 we have received an investment grade rating for the July 2026 Notes, 0.75% per year, to the extent the July 2026 Notes thereafter fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent the ratio of our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end.

Our obligations under the July 2021 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

The July 2026 Notes were offered in reliance on Section 4(a)(2) of 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. See Note 5 to our Unaudited Consolidated Financial Statements for additional information regarding the July 2021 NPA and the July 2026 Notes issued thereunder.

May 2027 Notes

On May 10, 2022, we entered into the May 2022 NPA governing the issuance of (1) $100.0 million in aggregate principal amount of Series D Notes and (2) $55.0 million in aggregate principal amount of Series E 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. We intend 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.

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Our obligations under the May 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us.

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. See Note 5 to our Unaudited Consolidated Financial Statements for additional information regarding the May 2022 NPA and the May 2027 Notes issued thereunder.

In connection with the offering of the May 2027 Notes, on May 10 2022, we entered into a $100.0 million notional value interest rate swap. We receive 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 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 our Unaudited Consolidated Statements of Operations. As of June 30, 2022, the interest rate swap had a fair value of $0.3 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 or accounts payable and accrued liabilities on the Company’s Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the May 2027 Notes, with the remaining difference included as a component of interest and other financing fees expense on the Company’s Unaudited Consolidated Statements of Operations. For the three and six months ended June 30, 2022, the Company recognized $(0.3) million as a component of interest expense relating to the change in fair value of the interest rate swap.

Share Repurchase Program

Beginning no later than the first full calendar quarter after the one-year anniversary of the Initial Closing, and at the discretion of the Board, we intend to commence a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our shares of common stock outstanding as of the close of the previous calendar quarter, generally using a purchase price equal to the net asset value per share as of the last calendar day of the applicable quarter. However, we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular quarter in our discretion. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our stockholders. As a result, share repurchases may not be available each quarter, stockholders may not be able to sell their shares promptly or at a desired price, and an investment in our shares is not suitable if you require short-term liquidity with respect to your investment in us. We intend 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.

There were no share repurchases during the three and six months ended June 30, 2022.

Distributions to Stockholders

We intend to pay distributions to our stockholders of substantially all of our income, as determined by the Board in its discretion considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. As a result, our distribution rates and payment frequency may vary from time to time. We generally intend to declare and pay distributions on at least a quarterly basis, although the frequency of such distributions may vary, and we may make distributions on a monthly basis in the future.

We have adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of dividends on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, when we declare a cash dividend, stockholders who have not opted out of the DRIP will have their dividends automatically reinvested in shares of our common stock, rather than receiving cash dividends.

We intend to elect to be treated as a RIC under the Code and intend to make the required distributions to our stockholders as specified therein. In order to qualify for and maintain our tax treatment as a RIC and to obtain RIC tax benefits, we must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then we will generally be required to pay income taxes only on the portion of our taxable income and gains we do not distribute (actually or constructively) and certain built-in gains. We monitor our distribution requirements with the goal of ensuring compliance with the Code. We can offer no assurance that we will achieve results that will permit the payment of any level of cash distributions and our ability to make distributions will be limited by the asset coverage requirement and related provisions

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under the 1940 Act and contained in any applicable indenture or financing arrangement and related supplements. In addition, in order to satisfy the annual distribution requirement applicable to RICs, we may declare a significant portion of our dividends in shares of our common stock instead of in cash. A stockholder generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though a portion of the dividend was paid in shares of our common stock.

The minimum distribution requirements applicable to RICs require us to distribute to our stockholders each year at least 90% of our ICTI. Depending on the level of ICTI and net capital gain, if any, earned in a tax year, we may choose to carry forward income in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such excess. Any such carryover income must be distributed before the end of the next tax year through a dividend declared prior to filing the final tax return related to the year which generated such income.

ICTI generally differs from net investment income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. We may be required to recognize ICTI in certain circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments issued with warrants), we must include in ICTI each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in ICTI other amounts that we have not yet received in cash, such as (i) PIK interest income and (ii) interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. Because any OID or other amounts accrued will be included in our ICTI for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount. ICTI also excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

Recent Developments

Subsequent to June 30, 2022, we 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, we funded $10.7 million of previously committed delayed draw term loans.

On July 1, 2022, we issued and sold 205,199.808 shares of our 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 us and the participating investors in connection with our private continuous offering of up to $2,000,000,000 in shares of our common stock pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

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

Critical Accounting Policies and Use of Estimates

The preparation of our unaudited financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods covered by such financial statements. We have identified investment valuation and revenue recognition as our most critical accounting estimates. On an ongoing basis, we evaluate our estimates, including those related to the matters described below. These estimates are based on the information that is currently available to us and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions or conditions. A discussion of our critical accounting policies follows.

Investment Valuation

The most significant estimate inherent in the preparation of our financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. We have a 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

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Disclosures, or ASC Topic 820. Our current valuation policy and processes were established by Barings and were approved by the Board.

As of June 30, 2022, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 166% of our total net assets, as compared to approximately 168% of our total net assets as of December 31, 2021.

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 our portfolio securities, fair value is generally the amount that we might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if we do not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

Under ASC Topic 820, there are three levels of valuation inputs, as follows:

Level 1 Inputs – include quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Inputs – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 Inputs – include inputs that are unobservable and significant to the fair value measurement.

A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation process that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables in the notes to our consolidated financial statements may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

Our 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, we determine the fair value of our investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, we assess the appropriateness of the use of these third-party quotes in determining fair value based on (i) our 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 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 our 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.

Investment Valuation Process

Barings 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 we hold. Barings uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, Barings will utilize alternative methods in accordance with internal pricing procedures established by Barings’ pricing committee.

At least annually, Barings 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 Barings 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 Barings 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. Barings 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).

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Our money market fund investments are generally valued using Level 1 inputs and our equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. Our syndicated senior secured loans and structured products 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.Our middle-market, private debt and equity investments are generally valued using Level 3 inputs.

Independent Valuation

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to an independent provider to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect their valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following the initial acquisition, such loans and equity investments are sent to a valuation provider which will determine the fair value of each investment. The independent valuation provider applies 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 Barings 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. Barings 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. If Barings’ pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Board 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, we may determine that it is not cost-effective, and as a result is not in the stockholders’ best interests, to request the 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 determines each quarter, in good faith, whether our investments were valued at fair value in accordance with our valuation policies and procedures and the 1940 Act based on, among other things, the input of Barings, our Audit Committee and the independent valuation firm.

The SEC has adopted new Rule 2a-5 under the 1940 Act. This rule establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We will comply with the new rule’s valuation requirements on or before the SEC’s September 8, 2022 compliance date.

Valuation Techniques

Our valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Our 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, we will utilize alternative approaches such as broker quotes or manual prices. We attempt 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 Investments in Thompson Rivers LLC and Waccamaw River LLC

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

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Revenue Recognition

Interest and Dividend 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 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. The cessation of recognition of such interest will negatively impact the reported fair value of the investment. We write off any previously accrued and uncollected interest when it is determined that interest is no longer considered collectible. Dividend income is recorded on the ex-dividend date.

We may have to include interest income in our ICTI, including OID income, from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements to maintain our RIC tax treatment, even though we will not have received and may not ever receive any corresponding cash amount. Additionally, any loss recognized by us for U.S. federal income tax purposes on previously accrued interest income will be treated as a capital loss.

Fee Income

Origination, facility, commitment, consent and other advance fees received in connection with the origination of a loan, or 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 our business, we receive certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, advisory, loan amendment and other fees, and are recorded as investment income when earned.

Fee income for the three and six months ended June 30, 2022 and for the period from May 10, 2021 (commencement of operations) to June 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
($ in thousands)	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Recurring Fee Income:
Amortization of loan origination fees	$	1,693	$	693	$	3,180	$	693
Management, valuation and other fees	453		40		819		40
Total Recurring Fee Income	2,146		733		3,999		733
Non-Recurring Fee Income:
Acceleration of unamortized loan origination fees	1,744		14		1,810		14
Advisory, loan amendment and other fees	383		76		465		76
Total Non-Recurring Fee Income	2,127		90		2,275		90
Total Fee Income	$	4,273	$	823	$	6,274	$	823

Payment-in-Kind (PIK) Interest Income

We currently hold, and expect to hold in the future, some loans in our 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 us 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 our taxable income and therefore affects the amount we are required to distribute to our stockholders to maintain our tax treatment as a RIC for U.S. federal income tax purposes, even though we have not yet collected the cash. Generally, when current cash 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 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

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restructuring such that the interest income is deemed to be collectible. We write off any previously accrued and uncollected PIK interest when it is determined that the PIK interest is no longer collectible.

We may have to include in our ICTI, PIK interest income from investments that have been classified as non-accrual for financial reporting purposes. Interest income on non-accrual investments is not recognized for financial reporting purposes, but generally is recognized in ICTI. As a result, we may be required to make a distribution to our stockholders in order to satisfy the minimum distribution requirements, even though we will not have received and may not ever receive any corresponding cash amount.

Unused Commitments

In the normal course of business, we are party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to our portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2022 and December 31, 2021, we believe we have adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of June 30, 2022 and December 31, 2021 were as follows:

Portfolio Company ($ in thousands)	Investment Type	June 30, 2022		December 31, 2021
Acclime Holdings HK Limited(1)	Delayed Draw Term Loan	$	—	$	148
Acclime Holdings HK Limited(1)	Delayed Draw Term Loan	—		812
Accurus Aerospace Corporation(1)(2)	Revolver	1,383		—
Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	11		11
Air Comm Corporation, LLC(1)	Delayed Draw Term Loan	2,760		2,760
Amtech LLC(1)	Delayed Draw Term Loan	1,818		1,818
Amtech LLC(1)	Revolver	455		455
AnalytiChem Holding GmbH(1)(2)(3)	Bridge Revolver	452		4,001
AnalytiChem Holding GmbH(1)(2)(3)	Incremental Term Loan	1,155		—
Aquavista Watersides 2 LTD(1)(2)(4)	Bridge Revolver	209		233
Aquavista Watersides 2 LTD(1)(2)(4)	Acquisition Facility	1,308		1,459
Astra Bidco Limited(1)(2)(4)	Delayed Draw Term Loan	1,069		1,192
Avance Clinical Bidco Pty Ltd(1)(2)(5)	Delayed Draw Term Loan	1,534		1,622
AWP Group Holdings, Inc.(1)	Delayed Draw Term Loan	233		233
Azalea Buyer, Inc.(1)(2)	Delayed Draw Term Loan	962		962
Azalea Buyer, Inc.(1)(2)	Revolver	423		481
Bariacum S.A(1)(2)(3)	Acquisition Facility	941		1,023
Bearcat Buyer, Inc.(1)	Delayed Draw Term Loan	96		96
Beyond Risk Management, Inc.(1)(2)	Delayed Draw Term Loan	2,423		2,573
Bounteous, Inc.(1)	Delayed Draw Term Loan	2,697		2,697
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	276		602
Brightpay Limited(1)(2)(3)	Delayed Draw Term Loan	185		201
BrightSign LLC(1)(2)	Revolver	1,109		1,109
British Engineering Services Holdco Limited(1)(2)(4)	Acquisition Facility	393		1,729
CAi Software, LLC(1)(2)	Revolver	943		943
Ceres Pharma NV(1)(2)(3)	Delayed Draw Term Loan	1,419		1,544
CGI Parent, LLC(1)	Revolver	1,653		—
Classic Collision (Summit Buyer, LLC)(1)	Delayed Draw Term Loan	537		788
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)	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

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Portfolio Company ($ in thousands)	Investment Type	June 30, 2022	December 31, 2021
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
DreamStart BidCo SAS (d/b/a SmartTrade)(1)(2)(3)	Acquisition Facility	165	179
Dune Group(1)(2)(3)	Delayed Draw Term Loan	1,484	1,614
Dwyer Instruments, Inc.(1)(2)	Delayed Draw Term Loan	987	987
Eclipse Business Capital, LLC(1)	Revolver	4,620	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
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)(5)	Delayed Draw Term Loan	441	—
F24 (Stairway BidCo GmbH)(1)(2)(3)	Acquisition Term Loan	64	95
FineLine Systems(1)	Delayed Draw Term Loan	478	478
Finexvet(1)(2)(3)	Acquisition Facility	230	—
Footco 40 Limited(1)(2)(4)	Delayed Draw Term Loan	773	—
FragilePak LLC(1)(2)	Delayed Draw Term Loan	4,649	4,649
Glacis Acquisition S.A.R.L.(1)(2)(3)	Delayed Draw Term Loan	7,248	10,751
GPZN II GmbH(1)(2)(3)	CAF Term Loan	549	—
Graphpad Software, LLC(1)	Delayed Draw Term Loan	2,602	2,602
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
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	196	289
INOS 19-090 GmbH(1)(2)(3)	Acquisition Facility	142	155
Isolstar Holding NV (IPCOM)(1)(2)(3)	Acquisition Facility	252	333
Isolstar Holding NV (IPCOM)(1)(2)(3)	Acquisition Facility	3,619
ITI Intermodal, Inc.(1)(2)	Delayed Draw Term Loan	103	103
ITI Intermodal, Inc.(1)(2)	Revolver	124	124
Jaguar Merger Sub Inc.(1)(2)	Delayed Draw Term Loan	711	1,961
Jaguar Merger Sub Inc.(1)(2)	Revolver	490	490
Jeeves Information Systems AB(1)(2)(3)	Delayed Draw Term Loan	—	8,936
Jon Bidco Limited(1)(2)(7)	Capex & Acquisition Facility	740	—
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

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Portfolio Company ($ in thousands)	Investment Type	June 30, 2022	December 31, 2021
Marshall Excelsior Co.(1)(2)	Revolver	388	—
MC Group Ventures Corporation(1)	Delayed Draw Term Loan	1,291	1,291
Mertus 522. GmbH(1)(2)(3)	Acquisition Facility	2,689	6,564
Modern Star Holdings Bidco Pty Limited(1)(2)(5)	Capex term Loan	59	63
Murphy Midco Limited(1)(2)(4)	Delayed Draw Term Loan	143	160
Narda Acquisitionco., Inc.(1)(2)	Revolver	1,059	1,059
Navia Benefit Solutions, Inc.(1)	Delayed Draw Term Loan	2,141	2,141
Nexus Underwriting Management Limited(1)(2)(4)	Revolver	—	82
Nexus Underwriting Management Limited(1)(2)(4)	Acquisition Facility	1,267	1,533
Novotech Aus Bidco Pty Ltd(1)(2)	Capex & Acquisition Facility C	971	—
OA Buyer, Inc.(1)(2)	Revolver	1,331	1,331
OAC Holdings I Corp(1)	Revolver	294	—
OG III B.V.(1)(2)(3)	Acquisition Capex Facility	—	1,355
Omni Intermediate Holdings, LLC(1)(2)	Delayed Draw Term Loan	2,240	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	131	187
Pacific Health Supplies Bidco Pty Limited(1)(5)	CapEx Term Loan	—	78
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)(2)	Revolver	824	545
Policy Services Company, LLC(1)(2)	Delayed Draw Term Loan	—	6,579
Premium Invest(1)(2)(3)	Acquisition Facility	523	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	—
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)	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
Scout Bidco B.V.(1)(2)(3)	Revolver	504	—
Scout Bidco B.V.(1)(2)(3)	Delayed Draw Term Loan	1,112	—
Sereni Capital NV(1)(2)(3)	Revolver	53	—
Sereni Capital NV(1)(2)(3)	Term Loan	376	—
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)	Delayed Draw Term Loan	—	558
SSCP Pegasus Midco Limited(1)(2)(4)	Delayed Draw Term Loan	455	507
Superjet Buyer, LLC(1)	Revolver	1,825	1,825

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Portfolio Company ($ in thousands)	Investment Type	June 30, 2022		December 31, 2021
Syntax Systems Ltd(1)	Revolver	410		521
Syntax Systems Ltd(1)	Delayed Draw Term Loan	1,770		1,770
Tank Holding Corp(1)	Revolver	382		—
Techone B.V.(1)(2)(3)	Delayed Draw Term Loan	1,310		752
Techone B.V.(1)(2)(3)	Revolver	101		200
Tencarva Machinery Company, LLC(1)	Delayed Draw Term Loan	886		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 Hilb Group, LLC(1)(2)	Delayed Draw Term Loan	5,034		5,954
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		—
United Therapy Holding III GmbH(1)(2)(3)	Acquisition Facility	1,477		—
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

(1)Our 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 our 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.

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

We are subject to market risk. Market risk includes risks that arise from changes in interest rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. The prices of securities held by us may decline in response to certain events, including those directly involving the companies we invest in; conditions affecting the general

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economy; overall market changes; global pandemics; legislative reform; local, regional, national or global political, social or economic instability; and interest rate fluctuations.

In addition, we are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio. Our net investment income is affected by fluctuations in various interest rates, including LIBOR, EURIBOR, GBP LIBOR, SARON, BBSY, CDOR, STIBOR, SOFR, BKBM and SONIA. Our risk management systems and procedures are designed to identify and analyze our risk, to set appropriate policies and limits and to continually monitor these risks. We regularly measure exposure to interest rate risk and determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

In July 2017, the head of the U.K. Financial Conduct Authority (the “FCA”), announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of sterling, euro, Swiss franc, and Japanese yen, and the one week and two month U.S. dollar settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar settings. In addition, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities ceased to enter into new LIBOR contracts after January 1, 2022. At this time, no consensus exists as to what rate or rates will become accepted alternatives to LIBOR, although the Alternative Reference Rates Committee, a steering committee convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York and comprised of large U.S. financial institutions, has recommended the use of SOFR. There are many uncertainties regarding a transition from LIBOR to SOFR or any other alternative benchmark rate that may be established, including, but not limited to, the timing of any such transition, the need to amend all contracts with LIBOR as the referenced rate and, given the inherent differences between LIBOR and SOFR or any other alternative benchmark rate, how any transition may impact the cost and performance of impacted securities, variable rate debt and derivative financial instruments. In addition, SOFR or another alternative benchmark rate may fail to gain market acceptance, which could adversely affect the return on, value of and market for securities, variable rate debt and derivative financial instruments linked to such rates. The effects of a transition from LIBOR to SOFR or any other alternative benchmark rate on our cost of capital and net investment income cannot yet be determined definitively. All of our loan agreements with our portfolio companies include fallback language in the event that LIBOR becomes unavailable. This language generally either includes a clearly defined alternative reference rate after LIBOR’s discontinuation or provides that the administrative agent may identify a replacement reference rate, typically with the consent of (or prior consultation with) the borrower. In certain cases, the administrative agent will be required to obtain the consent of either a majority of the lenders under the facility, or the consent of each lender, prior to identifying a replacement reference rate. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market value for or value of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us and could have a material adverse effect on our business, financial condition and results of operations.

The U.S. Federal Reserve is currently embarking on an aggressive campaign of raising interest rates to address significant and persistent inflation. The goal of these interest rate increases is to slow economic growth and reduce price pressure. There is a significant chance that this central bank tightening cycle could force the U.S. into a recession, as which point interest rates and base rates would likely decrease. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in SOFR are not offset by a corresponding increase in the spread over SOFR that we earn on any portfolio investments, a decrease in in our operating expenses, including with respect to our income incentive fee, or a decrease in the interest rate of our floating interest rate liabilities tied to SOFR.

As of June 30, 2022, approximately $1,567.9 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. A hypothetical 200 basis point increase or decrease in the interest rates on our variable-rate debt investments could increase or decrease, as applicable, our investment income by a maximum of $31.4 million on an annual basis.

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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. A hypothetical 200 basis point increase or decrease in the interest rates on the Revolving Credit Facility could increase or decrease, as applicable, our interest expense by a maximum of $13.5 million on an annual basis (based on the amount of outstanding borrowings under the Revolving Credit Facility as of June 30, 2022).

Because we have previously borrowed, and plan to borrow in the future, money to make investments, our net investment income will be dependent upon the difference between the rate at which we borrow funds and the rate at which we invest the funds borrowed. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio.

We may also have exposure to foreign currencies related to certain investments. Such investments are translated into U.S. dollars based on the spot rate at the relevant balance sheet date, exposing us to movements in the exchange rate. In order to reduce our exposure to fluctuations in exchange rates, we generally borrow in local foreign currencies under the Revolving Credit Facility to finance such investments. As of June 30, 2022, we had U.S. dollar borrowings of $526.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 3.380% (one month SOFR of 1.025%), borrowings denominated in British pounds sterling of £25.2 million ($30.6 million U.S. dollars) with a weighted average interest rate of 3.059% (weighted average one month adjusted cumulative compounded SONIA of 0.690%), borrowings denominated in Australian dollars of A$22.1 million ($15.2 million U.S. dollars) with an interest rate of 2.679% (one month BBSW of 0.529%), borrowings denominated in Canadian dollars of C$5.4 million ($4.2 million U.S. dollars) with an interest rate of 3.900% (one month CDOR of 1.750%), borrowings denominated in New Zealand dollars of NZ$6.1 million ($3.8 million U.S. dollars) with an interest rate of 4.370% (one month NZBB of 1.970%) and borrowings denominated in Euros of €89.6 million ($93.7 million U.S. dollars) with an interest rate of 2.177% (one month EURIBOR of 0.000%).

Item 4.Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management, with the participation of our Co-Chief Executive Officers and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the evaluation of these disclosure controls and procedures, the Co-Chief Executive Officers and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2022. It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the second quarter of 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1.Legal Proceedings.

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our respective businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

Item 1A.Risk Factors.

You should carefully consider the risks described in Item 1A entitled "Risk Factors" in Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on February 23, 2022, and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties referenced herein and in our most recent Annual Report on Form 10-K are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

There have been no material changes during the three months ended June 30, 2022 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021. If any of such risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

We have entered into subscription agreements with investors and expect to enter into additional subscription agreements with a number of investors in connection with the Private Offering, pursuant to which have issued and sold, and expect to continue to issue and sell, shares of our common stock under the exemption provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.

We and Barings have applied for the exemptive relief from SEC that, if granted, will permit us to issue multiple classes of shares of our common stock with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees, the details for which will be finalized at a later date at our discretion (the “Multi-Class Exemptive Relief”). The SEC has not yet granted the Multi-Class Exemptive Relief, and there is no assurance that the relief will be granted.

The below table sets forth the total shares of our common stock issued during the three months ended June 30, 2022, and aggregate purchase price:

	For the Three Months Ended June 30, 2022
Share Issue Date	Shares Issued	Aggregate Offering Price ($ in thousands)
April 1, 2022	9,576,574	200,725
May 1, 2022	748,197	15,772
June 1, 2022	550,378	11,635
Total	10,875,150	$	228,132

Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities during the three months ended June 30, 2022.

Item 3.Defaults Upon Senior Securities.

None.

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Item 4.Mine Safety Disclosures.

Not applicable.

Item 5.Other Information.

None.

Item 6.Exhibits.

Number	Exhibit
3.1	Articles of Incorporation (Filed as Exhibit 3.1 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).
3.2	Bylaws of the Registrant (Filed as Exhibit 3.2 to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56280) filed with the SEC on June 23, 2021 and incorporated herein by reference).
10.1	Note Purchase Agreement by and between the Company and the purchasers party thereto, dated May 10, 2022. (Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 16, 2022 and incorporated herein by reference).
31.1	Co-Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
31.2	Co-Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
31.3	Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
32.1	Co-Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***
32.2	Co-Chief Executive Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***
32.3	Chief Financial Officer Certification pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.***

*    Exhibits and/or schedules to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and/or schedules to the SEC upon its request.

**    Filed Herewith.

***    Furnished Herewith.    

99

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		BARINGS PRIVATE CREDIT CORPORATION
Date:	August 9, 2022	/s/    Ian Fowler
		Ian Fowler
		Co-Chief Executive Officer
		(Co-Principal Executive Officer)
Date:	August 9, 2022	/s/    Jonathan Bock
		Jonathan Bock
		Co-Chief Executive Officer
		(Co-Principal Executive Officer)
Date:	August 9, 2022	/s/    Jonathan A. Landsberg
		Jonathan A. Landsberg
		Chief Financial Officer
		(Principal Financial Officer)
Date:	August 9, 2022	/s/    Elizabeth A. Murray
		Elizabeth A. Murray
		Principal Accounting Officer

100