# EDGAR Filing Document

**Accession Number:** 0001859919
**File Stem:** 0001859919-26-000041
**Filing Date:** 2026-5
**Character Count:** 732323
**Document Hash:** 149fdc39b53781e978dd6de2f92b874d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001859919-26-000041.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001859919-26-000041

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barings Private Credit Corp
- **CENTRAL INDEX KEY:** 0001859919

**ORGANIZATION NAME:**
- **EIN:** 863780522
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01397
- **FILM NUMBER:** 26953785

**BUSINESS ADDRESS:**
- **STREET 1:** 300 SOUTH TRYON STREET
- **STREET 2:** SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704-805-7200

**MAIL ADDRESS:**
- **STREET 1:** 300 SOUTH TRYON STREET
- **STREET 2:** SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Barings Private Credit LLC
- **DATE OF NAME CHANGE:** 20210430

?xml version='1.0' encoding='ASCII'? bdc-20260331

<u>[**Table of Contents**](#id72169ebc35d41a782fff2bee9f2c53a_10)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

__________________________________________________________

**Form 10-Q**

__________________________________________________________

(Mark One)

---

| | |
|:---|:---|
| 🗷 | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the quarterly period ended March 31, 2026** 

**OR**

---

| | |
|:---|:---|
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**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**<br>**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:** 

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| N/A | N/A | N/A |

---

________________________________________________________

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

The number of shares outstanding of the registrant's common stock on May 7, 2026 was 147,388,088.

------

**BARINGS PRIVATE CREDIT CORPORATION**

**TABLE OF CONTENTS**

**QUARTERLY REPORT ON FORM 10-Q**

---

| | | |
|:---|:---|:---|
| | | **<u>Page</u>** |
| **<u>PART I – FINANCIAL INFORMATION</u>** | **<u>PART I – FINANCIAL INFORMATION</u>** | **<u>PART I – FINANCIAL INFORMATION</u>** |
| Item 1. | [Financial Statements](#id72169ebc35d41a782fff2bee9f2c53a_16) |  |
|  | [Unaudited Consolidated Balance Sheet as of](#id72169ebc35d41a782fff2bee9f2c53a_19)March 31, 2026 and Consolidated Balance Sheet as of December 31, 2025 | [3](#id72169ebc35d41a782fff2bee9f2c53a_19) |
|  | [Unaudited Consolidated Statement](#id72169ebc35d41a782fff2bee9f2c53a_22)[s](#id72169ebc35d41a782fff2bee9f2c53a_22)[of Operations for](#id72169ebc35d41a782fff2bee9f2c53a_22)[the](#id72169ebc35d41a782fff2bee9f2c53a_22)Three Months Ended March 31, 2026 and 2025 | [4](#id72169ebc35d41a782fff2bee9f2c53a_22) |
|  | [Unaudited Consolidated Statement](#id72169ebc35d41a782fff2bee9f2c53a_25)[s](#id72169ebc35d41a782fff2bee9f2c53a_25)[of Changes in Net Assets](#id72169ebc35d41a782fff2bee9f2c53a_25)[for](#id72169ebc35d41a782fff2bee9f2c53a_22)[the](#id72169ebc35d41a782fff2bee9f2c53a_22)Three Months Ended<br>March 31, 2026 and 2025 | [6](#id72169ebc35d41a782fff2bee9f2c53a_25) |
|  | [Unaudited Consolidated Statement](#id72169ebc35d41a782fff2bee9f2c53a_28)[s](#id72169ebc35d41a782fff2bee9f2c53a_28)[of Cash Flows](#id72169ebc35d41a782fff2bee9f2c53a_28)[for](#id72169ebc35d41a782fff2bee9f2c53a_22)[the](#id72169ebc35d41a782fff2bee9f2c53a_22) Three Months Ended March 31, 2026 and 2025 | [7](#id72169ebc35d41a782fff2bee9f2c53a_28) |
|  | [Unaudited Consolidated Schedule of Investments as of](#id72169ebc35d41a782fff2bee9f2c53a_31)March 31, 2026 | [8](#id72169ebc35d41a782fff2bee9f2c53a_31) |
|  | [Consolidated Schedule of Investments as of](#id72169ebc35d41a782fff2bee9f2c53a_34)December 31, 2025 | [38](#id72169ebc35d41a782fff2bee9f2c53a_34) |
|  | [Notes to Unaudited Consolidated Financial Statements](#id72169ebc35d41a782fff2bee9f2c53a_37) | [67](#id72169ebc35d41a782fff2bee9f2c53a_37) |
| Item 2. | [Management](#id72169ebc35d41a782fff2bee9f2c53a_85)['](#id72169ebc35d41a782fff2bee9f2c53a_85)[s Discussion and Analysis of Financial Condition and Results of Operations](#id72169ebc35d41a782fff2bee9f2c53a_85) | [109](#id72169ebc35d41a782fff2bee9f2c53a_85) |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risk](#id72169ebc35d41a782fff2bee9f2c53a_103) | [134](#id72169ebc35d41a782fff2bee9f2c53a_103) |
| Item 4. | [Controls and Procedures](#id72169ebc35d41a782fff2bee9f2c53a_106) | [135](#id72169ebc35d41a782fff2bee9f2c53a_106) |
| **<u>PART II – OTHER INFORMATION</u>** | **<u>PART II – OTHER INFORMATION</u>** | **<u>PART II – OTHER INFORMATION</u>** |
| Item 1. | [Legal Proceedings](#id72169ebc35d41a782fff2bee9f2c53a_112) | [136](#id72169ebc35d41a782fff2bee9f2c53a_112) |
| Item 1A. | [Risk Factors](#id72169ebc35d41a782fff2bee9f2c53a_115) | [136](#id72169ebc35d41a782fff2bee9f2c53a_115) |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#id72169ebc35d41a782fff2bee9f2c53a_118) | [136](#id72169ebc35d41a782fff2bee9f2c53a_118) |
| Item 3. | [Defaults Upon Senior Securities](#id72169ebc35d41a782fff2bee9f2c53a_121) | [137](#id72169ebc35d41a782fff2bee9f2c53a_121) |
| Item 4. | [Mine Safety Disclosures](#id72169ebc35d41a782fff2bee9f2c53a_124) | [137](#id72169ebc35d41a782fff2bee9f2c53a_124) |
| Item 5. | [Other Information](#id72169ebc35d41a782fff2bee9f2c53a_127) | [137](#id72169ebc35d41a782fff2bee9f2c53a_127) |
| Item 6. | [Exhibits](#id72169ebc35d41a782fff2bee9f2c53a_130) | [138](#id72169ebc35d41a782fff2bee9f2c53a_130) |
| [Signatures](#id72169ebc35d41a782fff2bee9f2c53a_133) | [Signatures](#id72169ebc35d41a782fff2bee9f2c53a_133) | [139](#id72169ebc35d41a782fff2bee9f2c53a_133) |

---

------

**PART I – FINANCIAL INFORMATION**

**Item 1. *Financial Statements.***

 **Barings Private Credit Corporation**

**Consolidated Balance Sheets**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | (Unaudited) | |
| **Assets:** |  |  |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments (cost of $4,864,997 and $4,575,588 as of March 31, 2026 and December 31, 2025, respectively) | $4764733 | $4535770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments (cost of $321,097 and $277,870 as of March 31, 2026 and December 31, 2025, respectively) | 340550 | 296233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments (cost of $34,454 and $34,191 as of March 31, 2026 and December 31, 2025, respectively) | 40381 | 34177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments (cost of $10,908 and $10,810 as of March 31, 2026 and December 31, 2025, respectively) | 10907 | 10809 |
| Total investments at fair value | 5156571 | 4876989 |
| Cash (restricted cash of $21,384 and $11,146 as of March 31, 2026 and December 31, 2025, respectively) | 148932 | 99041 |
| Foreign currencies (cost of $18,634 and $23,717 as of March 31, 2026 and December 31, 2025, respectively) | 18756 | 23886 |
| Interest and fees receivable | 62894 | 66956 |
| Investments funded in advance | 125280 |  |
| Prepaid expenses and other assets | 3271 | 1555 |
| Derivative assets | 6314 | 2658 |
| Deferred financing fees | 9567 | 9462 |
| Receivable from unsettled transactions | 19079 | 53161 |
| **Total assets** | $**5550664** | $**5133708** |
| **Liabilities:** |  |  |
| Accounts payable and accrued liabilities | $7312 | $6178 |
| Share repurchases payable | 140574 | 103353 |
| Interest payable | 26094 | 17247 |
| Administrative fees payable | 501 | 458 |
| Base management fees payable | 8568 | 7761 |
| Incentive management fees payable |  | 5165 |
| Derivative liabilities | 2248 | 4915 |
| Payable from unsettled transactions | 27765 | 93022 |
| Borrowings under credit facilities | 957521 | 950655 |
| Debt securitization (net of deferred financing fees) | 406440 | 406357 |
| Notes payable (net of deferred financing fees) | 1039449 | 697226 |
| **Total liabilities** | **2616472** | **2292337** |
| **Commitments and contingencies (Note 7)** |  |  |
| **Net Assets:** |  |  |
| Common stock, $0.001 par value per share (499,950,000 shares authorized, 146,404,445 and 139,486,706 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) | 146 | 140 |
| Additional paid-in capital | 3022072 | 2880632 |
| Total distributable earnings | (88026) | (39401) |
| **Total net assets** | **2934192** | **2841371** |
| **Total liabilities and net assets** | $**5550664** | $**5133708** |
| Net asset value per share | $20.04 | $20.37 |

---

*See accompanying notes.*

------

**Barings Private Credit Corporation**

**Unaudited Consolidated Statements of Operations** 

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**March 31, 2026** | **Three Months Ended**<br>**March 31, 2025** |
| **Investment income:** | | |
| Interest income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $97861 | $68905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 784 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 98 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 99512 | 69408 |
| Dividend income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 2383 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 6220 | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total dividend income | 8603 | 7290 |
| Fee and other income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 6096 | 5222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 49 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee and other income | 6145 | 5240 |
| Payment-in-kind interest income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 6119 | 3224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments |  | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total payment-in-kind interest income | 6119 | 3455 |
| Interest income from cash | 341 | 664 |
| Total investment income | 120720 | 86057 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing fees | 33092 | 20915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee (Note 2) | 8568 | 5723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive management fees (Note 2) |  | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses (Note 2) | 2541 | 1734 |
| Total operating expenses | 44201 | 32173 |
| **Net investment income before taxes** | **76519** | **53884** |
| Income taxes, including excise tax expense | 2 | 400 |
| **Net investment income** | $**76517** | $**53484** |

---

------

---

| | | |
|:---|:---|:---|
| **Barings Private Credit Corporation**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings Private Credit Corporation**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** | **Barings Private Credit Corporation**<br>**Unaudited Consolidated Statements of Operations — (Continued)**<br>**(in thousands, except share and per share data)** |
| | **Three Months Ended** | **Three Months Ended** |
| | **March 31, 2026** | **March 31, 2025** |
| **Realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts:** | | |
| Net realized gains (losses): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $(4862) | $(465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (4862) | (465) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (508) | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | (746) | 25952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (6116) | 26209 |
| Net unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | (60313) | 18070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 1090 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 5941 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | (53282) | 19381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 3228 | (3917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 9079 | (39714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | (40975) | (24250) |
| Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts | (47091) | 1959 |
| **Net increase in net assets resulting from operations** | $**29426** | $**55443** |
| Net investment income per share — basic and diluted | $0.52 | $0.53 |
| Net increase in net assets resulting from operations per share — basic and diluted | $0.20 | $0.55 |
| **Dividends / distributions per share:** |  |  |
| Total dividends / distributions per share | $0.53 | $0.60 |
| Weighted average shares outstanding — basic and diluted | 148398872 | 101251032 |

---

*See accompanying notes.*

------

**Barings Private Credit Corporation**

**Unaudited Consolidated Statements of Changes in Net Assets**

**(in thousands, except share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Three Months Ended March 31, 2026 | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings** | **Total<br>Net<br>Assets** |
| Three Months Ended March 31, 2026 | **Number<br>of Shares** | **Par<br>Value** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings** | **Total<br>Net<br>Assets** |
| Balance, December 31, 2025 | 139486706 | $140 | $2880632 | $(39401) | $2841371 |
| Net investment income |  |  |  | 76517 | 76517 |
| Net realized loss on investments / foreign currency transactions / forward currency contracts |  |  |  | (6116) | (6116) |
| Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts |  |  |  | (40975) | (40975) |
| Purchases of shares in repurchase plan | (6974335) | (7) | (140267) |  | (140274) |
| Dividends / distributions | 406169 |  | 8236 | (78051) | (69815) |
| Issuance of common stock | 13485905 | 13 | 273471 |  | 273484 |
| **Balance, March 31, 2026** | **146404445** | $**146** | $**3022072** | $**(88026)** | $**2934192** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Three Months Ended March 31, 2025 | **Common Stock** | **Common Stock** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings** | **Total<br>Net<br>Assets** |
| Three Months Ended March 31, 2025 | **Number<br>of Shares** | **Par<br>Value** | **Additional<br>Paid-In<br>Capital** | **Total Distributable Earnings** | **Total<br>Net<br>Assets** |
| Balance, December 31, 2024 | 95007965 | $95 | $1953628 | $22913 | $1976636 |
| Net investment income |  |  |  | 53484 | 53484 |
| Net realized gain on investments / foreign currency transactions / forward currency contracts |  |  |  | 26209 | 26209 |
| Net unrealized depreciation on investments / foreign currency transactions / forward currency contracts |  |  |  | (24250) | (24250) |
| Purchases of shares in repurchase plan | (617210) |  | (12789) |  | (12789) |
| Dividends / distributions | 268425 |  | 5574 | (60944) | (55370) |
| Issuance of common stock | 10328768 | 10 | 214529 |  | 214539 |
| **Balance, March 31, 2025** | **104987948** | $**105** | $**2160942** | $**17412** | $**2178459** |

---

*See accompanying notes.*

------

**Barings Private Credit Corporation**

**Unaudited Consolidated Statements of Cash Flows** 

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended**<br>**March 31, 2026** | **Three Months Ended**<br>**March 31, 2025** |
| **Cash flows from operating activities:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $29426 | $55443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of portfolio investments | (611978) | (336180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments received / sales of portfolio investments | 250695 | 116581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments | (98) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan origination and other fees received | 4103 | 9512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 4862 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | 508 | (722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on forward currency contracts | 746 | (25952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on investments | 53282 | (19381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on foreign currency transactions | (3228) | 3917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on forward currency contracts | (9079) | 39714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest / dividends | (6698) | (7426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing fees | 1512 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of loan origination and other fees | (5046) | (3268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization / accretion of purchased loan premium / discount | (1191) | (2189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for derivative contracts | (3319) | (7769) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from derivative contracts | 2573 | 33721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and fees receivable | 4688 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments funded in advance | (125280) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (1716) | (2222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (3047) | (1081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 8874 | 243 |
| Net cash provided by (used in) operating activities | (409411) | (144042) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under credit facilities | 410112 | 169781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under credit facilities | (400000) | (96754) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from notes payable | 350000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing fees paid | (6554) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock | 273484 | 214539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends / distributions paid | (69815) | (55370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of shares in repurchase plan | (103055) | (5844) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 454172 | 226352 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash and foreign currencies | 44761 | 82310 |
| &nbsp;&nbsp;&nbsp;Cash and foreign currencies, beginning of period | 122927 | 131066 |
| &nbsp;&nbsp;&nbsp;**Cash and foreign currencies, end of period** | $**167688** | $**213376** |
| **Supplemental disclosure of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $21515 | $18799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise taxes paid during the period | $200 | $2447 |
| **Summary of non-cash financing transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends / distributions paid through DRIP share issuances | $8236 | $5574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share repurchases payable | $140574 | $12793 |

---

*See accompanying notes.*

------

**Barings Private Credit Corporation**

**Unaudited Consolidated Schedule of Investments**

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Non–Control / Non–Affiliate Investments:</u>*** | ***<u>Non–Control / Non–Affiliate Investments:</u>*** | | | | | | | | |
| ***<u>Debt Investments</u>*** | | | | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | | | | | | | | |
| Accurus Aerospace Corporation | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 04/22 | 04/28 | $14068 | $13984 | $14010 | 0.5% | <sup>(6)(7)(8)(16)</sup> |
| Accurus Aerospace Corporation | Revolver | SOFR + 4.75%, 8.6% Cash | 04/22 | 04/28 | 173 | 166 | 167 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Alliance Ground International | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 03/26 | 03/33 | 1293 | 1268 | 1277 | —% | <sup>(6)(8)(16)</sup> |
| ATL II MRO Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 11/22 | 11/28 | 45538 | 44948 | 45083 | 1.5% | <sup>(6)(7)(8)(16)</sup> |
| ATL II MRO Holdings Inc. | Revolver | SOFR + 5.25%, 8.9% Cash | 11/22 | 11/28 |  | (75) | (64) | —% | <sup>(6)(7)(8)(16) (29)</sup> |
| Compass Precision, LLC | Senior Subordinated Term Loan | 11.0% Cash, 1.0% PIK | 04/22 | 04/28 | 656 | 653 | 656 | —% | <sup>(6)(7)</sup> |
| GB Eagle Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 12/22 | 11/30 | 49672 | 49147 | 49175 | 1.7% | <sup>(6)(7)(8)(16)</sup> |
| GB Eagle Buyer, Inc. | Revolver | SOFR + 4.75%, 8.4% Cash | 12/22 | 11/30 | 3779 | 3673 | 3676 | 0.1% | <sup>(6)(7)(8)(16)(29)</sup> |
| Goat Holdco LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 11/25 | 01/32 | 1070 | 1072 | 1067 | —% | <sup>(3)(6)(8)(15)</sup> |
| Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.4% Cash | 05/21 | 02/29 | 3807 | 3589 | 3807 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup> |
| Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.3% Cash | 05/21 | 02/29 | 21141 | 20900 | 21141 | 0.7% | <sup>(3)(6)(7)(8)(17)</sup> |
| M-Personal Protection Management GMBH | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 10/24 | 09/31 | 11522 | 10738 | 11522 | 0.4% | <sup>(3)(6)(7)(8)(10)</sup> |
| Megawatt Acquisitionco, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 03/24 | 03/30 | 7864 | 7751 | 7667 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| Megawatt Acquisitionco, Inc. | Revolver | SOFR + 5.50%, 9.2% Cash | 03/24 | 03/30 |  | (26) | (50) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Protego Bidco B.V. | Super Senior Secured Term Loan | EURIBOR + 6.00%, 8.1% Cash | 02/26 | 03/33 | 90 | 86 | 90 | —% | <sup>(3)(6)(7)(8)(11)</sup> |
| Protego Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.1% Cash | 05/21 | 03/28 | 606 | 618 | 606 | —% | <sup>(3)(6)(7)(8)(11)</sup> |
| Protego Bidco B.V. | Revolver | EURIBOR + 6.50%, 8.6% Cash | 05/21 | 03/27 | 138 | 141 | 138 | —% | <sup>(3)(6)(7)(8)(11)</sup> |
| SISU ACQUISITIONCO., INC. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 05/21 | 12/26 | 10616 | 10500 | 10482 | 0.4% | <sup>(6)(7)(8)(16)(29)</sup> |
| Trident Maritime Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash, 2.0% PIK | 05/21 | 02/27 | 8656 | 8633 | 7487 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| VSE Corp | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.7% Cash | 03/26 | 03/33 | 969 | 967 | 967 | —% | <sup>(3)(6)(8)(16)</sup> |
| Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 02/23 | 09/31 | 50121 | 49778 | 49618 | 1.7% | <sup>(6)(7)(8)(16)(29)</sup> |
| Whitcraft Holdings, Inc. | Revolver | SOFR + 5.00%, 8.7% Cash | 02/23 | 09/31 | 1298 | 1212 | 1242 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| **Subtotal Aerospace & Defense (7.8%)\*** | **Subtotal Aerospace & Defense (7.8%)\*** |  |  |  | **233077** | **229723** | **229764** |  |  |
| **Automotive** | **Automotive** |  |  |  |  |  |  |  |  |
| Burgess Point Purchaser Corporation | Second Lien Senior Secured Term Loan | SOFR + 9.00%, 12.8% Cash | 07/22 | 07/30 | 4545 | 4441 | 3950 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Clarios Global LP | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 11/25 | 01/32 | 995 | 1000 | 992 | —% | <sup>(6)(8)(15)</sup> |
| DexKo Global Inc. | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.7% Cash | 08/25 | 10/28 | 897 | 872 | 876 | —% | <sup>(6)(8)(15)</sup> |
| OAC Holdings I Corp | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 03/22 | 03/29 | 3276 | 3245 | 3276 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| OAC Holdings I Corp | Revolver | SOFR + 5.00%, 8.8% Cash | 03/22 | 03/28 | 900 | 891 | 900 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Randys Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 11/22 | 11/29 | 25396 | 24727 | 24837 | 0.8% | <sup>(6)(7)(8)(15)(29)</sup> |
| Randys Holdings, Inc. | Revolver | SOFR + 5.00%, 8.7% Cash | 11/22 | 11/29 | 117 | 91 | 95 | —% | <sup>(6)(7)(8)(15)(29)</sup> |
| Recon Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 11/25 | 11/31 | 6933 | 6652 | 6674 | 0.2% | <sup>(6)(7)(8)(16)(29)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Recon Buyer LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 11/25 | 11/31 | $— | $(25) | $(23) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| SPATCO Energy Solutions, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 07/24 | 07/30 | 26907 | 26453 | 26646 | 0.9% | <sup>(6)(7)(8)(16)(29)</sup> |
| SPATCO Energy Solutions, LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 07/24 | 07/30 |  | (60) | (37) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| SVI International LLC | First Lien Senior Secured Term Loan | SOFR + 6.75%, 10.4% Cash | 03/24 | 03/30 | 639 | 630 | 639 | —% | <sup>(6)(7)(8)(16)</sup> |
| SVI International LLC | Revolver | SOFR + 6.75%, 10.4% Cash | 03/24 | 03/30 |  | (1) |  | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| **Subtotal Automotive (2.3%)\*** | **Subtotal Automotive (2.3%)\*** |  |  |  | **70605** | **68916** | **68825** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |
| Aegros Holdco 2 LTD | Second Lien Senior Secured Term Loan | SONIA + 8.50%, 13.0% PIK | 05/25 | 05/32 | 5448 | 5389 | 4691 | 0.2% | <sup>(3)(6)(7)</sup> |
| Alliant Holdings Intermediate LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 08/25 | 09/31 | 997 | 994 | 989 | —% | <sup>(6)(8)(15)</sup> |
| AmWins Group Inc. | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.6% Cash | 03/26 | 01/32 | 843 | 832 | 837 | —% | <sup>(6)(8)(15)</sup> |
| Aretec Group INC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 11/25 | 08/30 | 1933 | 1932 | 1906 | 0.1% | <sup>(6)(8)(15)</sup> |
| Azorra Soar TLB Finance Ltd | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 02/26 | 10/29 | 499 | 498 | 499 | —% | <sup>(6)(8)(16)</sup> |
| Baldwin Insurance Group Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 12/25 | 05/31 | 566 | 563 | 556 | —% | <sup>(3)(6)(8)(16)</sup> |
| Bishop Street Underwriters, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 07/25 | 07/31 | 9669 | 9514 | 9504 | 0.3% | <sup>(6)(7)(8)(15)(29)</sup> |
| Broadstone Group UK LTD | First Lien Senior Secured Term Loan | SONIA + 4.75%, 8.5% Cash | 03/25 | 02/32 | 3547 | 3343 | 3472 | 0.1% | <sup>(3)(6)(7)(8)(19)</sup><br><sup>(29)</sup> |
| Broadstreet Partners Group LLC Pre Reincorporation | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 11/25 | 06/31 | 2989 | 2998 | 2911 | 0.1% | <sup>(6)(8)(15)</sup> |
| Credit Key Funding II LLC | First Lien Senior Secured Term Loan | SOFR + 7.50%, 11.2% Cash | 12/25 | 11/30 | 7367 | 7207 | 7215 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Credit Key Funding II LLC | Revolver | SOFR + 7.50%, 11.2% Cash | 12/25 | 12/30 |  | (11) | (11) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Envestnet Inc. | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 10/25 | 11/31 | 998 | 1001 | 966 | —% | <sup>(6)(8)(15)</sup> |
| ERS Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 01/26 | 01/31 | 3489 | 3424 | 3422 | 0.1% | <sup>(6)(7)(8)(15)(29)</sup> |
| ERS Holdings, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 01/26 | 01/31 |  | (5) | (6) | —% | <sup>(6)(7)(8)(15)(29)</sup> |
| Finaxy Holding | First Lien Senior Secured Term Loan | EURIBOR + 4.50%, 6.6% Cash | 11/23 | 11/30 | 8657 | 8006 | 8558 | 0.3% | <sup>(3)(6)(7)(8)(11)</sup> |
| Finaxy Holding | First Lien Senior Secured Term Loan | EURIBOR + 4.50%, 6.6% Cash | 05/22 | 12/31 | 2973 | 2818 | 2899 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup><br><sup>(29)</sup> |
| Focus Financial Partners LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 09/25 | 09/31 | 1652 | 1652 | 1597 | 0.1% | <sup>(6)(8)(15)</sup> |
| Forge Borrower, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 01/26 | 01/33 | 5551 | 5419 | 5416 | 0.2% | <sup>(6)(7)(8)(16)(29)</sup> |
| Forge Borrower, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 01/26 | 01/33 |  | (15) | (16) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Groupe Guemas | First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 8.8% Cash | 10/23 | 09/30 | 2685 | 2421 | 2669 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup> |
| GTCR Everest Borrower LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 02/26 | 09/31 | 1496 | 1502 | 1484 | 0.1% | <sup>(6)(8)(16)</sup> |
| Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.1% Cash | 05/21 | 06/28 | 9549 | 9824 | 9467 | 0.3% | <sup>(3)(6)(7)(8)(9)</sup> |
| High Street Buyer Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/25 | 07/32 | 2634 | 2536 | 2534 | 0.1% | <sup>(6)(7)(8)(16)(29)</sup> |
| HUB International LTD | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 02/26 | 06/30 | 1493 | 1491 | 1488 | 0.1% | <sup>(6)(8)(16)</sup> |
| IM Square | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.1% Cash | 05/21 | 05/28 | 4839 | 4932 | 4839 | 0.2% | <sup>(3)(6)(7)(8)(10)</sup> |
| IM Square | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 12/22 | 05/28 | 3687 | 3327 | 3687 | 0.1% | <sup>(3)(6)(7)(8)(10)</sup> |
| IMC Financing LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 12/25 | 06/32 | 1575 | 1575 | 1577 | 0.1% | <sup>(6)(8)(15)</sup> |
| Liberty Company Insurance Brokers LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 10/25 | 10/32 | 1995 | 1986 | 1910 | 0.1% | <sup>(6)(7)(8)(16)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Markerstudy Group Limited | First Lien Senior Secured Term Loan | SONIA + 5.75%, 9.5% Cash | 03/26 | 02/33 | $14513 | $14546 | $14368 | 0.5% | <sup>(3)(6)(7)(8)(18)</sup> |
| Onex Corporation | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 02/26 | 11/29 | 997 | 994 | 994 | —% | <sup>(6)(8)(16)</sup> |
| ORS Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/25 | 08/31 | 13808 | 13633 | 13670 | 0.5% | <sup>(6)(7)(8)(16)</sup> |
| ORS Buyer, Inc. | Revolver | SOFR + 5.00%, 8.7% Cash | 03/26 | 08/31 | 912 | 886 | 886 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Osaic Holdings Inc | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 03/26 | 07/32 | 2555 | 2551 | 2505 | 0.1% | <sup>(6)(8)(16)</sup> |
| OSP AFS Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 10/25 | 10/31 | 6476 | 6256 | 6274 | 0.2% | <sup>(6)(7)(8)(16)(29)</sup> |
| OSP AFS Buyer, LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 10/25 | 10/31 |  | (33) | (30) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| OVG Business Services, LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 10/25 | 06/31 | 1685 | 1677 | 1681 | 0.1% | <sup>(6)(8)(15)</sup> |
| Owl Intermediate Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 04/25 | 04/32 | 11695 | 11554 | 10791 | 0.4% | <sup>(6)(7)(8)(16)(29)</sup> |
| Owl Intermediate Holdings, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 04/25 | 04/32 | 538 | 509 | 336 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Policy Services Company, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.9% Cash, 4.0% PIK | 12/21 | 06/26 | 56477 | 55971 | 50829 | 1.7% | <sup>(6)(7)(8)(16)</sup> |
| Premium Invest | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.8% Cash | 06/21 | 12/30 | 7302 | 6698 | 7302 | 0.2% | <sup>(3)(6)(7)(8)(10) (29)</sup> |
| Project Boost Purchaser LLC | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 09/25 | 07/31 | 995 | 992 | 958 | —% | <sup>(6)(8)(16)</sup> |
| Sedgwick Claims Management Services Inc | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 02/26 | 07/31 | 997 | 996 | 978 | —% | <sup>(6)(8)(15)</sup> |
| Shelf Bidco Ltd | Second Out Term Loan | SOFR + 5.00%, 8.7% Cash | 10/24 | 10/31 | 43982 | 43796 | 43806 | 1.5% | <sup>(3)(6)(7)(8)(16)</sup> |
| SRS Acquiom Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 01/26 | 01/32 | 8902 | 8815 | 8813 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| SRS Acquiom Holdings LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 01/26 | 01/32 | 260 | 241 | 241 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Tegra118 Wealth Solutions Inc | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 02/26 | 01/33 | 1147 | 1135 | 1117 | —% | <sup>(6)(8)(16)</sup> |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 10/21 | 12/28 | 23537 | 23223 | 23260 | 0.8% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Revolver | SOFR + 4.50%, 8.2% Cash | 10/21 | 12/28 |  | (23) | (27) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| THG Acquisition, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 10/24 | 10/31 | 10627 | 10537 | 10564 | 0.4% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| THG Acquisition, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 10/24 | 10/31 | 356 | 346 | 349 | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 08/23 | 12/27 | 30275 | 29824 | 30275 | 1.0% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (10.7%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (10.7%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (10.7%)\*** |  |  | **325167** | **320277** | **315000** |  |  |
| **Beverage, Food, & Tobacco** | **Beverage, Food, & Tobacco** |  |  |  |  |  |  |  |  |
| CTI Foods Holdings Co., LLC | First Lien Senior Secured Term Loan | SOFR + 7.86%, 11.8% Cash | 04/25 | 04/29 | 17511 | 17233 | 17511 | 0.6% | <sup>(6)(7)(8)(16)</sup> |
| CTI Foods Holdings Co., LLC | Last In First Out Term Loan | SOFR + 10.00%, 13.9% PIK | 02/24 | 04/29 | 10099 | 9963 | 10099 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| CTI Foods Holdings Co., LLC | First Out Term Loan | SOFR + 10.00%, 13.9% PIK | 02/24 | 04/29 | 4978 | 4969 | 4978 | 0.2% | <sup>(6)(7)(8)(16)</sup> |
| CTI Foods Holdings Co., LLC | First Out Term Loan | SOFR + 9.00%, 12.9% PIK | 02/24 | 04/29 | 1814 | 1814 | 1814 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| CTI Foods Holdings Co., LLC | Second Out Term Loan | SOFR + 9.00%, 12.9% PIK | 02/24 | 04/29 | 1414 | 1414 | 1414 | —% | <sup>(6)(7)(8)(16)</sup> |
| Flynn restaurant Group LP | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 02/26 | 01/32 | 1500 | 1485 | 1471 | 0.1% | <sup>(6)(8)(15)</sup> |
| GMF Parent, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 | 12975 | 12783 | 12794 | 0.4% | <sup>(6)(7)(8)(16) (29)</sup> |
| GMF Parent, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 | 99 | 73 | 74 | —% | <sup>(6)(7)(8)(16)(29)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| KSLB Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 05/21 | 07/27 | $21325 | $21226 | $20813 | 0.7% | <sup>(6)(7)(8)(16)</sup> |
| Riedel Beheer B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.4% Cash | 12/21 | 12/28 | 2389 | 2276 | 2378 | 0.1% | <sup>(3)(6)(7)(8)(10)</sup> |
| Woodland Foods, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.1% Cash | 12/21 | 12/28 | 41877 | 41494 | 41475 | 1.4% | <sup>(6)(7)(8)(16)</sup> |
| Woodland Foods, LLC | Revolver | SOFR + 5.25%, 9.1% Cash | 12/21 | 12/28 | 1151 | 1117 | 1107 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| **Subtotal Beverage, Food, & Tobacco (4.0%)\*** | **Subtotal Beverage, Food, & Tobacco (4.0%)\*** |  |  |  | **117132** | **115847** | **115928** |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 11/23 | 11/29 | 18059 | 17912 | 17768 | 0.6% | <sup>(6)(7)(8)(16)(29)</sup> |
| AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.4% Cash | 11/23 | 11/29 | 8990 | 8839 | 9035 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| AirX Climate Solutions, Inc. | Revolver | SOFR + 5.75%, 9.4% Cash | 11/23 | 11/29 | 330 | 280 | 330 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| APC1 Holding | First Lien Senior Secured Term Loan | EURIBOR + 5.15%, 7.3% Cash | 07/22 | 07/29 | 4920 | 4576 | 4830 | 0.2% | <sup>(3)(6)(7)(8)(10)</sup> |
| Astro Acquisition LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 10/25 | 08/32 | 998 | 1006 | 1000 | —% | <sup>(6)(8)(17)</sup> |
| BPG Holdings IV Corp | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.7% Cash, 5.0% PIK | 03/23 | 07/29 | 24488 | 23437 | 19100 | 0.7% | <sup>(6)(7)(8)(16)</sup> |
| Cobham Slip Rings SAS | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 11/21 | 11/28 | 3091 | 3069 | 3091 | 0.1% | <sup>(3)(6)(7)(8)(16)</sup> |
| Composecure Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 01/16 | 01/14 | 280 | 280 | 279 | —% | <sup>(3)(6)(8)(15)</sup> |
| CPM Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 09/25 | 09/28 | 2487 | 2483 | 2486 | 0.1% | <sup>(6)(8)(15)</sup> |
| DAWGS Intermediate Holdings Co. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 03/25 | 03/31 | 9935 | 9846 | 9895 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| DAWGS Intermediate Holdings Co. | Revolver | SOFR + 4.50%, 8.2% Cash | 03/25 | 03/31 | 417 | 391 | 404 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| FCG Acquisitions Inc | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 03/26 | 03/33 | 2009 | 2016 | 2006 | 0.1% | <sup>(6)(8)(15)</sup> |
| Kanawha Scales & Systems, LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 11/25 | 11/32 | 7402 | 7263 | 7275 | 0.2% | <sup>(6)(7)(8)(16)(29)</sup> |
| Kanawha Scales & Systems, LLC | Revolver | SOFR + 4.25%, 7.9% Cash | 11/25 | 11/32 | 617 | 589 | 592 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| LSF12 Helix Parent LLC | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 02/26 | 02/33 | 1300 | 1293 | 1281 | —% | <sup>(6)(8)(15)</sup> |
| Polara Enterprises, L.L.C. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.3% Cash | 12/21 | 12/27 | 5707 | 5669 | 5707 | 0.2% | <sup>(6)(7)(8)(16)</sup> |
| Polara Enterprises, L.L.C. | Revolver | SOFR + 4.50%, 8.3% Cash | 12/21 | 12/27 | 335 | 322 | 335 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Pro Mach Group Inc | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 02/26 | 10/32 | 665 | 665 | 663 | —% | <sup>(6)(8)(15)</sup> |
| Process Insights Acquisition, Inc. | First Lien Senior Secured Term Loan | SOFR + 1.65%, 5.3% Cash, 4.5% PIK | 07/23 | 07/29 | 3484 | 3432 | 2913 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Process Insights Acquisition, Inc. | Revolver | SOFR + 1.65%, 5.3% Cash, 4.5% PIK | 07/23 | 07/29 | 1323 | 1304 | 1106 | —% | <sup>(6)(7)(8)(16)</sup> |
| Rapid Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 10/24 | 10/30 | 5174 | 5110 | 5118 | 0.2% | <sup>(6)(7)(8)(17)(29)</sup> |
| Rapid Buyer LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 10/24 | 10/30 |  | (11) | (10) | —% | <sup>(6)(7)(8)(17)(29)</sup> |
| Resilience Parent LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 03/04 | 02/28 | 1500 | 1498 | 1491 | 0.1% | <sup>(6)(8)(16)</sup> |
| TAPCO Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 11/24 | 11/30 | 52167 | 51350 | 51352 | 1.8% | <sup>(6)(7)(8)(15)(16) (29)</sup> |
| TAPCO Buyer LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 11/24 | 11/30 |  | (33) | (46) | —% | <sup>(6)(7)(8)(15)(29)</sup> |
| Tencarva Machinery Company, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 12/21 | 12/27 | 27499 | 27031 | 27109 | 0.9% | <sup>(6)(7)(8)(16)(29)</sup> |
| Tencarva Machinery Company, LLC | Revolver | SOFR + 4.75%, 8.6% Cash | 12/21 | 12/27 |  | (32) | (36) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Tiger Acquisition LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 11/25 | 08/32 | 2244 | 2250 | 2245 | 0.1% | <sup>(6)(8)(15)</sup> |
| **Subtotal Capital Equipment (6.0%)\*** | **Subtotal Capital Equipment (6.0%)\*** |  |  |  | **185421** | **181835** | **177319** |  |  |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** | | | | | | | | |
| Americo Chemical Products, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 04/23 | 04/29 | $10452 | $10327 | $10327 | 0.4% | <sup>(6)(7)(8)(15)</sup> |
| Americo Chemical Products, LLC | Revolver | SOFR + 5.25%, 8.9% Cash | 04/23 | 04/29 |  | (18) | (17) | —% | <sup>(6)(7)(8)(15)(29)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | BBSY + 5.33%, 9.3% Cash | 11/21 | 11/28 | 1368 | 1424 | 1355 | —% | <sup>(3)(6)(7)(8)(13)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | EURIBOR + 5.33%, 7.5% Cash | 11/21 | 11/28 | 17421 | 16417 | 17246 | 0.6% | <sup>(3)(6)(7)(8)(11)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | SOFR + 5.33%, 9.7% Cash | 11/21 | 11/28 | 2235 | 2235 | 2212 | 0.1% | <sup>(3)(6)(7)(8)(16)</sup> |
| G 3 Chickadee Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.4% Cash | 10/25 | 10/31 | 44364 | 43524 | 43539 | 1.5% | <sup>(6)(7)(8)(16)</sup> |
| GEON | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.2% Cash | 09/25 | 08/28 | 2978 | 2822 | 2621 | 0.1% | <sup>(6)(8)(16)</sup> |
| Paint Intermediate III LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 12/25 | 10/31 | 1440 | 1444 | 1432 | —% | <sup>(6)(8)(16)</sup> |
| Solenis Holding Ltd | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 08/25 | 06/31 | 1985 | 1983 | 1902 | 0.1% | <sup>(6)(8)(16)</sup> |
| Vibrantz Technologies Inc. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.1% Cash | 02/26 | 04/30 | 9743 | 4405 | 3483 | 0.1% | <sup>(6)(8)(16)</sup> |
| Vibrantz Technologies Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 9.9% Cash | 02/26 | 04/30 | 1392 | 1365 | 1384 | —% | <sup>(6)(8)(16)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (2.9%)\*** | **Subtotal Chemicals, Plastics, & Rubber (2.9%)\*** | **Subtotal Chemicals, Plastics, & Rubber (2.9%)\*** |  |  | **93378** | **85928** | **85484** |  |  |
| **Construction & Building** | **Construction & Building** |  |  |  |  |  |  |  |  |
| Apex Service Partners, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 11/25 | 10/30 | 11485 | 11063 | 11122 | 0.4% | <sup>(6)(7)(8)(16)(29)</sup> |
| Apex Service Partners, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 11/25 | 10/29 | 596 | 596 | 596 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| BKF Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/24 | 08/30 | 13165 | 12942 | 12950 | 0.4% | <sup>(6)(7)(8)(15)(29)</sup> |
| BKF Buyer, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 08/24 | 08/30 |  | (56) | (66) | —% | <sup>(6)(7)(8)(15)(29)</sup> |
| EMI Porta Holdco LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% PIK | 12/21 | 12/27 | 43003 | 42884 | 32123 | 1.1% | <sup>(6)(7)(8)(16)(26)</sup> |
| EMI Porta Holdco LLC | Revolver | SOFR + 5.75%, 9.6% PIK | 12/21 | 12/27 | 814 | 798 | 170 | —% | <sup>(6)(7)(8)(16)(26)(29)</sup> |
| GMES LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 09/25 | 09/31 | 16431 | 16211 | 16237 | 0.6% | <sup>(6)(7)(8)(16)(29)</sup> |
| GMES LLC | Revolver | SOFR + 5.25%, 8.9% Cash | 09/25 | 09/31 | 435 | 410 | 413 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Kodiak BP LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 09/25 | 12/31 | 773 | 770 | 773 | —% | <sup>(6)(8)(15)</sup> |
| LBM Acquisition LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 08/25 | 06/31 | 1798 | 1787 | 1512 | 0.1% | <sup>(6)(8)(15)</sup> |
| Lockmasters Security Intermediate, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 05/25 | 09/27 | 13537 | 13448 | 13438 | 0.5% | <sup>(6)(7)(8)(16)(29)</sup> |
| Lockmasters Security Intermediate, Inc. | Revolver | SOFR + 5.00%, 8.7% Cash | 05/25 | 09/27 |  | (6) | (8) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| MNS Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 08/21 | 08/27 | 268 | 267 | 268 | —% | <sup>(6)(7)(8)(15)</sup> |
| Pye-Baker Fire & Safety LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 12/25 | 12/32 | 2475 | 2477 | 2478 | 0.1% | <sup>(6)(8)(16)(29)</sup> |
| Smyrna Ready Mix Concrete LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 12/25 | 04/29 | 995 | 1003 | 993 | —% | <sup>(6)(8)(15)</sup> |
| Specialty Building Products Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.5% Cash | 08/25 | 10/28 | 2439 | 2368 | 2065 | 0.1% | <sup>(6)(8)(15)</sup> |
| VC GB Holdings I Corp | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.5% Cash | 10/25 | 07/28 | 99 | 99 | 99 | —% | <sup>(6)(8)(16)</sup> |
| White Cap Supply Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 02/26 | 02/33 | 1500 | 1493 | 1424 | —% | <sup>(6)(8)(15)</sup> |
| Wilsonart LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 08/25 | 08/31 | 2818 | 2740 | 2445 | 0.1% | <sup>(6)(8)(16)</sup> |
| **Subtotal Construction & Building (3.4%)\*** | **Subtotal Construction & Building (3.4%)\*** |  |  |  | **112631** | **111294** | **99032** |  |  |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Consumer goods: Durable** | **Consumer goods: Durable** | | | | | | | | |
| Gojo Industries, Inc. | First Lien Senior Secured Term Loan | SOFR + 8.00%, 11.7% Cash  | 10/23 | 10/28 | $24346 | $23928 | $25563 | 0.9% | <sup>(6)(7)(8)(16)</sup> |
| HTI Technology & Industries | First Lien Senior Secured Term Loan | SOFR + 8.50%, 12.3% Cash | 07/22 | 05/26 | 8840 | 8832 | 8661 | 0.3% | <sup>(6)(7)(8)(17)(29)</sup> |
| HTI Technology & Industries | Revolver | SOFR + 8.50%, 12.3% Cash | 07/22 | 05/26 |  |  | (12) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Millerknoll Inc | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.7% Cash | 02/26 | 08/32 | 1082 | 1082 | 1075 | —% | <sup>(3)(6)(8)(15)</sup> |
| Momentum Textiles, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 03/25 | 03/29 | 14958 | 14839 | 14831 | 0.5% | <sup>(6)(7)(8)(16)</sup> |
| Momentum Textiles, LLC | Revolver | SOFR + 5.50%, 9.2% Cash | 03/25 | 03/29 |  | (10) | (12) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| PGW Auto Glass LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 03/26 | 03/33 | 1976 | 1937 | 1942 | 0.1% | <sup>(6)(8)(16)</sup> |
| Renovation Parent Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 11/21 | 11/27 | 13944 | 13846 | 13944 | 0.5% | <sup>(6)(7)(8)(16)</sup> |
| STS Operating Inc | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.8% Cash | 09/25 | 03/31 | 992 | 987 | 991 | —% | <sup>(6)(8)(15)</sup> |
| Team Air Distributing, LLC | Subordinated Term Loan | 12.0% Cash, 2.0% PIK | 05/23 | 05/28 | 812 | 803 | 755 | —% | <sup>(6)(7)</sup> |
| Terrybear, Inc. | Subordinated Term Loan | 14.0% PIK | 04/22 | 04/28 | 300 | 297 | 234 | —% | <sup>(6)(7)(26)</sup> |
| Victoria Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 10.2% Cash | 03/22 | 09/30 | 5574 | 5573 | 5363 | 0.2% | <sup>(3)(6)(7)(8)(19)</sup> |
| **Subtotal Consumer goods: Durable (2.5%)\*** | **Subtotal Consumer goods: Durable (2.5%)\*** |  |  |  | **72824** | **72114** | **73335** |  |  |
| **Consumer goods: Non-durable** | **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |
| Berlin Packaging LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 03/26 | 06/31 | 499 | 490 | 479 | —% | <sup>(6)(8)(16)</sup> |
| Bidwax | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 05/21 | 02/28 | 5300 | 5392 | 5300 | 0.2% | <sup>(3)(6)(7)(8)(11)</sup> |
| CCFF Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 02/24 | 02/30 | 3324 | 3262 | 3296 | 0.1% | <sup>(6)(7)(8)(16)(29)</sup> |
| CCFF Buyer, LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 02/24 | 02/30 |  | (13) | (6) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| David Wood Baking UK Ltd | First Lien Senior Secured Term Loan | SONIA + 10.00%, 14.0% Cash | 04/24 | 04/29 | 13599 | 12439 | 12729 | 0.4% | <sup>(3)(6)(7)(8)(19)</sup> |
| Herbalife Ltd. | First Lien Senior Secured Term Loan | SOFR + 6.75%, 10.4% Cash | 04/24 | 04/29 | 4844 | 4613 | 4843 | 0.2% | <sup>(3)(6)(8)(15)</sup> |
| Highline Aftermarket Acquisition LLC | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 12/25 | 02/30 | 2298 | 2305 | 2292 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Ice House America, L.L.C. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 01/24 | 01/30 | 4365 | 4290 | 4130 | 0.1% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Ice House America, L.L.C. | Revolver | SOFR + 6.00%, 9.7% Cash | 01/24 | 01/30 | 568 | 559 | 539 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Image International Intermediate Holdco II, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.9% Cash, 0.5% PIK | 05/21 | 09/26 | 24197 | 24178 | 17132 | 0.6% | <sup>(6)(7)(8)(15)</sup> |
| Modern Star Holdings Bidco Pty Limited | First Lien Senior Secured Term Loan | BBSY + 6.00%, 9.9% Cash | 05/21 | 12/26 | 1928 | 1932 | 1928 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(14)(29)</sup> |
| Safety Products Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 05/21 | 12/28 | 6466 | 6451 | 6466 | 0.2% | <sup>(6)(7)(8)(16)</sup> |
| **Subtotal Consumer goods: Non-durable (2.0%)\*** | **Subtotal Consumer goods: Non-durable (2.0%)\*** | **Subtotal Consumer goods: Non-durable (2.0%)\*** |  |  | **67388** | **65898** | **59128** |  |  |
| **Containers, Packaging, & Glass** | **Containers, Packaging, & Glass** |  |  |  |  |  |  |  |  |
| BLI Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 10/25 | 10/31 | 5176 | 5113 | 5118 | 0.2% | <sup>(6)(7)(8)(16)(29)</sup> |
| BLI Buyer, Inc. | Revolver | SOFR + 5.00%, 8.7% Cash | 10/25 | 10/31 | 318 | 306 | 307 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Clydesdale Acquisition Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 10/25 | 04/32 | 1970 | 1958 | 1835 | 0.1% | <sup>(6)(8)(15)</sup> |
| Cosmelux International | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.1% Cash | 05/21 | 09/31 | 2878 | 2753 | 2845 | 0.1% | <sup>(3)(6)(7)(8)(10)</sup> |
| Diversified Packaging Holdings LLC | Second Lien Senior Secured Term Loan | 11.0% Cash, 1.5% PIK | 06/24 | 06/29 | 1307 | 1288 | 1281 | —% | <sup>(6)(7)</sup> |
| Five Star Holding LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 11/25 | 05/29 | 2487 | 2491 | 2436 | 0.1% | <sup>(6)(8)(16)</sup> |
| Five Star Holding LLC | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 10.9% Cash | 05/22 | 05/30 | 7152 | 7067 | 7152 | 0.2% | <sup>(6)(7)(8)(16)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Graham Packaging Co Inc. | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 02/26 | 01/33 | $500 | $497 | $494 | —% | <sup>(6)(8)(16)</sup> |
| Mauser Packaging Solutions Holding Co | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 11/25 | 04/30 | 2868 | 2841 | 2766 | 0.1% | <sup>(6)(8)(16)</sup> |
| Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 09/24 | 09/30 | 5350 | 5308 | 5350 | 0.2% | <sup>(6)(7)(8)(16)</sup> |
| Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan | SONIA + 4.50%, 8.2% Cash | 09/24 | 09/30 | 10742 | 10839 | 10742 | 0.4% | <sup>(6)(7)(8)(18)</sup> |
| Media Recovery, Inc. (SpotSee) | Revolver | SOFR + 4.50%, 8.2% Cash | 09/24 | 09/30 |  | (15) |  | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Media Recovery, Inc. (SpotSee) | Revolver | SONIA + 4.50%, 8.2% Cash | 09/24 | 09/30 |  | (18) |  | —% | <sup>(6)(7)(8)(18)(29)</sup> |
| MSI Express Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 03/25 | 03/31 | 10834 | 10676 | 10676 | 0.4% | <sup>(6)(7)(8)(15)(29)</sup> |
| MSI Express Inc. | Revolver | SOFR + 3.75%, 7.5% Cash | 03/25 | 03/31 | 2679 | 2642 | 2638 | 0.1% | <sup>(6)(7)(8)(16)(29)</sup> |
| OG III B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.9% Cash | 06/21 | 06/28 | 16113 | 16342 | 15324 | 0.5% | <sup>(3)(6)(7)(8)(10)</sup> |
| Plastipak Packaging Inc. | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 10/25 | 09/32 | 995 | 996 | 983 | —% | <sup>(6)(8)(15)</sup> |
| Pregis Topco LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 12/25 | 02/29 | 995 | 1003 | 993 | —% | <sup>(6)(8)(15)</sup> |
| ProAmpac Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.8% Cash | 03/26 | 03/33 | 2494 | 2499 | 2402 | 0.1% | <sup>(6)(8)(15)</sup> |
| Tank Holding Corp | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.5% Cash | 03/22 | 03/28 | 13808 | 13684 | 12565 | 0.4% | <sup>(6)(7)(8)(15)</sup> |
| Tank Holding Corp | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.8% Cash | 05/23 | 03/28 | 6642 | 6550 | 6044 | 0.2% | <sup>(6)(7)(8)(15)</sup> |
| Tank Holding Corp | Revolver | SOFR + 5.75%, 9.5% Cash | 03/22 | 03/28 |  | (5) | (59) | —% | <sup>(6)(7)(8)(15)(29)</sup> |
| TricorBraun Holdings Inc | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 08/25 | 03/31 | 2510 | 2498 | 2380 | 0.1% | <sup>(6)(8)(15)</sup> |
| Trident TPI Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 04/25 | 09/28 | 2494 | 2425 | 2358 | 0.1% | <sup>(6)(8)(16)</sup> |
| **Subtotal Containers, Packaging, & Glass (3.3%)\*** | **Subtotal Containers, Packaging, & Glass (3.3%)\*** | **Subtotal Containers, Packaging, & Glass (3.3%)\*** |  |  | **100312** | **99738** | **96630** |  |  |
| **Energy: Electricity** | **Energy: Electricity** |  |  |  |  |  |  |  |  |
| Tenaska Westmoreland Management LLC | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 02/26 | 02/33 | 448 | 448 | 446 | —% | <sup>(6)(7)(8)(16)</sup> |
| WWEC Holdings III Corp | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 10/22 | 10/28 | 9030 | 8907 | 8971 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| WWEC Holdings III Corp | Revolver | SOFR + 5.00%, 8.7% Cash | 10/22 | 10/28 |  | (30) | (22) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| **Subtotal Energy: Electricity (0.3%)\*** | **Subtotal Energy: Electricity (0.3%)\*** |  |  |  | **9478** | **9325** | **9395** |  |  |
| **Energy: Oil & Gas** | **Energy: Oil & Gas** |  |  |  |  |  |  |  |  |
| Crescent Midstream Operating LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 03/26 | 02/33 | 1001 | 1003 | 1003 | —% | <sup>(6)(8)(16)</sup> |
| Freeport LNG Investments LLP | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 02/26 | 02/33 | 762 | 759 | 761 | —% | <sup>(6)(8)(16)</sup> |
| Northriver Midstream Finance LP | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 02/26 | 08/30 | 1263 | 1263 | 1263 | —% | <sup>(3)(6)(8)(16)</sup> |
| Pelican Pipeline LLC | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 03/26 | 03/33 | 1747 | 1738 | 1747 | 0.1% | <sup>(6)(8)(16)</sup> |
| **Subtotal Energy: Oil & Gas (0.2%)** | **Subtotal Energy: Oil & Gas (0.2%)** |  |  |  | **4773** | **4763** | **4774** |  |  |
| **Environmental Industries** | **Environmental Industries** |  |  |  |  |  |  |  |  |
| CTS US BIDCO, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 11/25 | 11/31 | 2370 | 2325 | 2370 | 0.1% | <sup>(3)(6)(7)(8)(16)</sup> |
| Entact Environmental Services, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 05/21 | 01/27 | 1733 | 1730 | 1733 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Northstar Recycling, LLC | First Lien Senior Secured Term Loan | SOFR + 4.40%, 8.1% Cash | 06/22 | 12/30 | 23697 | 23471 | 23697 | 0.8% | <sup>(6)(7)(8)(16)</sup> |
| Northstar Recycling, LLC | Revolver | SOFR + 4.40%, 8.1% Cash | 06/22 | 12/30 |  | (34) |  | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Reworld Holding Corp | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 12/25 | 01/31 | 1471 | 1469 | 1466 | —% | <sup>(6)(8)(16)</sup> |
| **Subtotal Environmental Industries (1.0%)\*** | **Subtotal Environmental Industries (1.0%)\*** |  |  |  | **29271** | **28961** | **29266** |  |  |
| **Forest Products & Paper** | **Forest Products & Paper** |  |  |  |  |  |  |  |  |
| Journey Personal Care Corp | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 12/25 | 03/28 | 1494 | 1493 | 1432 | —% | <sup>(6)(8)(15)</sup> |
| **Subtotal Forest Products & Paper (—%)\*** | **Subtotal Forest Products & Paper (—%)\*** |  |  |  | **1494** | **1493** | **1432** |  |  |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** | | | | | | | | |
| A.T. Holdings II LTD | First Lien Senior Secured Term Loan | 10.4% Cash, 3.8% PIK | 11/22 | 09/29 | $16960 | $14250 | $8904 | 0.3% | <sup>(3)(6)(7)(27)</sup> |
| Aldinger Company | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 10/25 | 10/30 | 1586 | 1482 | 1489 | 0.1% | <sup>(6)(7)(8)(16)(29)</sup> |
| Amalfi Midco | Second Lien Senior Secured Term Loan | 15.5% Cash | 09/22 | 10/28 | 354 | 350 | 368 | —% | <sup>(3)(6)(7)</sup> |
| Amalfi Midco | Subordinated Loan Notes | 2.0% Cash, 9.0% PIK | 09/22 | 09/28 | 6836 | 5990 | 7006 | 0.2% | <sup>(3)(6)(7)</sup> |
| Astra Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 11/21 | 11/28 | 233 | 214 | 233 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| Astra Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 11/21 | 11/28 | 299 | 279 | 299 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| Astra Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.00%, 8.7% Cash | 11/21 | 11/28 | 3096 | 3070 | 3096 | 0.1% | <sup>(3)(6)(7)(8)(19)</sup> |
| Athenahealth Group Inc | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 10/25 | 02/29 | 1990 | 1990 | 1950 | 0.1% | <sup>(6)(8)(15)</sup> |
| Avance Clinical Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 4.50%, 8.3% Cash | 11/21 | 11/27 | 1927 | 1968 | 1927 | 0.1% | <sup>(3)(6)(7)(8)(13)</sup> <br><sup>(29)</sup> |
| Aveanna Healthcare, LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 09/25 | 09/32 | 2073 | 2068 | 2069 | 0.1% | <sup>(3)(6)(8)(15)</sup> |
| Azalea Topco Inc | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 07/25 | 04/31 | 3975 | 3975 | 3966 | 0.1% | <sup>(6)(8)(15)</sup> |
| Bausch + Lomb Corp | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 12/25 | 01/31 | 2655 | 2664 | 2658 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Canadian Orthodontic Partners Corp. | Super Senior Secured Term Loan | 17.0% PIK | 04/24 | 12/26 | 101 | 99 | 275 | —% | <sup>(3)(6)(7)(29)</sup> |
| Canadian Orthodontic Partners Corp. | First Lien Senior Secured Term Loan | CORRA + 7.00%, 9.3% PIK  | 06/21 | 12/26 | 5601 | 4893 | 398 | —% | <sup>(3)(6)(7)(8)(21)</sup> <br><sup>(26)</sup> |
| Ceres Pharma NV | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.1% Cash | 10/21 | 10/28 | 4880 | 4678 | 4829 | 0.2% | <sup>(3)(6)(7)(8)(11)</sup> |
| Ceres Pharma NV | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.1% Cash | 05/25 | 05/30 | 3782 | 3740 | 3782 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup> <br><sup>(29)</sup> |
| Charlotte Buyer Inc. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 10/25 | 02/28 | 2486 | 2474 | 2461 | 0.1% | <sup>(6)(8)(15)</sup> |
| Coherus Biosciences, Inc. | First Lien Senior Secured Term Loan | SOFR + 8.00%, 11.7% Cash | 05/24 | 05/29 | 9977 | 9770 | 9908 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| Dane Street, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 03/26 | 03/33 | 7124 | 7021 | 7021 | 0.2% | <sup>(6)(7)(8)(16)(29)</sup> |
| Dane Street, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 03/26 | 03/33 |  | (17) | (17) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| EB Development | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.1% Cash | 11/24 | 11/31 | 7557 | 6695 | 7439 | 0.3% | <sup>(3)(6)(7)(8)(10) (29)</sup> |
| Ensemble RCM LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 02/26 | 02/33 | 2000 | 1998 | 1975 | 0.1% | <sup>(6)(8)(16)</sup> |
| ExamWorks Group Inc. | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 02/26 | 02/33 | 1126 | 1135 | 1124 | —% | <sup>(6)(8)(15)</sup> |
| Faraday | First Lien Senior Secured Term Loan | EURIBOR + 5.85%, 8.0% Cash | 01/23 | 01/29 | 3510 | 3300 | 3510 | 0.1% | <sup>(3)(6)(7)(8)(10)</sup> |
| Finexvet | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.1% Cash, 3.3% PIK | 03/22 | 03/29 | 10770 | 10143 | 9844 | 0.3% | <sup>(3)(6)(7)(8)(11)</sup> |
| Forest Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 03/24 | 03/30 | 57366 | 56825 | 54670 | 1.9% | <sup>(6)(7)(8)(16)</sup> |
| Forest Buyer, LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 03/24 | 03/30 |  | (29) | (131) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| GCDL LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 08/24 | 08/30 | 614 | 608 | 609 | —% | <sup>(6)(7)(8)(16)</sup> |
| GCDL LLC | Revolver | SOFR + 6.00%, 9.7% Cash | 08/24 | 08/30 |  | (1) | (1) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| GenesisCare | First Lien Senior Secured Term Loan | BBSY + 4.75%, 8.9% Cash | 08/25 | 08/31 | 3500 | 3172 | 3437 | 0.1% | <sup>(3)(6)(7)(8)(13)</sup> <br><sup>(29)</sup> |
| Genmab A/S | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 11/25 | 12/32 | 2514 | 2512 | 2521 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Global Medical Response Inc. | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 03/26 | 10/32 | 1995 | 1995 | 1986 | 0.1% | <sup>(6)(8)(16)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 7.9% PIK | 06/22 | 06/29 | 496 | 444 |  | —% | <sup>(3)(6)(7)(8)(9)</sup> <br><sup>(26)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | 10.0% PIK | 06/22 | 06/29 | 544 | 521 | 1 | —% | <sup>(3)(6)(7)(29)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Groupe Product Life | First Lien Senior Secured Term Loan | EURIBOR + 5.64%, 7.8% Cash | 10/22 | 10/29 | $12690 | $12057 | $12096 | 0.4% | <sup>(3)(6)(7)(8)(10)</sup><br><sup>(29)</sup> |
| HeartHealth Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.25%, 9.6% Cash | 09/22 | 09/28 | 876 | 819 | 809 | —% | <sup>(3)(6)(7)(8)(13)</sup> <br><sup>(29)</sup> |
| Heartland Veterinary Partners, LLC | Subordinated Term Loan | 11.0% PIK | 11/21 | 12/28 | 8894 | 8833 | 8423 | 0.3% | <sup>(6)(7)</sup> |
| HemaSource, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/23 | 08/29 | 8765 | 8550 | 8765 | 0.3% | <sup>(6)(7)(8)(15)</sup> <br><sup>(29)</sup> |
| HemaSource, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 08/23 | 08/29 | 123 | 76 | 123 | —% | <sup>(6)(7)(8)(15)</sup> <br><sup>(29)</sup> |
| Home Care Assistance, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash, 1.0% PIK | 05/21 | 09/27 | 1548 | 1526 | 1323 | —% | <sup>(6)(7)(8)(16)</sup> |
| Hopper Merger Sub Inc | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 01/26 | 01/33 | 2434 | 2428 | 2403 | 0.1% | <sup>(6)(8)(16)(29)</sup> |
| Jon Bidco Limited | First Lien Senior Secured Term Loan | BKBM + 4.00%, 6.6% Cash | 09/25 | 03/27 | 4068 | 4827 | 4030 | 0.1% | <sup>(3)(6)(7)(8)(22)</sup> <br><sup>(29)</sup> |
| Keystone Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.4% Cash | 08/24 | 08/31 | 914 | 864 | 878 | —% | <sup>(3)(6)(7)(8)(11)</sup><br><sup>(29)</sup> |
| Keystone Bidco B.V. | Revolver | EURIBOR + 5.25%, 7.4% Cash | 08/24 | 05/31 | 10 | 9 | 8 | —% | <sup>(3)(6)(7)(8)(11)</sup><br><sup>(29)</sup> |
| Lambir Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.4% Cash | 12/21 | 12/28 | 2834 | 2716 | 2712 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup> |
| Lambir Bidco Limited | Second Lien Senior Secured Term Loan | 12.0% PIK | 12/21 | 06/29 | 1069 | 1027 | 974 | —% | <sup>(3)(6)(7)</sup> |
| Listrac Bidco Limited | Super Senior Secured Term Loan | SONIA + 12.00%, 15.7% Cash | 02/23 | 08/26 | 178 | 161 | 178 | —% | <sup>(3)(6)(7)(19)</sup> |
| Listrac Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.00%, 9.7% Cash | 02/23 | 02/27 | 1045 | 946 | 1045 | —% | <sup>(3)(6)(7)(19)</sup> |
| Medical Solutions Parent Holdings, Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.00%, 10.8% Cash | 11/21 | 11/29 | 4421 | 4380 | 354 | —% | <sup>(6)(8)(16)</sup> |
| Mertus 522. GmbH | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.1% Cash | 05/21 | 05/28 | 4300 | 4226 | 4223 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup> |
| Moonlight Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.10%, 8.8% Cash | 07/23 | 07/30 | 2052 | 1993 | 2052 | 0.1% | <sup>(3)(6)(7)(8)(18)</sup><br><sup>(29)</sup> |
| Napa Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 9.0% Cash | 03/22 | 03/28 | 23732 | 24027 | 23732 | 0.8% | <sup>(3)(6)(7)(8)(13)</sup> |
| NAPA Management Services Corp | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 02/22 | 02/29 | 6367 | 5935 | 3987 | 0.1% | <sup>(6)(8)(15)</sup> |
| NPM Investments 28 B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.43%, 7.6% Cash | 09/22 | 10/29 | 4695 | 4319 | 4695 | 0.2% | <sup>(3)(6)(7)(8)(10)</sup><br><sup>(29)</sup> |
| Octane Purchaser Inc. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 05/25 | 05/32 | 28788 | 28589 | 28568 | 1.0% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Octane Purchaser Inc. | Revolver | SOFR + 4.25%, 7.9% Cash | 05/25 | 05/32 |  | (27) | (30) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Ocular Therapeutix, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.75%, 10.4% Cash | 08/23 | 07/29 | 7859 | 7709 | 9557 | 0.3% | <sup>(3)(6)(7)(8)(15)</sup> |
| Oracle Vision Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.20%, 9.2% Cash | 06/21 | 06/28 | 7217 | 7145 | 6621 | 0.2% | <sup>(3)(6)(7)(8)(19)</sup><br><sup>(29)</sup> |
| Paradigm Parent LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/25 | 04/32 | 1561 | 1415 | 1283 | —% | <sup>(6)(8)(16)</sup> |
| Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan | EURIBOR + 5.15%, 7.3% Cash | 05/21 | 12/26 | 593 | 617 | 593 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 11/22 | 12/26 | 4400 | 4383 | 4400 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)</sup> |
| Parexel International Inc. | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 12/25 | 12/31 | 499 | 497 | 497 | —% | <sup>(6)(8)(15)</sup> |
| Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 8.25%, 11.8% Cash | 10/23 | 10/29 | 29 | 29 | 29 | —% | <sup>(6)(7)(8)(15)</sup> |
| Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 8.30%, 11.8% Cash | 10/23 | 10/29 | 595 | 587 | 593 | —% | <sup>(6)(7)(8)(15)</sup> |
| Pepper Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 4.75%, 8.8% Cash | 02/26 | 02/32 | 3386 | 3396 | 3259 | 0.1% | <sup>(3)(6)(7)(8)(13)</sup><br><sup>(29)</sup> |
| Radiology Partners Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 04/25 | 06/32 | 2567 | 2564 | 2525 | 0.1% | <sup>(6)(8)(16)</sup> |
| RadNet Management, Inc. | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 11/25 | 04/31 | 995 | 999 | 996 | —% | <sup>(3)(6)(8)(16)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Raven Acquisition Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 04/25 | 11/31 | $1364 | $1347 | $1334 | —% | <sup>(6)(8)(15)(29)</sup> |
| Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 06/22 | 07/29 | 19473 | 18006 | 19204 | 0.7% | <sup>(3)(6)(7)(8)(10)</sup><br><sup>(29)</sup> |
| Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan | SARON + 5.00%, 5.0% Cash | 06/22 | 07/29 | 7411 | 6353 | 7317 | 0.2% | <sup>(3)(6)(7)(8)(23)</sup> |
| SCP CDH Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 | 19192 | 18952 | 18964 | 0.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| SCP CDH Buyer, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 |  | (26) | (25) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| SCP Medical Products, LLC. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/25 | 06/31 | 20201 | 19974 | 20011 | 0.7% | <sup>(6)(7)(8)(16)</sup> |
| SCP Medical Products, LLC. | Revolver | SOFR + 4.75%, 8.4% Cash | 06/25 | 06/31 | 286 | 265 | 268 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Select Medical Corporation | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 03/26 | 12/31 | 1066 | 1055 | 1062 | —% | <sup>(3)(6)(8)(16)</sup> |
| SSCP Pegasus Midco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.0% Cash | 03/26 | 12/32 | 3492 | 3452 | 3407 | 0.1% | <sup>(3)(6)(7)(8)(18)</sup><br><sup>(29)</sup> |
| SSCP Spring Bidco 3 Limited | First Lien Senior Secured Term Loan | SONIA + 6.45%, 10.4% Cash | 11/23 | 08/30 | 1010 | 940 | 1004 | —% | <sup>(3)(6)(7)(8)(19)</sup> |
| Star Parent Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 10/25 | 09/30 | 2487 | 2489 | 2457 | 0.1% | <sup>(6)(8)(16)</sup> |
| Swoop Intermediate III, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 04/25 | 04/32 | 32714 | 32519 | 32714 | 1.1% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Swoop Intermediate III, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 04/25 | 04/32 |  | (33) |  | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| TA KHP Aggregator, L.P. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 06/25 | 06/32 | 21608 | 21200 | 21269 | 0.7% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| TA KHP Aggregator, L.P. | Revolver | SOFR + 4.25%, 7.9% Cash | 06/25 | 06/32 |  | (84) | (71) | —% | <sup>(6)(7)(16)</sup><br><sup>(29)</sup> |
| TA KHP Aggregator, L.P. | Subordinated Term Loan | 12.3% PIK | 06/25 | 12/32 | 25109 | 24834 | 24921 | 0.8% | <sup>(6)(7)</sup> |
| Team Health Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 02/26 | 06/28 | 2488 | 2488 | 2475 | 0.1% | <sup>(6)(8)(16)</sup> |
| Union Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 4.30%, 8.3% Cash | 06/22 | 06/29 | 2802 | 2566 | 2802 | 0.1% | <sup>(3)(6)(7)(8)(19)</sup> |
| Unither (Uniholding) | First Lien Senior Secured Term Loan | EURIBOR + 4.70%, 6.8% Cash | 03/23 | 03/30 | 2408 | 2203 | 2408 | 0.1% | <sup>(3)(6)(7)(8)(10)</sup><br><sup>(29)</sup> |
| Unosquare, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/25 | 06/31 | 9037 | 8863 | 8524 | 0.3% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Unosquare, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 06/25 | 06/31 |  | (26) | (78) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| US Fertility Enterprises LLC | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 12/25 | 12/32 | 907 | 902 | 903 | —% | <sup>(6)(8)(16)(29)</sup> |
| VB Spine Intermediary II LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash, 4.4% PIK | 04/25 | 04/30 | 69595 | 67359 | 67368 | 2.3% | <sup>(6)(7)(8)(16)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (18.0%)\*** | **Subtotal Healthcare & Pharmaceuticals (18.0%)\*** | **Subtotal Healthcare & Pharmaceuticals (18.0%)\*** |  |  | **560081** | **543496** | **529545** |  |  |
| **High Tech Industries** | **High Tech Industries** |  |  |  |  |  |  |  |  |
| Anthracite Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 | 14380 | 14311 | 14315 | 0.5% | <sup>(6)(7)(8)(15)</sup> |
| Anthracite Buyer, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 |  | (24) | (22) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Applied Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.4% Cash | 11/25 | 02/31 | 997 | 1001 | 977 | —% | <sup>(6)(8)(16)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 6.70%, 9.2% Cash | 07/22 | 07/29 | 4358 | 3911 | 3970 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 6.70%, 7.1% Cash | 07/22 | 07/29 | 276 | 273 | 252 | —% | <sup>(3)(6)(7)(8)(17)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.70%, 10.4% Cash | 07/22 | 07/29 | 3733 | 3484 | 3401 | 0.1% | <sup>(3)(6)(7)(8)(19)</sup> |
| Argus Bidco Limited | Second Lien Senior Secured Term Loan | 10.5% PIK | 07/22 | 07/29 | 2241 | 2078 | 1988 | 0.1% | <sup>(3)(6)(7)</sup> |
| Bitly, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 11/25 | 11/31 | 77410 | 76673 | 76736 | 2.6% | <sup>(6)(7)(8)(15)</sup> |
| Bitly, Inc. | Revolver | SOFR + 4.75%, 8.4% Cash | 11/25 | 11/31 |  | (28) | (26) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Boxer Parent Company Inc. | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 10/25 | 07/31 | 2487 | 2502 | 2300 | 0.1% | <sup>(6)(8)(16)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| CH Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 9.9% Cash | 05/25 | 05/31 | $1762 | $1735 | $1750 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| CH Buyer, LLC | Revolver | SOFR + 6.25%, 9.9% Cash | 05/25 | 05/31 |  | (2) | (1) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Cloud Software Group Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 10/25 | 03/31 | 1989 | 1989 | 1816 | 0.1% | <sup>(6)(8)(16)</sup> |
| Clover Holdings 2 LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 10/25 | 12/31 | 1992 | 1998 | 1905 | 0.1% | <sup>(6)(8)(15)</sup> |
| Contabo Finco S.À.R.L | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 10/22 | 10/29 | 11151 | 9517 | 11151 | 0.4% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| CW Group Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 05/21 | 01/27 | 8020 | 7869 | 8020 | 0.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Delta Topco, Inc. | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 09/25 | 11/29 | 2494 | 2491 | 2408 | 0.1% | <sup>(6)(8)(16)</sup> |
| Discovery Buyer, L.P. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 02/25 | 02/32 | 21777 | 21526 | 21583 | 0.7% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Discovery Buyer, L.P. | Revolver | SOFR + 5.00%, 8.7% Cash | 02/25 | 02/32 |  | (22) | (18) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Durare Bidco, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 08/25 | 08/32 | 44545 | 44024 | 43926 | 1.5% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Durare Bidco, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 08/25 | 08/32 |  | (107) | (129) | 1.5% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Dwyer Instruments, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 07/21 | 07/29 | 6698 | 6660 | 6698 | 0.2% | <sup>(6)(7)(8)(16)</sup> |
| Ellucian Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 11/25 | 10/29 | 1247 | 1251 | 1211 | —% | <sup>(6)(8)(15)</sup> |
| Ensono Inc | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.8% Cash | 10/25 | 05/28 | 2523 | 2522 | 2339 | 0.1% | <sup>(6)(8)(15)</sup> |
| Escape Velocity Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 10/25 | 10/32 | 1357 | 1352 | 1307 | —% | <sup>(6)(8)(16)(29)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.2% Cash, 1.0% PIK | 12/22 | 12/29 | 701 | 442 | 577 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(11)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | SOFR + 6.43%, 10.1% Cash, 1.0% PIK | 12/22 | 12/29 | 350 | 222 | 288 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | SONIA + 6.28%, 10.3% Cash, 1.0% PIK | 12/22 | 12/29 | 1078 | 277 | 887 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(19)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | Subordinated Term Loan | EURIBOR + 7.00%, 9.2% PIK  | 10/25 | 12/29 | 3994 | 1448 |  | —% | <sup>(3)(6)(7)(8)(10)</sup><br><sup>(26)</sup> |
| Everest Midco Limited | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.9% Cash | 01/26 | 01/33 | 3155 | 3163 | 3123 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| Everest Midco Limited | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 01/26 | 01/33 | 26909 | 26585 | 26576 | 0.9% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)(29)</sup> |
| Everest Midco Limited | Revolver | SOFR + 4.75%, 8.4% Cash | 01/26 | 01/33 |  | (33) | (34) | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)(29)</sup> |
| EZ SMBO Bidco | First Lien Senior Secured Term Loan | CORRA + 5.00%, 7.6% Cash | 04/25 | 04/32 | 716 | 716 | 706 | —% | <sup>(3)(6)(7)(8)(21)</sup> |
| EZ SMBO Bidco | First Lien Senior Secured Term Loan | EURIBOR + 8.00%, 10.0% PIK | 04/25 | 04/32 | 393 | 368 | 387 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| EZ SMBO Bidco | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.1% Cash | 04/25 | 04/32 | 1268 | 1182 | 1231 | —% | <sup>(3)(6)(7)(8)(11)</sup><br><sup>(29)</sup> |
| EZ SMBO Bidco | Subordinated Term Loan | EURIBOR + 8.00%, 10.1% Cash | 03/26 | 04/33 | 109 | 107 | 107 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| FinThrive Software Intermediate Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 04/25 | 12/28 | 17674 | 16489 | 11035 | 0.4% | <sup>(6)(8)(15)</sup> |
| FSS Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 04/25 | 08/31 | 40308 | 40308 | 40308 | 1.4% | <sup>(6)(7)(8)(15)</sup> |
| Genesys Cloud Services Holdings II LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 12/25 | 01/32 | 1496 | 1495 | 1430 | —% | <sup>(6)(8)(15)</sup> |
| Haystack Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 01/25 | 01/28 | 16677 | 16537 | 16555 | 0.6% | <sup>(6)(7)(8)(17)</sup><br><sup>(29)</sup> |
| Haystack Holdings LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 01/25 | 01/28 |  | (14) | (11) | —% | <sup>(6)(7)(8)(17)</sup><br><sup>(29)</sup> |
| Heavy Construction Systems Specialists, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 11/21 | 11/28 | 22066 | 21909 | 22066 | 0.8% | <sup>(6)(7)(8)(16)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Heavy Construction Systems Specialists, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 11/21 | 11/27 | $— | $(12) | $— | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| HW Holdco, LLC (Hanley Wood LLC) | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.5% Cash | 05/21 | 05/27 | 17980 | 17971 | 17980 | 0.6% | <sup>(6)(7)(8)(16)</sup> |
| Kaseya, Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 09/25 | 03/32 | 2117 | 2123 | 1972 | 0.1% | <sup>(6)(8)(15)</sup> |
| Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.4% Cash | 05/22 | 05/29 | 738 | 718 | 718 | —% | <sup>(3)(6)(7)(8)(17)</sup><br><sup>(29)</sup> |
| Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.75%, 9.7% Cash | 05/22 | 05/29 | 177 | 181 | 175 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(19)</sup> |
| Lattice Group Holdings Bidco Limited | Revolver | SOFR + 5.75%, 9.4% Cash | 05/22 | 11/28 | 35 | 35 | 35 | —% | <sup>(3)(6)(7)(8)(17)</sup> |
| Lighthouse Finco SARL | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.7% Cash | 02/26 | 02/33 | 2590 | 2629 | 2565 | 0.1% | <sup>(3)(6)(7)(8)(10)</sup> |
| Lighthouse Finco SARL | First Lien Senior Secured Term Loan | SONIA + 4.75%, 8.5% Cash | 02/26 | 02/33 | 5982 | 6040 | 5898 | 0.2% | <sup>(3)(6)(7)(8)(18)</sup><br><sup>(29)</sup> |
| Maia Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 12/25 | 11/32 | 12938 | 12718 | 12739 | 0.4% | <sup>(3)(6)(7)(8)(16)</sup> |
| Maia Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.0% Cash | 12/25 | 11/32 | 4424 | 4301 | 4250 | 0.1% | <sup>(3)(6)(7)(8)(18)</sup><br><sup>(29)</sup> |
| Maia Bidco Limited | Revolver | SONIA + 5.25%, 9.0% Cash | 12/25 | 11/32 |  |  | (26) | —% | <sup>(3)(6)(7)(8)(18)</sup><br><sup>(29)</sup> |
| NAW Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 09/23 | 09/29 | 15969 | 15653 | 15892 | 0.5% | <sup>(6)(7)(8)(16)(29)</sup> |
| NAW Buyer LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 09/23 | 09/29 |  | (33) | (9) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| NeoxCo | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.8% Cash | 01/23 | 01/30 | 2755 | 2538 | 2755 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup> |
| Next Holdco, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 11/23 | 11/30 | 43205 | 42804 | 43075 | 1.5% | <sup>(6)(7)(8)(16)</sup> |
| Next Holdco, LLC | Revolver | SOFR + 5.25%, 8.9% Cash | 11/23 | 11/29 |  | (21) | (7) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| ORTEC INTERNATIONAL NEWCO B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.4% Cash | 12/23 | 12/30 | 5266 | 4898 | 5266 | 0.2% | <sup>(3)(6)(7)(8)(10)</sup> |
| OSP Hamilton Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 12/21 | 12/29 | 41902 | 41529 | 41577 | 1.4% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| OSP Hamilton Purchaser, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 12/21 | 12/29 | 1231 | 1202 | 1206 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| OSP Lakeside Intermediate Holdings 2, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 10/25 | 10/31 | 25546 | 25190 | 24984 | 0.9% | <sup>(6)(7)(8)(15)</sup> |
| OSP Lakeside Intermediate Holdings 2, LLC | Revolver | SOFR + 5.50%, 9.2% Cash | 10/25 | 10/31 |  | (61) | (97) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| PDQ.Com Corporation | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/21 | 10/32 | 79263 | 78828 | 77658 | 2.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| PDQ.Com Corporation | Revolver | SOFR + 4.50%, 8.2% Cash | 10/25 | 10/32 |  | (7) | (36) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Perforce Software, Inc. | Second Lien Senior Secured Term Loan | SOFR + 8.00%, 11.8% Cash | 05/21 | 07/27 | 6497 | 6477 | 4672 | 0.2% | <sup>(6)(7)(8)(15)</sup> |
| Ping Identity Holding Corp | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 10/25 | 11/32 | 2067 | 2068 | 2038 | 0.1% | <sup>(6)(8)(16)</sup> |
| PowerGEM Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 11/24 | 11/31 | 16733 | 16678 | 16642 | 0.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| PowerGEM Buyer, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 11/24 | 11/31 |  | (30) | (20) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| ProfitOptics, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 03/22 | 03/28 | 1421 | 1411 | 1400 | —% | <sup>(6)(7)(8)(15)</sup> |
| ProfitOptics, LLC | Revolver | SOFR + 5.00%, 8.8% Cash | 03/22 | 03/28 |  | (2) | (5) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| ProfitOptics, LLC | Senior Subordinated Term Loan | 8.0% Cash | 03/22 | 03/29 | 32 | 32 | 30 | —% | <sup>(6)(7)</sup> |
| Project Alpha Intermediate Holding Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 10/25 | 10/30 | 2985 | 2992 | 2249 | 0.1% | <sup>(6)(8)(16)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Project Ruby Ultimate Parent Corp | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 11/25 | 03/28 | $1392 | $1398 | $1384 | —% | <sup>(6)(8)(15)</sup> |
| Pro-Vision Solutions Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 09/24 | 09/30 | 12281 | 12145 | 12257 | 0.4% | <sup>(6)(7)(8)(15)</sup> |
| Pro-Vision Solutions Holdings, LLC | Revolver | SOFR + 4.25%, 7.9% Cash | 09/24 | 09/30 |  | (35) | (7) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 05/22 | 05/29 | 942 | 854 | 935 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.1% Cash | 05/22 | 05/29 | 1411 | 1398 | 1401 | —% | <sup>(3)(6)(7)(8)(16)</sup> |
| Renaissance Learning, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 05/25 | 04/30 | 2487 | 2289 | 1756 | 0.1% | <sup>(6)(8)(15)</sup> |
| Saab Purchaser, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 11/24 | 11/31 | 50336 | 49771 | 49564 | 1.7% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Saab Purchaser, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 11/24 | 11/31 |  | (48) | (68) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Scout Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.9% Cash | 05/22 | 05/29 | 4186 | 3842 | 3926 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup> |
| Scout Bidco B.V. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.7% Cash | 08/23 | 05/29 | 508 | 508 | 477 | —% | <sup>(3)(6)(7)(8)(17)</sup> |
| Scout Bidco B.V. | Revolver | EURIBOR + 5.50%, 7.5% Cash | 05/22 | 05/29 | 222 | 222 | 188 | —% | <sup>(3)(6)(7)(8)(11)</sup><br><sup>(29)</sup> |
| Sinari Invest | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 07/23 | 07/30 | 2105 | 1954 | 1761 | 0.1% | <sup>(3)(6)(7)(8)(10)</sup><br><sup>(29)</sup> |
| Sonicwall US Holdings Inc | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 06/25 | 05/28 | 33595 | 33088 | 9883 | 0.3% | <sup>(6)(8)(16)</sup> |
| Sovos Compliance LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 07/25 | 08/29 | 1696 | 1702 | 1607 | 0.1% | <sup>(6)(8)(15)</sup> |
| Starlight Parent LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 11/25 | 04/32 | 1493 | 1488 | 1261 | —% | <sup>(6)(8)(16)</sup> |
| Syntax Midco 2 Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 10/25 | 10/32 | 21842 | 21503 | 21536 | 0.7% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Syntax Midco 2 Inc. | Revolver | SOFR + 4.75%, 8.4% Cash | 10/25 | 10/32 | 1040 | 979 | 984 | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| UKG Inc (f/k/a Ultimate Software) | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 11/25 | 02/31 | 2489 | 2491 | 2375 | 0.1% | <sup>(6)(8)(16)</sup> |
| Vision Solutions Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.9% Cash | 04/25 | 04/28 | 992 | 940 | 759 | —% | <sup>(6)(8)(16)</sup> |
| VS Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 11/25 | 04/31 | 997 | 985 | 973 | —% | <sup>(6)(8)(16)</sup> |
| White Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 10/23 | 10/30 | 2275 | 2233 | 2250 | 0.1% | <sup>(3)(6)(7)(8)(16)</sup> |
| Zelda Luxco S.A.S | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.4% Cash | 07/25 | 07/32 | 1630 | 1609 | 1597 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup><br><sup>(29)</sup> |
| **Subtotal High Tech Industries (25.1%)\*** | **Subtotal High Tech Industries (25.1%)\*** |  |  |  | **784103** | **768351** | **735463** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Bingo Holdings I LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/25 | 06/32 | 2423 | 2411 | 2358 | 0.1% | <sup>(6)(8)(16)</sup> |
| Featherstone Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.6% Cash | 11/25 | 05/31 | 1102 | 1102 | 1102 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)</sup> |
| Featherstone Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.00%, 9.7% Cash | 05/25 | 05/31 | 1399 | 1401 | 1399 | —% | <sup>(6)(7)(8)(19)</sup> |
| J&J Ventures Gaming, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 08/25 | 04/30 | 49875 | 49434 | 49277 | 1.7% | <sup>(6)(7)(8)(15)</sup> |
| Light and Wonder International Inc | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.7% Cash | 01/26 | 04/29 | 775 | 775 | 774 | —% | <sup>(3)(6)(8)(16)</sup> |
| Peninsula Pacific Entertainment Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 03/26 | 10/32 | 818 | 810 | 814 | —% | <sup>(6)(8)(16)</sup> |
| Scientific Games Holdings LP | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 09/25 | 04/29 | 3474 | 3451 | 3418 | 0.1% | <sup>(6)(8)(16)</sup> |
| SGH2 LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 11/25 | 08/32 | 995 | 1000 | 976 | —% | <sup>(6)(7)(8)(16)</sup> |
| Travel Corp | First Lien Senior Secured Term Loan | SOFR + 4.75%, 7.9% Cash | 08/25 | 10/31 | 2480 | 2448 | 2307 | 0.1% | <sup>(6)(7)(8)(17)</sup> |
| Travel + Leisure Co | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.7% Cash | 12/25 | 12/29 | 1496 | 1496 | 1492 | 0.1% | <sup>(3)(6)(8)(16)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Voyager Parent LLC (f/k/a IGT/Everi) | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 12/25 | 07/32 | $2525 | $2527 | $2505 | 0.1% | <sup>(6)(8)(16)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (2.3%)\*** | **Subtotal Hotel, Gaming, & Leisure (2.3%)\*** |  |  |  | **67362** | **66855** | **66422** |  |  |
| **Media: Advertising, Printing, & Publishing** | **Media: Advertising, Printing, & Publishing** |  |  |  |  |  |  |  |  |
| ASC Communications, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 07/22 | 07/28 | 52017 | 51744 | 51705 | 1.8% | <sup>(6)(7)(8)(15)</sup><br><sup>(16)</sup> |
| ASC Communications, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 07/22 | 07/28 |  | (3) | (4) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| CMG Media Corp | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.3% Cash | 04/25 | 06/29 | 11732 | 11338 | 10958 | 0.4% | <sup>(6)(8)(16)</sup> |
| Red Planet Borrower LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 08/25 | 09/32 | 2494 | 2469 | 2435 | 0.1% | <sup>(6)(8)(15)</sup> |
| Superjet Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/21 | 05/30 | 17757 | 17450 | 17523 | 0.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Superjet Buyer, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 12/21 | 05/30 |  | (24) | (18) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| **Subtotal Media: Advertising, Printing, & Publishing (2.8%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (2.8%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (2.8%)\*** |  |  | **84000** | **82974** | **82599** |  |  |
| **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |
| Creative Artists Agency LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 10/25 | 10/31 | 998 | 1000 | 997 | —% | <sup>(6)(8)(15)</sup> |
| Music Reports, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.8% Cash | 05/21 | 08/26 | 2441 | 2437 | 2421 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Neptune Bidco US Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 02/26 | 02/33 | 2488 | 2476 | 2371 | 0.1% | <sup>(6)(8)(16)</sup> |
| Nexstar Media Inc | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 03/26 | 03/33 | 1748 | 1731 | 1727 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Oak-Eagle Acquireco Inc. | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 03/26 | 03/33 | 946 | 932 | 941 | —% | <sup>(6)(8)(16)</sup> |
| The Octave Music Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/24 | 03/29 | 16828 | 16660 | 16081 | 0.5% | <sup>(6)(8)(16)</sup> |
| Versant Media Group Inc. | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 10/25 | 01/31 | 2599 | 2596 | 2594 | 0.1% | <sup>(6)(8)(16)</sup> |
| **Subtotal Media: Broadcasting & Subscription (0.9%)\*** | **Subtotal Media: Broadcasting & Subscription (0.9%)\*** | **Subtotal Media: Broadcasting & Subscription (0.9%)\*** |  |  | **28048** | **27832** | **27132** |  |  |
| **Media: Diversified & Production** | **Media: Diversified & Production** |  |  |  |  |  |  |  |  |
| BrightSign LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 10/21 | 10/27 | 10628 | 10596 | 10628 | 0.4% | <sup>(6)(7)(8)(15)</sup> |
| BrightSign LLC | Revolver | SOFR + 5.25%, 9.0% Cash | 10/21 | 10/27 | 831 | 829 | 831 | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| CM Acquisitions Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.1% Cash | 05/21 | 01/28 | 6387 | 6386 | 6291 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(17)</sup> |
| Footco 40 Limited | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.5% Cash | 04/22 | 04/29 | 243 | 223 | 233 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| Footco 40 Limited | First Lien Senior Secured Term Loan | SONIA + 6.00%, 9.7% Cash | 04/22 | 04/29 | 1684 | 1646 | 1620 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(18)</sup> |
| Iridium Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 10.7% Cash, 1.5% PIK | 05/21 | 03/27 | 5949 | 5952 | 5467 | 0.2% | <sup>(3)(6)(7)(8)</sup><br><sup>(19)</sup> |
| Murphy Midco Limited | First Lien Senior Secured Term Loan | SONIA + 6.25%, 10.5% Cash | 05/21 | 04/29 | 777 | 802 | 664 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(19)</sup> |
| Rock Labor LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 09/23 | 09/29 | 5503 | 5394 | 5503 | 0.2% | <sup>(6)(7)(8)(15)</sup> |
| Rock Labor LLC | Revolver | SOFR + 5.50%, 9.2% Cash | 09/23 | 09/29 |  | (16) |  | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Screenvision, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 04/25 | 04/30 | 71538 | 70329 | 70372 | 2.4% | <sup>(6)(7)(8)(16)</sup> |
| Screenvision, LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 04/25 | 04/30 |  | (139) | (138) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Screenvision, LLC | Second Lien Senior Secured Term Loan | SOFR + 8.50%, 12.2% Cash | 04/25 | 04/30 | 14405 | 13911 | 13937 | 0.5% | <sup>(6)(7)(8)(16)</sup> |
| Solo Buyer, L.P. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 9.9% Cash | 12/22 | 11/29 | 16108 | 15860 | 15609 | 0.5% | <sup>(6)(7)(8)(16)</sup> |
| Solo Buyer, L.P. | Revolver | SOFR + 6.25%, 9.9% Cash | 12/22 | 12/28 | 798 | 775 | 736 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Vital Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 06/21 | 06/30 | 61357 | 60728 | 60911 | 2.1% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| **Subtotal Media: Diversified & Production (6.6%)\*** | **Subtotal Media: Diversified & Production (6.6%)\*** | **Subtotal Media: Diversified & Production (6.6%)\*** |  |  | **196208** | **193276** | **192664** |  |  |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Metals & Mining** | **Metals & Mining** | | | | | | | | |
| SCIH Salt Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 11/25 | 01/29 | $1696 | $1695 | $1690 | 0.1% | <sup>(6)(8)(15)</sup> |
| Tega MC Australia Holdings Pty LTD | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 03/25 | 03/25 | 1196 | 1184 | 1187 | —% | <sup>(6)(7)(8)(16)</sup> |
| **Subtotal Metals & Mining (0.1%)\*** | **Subtotal Metals & Mining (0.1%)\*** |  |  |  | **2892** | **2879** | **2877** |  |  |
| **Services: Business** | **Services: Business** |  |  |  |  |  |  |  |  |
| ABC Legal Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 08/25 | 08/32 | 5611 | 5545 | 5553 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| ABC Legal Holdings, LLC | Revolver | SOFR + 4.25%, 7.9% Cash | 08/25 | 08/32 |  | (15) | (12) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Accelevation LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 01/25 | 01/31 | 3546 | 3498 | 3546 | 0.1% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Accelevation LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 01/25 | 01/31 | 304 | 294 | 304 | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Acclime Holdings HK Limited | First Lien Senior Secured Term Loan | SOFR + 6.48%, 10.1% Cash | 08/21 | 08/27 | 17173 | 16963 | 17155 | 0.6% | <sup>(3)(6)(7)(8)(17)</sup> |
| Acclime Holdings HK Limited | Subordinated Term Loan | 15.0% Cash | 05/25 | 04/30 | 327 | 322 | 327 | —% | <sup>(3)(6)(7)</sup> |
| Acogroup | First Lien Senior Secured Term Loan | EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK | 05/21 | 04/28 | 30290 | 28570 | 8936 | 0.3% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)(26)</sup> |
| Acogroup | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.4% PIK | 05/21 | 10/26 | 1543 | 1580 | 455 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(11)(26)</sup> |
| Adhefin International | First Lien Senior Secured Term Loan | EURIBOR + 4.98%, 7.1% Cash | 05/23 | 05/30 | 2331 | 2204 | 2292 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)(29)</sup> |
| AlixPartners Llp | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.7% Cash | 01/26 | 08/32 | 1496 | 1490 | 1481 | 0.1% | <sup>(6)(8)(15)</sup> |
| AlliA Insurance Brokers NV | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 03/23 | 03/30 | 5405 | 4943 | 5405 | 0.2% | <sup>(3)(6)(7)(8)</sup><br><sup>(11)</sup> |
| Apex Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.75%, 10.6% Cash | 05/21 | 01/27 | 1357 | 1311 | 1350 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(18)</sup> |
| ARC Interco Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 11/25 | 11/31 | 6401 | 6321 | 6327 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| ARC Interco Purchaser, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 11/25 | 11/31 |  | (14) | (13) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Artemis Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.1% Cash | 11/24 | 11/31 | 630 | 578 | 619 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)(29)</sup> |
| Ascend Learning, LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 10/25 | 12/28 | 1493 | 1491 | 1456 | —% | <sup>(6)(8)(15)</sup> |
| Ascensus Holdings Inc | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 11/25 | 11/32 | 3000 | 2999 | 2948 | 0.1% | <sup>(6)(8)(15)</sup> |
| Auxi International | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.3% Cash | 05/21 | 12/26 | 346 | 361 | 334 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| AWP Group Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 05/21 | 12/30 | 24660 | 24660 | 24660 | 0.8% | <sup>(6)(7)(8)(16)</sup> |
| Azalea Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 11/21 | 11/27 | 4726 | 4696 | 4726 | 0.2% | <sup>(6)(7)(8)(15)</sup> |
| Azalea Buyer, Inc. | Subordinated Term Loan | 12.0% PIK | 11/21 | 05/28 | 2102 | 2092 | 2102 | 0.1% | <sup>(6)(7)</sup> |
| Basin Innovation Group, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 12/24 | 12/30 | 18213 | 17998 | 18031 | 0.6% | <sup>(6)(7)(8)(17)</sup> |
| Basin Innovation Group, LLC | Revolver | SOFR + 4.75%, 8.5% Cash | 12/24 | 12/30 |  | (21) | (18) | —% | <sup>(6)(7)(8)(17)</sup><br><sup>(29)</sup> |
| BCPE Empire Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 10/25 | 12/30 | 995 | 997 | 979 | —% | <sup>(6)(8)(15)</sup> |
| BCPE Empire Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 03/26 | 12/32 | 2239 | 2207 | 2202 | 0.1% | <sup>(6)(8)(15)</sup> |
| Beta Finco BV | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.7% Cash | 11/25 | 11/32 | 2367 | 2346 | 2326 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)(29)</sup> |
| Beta Finco BV | Revolver | EURIBOR + 4.75%, 6.7% Cash | 11/25 | 11/31 |  | (6) | (6) | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)(29)</sup> |
| BNI Global, LLC | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.4% Cash | 02/24 | 05/27 | 36301 | 33872 | 36301 | 1.2% | <sup>(6)(7)(8)(9)</sup> |
| Bounteous, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/21 | 08/29 | 10205 | 10091 | 10103 | 0.3% | <sup>(6)(8)(7)(15)</sup><br><sup>(29)</sup> |
| Bounteous, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 09/25 | 08/29 |  | (12) | (14) | —% | <sup>(6)(8)(7)(15)</sup><br><sup>(29)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| British Engineering Services Holdco Limited | First Lien Senior Secured Term Loan | SONIA + 2.80%, 6.7% Cash, 5.0% PIK | 05/21 | 12/28 | $8577 | $8490 | $7462 | 0.3% | <sup>(3)(6)(7)(8)</sup><br><sup>(19)</sup> |
| Broadway Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 | 5444 | 5352 | 5359 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Broadway Buyer, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 | 49 | 25 | 27 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Caldwell & Gregory LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 09/24 | 09/30 | 43144 | 42758 | 42811 | 1.5% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Caldwell & Gregory LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 09/24 | 09/30 |  | (38) | (38) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| CGI Parent, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 02/22 | 02/28 | 70073 | 70051 | 69723 | 2.4% | <sup>(6)(7)(8)(16)</sup> |
| CGI Parent, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 02/22 | 02/28 |  | (11) | (8) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| CloudOne Digital Corp. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 08/25 | 08/31 | 34378 | 33985 | 34042 | 1.2% | <sup>(6)(7)(8)(16)</sup> |
| CloudOne Digital Corp. | Revolver | SOFR + 5.00%, 8.7% Cash | 08/25 | 08/31 |  | (85) | (74) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Comply365, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 04/22 | 12/29 | 23814 | 23527 | 23700 | 0.8% | <sup>(6)(7)(8)(16)</sup> |
| Comply365, LLC | Revolver | SOFR + 5.25%, 9.0% Cash | 04/22 | 12/29 | 153 | 149 | 151 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| CoreLogic Inc. | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.3% Cash | 12/25 | 06/28 | 1492 | 1499 | 1424 | —% | <sup>(6)(8)(15)</sup> |
| Coyo Uprising GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash, 0.3% PIK | 09/21 | 09/28 | 12505 | 12409 | 12110 | 0.4% | <sup>(3)(6)(7)(8)</sup><br><sup>(11)(29)</sup> |
| Darktrace Finco US LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 11/25 | 10/31 | 1275 | 1272 | 1217 | —% | <sup>(6)(8)(15)</sup> |
| Dawn Bidco LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 10/25 | 02/33 | 2000 | 1995 | 1889 | 0.1% | <sup>(6)(8)(16)</sup> |
| DISA Holdings Corp. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 11/22 | 09/28 | 12675 | 12528 | 12675 | 0.4% | <sup>(6)(7)(8)(16)</sup> |
| DISA Holdings Corp. | Revolver | SOFR + 5.00%, 8.7% Cash | 11/22 | 09/28 | 598 | 585 | 598 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Dunlipharder B.V. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 06/22 | 06/28 | 1000 | 994 | 1000 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)</sup> |
| EFC International | Senior Unsecured Term Loan | 11.0% Cash, 2.5% PIK | 03/23 | 05/28 | 717 | 703 | 711 | —% | <sup>(6)(7)</sup> |
| Electric Equipment & Engineering Co. | First Lien Senior Secured Term Loan | 10.5% Cash, 3.0% PIK | 12/24 | 12/30 | 730 | 717 | 715 | —% | <sup>(6)(7)</sup> |
| Endrix Newco | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.9% Cash | 12/25 | 12/32 | 3292 | 3274 | 3213 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)(29)</sup> |
| Events Software BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 6.00%, 10.1% Cash | 03/22 | 03/28 | 1704 | 1835 | 1567 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(13)</sup> |
| Expert Institute Group Inc. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 03/25 | 03/32 | 3794 | 3733 | 3794 | 0.1% | <sup>(6)(7)(8)(17)</sup><br><sup>(29)</sup> |
| Expert Institute Group Inc. | Revolver | SOFR + 4.25%, 7.9% Cash | 03/25 | 03/32 |  | (16) |  | —% | <sup>(6)(7)(8)(17)</sup><br><sup>(29)</sup> |
| Fleet US Bidco INC | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 12/25 | 02/31 | 995 | 1002 | 995 | —% | <sup>(6)(7)(8)(16)</sup> |
| GI Consilio Parent LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 09/25 | 05/28 | 1967 | 1640 | 1531 | 0.1% | <sup>(6)(8)(15)</sup> |
| Greenhill II BV | First Lien Senior Secured Term Loan | EURIBOR + 5.10%, 7.1% Cash | 07/22 | 07/29 | 1729 | 1582 | 1719 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)(29)</sup> |
| HEKA Invest | First Lien Senior Secured Term Loan | EURIBOR + 6.20%, 8.3% Cash | 10/22 | 10/29 | 10794 | 9761 | 10794 | 0.4% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| HS Advisory Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 03/25 | 03/30 | 25835 | 25483 | 25344 | 0.9% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| HS Advisory Buyer LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 03/25 | 03/30 | 1290 | 1257 | 1243 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| HSL Compliance | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.0% Cash | 03/25 | 03/32 | 1656 | 1586 | 1618 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(18)(29)</sup> |
| Hydratech Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 09/24 | 12/29 | 9572 | 9489 | 9443 | 0.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Hydratech Holdings, Inc. | Revolver | SOFR + 5.25%, 8.9% Cash | 09/24 | 12/29 | 808 | 800 | 795 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Infoniqa Holdings GmbH | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.8% Cash | 11/21 | 11/28 | 9398 | 8788 | 9248 | 0.3% | <sup>(3)(6)(7)(8)(11)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Interstellar Group B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.3% Cash | 08/22 | 08/29 | $3599 | $3264 | $3285 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)(29)</sup> |
| Isolstar Holding NV (IPCOM) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 10/22 | 10/29 | 11501 | 9724 | 11371 | 0.4% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| LeadsOnline, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 02/22 | 02/28 | 30938 | 30756 | 30795 | 1.0% | <sup>(6)(7)(8)(16)</sup> |
| LeadsOnline, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 02/22 | 02/28 |  | (23) | (15) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| LHS Borrower, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 09/25 | 09/31 | 50547 | 49845 | 49930 | 1.7% | <sup>(6)(7)(8)(15)</sup> |
| LHS Borrower, LLC | Revolver | SOFR + 5.25%, 8.9% Cash | 09/25 | 09/31 | 1189 | 1127 | 1133 | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Long Term Care Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.9% Cash | 04/22 | 09/27 | 4571 | 4541 | 4375 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| MB Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 01/24 | 01/30 | 10031 | 9894 | 9924 | 0.3% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| MB Purchaser, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 01/24 | 01/30 |  | (20) | (17) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| MC Group Ventures Corporation | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 06/24 | 06/27 | 9244 | 9159 | 8779 | 0.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| MC Group Ventures Corporation | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.3% Cash | 07/21 | 06/27 | 6810 | 6775 | 6633 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Mitchell International Inc. | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 01/26 | 06/31 | 2063 | 2060 | 1963 | 0.1% | <sup>(6)(8)(15)</sup> |
| MIV Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 09/25 | 09/31 | 6493 | 6393 | 6403 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| MIV Buyer, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 09/25 | 09/31 | 98 | 87 | 88 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| NF Holdco, LLC | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.2% Cash | 03/23 | 04/29 | 5386 | 5292 | 4896 | 0.2% | <sup>(6)(7)(8)(16)</sup> |
| NF Holdco, LLC | Revolver | SOFR + 6.50%, 10.2% Cash | 03/23 | 04/29 | 947 | 924 | 812 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Origin Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.2% Cash | 06/21 | 06/28 | 341 | 357 | 338 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| Origin Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 06/21 | 06/28 | 9004 | 8870 | 8923 | 0.3% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)</sup> |
| PAC DAC LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 10/25 | 10/30 | 2500 | 2477 | 2459 | 0.1% | <sup>(6)(8)(16)</sup> |
| Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.5% Cash | 05/21 | 06/26 | 277 | 290 | 277 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.4% Cash | 05/21 | 06/26 | 320 | 319 | 320 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)</sup> |
| Proceed Legal Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 03/26 | 03/31 | 19173 | 18905 | 18905 | 0.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Proceed Legal Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 03/26 | 03/31 |  | (9) | (9) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Qima Finance LTD | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.1% Cash | 07/25 | 07/32 | 2035 | 1983 | 1992 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)(29)</sup> |
| Real Chemistry Intermediate III, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 04/25 | 04/32 | 38884 | 38723 | 38737 | 1.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Real Chemistry Intermediate III, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 04/25 | 04/32 |  | (33) | (28) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Recovery Point Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.8% Cash | 05/21 | 02/28 | 2349 | 2349 | 2349 | 0.1% | <sup>(6)(7)(8)(17)</sup> |
| RKD Group, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 05/25 | 05/31 | 36553 | 36148 | 36229 | 1.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| RKD Group, LLC | Revolver | SOFR + 5.25%, 8.9% Cash | 05/25 | 05/31 |  | (32) | (27) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| ROI Solutions LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 10/24 | 10/29 | 18017 | 17740 | 17609 | 0.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| ROI Solutions LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 10/24 | 10/29 |  | (38) | (59) | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| RPX Corporation | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 08/24 | 08/30 | 69795 | 69038 | 69160 | 2.4% | <sup>(6)(7)(8)(15)</sup> |
| RPX Corporation | Revolver | SOFR + 5.50%, 9.2% Cash | 08/24 | 08/30 |  | (54) | (45) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Ruby Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.25%, 9.5% Cash | 12/25 | 12/32 | $3528 | $3325 | $3424 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(13)(29)</sup> |
| Sabre GLBL Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.8% Cash | 08/25 | 11/29 | 3548 | 3425 | 2774 | 0.1% | <sup>(3)(6)(8)(15)</sup> |
| Sansidor BV | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.4% Cash | 09/24 | 09/31 | 2641 | 2549 | 2604 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| Sapphire Bidco S.A.R.L. | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 10/25 | 10/32 | 1586 | 1555 | 1556 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)(29)</sup> |
| SBP Holdings LP | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 03/23 | 03/28 | 18811 | 18432 | 18649 | 0.6% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| SBP Holdings LP | Revolver | SOFR + 5.00%, 8.7% Cash | 03/23 | 03/28 |  | (41) | (22) | —% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| Scaled Agile, Inc. | First Lien Senior Secured Term Loan | SOFR + 2.25%, 6.0% Cash, 3.8% PIK | 12/21 | 12/28 | 1835 | 1821 | 1171 | —% | <sup>(6)(7)(8)(16)</sup> |
| Scaled Agile, Inc. | Revolver | SOFR + 2.25%, 6.0% Cash, 3.8% PIK | 12/21 | 12/28 | 348 | 346 | 222 | —% | <sup>(6)(7)(8)(16)</sup> |
| SmartShift Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 09/23 | 09/29 | 19187 | 18882 | 19187 | 0.7% | <sup>(6)(7)(8)(17)</sup> |
| SmartShift Group, Inc. | Revolver | SOFR + 5.00%, 8.7% Cash | 09/23 | 09/29 |  | (40) |  | —% | <sup>(6)(7)(8)(17)</sup><br><sup>(29)</sup> |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 11/22 | 05/28 | 5411 | 5385 | 5411 | 0.2% | <sup>(6)(7)(8)(16)</sup> |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver | SOFR + 4.50%, 8.2% Cash | 11/22 | 05/28 |  | (1) |  | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Starnmeer B.V. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 10/21 | 04/27 | 13388 | 13344 | 13268 | 0.5% | <sup>(3)(6)(7)(8)(17)</sup> |
| Sunrise Acquisition Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.0% Cash | 11/25 | 11/32 | 2198 | 2099 | 2120 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(18)(29)</sup> |
| TA SL Cayman Aggregator Corp. | Subordinated Term Loan | SOFR + 7.75%, 11.4% PIK | 07/21 | 07/28 | 1618 | 1611 | 1618 | 0.1% | <sup>(6)(7)(17)</sup> |
| Tanqueray Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.0% Cash | 11/22 | 11/29 | 1789 | 1532 | 1765 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(18)</sup> |
| Technology Service Stream BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 9.3% Cash | 06/24 | 07/30 | 991 | 947 | 979 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(13)(29)</sup> |
| Techone B.V. | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.9% Cash | 01/26 | 12/32 | 7528 | 7486 | 7409 | 0.3% | <sup>(3)(6)(7)(8)(11)</sup><br><sup>(29)</sup> |
| TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/22 | 12/31 | 37904 | 37563 | 37904 | 1.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| TSYL Corporate Buyer, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 12/22 | 12/31 |  | (3) |  | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| Turnberry Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.5% Cash | 07/21 | 03/28 | 2559 | 2555 | 2513 | 0.1% | <sup>(6)(7)(8)(15)</sup> |
| UBC Ledgers Holding AB | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 07/24 | 12/30 | 755 | 709 | 754 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| UBC Ledgers Holding AB | First Lien Senior Secured Term Loan | STIBOR + 5.25%, 7.4% Cash | 12/23 | 12/30 | 1682 | 1496 | 1680 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(20)(29)</sup> |
| UHY Advisors, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 11/24 | 11/31 | 17165 | 17001 | 17165 | 0.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| UHY Advisors, Inc. | Revolver | SOFR + 4.75%, 8.4% Cash | 11/24 | 11/31 | 2028 | 2007 | 2028 | 0.1% | <sup>(6)(7)(8)(16)</sup><br><sup>(29)</sup> |
| USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.3% Cash | 05/21 | 06/26 | 10445 | 10391 | 10359 | 0.4% | <sup>(6)(7)(8)(15)</sup><br><sup>(16)(29)</sup> |
| Utac Ceram | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.4% Cash, 2.4% PIK | 05/21 | 09/27 | 253 | 251 | 253 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(16)</sup> |
| Utac Ceram | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.8% Cash, 2.4% PIK | 05/21 | 09/27 | 961 | 996 | 961 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(10)</sup> |
| WCG Intermediate Corp | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 02/26 | 02/32 | 2493 | 2494 | 2425 | 0.1% | <sup>(6)(8)(15)</sup> |
| World 50, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 03/24 | 03/30 | 32631 | 32157 | 32631 | 1.1% | <sup>(6)(7)(8)(16)</sup><br><sup>(17)</sup> |
| World 50, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 03/24 | 03/30 |  | (23) |  | —% | <sup>(6)(7)(8)(17)</sup><br><sup>(29)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 8.3% Cash | 05/22 | 05/29 | 1554 | 1478 | 1554 | 0.1% | <sup>(3)(6)(7)(8)</sup><br><sup>(11)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 8.3% Cash | 01/26 | 11/32 | $1174 | $1207 | $1174 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(11)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.75%, 9.5% Cash | 05/22 | 05/29 | 24417 | 23250 | 24417 | 0.8% | <sup>(3)(6)(7)(8)</sup><br><sup>(19)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.75%, 9.5% Cash | 11/25 | 11/32 | 1424 | 1232 | 1424 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(19)(29)</sup> |
| Xeinadin Bidco Limited | Subordinated Term Loan | SONIA + 11.00%, 14.8% PIK | 05/22 | 05/29 | 6983 | 6606 | 6892 | 0.2% | <sup>(3)(6)(7)(19)</sup> |
| Zeppelin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 10.2% Cash | 03/22 | 03/29 | 1324 | 1074 | 1324 | —% | <sup>(3)(6)(7)(8)</sup><br><sup>(19)</sup> |
| **Subtotal Services: Business (34.5%)\*** | **Subtotal Services: Business (34.5%)\*** |  |  |  | **1047343** | **1026409** | **1011731** |  |  |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group) | First Lien Senior Secured Term Loan | BBSY + 4.00%, 7.6% PIK, 4.1% PIK | 05/21 | 03/28 | 758 | 846 | 427 | —% | <sup>(3)(6)(7)(8)(14) (26)</sup> |
| AI Aqua Merger Sub Inc. | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 02/26 | 07/28 | 720 | 720 | 718 | —% | <sup>(6)(8)(15)</sup> |
| Application Boot Camp LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 04/25 | 04/31 | 2025 | 1999 | 2029 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Application Boot Camp LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 04/25 | 04/31 |  | (7) |  | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Application Boot Camp LLC | Subordinated Term Loan | 14.0% Cash | 04/25 | 04/30 | 137 | 137 | 139 | —% | <sup>(6)(7)</sup> |
| Arc Education | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.5% Cash | 07/22 | 07/29 | 8686 | 8066 | 8566 | 0.3% | <sup>(3)(6)(7)(8)</sup><br><sup>(11)(29)</sup> |
| Archimede | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.1% Cash | 05/21 | 10/27 | 14737 | 14157 | 13985 | 0.5% | <sup>(3)(6)(7)(8)(10)</sup> |
| Asurion LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 10/25 | 09/30 | 1995 | 1993 | 1972 | 0.1% | <sup>(6)(8)(15)</sup> |
| Asurion LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 03/26 | 02/33 | 1000 | 995 | 966 | —% | <sup>(6)(8)(15)</sup> |
| Bariacum S.A. | First Lien Senior Secured Term Loan | EURIBOR + 9.50%, 11.6% PIK | 12/25 | 12/30 | 170 | 173 | 170 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| Bariacum S.A. | First Lien Senior Secured Term Loan | EURIBOR + 9.50%, 11.6% Cash | 12/25 | 12/26 | 21 | 21 | 21 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| Bariacum S.A. | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.0% PIK | 11/21 | 11/28 | 4033 | 3877 |  | —% | <sup>(3)(6)(7)(8)(10) (26)</sup> |
| BIFM CA Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 11/25 | 05/28 | 995 | 1002 | 994 | —% | <sup>(6)(8)(15)</sup> |
| Cascade Residential Services LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 10/23 | 10/29 | 21389 | 21077 | 19870 | 0.7% | <sup>(6)(7)(8)(16)</sup> |
| Cascade Residential Services LLC | Revolver | SOFR + 6.00%, 9.7% Cash | 10/23 | 10/29 | 777 | 757 | 685 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| CEC Entertainment, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 09/25 | 09/30 | 34565 | 34090 | 34099 | 1.2% | <sup>(6)(7)(8)(16)</sup> |
| Express Wash Acquisition Company, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 9.9% Cash | 04/25 | 04/31 | 4861 | 4820 | 4579 | 0.2% | <sup>(6)(7)(8)(16)</sup> |
| Express Wash Acquisition Company, LLC | Revolver | SOFR + 6.25%, 9.9% Cash | 04/25 | 04/31 |  | (2) | (17) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.) | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 10/24 | 02/30 | 44468 | 44367 | 44468 | 1.5% | <sup>(6)(7)(8)(15)</sup> |
| Global Academic Group Limited | First Lien Senior Secured Term Loan | BBSY + 4.91%, 8.8% Cash | 07/22 | 07/27 | 2770 | 2773 | 2770 | 0.1% | <sup>(3)(6)(7)(8)(13)</sup> |
| Global Academic Group Limited | First Lien Senior Secured Term Loan | BKBM + 4.91%, 7.5% Cash | 07/22 | 07/27 | 4073 | 4427 | 4073 | 0.1% | <sup>(3)(6)(7)(8)(22)</sup> |
| HomeX Services Group LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 11/23 | 11/29 | 33605 | 33113 | 33303 | 1.1% | <sup>(6)(7)(8)(15)</sup><br><sup>(29)</sup> |
| HomeX Services Group LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 11/23 | 11/29 | 2629 | 2542 | 2570 | 0.1% | <sup>(6)(7)(8)(15)(29)</sup> |
| InvoCare Limited | First Lien Senior Secured Term Loan | BBSY + 5.00%, 9.0% Cash | 11/23 | 11/29 | 4436 | 4157 | 4403 | 0.2% | <sup>(3)(6)(7)(8)(13) (29)</sup> |
| Kid Distro Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 10/21 | 10/29 | 29621 | 29556 | 29571 | 1.0% | <sup>(6)(7)(8)(17)</sup> |
| Marmoutier Holding B.V. | Super Senior Secured Term Loan | EURIBOR + 6.25%, 8.4% Cash | 03/24 | 12/28 | 210 | 185 | 101 | —% | <sup>(3)(6)(7)(8)(10)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Marmoutier Holding B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.5% Cash | 05/25 | 12/28 | $93 | $93 | $24 | —% | <sup>(3)(6)(7)(8)(11) (29)</sup> |
| Marmoutier Holding B.V. | Revolver | EURIBOR + 5.50%, 7.5% Cash | 12/21 | 06/27 | 191 | 165 | 92 | —% | <sup>(3)(6)(7)(8)(10)</sup> |
| Panther Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 9.3% Cash | 03/26 | 12/29 | 4104 | 4080 | 4014 | 0.1% | <sup>(3)(6)(7)(8)(13) (29)</sup> |
| Premium Franchise Brands, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 05/21 | 12/26 | 59939 | 59540 | 59939 | 2.0% | <sup>(6)(7)(8)(17)</sup> |
| QPE7 SPV1 BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.75%, 9.9% Cash | 09/21 | 09/29 | 6685 | 6799 | 6558 | 0.2% | <sup>(3)(6)(7)(8)(12)</sup> |
| Selenium Designated Activity Company | First Lien Senior Secured Term Loan | EURIBOR + 5.13%, 7.3% Cash | 03/25 | 03/32 | 4289 | 3949 | 4228 | 0.1% | <sup>(3)(6)(7)(8)(11)</sup> |
| **Subtotal Services: Consumer (9.7%)\*** | **Subtotal Services: Consumer (9.7%)\*** |  |  |  | **293982** | **290467** | **285317** |  |  |
| **Structured Product** | **Structured Product** |  |  |  |  |  |  |  |  |
| Ares Loan Funding VII, Ltd. | Subordinated Structured Notes | SOFR + 6.25%, 9.9% Cash | 09/24 | 10/37 | 5000 | 5000 | 4587 | 0.2% | <sup>(3)(6)(8)(16)</sup> |
| Bain Capital Credit CLO 2024-5 | Subordinated Structured Notes | SOFR + 6.15%, 9.8% Cash | 09/24 | 10/37 | 4250 | 4250 | 4078 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Benefit Street Partners CLO XVII, Ltd. | Subordinated Structured Notes | SOFR + 6.15%, 9.8% Cash | 09/24 | 10/37 | 4000 | 4000 | 3963 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| CIFC Funding 2022-VI, Ltd. | Subordinated Structured Notes | SOFR + 5.75%, 9.4% Cash | 09/24 | 10/38 | 1125 | 1125 | 1095 | —% | <sup>(3)(6)(8)(16)</sup> |
| CIFC Funding 2024-IV, Ltd. | Subordinated Structured Notes | SOFR + 5.70%, 9.4% Cash | 09/24 | 10/37 | 2875 | 2875 | 2791 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| CNSL 2025-1A | Subordinated Structured Notes | 9.4% Cash | 05/25 | 05/55 | 14000 | 14000 | 14698 | 0.5% | <sup>(6)</sup> |
| Diameter Capital CLO 8 Ltd. | Subordinated Structured Notes | SOFR + 6.15%, 9.8% Cash | 09/24 | 10/37 | 3750 | 3750 | 3713 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Elmwood CLO 29 Ltd. | Subordinated Structured Notes | SOFR + 6.40%, 10.1% Cash | 05/24 | 04/37 | 2500 | 2513 | 2321 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Golub Capital Partners CLO 62(B)-R, Ltd. | Subordinated Structured Notes | SOFR + 6.40%, 10.1% Cash | 09/24 | 10/37 | 4250 | 4250 | 3756 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Harmony Peace Park CLO DAC | Subordinated Structured Notes | SOFR + 5.50%, 9.4% Cash | 09/24 | 10/37 | 2500 | 2500 | 2397 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| OCP CLO 2016-12, Ltd. | Subordinated Structured Notes | SOFR + 6.00%, 9.7% Cash | 09/24 | 10/37 | 1875 | 1875 | 1831 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| OCP CLO 2024-35, Ltd. | Subordinated Structured Notes | SOFR + 5.90%, 9.6% Cash | 09/24 | 10/37 | 3750 | 3750 | 3640 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Octagon Investment Partners 20-R, LLC | Subordinated Structured Notes | SOFR + 7.59%, 11.2% Cash | 09/24 | 08/37 | 2500 | 2477 | 2375 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Palmer Square CLO 2022-5, Ltd. | Subordinated Structured Notes | SOFR + 6.00%, 9.7% Cash | 09/24 | 10/37 | 4000 | 4000 | 3715 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class A | 4.7% Cash | 05/22 | 05/31 | 182 | 182 | 180 | —% | <sup>(3)(6)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class B | 5.4% Cash | 05/22 | 05/31 | 182 | 182 | 181 | —% | <sup>(3)(6)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class C | 5.9% Cash | 05/22 | 05/31 | 182 | 182 | 181 | —% | <sup>(3)(6)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class D | 8.5% Cash | 05/22 | 05/31 | 182 | 182 | 181 | —% | <sup>(3)(6)(7)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class E | 11.4% Cash | 05/22 | 05/31 | 9274 | 9274 | 9101 | 0.3% | <sup>(3)(6)(7)</sup> |
| RR 31 LTD | Subordinated Structured Notes | SOFR + 6.00%, 9.7% Cash | 09/24 | 10/39 | 2625 | 2625 | 2603 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| US Bank National Association Series 2025-1 | Structured Note - Class R | SOFR + 7.50%, 11.4% Cash | 03/25 | 01/32 | 2684 | 2684 | 2752 | 0.1% | <sup>(3)(6)(7)(8)(16)</sup> |
| US Bank National Association Series 2025-2 | Structured Note - Class R | SOFR + 7.00%, 10.2% Cash | 09/25 | 08/32 | 8431 | 8431 | 8501 | 0.3% | <sup>(3)(6)(8)(15)</sup> |
| Vista Global Holding Ltd | Structured Secured Note - Class C | 9.5% Cash | 12/24 | 02/30 | 3850 | 3850 | 3766 | 0.1% | <sup>(3)(6)</sup> |
| Voya CLO 2024-5, Ltd. | Subordinated Structured Notes | SOFR + 5.90%, 9.6% Cash | 09/24 | 10/37 | 5000 | 5000 | 4968 | 0.2% | <sup>(3)(6)(8)(16)</sup> |
| **Subtotal Structured Product (3.0%)\*** | **Subtotal Structured Product (3.0%)\*** |  |  |  | **88967** | **88957** | **87374** |  |  |
| **Telecommunications** | **Telecommunications** |  |  |  |  |  |  |  |  |
| DG Investment Intermediate Holdings 2 Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 12/25 | 07/32 | 998 | 995 | 996 | —% | <sup>(6)(8)(15)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Mercell Holding AS | First Lien Senior Secured Term Loan | NIBOR + 5.00%, 9.0% Cash | 08/22 | 08/29 | $3224 | $3166 | $3063 | 0.1% | <sup>(3)(6)(7)(8)(24) (29)</sup> |
| OMNIA Partners Inc | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 12/25 | 12/32 | 1097 | 1098 | 1095 | —% | <sup>(6)(8)(16)</sup> |
| Permaconn BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 4.75%, 8.8% Cash | 12/21 | 07/29 | 7644 | 7413 | 7644 | 0.3% | <sup>(3)(6)(7)(8)(13)</sup> |
| Syniverse Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 7.00%, 10.7% Cash | 09/25 | 05/27 | 7947 | 7817 | 7332 | 0.2% | <sup>(6)(8)(16)</sup> |
| UKFast Leaders Limited | First Lien Senior Secured Term Loan | SONIA + 7.25%, 11.1% Cash | 05/21 | 09/27 | 4780 | 5060 | 4613 | 0.2% | <sup>(3)(6)(7)(8)(18)</sup> |
| Venga Finance SARL | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.7% Cash | 11/25 | 06/29 | 995 | 1000 | 990 | —% | <sup>(6)(8)(16)</sup> |
| Windstream Services LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 09/25 | 10/32 | 1995 | 1976 | 1994 | 0.1% | <sup>(6)(8)(15)</sup> |
| **Subtotal Telecommunications (0.9%)\*** | **Subtotal Telecommunications (0.9%)\*** |  |  |  | **28680** | **28525** | **27727** |  |  |
| **Transportation: Cargo** | **Transportation: Cargo** |  |  |  |  |  |  |  |  |
| Argus Intermediate, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 12/25 | 12/31 | 7655 | 7493 | 7587 | 0.3% | <sup>(6)(7)(8)(16)(29)</sup> |
| Argus Intermediate, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 12/25 | 12/31 | 1258 | 1235 | 1249 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| Armstrong Transport Group (Pele Buyer, LLC) | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.6% Cash | 05/21 | 04/27 | 7090 | 7088 | 6963 | 0.2% | <sup>(6)(7)(8)(17)</sup> |
| Armstrong Transport Group (Pele Buyer, LLC) | Revolver | SOFR + 5.00%, 8.6% Cash | 08/25 | 04/27 | 131 | 126 | 115 | —% | <sup>(6)(7)(8)(17)(29)</sup> |
| Carriage Purchaser Inc | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 08/25 | 10/28 | 1827 | 1829 | 1816 | 0.1% | <sup>(6)(8)(15)</sup> |
| FitzMark Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.3% Cash | 05/21 | 12/26 | 4036 | 4025 | 4036 | 0.1% | <sup>(6)(7)(8)(15)</sup> |
| FragilePak LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 05/21 | 05/27 | 8855 | 8800 | 8855 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| Glacis Acquisition S.A.R.L. | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 05/21 | 08/27 | 11968 | 11376 | 11895 | 0.4% | <sup>(3)(6)(7)(8)(11) (29)</sup> |
| Honour Lane Logistics Holdings Limited | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 04/22 | 11/28 | 14583 | 14396 | 14423 | 0.5% | <sup>(3)(6)(7)(8)(16)</sup> |
| ITI Intermodal, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.3% Cash | 12/21 | 12/27 | 11924 | 11777 | 11924 | 0.4% | <sup>(6)(7)(8)(16)</sup> |
| ITI Intermodal, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.0% Cash | 12/21 | 12/27 | 791 | 786 | 791 | —% | <sup>(6)(7)(8)(16)</sup> |
| ITI Intermodal, Inc. | Revolver | SOFR + 6.50%, 10.3% Cash | 12/21 | 12/27 | 226 | 213 | 226 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| PAS Chassis Holdco LLC | Second Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 01/26 | 12/32 | 69264 | 67910 | 67879 | 2.3% | <sup>(6)(7)(8)(16)</sup> |
| PEGASUS TRANSTECH HOLDING, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 05/21 | 11/26 | 8193 | 8185 | 7988 | 0.3% | <sup>(6)(7)(8)(15)</sup> |
| R1 Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 6.75%, 10.4% Cash | 12/22 | 12/28 | 7973 | 7831 | 7734 | 0.3% | <sup>(6)(7)(8)(17)</sup> |
| R1 Holdings, LLC | Revolver | SOFR + 6.75%, 10.4% Cash | 12/22 | 12/28 | 1854 | 1817 | 1791 | 0.1% | <sup>(6)(7)(8)(17)(29)</sup> |
| REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan | SOFR + 7.00%, 10.7% Cash | 11/24 | 05/30 | 6882 | 6882 | 5292 | 0.2% | <sup>(6)(7)(8)(16)</sup> |
| REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan | SOFR + 10.50%, 4.9% Cash, 9.5% PIK | 11/25 | 11/29 | 600 | 600 | 600 | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| REP SEKO MERGER SUB LLC | First Out Term Loan | SOFR + 10.00%, 13.7% Cash | 11/24 | 11/29 | 2597 | 2563 | 2597 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| **Subtotal Transportation: Cargo (5.6%)\*** | **Subtotal Transportation: Cargo (5.6%)\*** |  |  |  | **167707** | **164932** | **163761** |  |  |
| **Transportation: Consumer** | **Transportation: Consumer** |  |  |  |  |  |  |  |  |
| Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan | SOFR + 7.50%, 11.2% Cash | 06/25 | 08/30 | 1864 | 1864 | 1813 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan | SOFR + 7.50%, 11.2% Cash | 06/25 | 09/30 | 1884 | 1884 | 1834 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan | SOFR + 7.50%, 11.2% Cash | 06/25 | 09/30 | 1884 | 1884 | 1833 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan | SOFR + 7.50%, 11.2% Cash | 03/26 | 03/31 |  |  |  | —% | <sup>(6)(7)(8)(16)(29)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| First Student Bidco Inc. | First Lien Senior Secured Term Loan | SOFR + 2.25%, 5.9% Cash | 01/26 | 08/30 | $1545 | $1549 | $1540 | 0.1% | <sup>(6)(8)(16)</sup> |
| International Fleet Financing No.2 B.V. | Revolver | 10.5% Cash | 07/25 | 06/27 | 1672 | 1682 | 1509 | 0.1% | <sup>(3)(6)(7)(29)</sup> |
| JetBlue Airways Corporation | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/25 | 08/29 | 1961 | 1838 | 1779 | 0.1% | <sup>(3)(6)(8)(16)</sup> |
| WestJet Airlines Ltd | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 01/26 | 02/31 | 1560 | 1561 | 1511 | 0.1% | <sup>(3)(6)(8)(15)</sup> |
| **Subtotal Transportation: Consumer (0.4%)\*** | **Subtotal Transportation: Consumer (0.4%)\*** |  |  |  | **12370** | **12262** | **11819** |  |  |
| **Utilities: Electric** | **Utilities: Electric** |  |  |  |  |  |  |  |  |
| Indeck Niles LLC | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 03/26 | 03/33 | 976 | 971 | 974 | —% | <sup>(6)(7)(8)(16)</sup> |
| KAMC Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 08/25 | 08/31 | 10873 | 10724 | 10253 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| KAMC Holdings Inc. | Revolver | SOFR + 5.25%, 8.9% Cash | 08/25 | 08/31 | 331 | 313 | 257 | —% | <sup>(6)(7)(8)(16) (29)</sup> |
| Panoche Energy Center LLC | First Lien Senior Secured Bond | 6.9% Cash | 07/22 | 07/29 | 2714 | 2557 | 2717 | 0.1% | <sup>(6)(7)</sup> |
| Spatial Business Systems LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 10/22 | 10/28 | 39112 | 38732 | 38721 | 1.3% | <sup>(6)(7)(8)(16)</sup> |
| Spatial Business Systems LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 10/22 | 10/28 |  | (15) | (14) | —% | <sup>(6)(7)(8)(16)(29)</sup> |
| **Subtotal Utilities: Electric (1.8%)\*** | **Subtotal Utilities: Electric (1.8%)\*** |  |  |  | **54006** | **53282** | **52908** |  |  |
| **Subtotal Debt Investments (158.2%)\*** | **Subtotal Debt Investments (158.2%)\*** |  |  |  | **4838700** | **4746609** | **4642651** |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | | | | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | | | | | | | | |
| Accurus Aerospace Corporation | Common Stock |  | 04/22 |  | 262574 | $263 | $219 | —% | <sup>(6)(7)(25)</sup> |
| Accurus Aerospace Corporation | LLC Units |  | 04/25 |  | 18309.4 | 18 | 15 | —% | <sup>(6)(7)(25)</sup> |
| Compass Precision, LLC | LLC Units |  | 04/22 |  | 46085.6 | 125 | 400 | —% | <sup>(7)(25)</sup> |
| GB Eagle Buyer, Inc. | Partnership Units |  | 12/22 |  | 859 | 859 | 2967 | 0.1% | <sup>(6)(7)(25)</sup> |
| Megawatt Acquisitionco, Inc. | Common Stock |  | 03/24 |  | 615 | 62 |  | —% | <sup>(6)(7)(25)</sup> |
| Megawatt Acquisitionco, Inc. | Preferred Stock |  | 03/24 |  | 5524 | 552 | 502 | —% | <sup>(6)(7)(25)</sup> |
| Whitcraft Holdings, Inc. | LP Units |  | 02/23 |  | 84116.1 | 841 | 1879 | 0.1% | <sup>(6)(7)(25)</sup> |
| **Subtotal Aerospace & Defense (0.2%)\*** | **Subtotal Aerospace & Defense (0.2%)\*** |  |  |  |  | **2720** | **5982** |  |  |
| **Automotive** | **Automotive** |  |  |  |  |  |  |  |  |
| Burgess Point Purchaser Corporation | LP Units |  | 07/22 |  | 455 | 455 | 413 | —% | <sup>(6)(7)(25)</sup> |
| Randys Holdings, Inc. | Common Stock |  | 11/22 |  | 6667 | 667 | 849 | —% | <sup>(6)(7)(25)</sup> |
| Recon Buyer LLC | LLC Units |  | 11/25 |  | 395.7 | 396 | 410 | —% | <sup>(6)(7)(25)</sup> |
| SPATCO Energy Solutions, LLC | Common Stock |  | 07/24 |  | 1000437.1 | 1003 | 963 | —% | <sup>(7)(25)</sup> |
| SVI International LLC | LLC Units |  | 03/24 |  | 207921 | 208 | 327 | —% | <sup>(7)</sup> |
| **Subtotal Automotive (0.1%)\*** | **Subtotal Automotive (0.1%)\*** |  |  |  |  | **2729** | **2962** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Accelerant Holdings | Common Stock |  | 07/25 |  | 279230 | 3341 | 3356 | 0.1% | <sup>(6)(25)</sup> |
| Aegros Holdco 2 LTD | Common Stock |  | 05/25 |  | 889464 | 12 | 593 | —% | <sup>(3)(6)(7)(25)</sup> |
| Bishop Street Underwriters, LLC | LLC Units |  | 07/25 |  | 378695.4 | 576 | 524 | —% | <sup>(7)</sup> |
| Credit Key Funding II LLC | Preferred Stock | 10.0% Cash, 10.0% PIK | 12/25 |  | 1016693 | 3657 | 3547 | 0.1% | <sup>(6)(7)</sup> |
| Credit Key Funding II LLC | Warrants |  | 12/25 |  | 1198269 |  | 8 | —% | <sup>(6)(7)(25)</sup> |
| ERS Holdings, LLC | LLC Units |  | 01/26 |  | 92213 | 92 | 92 | —% | <sup>(7)(25)</sup> |
| Flywheel Holdings Segregated Portfolio 2025-2 | LP Interest |  | 06/25 |  | 10266568 | 10266 | 11499 | 0.4% | <sup>(3)(6)(7)(25)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Flywheel Re Segregated Portfolio 2022-4 | Preferred Stock |  | 08/22 |  | 4713809.8 | $3377 | $4805 | 0.2% | <sup>(3)(6)(7)</sup> |
| ICREDITWORKS LLC | Preferred Stock | 10.0% Cash, 7.5% PIK | 03/25 |  | 29731.3 | 5521 | 5491 | 0.2% | <sup>(6)(7)</sup> |
| ICREDITWORKS LLC | Warrants |  | 03/25 |  | 11846.1 |  |  | —% | <sup>(6)(7)(25)</sup> |
| Pinion Holdings Limited | Preferred Stock | 10.0% PIK | 02/26 |  | 1155264 | 1155 | 1155 | —% | <sup>(3)(6)(7)</sup> |
| Policy Services Company, LLC | Warrants - Class A |  | 12/21 |  | 2.6774 |  |  | —% | <sup>(6)(7)(25)</sup> |
| Policy Services Company, LLC | Warrants - Class B |  | 12/21 |  | 0.9036 |  |  | —% | <sup>(6)(7)(25)</sup> |
| Policy Services Company, LLC | Warrants - Class CC |  | 12/21 |  | 0.0929 |  |  | —% | <sup>(6)(7)(25)</sup> |
| Policy Services Company, LLC | Warrants - Class D |  | 12/21 |  | 0.2586 |  |  | —% | <sup>(6)(7)(25)</sup> |
| Shelf Bidco Ltd | Common Stock |  | 12/22 |  | 1200000 | 1200 | 4716 | 0.2% | <sup>(3)(6)(7)(25)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (1.2%)\*** |  |  |  | **29197** | **35786** |  |  |
| **Beverage, Food, & Tobacco** | **Beverage, Food, & Tobacco** |  |  |  |  |  |  |  |  |
| CTI Foods Holdings Co., LLC | Common Stock |  | 02/24 |  | 42061 |  | 3750 | 0.1% | <sup>(6)(7)(25)</sup> |
| GMF Parent, Inc. | LLC Units |  | 12/25 |  | 801 | 801 | 798 | —% | <sup>(6)(7)(25)</sup> |
| Woodland Foods, LLC | Common Stock |  | 12/21 |  | 1204.46 | 1204 | 1292 | —% | <sup>(7)</sup> |
| Woodland Foods, LLC | Preferred Stock | 20.0% PIK | 04/24 |  | 263.6 | 394 | 419 | —% | <sup>(7)</sup> |
| Woodland Foods, LLC | Preferred Stock | 20.0% PIK | 03/25 |  | 85 | 135 | 134 | —% | <sup>(7)</sup> |
| **Subtotal Beverage, Food, & Tobacco (0.2%)\*** | **Subtotal Beverage, Food, & Tobacco (0.2%)\*** |  |  |  |  | **2534** | **6393** |  |  |
| **Capital Equipment** | **Capital Equipment** |  |  |  |  |  |  |  |  |
| DAWGS Intermediate Holdings Co. | LLC Units |  | 03/25 |  | 510.3 | 510 | 650 | —% | <sup>(6)(7)(25)</sup> |
| Polara Enterprises, L.L.C. | Partnership Units |  | 12/21 |  | 7408.6 | 741 | 1905 | 0.1% | <sup>(7)</sup> |
| Process Insights Acquisition, Inc. | Common Stock |  | 07/23 |  | 368 | 368 | 9 | —% | <sup>(6)(7)(25)</sup> |
| Rapid Buyer LLC | LLC Units |  | 10/24 |  | 510 | 510 | 426 | —% | <sup>(6)(7)(25)</sup> |
| TAPCO Buyer LLC | LLC Units |  | 11/24 |  | 475 | 509 | 678 | —% | <sup>(7)</sup> |
| **Subtotal Capital Equipment (0.1%)\*** | **Subtotal Capital Equipment (0.1%)\*** |  |  |  |  | **2638** | **3668** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Americo Chemical Products, LLC | Common Stock |  | 04/23 |  | 262093 | 262 | 310 | —% | <sup>(7)(25)</sup> |
| Aptus 1829. GmbH | Common Stock |  | 09/21 |  | 49 | 12 |  | —% | <sup>(3)(6)(7)(25)</sup> |
| Aptus 1829. GmbH | Preferred Stock |  | 09/21 |  | 14 | 122 | 76 | —% | <sup>(3)(6)(7)(25)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (—%)\*** | **Subtotal Chemicals, Plastics, & Rubber (—%)\*** | **Subtotal Chemicals, Plastics, & Rubber (—%)\*** |  |  |  | **396** | **386** |  |  |
| **Construction & Building** | **Construction & Building** |  |  |  |  |  |  |  |  |
| BKF Buyer, Inc. | Common Stock |  | 08/24 |  | 962792 | 963 | 1128 | —% | <sup>(6)(7)(25)</sup> |
| **Subtotal Construction & Building (—%)\*** | **Subtotal Construction & Building (—%)\*** |  |  |  |  | **963** | **1128** |  |  |
| **Consumer goods: Durable** | **Consumer goods: Durable** |  |  |  |  |  |  |  |  |
| DecksDirect, LLC | Class A Units |  | 04/24 |  | 1016.1 | 47 |  | —% | <sup>(6)(7)(25)</sup> |
| DecksDirect, LLC | Common Stock |  | 12/21 |  | 1280.8 | 55 |  | —% | <sup>(6)(7)(25)</sup> |
| DecksDirect, LLC | Preferred Stock |  | 03/25 |  | 9.5 | 11 |  | —% | <sup>(6)(7)(25)</sup> |
| Renovation Parent Holdings, LLC | Partnership Equity |  | 11/21 |  | 607180.9 | 607 | 642 | —% | <sup>(6)(7)(25)</sup> |
| Team Air Distributing, LLC | Preferred Stock | 15.0% PIK | 03/26 |  | 88888.9 | 90 | 107 | —% | <sup>(7)</sup> |
| Team Air Distributing, LLC | Partnership Equity |  | 05/23 |  | 516640.2 | 523 | 105 | —% | <sup>(7)(25)</sup> |
| Terrybear, Inc. | Partnership Equity |  | 04/22 |  | 24359 | 239 |  | —% | <sup>(7)(25)</sup> |
| **Subtotal Consumer goods: Durable (—%)\*** | **Subtotal Consumer goods: Durable (—%)\*** |  |  |  |  | **1572** | **854** |  |  |
| **Consumer goods: Non-durable** | **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |
| CCFF Buyer, LLC | LLC Units |  | 02/24 |  | 224 | 224 | 245 | —% | <sup>(6)(7)(25)</sup> |
| Ice House America, L.L.C. | LLC Units |  | 01/24 |  | 4338.2 | 434 | 251 | —% | <sup>(7)(25)</sup> |
| **Subtotal Consumer goods: Non-durable (—%)\*** | **Subtotal Consumer goods: Non-durable (—%)\*** | **Subtotal Consumer goods: Non-durable (—%)\*** |  |  |  | **658** | **496** |  |  |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Containers, Packaging, & Glass** | **Containers, Packaging, & Glass** | | | | | | | | |
| Diversified Packaging Holdings LLC | LLC Units |  | 06/24 |  | 3462 | $346 | $668 | —% | <sup>(7)</sup> |
| Five Star Holding LLC | LLC Units |  | 05/22 |  | 505.1 | 505 | 409 | —% | <sup>(7)(25)</sup> |
| **Subtotal Containers, Packaging, & Glass (—%)\*** | **Subtotal Containers, Packaging, & Glass (—%)\*** | **Subtotal Containers, Packaging, & Glass (—%)\*** |  |  |  | **851** | **1077** |  |  |
| **Environmental Industries** | **Environmental Industries** |  |  |  |  |  |  |  |  |
| Bridger Aerospace Group Holdings, LLC | Preferred Stock- Series C | 7.0% PIK | 07/22 |  | 17725 | 21799 | 20033 | 0.7% | <sup>(6)(7)</sup> |
| **Subtotal Environmental Industries (0.7%)\*** | **Subtotal Environmental Industries (0.7%)\*** |  |  |  |  | **21799** | **20033** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Amalfi Midco | Class B Common Stock |  | 09/22 |  | 98906608 | 1115 | 2322 | 0.1% | <sup>(3)(6)(7)(25)</sup> |
| Amalfi Midco | Warrants |  | 09/22 |  | 380385 | 4 | 1174 | —% | <sup>(3)(6)(7)(25)</sup> |
| Canadian Orthodontic Partners Corp. | Class A Equity |  | 05/22 |  | 500000 | 389 |  | —% | <sup>(3)(6)(7)(25)</sup> |
| Canadian Orthodontic Partners Corp. | Class C - Warrants |  | 05/22 |  | 74712.64 |  |  | —% | <sup>(3)(6)(7)(25)</sup> |
| Canadian Orthodontic Partners Corp. | Class X Equity |  | 05/22 |  | 45604 | 35 |  | —% | <sup>(3)(6)(7)(25)</sup> |
| Canadian Orthodontic Partners Corp. | Common Stock |  | 04/24 |  | 37.65 |  |  | —% | <sup>(3)(6)(7)(25)</sup> |
| Forest Buyer, LLC | Class A LLC Units |  | 03/24 |  | 245.8 | 246 | 289 | —% | <sup>(7)</sup> |
| Forest Buyer, LLC | Class B LLC Units |  | 03/24 |  | 245.8 |  | 3 | —% | <sup>(7)(25)</sup> |
| GCDL LLC | Common Stock |  | 08/24 |  | 243243.24 | 243 | 340 | —% | <sup>(7)</sup> |
| GPNZ II GmbH | Common Stock |  | 10/23 |  | 5785 |  |  | —% | <sup>(3)(6)(7)(25)</sup> |
| HemaSource, Inc. | Common Stock |  | 08/23 |  | 184282 | 184 | 277 | —% | <sup>(6)(7)(25)</sup> |
| Listrac Bidco Limited | Common Stock |  | 03/23 |  | 255 | 494 | 1835 | 0.1% | <sup>(3)(6)(7)(25)</sup> |
| Moonlight Bidco Limited | Common Stock |  | 07/23 |  | 10590 | 138 | 203 | —% | <sup>(3)(6)(7)(25)</sup> |
| Parkview Dental Holdings LLC | LLC Units |  | 10/23 |  | 29762 | 298 | 237 | —% | <sup>(7)(25)</sup> |
| Parkview Dental Holdings LLC | Preferred Stock | 10.0% PIK | 01/25 |  | 1229.1 | 13 | 38 | —% | <sup>(7)</sup> |
| SCP Medical Products, LLC. | LLC Units |  | 06/25 |  | 1758.9 | 237 | 212 | —% | <sup>(7)(25)</sup> |
| TA KHP Aggregator, L.P. | Common Stock |  | 06/25 |  | 496461 | 496 | 535 | —% | <sup>(7)(25)</sup> |
| Unosquare, LLC | LLC Units |  | 06/25 |  | 383736.4 | 384 | 251 | —% | <sup>(7)(25)</sup> |
| VB Spine Intermediary II LLC | LLC Units |  | 04/25 |  | 1151506 |  |  | —% | <sup>(6)(7)(25)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.3%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.3%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.3%)\*** |  |  |  | **4276** | **7716** |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Argus Bidco Limited | Common Stock |  | 07/22 |  | 929 | 1 |  | —% | <sup>(3)(6)(7)(25)</sup> |
| Argus Bidco Limited | Equity Loan Notes | 10.0% PIK | 07/22 |  | 83120 | 141 | 42 | —% | <sup>(3)(6)(7)</sup> |
| Argus Bidco Limited | Preferred Stock | 10.0% PIK | 07/22 |  | 83120 | 141 | 43 | —% | <sup>(3)(6)(7)</sup> |
| CH Buyer, LLC | LLC Units |  | 05/25 |  | 1387 | 139 | 126 | —% | <sup>(6)(7)(25)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | Common Stock |  | 10/25 |  | 243081 |  |  | —% | <sup>(3)(6)(7)(25)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | Preferred Stock |  | 10/25 |  | 351478 |  |  | —% | <sup>(3)(6)(7)(25)</sup> |
| FinThrive Software Intermediate Holdings Inc. | Preferred Stock | 11.0% PIK | 03/22 |  | 3188.5 | 5312 | 2155 | 0.1% | <sup>(6)(7)</sup> |
| FSS Buyer LLC | LP Interest |  | 08/21 |  | 2902.3 | 29 | 39 | —% | <sup>(7)(25)</sup> |
| FSS Buyer LLC | LP Units |  | 08/21 |  | 12760.8 | 128 | 169 | —% | <sup>(7)(25)</sup> |
| NAW Buyer LLC | LLC Units |  | 09/23 |  | 575248 | 575 | 740 | —% | <sup>(7)</sup> |
| OSP Hamilton Purchaser, LLC | LP Units |  | 07/22 |  | 315147 | 315 | 299 | —% | <sup>(7)(25)</sup> |
| PDQ.Com Corporation | Class A-2 Partnership Units |  | 08/21 |  | 41.7 | 42 | 80 | —% | <sup>(6)(7)(25)</sup> |
| ProfitOptics, LLC | LLC Units |  | 03/22 |  | 96774.2 | 65 | 177 | —% | <sup>(6)(7)(25)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Pro-Vision Solutions Holdings, LLC | LLC Units |  | 09/24 |  | 3765.2 | $377 | $522 | —% | <sup>(6)(7)(25)</sup> |
| Sandvine Corporation | Class A Units |  | 10/24 |  | 3465 |  |  | —% | <sup>(6)(7)(25)</sup> |
| Sandvine Corporation | Class C Units |  | 06/24 |  | 157908 |  |  | —% | <sup>(6)(7)(25)</sup> |
| **Subtotal High Tech Industries (0.1%)\*** | **Subtotal High Tech Industries (0.1%)\*** |  |  |  |  | **7265** | **4392** |  |  |
| **Media: Advertising, Printing, & Publishing** | **Media: Advertising, Printing, & Publishing** |  |  |  |  |  |  |  |  |
| ASC Communications, LLC | Class A Units |  | 07/22 |  | 15285.8 | 321 | 571 | —% | <sup>(7)</sup> |
| **Subtotal Media: Advertising, Printing, & Publishing (—%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (—%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (—%)\*** |  |  |  | **321** | **571** |  |  |
| **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |
| The Octave Music Group, Inc. | Partnership Equity |  | 04/22 |  | 353584.39 | 354 | 1021 | —% | <sup>(6)(7)(25)</sup> |
| **Subtotal Media: Broadcasting & Subscription (—%)\*** | **Subtotal Media: Broadcasting & Subscription (—%)\*** | **Subtotal Media: Broadcasting & Subscription (—%)\*** |  |  |  | **354** | **1021** |  |  |
| **Media: Diversified & Production** | **Media: Diversified & Production** | **Media: Diversified & Production** |  |  |  |  |  |  |  |
| BrightSign LLC | LLC units |  | 10/21 |  | 923857.7 | 924 | 1152 | —% | <sup>(7)</sup> |
| Rock Labor LLC | LLC Units |  | 09/23 |  | 199373 | 1068 | 1107 | —% | <sup>(7)(25)</sup> |
| Solo Buyer, L.P. | Common Equity |  | 12/22 |  | 516399 | 516 | 270 | —% | <sup>(7)(25)</sup> |
| Vital Buyer, LLC | Partnership Units |  | 06/21 |  | 1096.2 | 11 | 33 | —% | <sup>(7)</sup> |
| **Subtotal Media: Diversified & Production (0.2%)\*** | **Subtotal Media: Diversified & Production (0.2%)\*** | **Subtotal Media: Diversified & Production (0.2%)\*** |  |  |  | **2519** | **2562** |  |  |
| **Services: Business** | **Services: Business** |  |  |  |  |  |  |  |  |
| ARC Interco Purchaser, LLC | LLC Units |  | 11/25 |  | 243880 | 244 | 216 | —% | <sup>(6)(7)(25)</sup> |
| Azalea Buyer, Inc. | Common Stock |  | 11/21 |  | 192307.7 | 192 | 317 | —% | <sup>(6)(7)(25)</sup> |
| Broadway Buyer, LLC | LLC Units |  | 12/25 |  | 784455 | 783 | 931 | —% | <sup>(7)(25)</sup> |
| CGI Parent, LLC | Preferred Stock |  | 02/22 |  | 656.9 | 722 | 1833 | 0.1% | <sup>(6)(7)(25)</sup> |
| Coyo Uprising GmbH | Class A Units |  | 09/21 |  | 531 | 248 | 291 | —% | <sup>(3)(6)(7)(25)</sup> |
| Coyo Uprising GmbH | Class B Units |  | 09/21 |  | 231 | 538 | 344 | —% | <sup>(3)(6)(7)(25)</sup> |
| DataServ Integrations, LLC | Preferred Units |  | 11/22 |  | 175459.2 | 192 | 198 | —% | <sup>(6)(7)(25)</sup> |
| EFC International | Common Stock |  | 03/23 |  | 141.2 | 199 | 188 | —% | <sup>(7)(25)</sup> |
| Electric Equipment & Engineering Co. | LLC Units |  | 12/24 |  | 187500 | 188 | 390 | —% | <sup>(6)(7)(25)</sup> |
| LeadsOnline, LLC | LLC Units |  | 02/22 |  | 61304.4 | 63 | 142 | —% | <sup>(7)</sup> |
| MB Purchaser, LLC | LLC Units |  | 01/24 |  | 175 | 183 | 234 | —% | <sup>(7)(25)</sup> |
| MC Group Ventures Corporation | Partnership Units |  | 06/21 |  | 560 | 560 | 437 | —% | <sup>(6)(7)(25)</sup> |
| MIV Buyer, LLC | LLC Units |  | 09/25 |  | 2020.4 | 202 | 204 | —% | <sup>(7)(25)</sup> |
| NF Holdco, LLC | LLC Units |  | 03/23 |  | 856053 | 882 | 113 | —% | <sup>(6)(7)(25)</sup> |
| SmartShift Group, Inc. | Common Stock |  | 09/23 |  | 455 | 455 | 878 | —% | <sup>(6)(7)(25)</sup> |
| TA SL Cayman Aggregator Corp. | Common Stock |  | 07/21 |  | 770 | 24 | 36 | —% | <sup>(6)(7)(25)</sup> |
| TSYL Corporate Buyer, Inc. | Partnership Units |  | 12/22 |  | 4673 | 5 | 39 | —% | <sup>(6)(7)(25)</sup> |
| Xeinadin Bidco Limited | Common Stock |  | 05/22 |  | 36532680 | 452 | 742 | —% | <sup>(3)(6)(7)(25)</sup> |
| Zeppelin Bidco Limited | Ordinary Shares |  | 08/25 |  | 439 | **—** | **42** | —% | <sup>(3)(6)(7)(25)</sup> |
| **Subtotal Services: Business (0.3%)\*** | **Subtotal Services: Business (0.3%)\*** |  |  |  |  | **6132** | **7575** |  |  |
| **Services: Consumer** | **Services: Consumer** |  |  |  |  |  |  |  |  |
| Application Boot Camp LLC | Common Stock |  | 04/25 |  | 391253 | 391 | 492 | —% | <sup>(7)</sup> |
| Kid Distro Holdings, LLC | LLC Units |  | 10/21 |  | 1062795.2 | 1064 | 1313 | —% | <sup>(7)(25)</sup> |
| Marmoutier Holding B.V. | Common Stock |  | 05/25 |  | 2600701 |  |  | —% | <sup>(3)(6)(7)(25)</sup> |
| **Subtotal Services: Consumer (0.1%)\*** | **Subtotal Services: Consumer (0.1%)\*** |  |  |  |  | **1455** | **1805** |  |  |
| **Telecommunications** | **Telecommunications** |  |  |  |  |  |  |  |  |
| Mercell Holding AS | Class A Units |  | 08/22 |  | 114.4 | 111 | 84 | —% | <sup>(3)(6)(7)(25)</sup> |
| Mercell Holding AS | Class B Units |  | 08/22 |  | 28943.8 |  |  | —% | <sup>(3)(6)(7)(25)</sup> |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Syniverse Holdings, Inc. | Series A Preferred Equity | 12.5% PIK | 05/22 |  | 7575758 | $11497 | $11515 | 0.4% | <sup>(6)(7)</sup> |
| **Subtotal Telecommunications (0.4%)\*** | **Subtotal Telecommunications (0.4%)\*** |  |  |  |  | **11608** | **11599** |  |  |
| **Transportation: Cargo** | **Transportation: Cargo** |  |  |  |  |  |  |  |  |
| Echo Global Logistics, Inc. | Partnership Equity |  | 11/21 |  | 448.2 | 448 | 770 | —% | <sup>(6)(7)(25)</sup> |
| FragilePak LLC | Partnership Units |  | 05/21 |  | 929.7 | 930 | 664 | —% | <sup>(7)(25)</sup> |
| ITI Intermodal, Inc. | Common Stock |  | 12/21 |  | 7500.4 | 750 | 977 | —% | <sup>(7)(25)</sup> |
| REP SEKO MERGER SUB LLC | Common Stock |  | 11/24 |  | 2987 | 13113 |  | —% | <sup>(6)(7)(25)</sup> |
| **Subtotal Transportation: Cargo (0.1%)\*** | **Subtotal Transportation: Cargo (0.1%)\*** |  |  |  |  | **15241** | **2411** |  |  |
| **Subtotal Equity Investments (4.0%)\*** | **Subtotal Equity Investments (4.0%)\*** |  |  |  |  | **115228** | **118417** |  |  |
| ***<u>Royalty Rights</u>*** | ***<u>Royalty Rights</u>*** |  |  |  |  |  |  |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Coherus Biosciences, Inc. | Royalty Rights |  | 05/24 |  |  | 3160 | 3665 | 0.1% | <sup>(7)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** |  |  |  | **3160** | **3665** |  |  |
| **Subtotal Royalty Rights (0.1%)\*** | **Subtotal Royalty Rights (0.1%)\*** |  |  |  |  | **3160** | **3665** |  |  |
| **Subtotal Non-Control / Non-Affiliate Investments (162.4%)\*** | **Subtotal Non-Control / Non-Affiliate Investments (162.4%)\*** | **Subtotal Non-Control / Non-Affiliate Investments (162.4%)\*** |  |  |  | **4864997** | **4764733** |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Affiliate Investments:</u>***<sup>(4)</sup> | ***<u>Affiliate Investments:</u>***<sup>(4)</sup> | | | | | | | | |
| ***<u>Debt Investments</u>*** | | | | | | | | | |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** | | | | | | | | |
| Eclipse Business Capital, LLC | Revolver | SOFR + 6.50%, 10.3% Cash | 08/21 | 02/29 | $9561 | $9529 | $9561 | 0.3% | <sup>(6)(7)(8)(15)(29)</sup> |
| Eclipse Business Capital, LLC | Second Lien Senior Secured Term Loan | 7.5% Cash | 08/21 | 07/28 | 3209 | 3196 | 3209 | 0.1% | <sup>(6)(7)</sup> |
| Rocade Holdings LLC | Second Lien Senior Secured Term Loan | SOFR + 8.00%, 11.7% Cash | 11/25 | 11/30 | 14700 | 14044 | 14045 | 0.5% | <sup>(6)(7)(8)(16)(29)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (0.9%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (0.9%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (0.9%)\*** |  |  | **27470** | **26769** | **26815** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Biolam Group | First Lien Senior Secured Term Loan | EURIBOR + 4.50%, 6.6% PIK | 12/22 | 12/29 | 8001 | 5805 | 3633 | 0.1% | <sup>(3)(6)(7)(8)(11) (26)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** |  |  | **8001** | **5805** | **3633** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Coastal Marina Holdings, LLC | Subordinated Term Loan | 8.0% Cash | 11/21 | 11/31 | 8310 | 7910 | 7986 | 0.3% | <sup>(6)(7)</sup> |
| Coastal Marina Holdings, LLC | Subordinated Term Loan | 8.0% Cash | 11/21 | 11/31 | 3831 | 3685 | 3682 | 0.1% | <sup>(6)(7)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (0.4%)\*** | **Subtotal Hotel, Gaming, & Leisure (0.4%)\*** |  |  |  | **12141** | **11595** | **11668** |  |  |
| **Subtotal Debt Investments (1.4%)\*** | **Subtotal Debt Investments (1.4%)\*** |  |  |  | **47612** | **44169** | **42116** |  |  |
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** |  |  |  |  |  |  |  |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Eclipse Business Capital, LLC | LLC Units |  | 08/21 |  | 63139338 | $65683 | $98497 | 3.4% | <sup>(6)(7)</sup> |
| Rocade Holdings LLC | Preferred LP Units | SOFR + 6.00%, 9.7% PIK | 02/23 |  | 115000 | 141242 | 141242 | 4.8% | <sup>(6)(7)(15)(29)</sup> |
| Rocade Holdings LLC | Common LP Units |  | 02/23 |  | 30.8 |  | 6216 | 0.2% | <sup>(6)(7)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (8.4%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (8.4%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (8.4%)\*** |  |  |  | **206925** | **245955** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Biolam Group | Ordinary Shares |  | 10/25 |  | 85278997 |  |  | —% | <sup>(3)(6)(7)(25)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (—%)\*** | **Subtotal Healthcare & Pharmaceuticals (—%)\*** | **Subtotal Healthcare & Pharmaceuticals (—%)\*** |  |  |  | **—** | **—** |  |  |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** | | | | | | | | |
| Coastal Marina Holdings, LLC | LLC Units |  | 11/21 |  | 1759051 | $8248 | $10079 | 0.3% | <sup>(7)(25)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (0.4%)\*** | **Subtotal Hotel, Gaming, & Leisure (0.4%)\*** |  |  |  |  | **8248** | **10079** |  |  |
| **Investment Funds & Vehicles** | **Investment Funds & Vehicles** |  |  |  |  |  |  |  |  |
| Cardinal Senior Loan Fund LLC | 17.2% Member Interest |  | 01/26 |  |  | 40289 | 40539 | 1.4% | <sup>(3)(6)(25)(28)</sup> |
| Thompson Rivers LLC | 6.3% Member Interest |  | 08/21 |  |  | 8181 | 1242 | —% | <sup>(6)(25)(28)</sup> |
| Waccamaw River LLC | 20% Member Interest |  | 08/21 |  |  | 13285 | 619 | —% | <sup>(3)(6)(28)</sup> |
| **Subtotal Investment Funds & Vehicles (1.4%)\*** | **Subtotal Investment Funds & Vehicles (1.4%)\*** | **Subtotal Investment Funds & Vehicles (1.4%)\*** |  |  |  | **61755** | **42400** |  |  |
| **Subtotal Equity Investments (10.2%)\*** | **Subtotal Equity Investments (10.2%)\*** |  |  |  |  | **276928** | **298434** |  |  |
| **Subtotal Affiliate Investments (11.6%)\*** | **Subtotal Affiliate Investments (11.6%)\*** |  |  |  |  | **321097** | **340550** |  |  |
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Control Investments:</u>***<sup>(5)</sup> | ***<u>Control Investments:</u>***<sup>(5)</sup> |  |  |  |  |  |  |  |  |
| ***<u>Debt Investments</u>*** | ***<u>Debt Investments</u>*** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Skyvault Holdings LLC | First Lien Senior Secured Term Loan | 12.0% Cash | 11/24 | 11/31 | $25830 | $25830 | $25830 | 0.9% | <sup>(6)(7)(29)</sup> |
| **Subtotal Aerospace & Defense (1.0%)\*** | **Subtotal Aerospace & Defense (1.0%)\*** |  |  |  | **25830** | **25830** | **25830** |  |  |
| **Subtotal Debt Investments (1.0%)\*** | **Subtotal Debt Investments (1.0%)\*** |  |  |  | **25830** | **25830** | **25830** |  |  |
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | ***<u>Equity Investments</u>*** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Skyvault Holdings LLC | LLC Units |  | 11/24 |  | 8610088 | $8624 | $14551 | 0.5% | <sup>(6)(7)(25)</sup> |
| **Subtotal Aerospace & Defense (0.5%)** | **Subtotal Aerospace & Defense (0.5%)** |  |  |  |  | 8624 | 14551 |  |  |
| **Subtotal Equity Investments (0.5%)\*** | **Subtotal Equity Investments (0.5%)\*** |  |  |  |  | 8624 | 14551 |  |  |
| **Subtotal Control Investments (1.4%)\*** | **Subtotal Control Investments (1.4%)\*** |  |  |  |  | 34454 | 40381 |  |  |
| ***<u>Short-term Investments:</u>*** | ***<u>Short-term Investments:</u>*** |  |  |  |  |  |  |  |  |
| **Money Market Fund** | **Money Market Fund** |  |  |  |  |  |  |  |  |
| JPMorgan Chase & Co. | JPMorgan Prime Money Market Fund | 3.4% Cash | 06/24 |  | 10904534 | 10908 | 10907 | 0.4% | <sup>(6)</sup> |
| **Subtotal Money Market Fund (0.4%)\*** | **Subtotal Money Market Fund (0.4%)\*** |  |  |  |  | 10908 | 10907 |  |  |
| **Subtotal Short-term Investments (0.4%)\*** | **Subtotal Short-term Investments (0.4%)\*** |  |  |  |  | 10908 | 10907 |  |  |
| **Total Investments, March 31, 2026 (175.7%)\*** | **Total Investments, March 31, 2026 (175.7%)\*** | **Total Investments, March 31, 2026 (175.7%)\*** |  |  |  | $**5231456** | $**5156571** |  |  |

---

***Derivative Instruments***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***<u>Interest Rate Swaps:</u>*** | | | | | | | |
| **Description** |<br>**Company Receives** |<br>**Company Pays** |<br>**Maturity Date** |<br>**Notional Amount** |<br>**Value** |<br>**Hedged Instrument** |<br>**Unrealized Appreciation (Depreciation)** |
| Interest rate swap (See Note 5) | 6.00% | SOFR + 3.245% | 5/10/2027 | $100000 | $390 | Series D Notes | $390 |
| Interest rate swap (See Note 5) | 6.00% | SOFR + 3.382% | 5/10/2027 | $55000 | $122 | Series E Notes | 122 |
| Interest rate swap (See Note 5) | 6.15% | SOFR + 2.506% | 6/11/2030 | $400000 | $(283) | June 2030 Notes | (283) |
| Interest rate swap (See Note 5) | 5.75% | SOFR + 2.383% | 2/6/2029 | $350000 | $(1965) | February 2029 Notes | (1965) |
| **Total Interest Rate Swaps, March 31, 2026** | **Total Interest Rate Swaps, March 31, 2026** | **Total Interest Rate Swaps, March 31, 2026** |  |  |  |  | $(1736) |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***<u>Foreign Currency Forward Contracts:</u>*** | | | | | |
| **Description** |<br>**Notional Amount to be Purchased** |<br>**Notional Amount to be Sold** |<br>**Counterparty** |<br>**Settlement Date** |<br>**Unrealized Appreciation (Depreciation)** |
| Foreign currency forward contract (AUD) | $65018 | A$91,655 | BNP Paribas SA | 06/30/26 | $2277 |
| Foreign currency forward contract (CAD) | $2701 | C$3,658 | BNP Paribas SA | 06/30/26 | 69 |
| Foreign currency forward contract (DKK) | $1429 | 9,211kr. | BNP Paribas SA | 06/30/26 | 4 |
| Foreign currency forward contract (EUR) | $281415 | €242,894 | BNP Paribas SA | 06/30/26 | 564 |
| Foreign currency forward contract (GBP) | $8649 | £6,500 | Bank of America, N.A. | 06/30/26 | 82 |
| Foreign currency forward contract (GBP) | $156914 | £117,341 | BNP Paribas SA | 06/30/26 | 2257 |
| Foreign currency forward contract (NZD) | $6646 | NZ$11,262 | BNP Paribas SA | 06/30/26 | 197 |
| Foreign currency forward contract (NOK) | $4094 | 39,653kr | BNP Paribas SA | 06/30/26 | 30 |
| Foreign currency forward contract (SEK) | $2589 | 23,965kr | BNP Paribas SA | 06/30/26 | 65 |
| Foreign currency forward contract (CHF) | $9510 | 7,354Fr. | BNP Paribas SA | 06/30/26 | 257 |
| **Total Foreign Currency Forward Contracts, March 31, 2026** | **Total Foreign Currency Forward Contracts, March 31, 2026** |  |  |  | $5802 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. Barings Private Credit Corporation's (the "Company") external investment adviser, Barings LLC ("Barings" or the "Adviser"), determines in good faith the fair value of the Company's investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Company's board of directors (the "Board"), and the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company's portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR"), the Euro Interbank Offered Rate ("EURIBOR"), the Bank Bill Swap Bid Rate ("BBSY"), the Stockholm Interbank Offered Rate ("STIBOR"), the Canadian Overnight Repo Rate Average ("CORRA"), the Sterling Overnight Index Average ("SONIA"), the Swiss Average Rate Overnight ("SARON"), the Norwegian Interbank Offered Rate ("NIBOR"), the Bank Bill Market rate ("BKBM") or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company's portfolio company investments (including joint venture and short-term investments), which as of March 31, 2026 represented 175.7% of the Company's net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company's initial investment in the relevant portfolio company.

(3)Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 17.9% of total investments at fair value as of March 31, 2026. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a).

(4)As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled "Affiliate Investments" for the three months ended March 31, 2026 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2025 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **March 31, 2026 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2025 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **March 31, 2026 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Biolam Group <sup>(d)</sup> | First Lien Senior Secured Term <br>Loan (EURIBOR + 4.50%, <br>6.6% PIK) <sup>(e)</sup> | $4577 | $— | $— | $— | $(944) | $3633 | $— |
| Biolam Group <sup>(d)</sup> | Ordinary Shares<br>(85,278,997 shares) |  |  |  |  |  |  |  |
| Biolam Group <sup>(d)</sup> |  | 4577 |  |  |  | (944) | 3633 |  |
| Cardinal Senior Loan Fund LLC | 17.2% Member Interest |  | 40289 |  |  | 250 | 40539 |  |
| Cardinal Senior Loan Fund LLC |  |  | 40289 |  |  | 250 | 40539 |  |
| Coastal Marina Holdings, LLC <sup>(d)</sup> | Subordinated Term Loan (8.0% Cash) | 7946 | 14 |  |  | 26 | 7986 | 177 |
| Coastal Marina Holdings, LLC <sup>(d)</sup> | Subordinated Term Loan (8.0% Cash) | 3663 | 5 |  |  | 14 | 3682 | 81 |
| Coastal Marina Holdings, LLC <sup>(d)</sup> | LLC Units (1,759,051 units) | 9992 |  |  |  | 87 | 10079 |  |
| Coastal Marina Holdings, LLC <sup>(d)</sup> |  | 21601 | 19 |  |  | 127 | 21747 | 258 |

---

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2025 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **March 31, 2026 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2025 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **March 31, 2026 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Eclipse Business Capital, LLC <sup>(d)</sup> | Revolver (SOFR + 6.50%, 10.3% Cash) | $6994 | $5073 | $(2503) | $— | $(3) | $9561 | $184 |
| Eclipse Business Capital, LLC <sup>(d)</sup> | Second Lien Senior Secured Term Loan (7.5% Cash) | 3209 | 1 |  |  | (1) | 3209 | 62 |
| Eclipse Business Capital, LLC <sup>(d)</sup> | LLC units (63,139,338 units) | 98497 |  |  |  |  | 98497 | 2723 |
| Eclipse Business Capital, LLC <sup>(d)</sup> |  | 108700 | 5074 | (2503) |  | (4) | 111267 | 2969 |
| Rocade Holdings LLC <sup>(d)</sup> | Second Lien Senior Secured Term Loan (SOFR +8.00%, 11.7% Cash) | 9333 | 4698 |  |  | 14 | 14045 | 329 |
| Rocade Holdings LLC <sup>(d)</sup> | Preferred LP Units (115,000 units) (SOFR + 6.00%, 9.7% PIK) | 141247 | 3364 | (3371) |  | 2 | 141242 | 3364 |
| Rocade Holdings LLC <sup>(d)</sup> | Common LP Units (30.8 units) | 4654 |  |  |  | 1562 | 6216 |  |
| Rocade Holdings LLC <sup>(d)</sup> |  | 155234 | 8062 | (3371) |  | 1578 | 161503 | 3693 |
| Thompson Rivers LLC | 6.3% Member Interest | 1712 |  | (476) |  | 6 | 1242 |  |
| Thompson Rivers LLC |  | 1712 |  | (476) |  | 6 | 1242 |  |
| Waccamaw River LLC | 20% Member Interest | 4409 |  | (3867) |  | 77 | 619 | 133 |
| Waccamaw River LLC | 20% Member Interest | 4409 |  | (3867) |  | 77 | 619 | 133 |
| **Total Affiliate Investments** | **Total Affiliate Investments** | $**296233** | $**53444** | $**(10217)** | $**—** | $**1090** | $**340550** | $**7053** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fair value of the investment was determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-accrual investment.

(5)As defined in in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" the portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management of policies of such portfolio company (including through a management agreement). Transactions as of and during the three months ended March 31, 2026 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2025 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **March 31, 2026 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2025 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **March 31, 2026 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Skyvault Holdings LLC <sup>(d)</sup> | First Lien Senior Secured Term Loan<br>(12.0% Cash) | $25633 | $197 | $— | $— | $— | 25830 | $769 |
| Skyvault Holdings LLC <sup>(d)</sup> | LLC Units<br>(8,610,088 units) | 8544 | 66 |  |  | 5941 | 14551 |  |
| **Total Control Investments** | **Total Control Investments** | $**34177** | $**263** | $**—** | $**—** | $**5941** | $**40381** | $**769** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fair value of the investment was determined using significant unobservable inputs.

(6)Some or all of the investment is or will be encumbered as security for the Company's or the Company's consolidated subsidiaries' various revolving credit facilities and debt securitization and, as a result, are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the obligations under each of the respective credit facilities and debt securitization (See Note 5).

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

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of March 31, 2026 was 1.89300%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of March 31, 2026 was 2.07900%.

------

**Barings Private Credit Corporation**

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

**March 31, 2026**

**(Amounts in thousands, except unit/share amounts)**

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of March 31, 2026 was 2.47500%.

(12)The interest rate on these loans is subject to 1 Month BBSY, which as of March 31, 2026 was 4.05560%.

(13)The interest rate on these loans is subject to 3 Month BBSY, which as of March 31, 2026 was 4.30800%.

(14)The interest rate on these loans is subject to 6 Month BBSY, which as of March 31, 2026 was 4.78490%.

(15)The interest rate on these loans is subject to 1 Month SOFR, which as of March 31, 2026 was 3.66484%.

(16)The interest rate on these loans is subject to 3 Month SOFR, which as of March 31, 2026 was 3.68223%.

(17)The interest rate on these loans is subject to 6 Month SOFR, which as of March 31, 2026 was 3.70002%.

(18)The interest rate on these loans is subject to 3 Month SONIA, which as of March 31, 2026 was 3.84580%.

(19)The interest rate on these loans is subject to 6 Month SONIA, which as of March 31, 2026 was 4.03620%.

(20)The interest rate on these loans is subject to 3 Month STIBOR, which as of March 31, 2026 was 2.18600%.

(21)The interest rate on these loans is subject to 3 Month CORRA, which as of March 31, 2026 was 2.27000%.

(22)The interest rate on these loans is subject to 3 Month BKBM, which as of March 31, 2026 was 2.51000%.

(23)The interest rate on these loans is subject to 3 Month SARON, which as of March 31, 2026 was -0.05310%.

(24)The interest rate on these loans is subject to 1 Month NIBOR, which as of March 31, 2026 was 4.03000%.

(25)Investment is non-income producing.

(26)Non-accrual investment.

(27)PIK non-accrual investment.

(28)Portfolio company does not issue shares or units; member interest is based on commitments.

(29)Position or portion thereof is an unfunded loan or equity commitment.

*See accompanying notes.*

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Non–Control / Non–Affiliate Investments:</u>*** | ***<u>Non–Control / Non–Affiliate Investments:</u>*** | | | | | | | | |
| ***<u>Debt Investments</u>*** | | | | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | | | | | | | | |
| Accurus Aerospace Corporation | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.8% Cash | 04/22 | 04/28 | $14102 | $14010 | $13989 | 0.5% | <sup>(7)(8)(16)(30)</sup> |
| Accurus Aerospace Corporation | Revolver | SOFR + 4.75%, 8.8% Cash | 04/22 | 04/28 | 173 | 165 | 162 | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| ATL II MRO Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.2% Cash | 11/22 | 11/28 | 45654 | 45023 | 45229 | 1.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| ATL II MRO Holdings Inc. | Revolver | SOFR + 5.25%, 9.2% Cash | 11/22 | 11/28 |  | (80) | (60) | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| Compass Precision, LLC | Senior Subordinated Term Loan | 11.0% Cash, 1.0% PIK | 04/22 | 04/28 | 655 | 651 | 655 | —% | <sup>(7)(30)(32)</sup> |
| GB Eagle Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/22 | 12/30 | 28971 | 28415 | 28473 | 1.0% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)(32)</sup> |
| GB Eagle Buyer, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 12/22 | 12/30 |  | (95) | (84) | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| Goat Holdco LLC | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 11/25 | 01/32 | 912 | 914 | 913 | —% | <sup>(8)(15)(33)</sup> |
| Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.4% Cash | 05/21 | 02/29 | 3881 | 3586 | 3881 | 0.1% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| Jade Bidco Limited (Jane's) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.3% Cash | 05/21 | 02/29 | 21141 | 20883 | 21141 | 0.7% | <sup>(3)(7)(8)(17)</sup><br><sup>(30)</sup> |
| M-Personal Protection Management GMBH | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 10/24 | 09/31 | 11745 | 10714 | 11745 | 0.4% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Megawatt Acquisitionco, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 03/24 | 03/30 | 7884 | 7765 | 7702 | 0.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(32)</sup> |
| Megawatt Acquisitionco, Inc. | Revolver | SOFR + 5.50%, 9.2% Cash | 03/24 | 03/30 |  | (28) | (46) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Protego Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.1% Cash | 05/21 | 03/28 | 514 | 523 | 514 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| Protego Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 05/21 | 03/28 | 103 | 94 | 103 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(32)</sup> |
| Protego Bidco B.V. | Revolver | EURIBOR + 6.50%, 8.6% Cash | 05/21 | 03/27 | 140 | 141 | 140 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(32)</sup> |
| SISU ACQUISITIONCO., INC. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 05/21 | 12/26 | 2521 | 2511 | 2505 | 0.1% | <sup>(7)(8)(16)(30)</sup><br><sup>(32)</sup> |
| Trident Maritime Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 1.00%, 4.8% Cash, 6.8% PIK | 05/21 | 02/27 | 8721 | 8692 | 7631 | 0.3% | <sup>(7)(8)(16)(30)</sup> |
| Whitcraft Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 02/23 | 09/31 | 50249 | 49882 | 49690 | 1.7% | <sup>(7)(8)(16) (30)(31)(32)</sup> |
| Whitcraft Holdings, Inc. | Revolver | SOFR + 5.00%, 8.7% Cash | 02/23 | 09/31 |  | (92) | (62) | —% | <sup>(7)(8)(16)</sup><br><sup>(31)(32)</sup> |
| **Subtotal Aerospace & Defense (6.8%)\*** | **Subtotal Aerospace & Defense (6.8%)\*** |  |  |  | **197366** | **193674** | **194221** |  |  |
| **Automotive** | **Automotive** |  |  |  |  |  |  |  |  |
| Burgess Point Purchaser Corporation | Second Lien Senior Secured Term Loan | SOFR + 9.00%, 12.9% Cash | 07/22 | 07/30 | 4545 | 4436 | 3986 | 0.1% | <sup>(7)(8)(16)(30)</sup> |
| Clarios Global LP | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 11/25 | 01/32 | 998 | 1002 | 1001 | —% | <sup>(8)(15)(33)</sup> |
| DexKo Global Inc. | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.6% Cash | 08/25 | 10/28 | 899 | 875 | 891 | —% | <sup>(8)(15)(33)</sup> |
| OAC Holdings I Corp | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.0% Cash | 03/22 | 03/29 | 3285 | 3252 | 3285 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| OAC Holdings I Corp | Revolver | SOFR + 5.00%, 9.0% Cash | 03/22 | 03/28 |  | (11) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Randys Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 12/25 | 11/29 | 8962 | 8873 | 8872 | 0.3% | <sup>(7)(8)(15)(30)</sup> |
| Randys Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 11/22 | 11/29 | 15671 | 15048 | 15145 | 0.5% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| Randys Holdings, Inc. | Revolver | SOFR + 5.00%, 8.7% Cash | 11/22 | 11/29 |  | (30) | (23) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Recon Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 11/25 | 11/31 | 6933 | 6640 | 6633 | 0.2% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| Recon Buyer LLC | Revolver | SOFR + 4.75%, 8.6% Cash | 11/25 | 11/31 |  | (26) | (27) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| SPATCO Energy Solutions, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.9% Cash | 07/24 | 07/30 | $26119 | $25643 | $25809 | 0.9% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| SPATCO Energy Solutions, LLC | Revolver | SOFR + 5.00%, 8.9% Cash | 07/24 | 07/30 |  | (64) | (43) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| SVI International LLC | First Lien Senior Secured Term Loan | SOFR + 6.75%, 10.7% Cash | 03/24 | 03/30 | 639 | 630 | 639 | —% | <sup>(7)(8)(16)(30)</sup> |
| SVI International LLC | Revolver | SOFR + 6.75%, 10.7% Cash | 03/24 | 03/30 |  | (1) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| **Subtotal Automotive (2.3%)\*** | **Subtotal Automotive (2.3%)\*** |  |  |  | **68051** | **66267** | **66168** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |
| Aegros Holdco 2 LTD | Second Lien Senior Secured Term Loan | SONIA + 8.50%, 13.0% PIK | 05/25 | 05/32 | 6174 | 5984 | 5310 | 0.2% | <sup>(3)(7)(18)(32)</sup> |
| AmWins Group Inc. | First Lien Senior Secured Term Loan | SOFR + 2.25%, 6.0% Cash | 10/25 | 01/32 | 845 | 849 | 848 | —% | <sup>(8)(15)(33)</sup> |
| Apus Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.00%, 9.2% Cash | 05/21 | 03/28 | 1279 | 1325 | 1279 | —% | <sup>(3)(7)(8)(20) (30)</sup> |
| Aretec Group INC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 11/25 | 08/30 | 1938 | 1936 | 1944 | 0.1% | <sup>(8)(15)(33)</sup> |
| Aspen Insurance Holdings Ltd. | First Lien Senior Secured Term Loan | 9.3% Cash | 10/24 | 10/28 | 9865 | 9798 | 9865 | 0.3% | <sup>(7)(32)</sup> |
| Baldwin Insurance Group Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.1% Cash | 12/25 | 05/31 | 566 | 563 | 564 | —% | <sup>(3)(8)(16)(33)</sup> |
| Beyond Risk Management, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.4% Cash | 10/21 | 10/27 | 7529 | 7418 | 7529 | 0.3% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)(31)</sup> |
| Bishop Street Underwriters, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 07/25 | 07/31 | 9688 | 9596 | 9688 | 0.3% | <sup>(7)(8)(15)(30)</sup> |
| Broadstone Group UK LTD | First Lien Senior Secured Term Loan | SONIA + 4.75%, 8.7% Cash | 03/25 | 02/32 | 3384 | 3102 | 3297 | 0.1% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)(31)</sup> |
| Broadstreet Partners Group LLC Pre Reincorporation | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 11/25 | 06/31 | 1996 | 2005 | 2001 | 0.1% | <sup>(8)(15)(33)</sup> |
| Credit Key Funding II LLC | First Lien Senior Secured Term Loan | SOFR + 7.50%, 11.2% Cash | 12/25 | 11/30 | 6763 | 6596 | 6594 | 0.2% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Credit Key Funding II LLC | Revolver | SOFR + 7.50%, 11.2% Cash | 12/25 | 12/30 |  | (12) | (12) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Envestnet Inc. | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 10/25 | 11/31 | 998 | 1001 | 999 | —% | <sup>(8)(15)(33)</sup> |
| Evertec Group LLC | First Lien Senior Secured Term Loan | SOFR + 2.25%, 6.0% Cash | 11/25 | 10/30 | 1395 | 1391 | 1395 | —% | <sup>(3)(8)(15)(33)</sup> |
| Finaxy Holding | First Lien Senior Secured Term Loan | EURIBOR + 4.50%, 6.6% Cash | 11/23 | 11/30 | 8824 | 8001 | 8718 | 0.3% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(32)</sup> |
| Finaxy Holding | First Lien Senior Secured Term Loan | EURIBOR + 4.50%, 6.6% Cash | 05/22 | 12/31 | 3030 | 2812 | 2951 | 0.1% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(31)</sup> |
| Findex Group Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 8.8% Cash | 03/23 | 12/26 | 2407 | 2366 | 2407 | 0.1% | <sup>(3)(7)(12)(30)</sup> |
| Focus Financial Partners LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 09/25 | 09/31 | 1396 | 1396 | 1398 | —% | <sup>(8)(15)(33)</sup> |
| Groupe Guemas | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.8% Cash | 10/23 | 09/30 | 2737 | 2419 | 2717 | 0.1% | <sup>(3)(7)(8)(11) (30)</sup> |
| GTCR Everest Borrower LLC | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 11/25 | 09/31 | 1500 | 1507 | 1505 | 0.1% | <sup>(8)(16)(33)</sup> |
| Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.8% Cash | 05/21 | 09/26 | 4433 | 4336 | 4389 | 0.2% | <sup>(3)(7)(8)(11) (30)</sup> |
| Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 05/21 | 09/26 | 5301 | 5476 | 5248 | 0.2% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| High Street Buyer Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/25 | 07/32 | 1756 | 1646 | 1644 | 0.1% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| IM Square | First Lien Senior Secured Term Loan | EURIBOR + 5.55%, 7.6% Cash | 05/21 | 05/28 | 4933 | 4927 | 4898 | 0.2% | <sup>(3)(7)(8)(10) (30)(32)</sup> |
| IM Square | First Lien Senior Secured Term Loan | EURIBOR + 6.05%, 8.1% Cash | 12/22 | 05/28 | 3758 | 3323 | 3758 | 0.1% | <sup>(3)(7)(8)(10) (30)</sup> |
| IMC Financing LLC | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 12/25 | 06/32 | 1575 | 1575 | 1586 | 0.1% | <sup>(8)(15)(33)</sup> |
| Liberty Company Insurance Brokers LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.7% Cash | 10/25 | 10/32 | 2000 | 1990 | 2008 | 0.1% | <sup>(7)(8)(16)(33)</sup> |
| ORS Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 06/25 | 08/31 | 10761 | 10611 | 10630 | 0.4% | <sup>(7)(8)(16)(30)</sup> |
| OSP AFS Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 10/25 | 10/31 | 6492 | 6263 | 6256 | 0.2% | <sup>(7)(8)(15)(30)</sup><br><sup>(31)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| OSP AFS Buyer, LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 10/25 | 10/31 | $— | $(34) | $(36) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| OVG Business Services, LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 10/25 | 06/31 | 2190 | 2179 | 2190 | 0.1% | <sup>(8)(15)(33)</sup> |
| Owl Intermediate Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.7% Cash | 04/25 | 04/32 | 11725 | 11580 | 11158 | 0.4% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| Owl Intermediate Holdings, LLC | Revolver | SOFR + 4.75%, 8.7% Cash | 04/25 | 04/32 |  | (30) | (126) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Policy Services Company, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.5% Cash, 4.0% PIK | 12/21 | 06/26 | 55893 | 55272 | 50303 | 1.8% | <sup>(7)(8)(16)(32)</sup> |
| Premium Invest | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.8% Cash | 06/21 | 12/30 | 7443 | 6689 | 7382 | 0.3% | <sup>(3)(7)(8)(10) (30)(31)</sup> |
| Project Boost Purchaser LLC | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.6% Cash | 09/25 | 07/31 | 997 | 994 | 1000 | —% | <sup>(8)(16)(33)</sup> |
| Shelf Bidco Ltd | Second Out Term Loan | SOFR + 5.00%, 8.9% Cash | 10/24 | 10/31 | 44094 | 43901 | 43913 | 1.5% | <sup>(3)(7)(8)(16)</sup><br><sup>(32)</sup> |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 10/21 | 12/28 | 23597 | 23262 | 23283 | 0.8% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) | Revolver | SOFR + 4.75%, 8.5% Cash | 10/21 | 12/28 |  | (26) | (30) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| THG Acquisition, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 10/24 | 10/31 | 10451 | 10355 | 10378 | 0.4% | <sup>(7)(8)(15)(30) (31)</sup> |
| THG Acquisition, LLC | Revolver | SOFR + 4.75%, 8.5% Cash | 10/24 | 10/31 | 191 | 179 | 182 | —% | <sup>(7)(8)(15)(31) (32)</sup> |
| Turbo Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.8% Cash | 11/21 | 06/26 | 12311 | 12283 | 12151 | 0.4% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| WEST-NR ACQUISITIONCO, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 08/23 | 12/27 | 24152 | 23661 | 24152 | 0.9% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (10.5%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (10.5%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (10.5%)\*** |  |  | **306367** | **300465** | **297314** |  |  |
| **Beverage, Food, & Tobacco** | **Beverage, Food, & Tobacco** |  |  |  |  |  |  |  |  |
| CTI Foods Holdings Co., LLC | First Lien Senior Secured Term Loan | SOFR + 7.86%, 12.0% Cash | 04/25 | 03/29 | 17622 | 17324 | 17622 | 0.6% | <sup>(7)(8)(16)(32)</sup> |
| CTI Foods Holdings Co., LLC | Last In First Out Term Loan | SOFR + 9.00%, 13.1% PIK | 02/24 | 05/26 | 9739 | 9571 | 9739 | 0.3% | <sup>(7)(8)(16)(32)</sup> |
| CTI Foods Holdings Co., LLC | First Out Term Loan | SOFR + 10.00%, 14.1% PIK | 02/24 | 05/26 | 4801 | 4767 | 4801 | 0.2% | <sup>(7)(8)(16)(32)</sup> |
| CTI Foods Holdings Co., LLC | First Out Term Loan | SOFR + 7.00%, 11.1% PIK | 02/24 | 05/26 | 1763 | 1763 | 1763 | 0.1% | <sup>(7)(8)(16)(32)</sup> |
| CTI Foods Holdings Co., LLC | Second Out Term Loan | SOFR + 9.00%, 13.1% PIK | 02/24 | 05/26 | 1367 | 1367 | 1367 | —% | <sup>(7)(8)(16)(32)</sup> |
| GMF Parent, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 | 12975 | 12777 | 12776 | 0.4% | <sup>(7)(8)(16) (30)(31)</sup> |
| GMF Parent, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 |  | (27) | (27) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Innovad Group II BV | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.7% Cash | 05/21 | 04/28 | 1146 | 1151 | 1146 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(32)</sup> |
| Innovad Group II BV | First Lien Senior Secured Term Loan | SARON + 4.75%, 4.8% Cash | 05/23 | 04/28 | 183 | 161 | 183 | —% | <sup>(3)(7)(8)(24) (32)</sup> |
| KSLB Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.0% Cash | 05/21 | 07/27 | 21382 | 21264 | 21234 | 0.7% | <sup>(7)(8)(16)(30)</sup> |
| PFI Lower Midco LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.9% Cash | 11/26 | 12/32 | 1651 | 1635 | 1662 | 0.1% | <sup>(8)(15)(33)</sup> |
| Riedel Beheer B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.3% Cash | 12/21 | 12/28 | 2436 | 2274 | 2146 | 0.1% | <sup>(3)(7)(8)(10) (30)</sup> |
| Sauer Brands Inc. | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.8% Cash | 12/25 | 02/32 | 1000 | 1000 | 1003 | —% | <sup>(8)(15)(33)</sup> |
| Sazerac Co Inc. | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.6% Cash | 12/25 | 07/32 | 545 | 545 | 546 | —% | <sup>(8)(16)(33)</sup> |
| Woodland Foods, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.2% Cash | 12/21 | 12/28 | 41983 | 41568 | 41563 | 1.5% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Woodland Foods, LLC | Revolver | SOFR + 5.25%, 9.2% Cash | 12/21 | 12/28 |  | (39) | (46) | —% | <sup>(7)(8)(16)</sup><br><sup>(31)(32)</sup> |
| **Subtotal Beverage, Food, & Tobacco (4.1%)\*** | **Subtotal Beverage, Food, & Tobacco (4.1%)\*** |  |  |  | **118593** | **117101** | **117478** |  |  |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Capital Equipment** | **Capital Equipment** | | | | | | | | |
| AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 11/23 | 11/29 | $13909 | $13766 | $13700 | 0.5% | <sup>(7)(8)(16)(30)</sup> |
| AirX Climate Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 11/23 | 11/29 | 9013 | 8815 | 8893 | 0.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| AirX Climate Solutions, Inc. | Revolver | SOFR + 5.75%, 9.6% Cash | 11/23 | 11/29 |  | (53) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| APC1 Holding | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 7.4% Cash | 07/22 | 07/29 | 2701 | 2336 | 2701 | 0.1% | <sup>(3)(7)(8)(10) (30)</sup> |
| Astro Acquisition LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.1% Cash | 10/25 | 08/32 | 1000 | 1009 | 1006 | —% | <sup>(8)(17)(33)</sup> |
| BPG Holdings IV Corp | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.6% Cash, 5.0% PIK | 03/23 | 07/29 | 24245 | 23123 | 18911 | 0.7% | <sup>(7)(8)(16)(32)</sup> |
| Cobham Slip Rings SAS | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.9% Cash | 11/21 | 11/28 | 3091 | 3065 | 3091 | 0.1% | <sup>(3)(7)(8)(16) (30)</sup> |
| CPM Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.3% Cash | 09/25 | 09/28 | 2494 | 2489 | 2478 | 0.1% | <sup>(8)(15)(33)</sup> |
| DAWGS Intermediate Holdings Co. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 03/25 | 03/31 | 9960 | 9868 | 9940 | 0.3% | <sup>(7)(8)(16)(30)</sup> |
| DAWGS Intermediate Holdings Co. | Revolver | SOFR + 4.50%, 8.2% Cash | 03/25 | 03/31 | 505 | 478 | 499 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| DXP Enterprises Inc | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.0% Cash | 12/25 | 10/30 | 275 | 275 | 277 | —% | <sup>(3)(8)(15)(33)</sup> |
| Emrld Borrower LP | First Lien Senior Secured Term Loan | SOFR + 2.25%, 6.1% Cash | 08/25 | 05/30 | 1488 | 1487 | 1490 | 0.1% | <sup>(8)(16)(33)</sup> |
| FCG Acquisitions Inc | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.0% Cash | 12/25 | 03/28 | 2008 | 2015 | 2014 | 0.1% | <sup>(8)(15)(33)</sup> |
| Kanawha Scales & Systems, LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.1% Cash | 11/25 | 10/32 | 7420 | 7277 | 7275 | 0.3% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| Kanawha Scales & Systems, LLC | Revolver | SOFR + 4.25%, 8.1% Cash | 11/25 | 10/32 | 451 | 422 | 421 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Polara Enterprises, L.L.C. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.3% Cash | 12/21 | 12/27 | 5724 | 5681 | 5724 | 0.2% | <sup>(6)(7)(8)(15)</sup> |
| Polara Enterprises, L.L.C. | Revolver | SOFR + 4.50%, 8.3% Cash | 12/21 | 12/27 | 516 | 501 | 516 | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Process Insights Acquisition, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.1% Cash | 07/23 | 07/29 | 3499 | 3443 | 3089 | 0.1% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Process Insights Acquisition, Inc. | Revolver | SOFR + 6.25%, 10.1% Cash | 07/23 | 07/29 | 1323 | 1303 | 1168 | —% | <sup>(7)(8)(16)(32)</sup> |
| Rapid Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 10/24 | 10/30 | 5200 | 5126 | 4694 | 0.2% | <sup>(7)(8)(16)(30) (31)</sup> |
| Rapid Buyer LLC | Revolver | SOFR + 4.75%, 8.5% Cash | 10/24 | 10/30 |  | (13) | (89) | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| TAPCO Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 11/24 | 11/30 | 36714 | 36093 | 36139 | 1.3% | <sup>(7)(8)(15)(16) (30)(31)</sup> |
| TAPCO Buyer LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 11/24 | 11/30 |  | (38) | (45) | —% | <sup>(7)(8)(15)(31) (32)</sup> |
| Tencarva Machinery Company, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 12/21 | 12/27 | 27580 | 27077 | 27224 | 1.0% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| Tencarva Machinery Company, LLC | Revolver | SOFR + 4.75%, 8.6% Cash | 12/21 | 12/27 |  | (37) | (32) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Tiger Acquisition LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.3% Cash | 11/25 | 08/32 | 1500 | 1506 | 1504 | 0.1% | <sup>(8)(15)(33)</sup> |
| **Subtotal Capital Equipment (5.4%)\*** | **Subtotal Capital Equipment (5.4%)\*** |  |  |  | **160616** | **157014** | **152588** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Americo Chemical Products, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 04/23 | 04/29 | 10549 | 10414 | 10417 | 0.4% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)(32)</sup> |
| Americo Chemical Products, LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 04/23 | 04/29 |  | (20) | (17) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | BBSY + 5.33%, 9.0% Cash | 11/21 | 10/28 | 1332 | 1424 | 1323 | —% | <sup>(3)(7)(8)(13) (30)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | EURIBOR + 5.33%, 7.3% Cash | 11/21 | 10/28 | 17757 | 16400 | 17633 | 0.6% | <sup>(3)(7)(8)(10) (30)</sup> |
| AnalytiChem Holding GmbH | First Lien Senior Secured Term Loan | SOFR + 5.33%, 9.7% Cash | 11/21 | 10/28 | 2235 | 2235 | 2219 | 0.1% | <sup>(3)(7)(8)(16) (30)</sup> |
| Element Solutions Inc | First Lien Senior Secured Term Loan | SOFR + 1.75%, 5.2% Cash | 11/20 | 12/30 | 1000 | 999 | 1005 | —% | <sup>(3)(8)(16)(33)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| G 3 Chickadee Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 10/25 | 10/31 | $44643 | $43769 | $43749 | 1.5% | <sup>(7)(8)(16)(32)</sup> |
| GEON | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.2% Cash | 09/25 | 08/28 | 2986 | 2814 | 2347 | 0.1% | <sup>(8)(16)(33)</sup> |
| MSOF Beacon LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 12/25 | 12/32 | 248 | 247 | 248 | —% | <sup>(7)(8)(16)</sup><br><sup>(33)</sup> |
| Paint Intermediate III LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 12/25 | 10/31 | 1442 | 1446 | 1448 | 0.1% | <sup>(8)(16)(33)</sup> |
| Solenis Holding Ltd | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 08/25 | 06/31 | 1990 | 1988 | 1971 | 0.1% | <sup>(8)(16)(33)</sup> |
| Vibrantz Technologies Inc. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.3% Cash | 02/22 | 04/29 | 12372 | 11964 | 6812 | 0.2% | <sup>(8)(16)(32)(33)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (3.1%)\*** | **Subtotal Chemicals, Plastics, & Rubber (3.1%)\*** | **Subtotal Chemicals, Plastics, & Rubber (3.1%)\*** |  |  | **96554** | **93680** | **89155** |  |  |
| **Construction & Building** | **Construction & Building** |  |  |  |  |  |  |  |  |
| American Bath | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 07/25 | 07/30 |  | (37) |  | —% | <sup>(8)(15)(32)</sup> |
| Apex Service Partners, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 11/25 | 11/32 | 7155 | 6710 | 6701 | 0.2% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| Apex Service Partners, LLC | Revolver | SOFR + 4.75%, 8.6% Cash | 11/25 | 11/31 | 340 | 340 | 340 | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| BKF Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 08/24 | 08/30 | 7742 | 7633 | 7656 | 0.3% | <sup>(6)(7)(8)(15)</sup> |
| BKF Buyer, Inc. | Revolver | SOFR + 5.00%, 8.7% Cash | 08/24 | 08/30 |  | (31) | (31) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| EMI Porta Holdco LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 12/21 | 12/27 | 43003 | 42875 | 39262 | 1.4% | <sup>(7)(8)(16)(30)</sup> |
| EMI Porta Holdco LLC | Revolver | SOFR + 5.75%, 9.6% Cash | 12/21 | 12/27 | 661 | 644 | 440 | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Foundation Building Materials Inc | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.3% Cash | 08/25 | 01/31 |  | (4) |  | —% | <sup>(8)(16)(32)</sup> |
| GMES LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 09/25 | 09/31 | 16473 | 16243 | 16258 | 0.6% | <sup>(7)(8)(16)(30) (31)</sup> |
| GMES LLC | Revolver | SOFR + 5.25%, 8.9% Cash | 09/25 | 09/31 | 217 | 192 | 193 | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| Husky Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.6% Cash | 11/25 | 02/29 | 313 | 313 | 316 | —% | <sup>(8)(16)(31)(33)</sup> |
| Kodiak BP LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.5% Cash | 09/25 | 12/31 | 2495 | 2489 | 2430 | 0.1% | <sup>(8)(15)(33)</sup> |
| LBM Acquisition LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 08/25 | 06/31 | 1995 | 1982 | 1991 | 0.1% | <sup>(8)(15)(33)</sup> |
| Lockmasters Security Intermediate, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.6% Cash | 05/25 | 09/27 | 13572 | 13467 | 13473 | 0.5% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| Lockmasters Security Intermediate, Inc. | Revolver | SOFR + 5.00%, 8.6% Cash | 05/25 | 09/27 |  | (7) | (8) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| MNS Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 08/21 | 08/27 | 268 | 267 | 268 | —% | <sup>(7)(8)(15)(30)</sup> |
| Ocelot Holdco LLC | Takeback Term Loan | 10.0% Cash | 10/23 | 10/27 | 917 | 917 | 917 | —% | <sup>(7)(32)</sup> |
| Pye-Baker Fire & Safety LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 12/25 | 12/32 | 2475 | 2477 | 2492 | 0.1% | <sup>(8)(16)(31)(33)</sup> |
| Smyrna Ready Mix Concrete LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 12/25 | 04/29 | 997 | 1006 | 1002 | —% | <sup>(8)(15)(33)</sup> |
| Specialty Building Products Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.6% Cash | 08/25 | 10/28 | 2445 | 2371 | 2274 | 0.1% | <sup>(8)(15)(33)</sup> |
| Tecta America Corp | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 12/25 | 02/32 | 997 | 997 | 1000 | —% | <sup>(8)(15)(33)</sup> |
| VC GB Holdings I Corp | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.4% Cash | 10/25 | 07/28 | 100 | 98 | 100 | —% | <sup>(8)(16)(33)</sup> |
| Wilsonart LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 08/25 | 08/31 | 2826 | 2744 | 2734 | 0.1% | <sup>(8)(16)(33)</sup> |
| **Subtotal Construction & Building (3.5%)\*** | **Subtotal Construction & Building (3.5%)\*** |  |  |  | **104991** | **103686** | **99808** |  |  |
| **Consumer goods: Durable** | **Consumer goods: Durable** |  |  |  |  |  |  |  |  |
| DecksDirect, LLC | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.4% Cash, 0.3% PIK | 12/21 | 12/28 | 1490 | 1480 | 988 | —% | <sup>(7)(8)(16)(30)</sup> |
| DecksDirect, LLC | Revolver | SOFR + 6.25%, 10.2% Cash | 12/21 | 12/28 | 296 | 294 | 168 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Gojo Industries, Inc. | First Lien Senior Secured Term Loan | SOFR + 8.75%, 12.6% Cash  | 10/23 | 10/28 | $24346 | $23893 | $24346 | 0.9% | <sup>(7)(8)(15)(32)</sup> |
| HTI Technology & Industries | First Lien Senior Secured Term Loan | SOFR + 8.50%, 12.5% Cash | 07/22 | 01/26 | 8840 | 8835 | 8282 | 0.3% | <sup>(6)(7)(8)(17)</sup><br><sup>(30)(31)(32)</sup> |
| HTI Technology & Industries | Revolver | SOFR + 8.50%, 12.5% Cash | 07/22 | 01/26 |  |  | (60) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Momentum Textiles, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 03/25 | 03/29 | 15023 | 14894 | 14873 | 0.5% | <sup>(7)(8)(16)(30)</sup> |
| Momentum Textiles, LLC | Revolver | SOFR + 5.50%, 9.2% Cash | 03/25 | 03/29 |  | (11) | (14) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Renovation Parent Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.0% Cash | 11/21 | 11/27 | 13981 | 13866 | 13827 | 0.5% | <sup>(6)(7)(8)(16)</sup> |
| STS Operating Inc | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.8% Cash | 09/25 | 03/31 | 1990 | 1980 | 1987 | 0.1% | <sup>(8)(15)(33)</sup> |
| Team Air Distributing, LLC | Subordinated Term Loan | 14.0% Cash | 05/23 | 05/28 | 756 | 746 | 717 | —% | <sup>(7)(32)</sup> |
| Terrybear, Inc. | Subordinated Term Loan | 10.0% Cash, 4.0% PIK | 04/22 | 04/28 | 297 | 295 | 269 | —% | <sup>(7)(32)</sup> |
| Victoria Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 10.7% Cash | 03/22 | 09/30 | 5686 | 5567 | 5441 | 0.2% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)</sup> |
| **Subtotal Consumer goods: Durable (2.5%)\*** | **Subtotal Consumer goods: Durable (2.5%)\*** |  |  |  | **72705** | **71839** | **70824** |  |  |
| **Consumer goods: Non-durable** | **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |
| Bidwax | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 05/21 | 02/28 | 5402 | 5386 | 5381 | 0.2% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(32)</sup> |
| CCFF Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.1% Cash | 02/24 | 02/30 | 3291 | 3226 | 3257 | 0.1% | <sup>(7)(8)(17)(30)</sup><br><sup>(31)</sup> |
| CCFF Buyer, LLC | Revolver | SOFR + 5.00%, 9.1% Cash | 02/24 | 02/30 |  | (14) | (8) | —% | <sup>(7)(8)(17)(31)</sup><br><sup>(32)</sup> |
| David Wood Baking UK Ltd | First Lien Senior Secured Term Loan | SONIA + 10.00%, 14.0% Cash | 04/24 | 04/29 | 13871 | 12408 | 12928 | 0.5% | <sup>(3)(7)(8)(20)</sup><br><sup>(32)</sup> |
| Herbalife Ltd. | First Lien Senior Secured Term Loan | SOFR + 6.75%, 10.5% Cash | 04/24 | 04/29 | 4911 | 4645 | 4982 | 0.2% | <sup>(3)(8)(15)(32)</sup><br><sup>(33)</sup> |
| Highline Aftermarket Acquisition LLC | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.3% Cash | 12/25 | 02/30 | 2298 | 2305 | 2308 | 0.1% | <sup>(8)(16)(33)</sup> |
| Ice House America, L.L.C. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.9% Cash | 01/24 | 01/30 | 4365 | 4285 | 4091 | 0.1% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup>  |
| Ice House America, L.L.C. | Revolver | SOFR + 6.00%, 9.9% Cash | 01/24 | 01/30 | 568 | 558 | 534 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Image International Intermediate Holdco II, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.9% Cash, 0.5% PIK | 05/21 | 09/26 | 24197 | 24167 | 20979 | 0.7% | <sup>(7)(8)(16)(30)</sup> |
| Modern Star Holdings Bidco Pty Limited | First Lien Senior Secured Term Loan | BBSY + 6.00%, 9.9% Cash | 05/21 | 12/26 | 1877 | 1927 | 1877 | 0.1% | <sup>(3)(7)(8)(12)</sup><br><sup>(30)(31)(32)</sup> |
| Safety Products Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 05/21 | 12/28 | 6519 | 6499 | 6519 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(32)</sup> |
| **Subtotal Consumer goods: Non-durable (2.2%)\*** | **Subtotal Consumer goods: Non-durable (2.2%)\*** | **Subtotal Consumer goods: Non-durable (2.2%)\*** |  |  | **67299** | **65392** | **62848** |  |  |
| **Containers, Packaging, & Glass** | **Containers, Packaging, & Glass** |  |  |  |  |  |  |  |  |
| BLI Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 10/25 | 10/31 | 5176 | 5110 | 5109 | 0.2% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| BLI Buyer, Inc. | Revolver | SOFR + 5.00%, 8.8% Cash | 10/25 | 10/31 |  | (12) | (13) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Clydesdale Acquisition Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.0% Cash | 10/25 | 04/32 | 1995 | 1983 | 1992 | 0.1% | <sup>(8)(15)(33)</sup> |
| Cosmelux International | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.5% Cash | 05/21 | 09/31 | 2933 | 2747 | 2895 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Diversified Packaging Holdings LLC | Second Lien Senior Secured Term Loan | 11.0% Cash, 1.5% PIK | 06/24 | 06/29 | 1022 | 1008 | 1008 | —% | <sup>(7)(8)(30)</sup> |
| Five Star Holding LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.0% Cash | 11/25 | 05/29 | 2494 | 2497 | 2479 | 0.1% | <sup>(8)(16)(33)</sup> |
| Five Star Holding LLC | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 11.1% Cash | 05/22 | 05/30 | 7152 | 7063 | 7152 | 0.3% | <sup>(7)(8)(16)(30)</sup> |
| Mauser Packaging Solutions Holding Co | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 11/25 | 04/30 | 2868 | 2839 | 2805 | 0.1% | <sup>(8)(16)(33)</sup> |
| Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 09/24 | 09/30 | 5420 | 5371 | 5420 | 0.2% | <sup>(7)(8)(16)(30)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Media Recovery, Inc. (SpotSee) | First Lien Senior Secured Term Loan | SONIA + 4.50%, 8.2% Cash | 09/24 | 09/30 | $10612 | $10484 | $10612 | 0.4% | <sup>(7)(8)(18)(30)</sup> |
| Media Recovery, Inc. (SpotSee) | Revolver | SOFR + 4.50%, 8.2% Cash | 09/24 | 09/30 |  | (17) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Media Recovery, Inc. (SpotSee) | Revolver | SONIA + 4.50%, 8.2% Cash | 09/24 | 09/30 |  | (22) |  | —% | <sup>(7)(8)(18)(31)</sup><br><sup>(32)</sup> |
| Mold-Rite Plastics, LLC | Second Lien Second Out Term Loan | SOFR + 1.50%, 5.3% Cash, 2.3% PIK | 06/24 | 10/28 | 5 | (141) | 3 | —% | <sup>(16)(31)(33)</sup> |
| MSI Express Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 03/25 | 03/31 | 10854 | 10690 | 10676 | 0.4% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| MSI Express Inc. | Revolver | SOFR + 3.75%, 7.4% Cash | 03/25 | 03/31 | 2675 | 2635 | 2626 | 0.1% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| OG III B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.7% Cash | 06/21 | 06/28 | 16425 | 16328 | 15850 | 0.6% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Plastipak Packaging Inc. | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 10/25 | 09/32 | 1000 | 1002 | 1002 | —% | <sup>(8)(15)(33)</sup> |
| Pregis Topco LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 12/25 | 02/29 | 997 | 1006 | 1005 | —% | <sup>(8)(15)(33)</sup> |
| ProAmpac Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.8% Cash | 10/25 | 09/28 | 2494 | 2500 | 2495 | 0.1% | <sup>(8)(16)(33)</sup> |
| Ring Container Technologies Group LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 11/25 | 09/32 | 998 | 998 | 1000 | —% | <sup>(8)(15)(33)</sup> |
| Tank Holding Corp | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 03/22 | 03/28 | 13843 | 13706 | 13705 | 0.5% | <sup>(6)(7)(8)(15)</sup> |
| Tank Holding Corp | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.8% Cash | 05/23 | 03/28 | 6659 | 6556 | 6606 | 0.2% | <sup>(7)(8)(15)(32)</sup> |
| Tank Holding Corp | Revolver | SOFR + 5.75%, 9.6% Cash | 03/22 | 03/28 |  | (6) | (7) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| TricorBraun Holdings Inc | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.0% Cash | 08/25 | 03/31 | 2516 | 2504 | 2430 | 0.1% | <sup>(8)(15)(33)</sup> |
| Trident TPI Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.4% Cash | 04/25 | 09/28 | 2494 | 2369 | 2391 | 0.1% | <sup>(8)(16)(32)(33)</sup> |
| **Subtotal Containers, Packaging, & Glass (3.5%)\*** | **Subtotal Containers, Packaging, & Glass (3.5%)\*** | **Subtotal Containers, Packaging, & Glass (3.5%)\*** |  |  | **100632** | **99198** | **99241** |  |  |
| **Energy: Electricity** | **Energy: Electricity** |  |  |  |  |  |  |  |  |
| WWEC Holdings III Corp | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 10/22 | 10/28 | 9071 | 8833 | 8976 | 0.3% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| WWEC Holdings III Corp | Revolver | SOFR + 5.00%, 8.7% Cash | 10/22 | 10/28 |  | (34) | (20) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| **Subtotal Energy: Electricity (0.3%)\*** | **Subtotal Energy: Electricity (0.3%)\*** |  |  |  | **9071** | **8799** | **8956** |  |  |
| **Environmental Industries** | **Environmental Industries** |  |  |  |  |  |  |  |  |
| CTS US BIDCO, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.8% Cash | 11/25 | 11/31 | 2370 | 2324 | 2323 | 0.1% | <sup>(3)(7)(8)(16)</sup><br><sup>(32)</sup> |
| Entact Environmental Services, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 05/21 | 01/27 | 1760 | 1756 | 1760 | 0.1% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Northstar Recycling, LLC | First Lien Senior Secured Term Loan | SOFR + 4.65%, 8.3% Cash | 06/22 | 12/30 | 23702 | 23463 | 23484 | 0.8% | <sup>(7)(8)(16)(30)</sup> |
| Northstar Recycling, LLC | Revolver | SOFR + 4.65%, 8.3% Cash | 06/22 | 12/30 |  | (36) | (33) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Reworld Holding Corp | First Lien Senior Secured Term Loan | SOFR + 2.25%, 6.1% Cash | 12/25 | 01/31 | 1471 | 1469 | 1471 | 0.1% | <sup>(8)(16)(33)</sup> |
| **Subtotal Environmental Industries (1.0%)\*** | **Subtotal Environmental Industries (1.0%)\*** |  |  |  | **29303** | **28976** | **29005** |  |  |
| **Forest Products & Paper** | **Forest Products & Paper** |  |  |  |  |  |  |  |  |
| Journey Personal Care Corp | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.6% Cash | 12/25 | 03/28 | 997 | 997 | 992 | —% | <sup>(7)(8)(15)(33)</sup> |
| **Subtotal Forest Products & Paper (—%)\*** | **Subtotal Forest Products & Paper (—%)\*** |  |  |  | **997** | **997** | **992** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| A.T. Holdings II LTD | First Lien Senior Secured Term Loan | 6.7% Cash, 7.6% PIK | 11/22 | 09/29 | 16799 | 14250 | 9055 | 0.3% | <sup>(3)(7)(29)(32)</sup> |
| Aldinger Company | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 10/25 | 10/30 | 583 | 474 | 469 | —% | <sup>(7)(8)(16)(30)</sup> <br><sup>(31)</sup> |
| Amalfi Midco | Second Lien Senior Secured Term Loan | 15.5% Cash | 09/22 | 10/28 | 361 | 350 | 361 | —% | <sup>(3)(7)(32)</sup> |
| Amalfi Midco | Subordinated Loan Notes | 2.0% Cash, 9.0% PIK | 09/22 | 09/28 | 6972 | 5991 | 6575 | 0.2% | <sup>(3)(7)(32)</sup> |
| Astra Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.1% Cash | 11/21 | 11/28 | 542 | 493 | 542 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Astra Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.00%, 8.7% Cash | 11/21 | 11/28 | $3158 | $3067 | $3158 | 0.1% | <sup>(3)(7)(8)(20)</sup> <br><sup>(30)</sup> |
| Athenahealth Group Inc | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 10/25 | 02/29 | 1992 | 1992 | 1995 | 0.1% | <sup>(8)(15)(33)</sup> |
| Avance Clinical Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 4.50%, 8.2% Cash | 11/21 | 11/27 | 1876 | 1963 | 1876 | 0.1% | <sup>(3)(7)(8)(13)</sup> <br><sup>(30)(31)</sup> |
| Aveanna Healthcare, LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.5% Cash | 09/25 | 09/32 | 2078 | 2057 | 2089 | 0.1% | <sup>(3)(8)(15)(33)</sup> |
| Azalea Topco Inc | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 07/25 | 04/31 | 3985 | 3985 | 3990 | 0.1% | <sup>(8)(15)(33)</sup> |
| Bausch + Lomb Corp | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.5% Cash | 12/25 | 01/31 | 2655 | 2664 | 2679 | 0.1% | <sup>(3)(8)(16)(33)</sup> |
| Canadian Orthodontic Partners Corp. | Super Senior Secured Term Loan | 15.0% PIK | 04/24 | 12/26 | 98 | 96 | 268 | —% | <sup>(3)(7)(30)(31)</sup> |
| Canadian Orthodontic Partners Corp. | First Lien Senior Secured Term Loan | CORRA + 7.00%, 10.3% PIK  | 06/21 | 12/26 | 5544 | 4893 | 426 | —% | <sup>(3)(7)(8)(22)</sup> <br><sup>(28)(30)</sup> |
| Ceres Pharma NV | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.1% Cash | 10/21 | 10/28 | 4974 | 4673 | 4916 | 0.2% | <sup>(3)(7)(8)(11)</sup> <br><sup>(30)</sup> |
| Ceres Pharma NV | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.1% Cash | 05/25 | 05/30 | 3855 | 3737 | 3855 | 0.1% | <sup>(3)(7)(8)(10)</sup> <br><sup>(30)(31)</sup> |
| Charlotte Buyer Inc. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.0% Cash | 10/25 | 02/28 | 2992 | 2978 | 2935 | 0.1% | <sup>(8)(15)(33)</sup> |
| Coherus Biosciences, Inc. | First Lien Senior Secured Term Loan | SOFR + 8.00%, 11.7% Cash | 05/24 | 05/29 | 9977 | 9756 | 9908 | 0.3% | <sup>(7)(8)(16)(32)</sup> |
| EB Development | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.5% Cash | 11/24 | 11/31 | 7703 | 6682 | 7660 | 0.3% | <sup>(3)(7)(8)(10) (30)(31)</sup> |
| Ensemble RCM LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.8% Cash | 10/25 | 08/29 | 997 | 1002 | 1002 | —% | <sup>(8)(16)(33)</sup> |
| ExamWorks Group Inc. | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 12/25 | 11/28 | 1126 | 1135 | 1132 | —% | <sup>(8)(15)(33)</sup> |
| Faraday | First Lien Senior Secured Term Loan | EURIBOR + 5.85%, 7.9% Cash | 01/23 | 01/29 | 3578 | 3297 | 3575 | 0.1% | <sup>(3)(7)(8)(10) (30)(32)</sup> |
| Finexvet | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.1% Cash, 3.3% PIK | 03/22 | 03/29 | 10978 | 10131 | 10154 | 0.4% | <sup>(3)(7)(8)(11) (30)(32)</sup> |
| Forest Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 03/24 | 03/30 | 57502 | 56932 | 57192 | 2.0% | <sup>(7)(8)(16)(30)</sup> |
| Forest Buyer, LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 03/24 | 03/30 |  | (31) | (15) | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| GCDL LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.6% Cash | 08/24 | 08/30 | 507 | 501 | 501 | —% | <sup>(7)(8)(16)(30) (31)(32)</sup> |
| GCDL LLC | Revolver | SOFR + 6.00%, 9.6% Cash | 08/24 | 08/30 |  | (1) | (1) | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| GenesisCare | First Lien Senior Secured Term Loan | BBSY + 4.75%, 8.5% Cash | 08/25 | 08/31 | 3408 | 3167 | 3296 | 0.1% | <sup>(3)(7)(8)(13)</sup> <br><sup>(30)(31)</sup> |
| Genmab A/S | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 11/25 | 12/32 | 1879 | 1869 | 1887 | 0.1% | <sup>(3)(8)(16)(33)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.0% PIK | 06/22 | 06/29 | 505 | 444 |  | —% | <sup>(3)(7)(8)(9)</sup> <br><sup>(28)(30)</sup> |
| GPNZ II GmbH | First Lien Senior Secured Term Loan | 10.0% PIK | 06/22 | 06/29 | 509 | 476 | 239 | —% | <sup>(3)(7)(31)(32)</sup> |
| Groupe Product Life | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.0% Cash | 10/22 | 10/29 | 12935 | 12045 | 12481 | 0.4% | <sup>(3)(7)(8)(10)</sup> <br><sup>(30)(31)</sup> |
| HeartHealth Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.25%, 8.9% Cash | 09/22 | 09/28 | 811 | 772 | 714 | —% | <sup>(3)(7)(8)(13)</sup> <br><sup>(30)(31)</sup> |
| Heartland Veterinary Partners, LLC | Subordinated Term Loan | 11.0% PIK | 11/21 | 12/28 | 8656 | 8589 | 8137 | 0.3% | <sup>(7)(32)</sup> |
| HemaSource, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/23 | 08/29 | 6816 | 6582 | 6623 | 0.2% | <sup>(6)(7)(8)(15)</sup> <br><sup>(31)(30)</sup> |
| HemaSource, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 08/23 | 08/29 |  | (51) | (33) | —% | <sup>(7)(8)(15)(31)</sup> <br><sup>(32)</sup> |
| Home Care Assistance, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.9% Cash, 1.0% PIK | 05/21 | 09/27 | 1548 | 1518 | 1316 | —% | <sup>(7)(8)(16)(30)</sup><br><sup>(32)</sup> |
| Jon Bidco Limited | First Lien Senior Secured Term Loan | BKBM + 4.00%, 6.5% Cash | 09/25 | 03/27 | 4001 | 4731 | 3957 | 0.1% | <sup>(3)(7)(8)(23)</sup> <br><sup>(30)(31)</sup> |
| Keystone Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.4% Cash | 08/24 | 08/31 | 931 | 863 | 931 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(31)</sup> |
| Keystone Bidco B.V. | Revolver | EURIBOR + 5.25%, 7.4% Cash | 08/24 | 05/31 | 11 | 9 | 11 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(31)(32)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Lambir Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.1% Cash | 12/21 | 12/28 | $2889 | $2711 | $2771 | 0.1% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(31)</sup> |
| Lambir Bidco Limited | Second Lien Senior Secured Term Loan | 12.0% PIK | 12/21 | 06/29 | 1089 | 1026 | 1003 | —% | <sup>(3)(7)(32)</sup> |
| Listrac Bidco Limited | Super Senior Secured Term Loan | SONIA + 12.00%, 16.0% Cash | 02/23 | 08/26 | 182 | 160 | 190 | —% | <sup>(3)(7)(20)(32)</sup> |
| Listrac Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.00%, 10.0% Cash | 02/23 | 02/27 | 1065 | 946 | 1065 | —% | <sup>(3)(7)(20)(32)</sup> |
| Median B.V. | First Lien Senior Secured Term Loan | SONIA + 5.93%, 9.8% Cash | 02/22 | 10/27 | 6658 | 6628 | 6487 | 0.2% | <sup>(3)(8)(19)(30)</sup> |
| Medical Solutions Parent Holdings, Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.00%, 10.9% Cash | 11/21 | 11/29 | 4421 | 4378 | 897 | —% | <sup>(8)(16)(32)</sup> |
| Mertus 522. GmbH | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.1% Cash | 05/21 | 05/28 | 466 | 473 | 455 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| Mertus 522. GmbH | First Lien Senior Secured Term Loan | EURIBOR + 7.50%, 9.5% Cash | 05/21 | 05/28 | 3836 | 3674 | 3786 | 0.1% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| Moonlight Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.10%, 8.8% Cash | 07/23 | 07/30 | 1998 | 1894 | 1998 | 0.1% | <sup>(3)(7)(8)(19)</sup><br><sup>(31)(32)</sup> |
| Napa Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 8.7% Cash | 03/22 | 03/28 | 13082 | 13966 | 13082 | 0.5% | <sup>(3)(7)(8)(13)</sup><br><sup>(30)</sup> |
| Napa Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 8.7% Cash | 12/25 | 12/30 | 10025 | 10040 | 9975 | 0.4% | <sup>(3)(7)(8)(13)</sup><br><sup>(30)</sup> |
| NAPA Management Services Corp | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.1% Cash | 02/22 | 02/29 | 6384 | 5896 | 4399 | 0.2% | <sup>(8)(15)(32)</sup> |
| NPM Investments 28 B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.18%, 7.2% Cash | 09/22 | 10/29 | 4785 | 4316 | 4785 | 0.2% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(31)(32)</sup> |
| Octane Purchaser Inc. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.0% Cash | 05/25 | 05/32 | 28788 | 28582 | 28612 | 1.0% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)(31)</sup> |
| Octane Purchaser Inc. | Revolver | SOFR + 4.25%, 8.0% Cash | 05/25 | 05/32 |  | (28) | (24) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Ocular Therapeutix, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.75%, 10.6% Cash | 08/23 | 07/29 | 7859 | 7699 | 9651 | 0.3% | <sup>(3)(7)(8)(15)</sup><br><sup>(32)</sup> |
| Oracle Vision Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.00%, 9.0% Cash | 06/21 | 06/28 | 7361 | 7130 | 6950 | 0.2% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)(31)</sup> |
| Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan | EURIBOR + 5.15%, 7.2% Cash  | 05/21 | 12/26 | 604 | 617 | 604 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Pare SAS (SAS Maurice MARLE) | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.7% Cash | 11/22 | 12/26 | 4062 | 4026 | 4062 | 0.1% | <sup>(3)(7)(8)</sup><br><sup>(16)(30)(31)</sup> |
| Parexel International Inc. | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 12/25 | 12/31 | 1748 | 1744 | 1753 | 0.1% | <sup>(8)(15)(33)</sup> |
| Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 8.25%, 12.0% Cash | 10/23 | 10/29 | 29 | 29 | 29 | —% | <sup>(7)(8)(15)(32)</sup> |
| Parkview Dental Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 8.30%, 12.0% Cash | 10/23 | 10/29 | 595 | 587 | 592 | —% | <sup>(7)(8)(15)(32)</sup> |
| Patterson Companies | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/25 | 04/32 | 1565 | 1408 | 1373 | —% | <sup>(8)(16)(33)</sup> |
| Pediatric Associates | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.3% Cash | 07/25 | 12/28 |  | (111) |  | —% | <sup>(8)(16)(32)</sup> |
| Radiology Partners Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 04/25 | 06/32 | 2574 | 2567 | 2567 | 0.1% | <sup>(8)(16)(32)</sup><br><sup>(33)</sup> |
| RadNet Management, Inc. | First Lien Senior Secured Term Loan | SOFR + 2.25%, 6.1% Cash | 11/25 | 04/31 | 998 | 1002 | 1000 | —% | <sup>(3)(8)(16)(33)</sup> |
| Raven Acquisition Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 04/25 | 11/31 | (134) | (134) | (134) | —% | <sup>(8)(15)(31)(32)</sup> |
| Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 06/22 | 07/29 | 18786 | 16906 | 18482 | 0.7% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(31)(32)</sup> |
| Sanoptis S.A.R.L. | First Lien Senior Secured Term Loan | SARON + 5.00%, 5.0% Cash | 06/22 | 07/29 | 7517 | 6349 | 7411 | 0.3% | <sup>(3)(7)(8)(25)</sup><br><sup>(30)(32)</sup> |
| SCP CDH Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 05/21 | 12/31 | 19192 | 18944 | 18944 | 0.7% | <sup>(7)(8)(15)(30)</sup><br><sup>(31)</sup> |
| SCP CDH Buyer, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/31 |  | (27) | (27) | —% | <sup>(7)(8)(16)(31)</sup> <br><sup>(32)</sup> |
| SCP Medical Products, LLC. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/25 | 06/31 | 20252 | 20015 | 20130 | 0.7% | <sup>(7)(8)(16)(30)</sup> |
| SCP Medical Products, LLC. | Revolver | SOFR + 4.75%, 8.4% Cash | 06/25 | 06/31 |  | (22) | (11) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| SSCP Pegasus Midco Limited | First Lien Senior Secured Term Loan | SONIA + 6.00%, 10.1% Cash | 05/21 | 11/27 | 1177 | 1178 | 1177 | —% | <sup>(3)(7)(8)(19)</sup><br><sup>(30)(32)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| SSCP Spring Bidco 3 Limited | First Lien Senior Secured Term Loan | SONIA + 6.45%, 10.4% Cash | 11/23 | 08/30 | $1030 | $939 | $1028 | —% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)</sup> |
| Star Parent Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 10/25 | 09/30 | 2494 | 2495 | 2496 | 0.1% | <sup>(8)(16)(33)</sup> |
| Swoop Intermediate III, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 04/25 | 04/32 | 32714 | 32512 | 32714 | 1.2% | <sup>(7)(8)(15)(30)</sup><br><sup>(31)</sup> |
| Swoop Intermediate III, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 04/25 | 04/32 |  | (35) |  | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| TA KHP Aggregator, L.P. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 06/25 | 06/32 | 21663 | 21239 | 21287 | 0.7% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| TA KHP Aggregator, L.P. | Revolver | SOFR + 4.25%, 7.9% Cash | 06/25 | 06/32 |  | (88) | (78) | —% | <sup>(7)(16)(31)(32)</sup> |
| TA KHP Aggregator, L.P. | Subordinated Term Loan | 12.5% Cash | 06/25 | 12/32 | 23605 | 23323 | 23409 | 0.8% | <sup>(7)(32)</sup> |
| Team Health Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.3% Cash | 08/25 | 06/28 | 2494 | 2494 | 2500 | 0.1% | <sup>(8)(16)(33)</sup> |
| Union Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 4.30%, 8.5% Cash | 06/22 | 06/29 | 2858 | 2564 | 2810 | 0.1% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)</sup> |
| Unither (Uniholding) | First Lien Senior Secured Term Loan | EURIBOR + 4.70%, 6.7% Cash | 03/23 | 03/30 | 2226 | 1976 | 2221 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(31)</sup> |
| Unosquare, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 06/25 | 06/31 | 9060 | 8879 | 8900 | 0.3% | <sup>(7)(8)(15)(30)</sup> <br><sup>(31)</sup> |
| Unosquare, LLC | Revolver | SOFR + 4.75%, 8.5% Cash | 06/25 | 06/31 |  | (27) | (24) | —% | <sup>(7)(8)(15)</sup><br><sup>(31)(32)</sup> |
| US Fertility Enterprises LLC | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 12/25 | 12/32 | 1044 | 1039 | 1047 | —% | <sup>(8)(16)(33)</sup> |
| VB Spine Intermediary II LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash, 4.4% PIK | 04/25 | 04/30 | 69010 | 66653 | 66664 | 2.3% | <sup>(7)(8)(16)(32)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (18.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (18.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (18.1%)\*** |  |  | **540893** | **522613** | **514864** |  |  |
| **High Tech Industries** | **High Tech Industries** |  |  |  |  |  |  |  |  |
| Ahead DB Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 11/25 | 02/31 | 1746 | 1741 | 1742 | 0.1% | <sup>(8)(16)(33)</sup> |
| Anthracite Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.3% Cash | 12/25 | 12/32 | 14380 | 14309 | 14308 | 0.5% | <sup>(7)(8)(15)(30)</sup> |
| Anthracite Buyer, Inc. | Revolver | SOFR + 4.50%, 8.3% Cash | 12/25 | 12/32 |  | (25) | (25) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Applied Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 11/25 | 02/31 | 1746 | 1753 | 1755 | 0.1% | <sup>(8)(16)(33)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.1% Cash, 3.2% PIK | 07/22 | 07/29 | 4442 | 3909 | 4082 | 0.1% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(32)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.1% Cash, 3.2% PIK | 07/22 | 07/29 | 276 | 273 | 254 | —% | <sup>(3)(7)(8)(17)</sup><br><sup>(30)(32)</sup> |
| Argus Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 4.00%, 8.0% Cash, 3.2% PIK | 07/22 | 07/29 | 3807 | 3472 | 3499 | 0.1% | <sup>(3)(7)(8)(20) (32)</sup> |
| Argus Bidco Limited | Second Lien Senior Secured Term Loan | 10.5% PIK | 07/22 | 07/29 | 2171 | 1965 | 1948 | 0.1% | <sup>(3)(7)(30)(32)</sup> |
| Bitly, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 11/25 | 11/31 | 77410 | 76649 | 76636 | 2.7% | <sup>(7)(8)(16)(30)</sup> |
| Bitly, Inc. | Revolver | SOFR + 4.75%, 8.6% Cash | 11/25 | 11/31 |  | (30) | (30) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Boxer Parent Company Inc. | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.8% Cash | 10/25 | 07/31 | 2500 | 2456 | 2492 | 0.1% | <sup>(8)(16)(32)(33)</sup> |
| CCC Intelligent Solutions Inc. | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.7% Cash | 12/25 | 01/32 | 416 | 416 | 417 | —% | <sup>(3)(8)(16)(33)</sup> |
| CH Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.2% Cash | 05/25 | 05/31 | 1766 | 1738 | 1766 | 0.1% | <sup>(7)(8)(16)(30)</sup> |
| CH Buyer, LLC | Revolver | SOFR + 6.25%, 10.2% Cash | 05/25 | 05/31 |  | (2) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Cloud Software Group Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 10/25 | 03/31 | 1994 | 1994 | 1995 | 0.1% | <sup>(8)(16)(33)</sup> |
| Clover Holdings 2 LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.5% Cash | 10/25 | 12/31 | 1497 | 1501 | 1496 | 0.1% | <sup>(8)(15)(33)</sup> |
| Contabo Finco <br>S.À R.L | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 7.5% Cash | 10/22 | 10/29 | 11367 | 9507 | 11367 | 0.4% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| CW Group Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 05/21 | 01/27 | 8040 | 7877 | 8040 | 0.3% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Delta Topco, Inc. | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.4% Cash | 09/25 | 11/29 | $2500 | $2497 | $2485 | 0.1% | <sup>(8)(16)(33)</sup> |
| Discovery Buyer, L.P. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 02/25 | 02/32 | 21777 | 21513 | 21555 | 0.8% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| Discovery Buyer, L.P. | Revolver | SOFR + 4.75%, 8.6% Cash | 02/25 | 02/32 |  | (24) | (20) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Durare Bidco, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 08/25 | 08/32 | 44545 | 44008 | 44055 | 1.6% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| Durare Bidco, LLC | Revolver | SOFR + 4.75%, 8.6% Cash | 08/25 | 08/32 |  | (111) | (102) | 1.6% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Dwyer Instruments, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 07/21 | 07/29 | 6727 | 6682 | 6727 | 0.2% | <sup>(7)(8)(16)(30)</sup> |
| Ellucian Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 11/25 | 10/29 | 1502 | 1508 | 1510 | 0.1% | <sup>(8)(15)(33)</sup> |
| Ensono Inc | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.8% Cash | 10/25 | 05/28 | 2529 | 2528 | 2526 | 0.1% | <sup>(8)(15)(31)(33)</sup> |
| Escape Velocity Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 10/25 | 10/32 | 1357 | 1352 | 1360 | —% | <sup>(8)(16)(31)(33)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 8.1% Cash, 1.0% PIK | 12/22 | 12/29 | 714 | 442 | 581 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.7% Cash, 1.0% PIK | 12/22 | 12/29 | 350 | 221 | 284 | —% | <sup>(3)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | First Lien Senior Secured Term Loan | SONIA + 6.00%, 10.3% Cash, 1.0% PIK | 12/22 | 12/29 | 1099 | 270 | 894 | —% | <sup>(3)(7)(8)(20)</sup><br><sup>(32)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | Second Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.2% PIK  | 10/25 | 10/32 | 4071 | 1400 |  | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(32)</sup> |
| EZ SMBO Bidco | First Lien Senior Secured Term Loan | CORRA + 5.00%, 7.8% Cash | 04/25 | 04/32 | 729 | 716 | 721 | —% | <sup>(3)(7)(8)(22)</sup><br><sup>(30)</sup> |
| EZ SMBO Bidco | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 04/25 | 04/32 | 1056 | 963 | 1038 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(31)</sup> |
| EZ SMBO Bidco | First Lien Senior Secured Term Loan | 8.0% PIK | 04/25 | 04/32 | 400 | 368 | 396 | —% | <sup>(3)(7)(32)</sup> |
| FinThrive Software Intermediate Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.8% Cash | 09/24 | 12/28 | 17699 | 16478 | 14190 | 0.5% | <sup>(8)(15)(32)(33)</sup> |
| FSS Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 04/25 | 08/31 | 40410 | 40410 | 40410 | 1.4% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)</sup> |
| Genesys Cloud Services Holdings II LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 12/25 | 01/32 | 1500 | 1499 | 1495 | 0.1% | <sup>(8)(15)(33)</sup> |
| Haystack Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 01/25 | 01/28 | 12566 | 12412 | 12546 | 0.4% | <sup>(6)(7)(8)(17)</sup><br><sup>(30)(31)</sup> |
| Haystack Holdings LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 01/25 | 01/28 |  | (15) | (2) | —% | <sup>(7)(8)(17)(31)</sup><br><sup>(32)</sup> |
| Heavy Construction Systems Specialists, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 11/21 | 11/28 | 22123 | 21952 | 22123 | 0.8% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Heavy Construction Systems Specialists, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 11/21 | 11/27 |  | (14) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| HW Holdco, LLC (Hanley Wood LLC) | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.8% Cash | 05/21 | 05/26 | 17980 | 17959 | 17980 | 0.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Kaseya, Inc. | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 09/25 | 03/32 | 2122 | 2128 | 2123 | 0.1% | <sup>(8)(15)(33)</sup> |
| Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.5% Cash | 05/22 | 05/29 | 738 | 716 | 731 | —% | <sup>(3)(7)(8)(17)</sup><br><sup>(30)(31)</sup> |
| Lattice Group Holdings Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.50%, 9.5% Cash | 05/22 | 05/29 | 155 | 155 | 154 | —% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)</sup> |
| Lattice Group Holdings Bidco Limited | Revolver | SOFR + 5.50%, 9.5% Cash | 05/22 | 11/28 | 18 | 17 | 18 | —% | <sup>(3)(7)(8)(17)</sup><br><sup>(31)(32)</sup> |
| Maia Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 12/25 | 11/32 | 12938 | 12712 | 12711 | 0.4% | <sup>(3)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Maia Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.2% Cash | 12/25 | 11/32 | 4512 | 4355 | 4372 | 0.2% | <sup>(3)(7)(8)(19)</sup><br><sup>(30)(31)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Maia Bidco Limited | Revolver | SONIA + 5.25%, 9.2% Cash | 12/25 | 11/32 | $— | $(30) | $— | —% | <sup>(3)(7)(8)(19)</sup><br><sup>(31)(32)</sup> |
| NAW Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 09/23 | 09/29 | 13258 | 12921 | 13156 | 0.5% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| NAW Buyer LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 09/23 | 09/29 |  | (36) | (12) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| NeoxCo | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 9.1% Cash | 01/23 | 01/30 | 2808 | 2535 | 2808 | 0.1% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| Next Holdco, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.1% Cash | 11/23 | 11/30 | 43315 | 42896 | 43129 | 1.5% | <sup>(7)(8)(16)(30)</sup> |
| Next Holdco, LLC | Revolver | SOFR + 5.25%, 9.1% Cash | 11/23 | 11/29 |  | (23) | (10) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| ORTEC INTERNATIONAL NEWCO B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 12/23 | 12/30 | 5368 | 4893 | 5368 | 0.2% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| OSP Hamilton Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.1% Cash | 12/21 | 12/29 | 25244 | 24838 | 24884 | 0.9% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)(32)</sup> |
| OSP Hamilton Purchaser, LLC | Revolver | SOFR + 5.25%, 9.1% Cash | 12/21 | 12/29 | 1231 | 1198 | 1204 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| OSP Lakeside Intermediate Holdings 2, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 10/25 | 10/31 | 25610 | 25237 | 25226 | 0.9% | <sup>(7)(8)(15)(30)</sup> |
| OSP Lakeside Intermediate Holdings 2, LLC | Revolver | SOFR + 5.50%, 9.2% Cash | 10/25 | 10/31 |  | (64) | (66) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| PDQ.Com Corporation | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 08/21 | 10/32 | 79327 | 78860 | 78905 | 2.8% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| PDQ.Com Corporation | Revolver | SOFR + 4.75%, 8.4% Cash | 10/25 | 10/32 | 1890 | 1882 | 1881 | 0.1% | <sup>(7)(8)(16)(32)</sup> |
| Perforce Software, Inc. | Second Lien Senior Secured Term Loan | SOFR + 8.00%, 11.8% Cash | 05/21 | 07/27 | 6497 | 6474 | 6445 | 0.2% | <sup>(7)(8)(15)(30)</sup> |
| Ping Identity Holding Corp | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.6% Cash | 10/25 | 11/32 | 2067 | 2068 | 2069 | 0.1% | <sup>(8)(16)(33)</sup> |
| PowerGEM Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 11/24 | 11/31 | 15769 | 15710 | 15664 | 0.6% | <sup>(7)(8)(16)(30) (31)</sup> |
| PowerGEM Buyer, Inc. | Revolver | SOFR + 5.00%, 8.8% Cash | 11/24 | 11/31 |  | (31) | (23) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| ProfitOptics, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 03/22 | 03/28 | 638 | 633 | 638 | —% | <sup>(7)(8)(15)(30)</sup> |
| ProfitOptics, LLC | Revolver | SOFR + 5.75%, 9.6% Cash | 03/22 | 03/28 |  | (1) |  | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| ProfitOptics, LLC | Senior Subordinated Term Loan | 8.0% Cash | 03/22 | 03/29 | 32 | 32 | 31 | —% | <sup>(7)(32)</sup> |
| Project Alpha Intermediate Holding Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 10/25 | 10/30 | 3000 | 3007 | 2993 | 0.1% | <sup>(8)(16)(33)</sup> |
| Project Ruby Ultimate Parent Corp | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.6% Cash | 11/25 | 03/28 | 1395 | 1402 | 1398 | —% | <sup>(8)(15)(33)</sup> |
| Pro-Vision Solutions Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 09/24 | 09/30 | 12312 | 12168 | 12263 | 0.4% | <sup>(7)(8)(15)(30)</sup> |
| Pro-Vision Solutions Holdings, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 09/24 | 09/30 | 232 | 195 | 219 | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 05/22 | 05/29 | 960 | 853 | 960 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| PSP Intermediate 4, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.4% Cash | 05/22 | 05/29 | 1411 | 1397 | 1411 | —% | <sup>(3)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Renaissance Learning, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 05/25 | 04/30 | 2494 | 2290 | 2172 | 0.1% | <sup>(8)(15)(32)(33)</sup> |
| Saab Purchaser, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 11/24 | 11/31 | 50426 | 49840 | 49846 | 1.8% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| Saab Purchaser, Inc. | Revolver | SOFR + 4.75%, 8.4% Cash | 11/24 | 11/31 |  | (50) | (51) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Scout Bidco B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 7.8% Cash | 05/22 | 05/29 | 4267 | 3839 | 3930 | 0.1% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| Scout Bidco B.V. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 10.0% Cash | 08/23 | 05/29 | 508 | 508 | 468 | —% | <sup>(3)(7)(8)(17)</sup><br><sup>(30)</sup> |
| Scout Bidco B.V. | Revolver | EURIBOR + 5.50%, 7.5% Cash | 05/22 | 05/29 | 227 | 221 | 182 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(31)(32)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Sinari Invest | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.5% Cash | 07/23 | 07/30 | $2146 | $1951 | $1872 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(31)</sup> |
| Sonicwall US Holdings Inc | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 06/25 | 05/28 | 33679 | 33118 | 21513 | 0.8% | <sup>(8)(16)(32)</sup> |
| Sovos Compliance LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.0% Cash | 07/25 | 08/29 | 1995 | 2002 | 2000 | 0.1% | <sup>(8)(15)(33)</sup> |
| Starlight Parent LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 11/25 | 04/32 | 1500 | 1495 | 1496 | 0.1% | <sup>(8)(16)(33)</sup> |
| Syntax Midco 2 Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 10/25 | 10/32 | 21842 | 21493 | 21485 | 0.8% | <sup>(7)(8)(15) (30)(31)</sup> |
| Syntax Midco 2 Inc. | Revolver | SOFR + 4.75%, 8.5% Cash | 10/25 | 10/32 | 1664 | 1600 | 1599 | 0.1% | <sup>(7)(8)(15) (31)(32)</sup> |
| UKG Inc (f/k/a Ultimate Software) | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.3% Cash | 11/25 | 02/31 | 1995 | 1998 | 1996 | 0.1% | <sup>(8)(16)(33)</sup> |
| Vision Solutions Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 8.1% Cash | 04/25 | 04/28 | 997 | 937 | 923 | —% | <sup>(8)(16)(33)</sup> |
| White Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 10/23 | 10/30 | 2275 | 2232 | 2247 | 0.1% | <sup>(3)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Zelda Luxco S.A.S | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.2% Cash | 07/25 | 07/32 | 1662 | 1607 | 1625 | 0.1% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(31)</sup> |
| **Subtotal High Tech Industries (24.6%)\*** | **Subtotal High Tech Industries (24.6%)\*** |  |  |  | **725716** | **708695** | **698447** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Bally's Corp | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.4% Cash | 12/25 | 10/28 | 1495 | 1478 | 1472 | 0.1% | <sup>(3)(8)(15)(33)</sup> |
| Bingo Holdings I LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/25 | 06/32 | 2429 | 2416 | 2380 | 0.1% | <sup>(8)(16)(33)</sup> |
| Featherstone Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.9% Cash | 11/25 | 05/31 | 1102 | 1102 | 1102 | —% | <sup>(3)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Featherstone Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.00%, 9.8% Cash | 05/25 | 05/31 | 1427 | 1399 | 1427 | 0.1% | <sup>(3)(7)(8)(19)</sup><br><sup>(30)</sup> |
| J&J Ventures Gaming, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 08/25 | 04/30 | 50000 | 49536 | 49600 | 1.7% | <sup>(7)(8)(15)(30)</sup> |
| Scientific Games Holdings LP | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.9% Cash | 09/25 | 04/29 | 3482 | 3458 | 3417 | 0.1% | <sup>(8)(16)(33)</sup> |
| SGH2 LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 11/25 | 08/32 | 998 | 1002 | 1000 | —% | <sup>(8)(16)(33)</sup> |
| Travel Corp | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 08/25 | 10/31 | 2480 | 2447 | 2415 | 0.1% | <sup>(8)(17)(33)</sup> |
| Travel + Leisure Co | First Lien Senior Secured Term Loan | SOFR + 2.00%, 5.7% Cash | 12/25 | 12/29 | 1750 | 1750 | 1751 | 0.1% | <sup>(3)(8)(16)(33)</sup> |
| Voyager Parent LLC (f/k/a IGT/Everi) | First Lien Senior Secured Term Loan | SOFR + 4.25%, 7.9% Cash | 12/25 | 07/32 | 1786 | 1786 | 1785 | 0.1% | <sup>(8)(16)(33)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (2.3%)\*** | **Subtotal Hotel, Gaming, & Leisure (2.3%)\*** |  |  |  | **66949** | **66374** | **66349** |  |  |
| **Media: Advertising, Printing, & Publishing** | **Media: Advertising, Printing, & Publishing** |  |  |  |  |  |  |  |  |
| ASC Communications, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 07/22 | 07/28 | 56412 | 56063 | 56034 | 2.0% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)</sup> |
| ASC Communications, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 07/22 | 07/28 |  | (3) | (4) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| CMG Media Corp | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.3% Cash | 04/25 | 06/29 | 11762 | 11352 | 10945 | 0.4% | <sup>(8)(16)(32)</sup> |
| Liftoff Mobile, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 08/25 | 09/32 | 2500 | 2475 | 2502 | 0.1% | <sup>(8)(15)(33)</sup> |
| Superjet Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash | 12/21 | 05/30 | 17802 | 17453 | 17518 | 0.6% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| Superjet Buyer, LLC | Revolver | SOFR + 5.00%, 8.8% Cash | 12/21 | 05/30 |  | (27) | (22) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| **Subtotal Media: Advertising, Printing, & Publishing (3.1%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (3.1%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (3.1%)\*** |  |  | **88476** | **87313** | **86973** |  |  |
| **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |
| Creative Artists Agency LLC | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 10/25 | 10/31 | 1397 | 1399 | 1401 | —% | <sup>(8)(15)(33)</sup> |
| DIRECTV | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.4% Cash | 04/25 | 08/29 |  | (19) |  | —% | <sup>(8)(16)(32)</sup> |
| Music Reports, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.3% Cash | 05/21 | 08/26 | 2441 | 2435 | 2394 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| Neptune Bidco US Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.0% Cash | 05/25 | 04/29 |  | (81) |  | —% | <sup>(8)(16)(32)</sup> |
| The Octave Music Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/24 | 03/29 | 16870 | 16682 | 16385 | 0.6% | <sup>(8)(16)(30)(32)</sup><br><sup>(33)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Versant Media Group Inc. | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 10/25 | 10/30 | $2349 | $2337 | $2348 | 0.1% | <sup>(8)(16)(33)</sup> |
| **Subtotal Media: Broadcasting & Subscription (0.8%)\*** | **Subtotal Media: Broadcasting & Subscription (0.8%)\*** | **Subtotal Media: Broadcasting & Subscription (0.8%)\*** |  |  | **23057** | **22753** | **22528** |  |  |
| **Media: Diversified & Production** | **Media: Diversified & Production** |  |  |  |  |  |  |  |  |
| BrightSign LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 10/21 | 10/27 | 10656 | 10619 | 10656 | 0.4% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)</sup> |
| BrightSign LLC | Revolver | SOFR + 5.25%, 9.0% Cash | 10/21 | 10/27 | 831 | 828 | 831 | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| CM Acquisitions Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.1% Cash, 2.5% PIK | 05/21 | 04/28 | 8908 | 8905 | 8908 | 0.3% | <sup>(7)(8)(17)(30)</sup> |
| Footco 40 Limited | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.5% Cash | 04/22 | 04/29 | 247 | 223 | 247 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Footco 40 Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 10.2% Cash | 04/22 | 04/29 | 1718 | 1645 | 1714 | 0.1% | <sup>(3)(7)(8)(19)</sup><br><sup>(30)</sup> |
| Iridium Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 10.8% Cash, 1.5% PIK | 05/21 | 03/26 | 6068 | 5955 | 5619 | 0.2% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)</sup> |
| Murphy Midco Limited | First Lien Senior Secured Term Loan | SONIA + 5.75%, 10.0% Cash | 05/21 | 11/27 | 793 | 801 | 706 | —% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)(32)</sup> |
| Rock Labor LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 09/23 | 09/29 | 5517 | 5401 | 5517 | 0.2% | <sup>(7)(8)(15)(30)</sup> |
| Rock Labor LLC | Revolver | SOFR + 5.50%, 9.2% Cash | 09/23 | 09/29 |  | (18) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Screenvision, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.9% Cash | 04/25 | 04/30 | 71718 | 70445 | 70478 | 2.5% | <sup>(7)(8)(16)(32)</sup> |
| Screenvision, LLC | Revolver | SOFR + 5.00%, 8.9% Cash | 04/25 | 04/30 |  | (147) | (147) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Screenvision, LLC | Second Lien Senior Secured Term Loan | SOFR + 8.50%, 12.4% Cash | 04/25 | 04/30 | 14442 | 13923 | 13943 | 0.5% | <sup>(7)(8)(16)(32)</sup> |
| Solo Buyer, L.P. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.0% Cash | 12/22 | 11/29 | 16150 | 15888 | 15746 | 0.6% | <sup>(7)(8)(16)(32)</sup> |
| Solo Buyer, L.P. | Revolver | SOFR + 6.25%, 10.0% Cash | 12/22 | 12/28 | 864 | 840 | 814 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Vital Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.3% Cash | 06/21 | 06/30 | 61525 | 60858 | 61227 | 2.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)(32)</sup> |
| **Subtotal Media: Diversified & Production (6.9%)\*** | **Subtotal Media: Diversified & Production (6.9%)\*** | **Subtotal Media: Diversified & Production (6.9%)\*** |  |  | **199437** | **196166** | **196259** |  |  |
| **Metals & Mining** | **Metals & Mining** |  |  |  |  |  |  |  |  |
| SCIH Salt Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 11/25 | 01/29 | 1200 | 1200 | 1202 | —% | <sup>(8)(15)(33)</sup> |
| **Subtotal Metals & Mining (—%)\*** | **Subtotal Metals & Mining (—%)\*** |  |  |  | **1200** | **1200** | **1202** |  |  |
| **Services: Business** | **Services: Business** |  |  |  |  |  |  |  |  |
| ABC Legal Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.1% Cash | 08/25 | 08/32 | 5625 | 5556 | 5562 | 0.2% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| ABC Legal Holdings, LLC | Revolver | SOFR + 4.25%, 8.1% Cash | 08/25 | 08/32 |  | (15) | (13) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Accelevation LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.4% Cash | 01/25 | 01/31 | 3554 | 3504 | 3554 | 0.1% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)(31)</sup> |
| Accelevation LLC | Revolver | SOFR + 4.50%, 8.4% Cash | 01/25 | 01/31 | 152 | 141 | 152 | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Acclime Holdings HK Limited | First Lien Senior Secured Term Loan | SOFR + 6.23%, 10.3% Cash | 08/21 | 08/27 | 17173 | 16945 | 17173 | 0.6% | <sup>(3)(7)(8)(17)</sup><br><sup>(30)</sup> |
| Acclime Holdings HK Limited | Subordinated Term Loan | 15.0% Cash | 05/25 | 04/30 | 327 | 321 | 327 | —% | <sup>(3)(7)(30)</sup> |
| Acogroup | First Lien Senior Secured Term Loan | EURIBOR + 2.90%, 6.4% PIK, 4.0% PIK | 05/21 | 04/28 | 30875 | 28570 | 11887 | 0.4% | <sup>(3)(7)(8)(10)</sup><br><sup>(28)(32)</sup> |
| Acogroup | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.4% PIK | 05/21 | 10/26 | 1573 | 1580 | 606 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(28)(30)</sup> |
| AD Bidco, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.0% Cash | 03/24 | 03/30 | 18757 | 18394 | 18757 | 0.7% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| AD Bidco, Inc. | Revolver | SOFR + 5.25%, 9.0% Cash | 03/24 | 03/30 |  | (33) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Adhefin International | First Lien Senior Secured Term Loan | EURIBOR + 5.10%, 7.1% Cash | 05/23 | 05/30 | 2376 | 2202 | 2311 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(31)(32)</sup> |
| AlliA Insurance Brokers NV | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.1% Cash | 03/23 | 03/30 | 5510 | 4938 | 5510 | 0.2% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| Apex Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 7.00%, 10.8% Cash | 05/21 | 01/27 | 1384 | 1308 | 1371 | —% | <sup>(3)(7)(8)(19)</sup><br><sup>(30)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ARC Interco Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 11/25 | 11/31 | $6051 | $5968 | $5967 | 0.2% | <sup>(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| ARC Interco Purchaser, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 11/25 | 11/31 |  | (14) | (15) | —% | <sup>(7)(8)(16)</sup><br><sup>(31)(32)</sup> |
| Artemis Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 11/24 | 11/31 | 629 | 563 | 618 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(31)</sup> |
| Ascend Learning, LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 10/25 | 12/28 | 1247 | 1247 | 1250 | —% | <sup>(8)(15)(33)</sup> |
| Ascensus Holdings Inc | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 11/25 | 11/32 | 3000 | 2999 | 2995 | 0.1% | <sup>(8)(15)(33)</sup> |
| Auxi International | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.3% Cash | 05/21 | 12/26 | 352 | 361 | 335 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| AWP Group Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 05/21 | 12/30 | 24747 | 24747 | 24747 | 0.9% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)(32)</sup> |
| Azalea Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.1% Cash | 11/21 | 11/27 | 4738 | 4704 | 4738 | 0.2% | <sup>(6)(7)(8)(15)</sup> |
| Azalea Buyer, Inc. | Revolver | SOFR + 5.25%, 9.1% Cash | 11/21 | 11/27 |  | (3) |  | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Azalea Buyer, Inc. | Subordinated Term Loan | 12.0% PIK | 11/21 | 05/28 | 2042 | 2031 | 2042 | 0.1% | <sup>(7)(32)</sup> |
| Basin Innovation Group, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 12/24 | 12/30 | 15143 | 14946 | 15143 | 0.5% | <sup>(6)(7)(8)(17)</sup><br><sup>(30)(31)</sup> |
| Basin Innovation Group, LLC | Revolver | SOFR + 4.75%, 8.5% Cash | 12/24 | 12/30 |  | (22) |  | —% | <sup>(7)(8)(17)(31)</sup><br><sup>(32)</sup> |
| BCPE Empire Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.0% Cash | 10/25 | 12/30 | 997 | 1000 | 985 | —% | <sup>(8)(15)(33)</sup> |
| Beta Finco BV | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.8% Cash | 11/25 | 11/32 | 1746 | 1676 | 1697 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(31)</sup> |
| Beta Finco BV | Revolver | EURIBOR + 4.75%, 6.8% Cash | 11/25 | 11/31 |  | (7) | (7) | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(31)(32)</sup> |
| BNI Global, LLC | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.4% Cash | 02/24 | 05/27 | 37091 | 33880 | 37091 | 1.3% | <sup>(7)(8)(9)(30)</sup> |
| Bounteous, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 08/21 | 08/29 | 10232 | 10104 | 10232 | 0.4% | <sup>(7)(8)(15)(30)</sup><br><sup>(31)</sup> |
| Bounteous, Inc. | Revolver | SOFR + 4.75%, 8.5% Cash | 09/25 | 08/29 |  | (15) |  | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| British Engineering Services Holdco Limited | First Lien Senior Secured Term Loan | SONIA + 4.00%, 8.5% Cash, 3.8% PIK | 05/21 | 12/28 | 8536 | 8263 | 7302 | 0.3% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)(31)</sup> |
| Broadway Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 | 5458 | 5363 | 5362 | 0.2% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| Broadway Buyer, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/32 |  | (24) | (24) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Caldwell & Gregory LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 09/24 | 09/30 | 43257 | 42825 | 42870 | 1.5% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| Caldwell & Gregory LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 09/24 | 09/30 |  | (44) | (44) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| CGI Parent, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.4% Cash | 02/22 | 02/28 | 34320 | 33952 | 34320 | 1.2% | <sup>(7)(8)(16)(30)</sup> |
| CGI Parent, LLC | Revolver | SOFR + 4.50%, 8.4% Cash | 02/22 | 02/28 |  | (12) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| CloudOne Digital Corp. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.2% Cash | 08/25 | 08/31 | 34465 | 34056 | 34092 | 1.2% | <sup>(7)(8)(16)(30)</sup> |
| CloudOne Digital Corp. | Revolver | SOFR + 5.00%, 9.2% Cash | 08/25 | 08/31 |  | (88) | (82) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Comply365, LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.9% Cash | 04/22 | 12/29 | 6772 | 6713 | 6772 | 0.2% | <sup>(7)(8)(16)(30)</sup> |
| Comply365, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.2% Cash | 04/22 | 12/29 | 17104 | 16855 | 17104 | 0.6% | <sup>(7)(8)(16)(30)</sup> |
| Comply365, LLC | Revolver | SOFR + 5.00%, 8.9% Cash | 04/22 | 12/29 | 153 | 149 | 153 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| CoreLogic Inc. | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.3% Cash | 12/25 | 06/28 | 1496 | 1503 | 1496 | 0.1% | <sup>(8)(15)(33)</sup> |
| Coyo Uprising GmbH | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash, 0.3% PIK | 09/21 | 09/28 | 12746 | 12398 | 12436 | 0.4% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(31)</sup> |
| Darktrace Finco US LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.2% Cash | 11/25 | 10/31 | 1278 | 1275 | 1282 | —% | <sup>(8)(15)(33)</sup> |
| Dawn Bidco LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 6.9% Cash | 10/25 | 10/32 | 2000 | 1995 | 1993 | 0.1% | <sup>(8)(16)(33)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| DISA Holdings Corp. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.6% Cash | 11/22 | 09/28 | $12708 | $12546 | $12708 | 0.4% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)(31)</sup> |
| DISA Holdings Corp. | Revolver | SOFR + 5.00%, 8.6% Cash | 11/22 | 09/28 | 342 | 327 | 342 | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Dunlipharder B.V. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.2% Cash | 06/22 | 06/28 | 1000 | 993 | 1000 | —% | <sup>(3)(7)(8)(16)</sup><br><sup>(30)</sup> |
| EFC International | Senior Unsecured Term Loan | 11.0% Cash, 2.5% PIK | 03/23 | 05/28 | 712 | 698 | 707 | —% | <sup>(7)(32)</sup> |
| Electric Equipment & Engineering Co. | First Lien Senior Secured Term Loan | 13.5% Cash | 12/24 | 12/30 | 318 | 313 | 318 | —% | <sup>(7)(30)</sup> |
| Endrix Newco | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.8% Cash | 12/25 | 12/32 | 3050 | 3302 | 3263 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(31)</sup> |
| Events Software BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 6.50%, 10.2% Cash | 03/22 | 03/28 | 1659 | 1826 | 1470 | 0.1% | <sup>(3)(7)(8)(13)</sup><br><sup>(30)(31)</sup> |
| Expert Institute Group Inc. | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.1% Cash | 03/25 | 03/32 | 3804 | 3739 | 3749 | 0.1% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| Expert Institute Group Inc. | Revolver | SOFR + 4.25%, 8.1% Cash | 03/25 | 03/32 |  | (17) | (15) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Fleet US Bidco INC | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.8% Cash | 12/25 | 02/31 | 998 | 1005 | 1001 | —% | <sup>(7)(8)(17)(33)</sup> |
| GI Consilio Parent LLC | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.5% Cash | 09/25 | 05/28 | 4472 | 3652 | 4067 | 0.1% | <sup>(8)(15)(32)(33)</sup> |
| Greenhill II BV | First Lien Senior Secured Term Loan | EURIBOR + 5.35%, 7.4% Cash | 07/22 | 07/29 | 1762 | 1579 | 1762 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(31)</sup> |
| HEKA Invest | First Lien Senior Secured Term Loan | EURIBOR + 6.20%, 8.2% Cash | 10/22 | 10/29 | 11002 | 9757 | 11002 | 0.4% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(32)</sup> |
| HS Advisory Buyer LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 03/25 | 03/30 | 25900 | 25529 | 25611 | 0.9% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| HS Advisory Buyer LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 03/25 | 03/30 |  | (35) | (28) | —% | <sup>(7)(8)(16)</sup><br><sup>(31)(32)</sup> |
| HSL Compliance | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.0% Cash | 03/25 | 03/32 | 1530 | 1424 | 1487 | 0.1% | <sup>(3)(7)(8)(19)</sup><br><sup>(30)</sup> |
| Hydratech Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 8.9% Cash | 09/24 | 12/29 | 9596 | 9501 | 9489 | 0.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| Hydratech Holdings, Inc. | Revolver | SOFR + 5.25%, 8.9% Cash | 09/24 | 12/29 | 654 | 644 | 643 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Infoniqa Holdings GmbH | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 6.8% Cash | 11/21 | 11/28 | 9579 | 8778 | 9579 | 0.3% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Interstellar Group B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.3% Cash | 08/22 | 08/29 | 3668 | 3261 | 3274 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(31)</sup> |
| Isolstar Holding NV (IPCOM) | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 10/22 | 10/29 | 11723 | 9713 | 11577 | 0.4% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| LeadsOnline, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 02/22 | 02/28 | 31017 | 30814 | 30862 | 1.1% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| LeadsOnline, LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 02/22 | 02/28 |  | (26) | (16) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| LHS Borrower, LLC | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.2% Cash | 09/25 | 09/31 | 50738 | 50009 | 50058 | 1.8% | <sup>(7)(8)(15)(30)</sup> |
| LHS Borrower, LLC | Revolver | SOFR + 5.25%, 9.2% Cash | 09/25 | 09/31 | 549 | 484 | 487 | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Long Term Care Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.1% Cash  | 04/22 | 09/27 | 4582 | 4548 | 4421 | 0.2% | <sup>(7)(8)(16)(30)</sup> |
| MB Purchaser, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 01/24 | 01/30 | 10057 | 9911 | 9931 | 0.3% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| MB Purchaser, LLC | Revolver | SOFR + 4.75%, 8.5% Cash | 01/24 | 01/30 |  | (22) | (19) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| MC Group Ventures Corporation | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.2% Cash | 06/24 | 06/27 | 8222 | 8120 | 7837 | 0.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| MC Group Ventures Corporation | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.4% Cash | 07/21 | 06/27 | 6828 | 6786 | 6691 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| Mitchell International Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.0% Cash | 10/25 | 06/31 | 1297 | 1294 | 1300 | —% | <sup>(8)(15)(33)</sup> |
| MIV Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 09/25 | 09/31 | 6163 | 6059 | 6065 | 0.2% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| MIV Buyer, LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 09/25 | 09/31 | 361 | 349 | 349 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| NF Holdco, LLC | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.2% Cash | 03/23 | 04/29 | 5400 | 5299 | 5141 | 0.2% | <sup>(7)(8)(16)(32)</sup> |
| NF Holdco, LLC | Revolver | SOFR + 6.50%, 10.2% Cash | 03/23 | 04/29 | 636 | 611 | 565 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Origin Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.1% Cash | 06/21 | 06/28 | $348 | $356 | $345 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Origin Bidco Limited | First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.1% Cash | 06/21 | 06/28 | 9004 | 8862 | 8941 | 0.3% | <sup>(3)(7)(8)(16)</sup><br><sup>(30)</sup> |
| PAC DAC LLC | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.1% Cash | 10/25 | 10/30 | 2500 | 2476 | 2473 | 0.1% | <sup>(16)(33)</sup> |
| Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.6% Cash | 05/21 | 06/26 | 282 | 290 | 282 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Patriot New Midco 1 Limited (Forensic Risk Alliance) | First Lien Senior Secured Term Loan | SOFR + 5.30%, 9.5% Cash | 05/21 | 06/26 | 320 | 319 | 320 | —% | <sup>(3)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Qima Finance LTD | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.4% Cash | 07/25 | 07/32 | 2035 | 1982 | 1988 | 0.1% | <sup>(3)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| Real Chemistry Intermediate III, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 04/25 | 04/32 | 37220 | 37053 | 37055 | 1.3% | <sup>(7)(8)(15)(30)</sup><br><sup>(31)</sup> |
| Real Chemistry Intermediate III, Inc. | Revolver | SOFR + 4.50%, 8.2% Cash | 04/25 | 04/32 |  | (35) | (31) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Recovery Point Systems, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.8% Cash | 05/21 | 02/28 | 2355 | 2355 | 2355 | 0.1% | <sup>(6)(7)(8)(16)</sup> |
| RKD Group, LLC | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.4% Cash | 05/25 | 05/31 | 36645 | 36223 | 36283 | 1.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| RKD Group, LLC | Revolver | SOFR + 5.50%, 9.4% Cash | 05/25 | 05/31 |  | (34) | (30) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| ROI Solutions LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 10/24 | 10/29 | 18063 | 17768 | 17843 | 0.6% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| ROI Solutions LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 10/24 | 10/29 |  | (41) | (32) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| RPX Corporation | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.3% Cash | 08/24 | 12/31 | 69971 | 69177 | 69272 | 2.4% | <sup>(7)(8)(15)(30)</sup> |
| RPX Corporation | Revolver | SOFR + 5.50%, 9.3% Cash | 08/24 | 08/30 |  | (57) | (49) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Ruby Bidco Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.25%, 9.0% Cash | 12/25 | 08/30 | 3435 | 3320 | 3317 | 0.1% | <sup>(3)(7)(8)(13)</sup><br><sup>(30)(31)</sup> |
| Sabre GLBL Inc. | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.8% Cash | 08/25 | 11/29 | 3548 | 3422 | 3122 | 0.1% | <sup>(8)(15)(33)</sup> |
| Sansidor BV | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 09/24 | 09/31 | 2692 | 2545 | 2647 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Sapphire Bidco S.A.R.L. | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 7.0% Cash | 10/25 | 04/32 | 1617 | 1553 | 1571 | 0.1% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)(31)</sup> |
| SBP Holdings LP | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 03/23 | 03/28 | 18859 | 18435 | 18827 | 0.7% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)(31)(32)</sup> |
| SBP Holdings LP | Revolver | SOFR + 5.00%, 8.7% Cash | 03/23 | 03/28 |  | (47) | (4) | —% | <sup>(7)(8)(15)</sup><br><sup>(31)(32)</sup> |
| Scaled Agile, Inc. | First Lien Senior Secured Term Loan | SOFR + 2.25%, 6.0% Cash, 3.8% PIK | 12/21 | 12/28 | 1833 | 1818 | 1558 | 0.1% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Scaled Agile, Inc. | Revolver | SOFR + 2.25%, 6.0% Cash, 3.8% PIK | 12/21 | 12/28 | 345 | 343 | 294 | —% | <sup>(7)(8)(16)(32)</sup> |
| SmartShift Group, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.6% Cash | 09/23 | 09/29 | 19236 | 18911 | 19236 | 0.7% | <sup>(6)(7)(8)(17)</sup><br><sup>(30)</sup> |
| SmartShift Group, Inc. | Revolver | SOFR + 5.00%, 8.6% Cash | 09/23 | 09/29 |  | (43) |  | —% | <sup>(7)(8)(17)(31)</sup><br><sup>(32)</sup> |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 11/22 | 05/28 | 5411 | 5380 | 5384 | 0.2% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver | SOFR + 4.75%, 8.4% Cash | 11/22 | 03/27 |  | (1) | (1) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Starnmeer B.V. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.4% Cash | 10/21 | 04/27 | 13388 | 13334 | 13254 | 0.5% | <sup>(3)(7)(8)(17)</sup><br><sup>(30)</sup> |
| Sunrise Acquisition Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.2% Cash | 11/25 | 11/32 | 2242 | 2096 | 2152 | 0.1% | <sup>(3)(7)(8)(19)</sup><br><sup>(30)(31)</sup> |
| TA SL Cayman Aggregator Corp. | Subordinated Term Loan | SOFR + 7.75%, 11.9% PIK | 07/21 | 07/28 | 1525 | 1518 | 1525 | 0.1% | <sup>(7)(17)(32)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Tanqueray Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.25%, 9.2% Cash | 11/22 | 11/29 | $1825 | $1515 | $1779 | 0.1% | <sup>(3)(7)(8)(19)</sup><br><sup>(30)(31)</sup> |
| Technology Service Stream BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 8.8% Cash | 06/24 | 07/30 | 833 | 810 | 821 | —% | <sup>(3)(7)(8)(13)</sup><br><sup>(30)(31)</sup> |
| Techone B.V. | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 7.4% Cash | 11/21 | 11/28 | 6426 | 5912 | 6407 | 0.2% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Techone B.V. | Revolver | EURIBOR + 5.40%, 7.4% Cash | 11/21 | 05/28 |  | (11) | (1) | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(31)(32)</sup> |
| TRC Companies LLC | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 10/25 | 12/28 | 997 | 1000 | 1000 | —% | <sup>(8)(15)(33)</sup> |
| Trintech, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.2% Cash | 07/23 | 07/29 | 12320 | 12071 | 12271 | 0.4% | <sup>(7)(8)(15)(30)</sup> |
| Trintech, Inc. | Revolver | SOFR + 5.50%, 9.2% Cash | 07/23 | 07/29 | 408 | 380 | 402 | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| TSYL Corporate Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.3% Cash | 12/22 | 12/31 | 31121 | 30755 | 31121 | 1.1% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| TSYL Corporate Buyer, Inc. | Revolver | SOFR + 4.50%, 8.3% Cash | 12/22 | 12/31 |  | (4) |  | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| Turnberry Solutions, Inc. | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 07/21 | 03/28 | 2565 | 2558 | 2565 | 0.1% | <sup>(6)(7)(8)(15)</sup> |
| UBC Ledgers Holding AB | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 7.3% Cash | 07/24 | 12/30 | 769 | 709 | 769 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| UBC Ledgers Holding AB | First Lien Senior Secured Term Loan | STIBOR + 5.25%, 7.1% Cash | 12/23 | 12/30 | 1738 | 1494 | 1738 | 0.1% | <sup>(3)(7)(8)(21)</sup><br><sup>(30)(31)</sup> |
| UHY Advisors, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.6% Cash | 11/24 | 11/31 | 16667 | 16478 | 16667 | 0.6% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| UHY Advisors, Inc. | Revolver | SOFR + 4.75%, 8.6% Cash | 11/24 | 11/31 | 1146 | 1122 | 1146 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) | First Lien Senior Secured Term Loan | SOFR + 5.50%, 9.3% Cash | 05/21 | 06/26 | 10458 | 10387 | 10458 | 0.4% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| Utac Ceram | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash, 2.4% PIK | 05/21 | 09/27 | 253 | 250 | 253 | —% | <sup>(3)(7)(8)(16) (30)</sup> |
| Utac Ceram | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 7.9% Cash, 2.4% PIK | 05/21 | 09/27 | 979 | 995 | 979 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| WCG Intermediate Corp | First Lien Senior Secured Term Loan | SOFR + 3.00%, 6.7% Cash | 11/25 | 02/32 | 499 | 500 | 499 | —% | <sup>(8)(15)(33)</sup> |
| World 50, Inc. | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.7% Cash | 03/24 | 03/30 | 32714 | 32215 | 32714 | 1.2% | <sup>(6)(7)(8)(17)</sup><br><sup>(30)</sup> |
| World 50, Inc. | Revolver | SOFR + 4.50%, 8.7% Cash | 03/24 | 03/30 |  | (24) |  | —% | <sup>(7)(8)(17)(31)</sup><br><sup>(32)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 7.6% Cash | 05/22 | 05/29 | 1584 | 1478 | 1584 | 0.1% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.50%, 9.5% Cash | 05/22 | 05/29 | 24904 | 23218 | 24904 | 0.9% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)</sup> |
| Xeinadin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 5.50%, 9.5% Cash | 11/25 | 11/32 |  | (272) |  | —% | <sup>(3)(7)(8)(20)</sup><br><sup>(30)(31)</sup> |
| Xeinadin Bidco Limited | Subordinated Term Loan | SONIA + 11.00%, 15.0% Cash | 05/22 | 05/29 | 6629 | 6107 | 6530 | 0.2% | <sup>(3)(7)(20)(32)</sup> |
| Zeppelin Bidco Limited | First Lien Senior Secured Term Loan | SONIA + 6.50%, 10.5% Cash | 03/22 | 03/29 | 1282 | 1005 | 1282 | —% | <sup>(3)(7)(8)(20) (30)</sup> |
| **Subtotal Services: Business (34.2%)\*** | **Subtotal Services: Business (34.2%)\*** |  |  |  | **1002224** | **975452** | **972510** |  |  |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group) | First Lien Senior Secured Term Loan | BBSY + 4.00%, 7.6% PIK, 4.1% PIK | 05/21 | 03/28 | 738 | 846 | 541 | —% | <sup>(3)(7)(8)(14) (28)(30)</sup> |
| Application Boot Camp LLC | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 04/25 | 04/31 | 2025 | 1998 | 2001 | 0.1% | <sup>(7)(8)(16)(30)</sup> |
| Application Boot Camp LLC | Revolver | SOFR + 5.00%, 8.7% Cash | 04/25 | 04/31 |  | (8) | (10) | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| Application Boot Camp LLC | Subordinated Term Loan | 14.0% Cash | 04/25 | 04/30 | 137 | 137 | 137 | —% | <sup>(7)(32)</sup> |
| Arc Education | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.0% Cash | 07/22 | 07/29 | 8679 | 7886 | 8493 | 0.3% | <sup>(3)(7)(8)(11)</sup><br><sup>(30)(31)(32)</sup> |
| Archimede | First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 9.0% Cash | 05/21 | 10/27 | 15855 | 14927 | 14539 | 0.5% | <sup>(3)(7)(8)(10) (30)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Asurion LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.0% Cash | 10/25 | 09/30 | $2500 | $2464 | $2499 | 0.1% | <sup>(8)(15)(32)(33)</sup> |
| Bariacum S.A. | First Lien Senior Secured Term Loan | EURIBOR + 9.50%, 11.5% PIK | 12/25 | 12/30 | 173 | 173 | 173 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| Bariacum S.A. | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 6.0% PIK | 11/21 | 11/28 | 4110 | 3876 | 764 | —% | <sup>(3)(7)(8)(10) (28)(30)</sup> |
| Bariacum S.A. | First Lien Senior Secured Term Loan | EURIBOR + 9.50%, 11.5% Cash | 12/25 | 12/26 | 22 | 22 | 22 | —% | <sup>(3)(7)(8)(10)</sup><br><sup>(30)</sup> |
| BIFM CA Buyer, Inc. | First Lien Senior Secured Term Loan | SOFR + 3.25%, 7.0% Cash | 11/25 | 05/28 | 997 | 1005 | 1003 | —% | <sup>(8)(15)(33)</sup> |
| BradyPLUS Holdings LLC | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 12/25 | 12/32 | 2239 | 2206 | 2213 | 0.1% | <sup>(8)(16)(33)</sup> |
| Cascade Residential Services LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 10/23 | 10/29 | 21462 | 21131 | 21162 | 0.7% | <sup>(7)(8)(16)(30)</sup> |
| Cascade Residential Services LLC | Revolver | SOFR + 6.00%, 9.7% Cash | 10/23 | 10/29 |  | (20) | (18) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| CEC Entertainment, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 09/25 | 09/30 | 34783 | 34283 | 34289 | 1.2% | <sup>(7)(8)(16)(32)</sup> |
| Express Wash Acquisition Company, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.2% Cash | 04/25 | 04/31 | 4873 | 4830 | 4615 | 0.2% | <sup>(7)(8)(16)(30)</sup> |
| Express Wash Acquisition Company, LLC | Revolver | SOFR + 6.25%, 10.2% Cash | 04/25 | 04/31 |  | (2) | (15) | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| FL Hawk Intermediate Holdings, Inc. (f/k/a Fineline Technologies, Inc.) | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 10/24 | 02/30 | 44694 | 44583 | 44470 | 1.6% | <sup>(6)(7)(8)(15)</sup><br><sup>(30)</sup> |
| Global Academic Group Limited | First Lien Senior Secured Term Loan | BBSY + 4.91%, 8.6% Cash | 07/22 | 07/27 | 2697 | 2769 | 2697 | 0.1% | <sup>(3)(7)(8)(13) (30)</sup> |
| Global Academic Group Limited | First Lien Senior Secured Term Loan | BKBM + 4.91%, 7.5% Cash | 07/22 | 07/27 | 4106 | 4420 | 4106 | 0.1% | <sup>(3)(7)(8)(23) (30)</sup> |
| HomeX Services Group LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 11/23 | 11/29 | 19101 | 18804 | 18995 | 0.7% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)(31)</sup> |
| HomeX Services Group LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.2% Cash | 12/25 | 12/31 |  | (226) | (229) | —% | <sup>(7)(8)(16)(30)</sup><br><sup>(31)</sup> |
| HomeX Services Group LLC | Revolver | SOFR + 4.50%, 8.2% Cash | 11/23 | 12/31 | 1314 | 1222 | 1249 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| InvoCare Limited | First Lien Senior Secured Term Loan | BBSY + 5.00%, 8.7% Cash | 11/23 | 11/29 | 4319 | 4145 | 4319 | 0.2% | <sup>(3)(7)(8)(13) (30)(31)</sup> |
| Kid Distro Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 9.2% Cash | 10/21 | 10/29 | 29699 | 29626 | 29699 | 1.0% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| Marmoutier Holding B.V. | Super Senior Secured Term Loan | EURIBOR + 6.25%, 8.4% Cash | 03/24 | 12/28 | 214 | 185 | 167 | —% | <sup>(3)(7)(8)(11)</sup><br><sup>(32)</sup> |
| Marmoutier Holding B.V. | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 05/25 | 12/28 | 93 | 92 | 63 | —% | <sup>(3)(7)(8)(10) (31)(32)</sup> |
| Marmoutier Holding B.V. | Revolver | EURIBOR + 5.50%, 7.6% Cash | 12/21 | 06/27 | 187 | 157 | 146 | —% | <sup>(3)(7)(8)(10) (32)</sup> |
| Premium Franchise Brands, LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 05/21 | 12/26 | 57379 | 56908 | 56778 | 2.0% | <sup>(6)(7)(8)(17)</sup><br><sup>(30)(31)</sup> |
| QPE7 SPV1 BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 5.00%, 8.6% Cash | 09/21 | 09/26 | 7175 | 7494 | 7137 | 0.3% | <sup>(3)(7)(8)(12) (30)</sup> |
| Selenium Designated Activity Company | First Lien Senior Secured Term Loan | EURIBOR + 5.13%, 7.2% Cash | 03/25 | 03/32 | 4372 | 3946 | 4295 | 0.2% | <sup>(3)(7)(8)(9) (30)</sup> |
| **Subtotal Services: Consumer (9.4%)\*** | **Subtotal Services: Consumer (9.4%)\*** |  |  |  | **273943** | **269879** | **266300** |  |  |
| **Structured Product** | **Structured Product** |  |  |  |  |  |  |  |  |
| Ares Loan Funding VII, Ltd. | Subordinated Structured Notes | SOFR + 6.25%, 10.1% Cash | 09/24 | 10/37 | 5000 | 5000 | 4966 | 0.2% | <sup>(3)(8)(16)(32)</sup> |
| Bain Capital Credit CLO 2024-5 | Subordinated Structured Notes | SOFR + 6.15%, 10.0% Cash | 09/24 | 10/37 | 4250 | 4250 | 4323 | 0.2% | <sup>(3)(8)(16)(32)</sup> |
| Benefit Street Partners CLO XVII, Ltd. | Subordinated Structured Notes | SOFR + 6.15%, 10.1% | 09/24 | 10/37 | 4000 | 4000 | 4050 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| CIFC Funding 2022-VI, Ltd. | Subordinated Structured Notes | SOFR + 5.75%, 9.7% Cash | 09/24 | 10/38 | 1125 | 1125 | 1134 | —% | <sup>(3)(8)(16)(32)</sup> |
| CIFC Funding 2024-IV, Ltd. | Subordinated Structured Notes | SOFR + 5.70%, 9.6% Cash | 09/24 | 10/37 | 2875 | 2875 | 2905 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| CNSL 2025-1A | Subordinated Structured Notes | 9.4% Cash | 05/25 | 05/55 | 14000 | 14000 | 14672 | 0.5% | <sup>(32)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Diameter Capital CLO 8 Ltd. | Subordinated Structured Notes | SOFR + 6.15%, 10.0% Cash | 09/24 | 10/37 | $3750 | $3750 | $3799 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| Elmwood CLO 29 Ltd. | Subordinated Structured Notes | SOFR + 6.40%, 10.3% Cash | 05/24 | 04/37 | 2500 | 2513 | 2500 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| Flexential Issuer, LLC | Structured Secured Note - Class C | 6.9% Cash | 11/21 | 11/51 | 10000 | 9319 | 9906 | 0.3% | <sup>(32)</sup> |
| Golub Capital Partners CLO 62(B)-R, Ltd. | Subordinated Structured Notes | SOFR + 6.40%, 10.3% Cash | 09/24 | 10/37 | 4250 | 4250 | 4186 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| Harmony Peace Park CLO DAC | Subordinated Structured Notes | SOFR + 5.50%, 9.6% Cash | 09/24 | 10/37 | 2500 | 2500 | 2529 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| OCP CLO 2016-12, Ltd. | Subordinated Structured Notes | SOFR + 6.00%, 9.9% Cash | 09/24 | 10/37 | 1875 | 1875 | 1895 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| OCP CLO 2024-35, Ltd. | Subordinated Structured Notes | SOFR + 5.90%, 9.8% Cash | 09/24 | 10/37 | 3750 | 3750 | 3798 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| Octagon Investment Partners 20-R, LLC | Subordinated Structured Notes | SOFR + 7.59%, 11.4% Cash | 09/24 | 08/37 | 2500 | 2477 | 2518 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| Palmer Square CLO 2022-5, Ltd. | Subordinated Structured Notes | SOFR + 6.00%, 9.9% Cash | 09/24 | 10/37 | 4000 | 4000 | 4059 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class A | 4.7% Cash | 05/22 | 05/31 | 182 | 182 | 181 | —% | <sup>(3)(7)(32)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class B | 5.4% Cash | 05/22 | 05/31 | 182 | 182 | 181 | —% | <sup>(3)(7)(32)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class C | 5.9% Cash | 05/22 | 05/31 | 182 | 182 | 181 | —% | <sup>(3)(7)(32)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class D | 8.5% Cash | 05/22 | 05/31 | 182 | 182 | 181 | —% | <sup>(3)(7)(32)</sup> |
| Perimeter Master Note Business Trust | Structured Secured Note - Class E | 11.4% Cash | 05/22 | 05/31 | 9274 | 9274 | 9132 | 0.3% | <sup>(3)(7)(32)</sup> |
| RR 31 LTD | Subordinated Structured Notes | SOFR + 6.00%, 9.9% Cash | 09/24 | 10/39 | 2625 | 2625 | 2681 | 0.1% | <sup>(3)(8)(16)(32)</sup> |
| US Bank National Association Series 2025-1 | Structured Note - Class R | SOFR + 7.50%, 11.4% Cash | 03/25 | 01/32 | 3230 | 3230 | 3310 | 0.1% | <sup>(3)(7)(8)(16)</sup><br><sup>(32)</sup> |
| US Bank National Association Series 2025-2 | Structured Note - Class R | SOFR + 7.00%, 10.9% Cash | 09/25 | 08/32 | 9417 | 9417 | 9417 | 0.3% | <sup>(3)(8)(15)(32)</sup> |
| Vista Global Holding Ltd | Structured Secured Note - Class C | 9.5% Cash | 12/24 | 02/30 | 3900 | 3900 | 3852 | 0.1% | <sup>(3)(32)</sup> |
| Voya CLO 2024-5, Ltd. | Subordinated Structured Notes | SOFR + 5.90%, 9.8% Cash | 09/24 | 10/37 | 5000 | 5000 | 5025 | 0.2% | <sup>(3)(8)(16)(32)</sup> |
| **Subtotal Structured Product (3.6%)\*** | **Subtotal Structured Product (3.6%)\*** |  |  |  | **100549** | **99858** | **101381** |  |  |
| **Telecommunications** | **Telecommunications** |  |  |  |  |  |  |  |  |
| Commscope LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 10/25 | 12/29 | 8000 | 8099 | 8004 | 0.3% | <sup>(3)(8)(15)(33)</sup> |
| Connect Holdings 2, LLC | First Lien Senior Secured Term Loan | SOFR + 4.25%, 8.0% Cash | 09/25 | 04/31 | 5889 | 5889 | 5114 | 0.2% | <sup>(8)(15)(32)</sup> |
| DG Investment Intermediate Holdings 2 Inc. | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.5% Cash | 12/25 | 07/32 | 1463 | 1463 | 1463 | 0.1% | <sup>(8)(15)(33)</sup> |
| Mercell Holding AS | First Lien Senior Secured Term Loan | NIBOR + 5.00%, 8.9% Cash | 08/22 | 08/29 | 3113 | 3163 | 3098 | 0.1% | <sup>(3)(7)(8)(26) (30)(31)</sup> |
| OMNIA Partners Inc | First Lien Senior Secured Term Loan | SOFR + 2.75%, 6.5% Cash | 12/25 | 07/30 | 1332 | 1338 | 1336 | —% | <sup>(8)(16)(33)</sup> |
| Permaconn BidCo Pty Ltd | First Lien Senior Secured Term Loan | BBSY + 4.75%, 8.5% Cash | 12/21 | 07/29 | 7443 | 7406 | 7443 | 0.3% | <sup>(3)(7)(8)(13) (30)</sup> |
| Syniverse Holdings, Inc. | First Lien Senior Secured Term Loan | SOFR + 7.00%, 10.7% Cash | 09/25 | 05/27 | 7968 | 7805 | 7652 | 0.3% | <sup>(8)(16)(32)</sup> |
| UKFast Leaders Limited | First Lien Senior Secured Term Loan | SONIA + 7.25%, 11.1% Cash | 05/21 | 09/27 | 4876 | 5055 | 4778 | 0.2% | <sup>(3)(7)(8)(19)</sup><br><sup>(30)</sup> |
| Venga Finance SARL | First Lien Senior Secured Term Loan | SOFR + 3.75%, 7.8% Cash | 11/25 | 06/29 | 997 | 1002 | 999 | —% | <sup>(8)(16)(33)</sup> |
| Windstream Services LLC | First Lien Senior Secured Term Loan | SOFR + 4.00%, 7.7% Cash | 09/25 | 10/32 | 2395 | 2371 | 2401 | 0.1% | <sup>(7)(8)(15)(33)</sup> |
| **Subtotal Telecommunications (1.5%)\*** | **Subtotal Telecommunications (1.5%)\*** |  |  |  | **43476** | **43591** | **42288** |  |  |
| **Transportation: Cargo** | **Transportation: Cargo** |  |  |  |  |  |  |  |  |
| Argus Intermediate, LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.5% Cash | 12/25 | 12/31 | 7655 | 7487 | 7486 | 0.3% | <sup>(7)(8)(16)(30) (31)</sup> |
| Argus Intermediate, LLC | Revolver | SOFR + 4.75%, 8.5% Cash | 12/25 | 12/31 | 1258 | 1235 | 1235 | —% | <sup>(7)(8)(16)(31) (32)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| Armstrong Transport Group (Pele Buyer, LLC) | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.7% Cash | 05/21 | 12/26 | $7093 | $7090 | $6994 | 0.2% | <sup>(7)(8)(17)(30)</sup> |
| Armstrong Transport Group (Pele Buyer, LLC) | Revolver | SOFR + 5.00%, 8.7% Cash | 08/25 | 12/26 | 10 | 3 | (3) | —% | <sup>(7)(8)(17)(31) (32)</sup> |
| Carriage Purchaser Inc | First Lien Senior Secured Term Loan | SOFR + 3.50%, 7.2% Cash | 08/25 | 10/28 | 1832 | 1833 | 1839 | 0.1% | <sup>(8)(15)(32)(33)</sup> |
| Echo Global Logistics, Inc. | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 11.0% Cash | 11/21 | 11/29 | 16433 | 16262 | 16400 | 0.6% | <sup>(7)(8)(15)(30)</sup> |
| FitzMark Buyer, LLC | First Lien Senior Secured Term Loan | SOFR + 4.50%, 8.3% Cash | 05/21 | 12/26 | 4036 | 4021 | 4036 | 0.1% | <sup>(6)(7)(8)(15)</sup><br><sup>(32)</sup> |
| FragilePak LLC | First Lien Senior Secured Term Loan | SOFR + 5.75%, 9.6% Cash | 05/21 | 05/27 | 8879 | 8812 | 8879 | 0.3% | <sup>(6)(7)(8)(16)</sup> |
| Glacis Acquisition S.A.R.L. | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 8.6% Cash | 05/21 | 08/27 | 12199 | 11376 | 12174 | 0.4% | <sup>(3)(7)(8)(11) (30)(31)</sup> |
| Honour Lane Logistics Holdings Limited | First Lien Senior Secured Term Loan | SOFR + 4.85%, 8.7% Cash | 04/22 | 11/28 | 14583 | 14378 | 14583 | 0.5% | <sup>(3)(7)(8)(17) (30)</sup> |
| ITI Intermodal, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.25%, 10.0% Cash | 12/21 | 12/27 | 793 | 787 | 793 | —% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| ITI Intermodal, Inc. | First Lien Senior Secured Term Loan | SOFR + 6.50%, 10.2% Cash | 12/21 | 12/27 | 11955 | 11788 | 11955 | 0.4% | <sup>(7)(8)(16)(32)</sup> |
| ITI Intermodal, Inc. | Revolver | SOFR + 6.50%, 10.2% Cash | 12/21 | 12/27 | 226 | 211 | 226 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| PEGASUS TRANSTECH HOLDING, LLC | First Lien Senior Secured Term Loan | SOFR + 6.00%, 9.7% Cash | 05/21 | 11/26 | 8221 | 8210 | 8205 | 0.3% | <sup>(7)(8)(15)(30)</sup> |
| R1 Holdings, LLC | First Lien Senior Secured Term Loan | SOFR + 6.25%, 9.9% Cash | 12/22 | 12/28 | 7994 | 7841 | 7770 | 0.3% | <sup>(6)(7)(8)(16)</sup><br><sup>(30)</sup> |
| R1 Holdings, LLC | Revolver | SOFR + 6.25%, 9.9% Cash | 12/22 | 12/28 | 1854 | 1814 | 1796 | 0.1% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan | SOFR + 10.50%, 14.4% Cash | 11/25 | 11/29 | 583 | 583 | 583 | —% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| REP SEKO MERGER SUB LLC | First Lien Senior Secured Term Loan | SOFR + 7.00%, 10.8% Cash | 11/24 | 05/30 | 6699 | 6699 | 5051 | 0.2% | <sup>(7)(8)(16)(30)</sup><br><sup>(32)</sup> |
| REP SEKO MERGER SUB LLC | First Out Term Loan | SOFR + 10.00%, 13.9% Cash | 11/24 | 11/29 | 2509 | 2473 | 2509 | 0.1% | <sup>(7)(8)(16)(32)</sup> |
| **Subtotal Transportation: Cargo (4.0%)\*** | **Subtotal Transportation: Cargo (4.0%)\*** |  |  |  | **114812** | **112903** | **112511** |  |  |
| **Transportation: Consumer** | **Transportation: Consumer** |  |  |  |  |  |  |  |  |
| Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan | SOFR + 7.50%, 11.5% Cash | 06/25 | 08/30 | 1923 | 1923 | 1888 | 0.1% | <sup>(7)(8)(16)(32)</sup> |
| Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan | SOFR + 7.50%, 11.5% Cash | 06/25 | 09/30 | 1943 | 1943 | 1908 | 0.1% | <sup>(7)(8)(16)(32)</sup> |
| Breeze Aviation Group Inc | Second Lien Senior Secured Term Loan | SOFR + 7.50%, 11.5% Cash | 06/25 | 09/30 | 1943 | 1943 | 1909 | 0.1% | <sup>(7)(8)(16)(32)</sup> |
| First Student Bidco Inc. | First Lien Senior Secured Term Loan | SOFR + 2.50%, 6.2% Cash | 12/25 | 08/30 | 1000 | 1004 | 1003 | —% | <sup>(8)(16)(31)(33)</sup> |
| International Fleet Financing No.2 B.V. | Class C Senior Secured Note | 10.5% Cash | 07/25 | 06/27 | 1515 | 1491 | 1466 | 0.1% | <sup>(3)(7)(31)(32)</sup> |
| JetBlue Airways Corporation | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 06/25 | 08/29 | 2466 | 2266 | 2356 | 0.1% | <sup>(3)(8)(16)(32)</sup><br><sup>(33)</sup> |
| **Subtotal Transportation: Consumer (0.4%)\*** | **Subtotal Transportation: Consumer (0.4%)\*** |  |  |  | **10790** | **10570** | **10530** |  |  |
| **Utilities: Electric** | **Utilities: Electric** |  |  |  |  |  |  |  |  |
| KAMC Holdings Inc. | First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.1% Cash | 08/25 | 08/31 | 10900 | 10745 | 10759 | 0.4% | <sup>(7)(8)(16)(30)</sup> |
| KAMC Holdings Inc. | Revolver | SOFR + 5.25%, 9.1% Cash | 08/25 | 08/31 | 331 | 313 | 314 | —% | <sup>(7)(8)(16)(31) (32)</sup> |
| Panoche Energy Center LLC | First Lien Senior Secured Bond | 6.9% Cash | 07/22 | 07/29 | 3076 | 2887 | 3058 | 0.1% | <sup>(7)(32)</sup> |
| Spatial Business Systems LLC | First Lien Senior Secured Term Loan | SOFR + 4.75%, 8.4% Cash | 10/22 | 10/28 | 20574 | 20354 | 20387 | 0.7% | <sup>(7)(8)(15)(30)</sup> |
| Spatial Business Systems LLC | Revolver | SOFR + 4.75%, 8.4% Cash | 10/22 | 10/28 |  | (16) | (13) | —% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| **Subtotal Utilities: Electric (1.2%)\*** | **Subtotal Utilities: Electric (1.2%)\*** |  |  |  | **34881** | **34283** | **34505** |  |  |
| **Subtotal Debt Investments (155.4%)\*** | **Subtotal Debt Investments (155.4%)\*** |  |  |  | **4558948** | **4458738** | **4415245** |  |  |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | | | | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | | | | | | | | |
| Accurus Aerospace Corporation | Common Stock |  | 04/22 |  | 262574 | $263 | $89 | —% | <sup>(7)(27)(32)</sup> |
| Accurus Aerospace Corporation | LLC Units |  | 04/25 |  | 18309.4 | 18 | 6 | —% | <sup>(7)(27)(32)</sup> |
| Compass Precision, LLC | LLC Units |  | 04/22 |  | 46085.6 | 125 | 383 | —% | <sup>(7)(27)</sup> |
| GB Eagle Buyer, Inc. | Partnership Units |  | 12/22 |  | 859 | 859 | 2532 | 0.1% | <sup>(7)(27)(32)</sup> |
| Megawatt Acquisitionco, Inc. | Common Stock |  | 03/24 |  | 615 | 62 |  | —% | <sup>(7)(27)(32)</sup> |
| Megawatt Acquisitionco, Inc. | Preferred Stock |  | 03/24 |  | 5524 | 552 | 459 | —% | <sup>(7)(27)(32)</sup> |
| Whitcraft Holdings, Inc. | LP Units |  | 02/23 |  | 84116.1 | 841 | 1552 | 0.1% | <sup>(7)(27)(32)</sup> |
| **Subtotal Aerospace & Defense (0.2%)\*** | **Subtotal Aerospace & Defense (0.2%)\*** |  |  |  |  | **2720** | **5021** |  |  |
| **Automotive** | **Automotive** |  |  |  |  |  |  |  |  |
| Burgess Point Purchaser Corporation | LP Units |  | 07/22 |  | 455 | 455 | 334 | —% | <sup>(7)(27)(32)</sup> |
| Randys Holdings, Inc. | Common Stock |  | 11/22 |  | 6667 | 667 | 863 | —% | <sup>(7)(27)(32)</sup> |
| Recon Buyer LLC | LLC Units |  | 11/25 |  | 395.7 | 396 | 396 | —% | <sup>(7)(27)(32)</sup> |
| SPATCO Energy Solutions, LLC | Common Stock |  | 07/24 |  | 983352.1 | 984 | 1082 | —% | <sup>(7)(27)</sup> |
| SVI International LLC | LLC Units |  | 03/24 |  | 207921 | 208 | 378 | —% | <sup>(7)</sup> |
| **Subtotal Automotive (0.1%)\*** | **Subtotal Automotive (0.1%)\*** |  |  |  |  | **2710** | **3053** |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Accelerant Holdings | Common Stock |  | 07/25 |  | 279230 | 3341 | 4110 | 0.1% | <sup>(27)(32)</sup> |
| Aegros Holdco 2 LTD | Common Stock |  | 05/25 |  | 889464 | 12 | 610 | —% | <sup>(3)(7)(27)(32)</sup> |
| Bishop Street Underwriters, LLC | LLC Units |  | 07/25 |  | 378695.4 | 576 | 723 | —% | <sup>(7)(27)</sup> |
| Credit Key Funding II LLC | Preferred Stock | 10.0% Cash, 10.0% PIK | 12/25 |  | 1016693 | 3565 | 3551 | 0.1% | <sup>(7)(32)</sup> |
| Credit Key Funding II LLC | Warrants |  | 12/25 |  | 1198269 |  |  | —% | <sup>(7)(27)(32)</sup> |
| Flywheel Holdings Segregated Portfolio 2025-2 | LP Interest |  | 06/25 |  | 8331792 | 8332 | 8582 | 0.3% | <sup>(3)(7)(27)(32)</sup> |
| Flywheel Re Segregated Portfolio 2022-4 | Preferred Stock |  | 08/22 |  | 4713809.8 | 4714 | 4950 | 0.2% | <sup>(3)(7)(32)</sup> |
| ICREDITWORKS LLC | Preferred Stock | 10.0% Cash, 7.5% PIK | 03/25 |  | 29731.3 | 5417 | 5421 | 0.2% | <sup>(7)(32)</sup> |
| ICREDITWORKS LLC | Warrants |  | 03/25 |  | 11846.1 |  |  | —% | <sup>(7)(27)(32)</sup> |
| Policy Services Company, LLC | Warrants - Class A |  | 12/21 |  | 2.6774 |  |  | —% | <sup>(7)(27)(30)</sup> |
| Policy Services Company, LLC | Warrants - Class B |  | 12/21 |  | 0.9036 |  |  | —% | <sup>(7)(27)(30)</sup> |
| Policy Services Company, LLC | Warrants - Class CC |  | 12/21 |  | 0.0929 |  |  | —% | <sup>(7)(27)(30)</sup> |
| Policy Services Company, LLC | Warrants - Class D |  | 12/21 |  | 0.2586 |  |  | —% | <sup>(7)(27)(30)</sup> |
| Shelf Bidco Ltd | Common Stock |  | 12/22 |  | 1200000 | 1200 | 4704 | 0.2% | <sup>(3)(7)(27)(32)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (1.1%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (1.1%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (1.1%)\*** |  |  |  | **27157** | **32651** |  |  |
| **Beverage, Food, & Tobacco** | **Beverage, Food, & Tobacco** |  |  |  |  |  |  |  |  |
| CTI Foods Holdings Co., LLC | Common Stock |  | 02/24 |  | 42061 |  | 3036 | 0.1% | <sup>(7)(27)(32)</sup> |
| GMF Parent, Inc. | LLC Units |  | 12/25 |  | 801 | 801 | 801 | —% | <sup>(7)(27)(32)</sup> |
| Woodland Foods, LLC | Common Stock |  | 12/21 |  | 1204.46 | 1204 | 1314 | —% | <sup>(7)(27)</sup> |
| Woodland Foods, LLC | Preferred Stock | 20.0% PIK | 04/24 |  | 263.6 | 376 | 399 | —% | <sup>(7)</sup> |
| Woodland Foods, LLC | Preferred Stock | 20.0% PIK | 03/25 |  | 85 | 129 | 130 | —% | <sup>(7)</sup> |
| **Subtotal Beverage, Food, & Tobacco (0.2%)\*** | **Subtotal Beverage, Food, & Tobacco (0.2%)\*** |  |  |  |  | **2510** | **5680** |  |  |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Capital Equipment** | **Capital Equipment** | | | | | | | | |
| DAWGS Intermediate Holdings Co. | LLC Units |  | 03/25 |  | 510.3 | $510 | $601 | —% | <sup>(7)(27)(32)</sup> |
| Polara Enterprises, L.L.C. | Partnership Units |  | 12/21 |  | 7408.6 | 741 | 1974 | 0.1% | <sup>(7)</sup> |
| Process Insights Acquisition, Inc. | Common Stock |  | 07/23 |  | 368 | 368 | 94 | —% | <sup>(7)(27)(32)</sup> |
| Rapid Buyer LLC | LLC Units |  | 10/24 |  | 510 | 510 | 360 | —% | <sup>(7)(27)(32)</sup> |
| TAPCO Buyer LLC | LLC Units |  | 11/24 |  | 475 | 509 | 733 | —% | <sup>(7)(27)</sup> |
| **Subtotal Capital Equipment (0.1%)\*** | **Subtotal Capital Equipment (0.1%)\*** |  |  |  |  | **2638** | **3762** |  |  |
| **Chemicals, Plastics, & Rubber** | **Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |
| Americo Chemical Products, LLC | Common Stock |  | 04/23 |  | 262093 | 262 | 322 | —% | <sup>(7)(27)</sup> |
| Aptus 1829. GmbH | Common Stock |  | 09/21 |  | 49 | 12 |  | —% | <sup>(3)(7)(27)(32)</sup> |
| Aptus 1829. GmbH | Preferred Stock |  | 09/21 |  | 14 | 122 | 73 | —% | <sup>(3)(7)(27)(32)</sup> |
| **Subtotal Chemicals, Plastics, & Rubber (—%)\*** | **Subtotal Chemicals, Plastics, & Rubber (—%)\*** | **Subtotal Chemicals, Plastics, & Rubber (—%)\*** |  |  |  | **396** | **395** |  |  |
| **Construction & Building** | **Construction & Building** |  |  |  |  |  |  |  |  |
| BKF Buyer, Inc. | Common Stock |  | 08/24 |  | 962792 | 963 | 1098 | —% | <sup>(7)(27)(32)</sup> |
| MNS Buyer, Inc. | Partnership Units |  | 08/21 |  | 76923.10 | 77 | 186 | —% | <sup>(7)(27)(32)</sup> |
| Ocelot Holdco LLC | Common Stock |  | 10/23 |  | 58.3 |  | 885 | —% | <sup>(7)(27)(32)</sup> |
| Ocelot Holdco LLC | Preferred Stock | 15.0% PIK | 10/23 |  | 76.2 | 488 | 762 | —% | <sup>(7)(32)</sup> |
| **Subtotal Construction & Building (0.1%)\*** | **Subtotal Construction & Building (0.1%)\*** |  |  |  |  | **1528** | **2931** |  |  |
| **Consumer goods: Durable** | **Consumer goods: Durable** |  |  |  |  |  |  |  |  |
| DecksDirect, LLC | Class A Units |  | 04/24 |  | 1016.1 | 47 |  | —% | <sup>(7)(27)(32)</sup> |
| DecksDirect, LLC | Common Stock |  | 12/21 |  | 1280.8 | 55 |  | —% | <sup>(7)(27)(32)</sup> |
| DecksDirect, LLC | Preferred Stock | 13.0% PIK | 03/25 |  | 9.5 | 11 |  | —% | <sup>(7)(32)</sup> |
| Renovation Parent Holdings, LLC | Partnership Equity |  | 11/21 |  | 607180.9 | 607 | 480 | —% | <sup>(7)(27)(32)</sup> |
| Team Air Distributing, LLC | Partnership Equity |  | 05/23 |  | 516640.2 | 523 | 212 | —% | <sup>(7)(27)</sup> |
| Terrybear, Inc. | Partnership Equity |  | 04/22 |  | 24359 | 239 |  | —% | <sup>(7)(27)</sup> |
| **Subtotal Consumer goods: Durable (—%)\*** | **Subtotal Consumer goods: Durable (—%)\*** |  |  |  |  | **1482** | **692** |  |  |
| **Consumer goods: Non-durable** | **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |
| CCFF Buyer, LLC | LLC Units |  | 02/24 |  | 224 | 224 | 252 | —% | <sup>(7)(27)(32)</sup> |
| Ice House America, L.L.C. | LLC Units |  | 01/24 |  | 4338.2 | 434 | 261 | —% | <sup>(7)(27)</sup> |
| **Subtotal Consumer goods: Non-durable (—%)\*** | **Subtotal Consumer goods: Non-durable (—%)\*** | **Subtotal Consumer goods: Non-durable (—%)\*** |  |  |  | **658** | **513** |  |  |
| **Containers, Packaging, & Glass** | **Containers, Packaging, & Glass** |  |  |  |  |  |  |  |  |
| Diversified Packaging Holdings LLC | LLC Units |  | 06/24 |  | 3462 | 346 | 570 | —% | <sup>(7)</sup> |
| Five Star Holding LLC | LLC Units |  | 05/22 |  | 505.1 | 505 | 409 | —% | <sup>(7)(27)</sup> |
| **Subtotal Containers, Packaging, & Glass (—%)\*** | **Subtotal Containers, Packaging, & Glass (—%)\*** | **Subtotal Containers, Packaging, & Glass (—%)\*** |  |  |  | **851** | **979** |  |  |
| **Environmental Industries** | **Environmental Industries** |  |  |  |  |  |  |  |  |
| Bridger Aerospace Group Holdings, LLC | Preferred Stock- Series C | 7.0% PIK | 07/22 |  | 17725 | 21799 | 19809 | 0.7% | <sup>(7)(32)</sup> |
| **Subtotal Environmental Industries (0.7%)\*** | **Subtotal Environmental Industries (0.7%)\*** |  |  |  |  | **21799** | **19809** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Amalfi Midco | Class B Common Stock |  | 09/22 |  | 98906608 | 1115 | 2661 | 0.1% | <sup>(3)(7)(27)(32)</sup> |
| Amalfi Midco | Warrants |  | 09/22 |  | 380385 | 4 | 1167 | —% | <sup>(3)(7)(27)(32)</sup> |
| Canadian Orthodontic Partners Corp. | Class A Equity |  | 05/22 |  | 500000 | 389 |  | —% | <sup>(3)(7)(27)(32)</sup> |
| Canadian Orthodontic Partners Corp. | Class C - Warrants |  | 05/22 |  | 74712.64 |  |  | —% | <sup>(3)(7)(27)(32)</sup> |
| Canadian Orthodontic Partners Corp. | Class X Equity |  | 05/22 |  | 45604 | 35 |  | —% | <sup>(3)(7)(27)(32)</sup> |
| Canadian Orthodontic Partners Corp. | Common Stock |  | 04/24 |  | 37.65 |  |  | —% | <sup>(3)(7)(27)(32)</sup> |
| Forest Buyer, LLC | Class A LLC Units |  | 03/24 |  | 245.8 | 246 | 283 | —% | <sup>(7)</sup> |
| Forest Buyer, LLC | Class B LLC Units |  | 03/24 |  | 245.8 |  | 124 | —% | <sup>(7)(27)</sup> |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| GCDL LLC | Common Stock |  | 08/24 |  | 243243.24 | $243 | $355 | —% | <sup>(7)</sup> |
| GPNZ II GmbH | Common Stock |  | 10/23 |  | 5785 |  |  | —% | <sup>(3)(7)(27)(30)</sup> |
| HemaSource, Inc. | Common Stock |  | 08/23 |  | 184282 | 184 | 256 | —% | <sup>(7)(27)(32)</sup> |
| Listrac Bidco Limited | Common Stock |  | 03/23 |  | 255 | 494 | 1975 | 0.1% | <sup>(3)(7)(27)(32)</sup> |
| Moonlight Bidco Limited | Common Stock |  | 07/23 |  | 10590 | 138 | 202 | —% | <sup>(3)(7)(27)(32)</sup> |
| Parkview Dental Holdings LLC | LLC Units |  | 10/23 |  | 29762 | 298 | 227 | —% | <sup>(7)(27)</sup> |
| Parkview Dental Holdings LLC | Preferred Stock | 10.0% PIK | 01/25 |  | 1229.1 | 13 | 38 | —% | <sup>(7)</sup> |
| SCP Medical Products, LLC. | LLC Units |  | 06/25 |  | 1758.9 | 237 | 238 | —% | <sup>(7)(27)</sup> |
| TA KHP Aggregator, L.P. | Common Stock |  | 06/25 |  | 496461 | 496 | 586 | —% | <sup>(7)(27)</sup> |
| Unosquare, LLC | LLC Units |  | 06/25 |  | 383736.4 | 384 | 319 | —% | <sup>(7)(27)</sup> |
| VB Spine Intermediary II LLC | LLC Units |  | 04/25 |  | 1151506 |  |  | —% | <sup>(7)(27)(32)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.3%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.3%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.3%)\*** |  |  |  | **4276** | **8431** |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Argus Bidco Limited | Common Stock |  | 07/22 |  | 929 | 1 |  | —% | <sup>(3)(7)(27)(32)</sup> |
| Argus Bidco Limited | Equity Loan Notes | 10.0% PIK | 07/22 |  | 83120 | 141 | 55 | —% | <sup>(3)(7)(32)</sup> |
| Argus Bidco Limited | Preferred Stock | 10.0% PIK | 07/22 |  | 83120 | 141 | 56 | —% | <sup>(3)(7)(32)</sup> |
| CH Buyer, LLC | LLC Units |  | 05/25 |  | 1387 | 139 | 158 | —% | <sup>(7)(27)(32)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | Common Stock |  | 10/25 |  | 243081.0 |  |  | —% | <sup>(3)(7)(27)(32)</sup> |
| Eurofins Digital Testing International LUX Holding SARL | Preferred Stock |  | 10/25 |  | 351478.0 |  |  | —% | <sup>(3)(7)(27)(32)</sup> |
| FinThrive Software Intermediate Holdings Inc. | Preferred Stock | 11.0% PIK | 03/22 |  | 3188.5 | 5312 | 2856 | 0.1% | <sup>(7)(30)</sup> |
| FSS Buyer LLC | LP Interest |  | 08/21 |  | 2902.3 | 29 | 44 | —% | <sup>(7)(27)</sup>  |
| FSS Buyer LLC | LP Units |  | 08/21 |  | 12760.8 | 128 | 194 | —% | <sup>(7)(27)</sup>  |
| NAW Buyer LLC | LLC Units |  | 09/23 |  | 575248 | 575 | 725 | —% | <sup>(7)</sup> |
| OSP Hamilton Purchaser, LLC | LP Units |  | 07/22 |  | 315147 | 315 | 331 | —% | <sup>(7)(27)</sup>  |
| PDQ.Com Corporation | Class A-2 Partnership Units |  | 08/21 |  | 41.7 | 42 | 118 | —% | <sup>(7)(27)(32)</sup> |
| ProfitOptics, LLC | LLC Units |  | 03/22 |  | 96774.2 | 65 | 169 | —% | <sup>(7)(27)(32)</sup> |
| Pro-Vision Solutions Holdings, LLC | LLC Units |  | 09/24 |  | 3765.2 | 377 | 397 | —% | <sup>(7)(27)(32)</sup> |
| Sandvine Corporation | Class A Units |  | 10/24 |  | 3465 |  |  | —% | <sup>(7)(27)(30)</sup> |
| Sandvine Corporation | Class C Units |  | 06/24 |  | 157908 |  |  | —% | <sup>(7)(27)(30)</sup> |
| **Subtotal High Tech Industries (0.2%)\*** | **Subtotal High Tech Industries (0.2%)\*** |  |  |  |  | **7265** | **5103** |  |  |
| **Media: Advertising, Printing, & Publishing** | **Media: Advertising, Printing, & Publishing** |  |  |  |  |  |  |  |  |
| ASC Communications, LLC | Class A Units |  | 07/22 |  | 15285.8 | 321 | 523 | —% | <sup>(7)</sup> |
| **Subtotal Media: Advertising, Printing, & Publishing (—%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (—%)\*** | **Subtotal Media: Advertising, Printing, & Publishing (—%)\*** |  |  |  | **321** | **523** |  |  |
| **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** | **Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |
| The Octave Music Group, Inc. | Partnership Equity |  | 04/22 |  | 353584.39 | 354 | 1022 | —% | <sup>(7)(27)(32)</sup> |
| **Subtotal Media: Broadcasting & Subscription (—%)\*** | **Subtotal Media: Broadcasting & Subscription (—%)\*** | **Subtotal Media: Broadcasting & Subscription (—%)\*** |  |  |  | **354** | **1022** |  |  |
| **Media: Diversified & Production** | **Media: Diversified & Production** | **Media: Diversified & Production** |  |  |  |  |  |  |  |
| BrightSign LLC | LLC units |  | 10/21 |  | 923857.7 | 924 | 1155 | —% | <sup>(7)</sup> |
| Rock Labor LLC | LLC Units |  | 09/23 |  | 199373 | 1068 | 1176 | —% | <sup>(7)(27)</sup> |
| Solo Buyer, L.P. | Common Equity |  | 12/22 |  | 516399 | 516 | 269 | —% | <sup>(7)(27)</sup> |
| Vital Buyer, LLC | Partnership Units |  | 06/21 |  | 1096.2 | 11 | 38 | —% | <sup>(7)</sup> |
| **Subtotal Media: Diversified & Production (0.2%)\*** | **Subtotal Media: Diversified & Production (0.2%)\*** | **Subtotal Media: Diversified & Production (0.2%)\*** |  |  |  | **2519** | **2638** |  |  |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| **Services: Business** | **Services: Business** | | | | | | | | |
| ARC Interco Purchaser, LLC | LLC Units |  | 11/25 |  | 243880 | $244 | $244 | —% | <sup>(7)(27)(32)</sup> |
| Azalea Buyer, Inc. | Common Stock |  | 11/21 |  | 192307.7 | 192 | 304 | —% | <sup>(7)(27)(32)</sup> |
| Broadway Buyer, LLC | LLC Units |  | 12/25 |  | 784455 | 783 | 783 | —% | <sup>(7)(27)</sup> |
| CGI Parent, LLC | Preferred Stock |  | 02/22 |  | 656.9 | 722 | 1947 | 0.1% | <sup>(7)(27)(32)</sup> |
| Coyo Uprising GmbH | Class A Units |  | 09/21 |  | 531 | 248 | 294 | —% | <sup>(3)(7)(27)(32)</sup> |
| Coyo Uprising GmbH | Class B Units |  | 09/21 |  | 231 | 538 | 507 | —% | <sup>(3)(7)(27)(32)</sup> |
| DataServ Integrations, LLC | Preferred Units |  | 11/22 |  | 175459.2 | 192 | 235 | —% | <sup>(7)(27)(32)</sup> |
| EFC International | Common Stock |  | 03/23 |  | 141.2 | 199 | 187 | —% | <sup>(7)(27)</sup> |
| Electric Equipment & Engineering Co. | LLC Units |  | 12/24 |  | 187500 | 188 | 354 | —% | <sup>(7)(27)(32)</sup> |
| LeadsOnline, LLC | LLC Units |  | 02/22 |  | 61304.4 | 63 | 162 | —% | <sup>(7)</sup> |
| MB Purchaser, LLC | LLC Units |  | 01/24 |  | 175 | 183 | 206 | —% | <sup>(7)(27)</sup> |
| MC Group Ventures Corporation | Partnership Units |  | 06/21 |  | 560 | 560 | 529 | —% | <sup>(7)(27)(32)</sup> |
| MIV Buyer, LLC | LLC Units |  | 09/25 |  | 2020.4 | 202 | 204 | —% | <sup>(7)(27)</sup> |
| NF Holdco, LLC | LLC Units |  | 03/23 |  | 856053 | 882 | 300 | —% | <sup>(7)(27)(32)</sup> |
| SmartShift Group, Inc. | Common Stock |  | 09/23 |  | 455 | 455 | 983 | —% | <sup>(7)(27)(32)</sup> |
| TA SL Cayman Aggregator Corp. | Common Stock |  | 07/21 |  | 770 | 24 | 45 | —% | <sup>(7)(27)(32)</sup> |
| TSYL Corporate Buyer, Inc. | Partnership Units |  | 12/22 |  | 4673 | 5 | 36 | —% | <sup>(7)(27)(32)</sup> |
| Xeinadin Bidco Limited | Common Stock |  | 05/22 |  | 36532680 | 452 | 983 | —% | <sup>(3)(7)(27)(32)</sup> |
| Zeppelin Bidco Limited | Ordinary Shares |  | 08/25 |  | 439 | **—** | **41** | —% | <sup>(3)(7)(27)(30)</sup> |
| **Subtotal Services: Business (0.3%)\*** | **Subtotal Services: Business (0.3%)\*** |  |  |  |  | **6132** | **8344** |  |  |
| **Services: Consumer** | **Services: Consumer** |  |  |  |  |  |  |  |  |
| Application Boot Camp LLC | Common Stock |  | 04/25 |  | 391253 | 391 | 466 | —% | <sup>(7)</sup> |
| Kid Distro Holdings, LLC | LLC Units |  | 10/21 |  | 1062795.2 | 1064 | 1318 | —% | <sup>(7)(27)</sup> |
| Marmoutier Holding B.V. | Common Stock |  | 05/25 |  | 2600701 |  |  | —% | <sup>(3)(7)(27)(30)</sup><br><sup>(32)</sup> |
| **Subtotal Services: Consumer (0.1%)\*** | **Subtotal Services: Consumer (0.1%)\*** |  |  |  |  | **1455** | **1784** |  |  |
| **Telecommunications** | **Telecommunications** |  |  |  |  |  |  |  |  |
| Mercell Holding AS | Class A Units |  | 08/22 |  | 114.4 | 111 | 123 | —% | <sup>(3)(7)(27)(32)</sup> |
| Mercell Holding AS | Class B Units |  | 08/22 |  | 28943.8 |  |  | —% | <sup>(3)(7)(27)(32)</sup> |
| Syniverse Holdings, Inc. | Series A Preferred Equity | 12.5% PIK | 05/22 |  | 7575758 | 11497 | 11439 | 0.4% | <sup>(7)(30)</sup> |
| **Subtotal Telecommunications (0.4%)\*** | **Subtotal Telecommunications (0.4%)\*** |  |  |  |  | **11608** | **11562** |  |  |
| **Transportation: Cargo** | **Transportation: Cargo** |  |  |  |  |  |  |  |  |
| Echo Global Logistics, Inc. | Partnership Equity |  | 11/21 |  | 448.2 | 448 | 296 | —% | <sup>(7)(27)(32)</sup> |
| FragilePak LLC | Partnership Units |  | 05/21 |  | 929.7 | 930 | 660 | —% | <sup>(7)(27)</sup> |
| ITI Intermodal, Inc. | Common Stock |  | 12/21 |  | 7500.4 | 750 | 961 | —% | <sup>(7)(27)</sup> |
| REP SEKO MERGER SUB LLC | Common Stock |  | 11/24 |  | 2987 | 13113 |  | —% | <sup>(7)(27)(32)</sup> |
| **Subtotal Transportation: Cargo (0.1%)\*** | **Subtotal Transportation: Cargo (0.1%)\*** |  |  |  |  | **15241** | **1917** |  |  |
| **Subtotal Equity Investments (4.1%)\*** | **Subtotal Equity Investments (4.1%)\*** |  |  |  |  | **113620** | **116810** |  |  |
| ***<u>Royalty Rights</u>*** | ***<u>Royalty Rights</u>*** |  |  |  |  |  |  |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Coherus Biosciences, Inc. | Royalty Rights |  | 05/24 |  |  | 3230 | 3715 | 0.1% | <sup>(7)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.1%)\*** |  |  |  | **3230** | **3715** |  |  |
| **Subtotal Royalty Rights (0.1%)\*** | **Subtotal Royalty Rights (0.1%)\*** |  |  |  |  | **3230** | **3715** |  |  |
| **Subtotal Non-Control / Non-Affiliate Investments (159.6%)\*** | **Subtotal Non-Control / Non-Affiliate Investments (159.6%)\*** | **Subtotal Non-Control / Non-Affiliate Investments (159.6%)\*** |  |  |  | **4575588** | **4535770** |  |  |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Affiliate Investments:</u>***<sup>(4)</sup> | ***<u>Affiliate Investments:</u>***<sup>(4)</sup> | | | | | | | | |
| ***<u>Debt Investments</u>*** | | | | | | | | | |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** | | | | | | | | |
| Eclipse Business Capital, LLC | Revolver | SOFR + 6.50%, 10.3% Cash | 08/21 | 02/29 | $6995 | $6959 | $6994 | 0.2% | <sup>(7)(8)(15)(31)</sup><br><sup>(32)</sup> |
| Eclipse Business Capital, LLC | Second Lien Senior Secured Term Loan | 7.5% Cash | 08/21 | 07/28 | 3209 | 3195 | 3209 | 0.1% | <sup>(7)(32)</sup> |
| Rocade Holdings LLC | Second Lien Senior Secured Term Loan | SOFR + 8.00%, 11.9% Cash | 11/25 | 11/30 | 10033 | 9346 | 9333 | 0.3% | <sup>(7)(8)(16)(31)</sup><br><sup>(32)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (0.7%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (0.7%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (0.7%)\*** |  |  | **20237** | **19500** | **19536** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Biolam Group | First Lien Senior Secured Term Loan | EURIBOR + 4.50%, 6.5% PIK | 12/22 | 12/29 | 7679 | 5805 | 4577 | 0.2% | <sup>(3)(7)(8)(11)</sup><br><sup>(28)(30)(32)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (0.2%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.2%)\*** | **Subtotal Healthcare & Pharmaceuticals (0.2%)\*** |  |  | **7679** | **5805** | **4577** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Coastal Marina Holdings, LLC | Subordinated Term Loan | 8.0% Cash | 11/21 | 11/31 | 8310 | 7896 | 7946 | 0.3% | <sup>(7)(32)</sup> |
| Coastal Marina Holdings, LLC | Subordinated Term Loan | 8.0% Cash | 11/21 | 11/31 | 3831 | 3680 | 3663 | 0.1% | <sup>(7)(32)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (0.4%)\*** | **Subtotal Hotel, Gaming, & Leisure (0.4%)\*** |  |  |  | **12141** | **11576** | **11609** |  |  |
| **Subtotal Debt Investments (1.3%)\*** | **Subtotal Debt Investments (1.3%)\*** |  |  |  | **40057** | **36881** | **35722** |  |  |
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** |  |  |  |  |  |  |  |  |  |
| **Banking, Finance, Insurance, & Real Estate** | **Banking, Finance, Insurance, & Real Estate** |  |  |  |  |  |  |  |  |
| Eclipse Business Capital, LLC | LLC Units |  | 08/21 |  | 63139338 | $65683 | $98497 | 3.5% | <sup>(7)(32)</sup> |
| Rocade Holdings LLC | Preferred LP Units | SOFR + 6.00%, 9.9% PIK | 02/23 |  | 115000 | 141249 | 141247 | 5.0% | <sup>(7)(15)(32)</sup> |
| Rocade Holdings LLC | Common LP Units |  | 02/23 |  | 30.8 |  | 4654 | 0.2% | <sup>(7)(32)</sup> |
| **Subtotal Banking, Finance, Insurance, & Real Estate (8.6%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (8.6%)\*** | **Subtotal Banking, Finance, Insurance, & Real Estate (8.6%)\*** |  |  |  | **206932** | **244398** |  |  |
| **Healthcare & Pharmaceuticals** | **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Biolam Group | Ordinary Shares |  | 10/25 |  | 85278997 |  |  | —% | <sup>(3)(7)(27)(30)</sup><br><sup>(32)</sup> |
| **Subtotal Healthcare & Pharmaceuticals (—%)\*** | **Subtotal Healthcare & Pharmaceuticals (—%)\*** | **Subtotal Healthcare & Pharmaceuticals (—%)\*** |  |  |  | **—** | **—** |  |  |
| **Hotel, Gaming, & Leisure** | **Hotel, Gaming, & Leisure** |  |  |  |  |  |  |  |  |
| Coastal Marina Holdings, LLC | LLC Units |  | 11/21 |  | 1759051 | 8248 | 9992 | 0.4% | <sup>(7)(27)</sup> |
| **Subtotal Hotel, Gaming, & Leisure (0.4%)\*** | **Subtotal Hotel, Gaming, & Leisure (0.4%)\*** |  |  |  |  | **8248** | **9992** |  |  |
| **Investment Funds & Vehicles** | **Investment Funds & Vehicles** |  |  |  |  |  |  |  |  |
| Thompson Rivers LLC | 6.3% Member Interest |  | 08/21 |  |  | 8656 | 1712 | 0.1% | <sup>(27)(32)(34)</sup> |
| Waccamaw River LLC | 20% Member Interest |  | 08/21 |  |  | 17153 | 4409 | 0.2% | <sup>(3)(32)(34)</sup> |
| **Subtotal Investment Funds & Vehicles (0.2%)\*** | **Subtotal Investment Funds & Vehicles (0.2%)\*** | **Subtotal Investment Funds & Vehicles (0.2%)\*** |  |  |  | **25809** | **6121** |  |  |
| **Subtotal Equity Investments (9.2%)\*** | **Subtotal Equity Investments (9.2%)\*** |  |  |  |  | **240989** | **260511** |  |  |
| **Subtotal Affiliate Investments (10.4%)\*** | **Subtotal Affiliate Investments (10.4%)\*** |  |  |  |  | **277870** | **296233** |  |  |
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Principal Amount** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Control Investments:</u>***<sup>(5)</sup> | ***<u>Control Investments:</u>***<sup>(5)</sup> |  |  |  |  |  |  |  |  |
| ***<u>Debt Investments</u>*** | ***<u>Debt Investments</u>*** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| Skyvault Holdings LLC | First Lien Senior Secured Term Loan | 12.0% Cash | 11/24 | 11/31 | $25633 | $25633 | $25633 | 0.9% | <sup>(7)(31)(32)</sup> |
| **Subtotal Aerospace & Defense (1.0%)\*** | **Subtotal Aerospace & Defense (1.0%)\*** |  |  |  | **25633** | **25633** | **25633** |  |  |
| **Subtotal Debt Investments (1.0%)\*** | **Subtotal Debt Investments (1.0%)\*** |  |  |  | **25633** | **25633** | **25633** |  |  |

---

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type**<sup>(1)(2)</sup> | **Interest** | **Acq. Date** | **Maturity Date** | **Units / Shares** | **Cost** | **Fair<br>Value** | **% of Net Assets \*** | **Notes** |
| ***<u>Equity Investments</u>*** | ***<u>Equity Investments</u>*** | | | | | | | | |
| **Aerospace & Defense** | **Aerospace & Defense** | | | | | | | | |
| Skyvault Holdings LLC | LLC Units |  | 11/24 |  | 8544298 | $8558 | $8544 | 0.3% | <sup>(7)(27)(32)</sup> |
| **Subtotal Aerospace & Defense (0.3%)** | **Subtotal Aerospace & Defense (0.3%)** |  |  |  |  | 8558 | 8544 |  |  |
| **Subtotal Equity Investments (0.3%)\*** | **Subtotal Equity Investments (0.3%)\*** |  |  |  |  | 8558 | 8544 |  |  |
| **Subtotal Control Investments (1.4%)\*** | **Subtotal Control Investments (1.4%)\*** |  |  |  |  | 34191 | 34177 |  |  |
| ***<u>Short-term Investments:</u>*** | ***<u>Short-term Investments:</u>*** |  |  |  |  |  |  |  |  |
| **Money Market Fund** | **Money Market Fund** |  |  |  |  |  |  |  |  |
| JPMorgan Chase & Co. | JPMorgan Prime Money Market Fund | 3.5% Cash | 06/24 |  | 10806307 | 10810 | 10809 | 0.4% | <sup>(32)</sup> |
| **Subtotal Money Market Fund (0.4%)\*** | **Subtotal Money Market Fund (0.4%)\*** |  |  |  |  | 10810 | 10809 |  |  |
| **Subtotal Short-term Investments (0.4%)\*** | **Subtotal Short-term Investments (0.4%)\*** |  |  |  |  | 10810 | 10809 |  |  |
| **Total Investments, December 31, 2025 (171.6%)\*** | **Total Investments, December 31, 2025 (171.6%)\*** | **Total Investments, December 31, 2025 (171.6%)\*** |  |  |  | $**4898459** | $**4876989** |  |  |

---

***Derivative Instruments***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ***<u>Interest Rate Swaps:</u>*** | | | | | | | |
| **Description** |<br>**Company Receives** |<br>**Company Pays** |<br>**Maturity Date** |<br>**Notional Amount** |<br>**Value** |<br>**Hedged Instrument** |<br>**Unrealized Appreciation (Depreciation)** |
| Interest rate swap (See Note 5) | 6.00% | SOFR + 3.245% | 5/10/2027 | $100000 | $(958) | Series D Notes | $(958) |
| Interest rate swap (See Note 5) | 6.00% | SOFR + 3.382% | 5/10/2027 | $55000 | $(638) | Series E Notes | (638) |
| Interest rate swap (See Note 5) | 6.15% | SOFR + 2.506% | 6/11/2030 | $400000 | $2617 | June 2030 Notes | 2617 |
| **Total Interest Rate Swaps, December 31, 2025** | **Total Interest Rate Swaps, December 31, 2025** | **Total Interest Rate Swaps, December 31, 2025** |  |  |  |  | $1021 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***<u>Foreign Currency Forward Contracts:</u>*** | | | | | |
| **Description** |<br>**Notional Amount to be Purchased** |<br>**Notional Amount to be Sold** |<br>**Counterparty** |<br>**Settlement Date** |<br>**Unrealized Appreciation (Depreciation)** |
| Foreign currency forward contract (AUD) | $58755 | A$88,456 | BNP Paribas SA | 03/31/26 | $(233) |
| Foreign currency forward contract (CAD) | $2713 | C$3,736 | Bank of America, N.A. | 03/31/26 | (22) |
| Foreign currency forward contract (DKK) | $1428 | 9,097kr. | Bank of America, N.A. | 03/31/26 | (9) |
| Foreign currency forward contract (EUR) | $282483 | €241,231 | BNP Paribas SA | 03/31/26 | (1705) |
| Foreign currency forward contract (GBP) | $146690 | £110,041 | BNP Paribas SA | 03/31/26 | (1225) |
| Foreign currency forward contract (NZD) | $6418 | NZ$11,048 | BNP Paribas SA | 03/31/26 | 41 |
| Foreign currency forward contract (NOK) | $4852 | 49,215kr | BNP Paribas SA | 03/31/26 | (27) |
| Foreign currency forward contract (SEK) | $2557 | 23,669kr | Bank of America, N.A. | 03/31/26 | (20) |
| Foreign currency forward contract (CHF) | $9160 | 7,268Fr. | BNP Paribas SA | 03/31/26 | (78) |
| **Total Foreign Currency Forward Contracts, December 31, 2025** | **Total Foreign Currency Forward Contracts, December 31, 2025** |  |  |  | $(3278) |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Fair value as a percentage of net assets.

(1)All debt investments are income producing, unless otherwise noted. The Adviser determines in good faith the fair value of the Company's investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board, and the 1940 Act. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company's portfolio companies bear interest at a rate that may be determined by reference to SOFR, EURIBOR, BBSY, STIBOR, CORRA, SONIA, SARON, NIBOR, BKBM or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan.

(2)All of the Company's portfolio company investments (including joint venture and short-term investments), which as of December 31, 2025 represented 171.6% 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 17.2% of total investments at fair value as of December 31, 2025. 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 year ended December 31, 2025 were as follows:

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2024 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2025 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2024 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2025 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Biolam Group <sup>(d)</sup> | First Lien Senior Secured Term Loan (EURIBOR + 4.50%, 6.5%<br>PIK) <sup>(e)</sup> | $— | $3399 | $(223) | $167 | $1234 | $4577 | $30 |
| Biolam Group <sup>(d)</sup> | Ordinary Shares (85,278,997 shares) |  |  |  |  |  |  |  |
| Biolam Group <sup>(d)</sup> |  |  | 3399 | (223) | 167 | 1234 | 4577 | 30 |
| Coastal Marina Holdings, LLC <sup>(d)</sup> | Subordinated Term Loan (8.0% Cash) | 7885 | 52 |  |  | 9 | 7946 | 717 |
| Coastal Marina Holdings, LLC <sup>(d)</sup> | Subordinated Term Loan (8.0% Cash) | 3635 | 19 |  |  | 9 | 3663 | 325 |
| Coastal Marina Holdings, LLC <sup>(d)</sup> | LLC Units (1,759,051 units) | 8426 |  |  |  | 1566 | 9992 |  |
| Coastal Marina Holdings, LLC <sup>(d)</sup> |  | 19946 | 71 |  |  | 1584 | 21601 | 1042 |
| CPCF BPCC LLC | 9.1% Member Interest | 8889 |  | (8714) | (479) | 304 |  | 236 |
| CPCF BPCC LLC |  | 8889 |  | (8714) | (479) | 304 |  | 236 |
| Eclipse Business Capital, LLC <sup>(d)</sup> | Revolver (SOFR + 6.50%, 10.3% Cash) | 7123 | 6109 | (6225) |  | (13) | 6994 | 776 |
| Eclipse Business Capital, LLC <sup>(d)</sup> | Second Lien Senior Secured Term Loan (7.5% Cash) | 3209 | 5 |  |  | (5) | 3209 | 250 |
| Eclipse Business Capital, LLC <sup>(d)</sup> | LLC units (63,139,338 units) | 96603 | 16 |  |  | 1878 | 98497 | 11683 |
| Eclipse Business Capital, LLC <sup>(d)</sup> |  | 106935 | 6130 | (6225) |  | 1860 | 108700 | 12709 |
| Rocade Holdings LLC <sup>(d)</sup> | Second Lien Senior Secured Term Loan (SOFR + 8.00%, 11.9% Cash) |  | 9346 |  |  | (13) | 9333 | 135 |
| Rocade Holdings LLC <sup>(d)</sup> | Preferred LP Units (115,000 units) (SOFR + 6.00%, 9.9% PIK) | 124083 | 20519 | (3335) |  | (20) | 141247 | 13519 |
| Rocade Holdings LLC <sup>(d)</sup> | Common LP Units (30.8 units) | 315 |  |  |  | 4339 | 4654 | 399 |
| Rocade Holdings LLC <sup>(d)</sup> |  | 124398 | 29865 | (3335) |  | 4306 | 155234 | 14053 |
| Thompson Rivers LLC | 6.3% Member Interest | 2860 |  | (1141) |  | (7) | 1712 |  |
| Thompson Rivers LLC |  | 2860 |  | (1141) |  | (7) | 1712 |  |
| Waccamaw River LLC | 20% Member Interest | 10730 |  | (5843) |  | (478) | 4409 | 907 |
| Waccamaw River LLC | 20% Member Interest | 10730 |  | (5843) |  | (478) | 4409 | 907 |
| **Total Affiliate Investments** | **Total Affiliate Investments** | $**273758** | $**39465** | $**(25481)** | $**(312)** | $**8803** | $**296233** | $**28977** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fair value of the investment was determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-accrual investment.

(5)As defined in in the 1940 Act, the Company is deemed to be both an "affiliated person" and "control" the portfolio company because it owns more than 25% of the portfolio company's outstanding voting securities or it has the power to exercise control over the management of policies of such portfolio company (including through a management agreement). Transactions as of and during the year ended December 31, 2025 in which the portfolio company is deemed to be a "Control Investment" of the Company were as follows:

------

**Barings Private Credit Corporation**

**Consolidated Schedule of Investments — (Continued)**

**December 31, 2025**

**(Amounts in thousands, except unit/share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2024 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2025 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| **Portfolio Company** | **Type of Investment** | **December 31, 2024 <br>Value** | **Gross Additions<br>(a)** | **Gross Reductions (b)** | **Amount of Realized Gain (Loss)** | **Amount of Unrealized Gain (Loss)** | **December 31, 2025 <br>Value** | **Amount of Interest or Dividends Credited to Income(c)** |
| Skyvault Holdings LLC <sup>(d)</sup> | First Lien Senior Secured Term Loan<br>(12.0% Cash) | $5738 | $20183 | $(288) | $— | $— | $25633 | $2253 |
| Skyvault Holdings LLC <sup>(d)</sup> | LLC Units<br>(8,544,298 units) | 1913 | 6645 |  |  | (14) | 8544 |  |
| **Total Control Investments** | **Total Control Investments** | $**7651** | $**26828** | $**(288)** | $**—** | $**(14)** | $**34177** | $**2253** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross additions include increases in the cost basis of investments resulting from new investments, follow-on investments, payment-in-kind interest or dividends, the amortization of any unearned income or discounts on debt investments, as applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fair value of the investment was determined using significant unobservable inputs.

(6)Some or all of the investment is or will be encumbered as security for the Company's term debt securitization (as initially completed in August 2023 and refinanced and upsized in September 2024, and as amended, restated and modified from time to time, the "BPCC Debt Securitization").

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

(8)Debt investment includes interest rate floor feature.

(9)The interest rate on these loans is subject to 1 Month EURIBOR, which as of December 31, 2025 was 1.93900%.

(10)The interest rate on these loans is subject to 3 Month EURIBOR, which as of December 31, 2025 was 2.02600%.

(11)The interest rate on these loans is subject to 6 Month EURIBOR, which as of December 31, 2025 was 2.10700%.

(12)The interest rate on these loans is subject to 1 Month BBSY, which as of December 31, 2025 was 3.55000%.

(13)The interest rate on these loans is subject to 3 Month BBSY, which as of December 31, 2025 was 3.73750%.

(14)The interest rate on these loans is subject to 6 Month BBSY, which as of December 31, 2025 was 4.12100%.

(15)The interest rate on these loans is subject to 1 Month SOFR, which as of December 31, 2025 was 3.68751%.

(16)The interest rate on these loans is subject to 3 Month SOFR, which as of December 31, 2025 was 3.65166%.

(17)The interest rate on these loans is subject to 6 Month SOFR, which as of December 31, 2025 was 3.57418%.

(18)The interest rate on these loans is subject to 1 Month SONIA, which as of December 31, 2025 was 3.73350%.

(19)The interest rate on these loans is subject to 3 Month SONIA, which as of December 31, 2025 was 3.71660%.

(20)The interest rate on these loans is subject to 6 Month SONIA, which as of December 31, 2025 was 3.64430%.

(21)The interest rate on these loans is subject to 3 Month STIBOR, which as of December 31, 2025 was 1.95800%.

(22)The interest rate on these loans is subject to 3 Month CORRA, which as of December 31, 2025 was 2.30000%.

(23)The interest rate on these loans is subject to 3 Month BKBM, which as of December 31, 2025 was 2.49000%.

(24)The interest rate on these loans is subject to 3 Month SARON, which as of December 31, 2025 was -0.04380%

(25)The interest rate on these loans is subject to 6 Month SARON, which as of December 31, 2025 was -0.03826%.

(26)The interest rate on these loans is subject to 1 Month NIBOR, which as of December 31, 2025 was 3.89000%.

(27)Investment is non-income producing.

(28)Non-accrual investment.

(29)PIK non-accrual investment.

(30)Some or all of the investment is or will be encumbered as security for BPC Funding LLC's senior secured revolving credit facility with BNP Paribas (as amended, restated and modified from time to time, the "Revolving Credit Facility").

(31)Position or portion thereof is an unfunded loan or equity commitment.

(32)Some or all of the investment is or will be encumbered as security for the Company's senior secured credit facility with Sumitomo Mitsui Banking Corporation (as amended, restated, and otherwise modified from time to time, the "SMBC Credit Facility").

(33)Some or all of the investment is or will be encumbered as security for BPCC Senior Finance LLC's senior secured credit facility with Bank of America, N.A.(the "BANA SPV Credit Facility").

(34)Portfolio company does not issue shares or units; member interest is based on commitments.

*See accompanying notes.*

------

**Barings Private Credit Corporation**

**Notes to Unaudited Consolidated Financial Statements**

**1. ORGANIZATION, BUSINESS AND BASIS OF PRESENTATION**

**Organization and Business** 

Barings Private Credit Corporation ("BPCC" or the "Company") was formed on April 2, 2021 as a Maryland limited liability company named Barings Private Credit LLC and commenced operations on May 10, 2021 with its Initial Closing (as defined below). The Company converted to a Maryland corporation, effective on May 13, 2021. The Company is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the 1940 Act. In addition, the Company has elected to be treated and intends to qualify annually as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company is a non-exchange traded, privately offered perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. The Company uses the term "privately offered perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose shares of common stock are intended to be sold by the BDC on a continuous basis in private offerings at a price equal to the BDC's net asset value ("NAV") per share.

***Description of Business***

The Company is a financial services company that primarily lends to and invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. The Company is externally managed by Barings, an investment adviser that is registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Adviser, a subsidiary of Massachusetts Mutual Life Insurance Company ("MassMutual"), is a leading global asset management firm.

***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 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"). ASC Topic 946 states that consolidation by the Company of an investee that is not an investment company is not appropriate, except when the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company's investment portfolio is carried on the Unaudited and

------

**Barings Private Credit Corporation**

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

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 Statements of Operations.

The accompanying Unaudited Consolidated Financial Statements are presented in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments necessary for the fair presentation of financial statements for the interim period, have been reflected in the Unaudited Consolidated Financial Statements. The current period's results of operations are not necessarily indicative of results that ultimately may be achieved for the full fiscal year. Additionally, the Unaudited Consolidated Financial Statements and accompanying notes should be read in conjunction with the Audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2025. 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 November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

**Discretionary Share Repurchase Program** 

The Company has commenced a discretionary share repurchase program in which it may, subject to market conditions and the discretion of the Board, offer to repurchase, in each quarter, up to 5% of shares of the Company's common stock outstanding as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program at any time if in its reasonable judgment if it deems such action to be in the Company's best interest and the best interest of the Company's stockholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. The Company intends to conduct such repurchase offers in accordance with the requirements of Exchange Act Rule 13e-4 and the 1940 Act and subject to compliance with applicable covenants and restrictions under the Company's financing arrangements. All shares purchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

Under the Company's discretionary share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it expects to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the "Valuation Date"). Stockholders should keep in mind that if they tender their shares of common stock in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered shares, the Company may repurchase such shares subject to an "early repurchase deduction" of 2% of the aggregate NAV of the shares repurchased (an "Early Repurchase Deduction"). This Early Repurchase Deduction will also generally apply to minimum account repurchases. Payment of the Early Repurchase Deduction will be made by reducing the repurchase proceeds. The Early Repurchase Deduction will be retained by the Company for the benefit of its remaining stockholders. Shares that are issued pursuant to the dividend reinvestment plan and tendered will not be subject to the Early Repurchase Deduction. Shares repurchased will be treated as having been repurchased on a "first in-first out" basis for purposes of determining whether and to what extent the Early Repurchase Deduction is applicable. In addition, shares of the Company's common stock may be sold to certain feeder vehicles primarily created to hold the Company's shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, as well as for shares of the Company's common stock held in certain omnibus accounts, the Company may not apply the Early Repurchase Deduction to the feeder vehicles or underlying individual investors, often because of administrative or system limitations.

A stockholder who tenders some but not all of its shares for repurchase will be required to maintain a minimum account balance of $5,000 in the Company based on the Valuation Date net asset value per share. Such minimum account balance requirement may be waived by the Company, in its sole discretion. The Company reserves the right to reduce the number of shares to be repurchased from a stockholder so that the required account balance is maintained.

------

**Barings Private Credit Corporation**

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

The Company may, in its sole discretion, also waive the Early Repurchase Deduction in the following circumstances (subject to the conditions described in the relevant tender offer documents):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchases resulting from death, qualifying disability or divorce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event that a stockholder's shares are repurchased because the stockholder has failed to maintain the $5,000 minimum account balance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due to trade or operational error.

During the three months ended March 31, 2026, the Company accepted for repurchase 6,974,335 shares for a total value of $139.7 million. During the year ended December 31, 2025, the Company accepted for repurchase 10,738,419 shares for a total value of $220.1 million.

**2. AGREEMENTS AND RELATED PARTY TRANSACTIONS**

**Advisory Agreement**

Pursuant to the terms of an amended and restated investment advisory agreement (the "Advisory Agreement"), Barings manages the Company's day-to-day operations and provides the Company with investment advisory services. Among other things, the Adviser (i) determines the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) executes, closes, services and monitors the investments that the Company makes; (iv) determines the securities and other assets that the Company will purchase, retain or sell; (v) performs due diligence on prospective portfolio companies and (vi) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds.

The Advisory Agreement provides that, absent fraud, willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, the Adviser, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (collectively, the "IA Indemnified Parties"), are entitled to indemnification from the Company for any damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the IA Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser's duties or obligations under the Advisory Agreement or otherwise as an investment adviser of the Company. The Adviser's services under the Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Advisory Agreement is not adversely affected.

Under the Advisory Agreement, the Company pays the Adviser (i) a base management fee (the "Base Management Fee") and (ii) an incentive fee (the "Incentive Fee") as compensation for the investment advisory and management services it provides the Company thereunder.

***Base Management Fee***

The Base Management Fee is calculated at an annual rate of 0.75% of the Company's average gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding (i) cash and cash equivalents (as defined below) and (ii) net unsettled purchases and sales of investments. For services rendered under the Advisory Agreement, the Base Management Fee is payable quarterly in arrears on a calendar quarter basis. The Base Management Fee is calculated based on the average value of the Company's gross assets (excluding (i) cash and cash equivalents and (ii) net unsettled purchases and sales of investments) at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated; provided, that upon the end of the first calendar quarter following the Initial Closing, the Base Management Fee was 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 was 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 prorated. 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

------

**Barings Private Credit Corporation**

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

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 months ended March 31, 2026 and 2025, the Base Management Fees determined in accordance with the terms of the Advisory Agreement were approximately $8.6 million and $5.7 million, respectively. As of March 31, 2026, the Base Management Fee of $8.6 million for the three months ended March 31, 2026 was unpaid and included in "Base management fees payable" in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2025, the Base Management Fee of $7.8 million for the three months ended December 31, 2025 was unpaid and included in "Base management fees payable" in the accompanying Audited Consolidated Balance Sheet.

***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 was 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 is determined and paid quarterly in arrears based on the amount by which (x) the aggregate "Pre-Incentive Fee Net Investment Income" (as defined below) in respect of the then-current calendar quarter and the three preceding calendar quarters (the "Trailing Twelve Months"), exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Months. The Hurdle Amount is determined on a quarterly basis, and is calculated by multiplying 8.0% by the average of the Company's NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Months. For this purpose, "Pre-Incentive Fee Net Investment Income" means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued during the calendar quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The calculation of the Incentive Fee for each quarter will be as follows:&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Months. The Catch-Up Amount is intended to provide the Adviser with an Incentive Fee of 10% on all of the Company's Pre-Incentive Fee Net Investment Income when the Company's Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

------

**Barings Private Credit Corporation**

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

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 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 NAVs measured at the beginning of each quarter in the Trailing Twelve Months.

"Cumulative Pre-Incentive Fee Net Return" during the relevant Trailing Twelve Months means (1) (a) the aggregate Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Months less (b) any Net Capital Loss (if positive), in respect of the Trailing Twelve Months, divided by (2) the average of the Company's NAVs measured at the beginning of each quarter in the Trailing Twelve Months.

"Net Capital Loss" in respect of a particular period means the difference, if positive, between (i) aggregate capital losses on the Company's assets, whether realized or unrealized, in such period and (ii) aggregate capital gains or other gains on the Company's assets, whether realized or unrealized, in such period.

If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Incentive Fee to Barings in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee as calculated above, the Company will pay Barings the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Incentive Fee as calculated above, the Company will pay Barings the Incentive Fee for such quarter without regard to the Incentive Fee Cap.

The fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated. The fees are calculated using detailed policies and procedures approved by Barings and the Board, including a majority of its directors who are not "interested persons" of the Company, as defined in Section 2(a)(19) of the 1940 Act ("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.

For the three months ended March 31, 2026 and 2025, the Incentive Fees determined in accordance with the terms of the Advisory Agreement were nil and $3.8 million, respectively. As of December 31, 2025, the Incentive Fee of $5.2 million for the three months ended December 31, 2025 was unpaid and included in "Incentive management fees payable" in the accompanying Audited Consolidated Balance Sheet.

The Advisory Agreement had an initial term of two years. The Advisory Agreement was most recently re-approved on May 7, 2026 by our Board, including a majority of the Independent Directors, and will 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 Independent Directors. 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

------

**Barings Private Credit Corporation**

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

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organizational and offering expenses;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all other expenses of the Company's operations and transactions, including those listed in the Advisory Agreement.

**Sub-Advisory Agreement**

Barings has retained Baring International Investment Limited ("BIIL"), its indirect, wholly-owned subsidiary, as a sub-adviser to manage the Company's European investments, pursuant to the terms of a sub-advisory agreement (the "Sub-Advisory Agreement"). BIIL is an investment adviser registered with the SEC in the United States and the Financial Conduct Authority in the United Kingdom with its principal office located in London, England.

Under the terms of the Sub-Advisory Agreement and except as expressly provided for therein, BIIL provides advisory services with respect to the Company's European investments on terms and conditions that are, as far as possible, identical to the terms and conditions under which Barings itself serves as its investment adviser under the Advisory Agreement. In addition, except as expressly set forth in the Sub-Advisory Agreement, BIIL is entitled to the same rights and protections as Barings is under the terms of the Advisory Agreement. Barings maintains oversight responsibilities for BIIL's activities as they relate to the Company's investment portfolio (including BIIL's compliance with the requirements set out, referred to or contemplated by the Advisory Agreement), but BIIL is not under the day-to-day direction and supervision of Barings with respect to such activities; provided, however, that Barings retains ultimate discretion over the selection, acquisition and disposal of assets to or from the Company's investment portfolio. Barings, and not the Company, is solely responsible for paying compensation to BIIL, which amount shall be a portion of the management fees paid by the Company to Barings under the Advisory Agreement, as agreed to between Barings and BIIL from time to time.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the allocable portion of the salaries, bonuses, benefits and expenses of the Company's Chief Financial Officer and Chief Compliance Officer and their respective staffs, which is based upon the allocable portion of the time spent by

------

**Barings Private Credit Corporation**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the actual cost of goods and services used for the Company and obtained by the Administrator from entities not affiliated with the Company, which is reasonably allocated to the Company on the basis of assets, revenues, time records or other methods conforming with U.S. GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all fees, costs and expenses associated with the engagement of a sub-administrator, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 months ended March 31, 2026 and 2025, the Company incurred and was invoiced by the Administrator expenses of approximately $0.5 million and $0.4 million, respectively. As of March 31, 2026, administrative expenses of $0.5 million incurred during the three months ended March 31, 2026 were unpaid and included in "Administrative fees payable" in the accompanying Unaudited Consolidated Balance Sheet. As of December 31, 2025, administrative expenses of $0.5 million incurred during the three months ended December 31, 2025 were unpaid and included in "Administrative fees payable" in the accompanying Audited Consolidated Balance Sheet.

**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 any distribution and/or shareholder servicing fees of the Company. 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 the Company 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.

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.

------

**Barings Private Credit Corporation**

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

There were no Expense Payments or Reimbursement Payments made during the three months ended March 31, 2026 or 2025.

**3. INVESTMENTS**

***Portfolio Composition***

The Company predominantly invests in senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries, as well as syndicated senior secured loans, structured products, bonds and other fixed income securities. Structured products include collateralized loan obligations and asset-backed securities. The Adviser's 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 payment-in-kind ("PIK") interest, if any. Summaries of the composition of the Company's investment portfolio at cost and fair value, and as a percentage of total investments and net assets, as of March 31, 2026 and December 31, 2025 are shown in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ in thousands**)** | **Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** | **Percentage of<br>Total <br>Net Assets** |
| **March 31, 2026:** | | | | | |
| Senior debt and 1<sup>st</sup> lien notes | $4497166 | 87% | $4400219 | 85% | 150% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 230490 | 4 | 223003 | 4 | 8 |
| Structured products | 88955 | 2 | 87371 | 2 | 3 |
| Equity shares | 339018 | 6 | 387824 | 8 | 13 |
| Equity warrants | 4 |  | 1182 |  |  |
| Royalty rights | 3160 |  | 3665 |  |  |
| Investment in joint ventures | 61755 | 1 | 42400 | 1 | 2 |
| Short-term investments | 10908 |  | 10907 |  |  |
|  | $5231456 | 100% | $5156571 | 100% | 176% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ($ in thousands**)** | **Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** | **Percentage of<br>Total <br>Net Assets** |
| **December 31, 2025:** | | | | | |
| Senior debt and 1<sup>st</sup> lien notes | $4252828 | 87% | $4211606 | 86% | 148% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 168571 | 4 | 163617 | 4 | 6 |
| Structured products | 99856 | 2 | 101380 | 2 | 4 |
| Equity shares | 337351 | 7 | 378575 | 8 | 14 |
| Equity warrants | 4 |  | 1166 |  |  |
| Royalty rights | 3231 |  | 3715 |  |  |
| Investment in joint ventures | 25808 |  | 6121 |  |  |
| Short-term investments | 10810 |  | 10809 |  |  |
|  | $4898459 | 100% | $4876989 | 100% | 172% |

---

During the three months ended March 31, 2026, the Company made 74 new portfolio company investments totaling $258.9 million, made additional investments in existing portfolio companies totaling $247.5 million and made an investment in a new joint venture equity portfolio company totaling $40.3 million.

During the three months ended March 31, 2025, the Company made 18 new portfolio company investments totaling $191.0 million and made additional investments in existing portfolio companies totaling $238.2 million.

------

**Barings Private Credit Corporation**

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

***Cardinal Senior Loan Fund LLC***

On December 11, 2024, Cardinal Senior Loan Fund LLC ("Cardinal") was formed as a Delaware limited liability company. Until January 16, 2026, Cardinal was wholly-owned by certain vehicles affiliated with Pantheon Ventures ("Pantheon"). On January 16, 2026, the Company was admitted as a member and Cardinal was reconstituted as a joint venture with Pantheon to primarily invest in senior secured, middle-market, private debt investments, syndicated senior secured loans and structured product investments.

As of March 31, 2026, the Company has a capital commitment of $40.0 million of equity capital to Cardinal, all of which was funded as of March 31, 2026. As of March 31, 2026, aggregate commitments to Cardinal by the Company and the other members under the current operating agreement total $252.0 million, of which $232.0 million has been funded.

For the three months ended March 31, 2026, Cardinal declared $19.7 million in distributions to its pre-existing members in accordance with the LLC Agreement, of which nil was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations.

The total value of Cardinal's investment portfolio was $379.0 million as of March 31, 2026. As of March 31, 2026, Cardinal's investments had an aggregate cost of $380.4 million. As of March 31, 2026, the weighted average yield on the principal amount of Cardinal's outstanding debt investments other than non-accrual debt investments was approximately 8.7%. As of March 31, 2026, the Cardinal investment portfolio consisted of the following investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| **March 31, 2026:** |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $379040 | 100% | $378002 | 100% |
| Equity shares | 1321 |  | 969 |  |
|  | $380361 | 100% | $378971 | 100% |

---

The industry composition of Cardinal's investments at fair value at March 31, 2026 was as follows:

---

| | | |
|:---|:---|:---|
| ($ in thousands) | **March 31, 2026** | **March 31, 2026** |
| Aerospace & Defense | $15711 | 4% |
| Automotive | 4906 | 1 |
| Banking, Finance, Insurance, & Real Estate | 22443 | 6 |
| Capital Equipment | 7530 | 2 |
| Chemicals, Plastics, & Rubber | 3936 | 1 |
| Consumer Goods: Non-durable | 14685 | 4 |
| Healthcare & Pharmaceuticals | 31508 | 8 |
| High Tech Industries | 90449 | 24 |
| Media: Advertising, Printing, & Publishing | 1370 |  |
| Media: Broadcasting & Subscription | 10509 | 3 |
| Media: Diversified & Production | 15950 | 4 |
| Services: Business | 126715 | 34 |
| Services: Consumer | 19007 | 5 |
| Telecommunications | 6022 | 2 |
| Transportation: Cargo | 8230 | 2 |
| **Total** | $378971 | 100% |

---

------

**Barings Private Credit Corporation**

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

The geographic composition of Cardinal's investments at fair value at March 31, 2026 was as follows:

---

| | | |
|:---|:---|:---|
| ($ in thousands) | **March 31, 2026** | **March 31, 2026** |
| Belgium | $6083 | 2% |
| France | 21777 | 6 |
| Germany | 3936 | 1 |
| Ireland | 6022 | 1 |
| Netherlands | 6888 | 2 |
| United Kingdom | 77799 | 20 |
| USA | 256466 | 68 |
| **Total** | $378971 | 100% |

---

Cardinal's credit facility with Citibank, N.A., which was non-recourse to the Company, initially closed on March 26, 2025, and had approximately $156.9 million outstanding as of March 31, 2026.

The Company has determined that Cardinal is an investment company under ASC Topic 946, 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 Cardinal as it is not a substantially wholly owned investment company subsidiary. In addition, Cardinal is not an operating company and the Company does not control Cardinal due to the allocation of voting rights among Cardinal members.

As of March 31, 2026, Cardinal had the following contributed capital and unfunded commitments from its members:

---

| | |
|:---|:---|
| ($ in thousands) | **As of**<br> **March 31, 2026** |
| Total contributed capital by Barings Private Credit Corporation | $40000 |
| Total contributed capital by all members | 192000 |
| Total unfunded commitments by Barings Private Credit Corporation |  |
| Total unfunded commitments by all members | 20000 |

---

***Thompson Rivers LLC***

On April 28, 2020, Thompson Rivers LLC ("Thompson Rivers") was formed as a Delaware limited liability company. On September 1, 2021, the Company entered into a limited liability company agreement governing Thompson Rivers. Under Thompson Rivers' current operating agreement, as amended to date, the Company has a capital commitment of $30.0 million of equity capital to Thompson Rivers, all of which has been funded as of March 31, 2026. As of March 31, 2026, 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 months ended March 31, 2026 and 2025, Thompson Rivers declared $7.5 million and $6.0 million, respectively, in distributions, of which nil was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2026 and 2025, the Company recognized $0.5 million and $0.4 million, respectively, of the distributions as a return of capital.

As of March 31, 2026, Thompson Rivers had $72.2 million in Ginnie Mae early buyout loans and $2.3 million in cash. As of December 31, 2025, Thompson Rivers had $111.8 million in Ginnie Mae early buyout loans and $7.0 million in cash. As of March 31, 2026, Thompson Rivers had 459 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 3.8%. As of December 31, 2025, Thompson Rivers had 700 outstanding loans with an average unpaid balance of $0.2 million and weighted average yield of 4.0%.

------

**Barings Private Credit Corporation**

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

As of March 31, 2026 and December 31, 2025, the Thompson Rivers investment portfolio consisted of the following investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| **March 31, 2026:** |  |  |  |  |
| Federal Housing Administration ("FHA") loans | $75030 | 96% | $69468 | 96% |
| Veterans Affairs ("VA") loans | 2973 | 4 | 2735 | 4 |
|  | $78003 | 100% | $72203 | 100% |
| **December 31, 2025:** |  |  |  |  |
| Federal Housing Administration ("FHA") loans | $112317 | 95% | $106195 | 95% |
| Veterans Affairs ("VA") loans | 5883 | 5 | 5557 | 5 |
|  | $118200 | 100% | $111752 | 100% |

---

Thompson Rivers' repurchase agreement with JPMorgan Chase Bank, which is non-recourse to the Company, had approximately $27.1 million outstanding as of December 31, 2025. On March 13, 2026, Thompson Rivers' repurchase agreement with JPMorgan Chase Bank was terminated. Thompson Rivers' repurchase agreement with Bank of America N.A., which is non-recourse to the Company, had approximately $57.6 million and $68.5 million outstanding as of March 31, 2026 and December 31, 2025, respectively.

The Company has determined that Thompson Rivers is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Thompson Rivers as it is not a substantially wholly owned investment company subsidiary. In addition, Thompson Rivers is not an operating company and the Company does not control Thompson Rivers due to the allocation of voting rights among Thompson Rivers members.

As of March 31, 2026 and December 31, 2025, Thompson Rivers had the following contributed capital and unfunded commitments from its members:

---

| | | |
|:---|:---|:---|
| ($ in thousands) | **As of**<br> **March 31, 2026** | **As of**<br> **December 31, 2025** |
| Total contributed capital by Barings Private Credit Corporation (1) | $32226 | $32226 |
| Total contributed capital by all members (2) | 482083 | 482083 |
| Total unfunded commitments by Barings Private Credit Corporation |  |  |
| Total unfunded commitments by all members |  |  |

---

(1)Includes $2.2 million of dividend re-investments.

(2)Includes dividend re-investments of $32.1 million and total contributed capital by related parties of $209.3 million as of both March 31, 2026 and December 31, 2025.

***Waccamaw River LLC***

On January 4, 2021, Waccamaw River LLC ("Waccamaw River") was formed as a Delaware limited liability company. On September 1, 2021, the Company entered into a limited liability company agreement governing Waccamaw River. Under Waccamaw River's current operating agreement, as amended to date, the Company has a capital commitment of $25.0 million of equity capital to Waccamaw River, all of which has been funded as of March 31, 2026. As of March 31, 2026, aggregate commitments to Waccamaw River by the Company and the other members under the current operating agreement total $125.0 million, all of which has been funded.

For the three months ended March 31, 2026 and 2025, Waccamaw River declared $20.0 million and $10.3 million, respectively, in distributions, of which $0.1 million and $0.3 million, respectively, was recognized as dividend income in the Company's Unaudited Consolidated Statements of Operations. In addition, for the three months ended March 31, 2026 and 2025, the Company recognized $3.9 million and $1.7 million, respectively, of the distributions as a return of capital.

------

**Barings Private Credit Corporation**

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

During the three months ended March 31, 2026, Waccamaw River sold its investment portfolio in its entirety. Waccamaw River intends to pay all outstanding expenses and distribute any remaining cash surplus to the members. As of March 31, 2026, Waccamaw River had cash and accrued expenses. As of December 31, 2025, Waccamaw River had $28.9 million in unsecured consumer loans and $2.5 million in cash. As of December 31, 2025, Waccamaw River had 4,270 outstanding loans with an average loan size of $6.8 thousand, remaining average life to maturity of 30.8 months and weighted average yield of 12.6%. .

The Company has determined that Waccamaw River is an investment company under ASC Topic 946, however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a substantially wholly owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its interest in Waccamaw River as it is not a substantially wholly owned investment company subsidiary. In addition, Waccamaw River is not an operating company and the Company does not control Waccamaw River due to the allocation of voting rights among Waccamaw River members.

As of March 31, 2026 and December 31, 2025, Waccamaw River had the following contributed capital and unfunded commitments from its members:

---

| | | |
|:---|:---|:---|
| ($ in thousands) | **As of**<br> **March 31, 2026** | **As of**<br> **December 31, 2025** |
| Total contributed capital by Barings Private Credit Corporation | $25000 | $25000 |
| Total contributed capital by all members (1) | 139020 | 139020 |
| Total unfunded commitments by Barings Private Credit Corporation |  |  |
| Total unfunded commitments by all members |  |  |

---

(1)Includes $87.3 million of total contributed capital by related parties as of both March 31, 2026 and December 31, 2025.

***Eclipse Business Capital Holdings LLC***

On July 8, 2021, the Company made an equity investment in Eclipse Business Capital Holdings LLC ("Eclipse") of $63.4 million, a second lien senior secured loan of $3.2 million and unfunded revolver of $9.6 million, alongside other related party affiliates. On August 12, 2022, the Company increased the unfunded revolver to $16.0 million. As of March 31, 2026 and December 31, 2025, $9.6 million and $7.0 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 to $125 million that are secured by collateral such as accounts receivable, inventory, equipment, or real estate. Eclipse lends to both privately-owned and publicly-traded companies across a range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution, and consumer products. The addition of Eclipse to the portfolio allows the Company to participate in an asset class and commercial finance operations that offer differentiated income returns as compared to directly originated loans. Eclipse is led by a seasoned team of ABL experts.

The Company has determined that Eclipse is not an investment company under ASC Topic 946. Under ASC Topic 810, *Consolidation,* Subtopic 10, *Consolidation - Overall,* Section 15, *Scope and Scope Exceptions,* paragraph 12, subparagraph d ("ASC 810-10-15-12(d)"), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Eclipse because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Eclipse in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.

***Rocade Holdings LLC***

On February 1, 2023, the Company made an equity investment in Rocade Holdings LLC ("Rocade") of $12.0 million, alongside other related party affiliates and made additional investments thereafter during the fiscal year ended December 31, 2023 of $96.0 million. In July 2025, the Company made an additional equity investment in Rocade totaling $7.0 million. The total equity invested in Rocade as of March 31, 2026 was $115.0 million (excluding preferred dividends) and the Company had $2.0 million of unfunded preferred equity commitments. On November 25, 2025, the Company made a second lien senior secured loan of $35.0 million, alongside other related party affiliates. As of March 31, 2026 and December 31, 2025, $14.7 million and $10.0 million, respectively, of the second lien senior secured loan was funded. Rocade conducts its business through Rocade LLC and operates as Rocade Capital. Rocade is one of the country's leading litigation finance platforms that specializes in providing financing to plaintiff law firms engaged in mass tort and other civil litigation. Rocade typically provides loans to law firms that are secured by the borrowing firm's interests in award settlements, including contingency fees

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**Barings Private Credit Corporation**

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

expected to be earned from successful litigation. The loans generally bear floating rate PIK interest with an overall expected annualized return between 10% and 25% and collect debt service upon receipt of settlement awards and/or contingency fees. The addition of Rocade to the portfolio allows the Company to participate in an uncorrelated asset class that offers differentiated income returns as compared to directly originated loans. Rocade is led by a seasoned team of litigation finance experts.

The Company has determined that Rocade is not an investment company under ASC Topic 946*.* Under ASC 810-10-15-12(d), an investment company generally does not consolidate an investee that is not an investment company other than a controlled operating company whose business consists of providing services to the company. Thus, the Company is not required to consolidate Rocade because it does not provide services to the Company. Instead, the Company accounts for its equity investment in Rocade in accordance with ASC Topic 946-320, presented as a single investment measured at fair value.

***Valuation of Investments***

The Adviser, as Valuation Designee (as defined below), conducts the valuation of the Company's investments, upon which the Company's NAV is primarily based, in accordance with its valuation policy, as well as established and documented processes and methodologies for determining the fair values of portfolio company investments on a recurring (at least quarterly) basis in accordance with the 1940 Act and FASB ASC Topic 820, *Fair Value Measurements and Disclosures* ("ASC Topic 820"). The Company's current valuation policy and processes were established by the Adviser and were approved by the Board.

Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company's portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market.

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

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

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

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

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

The Company's investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other observable inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company's investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with the underlying performance of the portfolio company.

There is no single approach 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.

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**Barings Private Credit Corporation**

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

***Investment Valuation Process***

The Board must determine fair value in good faith for any or all Company investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee (the "Valuation Designee") to perform the fair value determinations relating to the value of the assets held by the Company for which market quotations are not readily available. The Adviser has established a pricing committee that is, subject to the oversight of the Board, responsible for the approval, implementation and oversight of the processes and methodologies that relate to the pricing and valuation of assets held by the Company. The Adviser uses independent third-party providers to price the portfolio, but in the event an acceptable price cannot be obtained from an approved external source, the Adviser will utilize alternative methods in accordance with internal pricing procedures established by the Adviser's pricing committee.

At least annually, the Adviser conducts reviews of the primary pricing vendors to validate that the inputs used in the vendors' pricing process are deemed to be market observable. While the Adviser is not provided access to proprietary models of the vendors, the reviews have included on-site walkthroughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. The review also includes an examination of the underlying inputs and assumptions for a sample of individual securities across asset classes, credit rating levels and various durations, a process the Adviser continues to perform annually. In addition, the pricing vendors have an established challenge process in place for all security valuations, which facilitates identification and resolution of prices that fall outside expected ranges. The Adviser believes that the prices received from the pricing vendors are representative of prices that would be received to sell the assets at the measurement date (i.e., exit prices).

The Company's money market fund investments are generally valued using Level 1 inputs and its equity investments listed on an exchange or on the NASDAQ National Market System are valued using Level 1 inputs, using the last quoted sale price of that day. The Company's syndicated senior secured loans and structured product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. The Company's middle-market, private debt and equity investments are generally valued using Level 3 inputs.

***Independent Valuation***

The fair value of loans and equity investments that are not syndicated or for which market quotations are not readily available, including middle-market loans, are generally submitted to independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the "discount rate") as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and the Adviser will determine the point within that range that it will use. If the Adviser's pricing committee disagrees with the price range provided, it may make a fair value recommendation to the Adviser that is outside of the range provided by the independent valuation provider and the reasons therefore. In certain instances, the Company may determine that it is not cost-effective, and as a result is not in the stockholders' best interests, to request an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

***Valuation Inputs***

The Adviser's valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser's market assumptions. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from 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.

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**Barings Private Credit Corporation**

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

*Valuation of Investment in Cardinal, Thompson Rivers and Waccamaw River*

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

*Level 3 Unobservable Inputs*

The following tables summarize the significant unobservable inputs the Adviser used in the valuation of the Company's Level 3 debt and equity securities as of March 31, 2026 and December 31, 2025. The weighted average range of unobservable inputs is based on fair value of investments.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026**<br>**($ in thousands)** | **Fair Value** | | **Valuation<br>Model** | | **Level 3<br>Input** | | **Range of<br>Inputs** | | **Weighted <br>Average** | | **Impact to Valuation from an Increase in Input** |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | $3447124 |  | Yield Analysis |  | Market Yield |  | 6.4% – 27.0% |  | 9.6% |  | Decrease |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | 164875 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.4x – 11.7x |  | 7.8x |  | Increase |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | 486506 |  | Recent Transaction |  | Transaction Price |  | 97.5% – 100.0% |  | 99.1% |  | Increase |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | Subordinated debt and 2<sup>nd</sup> lien notes | 108029 |  | Yield Analysis |  | Market Yield |  | 8.7% – 27.2% |  | 14.2% |  | Decrease |
| 45353 | Subordinated debt and 2<sup>nd</sup> lien notes |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.7x – 10.0x |  | 7.5x |  | Increase |  |
| 69267 | Subordinated debt and 2<sup>nd</sup> lien notes |  | Recent Transaction |  | Transaction Price |  | 98.0% – 98.5% |  | 98.0% |  | Increase |  |
| Structured products<sup>(2)</sup> | 9823 |  | Yield Analysis |  | Market Yield |  | 5.4% – 13.0% |  | 12.5% |  | Decrease |  |
| Equity shares | 66636 |  | Yield Analysis |  | Market Yield |  | 11.2% – 22.9% |  | 16.0% |  | Decrease |  |
| Equity shares | 301030 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.4x – 22.5x |  | 7.5x |  | Increase |  |
| Equity shares | 671 |  | Market Approach |  | Revenue Multiple |  | 4.5x – 6.5x |  | 4.6x |  | Increase |  |
| Equity shares | 10079 |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 13.2% |  | 13.2% |  | Decrease |  |
| Equity shares | 4805 |  | Net Asset Approach |  | Liabilities |  | $(75470.0) |  | $(75470.0) |  | Decrease |  |
| Equity shares | 1247 |  | Recent Transaction |  | Transaction Price |  | $1.00 |  | $1.00 |  | Increase |  |
| Equity warrants | 1182 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.4x – 11.3x |  | 11.2x |  | Increase |  |
| Royalty rights | 3665 |  | Yield Analysis |  | Market Yield |  | 28.0% – 30.0% |  | 29.0% |  | Decrease |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes investments with an aggregate fair value amounting to $11,088, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes investments with an aggregate fair value amounting to $2,752, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

During the three months ended March 31, 2026, five senior debt and first lien note positions with an aggregate fair value of $101.6 million, one subordinated debt and second lien note position with a fair value of $0.2 million and one equity position with a fair value of $2.2 million transitioned from a yield analysis to a market approach valuation model. In addition, one equity position with a fair value of $11.5 million transitioned from a net asset approach to a yield analysis valuation model. Lastly, one structured product position with a fair value of $9.8 million transitioned from a broker quote to a yield analysis valuation model. The change in approach was driven by considerations given to the financial performance of each portfolio company.

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**Barings Private Credit Corporation**

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025**<br>**($ in thousands)**<sup>(2)</sup> | **Fair Value** | | **Valuation<br>Model** | | **Level 3<br>Input** | | **Range of<br>Inputs** | | **Weighted <br>Average** | | **Impact to Valuation from an Increase in Input** |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | $3000532 |  | Yield Analysis |  | Market Yield |  | 6.6% – 27.0% |  | 9.8% |  | Decrease |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | 69630 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.2x – 12.0x |  | 8.8x |  | Increase |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | 828019 |  | Recent Transaction |  | Transaction Price |  | 98.0% – 100.0% |  | 99.0% |  | Increase |  |
| Senior debt and 1<sup>st</sup> lien notes<sup>(1)</sup> | Subordinated debt and 2<sup>nd</sup> lien notes | 125514 |  | Yield Analysis |  | Market Yield |  | 8.0% – 22.5% |  | 13.4% |  | Decrease |
| 27873 | Subordinated debt and 2<sup>nd</sup> lien notes |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.7x – 26.0x |  | 15.4x |  | Increase |  |
| 9333 | Subordinated debt and 2<sup>nd</sup> lien notes |  | Recent Transaction |  | Transaction Price |  | 98.0% |  | 98.0% |  | Increase |  |
| Equity shares | 39525 |  | Yield Analysis |  | Market Yield |  | 11.0% – 32.8% |  | 15.1% |  | Decrease |  |
| Equity shares | 296252 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.2x – 27.0x |  | 15.7x |  | Increase |  |
| Equity shares | 846 |  | Market Approach |  | Revenue Multiple |  | 5.3x – 8.5x |  | 5.4x |  | Increase |  |
| Equity shares | 9992 |  | Discounted Cash Flow Analysis |  | Discount Rate |  | 12.4% |  | 12.4% |  | Decrease |  |
| Equity shares | 13531 |  | Net Asset Approach |  | Liabilities |  | $(93,817.9) – $(117,319.9) |  | $(108723.3) |  | Decrease |  |
| Equity shares | 14319 |  | Recent Transaction |  | Transaction Price |  | $0.00 – $1,000.00 |  | $85.11 |  | Increase |  |
| Equity warrants | 1166 |  | Market Approach |  | Adjusted EBITDA Multiple |  | 0.5x – 11.3x |  | 11.3x |  | Increase |  |
| Royalty rights | 3715 |  | Yield Analysis |  | Market Yield |  | 28.0% – 30.0% |  | 29.0% |  | Decrease |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes investments with an aggregate fair value amounting to $6,650, which the Adviser valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For structured products, investments with an aggregate fair value amounting to $13,166, were valued by the Adviser using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs were not readily available.

During the year ended December 31, 2025, six senior debt and first lien note positions with an aggregate fair value of $24.0 million transitioned from a yield analysis to a market approach valuation model. In addition, one senior debt and first lien note position with a fair value of $1.8 million transitioned from a market approach to a yield analysis valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

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**Barings Private Credit Corporation**

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

The following tables present the Company's investment portfolio at fair value as of March 31, 2026 and December 31, 2025, categorized by the ASC Topic 820 valuation hierarchy, as previously described:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of March 31, 2026** | **Fair Value as of March 31, 2026** | **Fair Value as of March 31, 2026** | **Fair Value as of March 31, 2026** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior debt and 1<sup>st</sup> lien notes | $— | $290626 | $4109593 | $4400219 |
| Subordinated debt and 2<sup>nd</sup> lien notes |  | 354 | 222649 | 223003 |
| Structured products |  | 74796 | 12575 | 87371 |
| Equity shares |  | 3356 | 384468 | 387824 |
| Equity warrants |  |  | 1182 | 1182 |
| Royalty rights |  |  | 3665 | 3665 |
| Short-term investments | 10907 |  |  | 10907 |
| Investments subject to leveling | $10907 | $369132 | $4734132 | $5114171 |
| Investment in joint ventures (1) |  |  |  | 42400 |
|  |  |  |  | $5156571 |
|  | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** |
| ($ in thousands) | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior debt and 1<sup>st</sup> lien notes | $— | $306775 | $3904831 | $4211606 |
| Subordinated debt and 2<sup>nd</sup> lien notes |  | 897 | 162720 | 163617 |
| Structured products |  | 88214 | 13166 | 101380 |
| Equity shares |  | 4110 | 374465 | 378575 |
| Equity warrants |  |  | 1166 | 1166 |
| Royalty rights |  |  | 3715 | 3715 |
| Short-term investments | 10809 |  |  | 10809 |
| Investments subject to leveling | $10809 | $399996 | $4460063 | $4870868 |
| Investment in joint ventures (2) |  |  |  | 6121 |
|  |  |  |  | $4876989 |

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

&nbsp;&nbsp;&nbsp;&nbsp;(2)The Company's investments in Thompson Rivers and Waccamaw River are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Audited Consolidated Balance Sheet.

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**Barings Private Credit Corporation**

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

The following tables reconcile the beginning and ending balances of the Company's investment portfolio measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2026 and 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended**<br>**March 31, 2026**<br>**($ in thousands)** | **Senior Debt**<br>**and 1**<sup>st</sup> **Lien**<br>**Notes** | **Subordinated Debt and 2**<sup>nd</sup> **Lien Notes** | **Structured Products** | **Equity Shares** | **Equity Warrants** | **Royalty Rights** | **Total** |
| Fair value, beginning of period | $3904831 | $162720 | $13166 | $374465 | $1166 | $3715 | $4460063 |
| New investments | 335492 | 79390 |  | 3356 |  |  | 418238 |
| Transfers into Level 3 (1) | 5723 |  |  |  |  |  | 5723 |
| Transfers out of<br>Level 3 (1) | (3393) |  |  |  |  |  | (3393) |
| Proceeds from sales of investments / return of capital | (1685) |  |  | (3133) |  | (71) | (4889) |
| Loan origination fees received | (2702) | (1393) |  |  |  |  | (4095) |
| Principal repayments received | (97332) | (19759) | (546) |  |  |  | (117637) |
| Payment-in-kind interest / dividends | 2099 | 3205 |  | 214 |  |  | 5518 |
| Accretion of loan premium / discount | 296 |  |  |  |  |  | 296 |
| Accretion of deferred loan origination revenue | 4639 | 406 |  |  |  |  | 5045 |
| Realized gain (loss) | (436) |  |  | 1230 |  |  | 794 |
| Unrealized appreciation (depreciation) | (37939) | (1920) | (45) | 8336 | 16 | 21 | (31531) |
| Fair value, end of period | $4109593 | $222649 | $12575 | $384468 | $1182 | $3665 | $4734132 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended**<br>**March 31, 2025**<br>**($ in thousands)** | **Senior Debt**<br>**and 1**<sup>st</sup> **Lien**<br>**Notes** | **Subordinated Debt and 2**<sup>nd</sup> **Lien Notes** | **Structured Products** | **Equity Shares** | **Equity Warrants** | **Royalty Rights** | **Total** |
| Fair value, beginning of period | $2402177 | $110909 | $19899 | $337684 | $2813 | $14583 | $2888065 |
| New investments | 380147 | 1590 | 5000 | 10346 |  |  | 397083 |
| Proceeds from sales of investments / return of capital | (27968) |  |  | (933) |  | (208) | (29109) |
| Loan origination fees received | (9510) | (2) |  |  |  |  | (9512) |
| Principal repayments received | (44957) | (6574) | (714) |  |  |  | (52245) |
| Payment-in-kind interest / dividends | 2109 | 1054 |  | 3313 |  |  | 6476 |
| Accretion of loan premium / discount | 136 |  |  |  |  |  | 136 |
| Accretion of deferred loan origination revenue | 3059 | 209 |  |  |  |  | 3268 |
| Realized gain (loss) | (586) | (150) |  | 271 |  |  | (465) |
| Unrealized appreciation (depreciation) | 17204 | 579 | 410 | 5059 | 67 | 1571 | 24890 |
| Fair value, end of period | $2721811 | $107615 | $24595 | $355740 | $2880 | $15946 | $3228587 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026, transfers into (out of) Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies.

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**Barings Private Credit Corporation**

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

All realized gains and losses and unrealized appreciation and depreciation are included in earnings (changes in net assets) and are reported on separate line items within the Company's Unaudited Consolidated Statements of Operations. Pre-tax net unrealized depreciation on Level 3 investments of $29.6 million during the three months ended March 31, 2026 was related to portfolio company investments that were still held by the Company as of March 31, 2026. Pre-tax net unrealized appreciation on Level 3 investments of $23.0 million during the three months ended March 31, 2025 was related to portfolio company investments that were still held by the Company as of March 31, 2025.

Exclusive of short-term investments, during the three months ended March 31, 2026, the Company made investments of approximately $402.0 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2026, the Company made investments of $144.7 million in portfolio companies to which it was previously committed to provide such financing.

Exclusive of short-term investments, during the three months ended March 31, 2025, the Company made investments of approximately $375.5 million in portfolio companies to which it was not previously contractually committed to provide such financing. During the three months ended March 31, 2025, the Company made investments of $53.6 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 purchases and sales of the Company's syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin ("spread") beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.

***Realized Gain or Loss and Unrealized Appreciation or Depreciation of Portfolio Investments***

Realized gains or losses are recorded upon the sale or liquidation of investments and are calculated as the difference between the net proceeds from the sale or liquidation, if any, and the cost basis of the investment using the specific identification method. Unrealized appreciation or depreciation reflects the difference between the fair value of the investments and the cost basis of the investments.

***Investment Classification***

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, "Control Investments" are investments in those companies that the Company is deemed to "Control." "Affiliate Investments" are investments in those companies that are "Affiliated Persons" of the Company, as defined in the 1940 Act, other than Control Investments. "Non-Control / Non-Affiliate Investments" are those that are neither Control Investments nor Affiliate Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, "Affiliate Investments" that are not otherwise "Control Investments" are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

***Short-Term Investments***

Short-term investments represent investments in money market funds.

***Cash and Foreign Currencies***

Cash consists of deposits held at a custodian bank and restricted cash pledged as collateral for certain derivative instruments. Cash is carried at cost, which approximates fair value. The Company places its cash with financial institutions and, at times, cash may exceed insured limits under applicable law.

***Investment Income***

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. Generally, when interest and/or principal payments on a loan become past due, or if the Company otherwise does not expect the borrower to be able to service its debt and other obligations, the

------

**Barings Private Credit Corporation**

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

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 March 31, 2026 and December 31, 2025, the Company had nine and six portfolio companies, respectively, with investments that were on non-accrual.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.

***Payment-in-Kind Income***

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.

The Company has certain preferred equity securities in its portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.

PIK interest and dividend income for the three months ended March 31, 2026 and 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| PIK interest income | $6119 | $3455 |
| PIK interest income as a % of investment income | 5.1% | 4.0% |
| PIK dividend income | $1183 | $4042 |
| PIK dividend income as % of investment income | 1.0% | 4.7% |
| Total PIK income | $7302 | $7497 |
| Total PIK income as a % of investment income | 6.0% | 8.7% |

---

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. As of both March 31, 2026 and December 31, 2025, the Company had one portfolio company that was current on interest payments and on partial non-accrual status for PIK purposes only.

***Fee and Other 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. Other income includes royalty income received in connection to revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

------

**Barings Private Credit Corporation**

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

Fee and other income for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| **Recurring Fee and Other Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan origination fees | $3467 | $2734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management, valuation and other fees | 1869 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty income | 105 | 387 |
| Total Recurring Fee and Other Income | 5441 | 4186 |
| **Non-Recurring Fee and Other Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment fees | 5 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acceleration of unamortized loan origination fees | 699 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory, loan amendment and other fees |  | 13 |
| Total Non-Recurring Fee and Other Income | 704 | 1054 |
| **Total Fee and Other Income** | $**6145** | $**5240** |

---

***General and Administrative Expenses***

General and administrative expenses include Board fees, directors' and officers' insurance 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.

***Segments***

The Company lends to and invests in portfolio companies in various industries. The Company operates as a single operating and reporting segment: lending and investment. The segment generates revenues through debt investments, and on a limited basis, may acquire equity investments in portfolio companies. The accounting policies of the lending and investment segment are the same as those described herein and in the Company's most recent Annual Report on Form 10-K. The Company has identified the Co-Chief Executive Officers, its President, and Chief Financial Officer as the chief operating decision maker (the "CODM"), who evaluates the performance of the lending and investment segment. The CODM uses segment net investment income before taxes and net increase in net assets resulting from operations to determine the capital allocation of the Company, the dividend policy, and the Company's investment strategy, which is outlined in "Business–Investment Criteria" in Part I, Item 1 of the Company's most recent Annual Report on Form 10-K. As the Company operates as a single reportable segment, the segment assets are presented on the accompanying Unaudited and Audited Consolidated Balance Sheets as "total assets" and the net investment income before taxes, significant segment expenses, and net increase in net assets resulting from operations are presented on the accompanying Unaudited Consolidated Statements of Operations.

***Concentration of Credit Risk***

As of March 31, 2026 and December 31, 2025, there were no individual investments representing greater than 10% of the fair value of the Company's portfolio. As of March 31, 2026 and December 31, 2025, the Company's largest single portfolio company investment, excluding short-term investments, represented approximately 3.1% and 3.2%, respectively, of the fair value of the Company's portfolio. Income, consisting of interest, dividends, fees, other investment income and realization of gains or losses on equity interests, can fluctuate dramatically upon repayment of an investment or sale of an equity interest and in any given year can be highly concentrated among several portfolio companies.

As of March 31, 2026, all of BPC Funding LLC's ("BPC Funding") assets were pledged (or will be pledged when the related investment purchase settles) as collateral for the Revolving Credit Facility. As of March 31, 2026, all of Barings Private Credit Corporation CLO 2023-1 Ltd.'s assets were pledged (or will be pledged when the related investment purchase settles) as collateral for the BPCC Debt Securitization. As of March 31, 2026, all of BPCC Senior Finance I, LLC's ("BPCC Senior Finance") assets were pledged (or will be pledged when the related investment purchase settles) as collateral for the BANA SPV Credit Facility. As of March 31, 2026, all assets (other than those that are owned by BPC Funding, Barings Private Credit

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**Barings Private Credit Corporation**

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

Corporation CLO 2023-1 Ltd. and BPCC Senior Finance) were pledged (or will be pledged when the related investment purchase settles) as collateral for the SMBC Credit Facility.

***Financial and Derivative Instruments***

Pursuant to ASC Topic 815, *Derivatives and Hedging*, certain derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Unaudited Consolidated Statements of Operations as the hedged item. The Company's derivative instruments are used to hedge the Company's fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Unaudited Consolidated Statements of Operations. The fair value of the Company's interest rate swaps is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

***Investments Denominated in Foreign Currencies***

As of March 31, 2026 the Company held 16 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, two investments that were denominated in Danish kroner, 72 investments that were denominated in Euros, one investment that was denominated in Swiss francs, one investment that was denominated in Swedish kronor, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner and 32 investments that were denominated in British pounds sterling. As of December 31, 2025, the Company held 15 investments that were denominated in Australian dollars, two investments that were denominated in Canadian dollars, two investments that were denominated in Danish kroner, 71 investments that were denominated in Euros, two investments that were denominated in Swiss francs, one investment that was denominated in Swedish kronor, two investments that were denominated in New Zealand dollars, one investment that was denominated in Norwegian kroner and 31 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 rate fluctuations from the change in fair values of the underlying investment. All fluctuations in fair value are included in net unrealized appreciation (depreciation) on investments in the Company's Unaudited Consolidated Statements of Operations.

In addition, during both the three months ended March 31, 2026 and March 31, 2025, 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 forward currency contracts are included in "Net unrealized appreciation (depreciation) – forward currency contracts" and net realized gains or losses on forward currency contracts are included in "Net realized gains (losses) – forward currency contracts" in the Company's Unaudited Consolidated Statements of Operations.

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 has elected for federal income tax purposes to be treated, and intends to qualify annually, as a RIC under the Code and intends to make the required distributions to its stockholders as specified therein. In order to maintain its tax treatment as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay taxes only on the portion of its taxable income and gains it does not distribute (actually or constructively). The Company has historically met its minimum distribution, source-of-income and asset diversification requirements and continually monitors its distribution requirements with the goal of ensuring compliance with the Code.

Depending on the level of investment company taxable income 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

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**Barings Private Credit Corporation**

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

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 Company's capital gain net income for the 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 must be distributed before the end of that next tax year through a dividend declared prior to filing of the tax return related to the year which generated such taxable income not to be subject to U.S. federal income tax. For the three months ended March 31, 2026 and 2025, the Company recorded net expenses of nil and $0.4 million, respectively, for U.S. federal excise tax.

Tax positions taken or expected to be taken in the course of preparing the Company's tax returns are evaluated to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Company's tax positions taken, or to be taken, on federal income tax returns for all open tax years (fiscal years 2022-2024), and has concluded that the provision for uncertain tax positions in the Company's financial statements is appropriate.

Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (loss), as appropriate.

For federal income tax purposes, the cost of investments owned as of March 31, 2026 and December 31, 2025 was approximately $5,224.6 million and $4,891.2 million, respectively. As of March 31, 2026, net unrealized depreciation on the Company's investments (tax basis) was approximately $70.6 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $128.3 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $198.8 million. As of December 31, 2025, net unrealized depreciation on the Company's investments (tax basis) was approximately $29.3 million, consisting of gross unrealized appreciation, where the fair value of the Company's investments exceeds their tax cost, of approximately $124.4 million and gross unrealized depreciation, where the tax cost of the Company's investments exceeds their fair value, of approximately $153.6 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 reflect the Company's investments in the portfolio companies owned by the Taxable Subsidiary. The purpose of the Taxable Subsidiary is to permit the Company to hold certain portfolio companies that are organized as limited liability companies ("LLCs") (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of the RIC's gross revenue for income tax purposes must consist of qualifying investment income. Absent the Taxable Subsidiary, a proportionate amount of any gross income of an LLC (or other pass-through entity) portfolio investment would flow through directly to the Company. To the extent that such income did not consist of qualifying investment income, it could jeopardize the Company's ability to qualify as a RIC and therefore cause the Company to incur significant amounts of federal income taxes. When LLCs (or other pass-through entities) are owned by the Taxable Subsidiary, their income is taxed to the Taxable Subsidiary and does not flow through to the RIC, thereby helping the Company preserve its RIC tax treatment and resultant tax advantages. The Taxable Subsidiary is not consolidated for income tax purposes and may generate income tax expense or benefit as a result of its ownership of the portfolio companies. This income tax expense or benefit, if any, is reflected in the Company's Unaudited Consolidated Statements of Operations. Additionally, any unrealized appreciation related to portfolio investments held by the Taxable Subsidiary (net of unrealized depreciation related to portfolio investments held by the Taxable Subsidiary), is reflected net of applicable federal and state income taxes, if any, in the Company's Unaudited Consolidated Statements of Operations, with the related deferred tax assets or liabilities, if any, included in "Accounts payable and accrued liabilities" in the Company's Unaudited and Audited Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, the Company recorded a net deferred tax liability of $1.8 million and $1.9 million, respectively, pertaining to operating losses and tax basis differences related to 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 March 31, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Issuance Date<br>($ in thousands)** | **Maturity Date** | **Interest Rate as of March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
| <u>Credit Facilities:</u> |  |  |  |  |
| Revolving Credit Facility – May 11, 2021 | May 11, 2029 | 5.238% | $551325 | $644992 |
| SMBC Credit Facility – March 6, 2023 | December 23, 2030 | 6.710% | 234196 | 170663 |
| BANA SPV Credit Facility – August, 1, 2025 | August 1, 2030 | 5.180% | 172000 | 135000 |
| Total Credit Facilities |  |  | $957521 | $950655 |
| <u>Debt Securitization:</u> |  |  |  |  |
| September 17, 2024 - Class A-1AR Notes | October 15, 2036 | 5.302% | $110000 | $110000 |
| September 17, 2024 - Class A-1A Loans | October 15, 2036 | 5.302% | 115000 | 115000 |
| September 17, 2024 - Class A-1AS Loans | October 15, 2036 | 5.302% | 50000 | 50000 |
| September 17, 2024 - Class A-1BR Notes | October 15, 2036 | 5.572% | 35000 | 35000 |
| September 17, 2024 - Class A-2R Notes | October 15, 2036 | 5.672% | 30000 | 30000 |
| September 17, 2024 - Class B-R Notes | October 15, 2036 | 6.172% | 40000 | 40000 |
| September 17, 2024 - Class C-R Notes | October 15, 2036 | 8.172% | 30000 | 30000 |
| (Less: Deferred financing fees) |  |  | (3560) | (3643) |
| Total Debt Securitization |  |  | $406440 | $406357 |
| <u>Notes:</u> |  |  |  |  |
| July 29, 2021 – Series A Notes | July 29, 2026 | 3.500% | $75000 | $75000 |
| September 15, 2021 – Series B Notes | July 29, 2026 | 3.500% | 38000 | 38000 |
| October 28, 2021 – Series C Notes | July 29, 2026 | 3.500% | 37000 | 37000 |
| May 10, 2022 – Series D Notes (1) | May 10, 2027 | 6.000% | 100390 | 99042 |
| July 26, 2022 – Series E Notes (1) | May 10, 2027 | 6.000% | 55122 | 54362 |
| June 11, 2025 – June 2030 Notes (1) | June 11, 2030 | 6.150% | 399717 | 402617 |
| February 6, 2026 – February 2029 Notes (1) | February 6, 2029 | 5.750% | 348035 |  |
| (Less: Deferred financing fees) |  |  | (13815) | (8795) |
| Total Notes |  |  | $1039449 | $697226 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1)Inclusive of change in fair market value of effective hedge.

The Company's summary information of its borrowings were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| Combined weighted average interest rate<sup>(1)</sup> | 5.684% | 6.317% |
| Combined weighted average debt outstanding | $2225999 | $1262235 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes unused commitment fees and amortization of financing costs. Inclusive of effective interest rate swaps and hedged items.

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 220.9% as of March 31, 2026.

***BNP Paribas Revolving Credit Facility***

On May 11, 2021, BPC Funding, the Company's wholly-owned subsidiary, entered into the Revolving Credit Facility with BNP Paribas ("BNPP"). BNPP serves as administrative agent, State Street Bank and Trust Company serves as collateral agent, and the Company serves as servicer under the Revolving Credit Facility. The initial maximum amount of borrowings 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.

------

**Barings Private Credit Corporation**

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

Effective 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. On May 9, 2024, BPC Funding and BNPP amended the Revolving Credit Facility to extend the revolving period and maturity date of the Revolving Credit Facility to May 11, 2027 and May 11, 2029, respectively.

Advances under the Revolving Credit Facility initially bore interest at a per annum rate equal to, in the case of dollar advances, three-month London Interbank Offered Rate ("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 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 bore 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. Effective May 9, 2024, advances under the Revolving Credit Facility bore interest at a per annum rate equal to, in the case of dollar advances, term SOFR based upon the applicable interest accrual period, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of (1) during the reinvestment period, 2.50% and (2) following the reinvestment period, 3.00%. Commencing on December 10, 2025, advances under the Revolving Credit Facility bear interest at a per annum rate equal to, in the case of dollar advances, term SOFR based upon the applicable interest accrual period, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of (1) during the reinvestment period, 1.90% and (2) following the reinvestment period, 2.40%.

Under the Revolving Credit Facility, BPC Funding 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. Effective September 9, 2022, BPC Funding paid an unused fee of 1.25% per annum if the unused facility amount was greater than 50%, or 0.75% per annum if the unused facility amount was 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. Effective May 9, 2024, BPC Funding paid an unused fee, based on the average daily unused amount of the financing commitments, in an amount not to exceed (1) 1.375% per annum for the period up to and including March 31, 2025, and (2) 2.00% per annum for the period after March 31, 2025, in addition to certain other fees as agreed between BPC Funding and BNPP. Commencing on December 10, 2025, BPC Funding pays an unused fee of 1.50% per annum if the unused facility amount was greater than 65% of the maximum facility amount, or 0.50% per annum if the unused facility amount was less than or equal to 65% of the maximum facility amount in addition to certain other fees as agreed between BPC Funding and BNPP.

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to BPC Funding varies depending upon the types of assets in BPC Funding's portfolio. Assets are required to meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

Proceeds from borrowings under the Revolving Credit Facility may be used to fund portfolio investments by BPC Funding, to make advances under delayed draw term loans and revolving loans for which BPC Funding is a lender, and to make permitted distributions. The expiration date for the period during which BPC Funding may borrow under the Revolving Credit Facility is May 11, 2027, and the scheduled maturity date under the Revolving Credit Agreement is May 11, 2029.

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

In connection with the Revolving Credit Facility, BPC Funding has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of BPC Funding occurs. Upon the occurrence and during the continuation of an event of default, BNPP may declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable. The occurrence of an event of default triggers a requirement that BPC Funding obtain the consent of BNPP prior to entering into any sale or disposition with respect to portfolio investments. As of March 31, 2026, the Company and BPC Funding were in compliance with all covenants of the Revolving Credit Facility.

As of March 31, 2026, the Company had U.S. dollar borrowings of $381.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 5.567% (three month SOFR of 3.667%), borrowings denominated in Canadian dollars of C$15.0 million ($10.7 million U.S. dollars) with an interest rate of 4.190% (three month CORRA of 2.290%), borrowings denominated in British pounds sterling of £37.2 million ($49.1 million U.S. dollars) with a weighted average

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**Barings Private Credit Corporation**

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

interest rate of 5.589% (daily SONIA of 3.570%), borrowings denominated in Australian dollars of A$10.0 million ($6.8 million U.S. dollars) with an interest rate of 5.710% (three month Bank Bill Swap Rate of 3.810%), borrowings denominated in New Zealand dollars of NZ$4.1 million ($2.3 million U.S. dollars) with an interest rate of 4.400% (three month BKBM of 2.500%) and borrowings denominated in Euros of €87.6 million ($100.9 million U.S. dollars) with an interest rate of 3.926% (three month EURIBOR of 2.026%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date. The impact resulting from changes in foreign exchange rates on the Revolving Credit Facility borrowings is included in "Net unrealized appreciation (depreciation) – foreign currency transactions" in the Company's Unaudited Consolidated Statements of Operations.

As of December 31, 2025, the Company had U.S. dollar borrowings of $523.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 5.658% (three month SOFR of 3.758%), borrowings denominated in British pounds sterling of £7.2 million ($9.7 million U.S. dollars) with a weighted average interest rate of 5.994% (daily SONIA of 3.974%), borrowings denominated in Australian dollars of A$10.0 million ($6.7 million U.S. dollars) with an interest rate of 5.467% (three month Bank Bill Swap Rate of 3.567%), borrowings denominated in New Zealand dollars of NZ$4.1 million ($2.4 million U.S. dollars) with an interest rate of 4.375% (three month BKBM of 2.475%) and borrowings denominated in Euros of €87.6 million ($102.9 million U.S. dollars) with a weighted average interest rate of 3.966% (three month EURIBOR of 2.066%). The borrowings denominated in foreign currencies were translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

As of March 31, 2026 and December 31, 2025, the fair value of the borrowings outstanding under the Revolving Credit Facility was $551.3 million and $645.0 million, respectively. The fair values of the borrowings outstanding under the Revolving Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

***SMBC Revolving Credit Facility***

On March 6, 2023, the Company entered into a Senior Secured Revolving Credit Agreement (as amended, the "SMBC Credit Agreement") with Sumitomo Mitsui Banking Corporation, as administrative agent ("SMBC"), as lead arranger and as sole bookrunner, and the lenders and issuing banks from time to time party thereto, which governs the SMBC Credit Facility. The initial principal amount of the SMBC Credit Facility was $115.0 million, subject to availability under the borrowing base, which is based on the Company's portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $500.0 million, subject to the satisfaction of certain conditions. On April 17, 2023, the Company amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size from $115.0 million to $165.0 million, subject to the terms of the SMBC Credit Facility. In connection with the facility increase contemplated by the SMBC Credit Facility, Regions Bank joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $50.0 million. On December 14, 2023, the Company amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size to $215.0 million, including an initial term commitment of $25.0 million and converts a portion of the existing revolver availability into a term loan availability. On February 8, 2024, the Company amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size from $215.0 million to $265.0 million, subject to the terms of the SMBC Credit Facility. In connection with the facility increase, State Street Bank and Trust Company joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $25.0 million and Regions Bank increased its commitment from $50.0 million to $75.0 million. On December 23, 2025, the Company amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to (a) extend the revolving period under the SMBC Credit Facility from March 5, 2027 to December 21, 2029; (b) extend the stated maturity date from March 6, 2028 to December 23, 2030; and (c) reset the minimum shareholder's equity test. On March 6, 2026, the Company increased commitments under the SMBC Credit Facility to $415.0 million from $265.0 million, subject and pursuant to the terms of the accordion provision under the SMBC Credit Facility. In connection with such increase, Wells Fargo Bank, N.A. joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $75.0 million and Royal Bank of Canada joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $75.0 million. The accordion provision under the SMBC Credit Facility permits increases to the total facility amount of up to $500.0 million, subject to the satisfaction of certain conditions set forth therein.

Advances under the SMBC Credit Facility initially bear interest at a per annum rate equal to, (i) in the case of U.S. dollar advances, 1.00% per annum plus an "alternate base rate" (as described in the SMBC Credit Agreement) in the case of any ABR Loan and 2.00% per annum plus term SOFR, (ii) in the case of foreign currency advances (other than Sterling), 1.00% per annum plus an "alternate base rate" (as described in the SMBC Credit Agreement) in the case of any ABR Loan and 2.00% plus the applicable benchmark in effect for such currency, and (iii) in the case of Sterling advances, 2.00% per annum plus Daily Simple RFR, in each case, depending on the nature of the advances being requested under the SMBC Credit Facility.

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**Barings Private Credit Corporation**

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

Commencing on September 6, 2023, the Company pays an unused fee of 0.50% per annum if the unused facility amount is equal to or exceeds 67%, or 0.375% per annum if the unused facility amount is less than 67%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between the Company and SMBC.

Advances under the SMBC Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to the Company varies depending upon the types of assets in the Company's portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

The SMBC Credit Facility is guaranteed by BPCC Holdings, Inc., a subsidiary of the Company, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company in the future (collectively, the "Subsidiary Guarantors"). Proceeds of the SMBC Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the SMBC Credit Agreement.

The period during which the Company may borrow under the SMBC Credit Facility expires on December 21, 2029, and the SMBC Credit Facility will mature and all amounts outstanding thereunder must be repaid by December 23, 2030. The SMBC Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and the Subsidiary Guarantors, subject to certain exceptions.

In connection with the SMBC Credit Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The SMBC Credit Facility contains customary events of default for similar financing transactions, including if a change in control of the Company occurs. Upon the occurrence and during the continuation of certain event of defaults, SMBC, as administrative agent, may declare the outstanding advances and all other obligations under the SMBC Credit Facility immediately due and payable. As of March 31, 2026, the Company was in compliance with all covenants of the SMBC Credit Facility.

As of March 31, 2026, the Company had U.S. dollar borrowings of $210.0 million outstanding under the SMBC Credit Facility with a weighted average interest rate of 7.029% (one month SOFR of 3.677%) and borrowings denominated in Euros of €21.0 million ($24.2 million U.S. dollars) with an interest rate of 3.940% (one month EURIBOR of 1.940%). As of December 31, 2025, the Company had U.S. dollar borrowings of $146.0 million outstanding under the SMBC Credit Facility with a weighted average interest rate of 5.725% (one month SOFR of 3.721%) and borrowings denominated in Euros of €21.0 million ($24.7 million U.S. dollars) with an interest rate of 3.930% (one month EURIBOR of 1.930%).

As of March 31, 2026 and December 31, 2025, the fair value of the borrowings outstanding under the SMBC Credit Facility was $234.2 million and $170.7 million, respectively. The fair values of the borrowings outstanding under the SMBC Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

***BANA SPV Credit Facility***

On August 1, 2025, the Company, through its wholly-owned subsidiary, BPCC Senior Finance as borrower, entered into a credit agreement (the "BANA SPV Credit Agreement") with Bank of America, N.A. ("BANA"), as administrative agent, sole lead arranger and sole book manager, U.S. Bank Trust Company, National Association, as collateral custodian, and the lenders party thereto, which provides BPCC Senior Finance with the BANA SPV Credit Facility. The Company serves as collateral manager under the BANA SPV Credit Facility. The initial maximum amount of borrowings available under the BANA SPV Credit Facility is $250.0 million, with an accordion provision permitting increases to a maximum facility amount of up to $400.0 million.

Borrowings under the BANA SPV Credit Facility initially bear interest at a per annum rate equal to, in the case of dollar advances, term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus, in each case, an applicable margin of 1.50%. Commencing on February 1, 2026, BPCC Senior Finance will pay an unused fee of (a) 1.00% per annum for the unused facility amount up to 65% of the maximum committed facility size and (b) 0.50% per annum for any remaining unused facility amount.

Borrowings under the BANA SPV Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to BPCC Senior Finance varies depending upon the types of assets in BPCC Senior Finance's portfolio. Assets must meet certain eligibility criteria in order to be included in the borrowing base, and

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**Barings Private Credit Corporation**

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

the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

The period during which BPCC Senior Finance may borrow under the BANA SPV Credit Facility expires on August 1, 2028, and the BANA SPV Credit Facility will mature and all amounts outstanding thereunder must be repaid by August 1, 2030.

BPCC Senior Finance's obligations to the lenders under the BANA SPV Credit Facility are secured by a first priority security interest in all of BPCC Senior Finance's portfolio investments and cash. The obligations of BPCC Senior Finance under the BANA SPV Credit Facility are non-recourse to the Company, and the Company's exposure under the BANA SPV Credit Facility is limited to the value of the Company's investment in BPCC Senior Finance.

In connection with the BANA SPV Credit Facility, BPCC Senior Finance 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 BANA SPV Credit Facility contains customary events of default for similar financing transactions, including if a change of control of BPCC Senior Finance occurs. Upon the occurrence and during the continuation of an event of default, BANA may declare the outstanding advances and all other obligations under the BANA SPV Credit Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that BPCC Senior Finance obtain the consent of BANA prior to entering into any sale or disposition with respect to BPCC Senior Finance's portfolio investments. As of March 31, 2026, the Company and BPCC Senior Finance were in compliance with all covenants of the BANA SPV Credit Facility.

As of March 31, 2026, the Company had U.S. dollar borrowings of $172.0 million outstanding under the BANA SPV Credit Facility with a weighted average interest rate of 5.180% (term SOFR of 3.680%). As of December 31, 2025, the Company had U.S. dollar borrowings of $135.0 million outstanding under the BANA SPV Credit Facility with a weighted average interest rate of 5.620% (term SOFR of 4.120%).

As of March 31, 2026 and December 31, 2025, the fair value of the borrowings outstanding under the BANA SPV Credit Facility was $172.0 million and $135.0 million, respectively. The fair values of the borrowings outstanding under the BANA SPV Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

***2023 Debt Securitization***

On August 23, 2023 (the "2023 Debt Securitization Closing Date"), the Company completed a $496.5 million term debt securitization (the "2023 Debt Securitization"). Term debt securitizations are also known as a collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company and subject to the Company's overall asset coverage requirements.

On the 2023 Debt Securitization Closing Date and in connection with the 2023 Debt Securitization, Barings Private Credit Corporation CLO 2023-1 Ltd. (the "CLO Issuer") and Barings Private Credit CLO 2023-1, LLC (the "CLO Co-Issuer" and together with the CLO Issuer, the "Issuers"), both indirect, wholly-owned, consolidated subsidiaries of the Company, entered into a Note Purchase Agreement with BNP Paribas Securities Corp., as the initial purchaser (the "Initial Purchaser"), pursuant to which the Issuers agreed to sell certain of the notes and loans to the Initial Purchaser to be issued as part of the 2023 Debt Securitization pursuant to an indenture by and among the CLO Issuer, the Co-Issuer, and State Street Bank and Trust Company ("State Street"), as collateral trustee (the "2023 Debt Securitization CLO Indenture").

The notes and loans offered in the 2023 Debt Securitization consisted of $300.0 million of AAA(sf) Class A Senior Secured Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 2.40% (the "Class A-1 Notes"); $35.0 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 3.35% (the "Class A-2 Notes"); $25.0 million of A(sf) Class B Secured Deferrable Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 4.15% (the "Class B Notes"); $22.5 million of BBB(sf) Class C Secured Deferrable Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 6.35% (the "Class C Notes" and together with the Class A-1 Notes, the Class A-2 Notes and the Class B Notes, the "2023 Debt Securitization Secured Notes"); and $20.0 million of AA(sf) Class A Senior Secured Floating Rate Loans maturing 2031, which bore interest at the three-month SOFR plus 3.35% (the "Class A-2 Loans" and, together with the 2023 Debt Securitization Secured Notes, the "2023 Debt Securitization Secured Debt"). Additionally, on the 2023 Debt Securitization Closing Date, the Issuers issued $94.0 million of Subordinated Notes due 2031 (the "2023 Debt Securitization Subordinated Notes"), which did not bear interest. The Secured Debt together with the Subordinated Notes are collectively referred to herein as the "2023 Debt Securitization Debt".

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**Barings Private Credit Corporation**

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

The Class A-2 Loans were incurred under a credit agreement (the "Class A-2 Credit Agreement"), dated as of the 2023 Debt Securitization Closing Date, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee. The 2023 Debt Securitization was backed by a diversified portfolio of middle-market commercial loans. The 2023 Debt Securitization Debt was scheduled to mature on July 15, 2031; however, the 2023 Debt Securitization Debt may have been, but was not, redeemed by the Issuers, at the direction of the Company as holder of the 2023 Debt Securitization Subordinated Notes, on any business day after July 15, 2024. The Company acted as retention holder in connection with the 2023 Debt Securitization for the purposes of satisfying certain U.S., U.K. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such was required to retain a portion of the 2023 Debt Securitization Subordinated Notes. The Company retained all of the 2023 Debt Securitization Subordinated Notes issued in the 2023 Debt Securitization.

Under the terms of the master loan sale agreement entered into on the 2023 Debt Securitization Closing Date (the "2023 Debt Securitization Loan Sale Agreement") that provided for the sale of certain loans (the "2023 Debt Securitization Collateral Obligations") to the CLO Issuer, the Company transferred to the CLO Issuer a portion of its ownership interest in the 2023 Debt Securitization Collateral Obligations securing the 2023 Debt Securitization for the purchase price and other consideration set forth in the 2023 Debt Securitization Loan Sale Agreement. Under the terms of the master participation and assignment agreement entered into on the 2023 Debt Securitization Closing Date (the "2023 Debt Securitization Participation Agreement"), pending the settlement of the 2023 Debt Securitization Collateral Obligations transferred to the CLO Issuer under the 2023 Debt Securitization Loan Sale Agreement, BPC Funding granted participation interests therein to the CLO Issuer until such loans are elevated to assignment. Following these transfers, CLO Issuer, and not BPC Funding or the Company, holds all of the ownership interest in such loans and participations. The Company made customary representations, warranties and covenants in the 2023 Debt Securitization Loan Sale Agreement.

The 2023 Debt Securitization Secured Debt was the secured obligation of the Issuers, the 2023 Debt Securitization Subordinated Notes were the unsecured obligations of the CLO Issuer, and the 2023 Debt Securitization CLO Indenture and Class A-2 Credit Agreement governing the 2023 Debt Securitization Debt included customary covenants and events of default. The 2023 Debt Securitization Debt was not registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities or "blue sky" laws and will not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

On September 17, 2024, the Issuers closed a refinancing and upsize of the 2023 Debt Securitization in the amount of a $504.0 million collateralized loan obligation (the "CLO Reset Transaction").

The CLO Reset Transaction was executed through: (A) the issuance by the Issuers of the following classes of notes pursuant that certain amended and restated indenture and security agreement (as amended, modified or supplemented from time to time, the "Amended and Restated Indenture"), dated as of September 17, 2024, by and among the CLO Issuer, the Co-Issuer, and State Street, as collateral trustee: (i) of $110,000,000 of AAA(sf) Class A-1AR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.63% (the "Class A-1AR Notes"); (ii) $0 of AAA(sf) Class A-1AL Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.63% (the "Class A-1AL Notes"); (iii) $35,000,000 of AAA(sf) Class A-1BR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.90% (the "Class A-1BR Notes"); (iv) $30,000,000 of AA(sf) of Class A-2R Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.00% (the "Class A-2R Notes"); (v) $40,000,000 of A(sf) Class B-R Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.50% (the "Class B-R Notes"); and (vi) $30,000,000 of BBB-(sf) Class C-R Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 4.50% (the "Class C-R Notes" and together with the Class A-1AR Notes, the Class A-1AL Notes, the Class A-1BR Notes, the Class A-2R Notes and the Class B-R Notes, the "Secured Replacement Notes"); (B) the extension, pursuant to the Amended and Restated Indenture, of the stated maturity date of the $94,000,000 of subordinated notes issued by the CLO Issuer in connection with the original closing of the collateralized loan obligation transaction of the Issuers (the "Replacement Subordinated Notes") to 2036; and (C) the borrowing by the Issuers of (i) $115,000,000 of AAA(sf) Class A-1A Senior Secured Floating Rate Loans maturing 2036, which bear interest at the three-month SOFR plus 1.63% (the "Class A-1A Loans"), pursuant to a class A-1A credit agreement (the "Class A-1A Credit Agreement"), dated as of September 17, 2024, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee; and (ii) $50,000,000 of AAA(sf) Class A-1AS Senior Secured Floating Rate Loans maturing 2036, which bear interest at the three-month SOFR plus 1.63% (the "Class A-1AS Loans" and, together with the Class A-1A Loans and the Secured Replacement Notes, the "Secured Replacement Debt," and together with the Replacement Subordinated Notes, the "Replacement Debt"), pursuant to a class A-1AS credit agreement (the "Class A-1AS Credit Agreement"), dated as of September 17, 2024, by and among the CLO Issuer, as borrower, the CLO

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**Barings Private Credit Corporation**

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

Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee.

The CLO Reset Transaction is backed by a diversified portfolio of middle-market commercial loans. The Replacement Debt will mature on October 15, 2036; however, the Replacement Debt may be redeemed by the Issuers, at the direction of the Company as holder of the Replacement Subordinated Notes, on any business day after October 15, 2026. The Company continues to act as retention holder in connection with the CLO Reset Transaction for the purposes of satisfying certain U.S., U.K. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to continue to retain a portion of the Replacement Subordinated Notes. The Replacement Debt was 100% funded at closing. The Company continues to retain 100% of the Replacement Subordinated Notes.

The CLO Issuer used the proceeds from the CLO Reset Transaction to, among other things, purchase certain middle-market loans ("Collateral Obligations") on September 17, 2024 from the Company pursuant to an amended and restated master loan sale agreement entered into on September 17, 2024 (the "CLO Reset Transaction Amended and Restated Sale Agreement"), as described below.

Under the terms of the CLO Reset Transaction Amended and Restated Sale Agreement that provides for the sale by the Company of Collateral Obligations to the CLO Issuer, the Company transferred to the CLO Issuer on September 17, 2024, and will transfer from time to time after September 17, 2024, a portion of its ownership interest in the Collateral Obligations securing the CLO Reset Transaction for the purchase price and other consideration set forth in the CLO Reset Transaction Amended and Restated Sale Agreement. Following each such transfer pursuant to the CLO Reset Transaction Amended and Restated Sale Agreement, CLO Issuer, and not the Company, holds all of the ownership interest in such loans. The Company made customary representations, warranties and covenants in the CLO Reset Transaction Amended and Restated Sale Agreement.

The Secured Replacement Debt is the secured obligation of the Issuer, and the obligations of the Issuers under the Secured Replacement Debt are non-recourse to the Company. The Amended and Restated Indenture, the Class A-1A Credit Agreement and the Class A-1AS Credit Agreement governing the Replacement Debt include customary covenants and events of default. The Replacement Debt has not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

The Company continues to serve as collateral manager to the CLO Issuer under an amended and restated collateral management agreement entered into on September 17, 2024 (the "Amended and Restated Collateral Management Agreement") and has agreed to irrevocably waive all collateral management fees payable pursuant to the Amended and Restated Collateral Management Agreement.

As of March 31, 2026 and December 31, 2025, the fair value of the Class A-1AR Notes, Class A-1A Loans, Class A-1AS Loans, Class A-1BR Notes, Class A-2R Notes, Class B-R Notes and Class C-R Notes was $409.2 million and $410.7 million, respectively. The fair values of the Class A-1AR Notes, Class A-1A Loans, Class A-1AS Loans, Class A-1BR Notes, Class A-2R Notes, Class B-R Notes and Class C-R Notes were based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

***July 2026 Notes***

On July 29, 2021, the Company entered into a Note Purchase Agreement (the "July 2021 NPA") governing the issuance of (1) $75.0 million in aggregate principal amount of Series A senior unsecured notes due July 29, 2026 (the "Series A Notes"), (2) $38.0 million in aggregate principal amount of Series B senior unsecured notes due July 29, 2026 (the "Series B Notes"), and (3) $37.0 million in aggregate principal amount of Series C senior unsecured notes due July 29, 2026 (the "Series C Notes," and collectively with the Series A Notes and the Series B Notes, the "July 2026 Notes"), in each case, to qualified institutional investors in a private placement. The Series A Notes, Series B Notes and Series C Notes were delivered and paid for on July 29, 2021, September 15, 2021, and October 28, 2021, respectively. Barings' parent company, MassMutual, and/or its affiliates or subsidiaries hold approximately $46.0 million in aggregate principal amount of the July 2026 Notes.

The July 2026 Notes have a fixed interest rate of 3.5% per year, subject to a step up of (1) 0.75% per year, to the extent the July 2026 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent the ratio of the Company's secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end.

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**Barings Private Credit Corporation**

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

The July 2026 Notes will mature on July 29, 2026 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the July 2021 NPA. Interest on the July 2026 Notes is due semiannually in January and July of each year, beginning in January 2022. In addition, the Company is obligated to offer to repay the July 2026 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the July 2021 NPA, the Company may redeem the July 2026 Notes in whole or in part at any time or from time to time at the Company's option at par plus accrued interest to the prepayment date and, if redeemed on or before January 29, 2026, a make-whole premium.

The 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 stockholders, 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 judgments and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the July 2026 Notes at the time outstanding may declare all July 2026 Notes then outstanding to be immediately due and payable, subject to certain additional conditions in the event that then-outstanding July 2026 Notes are held by persons affiliated with the Company and certain of its affiliates. As of March 31, 2026, the Company was in compliance with all covenants under the July 2021 NPA.

The Company's obligations under the July 2021 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The July 2026 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. 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 March 31, 2026 and December 31, 2025, the fair values of the outstanding July 2026 Notes were $148.4 million and $147.6 million, respectively. The fair value determinations of the Series A Notes, Series B Notes and Series C Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

***May 2027 Notes***

On May 10, 2022, the Company entered into a Note Purchase Agreement (the "May 2022 NPA") governing the issuance of (1) $100.0 million in aggregate principal amount of Series D senior unsecured notes due May 10, 2027 (the "Series D Notes") and (2) $55.0 million in aggregate principal amount of Series E senior unsecured notes due May 10, 2027 (the "Series E Notes," and collectively with the Series D Notes, the "May 2027 Notes"), in each case, to qualified institutional investors in a private placement. The Series D Notes were delivered and paid for on May 10, 2022, and the Series E Notes were delivered and paid for on July 6, 2022.

The May 2027 Notes have a fixed interest rate of 6.0% per year, subject to a step up of (1) 0.75% per year, to the extent the May 2027 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent the ratio of the Company's secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end.

The May 2027 Notes will mature on May 10, 2027 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the May 2022 NPA. Interest on the May 2027 Notes will be due semiannually in May and November of each year, beginning in November 2022. In addition, the Company is obligated to offer to repay the May 2027 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the May 2022 NPA, the Company may redeem the May 2027 Notes in whole or in part at 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 stockholders, 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 judgments and orders, and certain events of bankruptcy. Upon the occurrence of certain events of default, the holders of at least 66-2/3% in principal amount of the May 2027 Notes at the time outstanding may declare all May 2027 Notes then outstanding to be immediately due and payable, subject to (i) certain additional requirements prior to the issuance of the Series E Notes and (ii) certain additional conditions in the event that then-outstanding May 2027 Notes are held by persons affiliated with the Company and certain of its affiliates. As of March 31, 2026, the Company was in compliance with all covenants under the May 2022 NPA.

The Company's obligations under the May 2022 NPA are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The May 2027 Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The May 2027 Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

As of March 31, 2026 and December 31, 2025, the fair values of the outstanding May 2027 Notes were $155.5 million and $153.4 million, respectively. The fair value determinations of the May 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the Series D Notes, on May 10, 2022, the Company entered into a $100.0 million notional value interest rate swap. The Company receives a fixed rate interest at 6.00% paid semi-annually and pays quarterly based on a compounded daily rate of SOFR plus 3.24500%. The swap transaction matures on May 10, 2027. The interest expense related to the Series D Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company's Unaudited Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the interest rate swap had a fair value of $0.4 million and $(1.0) million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company's Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the Series D Notes. The fair value of the Company's interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

In connection with the offering of the Series E Notes, on July 6, 2022, the Company entered into a $55.0 million notional value interest rate swap. The Company receives a fixed rate interest at 6.00% paid semi-annually and pays quarterly based on a compounded daily rate of SOFR plus 3.38200%. The swap transaction matures on May 10, 2027. The interest expense related to the Series E Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company's Unaudited Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, the interest rate swap had a fair value of $0.1 million and $(0.6) million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company's Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the Series E Notes. The fair value of the Company's interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

***June 2030 Notes***

On June 11, 2025, the Company and U.S. Bank Trust Company, National Association (the "Trustee") entered into an Indenture (the "Base Indenture") and the First Supplemental Indenture thereto (the "First Supplemental Indenture" and, together with the Base Indenture, the "2030 Notes Indenture"). The First Supplemental Indenture relates to the Company's issuance of

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**Barings Private Credit Corporation**

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

$400.0 million in aggregate principal amount of its 6.150% senior unsecured notes due 2030 (the "June 2030 Notes").

The June 2030 Notes will mature on June 11, 2030 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the 2030 Notes Indenture. The June 2030 Notes bear interest at a rate of 6.150% per year payable semi-annually on June 11 and December 11 of each year, commencing on December 11, 2025. The June 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the June 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

The 2030 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, as amended, whether or not it is subject to those requirements and giving effect to any exemptive relief granted to the Company by the SEC, and to provide financial information to the holders of the June 2030 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the 2030 Notes Indenture.

In addition, on the occurrence of a "change of control repurchase event," as defined in the 2030 Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding June 2030 Notes at a price equal to 100% of the principal amount of such June 2030 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by the Company in connection with the June 2030 Notes offering were approximately $390.2 million, after deducting the initial purchaser discounts and estimated offering expenses.

As of March 31, 2026 and December 31, 2025, the fair values of the outstanding June 2030 Notes were $399.7 million and $402.6 million, respectively. The fair value determinations of the June 2030 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 June 2030 Notes, on June 11, 2025, the Company entered into a $400.0 million notional value interest rate swap. The Company receives a fixed rate interest at 6.15% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 2.50550%. The swap transaction matures on June 11, 2030. The interest expense related to the June 2030 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company's Unaudited Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025 the interest rate swap had a fair value of $(0.3) million and $2.6 million, respectively. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company's Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the June 2030 Notes. The fair value of the Company's interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

***February 2029 Notes***

On February 6, 2026, the Company and the Trustee entered into a Second Supplemental Indenture to the Base Indenture (the "Second Supplemental Indenture" and, together with the Base Indenture, the "2029 Notes Indenture"). The Second Supplemental Indenture relates to the Company's issuance of $350.0 million in aggregate principal amount of 5.750% senior unsecured notes due 2029 (the "February 2029 Notes").

The February 2029 Notes will mature on February 6, 2029 and may be redeemed in whole or in part at the Company's option at any time or from time to time at the redemption prices set forth in the 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 5.750% per year payable semi-annually on February 6 and August 6 of each year, commencing on August 6, 2026. The February 2029 Notes are the Company's general unsecured obligations that rank senior in right of payment to all of the Company's existing and future indebtedness that is expressly subordinated in right of payment to the February 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

The 2029 Notes Indenture contains certain covenants, including covenants requiring the Company to comply with the

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**Barings Private Credit Corporation**

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

asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, as amended, whether or not it is subject to those requirements and giving effect to any exemptive relief granted to the Company by the SEC, and to provide financial information to the holders of the February 2029 Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the 2029 Notes Indenture.

In addition, on the occurrence of a "change of control repurchase event," as defined in the 2029 Notes Indenture, the Company will generally be required to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by the Company in connection with the February 2029 Notes offering were approximately $344.2 million, after deducting the initial purchaser discounts and estimated offering expenses.

As of March 31, 2026, the fair value of the outstanding February 2029 Notes was $348.0 million. The fair value determinations of the February 2029 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 February 2029 Notes, on February 6, 2026, the Company entered into a $350.0 million notional value interest rate swap. The Company receives a fixed rate interest at 5.750% paid semi-annually and pays semi-annually based on a compounded daily rate of SOFR plus 2.383%. The swap transaction matures on February 6, 2029. The interest expense related to the February 2029 Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in the Company's Unaudited Consolidated Statements of Operations. As of March 31, 2026 the interest rate swap had a fair value of $(2.0) million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on the Company's Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the Company's interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

**6. DERIVATIVE INSTRUMENTS**

The Company enters into forward currency contracts from time to time to primarily help mitigate the impact that an adverse change in foreign exchange rates would have on net interest income from the Company's investments and related borrowings denominated in foreign currencies. Forward currency contracts are considered undesignated derivative instruments.

The following tables present the Company's foreign currency forward contracts as of March 31, 2026 and December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of March 31, 2026**<br>**($ in thousands)**<br>**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) | $65018 | A$91,655 | 06/30/26 | $2277 | Derivative assets |
| Foreign currency forward contract (CAD) | $2701 | C$3,658 | 06/30/26 | 69 | Derivative assets |
| Foreign currency forward contract (DKK) | $1429 | 9,211kr. | 06/30/26 | 4 | Derivative assets |
| Foreign currency forward contract (EUR) | $281415 | €242,894 | 06/30/26 | 564 | Derivative assets |
| Foreign currency forward contract (GBP) | $8649 | £6,500 | 06/30/26 | 82 | Derivative assets |
| Foreign currency forward contract (GBP) | $156914 | £117,341 | 06/30/26 | 2257 | Derivative assets |
| Foreign currency forward contract (NZD) | $6646 | NZ$11,262 | 06/30/26 | 197 | Derivative assets |
| Foreign currency forward contract (NOK) | $4094 | 39,653kr | 06/30/26 | 30 | Derivative assets |
| Foreign currency forward contract (SEK) | $2589 | 23,965kr | 06/30/26 | 65 | Derivative assets |
| Foreign currency forward contract (CHF) | $9510 | 7,354Fr. | 06/30/26 | 257 | Derivative assets |
| **Total** | **Total** |  |  | $5802 |  |

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**Barings Private Credit Corporation**

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025**<br>**($ in thousands)**<br>**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) | $58755 | A$88,456 | 03/31/26 | $(233) | Derivative liabilities |
| Foreign currency forward contract (CAD) | $2713 | C$3,736 | 03/31/26 | (22) | Derivative liabilities |
| Foreign currency forward contract (DKK) | $1428 | 9,097kr. | 03/31/26 | (9) | Derivative liabilities |
| Foreign currency forward contract (EUR) | $282483 | €241,231 | 03/31/26 | (1705) | Derivative liabilities |
| Foreign currency forward contract (GBP) | $146690 | £110,041 | 03/31/26 | (1225) | Derivative liabilities |
| Foreign currency forward contract (NZD) | $6418 | NZ$11,048 | 03/31/26 | 41 | Derivative assets |
| Foreign currency forward contract (NOK) | $4852 | 49,215kr | 03/31/26 | (27) | Derivative liabilities |
| Foreign currency forward contract (SEK) | $2557 | 23,669kr | 03/31/26 | (20) | Derivative liabilities |
| Foreign currency forward contract (CHF) | $9160 | 7,268Fr. | 03/31/26 | (78) | Derivative liabilities |
| **Total** | **Total** |  |  | $(3278) |  |

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As of March 31, 2026 and December 31, 2025, the total fair values of the Company's foreign currency forward contracts were $5.8 million and $(3.3) 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.

**7. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Company is party to financial instruments with off-balance sheet risk, consisting primarily of unused commitments to extend financing to the Company's portfolio companies. Since commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2026 and December 31, 2025, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| ABC Legal Holdings, LLC | Delayed Draw Term Loan | $1688 | $1688 |
| ABC Legal Holdings, LLC | Revolver | 1539 | 1539 |
| Accelevation LLC | Delayed Draw Term Loan | 384 | 384 |
| Accelevation LLC | Revolver | 608 | 760 |
| Accurus Aerospace Corporation(2) | Revolver | 1210 | 1210 |
| AD Bidco, Inc. | Delayed Draw Term Loan |  | 559 |
| AD Bidco, Inc. | Revolver |  | 1863 |
| Adhefin International(3) | Delayed Draw Term Loan | 437 | 446 |
| AirX Climate Solutions, Inc.(2) | Delayed Draw Term Loan | 6201 | 10387 |
| AirX Climate Solutions, Inc.(2) | Revolver | 3130 | 3460 |
| Aldinger Company | Delayed Draw Term Loan | 9827 | 10833 |
| Americo Chemical Products, LLC | Revolver | 1400 | 1400 |
| Anthracite Buyer, Inc. | Revolver | 4978 | 4978 |
| Apex Service Partners, LLC | Delayed Draw Term Loan | 33942 | 38255 |
| Apex Service Partners, LLC | Revolver | 702 | 957 |
| Application Boot Camp LLC | Revolver | 880 | 880 |
| Arc Education(3) | Delayed Draw Term Loan | 2212 | 2255 |
| ARC Interco Purchaser, LLC(2) | Delayed Draw Term Loan | 2014 | 2364 |
| ARC Interco Purchaser, LLC(2) | Revolver | 1460 | 1460 |
| Argus Intermediate, LLC | Delayed Draw Term Loan | 9186 | 9186 |
| Argus Intermediate, LLC | Revolver | 1101 | 1101 |
| Armstrong Transport Group (Pele Buyer, LLC)(2) | Revolver | 772 | 893 |
| Artemis Bidco Limited(3) | Delayed Draw Term Loan | 424 | 446 |
| ASC Communications, LLC(2) | Revolver | 647 | 647 |

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**Barings Private Credit Corporation**

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| ATL II MRO Holdings Inc. | Revolver | 6410 | 6410 |
| Avance Clinical Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 1528 | 1487 |
| Azalea Buyer, Inc. | Revolver |  | 481 |
| Basin Innovation Group, LLC | Delayed Draw Term Loan |  | 383 |
| Basin Innovation Group, LLC | Revolver | 1781 | 1781 |
| Beta Finco BV(2)(3) | Capex / Acquisition Facility | 1487 | 2183 |
| Beta Finco BV(2)(3) | Revolver | 546 | 556 |
| Beyond Risk Management, Inc. | Delayed Draw Term Loan |  | 29829 |
| Bishop Street Underwriters, LLC(2) | Delayed Draw Term Loan | 6852 |  |
| Bitly, Inc. | Revolver | 3036 | 3036 |
| BKF Buyer, Inc.(2) | Delayed Draw Term Loan | 4117 |  |
| BKF Buyer, Inc.(2) | Revolver | 5306 | 2846 |
| BLI Buyer, Inc. | Delayed Draw Term Loan | 1507 | 1507 |
| BLI Buyer, Inc. | Revolver | 954 | 1272 |
| Bounteous, Inc.(2) | Delayed Draw Term Loan | 14776 | 14776 |
| Bounteous, Inc.(2) | Revolver | 3490 | 3490 |
| Breeze Aviation Group Inc(2) | Delayed Draw Term Loan | 6000 |  |
| BrightSign LLC | Revolver | 277 | 277 |
| British Engineering Services Holdco Limited(2)(4) | Capex / Acquisition Facility |  | 34 |
| Broadstone Group UK LTD(4) | Delayed Draw Term Loan | 1192 | 1450 |
| Broadway Buyer, LLC | Delayed Draw Term Loan | 4140 | 4140 |
| Broadway Buyer, LLC | Revolver | 2380 | 2429 |
| Caldwell & Gregory LLC | Delayed Draw Term Loan | 1250 | 1250 |
| Caldwell & Gregory LLC | Revolver | 5000 | 5000 |
| Canadian Orthodontic Partners Corp.(2)(6) | Delayed Draw Term Loan | 52 | 53 |
| Cascade Residential Services LLC(2) | Revolver | 518 | 1294 |
| CCFF Buyer, LLC | Delayed Draw Term Loan | 1164 | 1204 |
| CCFF Buyer, LLC | Revolver | 1004 | 1004 |
| Ceres Pharma NV(3) | Delayed Draw Term Loan | 927 | 945 |
| CGI Parent, LLC(2) | Revolver | 1653 | 1653 |
| CH Buyer, LLC(2) | Revolver | 111 | 111 |
| CloudOne Digital Corp. | Revolver | 7590 | 7590 |
| Comply365, LLC | Revolver | 422 | 422 |
| Coyo Uprising GmbH(2)(3) | Delayed Draw Term Loan | 545 | 556 |
| Credit Key Funding II LLC(2) | Delayed Draw Term Loan | 9541 | 10145 |
| Credit Key Funding II LLC(2) | Revolver | 1208 | 1208 |
| CW Group Holdings, LLC | Delayed Draw Term Loan | 12297 | 12297 |
| Dane Street, LLC | Delayed Draw Term Loan | 3179 |  |
| Dane Street, LLC | Revolver | 1693 |  |
| DAWGS Intermediate Holdings Co. | Revolver | 2740 | 2652 |
| DecksDirect, LLC(2) | Revolver |  | 85 |
| DISA Holdings Corp. | Delayed Draw Term Loan |  | 73 |
| DISA Holdings Corp. | Revolver | 684 | 940 |
| Discovery Buyer, L.P. | Delayed Draw Term Loan | 3374 | 3374 |
| Discovery Buyer, L.P. | Revolver | 2286 | 2286 |
| Durare Bidco, LLC(2) | Delayed Draw Term Loan | 11722 | 11722 |
| Durare Bidco, LLC(2) | Revolver | 11733 | 11733 |

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**Barings Private Credit Corporation**

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| EB Development(3) | Capex / Acquisition Facility | 884 | 901 |
| EB Development(3) | Delayed Draw Term Loan | 2292 | 2336 |
| Eclipse Business Capital, LLC | Revolver | 6481 | 9048 |
| EMI Porta Holdco LLC(2) | Revolver | 1729 | 1881 |
| Endrix Newco(2)(3) | Delayed Draw Term Loan | 1688 | 2025 |
| ERS Holdings, LLC(2) | Delayed Draw Term Loan | 954 |  |
| ERS Holdings, LLC(2) | Revolver | 372 |  |
| Escape Velocity Holdings Inc.(2) | Delayed Draw Term Loan | 143 | 143 |
| Events Software BidCo Pty Ltd(2) | Delayed Draw Term Loan |  | 619 |
| Everest Midco Limited(2) | Delayed Draw Term Loan | 6441 |  |
| Everest Midco Limited(2) | Revolver | 3435 |  |
| Expert Institute Group Inc. | Delayed Draw Term Loan | 3833 | 3833 |
| Expert Institute Group Inc. | Revolver | 2061 | 2061 |
| Express Wash Acquisition Company, LLC(2) | Revolver | 287 | 287 |
| EZ SMBO Bidco(2)(3) | Delayed Draw Term Loan | 1158 | 499 |
| Finaxy Holding(3) | Delayed Draw Term Loan | 3526 | 3594 |
| Forest Buyer, LLC(2) | Revolver | 2780 | 2780 |
| Forge Borrower, LLC(2) | Delayed Draw Term Loan | 7930 |  |
| Forge Borrower, LLC(2) | Revolver | 1586 |  |
| GB Eagle Buyer, Inc. | Delayed Draw Term Loan |  | 20777 |
| GB Eagle Buyer, Inc. | Revolver | 6467 | 8352 |
| GCDL LLC | Delayed Draw Term Loan |  | 108 |
| GCDL LLC | Revolver | 108 | 108 |
| GenesisCare(5) | Delayed Draw Term Loan | 1750 | 1704 |
| Glacis Acquisition S.A.R.L.(3) | Delayed Draw Term Loan | 237 | 242 |
| GMES LLC | Delayed Draw Term Loan | 2678 | 2678 |
| GMES LLC | Revolver | 1739 | 1957 |
| GMF Parent, Inc.(2) | Delayed Draw Term Loan | 6944 | 6944 |
| GMF Parent, Inc.(2) | Revolver | 2618 | 2717 |
| GPNZ II GmbH(2)(3) | Delayed Draw Term Loan | 33 | 51 |
| Greenhill II BV(3) | Delayed Draw Term Loan | 574 | 585 |
| Groupe Product Life(3) | Delayed Draw Term Loan | 819 | 835 |
| Haystack Holdings LLC | Delayed Draw Term Loan | 3274 | 7442 |
| Haystack Holdings LLC | Revolver | 1806 | 1806 |
| HeartHealth Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 73 | 113 |
| Heavy Construction Systems Specialists, LLC | Revolver | 2193 | 2193 |
| HemaSource, Inc. | Delayed Draw Term Loan | 10385 | 12462 |
| HemaSource, Inc. | Revolver | 3166 | 3290 |
| High Street Buyer Inc.(2) | Delayed Draw Term Loan | 14888 | 15771 |
| HomeX Services Group LLC | Delayed Draw Term Loan | 33533 | 48086 |
| HomeX Services Group LLC | Revolver | 10515 | 11829 |
| HS Advisory Buyer LLC(2) | Delayed Draw Term Loan | 3003 | 3003 |
| HS Advisory Buyer LLC(2) | Revolver | 1474 | 2764 |
| HSL Compliance(4) | Delayed Draw Term Loan | 895 | 1072 |
| HTI Technology & Industries(2) | Delayed Draw Term Loan | 1691 | 1691 |
| HTI Technology & Industries(2) | Revolver | 677 | 1128 |
| Husky Holdings LLC | Term Loan |  | 313 |

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**Barings Private Credit Corporation**

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Hydratech Holdings, Inc.(2) | Delayed Draw Term Loan | 1114 | 1114 |
| Hydratech Holdings, Inc.(2) | Revolver | 346 | 500 |
| Ice House America, L.L.C.(2) | Delayed Draw Term Loan | 1224 | 1224 |
| Ice House America, L.L.C.(2) | Revolver | 108 | 108 |
| International Fleet Financing No.2 B.V.(2)(3) | Revolver | 186 | 379 |
| Interstellar Group B.V.(3) | Delayed Draw Term Loan | 1232 | 1256 |
| InvoCare Limited(5) | Delayed Draw Term Loan | 608 | 592 |
| ITI Intermodal, Inc. | Revolver | 1031 | 1031 |
| Jon Bidco Limited(2)(7) | Delayed Draw Term Loan | 175 | 276 |
| KAMC Holdings Inc.(2) | Revolver | 955 | 955 |
| Kanawha Scales & Systems, LLC | Delayed Draw Term Loan | 7123 | 7123 |
| Kanawha Scales & Systems, LLC | Revolver | 2351 | 2517 |
| Keystone Bidco B.V.(2)(3) | Delayed Draw Term Loan | 66 | 67 |
| Keystone Bidco B.V.(2)(3) | Revolver | 41 | 42 |
| Lambir Bidco Limited(2)(3) | Delayed Draw Term Loan |  | 120 |
| Lattice Group Holdings Bidco Limited(2) | Capex / Acquisition Facility | 778 | 778 |
| Lattice Group Holdings Bidco Limited(2) | Delayed Draw Term Loan | 46 | 72 |
| Lattice Group Holdings Bidco Limited(2) | Revolver |  | 18 |
| LeadsOnline, LLC | Revolver | 3190 | 3190 |
| LHS Borrower, LLC | Revolver | 3384 | 4024 |
| Lighthouse Finco SARL(2)(4) | Capex / Acquisition Facility | 2446 |  |
| Lockmasters Security Intermediate, Inc.(2) | Delayed Draw Term Loan | 2978 | 2978 |
| Lockmasters Security Intermediate, Inc.(2) | Revolver | 1278 | 1278 |
| Maia Bidco Limited(2)(4) | Delayed Draw Term Loan | 6825 | 6961 |
| Maia Bidco Limited(2)(4) | Revolver | 1706 | 1740 |
| Marmoutier Holding B.V.(2)(3) | Term Loan | 41 | 42 |
| MB Purchaser, LLC | Delayed Draw Term Loan | 2476 | 2476 |
| MB Purchaser, LLC | Revolver | 1943 | 1943 |
| MC Group Ventures Corporation(2) | Delayed Draw Term Loan | 6805 | 7848 |
| Media Recovery, Inc. (SpotSee)(2) | Revolver | 1944 | 1944 |
| Media Recovery, Inc. (SpotSee)(2)(4) | Revolver | 2390 | 2438 |
| Megawatt Acquisitionco, Inc.(2) | Revolver | 1995 | 1995 |
| Mercell Holding AS(2)(8) | Capex / Acquisition Facility | 806 | 778 |
| MIV Buyer, LLC | Delayed Draw Term Loan | 2185 | 2528 |
| MIV Buyer, LLC | Revolver | 885 | 623 |
| Modern Star Holdings Bidco Pty Limited(2)(5) | Term Loan | 580 | 565 |
| Momentum Textiles, LLC(2) | Revolver | 1357 | 1357 |
| Moonlight Bidco Limited(4) | Delayed Draw Term Loan | 488 | 593 |
| MSI Express Inc.(2) | Delayed Draw Term Loan | 3401 | 3401 |
| MSI Express Inc.(2) | Revolver | 1059 | 1063 |
| NAW Buyer LLC | Delayed Draw Term Loan | 4404 | 7148 |
| NAW Buyer LLC | Revolver | 2306 | 2306 |
| Next Holdco, LLC | Revolver | 2321 | 2321 |
| NF Holdco, LLC(2) | Revolver | 532 | 843 |
| Northstar Recycling, LLC | Revolver | 3598 | 3598 |
| NPM Investments 28 B.V.(3) | Delayed Draw Term Loan | 500 | 509 |
| OAC Holdings I Corp | Revolver | 470 | 1370 |

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**Barings Private Credit Corporation**

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Octane Purchaser Inc. (2) | Delayed Draw Term Loan | 15152 | 15152 |
| Octane Purchaser Inc. (2) | Revolver | 6061 | 6061 |
| Oracle Vision Bidco Limited(2)(4) | Delayed Draw Term Loan | 839 | 856 |
| ORS Buyer, Inc. | Revolver | 1693 |  |
| OSP AFS Buyer, LLC | Delayed Draw Term Loan | 12366 | 12366 |
| OSP AFS Buyer, LLC | Revolver | 2841 | 2841 |
| OSP Hamilton Purchaser, LLC(2) | Delayed Draw Term Loan | 1446 | 18169 |
| OSP Hamilton Purchaser, LLC(2) | Revolver | 2052 | 2052 |
| OSP Lakeside Intermediate Holdings 2, LLC(2) | Revolver | 4416 | 4416 |
| Owl Intermediate Holdings, LLC(2) | Delayed Draw Term Loan | 860 | 860 |
| Owl Intermediate Holdings, LLC(2) | Revolver | 2258 | 2796 |
| Panther Bidco Pty Ltd(2)(5) | Capex / Acquisition Facility | 704 |  |
| Pare SAS (SAS Maurice MARLE)(2) | Delayed Draw Term Loan |  | 2100 |
| PDQ.Com Corporation(2) | Delayed Draw Term Loan | 5223 | 5223 |
| PDQ.Com Corporation(2) | Revolver | 1890 |  |
| Pepper Bidco Pty Ltd(2)(5) | Delayed Draw Term Loan | 1721 |  |
| Polara Enterprises, L.L.C. | Revolver | 1728 | 1548 |
| Policy Services Company, LLC(2) | Delayed Draw Term Loan |  |  |
| PowerGEM Buyer, Inc.(2) | Delayed Draw Term Loan | 127 | 1131 |
| PowerGEM Buyer, Inc.(2) | Revolver | 3730 | 3730 |
| Premium Franchise Brands, LLC | Delayed Draw Term Loan |  | 2706 |
| Premium Invest(3) | Capex / Acquisition Facility | 1339 | 1365 |
| Proceed Legal Inc. | Delayed Draw Term Loan | 7669 |  |
| Proceed Legal Inc. | Revolver | 872 |  |
| ProfitOptics, LLC(2) | Revolver | 316 | 194 |
| Pro-Vision Solutions Holdings, LLC | Revolver | 3318 | 3085 |
| Pye-Baker Fire & Safety LLC | Delayed Draw Term Loan | 370 | 370 |
| Qima Finance LTD | Capex / Acquisition Facility | 465 | 465 |
| R1 Holdings, LLC(2) | Revolver | 219 | 219 |
| Randys Holdings, Inc. | Delayed Draw Term Loan | 36037 | 36865 |
| Randys Holdings, Inc. | Revolver | 2214 | 2331 |
| Rapid Buyer LLC(2) | Delayed Draw Term Loan | 2833 | 2833 |
| Rapid Buyer LLC(2) | Revolver | 1417 | 1417 |
| Raven Acquisition Holdings, LLC(2) | Delayed Draw Term Loan | 133 | 134 |
| Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan | 4394 | 6059 |
| Real Chemistry Intermediate III, Inc. | Revolver | 8104 | 8104 |
| Recon Buyer LLC | Delayed Draw Term Loan | 17116 | 17116 |
| Recon Buyer LLC | Revolver | 2167 | 2167 |
| REP SEKO MERGER SUB LLC(2) | Delayed Draw Term Loan | 328 | 328 |
| RKD Group, LLC | Delayed Draw Term Loan | 4958 | 4958 |
| RKD Group, LLC | Revolver | 3421 | 3421 |
| Rocade Holdings LLC | Delayed Draw Term Loan | 20300 | 24967 |
| Rocade Holdings LLC | Preferred Equity | 2000 | 2000 |
| Rock Labor LLC | Revolver | 941 | 941 |
| ROI Solutions LLC(2) | Delayed Draw Term Loan | 3485 | 3485 |
| ROI Solutions LLC(2) | Revolver | 3120 | 3120 |
| RPX Corporation | Revolver | 4919 | 4919 |

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**Barings Private Credit Corporation**

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| Ruby Bidco Pty Ltd(5) | Delayed Draw Term Loan | 1321 | 1286 |
| Saab Purchaser, Inc.(2) | Delayed Draw Term Loan | 14022 | 14022 |
| Saab Purchaser, Inc.(2) | Revolver | 5699 | 5699 |
| Sanoptis S.A.R.L.(3) | Term Loan | 1691 | 2786 |
| Sapphire Bidco S.A.R.L.(3) | Delayed Draw Term Loan | 998 | 1017 |
| SBP Holdings LP | Delayed Draw Term Loan | 21659 | 21659 |
| SBP Holdings LP | Revolver | 5467 | 5467 |
| Scout Bidco B.V.(2)(3) | Revolver | 334 | 340 |
| SCP CDH Buyer, Inc. | Delayed Draw Term Loan | 5645 | 5645 |
| SCP CDH Buyer, Inc. | Revolver | 2680 | 2680 |
| SCP Medical Products, LLC.(2) | Revolver | 1619 | 1904 |
| Screenvision, LLC | Revolver | 8480 | 8480 |
| Sinari Invest(2)(3) | Delayed Draw Term Loan | 499 | 509 |
| SISU ACQUISITIONCO., INC.(2) | Delayed Draw Term Loan | 2737 |  |
| Skyvault Holdings LLC | Delayed Draw Term Loan | 4170 | 4367 |
| Skyvault Holdings LLC | Equity |  | 1456 |
| SmartShift Group, Inc. | Revolver | 2731 | 2731 |
| Solo Buyer, L.P.(2) | Revolver | 1197 | 1130 |
| Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) | Revolver | 156 | 156 |
| SPATCO Energy Solutions, LLC(2) | Delayed Draw Term Loan | 2790 | 3644 |
| SPATCO Energy Solutions, LLC(2) | Revolver | 4159 | 4159 |
| Spatial Business Systems LLC(2) | Revolver | 1406 | 1406 |
| SRS Acquiom Holdings LLC(2) | Revolver | 1691 |  |
| SSCP Pegasus Midco Limited(2)(4) | Delayed Draw Term Loan | 1383 |  |
| Sunrise Acquisition Bidco Limited(4) | Capex / Acquisition Facility | 2198 | 2241 |
| Superjet Buyer, LLC | Delayed Draw Term Loan | 13469 | 13469 |
| Superjet Buyer, LLC | Revolver | 2388 | 2388 |
| SVI International LLC | Revolver | 74 | 74 |
| Swoop Intermediate III, Inc. | Delayed Draw Term Loan | 23092 | 23092 |
| Swoop Intermediate III, Inc. | Revolver | 7697 | 7697 |
| Syntax Midco 2 Inc. | Delayed Draw Term Loan | 6720 | 6720 |
| Syntax Midco 2 Inc. | Revolver | 4160 | 3536 |
| TA KHP Aggregator, L.P. | Delayed Draw Term Loan | 23605 | 23605 |
| TA KHP Aggregator, L.P. | Revolver | 9442 | 9442 |
| Tank Holding Corp(2) | Revolver | 655 | 655 |
| Tanqueray Bidco Limited(4) | Capex / Acquisition Facility |  | 1216 |
| TAPCO Buyer LLC(2) | Delayed Draw Term Loan | 20461 | 15514 |
| TAPCO Buyer LLC(2) | Revolver | 4072 | 4072 |
| Technology Service Stream BidCo Pty Ltd(5) | Delayed Draw Term Loan | 39 | 169 |
| Techone B.V.(2)(3) | Capex / Acquisition Facility | 1378 |  |
| Techone B.V.(2)(3) | Revolver |  | 259 |
| Tencarva Machinery Company, LLC(2) | Delayed Draw Term Loan | 16777 | 16777 |
| Tencarva Machinery Company, LLC(2) | Revolver | 4041 | 4041 |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Delayed Draw Term Loan | 15452 | 15452 |
| The Caprock Group, Inc. (aka TA/TCG Holdings, LLC)(2) | Revolver | 3749 | 3749 |
| THG Acquisition, LLC | Delayed Draw Term Loan | 1358 | 1562 |

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**Barings Private Credit Corporation**

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company**<sup>(1)</sup><br>**($ in thousands)** | **Investment Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| THG Acquisition, LLC | Revolver | 1094 | 1260 |
| Trintech, Inc. | Revolver |  | 1020 |
| TSYL Corporate Buyer, Inc. | Delayed Draw Term Loan | 8370 | 15231 |
| TSYL Corporate Buyer, Inc. | Revolver | 443 | 443 |
| UBC Ledgers Holding AB(9) | Delayed Draw Term Loan | 114 | 117 |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 12663 | 13201 |
| UHY Advisors, Inc. | Revolver | 1940 | 2822 |
| Unither (Uniholding)(3) | Delayed Draw Term Loan | 275 | 509 |
| Unosquare, LLC(2) | Delayed Draw Term Loan | 4128 | 4128 |
| Unosquare, LLC(2) | Revolver | 2002 | 2002 |
| US Fertility Enterprises LLC | Delayed Draw Term Loan | 137 |  |
| USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.)(2) | Term Loan | 3077 | 3077 |
| Vital Buyer, LLC | Delayed Draw Term Loan | 12949 | 12949 |
| WEST-NR ACQUISITIONCO, LLC | Delayed Draw Term Loan | 25478 | 31650 |
| Whitcraft Holdings, Inc.(2) | Delayed Draw Term Loan | 10445 | 10445 |
| Whitcraft Holdings, Inc.(2) | Revolver | 5415 | 6713 |
| Woodland Foods, LLC(2) | Line of Credit | 3454 | 4605 |
| World 50, Inc. | Revolver | 1703 | 1703 |
| WWEC Holdings III Corp | Delayed Draw Term Loan |  | 6627 |
| WWEC Holdings III Corp | Revolver | 3359 | 3359 |
| Xeinadin Bidco Limited(2)(4) | Delayed Draw Term Loan | 7707 | 10503 |
| Zelda Luxco S.A.S(2)(3) | Delayed Draw Term Loan | 815 | 831 |
| Total unused commitments to extend financing |  | $1028502 | $1122313 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Adviser's estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)Actual commitment amount is denominated in Norwegian kroner. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)Actual commitment amount is denominated in Swedish kronor. Commitment was translated into U.S. dollars based on the spot rate at the relevant balance sheet date.

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

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**Barings Private Credit Corporation**

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

**8. FINANCIAL HIGHLIGHTS**

The following is a schedule of financial highlights for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands, except share and per share amounts) | **March 31, 2026** | **March 31, 2025** |
| Per share data: |  |  |
| Net asset value at beginning of period | $20.37 | $20.80 |
| Net investment income (1) | 0.52 | 0.53 |
| Net realized gain (loss) on investments / foreign currency transactions / forward currency contracts (1)(2) | (0.04) | 0.26 |
| Net unrealized appreciation (depreciation) on investments / foreign currency<br>transactions / forward currency contracts (1) | (0.28) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase from investment operations (1) | 0.20 | 0.55 |
| Dividends paid to stockholders from net investment income | (0.53) | (0.60) |
| Net asset value at end of period | $20.04 | $20.75 |
| Shares outstanding at end of period | 146404445 | 104987948 |
| Net assets at end of period | $2934192 | $2178459 |
| Average net assets | $2935139 | $2034944 |
| Ratio of total expenses to average net assets (annualized) (3) | 6.02% | 6.40% |
| Ratio of net investment income to average net assets (annualized) (3) | 10.43% | 10.51% |
| Portfolio turnover ratio (annualized) (4) | 4.91% | 3.98% |
| Total return (5) | 0.95% | 2.67% |

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(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)The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company's shares in relation to fluctuating market values for the portfolio.

(3)Does not include expenses of underlying investment companies, including joint ventures and short-term investments.

(4)Portfolio turnover ratio excludes the impact of short-term investments.

(5)Total return is calculated as the change in NAV per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company's dividend reinvestment plan during the period.

**9. SUBSEQUENT EVENTS**

On April 1, 2026, the Company sold 862,318.174 unregistered shares of its common stock (with the number of shares issued being determined on April 20, 2026), for aggregate consideration of approximately $17.3 million at a price per share of $20.04, determined in accordance with Section 23 of the 1940 Act. The sale of common stock was made pursuant to subscription agreements entered into by the Company and the participating investors in connection with the Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder and/or Regulation S under the Securities Act.

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**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 months ended March 31, 2026, 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, 2025. 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 titled "Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2025 and in Item 1A titled "Risk Factors" in Part II of our subsequently filed Quarterly Reports on Form 10-Q or in other reports that we may file with the Securities and Exchange Commission ("SEC") from time to time. Other factors that could cause our actual results and financial condition to differ materially include, but are not limited to, changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, disruptions related to tariffs and other trade or sanction issues, government shutdowns and volatility in the financial services sector, including bank failures; the interest rate environment or conditions affecting the financial and capital markets; the impact of global health crises on our or our portfolio companies' business and the U.S. and global economies; our, or our portfolio companies', future business, operations, operating results or prospects; risks associated with possible disruption in our operations due to terrorism, geopolitical conflict or the economy generally; and future changes in laws or regulations and conditions in our or our portfolio companies' operating areas. These statements are based on our current expectations, estimates, forecasts, information and projections about the industry in which we operate and the beliefs and assumptions of our management as of the date of filing of this Quarterly Report. We assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless we are required to do so by law. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

**Overview of Our Business**

We were formed on April 2, 2021 as a Maryland limited liability company named Barings Private Credit LLC and converted to a Maryland corporation named Barings Private Credit Corporation effective on May 13, 2021, in connection with the commencement of our operations. We have elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"), and are externally managed by Barings LLC ("Barings" or the "Adviser"), an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). In addition, we have elected to be treated as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (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 an amended and restated investment advisory agreement ("Advisory Agreement") and an administration agreement ("Administration Agreement").

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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 ("NAV") per share.

Our primary investment objective is to generate current income by investing directly in privately-held middle-market companies to help these companies fund acquisitions, growth or refinancing. We focus on investing primarily in senior secured private debt instruments in well-established middle-market businesses that operate across a wide range of industries. Barings believes such investments can be considered defensive in the context of a broader portfolio construction. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities, and/or high-yield investments. 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. We source investments within our primary investment strategy primarily from the Barings Global Private Finance and Capital Solutions Team ("Barings GPF"). The holding size of each position will generally be dependent upon a number of factors including total facility size, pricing and structure, and the number of other lenders in the facility. Barings has experience managing levered vehicles, both public and private, and seeks to enhance our returns through the use of leverage with a prudent approach that prioritizes capital preservation. Barings believes this strategy and approach offers attractive risk/return with lower volatility given the potential for fewer defaults and greater resilience through market cycles. A significant portion of our investments are expected to be rated below investment grade by rating agencies or, if unrated, would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.

***Formation Transactions/Initial Portfolio***

On May 12, 2021, shortly prior to our election to be regulated as a BDC and conversion to a Maryland corporation, and in order to avoid the blind pool-aspects typically associated with the launch of a new fund, we acquired from Massachusetts Mutual Life Insurance Company ("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 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 predominantly senior secured private debt investments in well-established middle-market businesses that operate across a wide range of industries. Senior secured private debt investments are negotiated directly with the borrower, rather than marketed by a third party or bought and sold in the secondary market. We believe senior secured private debt investments may offer higher returns and certain more favorable protections than syndicated senior secured loans. Fees generated in connection with our debt investments are recognized over the life of the loan using the effective interest method or, in some cases, recognized as earned. Terms of our senior secured private debt investments are generally between five and seven years and bear interest between the Secured Overnight Financing Rate ("SOFR") (or the applicable currency rate for investments in foreign currencies) plus 450 basis points and SOFR plus 650 basis points per annum. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities and/or high-yield investments.

As of March 31, 2026 and December 31, 2025, the weighted average yield on the principal amount of our outstanding debt investments other than non-accrual debt investments was approximately 8.9% and 9.0%, respectively. The weighted average yield on the principal amount of all of our outstanding debt investments (including non-accrual debt investments) was approximately 8.7% and 8.9% as of March 31, 2026 and December 31, 2025, respectively.

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**Relationship with Our Adviser, Barings**

Our Adviser, Barings, a 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 oversight of our Board of Directors (the "Board"), the portfolio managers manage our day-to-day operations with the support of the relevant Barings investment teams and investment committees which provide investment advisory and management services to us. Barings GPF is part of Barings' $383.8 billion (as of March 31, 2026) Global Fixed Income Platform that invests in liquid, private and structured credit. Barings GPF manages private funds and separately managed accounts, along with multiple registered vehicles. The Adviser has retained its indirect, wholly-owned subsidiary, Baring International Investment Limited ("BIIL"), as a sub-adviser to manage European investments for us. 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, England.

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 (in its capacity as our Administrator) performs (or oversees, or arranges 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 also, on our behalf and subject to the Board's oversight, 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. 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.

Included in Barings GPF are investment teams focused on illiquid investments and are principally segmented based on the jurisdictions in which the investment teams are located. Barings GPF provides a full set of solutions to middle market issuers in their respective geographies, including first and second lien senior secured loans, unitranche structures, revolvers, mezzanine debt and equity co-investments. The Barings GPF investment team averages over 18 years of industry experience at the Managing Director and Director level. Barings believes that it has best-in-class support personnel, including expertise in risk management, legal, accounting, tax, information technology and compliance, among others. We expect to benefit from the support provided by these personnel in our operations.

We have entered into an expense support agreement (the "Expense Support Agreement") with Barings, pursuant to which Barings may elect to pay certain of our expenses on our behalf ("Expense Payments"), including organization and offering expenses, provided that no portion of the payment will be used to pay any of our interest expenses or any distribution and/or shareholder servicing fees. Any Expense Payment that Barings commits to pay must be paid by Barings to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment is made in writing, and/or offset against amounts due from us to Barings or its affiliates. If Barings elects to pay certain of our expenses, Barings will be entitled to reimbursement of such expenses from us if Available Operating Funds (as defined in "Note 2. Agreements and Related Party Transactions" to our Unaudited Consolidated Financial Statements) exceed the cumulative distributions accrued to our stockholders, subject to the terms of the Expense Support Agreement.

**Portfolio Composition**

The total fair value of our investment portfolio was $5,156.6 million and $4,877.0 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, we had investments in 490 portfolio companies and one money market fund with an aggregate cost of $5,231.5 million. As of December 31, 2025, we had investments in 476 portfolio companies and one money market fund with an aggregate cost of $4,898.5 million. As of both March 31, 2026 and December 31, 2025, none of our portfolio investments represented greater than 10% of the total fair value of our investment portfolio.

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As of March 31, 2026 and December 31, 2025, our investment portfolio consisted of the following investments:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Cost** | **Percentage of<br>Total<br>Portfolio** | **Fair Value** | **Percentage of<br>Total<br>Portfolio** |
| **March 31, 2026:** |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $4497166 | 87% | $4400219 | 85% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 230490 | 4 | 223003 | 4 |
| Structured products | 88955 | 2 | 87371 | 2 |
| Equity shares | 339018 | 6 | 387824 | 8 |
| Equity warrants | 4 |  | 1182 |  |
| Royalty rights | 3160 |  | 3665 |  |
| Investment in joint ventures | 61755 | 1 | 42400 | 1 |
| Short-term investments | 10908 |  | 10907 |  |
|  | $5231456 | 100% | $5156571 | 100% |

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| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| **December 31, 2025:** |  |  |  |  |
| Senior debt and 1<sup>st</sup> lien notes | $4252828 | 87% | $4211606 | 86% |
| Subordinated debt and 2<sup>nd</sup> lien notes | 168571 | 4 | 163617 | 4 |
| Structured products | 99856 | 2 | 101380 | 2 |
| Equity shares | 337351 | 7 | 378575 | 8 |
| Equity warrants | 4 |  | 1166 |  |
| Royalty rights | 3231 |  | 3715 |  |
| Investment in joint ventures | 25808 |  | 6121 |  |
| Short-term investments | 10810 |  | 10809 |  |
|  | $4898459 | 100% | $4876989 | 100% |

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**Investment Activity**

During the three months ended March 31, 2026, we made 74 new portfolio company investments totaling $258.9 million, made additional investments in existing portfolio companies totaling $247.5 million and made an investment in a new joint venture equity portfolio company totaling $40.3 million. We had 16 loans repaid totaling $90.9 million and received $118.2 million of portfolio company principal payments and sales proceeds and recognized a net realized gain on these transactions of $0.3 million. Our investment in one portfolio company was restructured, which resulted in a net realized loss of $6.4 million. In addition, we received proceeds related to the sale of equity investments totaling $1.8 million and recognized a net realized gain on such sales totaling $1.2 million. Lastly, we received $5.8 million of return of capital from our joint ventures, royalty rights and equity investments.

During the three months ended March 31, 2025, we made 18 new portfolio company investments totaling $191.0 million and made additional investments in existing portfolio companies totaling $238.2 million. We had nine loans repaid totaling $60.0 million and recognized a net realized loss on these transactions of $0.5 million. We also received $45.8 million of portfolio company principal payments and sales proceeds and recognized a net realized loss on these transactions of $0.3 million. In addition, we received proceeds related to the sale of equity investments totaling $0.9 million and recognized a net realized gain on such sales totaling $0.3 million. Lastly, we received $8.6 million of return of capital from our joint venture and royalty rights investments.

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Total portfolio investment activity for the three months ended March 31, 2026 and 2025 was as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended**<br>**March 31, 2026:**<br>**($ in thousands)** | **Senior Debt**<br>**and 1**<sup>st</sup> **Lien**<br>**Notes** | **Subordinated Debt and 2**<sup>nd</sup> **Lien Notes** | **Structured Products** | **Equity<br>Shares** | **Equity<br>Warrants** | **Royalty Rights** | **Investment in Joint Ventures** | **Short-term<br>Investments** | **Total** |
| Fair value, beginning of period | $4211606 | $163617 | $101380 | $378575 | $1166 | $3715 | $6121 | $10809 | $4876989 |
| New investments | 423686 | 79390 |  | 3356 |  |  | 40289 | 98 | 546819 |
| Proceeds from sales of investments / return of capital | (61389) |  | (10000) | (3133) |  | (71) | (4343) |  | (78936) |
| Loan origination fees received | (2710) | (1393) |  |  |  |  |  |  | (4103) |
| Principal repayments received | (116337) | (19759) | (1581) |  |  |  |  |  | (137677) |
| Payment-in-kind interest / dividends | 2100 | 3205 |  | 214 |  |  |  |  | 5519 |
| Accretion of loan premium / discount | 1170 | 17 | 4 |  |  |  |  |  | 1191 |
| Accretion of deferred loan origination revenue | 4640 | 406 |  |  |  |  |  |  | 5046 |
| Realized gain (loss) | (6821) | 52 | 677 | 1230 |  |  |  |  | (4862) |
| Unrealized appreciation (depreciation) | (55726) | (2532) | (3109) | 7582 | 16 | 21 | 333 |  | (53415) |
| Fair value, end of period | $4400219 | $223003 | $87371 | $387824 | $1182 | $3665 | $42400 | $10907 | $5156571 |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended**<br>**March 31, 2025:**<br>**($ in thousands)** | **Senior Debt**<br>**and 1**<sup>st</sup> **Lien**<br>**Notes** | **Subordinated Debt and 2**<sup>nd</sup> **Lien Notes** | **Structured Products** | **Equity<br>Shares** | **Equity<br>Warrants** | **Royalty Rights** | **Investment in Joint Ventures** | **Short-term<br>Investments** | **Total** |
| Fair value, beginning of period | $2503156 | $122748 | $80401 | $337684 | $2813 | $14583 | $22480 | $10200 | $3094065 |
| New investments | 405551 | 8237 | 5000 | 10346 |  |  |  |  | 429134 |
| Proceeds from sales of investments / return of capital | (27974) |  |  | (933) |  | (208) | (8441) |  | (37556) |
| Loan origination fees received | (9510) | (2) |  |  |  |  |  |  | (9512) |
| Principal repayments received | (70528) | (6574) | (714) |  |  |  |  |  | (77816) |
| Payment-in-kind interest / dividends | 2128 | 1054 |  | 3313 |  |  |  |  | 6495 |
| Accretion of loan premium / discount | 2164 | 21 | 4 |  |  |  |  |  | 2189 |
| Accretion of deferred loan origination revenue | 3059 | 209 |  |  |  |  |  |  | 3268 |
| Realized gain (loss) | (586) | (150) |  | 271 |  |  |  |  | (465) |
| Unrealized appreciation (depreciation) | 14095 | 164 | (231) | 5059 | 67 | 1571 | (526) |  | 20199 |
| Fair value, end of period | $2821555 | $125707 | $84460 | $355740 | $2880 | $15946 | $13513 | $10200 | $3430001 |

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**Portfolio Risk Monitoring**

The Adviser monitors our portfolio companies on an ongoing basis. As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, rates each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk ratings may not be comparable to ones used by other companies. For additional information regarding the Adviser's portfolio management and investment monitoring, see "Item 1. Business – Portfolio Management and Investment Monitoring" in our Annual Report on Form 10-K for the year ended December 31, 2025.

Our risk assessment is based on the following risk rating categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 1:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing materially above expectations at the time of underwriting and the business trends and/or risk factors are favorable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 2:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing in a manner consistent with expectations at the time of underwriting and the current risk is believed to be similar to that at the time the asset was originated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 3:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing below expectations at the time of underwriting and the investment risk has increased since underwriting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 4:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing materially below expectations at the time of underwriting and the investment risk has increased materially since underwriting. Issuers with a risk rating of 4 are typically in violation of one or more debt covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Rating 5:&nbsp;&nbsp;&nbsp;&nbsp;In the opinion of the Adviser, the issuer is performing substantially below expectations at the time of underwriting and indicates the investment risk has increased substantially since underwriting. Loans with a risk rating of 5 are not anticipated to be repaid in full or have a possibility to not be repaid in full, and the fair market value reflects the Adviser's current estimate of recoverable value.

The following table shows the classification of our investments by risk rating as of March 31, 2026 and December 31, 2025. Investment risk ratings are accurate only as of those dates and may change due to subsequent developments to a portfolio company's business or financial condition, market conditions or developments, and other factors.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;($ in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| &nbsp;&nbsp;**Risk Rating Category** | **Fair Value (1)(2)** | **Percentage of<br>Total<br>Portfolio** | **Fair Value (1)** | **Percentage of<br>Total<br>Portfolio** |
| &nbsp;&nbsp;Category 1 | $531298 | 10% | $568007 | 11% |
| &nbsp;&nbsp;Category 2 | 4032360 | &nbsp;&nbsp;79 | 3789474 | &nbsp;&nbsp;78 |
| &nbsp;&nbsp;Category 3 | 376191 | &nbsp;&nbsp;7 | 288867 | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;Category 4 | 88086 | &nbsp;&nbsp;2 | 179941 | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Category 5 | 77190 | 2 | 39891 | 1 |
| &nbsp;&nbsp;Total | $5105125 | 100% | $4866180 | 100% |

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(1) Excludes short-term investments.

(2) Excludes 17.2% member interest in Cardinal Senior Loan Fund LLC.

**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 March 31, 2026, we had nine portfolio companies with their debt investments on non-accrual, the aggregate fair value of which was $46.4 million, which comprised 0.9% of the total fair value of our portfolio, and the aggregate cost of which was $91.4 million, which comprised 1.7% of the total cost of our portfolio. As of December 31, 2025, we had six portfolio companies with their debt

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investments on non-accrual, the aggregate fair value of which was $18.8 million, which comprised 0.4% of the total fair value of our portfolio, and the aggregate cost of which was $46.0 million, which comprised 0.9% of the total cost of our portfolio.

A summary of our non-accrual assets as of March 31, 2026 is provided below:

*Acogroup*

During the quarter ended June 30, 2025, we placed our debt investments in Acogroup on non-accrual status. As a result, under U.S. generally accepted accounting principles ("U.S. GAAP"), we will not recognize interest income on our debt investments in Acogroup for financial reporting purposes. As of March 31, 2026, the cost of our debt investments in Acogroup was $30.2 million and the fair value of such investments was $9.4 million.

*Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group)*

During the quarter ended December 31, 2025, we placed our debt investment in Aesthetics Australia Group Pty Ltd (Laser Clinics Australia Group), or Laser Clinics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Laser Clinics for financial reporting purposes. As of March 31, 2026, the cost of our debt investment in Laser Clinics was $0.8 million and the fair value of such investment was $0.4 million.

*Bariacum S.A.*

During the quarter ended December 31, 2025, we placed our first lien EURIBOR + 4.00% debt investment in Bariacum S.A., or Bariacum, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 4.00% debt investment in Bariacum for financial reporting purposes. As of March 31, 2026, the cost of our first lien EURIBOR + 4.00% debt investment in Bariacum was $3.9 million and the fair value of such investment was nil.

*Biolam Group*

During the quarter ended September 30, 2024, we placed our debt investment in Biolam Group, or Biolam, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Biolam for financial reporting purposes. As of March 31, 2026, the cost of our debt investment in Biolam was $5.8 million and the fair value of such investment was $3.6 million.

*Canadian Orthodontic Partners Corp.*

During the quarter ended March 31, 2024, we placed our first lien senior secured debt investment in Canadian Orthodontic Partners Corp., or Canadian Orthodontics, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien senior secured debt investment in Canadian Orthodontics for financial reporting purposes. As of March 31, 2026, the cost of our first lien senior secured debt investment in Canadian Orthodontics was $4.9 million and the fair value of such investment was $0.4 million.

*EMI Porta Holdco LLC*

During the quarter ended March 31, 2026, we placed our debt investments in EMI Porta Holdco LLC, or EMI, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investments in EMI for financial reporting purposes. As of March 31, 2026, the cost of our debt investments in EMI was $43.7 million and the fair value of such investments was $32.3 million.

*Eurofins Digital Testing International LUX Holdings SARL*

During the quarter ended March 31, 2026, we placed our subordinated debt investment in Eurofins Digital Testing International LUX Holdings SARL, or Eurofins, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our subordinated debt investment in Eurofins for financial reporting purposes. As of March 31, 2026, the cost of our subordinated debt investment in Eurofins was $1.4 million and the fair value of such investment was nil.

*GPNZ II GmbH*

During the quarter ended March 31, 2024, we placed our first lien EURIBOR + 6.00% debt investment in GPNZ II GmbH, or GPNZ, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our first lien EURIBOR + 6.00% debt investment in GPNZ for financial reporting purposes. As of March 31, 2026, the cost of our first lien EURIBOR + 6.00% debt investment in GPNZ was $0.4 million and the fair value of such investment was nil.

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*Terrybear, Inc.*

During the quarter ended March 31, 2026, we placed our debt investment in Terrybear, Inc., or Terrybear, on non-accrual status. As a result, under U.S. GAAP, we will not recognize interest income on our debt investment in Terrybear for financial reporting purposes. As of March 31, 2026, the cost of our debt investment in Terrybear was $0.3 million and the fair value of such investment was $0.2 million.

**PIK Non-Accrual Assets**

In addition to our non-accrual assets, during the quarter ended September 30, 2024, we placed our first lien senior secured debt investment in A.T. Holdings II LTD, or A.T. Holdings, on non-accrual status only with respect to the PIK interest component of the loan. As of March 31, 2026, the cost of our debt investment in A.T. Holdings was $14.3 million, or 0.3% of the total cost of our portfolio, and the fair value of such investment was $8.9 million, or 0.2% of the total fair value of our portfolio.

**Results of Operations**

***Comparison of the three months ended March 31, 2026 and 2025***

Operating results for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| Total investment income | $120720 | $86057 |
| Total operating expenses | 44201 | 32173 |
| **Net investment income before taxes** | **76519** | **53884** |
| Income taxes, including excise tax expense | 2 | 400 |
| **Net investment income after taxes** | **76517** | **53484** |
| Net realized gains (losses) | (6116) | 26209 |
| Net unrealized appreciation (depreciation) | (40975) | (24250) |
| Net realized gains (losses) and unrealized appreciation (depreciation) on investments, foreign currency transactions and forward currency contracts | (47091) | 1959 |
| **Net increase in net assets resulting from operations** | $**29426** | $**55443** |

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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*

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;Total interest income | $99512 | $69408 |
| &nbsp;&nbsp;&nbsp;Total dividend income | 8603 | 7290 |
| &nbsp;&nbsp;&nbsp;Total fee and other income | 6145 | 5240 |
| &nbsp;&nbsp;&nbsp;Total payment-in-kind interest income | 6119 | 3455 |
| &nbsp;&nbsp;&nbsp;Interest income from cash | 341 | 664 |
| Total investment income | $120720 | $86057 |

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The change in total investment income for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, was primarily due to an increase in the average size of our portfolio and increased dividends from portfolio companies. The amount of our outstanding debt investments was $4,912.1 million as of March 31, 2026, as compared to $3,113.1 million as of March 31, 2025. The increase in the average size of our portfolio was largely due to net additions in sponsor and non-sponsor investments. For the three months ended March 31, 2026, dividends from portfolio companies and joint venture investments were $8.6 million, as compared to $7.3 million for the three months ended March 31, 2025.

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*Operating Expenses*

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing fees | $33092 | $20915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee | 8568 | 5723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive management fees |  | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general and administrative expenses | 2541 | 1734 |
| Total operating expenses | $44201 | $32173 |

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*Interest and Other Financing Fees*

Interest and other financing fees during the three months ended March 31, 2026 were primarily attributable to borrowings under the Revolving Credit Facility, the SMBC Credit Facility, the BANA SPV Credit Facility, the July 2026 Notes, the May 2027 Notes, the June 2030 Notes and the February 2029 Notes (each as defined below under "Financial Condition, Liquidity and Capital Resources") and our term debt securitization (including the 2023 Debt Securitization (as defined below under "Financial Condition, Liquidity and Capital Resources") as initially completed in August 2023 and refinanced and upsized in the CLO Transaction (as defined below under "Financial Condition, Liquidity and Capital Resources") in September 2024, and as amended, restated and modified from time to time, the "BPCC Debt Securitization"). Interest and other financing fees during the three months ended March 31, 2025 were attributable to borrowings under the Revolving Credit Facility, the SMBC Credit Facility, the BPCC Debt Securitization, the July 2026 Notes and the May 2027 Notes (as defined below under "Financial Condition, Liquidity and Capital Resources").

The increase in interest and other financing fees for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, was primarily attributed to increased weighted average borrowings, partially offset by a lower weighted average interest rate. The weighted average borrowings for the three months ended March 31, 2026 were $2,226.0 million as compared to $1,262.2 million for the three months ended March 31, 2025. The weighted average interest rate for the three months ended March 31, 2026 was 5.7%, as compared to 6.3% for the three months ended March 31, 2025.

*Base Management Fee* 

Under the Advisory Agreement, we pay Barings a base management fee (the "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. Agreements and Related Party Transactions" to our Unaudited Consolidated Financial Statements for additional information regarding the Advisory Agreement and the fee arrangement thereunder. For the three months ended March 31, 2026 and 2025, the amount of Base Management Fees incurred were approximately $8.6 million and $5.7 million, respectively. The increase in the Base Management Fee for the three months ended March 31, 2026 versus the corresponding 2025 period is primarily related to the average value of gross assets increasing from $3,052.1 million as of the end of the two most recently completed calendar quarters prior to March 31, 2025 to $4,569.8 million as of the end of the two most recently completed calendar quarters prior to March 31, 2026.

*Incentive Fee*

Under the Advisory Agreement, we pay Barings an incentive fee. The incentive fee is determined and paid quarterly in arrears based on the amount by which (x) the aggregate "pre-incentive fee net investment income" in respect of the then-current calendar quarter and the three preceding calendar quarters (the "Trailing Twelve Months"), exceeds (y) the hurdle amount in respect of the Trailing Twelve Months. The incentive fee is subject to a cap (the "Incentive Fee Cap"), which during each of the three months ended March 31, 2026 and March 31, 2025, was an amount equal to 0.50% of the average value of our 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. See "Note 2. Agreements and Related Party Transactions" to our Unaudited Consolidated Financial Statements for additional information regarding the terms of the Advisory Agreement and the fee arrangements thereunder. For the three months ended March 31, 2026, the amount of incentive fee incurred was nil, as compared to $3.8 million for the three months ended March 31, 2025. The decrease in the incentive fee for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, relates primarily to an increase in net capital losses recognized during the period. These net capital losses reduced the Company's Cumulative Net Investor Return (as defined in "Note 2. Agreements and Related Party Transactions") to below the 8.0% annualized hurdle rate. As a result, the incentive fee was fully constrained for the quarter, and no incentive fee was recognized for the three months ended March 31, 2026.

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*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 months ended March 31, 2026 and 2025, the amount of administration expense incurred and invoiced by Barings for expenses was $0.5 million and $0.4 million, respectively. In addition to expenses incurred under the Administration Agreement, other general and administrative expenses include Board fees, directors' and officers' insurance costs, legal and accounting expenses and other costs related to our operations.

*Net Realized Gains (Losses)*

Net realized gains (losses) during the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| **Net realized gains (losses):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $(4862) | $(465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | (4862) | (465) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (508) | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | (746) | 25952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | $(6116) | $26209 |

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During the three months ended March 31, 2026, we recognized net realized losses totaling $6.1 million, which consisted primarily of a net loss on our investment portfolio of $4.9 million, a net loss on our forward currency contracts of $0.7 million and a net loss on foreign currency transactions of $0.5 million. The net loss on our investment portfolio predominantly related to a $6.4 million loss on the restructuring of one investment, partially offset by a $1.2 million gain on the sale of two equity investments, which was partially reclassified from net unrealized depreciation.

During the three months ended March 31, 2025, we recognized net realized gains totaling $26.2 million, which consisted primarily of a net gain on our forward currency contracts of $26.0 million and a net gain on foreign currency transactions of $0.7 million, partially offset by a net loss on our investment portfolio of $0.5 million.

*Net Unrealized Appreciation (Depreciation)* 

Net unrealized appreciation (depreciation) during the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| **Net unrealized appreciation (depreciation):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | $(60313) | $18070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 1090 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 5941 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | (53282) | 19381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 3228 | (3917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 9079 | (39714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) | $(40975) | $(24250) |

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During the three months ended March 31, 2026, we recorded net unrealized depreciation totaling $41.0 million, consisting of net unrealized depreciation on our current portfolio of $56.6 million, partially offset by net unrealized appreciation related to our forward currency contracts of $9.1 million, net unrealized appreciation related to foreign currency transactions of $3.2 million, net unrealized appreciation reclassification adjustments of $3.2 million related to the net realized losses on the sales / repayments of certain investments and a deferred tax asset of $0.1 million. The net unrealized depreciation on our current portfolio of $56.6 million was driven primarily by broad market moves for investments of $29.6 million, the credit or

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fundamental performance of investments of $17.2 million and the impact of foreign currency exchange rates on investments of $9.8 million.

During the three months ended March 31, 2025, we recorded net unrealized depreciation totaling $24.3 million, consisting of net unrealized depreciation related to our forward currency contracts of $39.7 million, net unrealized depreciation related to foreign currency transactions of $3.9 million, deferred taxes of $0.8 million and net unrealized depreciation reclassification adjustments of $0.2 million related to the net realized gains on the sales / repayments of certain investments, partially offset by net unrealized appreciation on our current portfolio of $20.4 million. The net unrealized appreciation on our current portfolio of $20.4 million was driven primarily by the impact of foreign currency exchange rates on investments of $17.2 million, broad market moves for investments of $1.6 million and the credit or fundamental performance of investments of $1.6 million.

**Financial Condition, Liquidity and Capital Resources**

We believe that our current cash and foreign currencies on hand, our short-term investments, our available borrowing capacity under the Revolving Credit Facility, the SMBC Credit Facility and the BANA SPV 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 of our common stock. This "Financial Condition, Liquidity and Capital Resources" section should be read in conjunction with the notes to our Unaudited Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

On May 13, 2021, our stockholders approved a proposal to authorize us to be subject to a reduced asset coverage ratio of at least 150% under the 1940 Act. As a result of stockholder approval, effective May 14, 2021, our applicable minimum asset coverage ratio under the 1940 Act was decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. Our asset coverage ratio was 220.9% as of March 31, 2026.

*Cash Flows*

For the three months ended March 31, 2026, we experienced a net increase in cash in the amount of $44.8 million. During that period, our operating activities used $409.4 million in cash, consisting primarily of purchases of portfolio investments of $612.0 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $250.7 million. In addition, our financing activities provided net cash of $454.2 million, consisting primarily of net proceeds from notes payable of $344.2 million, proceeds from the issuance of common stock of $273.5 million, net borrowings under the SMBC Credit Facility of $63.3 million and borrowings under the BANA SPV Credit Facility of $37.0 million, partially offset by $103.1 million in share repurchases, net repayments under the Revolving Credit Facility of $90.9 million and dividends paid in the amount of $69.8 million. As of March 31, 2026, we had $167.7 million of cash and foreign currencies on hand, including $21.4 million of restricted cash.

For the three months ended March 31, 2025, we experienced a net increase in cash in the amount of $82.3 million. During that period, our operating activities used $144.0 million in cash, consisting primarily of purchases of portfolio investments of $336.2 million, partially offset by proceeds from sales or repayments of portfolio investments totaling $116.6 million. In addition, our financing activities provided net cash of $226.4 million, consisting primarily of proceeds from the issuance of common stock of $214.5 million and net borrowings of $73.0 million under the Revolving Credit Facility and the SMBC Credit Facility, partially offset by dividends paid in the amount of $55.4 million and $5.8 million in share repurchases. As of March 31, 2025, we had $213.4 million of cash and foreign currencies on hand, including $4.4 million of restricted cash.

*Financing Transactions*

*BNP Paribas Revolving Credit Facility*

On May 11, 2021, BPC Funding LLC ("BPC Funding"), our wholly-owned subsidiary, entered into a senior secured revolving credit facility with BNP Paribas ("BNPP") (as amended, the "Revolving Credit Facility"). 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 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. On

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May 9, 2024, BPC Funding and BNPP amended the Revolving Credit Facility to extend the revolving period and maturity date of the Revolving Credit Facility to May 11, 2027 and May 11, 2029, respectively.

Advances under the Revolving Credit Facility initially bore interest at a per annum rate equal to, in the case of dollar advances, three-month London Interbank Offered Rate ("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 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 bore 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. Effective May 9, 2024, advances under the Revolving Credit Facility bore interest at a per annum rate equal to, in the case of dollar advances, term SOFR based upon the applicable interest accrual period, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of (1) during the reinvestment period, 2.50% and (2) following the reinvestment period, 3.00%. Commencing on December 10, 2025, advances under the Revolving Credit Facility bear interest at a per annum rate equal to, in the case of dollar advances, term SOFR based upon the applicable interest accrual period, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus an applicable margin of (1) during the reinvestment period, 1.90% and (2) following the reinvestment period, 2.40%.

Under the Revolving Credit Facility, BPC Funding 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. Effective September 9, 2022, BPC Funding paid an unused fee of 1.25% per annum if the unused facility amount was greater than 50%, or 0.75% per annum if the unused facility amount was 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. Effective May 9, 2024, BPC Funding paid an unused fee, based on the average daily unused amount of the financing commitments, in an amount not to exceed (1) 1.375% per annum for the period up to and including March 31, 2025, and (2) 2.00% per annum for the period after March 31, 2025, in addition to certain other fees as agreed between BPC Funding and BNPP. Commencing on December 10, 2025, BPC Funding pays an unused fee of 1.50% per annum, if the unused facility amount was greater than 65% of the maximum facility amount or 0.50% per annum if the unused facility amount was less than or equal to 65% of the maximum facility amount in addition to certain other fees as agreed between BPC Funding and BNPP.

Advances under the Revolving Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to BPC Funding varies depending upon the types of assets in BPC Funding's portfolio. Assets are required to meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

Proceeds from borrowings under the Revolving Credit Facility may be used to fund portfolio investments by BPC Funding, to make advances under delayed draw term loans and revolving loans for which BPC Funding is a lender, and to make permitted distributions. The expiration date for the period during which BPC Funding may borrow under the Revolving Credit Facility is May 11, 2027, and the scheduled maturity date under the Revolving Credit Agreement is May 11, 2029.

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.

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 triggers a requirement that BPC Funding obtain the consent of BNPP prior to entering into any sale or disposition with respect to portfolio investments. As of March 31, 2026, we were in compliance with all covenants of the Revolving Credit Facility.

As of March 31, 2026, we had U.S. dollar borrowings of $381.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 5.567% (three month SOFR of 3.667%), borrowings denominated in Canadian dollars of C$15.0 million ($10.7 million U.S. dollars) with an interest rate of 4.190% (three month CORRA of 2.290%), borrowings denominated in British pounds sterling of £37.2 million ($49.1 million U.S. dollars) with a weighted average interest rate of 5.589% (daily SONIA of 3.570%), borrowings denominated in Australian dollars of A$10.0 million ($6.8 million U.S. dollars) with an interest rate of 5.710% (three month Bank Bill Swap Rate of 3.810%), borrowings denominated in New Zealand dollars

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of NZ$4.1 million ($2.3 million U.S. dollars) with an interest rate of 4.400% (three month BKBM of 2.500%) and borrowings denominated in Euros of €87.6 million ($100.9 million U.S. dollars) with an interest rate of 3.926% (three month EURIBOR of 2.026%). 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 Statements of Operations.

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. As of March 31, 2026, the fair value of the borrowings outstanding under the Revolving Credit Facility was $551.3 million. See "Note 5. Borrowings — BNP Paribas Revolving Credit Facility" to our Unaudited Consolidated Financial Statements for additional information regarding the Revolving Credit Facility.

*SMBC Revolving Credit Facility*

On March 6, 2023, we entered into a senior secured revolving credit facility (as amended, the "SMBC Credit Facility") pursuant to a Senior Secured Revolving Credit Agreement (the "SMBC Credit Agreement") with Sumitomo Mitsui Banking Corporation, as administrative agent ("SMBC"), as lead arranger and as sole bookrunner, and the lenders and issuing banks from time to time party thereto, which governs the SMBC Credit Facility. The initial principal amount of the SMBC Credit Facility was $115.0 million, subject to availability under the borrowing base, which is based on our portfolio investments and other outstanding indebtedness, with an accordion provision to permit increases to the total facility amount up to $500.0 million, subject to the satisfaction of certain conditions. On April 17, 2023, we amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size from $115.0 million to $165.0 million, subject to the terms of the SMBC Credit Facility. In connection with the facility increase contemplated by the SMBC Credit Facility, Regions Bank joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $50.0 million. On December 14, 2023, we amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size to $215.0 million, including an initial term commitment of $25.0 million and converts a portion of the existing revolver availability into a term loan availability. On February 8, 2024, we amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to increase the facility size from $215.0 million to $265.0 million, subject to the terms of the SMBC Credit Facility. In connection with the facility increase, State Street Bank and Trust Company joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $25.0 million and Regions Bank increased its commitment from $50.0 million to $75.0 million. On December 23, 2025, we amended the SMBC Credit Agreement to amend certain provisions of the SMBC Credit Facility to (a) extend the revolving period under the SMBC Credit Facility from March 5, 2027 to December 21, 2029; (b) extend the stated maturity date from March 6, 2028 to December 23, 2030; and (c) reset the minimum shareholder's equity test. On March 6, 2026, we increased commitments under the SMBC Credit Facility to $415.0 million from $265.0 million, subject and pursuant to the terms of the accordion provision under the SMBC Credit Facility. In connection with such increase, Wells Fargo Bank, N.A. joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $75.0 million and Royal Bank of Canada joined the SMBC Credit Facility as an additional multicurrency lender with a commitment of $75.0 million. The accordion provision under the SMBC Credit Facility permits increases to the total facility amount of up to $500.0 million, subject to the satisfaction of certain conditions set forth therein.

Advances under the SMBC Credit Facility initially bear interest at a per annum rate equal to, (i) in the case of U.S. dollar advances, 1.00% per annum plus an "alternate base rate" (as described in the SMBC Credit Agreement) in the case of any ABR Loan and 2.00% per annum plus term SOFR, (ii) in the case of foreign currency advances (other than Sterling), 1.00% per annum plus an "alternate base rate" (as described in the SMBC Credit Agreement) in the case of any ABR Loan and 2.00% plus the applicable benchmark in effect for such currency, and (iii) in the case of Sterling advances, 2.00% per annum plus Daily Simple RFR, in each case, depending on the nature of the advances being requested under the SMBC Credit Facility. Commencing on September 6, 2023, we pay an unused fee of 0.50% per annum if the unused facility amount is equal to or exceeds 67%, or 0.375% per annum if the unused facility amount is less than 67%, based on the average daily unused amount of the financing commitments, in addition to certain other fees as agreed between us and SMBC.

Advances under the SMBC Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to us varies depending upon the types of assets in our portfolio. Assets must meet certain criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

The SMBC Credit Facility is guaranteed by BPCC Holdings, Inc., our subsidiary, and will be guaranteed by certain of our domestic subsidiaries that are formed or acquired by us in the future (collectively, the "Subsidiary Guarantors"). Proceeds of the

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SMBC Credit Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the SMBC Credit Agreement.

The period during which we may borrow under the SMBC Credit Facility expires on December 21, 2029, and the SMBC Credit Facility will mature and all amounts outstanding thereunder must be repaid by December 23, 2030. The SMBC Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by us and the Subsidiary Guarantors, subject to certain exceptions.

In connection with the SMBC Credit Facility, we have made certain customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The SMBC Credit Facility contains customary events of default for similar financing transactions, including if a change in control of us occurs. Upon the occurrence and during the continuation of certain event of defaults, SMBC, as administrative agent, may declare the outstanding advances and all other obligations under the SMBC Credit Facility immediately due and payable. As of March 31, 2026, we were in compliance with all covenants of the SMBC Credit Facility.

As of March 31, 2026, we had U.S. dollar borrowings of $210.0 million outstanding under the SMBC Credit Facility with a weighted average interest rate of 7.029% (one-month SOFR of 3.677%) and borrowings denominated in Euros of €21.0 million ($24.2 million U.S. dollars) with an interest rate of 3.940% (one month EURIBOR of 1.940%).

The fair values of the borrowings outstanding under the SMBC Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2026, the fair value of the borrowings outstanding under the SMBC Credit Facility was $234.2 million. See "Note 5. Borrowings — SMBC Revolving Credit Facility" to our Unaudited Consolidated Financial Statements for additional information regarding the SMBC Credit Facility.

*BANA SPV Credit Facility*

On August 1, 2025, we, through our wholly-owned subsidiary, BPCC Senior Finance I, LLC ("BPCC Senior Finance") as borrower, entered into a credit agreement (the "BANA SPV Credit Agreement") with Bank of America, N.A. ("BANA"), as administrative agent, sole lead arranger and sole book manager, U.S. Bank Trust Company, National Association, as collateral custodian, and the lenders party thereto, which provides BPCC Senior Finance with a revolving credit facility (the "BANA SPV Credit Facility"). We serve as collateral manager under the BANA SPV Credit Facility. The initial maximum amount of borrowings available under the BANA SPV Credit Facility is $250.0 million, with an accordion provision permitting increases to a maximum facility amount of up to $400.0 million.

Borrowings under the BANA SPV Credit Facility initially bear interest at a per annum rate equal to, in the case of dollar advances, term SOFR, and in the case of foreign currency advances, the applicable benchmark in effect for such currency, plus, in each case, an applicable margin of 1.50%. Commencing on February 1, 2026, BPCC Senior Finance will pay an unused fee of (a) 1.00% per annum for the unused facility amount up to 65% of the maximum committed facility size and (b) 0.50% per annum for any remaining unused facility amount.

Borrowings under the BANA SPV Credit Facility are subject to compliance with borrowing base requirements, pursuant to which the amount of funds advanced by the lenders to BPCC Senior Finance varies depending upon the types of assets in BPCC Senior Finance's portfolio. Assets must meet certain eligibility criteria in order to be included in the borrowing base, and the borrowing base is subject to certain portfolio restrictions including investment size, sector concentrations and investment type.

The period during which BPCC Senior Finance may borrow under the BANA SPV Credit Facility expires on August 1, 2028, and the BANA SPV Credit Facility will mature and all amounts outstanding thereunder must be repaid by August 1, 2030.

BPCC Senior Finance's obligations to the lenders under the BANA SPV Credit Facility are secured by a first priority security interest in all of BPCC Senior Finance's portfolio investments and cash. The obligations of BPCC Senior Finance under the BANA SPV Credit Facility are non-recourse to us, and our exposure under the BANA SPV Credit Facility is limited to the value of our investment in BPCC Senior Finance.

In connection with the BANA SPV Credit Facility, BPCC Senior Finance 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 BANA SPV Credit Facility contains customary events of default for similar financing transactions, including if a change of control of BPCC Senior Finance occurs. Upon the occurrence and during the continuation of an event

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of default, BANA may declare the outstanding advances and all other obligations under the BANA SPV Credit Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that BPCC Senior Finance obtain the consent of BANA prior to entering into any sale or disposition with respect to BPCC Senior Finance's portfolio investments. As of March 31, 2026, we were in compliance with all covenants of the BANA SPV Credit Facility.

As of March 31, 2026, we had U.S. dollar borrowings of $172.0 million outstanding under the BANA SPV Credit Facility with a weighted average interest rate of 5.180% (term SOFR of 3.680%).

The fair values of the borrowings outstanding under the BANA SPV Credit Facility are based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. As of March 31, 2026, the fair value of the borrowings outstanding under the BANA SPV Credit Facility was $172.0 million. See "Note 5. Borrowings — BANA SPV Credit Facility" to our Unaudited Consolidated Financial Statements for additional information regarding the BANA SPV Credit Facility.

*2023 Debt Securitization*

On August 23, 2023 (the "2023 Debt Securitization Closing Date"), we completed a $496.5 million term debt securitization (the "2023 Debt Securitization"). Term debt securitizations are also known as a collateralized loan obligations and are a form of secured financing incurred by one of our subsidiaries, which is consolidated by us and subject to our overall asset coverage requirements.

On the 2023 Debt Securitization Closing Date and in connection with the 2023 Debt Securitization, Barings Private Credit Corporation CLO 2023-1 Ltd. (the "CLO Issuer") and Barings Private Credit CLO 2023-1, LLC (the "CLO Co-Issuer" and together with the CLO Issuer, the "Issuers"), both indirect, wholly-owned, consolidated subsidiaries of ours, entered into a Note Purchase Agreement with BNP Paribas Securities Corp., as the initial purchaser (the "Initial Purchaser"), pursuant to which the Issuers agreed to sell certain of the notes and loans to the Initial Purchaser to be issued as part of the 2023 Debt Securitization pursuant to an indenture by and among the CLO Issuer, the Co-Issuer, and State Street Bank and Trust Company ("State Street"), as collateral trustee (the "2023 Debt Securitization CLO Indenture").

The notes and loans offered in the 2023 Debt Securitization consisted of $300.0 million of AAA(sf) Class A Senior Secured Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 2.40% (the "Class A-1 Notes"); $35.0 million of AA(sf) Class A-2 Senior Secured Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 3.35% (the "Class A-2 Notes"); $25.0 million of A(sf) Class B Secured Deferrable Floating Rate Notes due 2031, which bore interest at the three-month SOFR plus 4.15% (the "Class B Notes"); $22.5 million of BBB(sf) Class C Secured Deferrable Floating Rate Notes due 2031, which bore interest at the three month SOFR plus 6.35% (the "Class C Notes" and together with the Class A-1 Notes, the Class A-2 Notes and the Class B Notes, the "2023 Debt Securitization Secured Notes"); and $20.0 million of AA(sf) Class A Senior Secured Floating Rate Loans maturing 2031, which bore interest at the three-month SOFR plus 3.35% (the "Class A-2 Loans" and together with the 2023 Debt Securitization Secured Notes, the "2023 Debt Securitization Secured Debt"). Additionally, on the 2023 Debt Securitization Closing Date, the Issuers issued $94.0 million of Subordinated Notes due 2031 (the "2023 Debt Securitization Subordinated Notes"), which did not bear interest. The 2023 Debt Securitization Secured Debt together with the 2023 Debt Securitization Subordinated Notes are collectively referred to herein as the "2023 Debt Securitization Notes", and the 2023 Debt Securitization Secured Debt together with the 2023 Debt Securitization Subordinated Notes are collectively referred to herein as the "2023 Debt Securitization Debt".

The Class A-2 Loans were incurred under a credit agreement (the "Class A-2 Credit Agreement"), dated as of the 2023 Debt Securitization Closing Date, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee. The 2023 Debt Securitization was backed by a diversified portfolio of middle-market commercial loans. The 2023 Debt Securitization Debt was scheduled to mature on July 15, 2031; however, the 2023 Debt Securitization Debt may have been, but was not, redeemed by the Issuers, at our direction as holder of the 2023 Debt Securitization Subordinated Notes, on any business day after July 15, 2024. We acted as retention holder in connection with the 2023 Debt Securitization for the purposes of satisfying certain U.S., U.K. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such was required to retain a portion of the 2023 Debt Securitization Subordinated Notes. We retained all of the 2023 Debt Securitization Subordinated Notes issued in the 2023 Debt Securitization.

Under the terms of the master loan sale agreement entered into on the 2023 Debt Securitization Closing Date (the "2023 Debt Securitization Loan Sale Agreement") that provided for the sale of certain loans (the "2023 Debt Securitization Collateral Obligations") to the CLO Issuer, we transferred to the CLO Issuer a portion of its ownership interest in the 2023 Debt Securitization Collateral Obligations securing the 2023 Debt Securitization for the purchase price and other consideration set

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forth in the 2023 Debt Securitization Loan Sale Agreement. Under the terms of the master participation and assignment agreement entered into on the 2023 Debt Securitization Closing Date (the "2023 Debt Securitization Participation Agreement"), pending the settlement of the 2023 Debt Securitization Collateral Obligations transferred to the CLO Issuer under the 2023 Debt Securitization Loan Sale Agreement, BPC Funding granted participation interests therein to the CLO Issuer until such loans are elevated to assignment. Following these transfers, CLO Issuer, and not BPC Funding or us, holds all of the ownership interest in such loans and participations. We made customary representations, warranties and covenants in the 2023 Debt Securitization Loan Sale Agreement.

The 2023 Debt Securitization Secured Debt was the secured obligation of the Issuers, the 2023 Debt Securitization Subordinated Notes were the unsecured obligations of the CLO Issuer, and the 2023 Debt Securitization CLO Indenture and Class A-2 Credit Agreement governing the 2023 Debt Securitization Debt included customary covenants and events of default. The 2023 Debt Securitization Debt was not registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities or "blue sky" laws and will not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

On September 17, 2024, the Issuers closed a refinancing and upsize of the 2023 Debt Securitization in the amount of a $504.0 million collateralized loan obligation (the "CLO Reset Transaction").

The CLO Reset Transaction was executed through: (A) the issuance by the Issuers of the following classes of notes pursuant that certain amended and restated indenture and security agreement (as amended, modified or supplemented from time to time, the "Amended and Restated Indenture"), dated as of September 17, 2024, by and among the CLO Issuer, the Co-Issuer, and State Street, as collateral trustee: (i) of $110,000,000 of AAA(sf) Class A-1AR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.63% (the "Class A-1AR Notes"); (ii) $0 of AAA(sf) Class A-1AL Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.63% (the "Class A-1AL Notes"); (iii) $35,000,000 of AAA(sf) Class A-1BR Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 1.90% (the "Class A-1BR Notes"); (iv) $30,000,000 of AA(sf) of Class A-2R Senior Secured Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.00% (the "Class A-2R Notes"); (v) $40,000,000 of A(sf) Class B-R Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 2.50% (the "Class B-R Notes"); and (vi) $30,000,000 of BBB-(sf) Class C-R Secured Deferrable Floating Rate Notes due 2036, which bear interest at the three-month SOFR plus 4.50% (the "Class C-R Notes" and together with the Class A-1AR Notes, the Class A-1AL Notes, the Class A-1BR Notes, the Class A-2R Notes and the Class B-R Notes, the "Secured Replacement Notes"); (B) the extension, pursuant to the Amended and Restated Indenture, of the stated maturity date of the $94,000,000 of subordinated notes issued by the CLO Issuer in connection with the original closing of the collateralized loan obligation transaction of the Issuers (the "Replacement Subordinated Notes") to 2036; and (C) the borrowing by the Issuers of (i) $115,000,000 of AAA(sf) Class A-1A Senior Secured Floating Rate Loans maturing 2036, which bear interest at the three-month SOFR plus 1.63% (the "Class A-1A Loans"), pursuant to a class A-1A credit agreement (the "Class A-1A Credit Agreement"), dated as of September 17, 2024, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee; and (ii) $50,000,000 of AAA(sf) Class A-1AS Senior Secured Floating Rate Loans maturing 2036, which bear interest at the three-month SOFR plus 1.63% (the "Class A-1AS Loans" and, together with the Class A-1A Loans and the Secured Replacement Notes, the "Secured Replacement Debt," and together with the Replacement Subordinated Notes, the "Replacement Debt"), pursuant to a class A-1AS credit agreement (the "Class A-1AS Credit Agreement"), dated as of September 17, 2024, by and among the CLO Issuer, as borrower, the CLO Co-Issuer, as co-borrower, various financial institutions and other persons as lenders, and State Street, as loan agent and as collateral trustee.

The CLO Reset Transaction is backed by a diversified portfolio of middle-market commercial loans. The Replacement Debt will mature on October 15, 2036; however, the Replacement Debt may be redeemed by the Issuers, at our direction as holder of the Replacement Subordinated Notes, on any business day after October 15, 2026. We continue to act as retention holder in connection with the CLO Reset Transaction for the purposes of satisfying certain U.S., U.K. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to continue to retain a portion of the Replacement Subordinated Notes. The Replacement Debt was 100% funded at closing. We continue to retain 100% of the Replacement Subordinated Notes.

The CLO Issuer used the proceeds from the CLO Reset Transaction to, among other things, purchase certain middle-market loans ("Collateral Obligations") on September 17, 2024 from us pursuant to an amended and restated master loan sale agreement entered into on September 17, 2024 (the "CLO Reset Transaction Amended and Restated Sale Agreement"), as described below.

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Under the terms of the CLO Reset Transaction Amended and Restated Sale Agreement that provides for the sale of Collateral Obligations to the CLO Issuer, we transferred to the CLO Issuer on September 17, 2024, and will transfer from time to time after September 17, 2024, a portion of our ownership interest in the Collateral Obligations securing the CLO Reset Transaction for the purchase price and other consideration set forth in the CLO Reset Transaction Amended and Restated Sale Agreement. Following each such transfer pursuant to the CLO Reset Transaction Amended and Restated Sale Agreement, CLO Issuer, and not BPC Funding or us, holds all of the ownership interest in such loans. We made customary representations, warranties and covenants in the CLO Reset Transaction Amended and Restated Sale Agreement.

The Secured Replacement Debt is the secured obligation of the Issuer, and the obligations of the Issuers under the Secured Replacement Debt are non-recourse to the Company. The Amended and Restated Indenture, the Class A-1A Credit Agreement and the Class A-1AS Credit Agreement governing the Replacement Debt include customary covenants and events of default. The Replacement Debt has not been, and will not be, registered under the Securities Act, or any state securities or "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

We continue to serve as collateral manager to the CLO Issuer under an amended and restated collateral management agreement entered into on September 17, 2024 (the "Amended and Restated Collateral Management Agreement") and have agreed to irrevocably waive all collateral management fees payable pursuant to the Amended and Restated Collateral Management Agreement

As of March 31, 2026, the fair value of the Class A-1AR Notes, Class A-1A Loans, Class A-1AS Loans, Class A-1BR Notes, Class A-2R Notes, Class B-R Notes and Class C-R Notes was $409.2 million. The fair values of the Class A-1AR Notes, Class A-1A Loans, Class A-1AS Loans, Class A-1BR Notes, Class A-2R Notes, Class B-R Notes and Class C-R Notes were based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs. See "Note 5. Borrowings — 2023 Debt Securitization" to our Unaudited Consolidated Financial Statements for additional information regarding the 2023 Debt Securitization.

*July 2026 Notes*

On July 29, 2021, we 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 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 have a fixed interest rate of 3.5% per year, subject to a step up of (1) 0.75% per year, to the extent the July 2026 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent the ratio of 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. As of March 31, 2026, we were in compliance with all covenants under the July 2021 NPA.

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. Borrowings — July 2026 Notes" to our Unaudited Consolidated Financial Statements for additional information regarding the July 2021 NPA and the July 2026 Notes issued thereunder.

As of March 31, 2026, the fair value of the outstanding July 2026 Notes was $148.4 million. 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, we 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

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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 our secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end.

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. As of March 31, 2026, we were in compliance with all covenants under the May 2022 NPA.

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. Borrowings — May 2027 Notes" to our Unaudited Consolidated Financial Statements for additional information regarding the May 2022 NPA and the May 2027 Notes issued thereunder.

As of March 31, 2026, the fair value of the outstanding May 2027 Notes was $155.5 million. The fair value determinations of the May 2027 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model.

In connection with the offering of the Series D Notes, on May 10, 2022, 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 pay quarterly based on a compounded daily rate of SOFR plus 3.24500%. The swap transaction matures on May 10, 2027. The interest expense related to the Series D Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of March 31, 2026, the interest rate swap had a fair value of $0.4 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the Series D Notes. The fair value of the interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

In connection with the offering of the Series E Notes, on July 6, 2022, we entered into a $55.0 million notional value interest rate swap. We receive a fixed rate interest at 6.00% paid semi-annually and pay quarterly based on a compounded daily rate of SOFR plus 3.38200%. The swap transaction matures on May 10, 2027. The interest expense related to the Series E Notes will be equally offset by proceeds received from the interest rate swap. The swap adjusted interest expense is included as a component of interest and other financing fees in our Unaudited Consolidated Statements of Operations. As of March 31, 2026, the interest rate swap had a fair value of $0.1 million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the Series E Notes. The fair value of the interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

*June 2030 Notes*

On June 11, 2025, we and U.S. Bank Trust Company, National Association (the "Trustee") entered into an Indenture (the "Base Indenture") and the First Supplemental Indenture thereto (the "First Supplemental Indenture" and, together with the Base Indenture, the "2030 Notes Indenture"). The First Supplemental Indenture relates to our issuance of $400.0 million in aggregate principal amount of our 6.150% senior unsecured notes due 2030 (the "June 2030 Notes").

The June 2030 Notes will mature on June 11, 2030 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the 2030 Notes Indenture. The June 2030 Notes bear interest at a rate of 6.150% per year payable semi-annually on June 11 and December 11 of each year, commencing on December 11, 2025. The June 2030 Notes are general unsecured obligations of ours that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the June 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing

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vehicles or similar facilities.

The 2030 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, as amended, whether or not it is subject to those requirements and giving effect to any exemptive relief granted to us by the SEC, and to provide financial information to the holders of the June 2030 Notes and the Trustee if we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the 2030 Notes Indenture.

In addition, on the occurrence of a "change of control repurchase event," as defined in the 2030 Notes Indenture, we will generally be required to make an offer to purchase the outstanding June 2030 Notes at a price equal to 100% of the principal amount of such June 2030 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by us in connection with the June 2030 Notes offering were approximately $390.2 million, after deducting the initial purchaser discounts and estimated offering expenses.

As of March 31, 2026, the fair value of the outstanding June 2030 Notes was $399.7 million. The fair value determinations of the June 2030 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. See "Note 5. Borrowings — June 2030 Notes" to our Unaudited Consolidated Financial Statements for additional information regarding the June 2030 Notes.

In connection with the offering of the June 2030 Notes, on June 11, 2025, we entered into a $400.0 million notional value interest rate swap. We receive a fixed rate interest at 6.15% paid semi-annually and pay semi-annually based on a compounded daily rate of SOFR plus 2.50550%. The swap transaction matures on June 11, 2030. The interest expense related to the June 2030 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 March 31, 2026, 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 derivative assets or derivative liabilities on our Unaudited and Audited Consolidated Balance Sheets. The change in fair value of the interest rate swap is offset by the change in fair value of the June 2030 Notes. The fair value of the interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

*February 2029 Notes*

On February 6, 2026, we and the Trustee entered into a Second Supplemental Indenture to the Base Indenture (the "Second Supplemental Indenture" and, together with the Base Indenture, the "2029 Notes Indenture"). The Second Supplemental Indenture relates to our issuance of $350.0 million in aggregate principal amount of 5.750% senior unsecured notes due 2029 (the "February 2029 Notes").

The February 2029 Notes will mature on February 6, 2029 and may be redeemed in whole or in part at our option at any time or from time to time at the redemption prices set forth in the 2029 Notes Indenture. The February 2029 Notes bear interest at a rate of 5.750% per year payable semi-annually on February 6 and August 6 of each year, commencing on August 6, 2026. The February 2029 Notes are general unsecured obligations of ours that rank senior in right of payment to all of our existing and future indebtedness that is expressly subordinated in right of payment to the February 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by our subsidiaries, financing vehicles or similar facilities.

The 2029 Notes Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage requirements of Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the 1940 Act, as amended, whether or not it is subject to those requirements and giving effect to any exemptive relief granted to us by the SEC, and to provide financial information to the holders of the February 2029 Notes and the Trustee if the we are no longer subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the 2029 Notes Indenture.

In addition, on the occurrence of a "change of control repurchase event," as defined in the 2029 Notes Indenture, we will generally be required to make an offer to purchase the outstanding February 2029 Notes at a price equal to 100% of the principal amount of such February 2029 Notes plus accrued and unpaid interest to the repurchase date.

The net proceeds received by us in connection with the February 2029 Notes offering were approximately $344.2 million,

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after deducting the initial purchaser discounts and estimated offering expenses.

As of March 31, 2026, the fair value of the outstanding February 2029 Notes was $348.0 million. The fair value determinations of the February 2029 Notes were based on a market yield approach and current interest rates, which are Level 3 inputs to the market yield model. See "Note 5. Borrowings — February 2029 Notes" to our Unaudited Consolidated Financial Statements for additional information regarding the February 2029 Notes.

In connection with the offering of the February 2029 Notes, on February 6, 2026, we entered into a $350.0 million notional value interest rate swap. We receive a fixed rate interest at 5.750% paid semi-annually and pay semi-annually based on a compounded daily rate of SOFR plus 2.383%. The swap transaction matures on February 6, 2029. The interest expense related to the February 2029 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 March 31, 2026 the interest rate swap had a fair value of $(2.0) million. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a component of derivative assets or derivative liabilities on our Unaudited Consolidated Balance Sheet. The change in fair value of the interest rate swap is offset by the change in fair value of the February 2029 Notes. The fair value of the interest rate swap is based on unadjusted prices from independent pricing services and independent indicative broker quotes, which are Level 2 inputs.

*Discretionary Share Repurchase Program*

We have commenced a discretionary share repurchase program in which we may, subject to market conditions and the discretion of the Board, 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 at any time if in its reasonable judgment 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, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. We intend to conduct such repurchase offers in accordance with the requirements of Exchange Act Rule 13e-4 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 our discretionary share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the "Valuation Date"). Stockholders should keep in mind that if they tender shares of our common stock in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered shares, we may repurchase such shares subject to an "early repurchase deduction" of 2% of the aggregate net asset value of the shares repurchased ("Early Repurchase Deduction"). This Early Repurchase Deduction will also generally apply to minimum account repurchases. Payment of the Early Repurchase Deduction will be made by reducing the repurchase proceeds. The Early Repurchase Deduction will be retained by us for the benefit of our remaining stockholders. Shares that are issued pursuant to the dividend reinvestment plan ("DRIP") and tendered will not be subject to the Early Repurchase Deduction. Shares repurchased will be treated as having been repurchased on a "first in-first out" basis for purposes of determining whether and to what extent the Early Repurchase Deduction is applicable. In addition, shares of our common stock may be sold to certain feeder vehicles primarily created to hold our shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, as well as for shares of our common stock held in certain omnibus accounts, we may not apply the Early Repurchase Deduction to the feeder vehicles or underlying individual investors, often because of administrative or systems limitations.

A stockholder who tenders some but not all of its shares for repurchase will be required to maintain a minimum account balance of $5,000 in the Company based on the Valuation Date net asset value per share. Such minimum account balance requirement may be waived by us, in our sole discretion. We reserve the right to reduce the number of shares to be repurchased from a stockholder so that the required account balance is maintained.

We may, in our sole discretion, also waive the Early Repurchase Deduction in the following circumstances (subject to the conditions described in the relevant tender offer documents):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchases resulting from death, qualifying disability or divorce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event that a stockholder's shares are repurchased because the stockholder has failed to maintain the $5,000 minimum account balance; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due to trade or operational error.

During the three months ended March 31, 2026, 6,974,335 shares were accepted for repurchase for a total value of $139.7 million.

*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 regular monthly dividends on a monthly basis, although the frequency of such distributions may vary.

We have adopted a 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 (net of applicable withholding tax) in shares of our common stock, rather than receiving cash dividends.

We have elected for federal income tax purposes to be treated, and intend to qualify annually, 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). 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 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. As long as a portion of such dividend is paid in cash (which portion may be as low as 20% of such dividend under published guidance from the IRS) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. 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 investment company taxable income ("ICTI") as defined in the Code. 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 original issue discount ("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.

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**Recent Developments**

Subsequent to March 31, 2026, we made approximately $378.4 million of new commitments, of which $286.5 million closed and funded. The $286.5 million of investments consists of $255.1 million of first lien senior secured debt investments, $25.0 million of second lien senior secured debt investments, a $6.0 million joint venture investment and $0.4 million of equity investments. The weighted average yield of the debt investments was 8.4%. In addition, we funded $26.3 million of previously committed revolvers and delayed draw term loans.

On April 1, 2026, we issued and sold 862,318.174 shares of our common stock (with the number of shares issued being determined on April 20, 2026), for an aggregate offering price of approximately $17.3 million at a price per share of $20.04, 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 the Private Offering pursuant to Section 4(a)(2) of the Securities Act and Regulation D and Regulation S thereunder.

**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.

***Valuation of Investments***

The most significant estimate inherent in the preparation of our financial statements is the valuation of our 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 Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 820, *Fair Value Measurements and Disclosures* ("ASC Topic 820"). Our current valuation policy and processes were established by the Adviser and were approved by the Board.

As of March 31, 2026, our investment portfolio, valued at fair value in accordance with the Board-approved valuation policies, represented approximately 176% of our total net assets, as compared to approximately 172% of our total net assets as of December 31, 2025.

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).

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

There is no single approach 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*

The Board must determine fair value in good faith for any or all of our investments for which market quotations are not readily available. The Board has designated the Adviser as valuation designee to perform the fair value determinations relating to the value of the assets held by us for which market quotations are not readily available. 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).

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 product investments are generally valued using Level 2 inputs, which are generally valued at the bid quotation obtained from dealers in loans by an independent pricing service. 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 independent providers to perform an independent valuation on those loans and equity investments as of the end of each quarter. Such loans and equity investments are initially held at cost, as that is a reasonable approximation of fair value on the acquisition date, and monitored for material changes that could affect the valuation (for example, changes in interest rates or the credit quality of the borrower). At the quarter end following that of the initial acquisition, such loans and equity investments are generally sent to a valuation provider which will determine the fair value of each investment. The independent valuation providers apply various methods (synthetic rating analysis, discounting cash flows, and re-underwriting analysis) to establish the rate of return a market participant would require (the "discount rate") as of the valuation date, given market conditions, prevailing lending standards and the perceived credit quality of the issuer. Future expected cash flows for each investment are discounted back to present value using these discount rates in the discounted cash flow analysis. A range of values will be provided by the valuation provider and Barings will determine the point within that range that it will use. If the Barings' pricing committee disagrees with the price range provided, it may make a fair value recommendation to Barings that is outside of the range provided by the independent valuation provider 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 an independent valuation firm to perform an independent valuation on certain investments. Such instances include, but are not limited to, situations where the fair value of the investment in the portfolio company is determined to be insignificant relative to the total investment portfolio.

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***Valuation Inputs***

The Adviser's valuation techniques are based upon both observable and unobservable pricing inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Adviser's market assumptions. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. An independent pricing service provider is the preferred source of pricing a loan, however, to the extent the independent pricing service provider price is unavailable or not relevant and reliable, the Adviser will utilize alternative approaches such as broker quotes or manual prices. The Adviser attempts to maximize the use of observable inputs and minimize the use of unobservable inputs. The availability of observable inputs can vary from 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 Cardinal Senior Loan Fund LLC, Thompson Rivers LLC and Waccamaw River LLC*

As Cardinal Senior Loan Fund LLC, Thompson Rivers LLC and Waccamaw River LLC are investment companies with no readily determinable fair values, the Adviser estimates the fair value of our investments in these entities using the NAV of each company and our ownership percentage as a practical expedient. The NAV is determined in accordance with the specialized accounting guidance for investment companies.

***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 on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the ex-dividend date.

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 and Other 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, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Other income includes royalty income received in connection with revenue participation rights which is recorded on an accrual basis in accordance with revenue participation right agreements and recognized as investment income over the term of the rights.

------

Fee and other income for the three months ended March 31, 2026 and 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| **Recurring Fee and Other Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of loan origination fees | $3467 | $2734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management, valuation and other fees | 1869 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty income | 105 | 387 |
| Total Recurring Fee and Other Income | 5441 | 4186 |
| **Non-Recurring Fee and Other Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepayment fees | 5 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acceleration of unamortized loan origination fees | 699 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory, loan amendment and other fees |  | 13 |
| Total Non-Recurring Fee and Other Income | 704 | 1054 |
| **Total Fee and Other Income** | $**6145** | $**5240** |

---

*Payment-in-Kind (PIK) 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.

We have certain preferred equity securities in our portfolio that contain a PIK dividend provision that are accrued and recorded as dividend income at the contractual rates specified in each applicable agreement. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the portfolio company.

PIK interest and dividend income for the three months ended March 31, 2026 and 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| ($ in thousands) | **March 31, 2026** | **March 31, 2025** |
| PIK interest income | $6119 | $3455 |
| PIK interest income as a % of investment income | 5.1% | 4.0% |
| PIK dividend income | $1183 | $4042 |
| PIK dividend income as % of investment income | 1.0% | 4.7% |
| Total PIK income | $7302 | $7497 |
| Total PIK income as a % of investment income | 6.0% | 8.7% |

---

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 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 March 31, 2026 and December 31, 2025, we believed that we had adequate financial resources to satisfy our unfunded commitments. The balances of unused commitments to extend financing as of March 31, 2026 and December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| ($ in thousands) | **March 31, 2026** | **December 31, 2025** |
| **Unfunded Debt Commitments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unfunded delayed draw loan commitments | $700894 | $792054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unfunded revolving loan commitments | 313123 | 316842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unfunded capex and acquisition facility commitments | 12485 | 9961 |
| Total unfunded debt commitments | 1026502 | 1118857 |
| **Unfunded Equity Commitments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unfunded equity commitments | $— | $1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total unfunded preferred equity commitments | 2000 | 2000 |
| Total unfunded equity commitments | 2000 | 3456 |
| **Total unused commitments to extend financing** | $**1028502** | $**1122313** |

---

**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 fair value 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 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 EURIBOR, BBSY, STIBOR, CORRA, SOFR, SONIA, SARON, NIBOR and BKBM. 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 currently, and 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 have entered into and 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.

The U.S. Federal Reserve has adjusted benchmark interest rates several times in recent years, including periods of raising interest rates to address inflation, as well as rate cuts and periods where rates were held steady. Changes in interest rates may affect our net investment income. 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 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 March 31, 2026, approximately $4,769.5 million (principal amount) of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate), and many of which are subject to certain floors. As of March 31, 2026, approximately $2,272.5 million (principal amount) of our borrowings bore interest at variable rates (approximately 93.8% of our total borrowings as of March 31, 2026) under the Revolving Credit Facility, the SMBC Credit Facility, the BANA SPV Credit Facility, the BPCC Debt Securitization, the May 2027 Notes, the June 2030 Notes and the February 2029 Notes. See "Note 5. Borrowings" to our Unaudited Consolidated Financial Statements

------

for information about the variable interest rates and spreads applicable to borrowings under the Revolving Credit Facility, the SMBC Credit Facility, the BANA SPV Credit Facility, the BPCC Debt Securitization, the May 2027 Notes, the June 2030 Notes and the February 2029 Notes.

Based on our March 31, 2026 Unaudited Consolidated Balance Sheet, the following table shows the annual impact on net income of hypothetical base rate changes in interest rates on our debt investments and borrowings (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

---

| | | | |
|:---|:---|:---|:---|
| **(in thousands)**<br>**Basis Point Change**<sup>(1)</sup> | **Interest Income** | **Interest Expense** | **Net Income**<sup>(2)</sup> |
| Up 300 basis points | $143085 | $68176 | $74909 |
| Up 200 basis points | 95390 | 45450 | 49940 |
| Up 100 basis points | 47695 | 22725 | 24970 |
| Down 25 basis points | (11924) | (5681) | (6243) |
| Down 50 basis points | (23847) | (11363) | (12484) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Excludes the impact of foreign currency exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes the impact of income based fees. See "Note 2. Agreements and Related Party Transactions" to our Unaudited Consolidated Financial Statements for more information on the income based fees.

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 March 31, 2026, we had U.S. dollar borrowings of $381.4 million outstanding under the Revolving Credit Facility with a weighted average interest rate of 5.567% (three month SOFR of 3.667%), borrowing denominated in Canadian dollars of C$15.0 million ($10.7 million U.S. dollars) with an interest rate of 4.190% (three month CORRA of 2.290%), borrowings denominated in British pounds sterling of £37.2 million ($49.1 million U.S. dollars) with a weighted average interest rate of 5.589% (daily SONIA of 3.570%), borrowings denominated in Australian dollars of A$10.0 million ($6.8 million U.S. dollars) with an interest rate of 5.7100% (three month Bank Bill Swap Rate of 3.810%), borrowings denominated in New Zealand dollars of NZ$4.1 million ($2.3 million U.S. dollars) with an interest rate of 4.400% (three month BKBM of 2.500%) and borrowings denominated in Euros of €87.6 million ($100.9 million U.S. dollars) with an interest rate of 3.926% (three month EURIBOR of 2.026%).

**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 Securities Exchange Act of 1934, as amended, 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 March 31, 2026. 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 first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**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, including in connection with strategic transactions. 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 referenced below 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 transact in our securities. The risks and uncertainties referenced herein 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 value of our securities.

There have been no material changes during the three months ended March 31, 2026 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, which you should carefully consider before transacting in our securities. 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 exemptions provided by Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D thereunder and/or Regulation S under the Securities Act.

On April 15, 2025, we and Barings received the Multi-Class Order from the SEC that permits us to issue multiple classes of our common stock with varying sales loads, contingent deferred sales charges, and/or asset-based service and/or distribution fees. As of the date hereof, we only have one class of shares authorized and outstanding.

The below table sets forth the total shares of our common stock issued during the three months ended March 31, 2026, and aggregate purchase price:

---

| | | |
|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| **Share Issue Date** | **Shares Issued** | **Aggregate Offering Price<br>($ in thousands)** |
| January 2, 2026 | 5098619 | $103859 |
| February 2, 2026 | 3461319 | 70268 |
| March 2, 2026 | 4925967 | 99357 |
| Total | 13485905 | $273484 |

---

*Issuer Purchases of Equity Securities*

On March 2, 2026, the Company commenced a tender offer (the "March 2026 Tender Offer") pursuant to which the Company offered to repurchase up to 6,974,335 shares tendered prior to 11:59 p.m., E.T. on March 31, 2026 (the "March 2026 Tender Offer Expiration Date"). The Company accepted for purchase 6,974,335 shares at a purchase price per share equal to $20.04, the Company's NAV per share as of March 31, 2026. Due to the oversubscription of the March 2026 Tender Offer, the Company accepted for purchase on a pro rata basis approximately 44.3% of the shares that were validly tendered and not properly withdrawn prior to the March 2026 Tender Offer Expiration Date.

------

The following table sets forth information regarding repurchases of shares of our common stock effectuated under Company tender offers during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offer Date** | **Tender Offer Expiration** | **Purchase Price per Share** | **Shares Repurchased** | **Aggregate Dollar Amount of Shares Accepted for Repurchase (in thousands)** |
| March 2, 2026 | March 31, 2026 | $20.04 | 6974335 | $139668 |

---

**Item 3. *Defaults Upon Senior Securities.***

None.

**Item 4. *Mine Safety Disclosures.***

Not applicable.

**Item 5. *Other Information.***

***Rule 10b5-1 Trading Plans***

During the fiscal quarter ended March 31, 2026, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

------

**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).](https://www.sec.gov/Archives/edgar/data/1859919/000114036121022034/nt10024284x3_ex3-1.htm) |
| 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)](https://www.sec.gov/Archives/edgar/data/1859919/000114036121022034/nt10024284x3_ex3-2.htm)[.](https://www.sec.gov/Archives/edgar/data/1859919/000114036121022034/nt10024284x3_ex3-2.htm) |
| 4.1 | [Second Supplemental Indenture, dated as of February 6, 2026, relating to the 5.750% Notes due 2029, by and between the Company and U.S. Bank and Trust Company, National Association, as trustee (Filed as Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 814-01397) filed with the SEC on February 6, 2026 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1859919/000185991926000016/bpcc-secondsupplementalind.htm) |
| 4.2 | [Form of 5.750% Notes due 2029 (contained in the Second Supplemental Indenture filed as Exhibit 4.1 hereto).](https://www.sec.gov/Archives/edgar/data/1859919/000185991926000016/bpcc-secondsupplementalind.htm) |
| 10.1 | [Registration Rights Agreement, dated as of February 6, 2026, relating to the 5.750% Notes due 2029, by and among the Company and SMBC Nikko Securities America, Inc., BNP Paribas Securities Corp., ING Financial Markets LLC and Wells Fargo Securities, LLC, as the representatives of the initial purchasers (Filed as Exhibit 4.4 to the Company's Current Report on Form 8-K (File No. 814-01397) filed with the SEC on February 6, 2026).](https://www.sec.gov/Archives/edgar/data/1859919/000185991926000016/bpcc-january 2026xregistrat.htm) |
| 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.\*](bpcc-03312026xq1ex311.htm)\* |
| 31.2 | [C](bpcc-03312026xq1ex312.htm)[o-](bpcc-03312026xq1ex312.htm)[Chief](bpcc-03312026xq1ex312.htm)[Execu](bpcc-03312026xq1ex312.htm)[tive](bpcc-03312026xq1ex312.htm)[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.\*](bpcc-03312026xq1ex312.htm)[\*](bpcc-03312026xq1ex312.htm) |
| 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.\*](bpcc-03312026xq1ex313.htm)\* |
| 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.\*](bpcc-03312026xq1ex321.htm)\*\* |
| 32.2 | [Co-](bpcc-03312026xq1ex322.htm)[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.\*](bpcc-03312026xq1ex322.htm)[\*\*](bpcc-03312026xq1ex322.htm) |
| 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.\*\*](bpcc-03312026xq1ex323.htm)\* |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because<br>XBRL tags are embedded within the Inline XBRL document.\*\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\*\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\*\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\*\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\*\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\*\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)\*\* |

---

\*\*&nbsp;&nbsp;&nbsp;&nbsp;Filed Herewith.

\*\*\*&nbsp;&nbsp;&nbsp;&nbsp;Furnished Herewith.&nbsp;&nbsp;&nbsp;&nbsp;

------

**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: | May 7, 2026 | /s/&nbsp;&nbsp;&nbsp;&nbsp;Bryan High |
|  |  | Bryan High |
|  |  | Co-Chief Executive Officer |
|  |  | (Co-Principal Executive Officer) |
| Date: | May 7, 2026 | /s/&nbsp;&nbsp;&nbsp;&nbsp;Thomas Q. McDonnell |
|  |  | Thomas Q. McDonnell |
|  |  | Co-Chief Executive Officer |
|  |  | (Co-Principal Executive Officer) |
| Date: | May 7, 2026 | /s/&nbsp;&nbsp;&nbsp;&nbsp;Elizabeth A. Murray |
|  |  | Elizabeth A. Murray |
|  |  | Chief Financial Officer and |
|  |  | Chief Operating Officer |
|  |  | (Principal Financial Officer) |
| Date: | May 7, 2026 | /s/&nbsp;&nbsp;&nbsp;&nbsp;Raffi Samkiranian |
|  |  | Raffi Samkiranian |
|  |  | Chief Accounting Officer |
|  |  | (Principal Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Co-Chief Executive Officer of Barings Private Credit Corporation**

**pursuant to Rule 13a-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Bryan High, as Co-Chief Executive Officer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Barings Private Credit Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ BRYAN HIGH |
| Bryan High |
| Co-Chief Executive Officer |
| May 7, 2026 |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Co-Chief Executive Officer of Barings Private Credit Corporation**

**pursuant to Rule 13a-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Thomas Q. McDonnell, as Co-Chief Executive Officer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Barings Private Credit Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ THOMAS Q. MCDONNELL |
| Thomas Q. McDonnell |
| Co-Chief Executive Officer |
| May 7, 2026 |

---

## Exhibit 31.3

**Exhibit 31.3**

**Certification of Chief Financial Officer of Barings Private Credit Corporation**

**pursuant to Rule 13a-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Elizabeth A. Murray, as Chief Financial Officer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Barings Private Credit Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ ELIZABETH A. MURRAY |
| Elizabeth A. Murray |
| Chief Financial Officer |
| May 7, 2026 |

---

## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Barings Private Credit Corporation (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Bryan High, Co-Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ BRYAN HIGH |
| Bryan High |
| Co-Chief Executive Officer |
| May 7, 2026 |

---

## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Barings Private Credit Corporation (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Thomas Q. McDonnell, Co-Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ THOMAS Q. MCDONNELL |
| Thomas Q. McDonnell |
| Co-Chief Executive Officer |
| May 7, 2026 |

---

## Exhibit 32.3

**Exhibit 32.3**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Barings Private Credit Corporation (the "Company") on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Elizabeth A. Murray, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ ELIZABETH A. MURRAY |
| Elizabeth A. Murray |
| Chief Financial Officer |
| May 7, 2026 |

---

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