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Barings Private Credit Corporation (“BPCC” or the “Fund”) continued to deliver attractive results for shareholders during the third quarter of 2026, as higher interest rates reinforced the benefits of its floating-rate, first-lien senior secured lending strategy and disciplined investment approach. Through August 31, 2026, BPCC generated a 4.8% year-to-date net total return1 compared with 2.8% in the broadly syndicated loan market, -0.3% in the investment grade bond market, and 2.7% in the high yield bond market during the same period.2 Since inception, the Fund has generated a net annualized total return of approximately 10.4%, competitive with peer non-traded business development companies3 and comparing favorably with public credit markets over comparable periods.4

Portfolio fundamentals remain healthy, supported by strong borrower performance, low non-accrual levels relative to historical industry averages, prudent portfolio construction, and diversified exposure across industries and issuers. As of June 30, 2026, non-accruals represented approximately 0.4% of the portfolio at fair value,5 while weighted average interest coverage was approximately 2.6x.6 The Fund also maintains substantial available liquidity, diversified funding sources, and moderate leverage, providing flexibility to support existing investments while selectively deploying capital into compelling new opportunities.

During the third quarter, BPCC received repurchase requests representing approximately 10.68%7 of shares outstanding as of June 30, 2026. Consistent with the terms of BPCC’s share repurchase program, including the offer to purchase, the Fund accepted for repurchase 5% of its outstanding shares for the quarter. As requests exceeded that amount, repurchases will be fulfilled on a pro-rata basis, with shareholders expected to receive approximately 46.84% of their validly tendered shares. Any unfulfilled portion of a repurchase request will not automatically carry forward and may be resubmitted in future quarters, subject to the same liquidity framework.

Against this backdrop, we believe BPCC’s portfolio positioning remains well suited to the current environment. Its primarily floating-rate, first-lien senior secured loans to core middle market companies8 support income generation in a higher-rate environment while providing seniority in borrowers’ capital structures. At the same time, we are seeing greater differentiation across private credit managers as underwriting and portfolio construction decisions made in prior years become increasingly evident in investment outcomes.

We believe this environment underscores the importance of manager selection, rigorous credit underwriting, and a consistent focus on risk-adjusted returns. It is also creating opportunities for experienced lenders with scale, broad sourcing capabilities, and deep underwriting expertise to remain selective while seeking attractive economics and strong structural protections.

As we look ahead, we believe BPCC remains well positioned to navigate a dynamic market environment and capitalize on compelling opportunities as they emerge. Strong portfolio fundamentals, conservative portfolio construction, and a continued focus on downside protection support our objective of delivering attractive income and risk-adjusted returns for our shareholders over the long term.

This communication includes forward-looking statements based on current expectations. The forward-looking statements included herein are identified by use of words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” “estimates,” “will,” “should,” “could,” “would,” “likely,” “may” and similar expressions, although not all forward-looking statements include these words. You should not place undue reliance on these forward-looking statements, which are based on information available to the Fund and Barings as of the date of this communication. Except as required by the federal securities laws, neither the Fund nor Barings undertakes any obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements in this letter are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Any forward-looking statement is not a guarantee of future performance and the Fund’s actual results and condition could differ materially from those implied or expressed in the forward-looking statements or from the Fund’s historical performance for any reason, including, without limitation, market conditions, uncertainties surrounding interest rate volatility, changing economic conditions and other factors the Fund has identified in its filings with the Securities and Exchange Commission (the “SEC”), including the factors set forth in “Part I, Item 1A. Risk Factors” included in the Fund’s most recent Annual Report on Form 10-K.

1 Net total returns are calculated using a geometric return methodology, wherein monthly total returns (or quarterly returns prior to 2023) are calculated by adding the monthly dividend (or quarterly prior to October 2022) to the month-over-month change in NAV and dividing the sum by the prior month's NAV and then compounding values monthly (or quarterly prior to 2023). Returns greater than one year are annualized using a compound annual growth rate (CAGR) calculation and assume reinvestment of dividends and distributions. All returns are derived from unaudited financial information and are net of all Fund expenses. Performance data herein represents past performance and is no guarantee of future results. There can be no assurance that the Fund will achieve its

2 As measured by compound total returns for the period from January 1, 2026 through August 31, 2026. Public market total return data sourced from Pitchbook LCD and Nasdaq eVestment. Indices represented are Morningstar LL100 (“public broadly syndicated loan market”), Bloomberg US Aggregate Bond Index (“investment grade bond market”), and Bloomberg US Corporate High Yield Bond Index (“high yield bond market”).

3 As of August 31, 2026, measured by comparing annualized total returns since the five largest peer non-traded business development company’s (BDC) respective inception dates (BPCC inception May 13, 2021) and over the last three years. Peer data is sourced from public filings available through the SEC EDGAR portal and from their public websites where total return data is published each month. The five largest peer non-traded BDCs by total equity as of August 31, 2026 are Apollo Debt Solutions BDC; Ares Strategic Income Fund; Blackstone Private Credit Fund; Blue Owl Credit Income Corporation; and HPS Corporate Lending Fund.

4 As of August 31, 2026, measured by comparing annualized total returns since the Fund’s inception (May 13, 2021) and since April 30, 2021 for public market peer compound returns) and over the last three years. Public market return data references broadly syndicated loans, U.S. investment grade bonds, U.S. high yield bonds, and U.S. public equities, and is sourced from Pitchbook LCD and Nasdaq eVestment.

5 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.