# EDGAR Filing Document

**Accession Number:** 0001899017
**File Stem:** 0001193125-26-104390
**Filing Date:** 2026-3
**Character Count:** 1204733
**Document Hash:** 7358b96d22486ad1fae215d1f30a0aee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-104390.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001193125-26-104390

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 115

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bain Capital Private Credit
- **CENTRAL INDEX KEY:** 0001899017

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01474
- **FILM NUMBER:** 26748804

**BUSINESS ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116
- **BUSINESS PHONE:** 617.516.2000

**MAIL ADDRESS:**
- **STREET 1:** 200 CLARENDON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02116

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 10-K

**(Mark One)**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended** December 31**,** 2025

**OR**

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

**For the transition period from __ to __**

**Commission file number:** 814-01474

BAIN CAPITAL PRIVATE CREDIT

(Exact Name of Registrant as Specified in its Charter)

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| | |
|:---|:---|
| Delaware | 87-6984749 |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (I.R.S. Employer<br>Identification No.) |
| 200 Clarendon Street**,** **37**<sup>th</sup> **Floor**<br>Boston**,** MA | 02116 |
| (Address of Principal Executive Office) | (Zip Code) |

---

**(**617**)** 516-2000

(Registrant's Telephone Number, Including Area Code)

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **None** | **N/A** | **N/A** |

---

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

Class S Common shares of beneficial interest, par value $0.01

Class D Common shares of beneficial interest, par value $0.01

Class I Common shares of beneficial interest, par value $0.01

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | 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. ☒

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

As of December 31, 2025, there was no established public market for the Registrant's common shares of beneficial interest ("Common Shares").

The Registrant's Common Shares, $0.01 par value per share, outstanding as of March 12, 2026 were 0, 0 and 38,616,075 of Class S, Class D and Class I common shares, respectively. Common shares outstanding exclude March 2, 2026 subscriptions since the issuance price is not yet finalized at this time.

**Documents Incorporated by Reference** 

Portions of the Registrant's definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the Registrant's 2026 Annual Meeting of Shareholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K where indicated. Such definitive proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the Registrant's fiscal year ended December 31, 2025.

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>PART I</u>**](#part_i) |  | [<u>1</u>](#part_i) |
| [<u>Item 1.</u>](#item_1_business) | [<u>Business</u>](#item_1_business) | [<u>1</u>](#business) |
| <u>Item 1A.</u> | [<u>Risk Factors</u>](#item_1a_risk_factors) | [<u>32</u>](#item_1a_risk_factors) |
| [<u>Item 1B.</u>](#item_1b_unresolved) | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved) | [<u>65</u>](#item_1b_unresolved) |
| [<u>Item 1C.</u>](#item_1c_cybersecurity) | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | [65](#item_1c_cybersecurity) |
| [<u>Item 2.</u>](#item_2_properties) | [<u>Properties</u>](#item_2_properties) | [66](#item_2_properties) |
| [<u>Item 3.</u>](#item_3_legal) | [<u>Legal Proceedings</u>](#item_3_legal) | [<u>66</u>](#item_3_legal) |
| [<u>Item 4.</u>](#item_4_mine_safety) | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety) | [<u>66</u>](#item_4_mine_safety) |
| [**<u>PART II</u>**](#item_ii) |  | [<u>67</u>](#item_ii) |
| [<u>Item 5.</u>](#item_5_market) | [<u>Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market) | [<u>67</u>](#item_5_market) |
| [<u>Item 6.</u>](#item_6_selected) | [<u>Selected Consolidated Financial Data</u>](#item_6_selected) | [<u>72</u>](#item_6_selected) |
| [<u>Item 7.</u>](#item_7_mda) | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_mda) | [<u>73</u>](#item_7_mda) |
| [<u>Item 7A.</u>](#item_7a_quantitative) | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative) | [<u>104</u>](#item_7a_quantitative) |
| [<u>Item 8.</u>](#item_8_consolidated) | [<u>Consolidated Financial Statements and Supplementary Data</u>](#item_8_consolidated) | [<u>105</u>](#item_8_consolidated) |
| [<u>Item 9.</u>](#item_9_changes) | [<u>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</u>](#item_9_changes) | [<u>191</u>](#item_9_changes) |
| [<u>Item 9A.</u>](#item_9a_controls) | [<u>Controls and Procedures</u>](#item_9a_controls) | [<u>191</u>](#item_9a_controls) |
| [<u>Item 9B.</u>](#item_9b_other) | [<u>Other Information</u>](#item_9b_other) | [<u>191</u>](#item_9b_other) |
| [<u>Item 9C.</u>](#item_9c_disclosure) | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item_9c_disclosure) | [<u>192</u>](#item_9c_disclosure) |
| [**<u>PART III</u>**](#part_iii) |  | [<u>192</u>](#part_iii) |
| [<u>Item 10.</u>](#item_10_trustees) | [<u>Trustees, Executive Officers and Corporate Governance</u>](#item_10_trustees) | [<u>192</u>](#item_10_trustees) |
| [<u>Item 11.</u>](#item_11_executive) | [<u>Executive Compensation</u>](#item_11_executive) | [<u>193</u>](#item_11_executive) |
| [<u>Item 12.</u>](#item_12_security_ownership) | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters</u>](#item_12_security_ownership) | [<u>193</u>](#item_12_security_ownership) |
| [<u>Item 13.</u>](#item_13_certain_relationships) | [<u>Certain Relationships and Related Transactions, and Trustee Independence</u>](#item_13_certain_relationships) | [<u>193</u>](#item_13_certain_relationships) |
| [<u>Item 14.</u>](#item_14_principal) | [<u>Principal Accountant Fees and Services</u>](#item_14_principal) | [<u>193</u>](#item_14_principal) |
| [**<u>PART IV</u>**](#part_iv) |  | [<u>194</u>](#part_iv) |
| [<u>Item 15.</u>](#item_15_exhibits) | [<u>Exhibits, Consolidated Financial Statement Schedules</u>](#item_15_exhibits) | [<u>194</u>](#item_15_exhibits) |
| [<u>Item 16.</u>](#item_16_form_10k) | [<u>Form 10-K Summary</u>](#item_16_form_10k) | [<u>197</u>](#item_16_form_10k) |
| [<u>Signatures</u>](#signatures) |  | [<u>198</u>](#signatures) |

---

i

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**CERTAIN DEFINITIONS**

Except as otherwise specified in this Annual Report on Form 10-K ("Annual Report"), the terms "we," "us," "our", and the "Company" refer to Bain Capital Private Credit.

**FORWARD-LOOKING STATEMENTS**

Statements contained in this Annual Report (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, BCPC Advisors, LP (the "Advisor") and/or Bain Capital Credit, LP and its affiliated advisers (collectively, "Bain Capital Credit"). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Annual Report constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "seek," "expect," "anticipate," "project," "estimate," "intend," "continue," "target," or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled "*Item 1A. Risk Factors*" and elsewhere in this Annual Report and in our filings with the Securities and Exchange Commission (the "SEC").

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Annual Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled "*Item 1A. Risk Factors*" and elsewhere in this Annual Report. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Annual Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Annual Report because we are an investment company.

# Summary of Risk Factors
Investing in our common shares ("Common Shares") involves a high degree of risk. Some, but not all, of the risks and uncertainties that we face are related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Global capital markets could enter a period of severe disruption and instability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value ("NAV") through increased net unrealized depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are dependent upon key personnel of Bain Capital Credit and our Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our executive officers and trustees, our Advisor, Bain Capital Credit and their affiliates, officers, directors and employees may face certain conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may need to raise additional capital and existing shareholders may be diluted by any such capital raise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in the Company. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We operate in an increasingly competitive market for investment opportunities, which could reduce returns and result in losses.

ii

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our board of trustees (the "Board") may change our investment objective, operating policies and strategies without prior notice or shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our Advisor and Administrator have the ability to resign on 120 days' and 60 days' notice, respectively, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We and our Advisor are subject to regulations and SEC oversight, including limits on issuance of debt. If we or they fail to comply with applicable requirements, it may adversely impact our results relative to companies that are not subject to such regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The lack of liquidity in our investments may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may invest in high yield debt, or junk bonds, which has greater credit and liquidity risk than more highly rated debt obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our portfolio companies may default or may need to restructure their obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer or industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We will be subject to corporate-level income tax if we are unable to qualify as a regulated investment company ("RIC") or do not distribute all of our taxable income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investing in our Common Shares involves an above average degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Geopolitical events, including international sanctions, may have material adverse impact on us and our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inflation and actions by central banks or monetary authorities, including the U.S. Federal Reserve, to address inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may be the target of litigation or shareholder activism.

iii

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**PART I**

**Item 1. Business**

# General
Bain Capital Private Credit (the "Company") was formed on December 21, 2021 as a Delaware statutory trust structured as an externally managed, closed-end, non-diversified management investment company. The Company commenced investment operations on November 28, 2023. The Company elected on February 3, 2023 to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company has elected to be treated, and intends to operate in a manner so as to continuously qualify, for U.S. federal income tax purposes as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

The Company is managed by the Advisor, an investment adviser that is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Advisor also provides the administrative services necessary for the Company to operate (in such capacity, the "Administrator").

Company management consists of investment and administrative professionals from the Advisor and Administrator along with the Board of Trustees (the "Board"). The Advisor directs and executes the investment operations and capital raising activities of the Company subject to oversight from the Board, which sets the broad policies of the Company. The Board has delegated investment management of the Company's investment assets to the Advisor. The Board consists of eight trustees, five of whom are independent.

Under normal conditions, we invest at least 80% of our Managed Assets (measured at the time of investment) in private credit investments. "Managed Assets" means our total assets (including any assets attributable to money borrowed for investment purposes) minus the sum of our accrued liabilities (other than money borrowed for investment purposes). Our primary focus is capitalizing on opportunities within Bain Capital Credit's Senior Direct Lending Strategy, as defined below, which seeks to provide risk-adjusted returns and current income to investors by investing primarily in middle-market direct lending opportunities across North America, Europe and Australia and also in other geographic markets. We use the term "middle market" to refer to companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). However, we may, from time to time, invest in larger or smaller companies. We focus on (i) senior secured investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender (including "unitranche" loans, which are loans that combine both senior and mezzanine debt) and (ii) mezzanine debt and other junior securities with a focus on downside protection. We generally seek to retain effective voting control in respect of the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We may also invest in common and preferred equity and in secondary purchases of assets or portfolios, on an opportunistic basis, but such investments are not the principal focus of our investment strategy. We may also invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities. Our debt investments may be at fixed or floating interest rates, and our floating rate investments may utilize one or more reference rates, such as the Secured Overnight Financing Rate ("SOFR"). Our investments are subject to a number of risks. *See* "*Item 1A.* R*isk Factors - Risks Relating to Our Investments.*"

Our investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We use these investments to help maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into directly originated loans, while also seeking attractive investment returns. We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees, dividends on direct equity investments and capital gains on the sales of investments. The companies in which we invest use our capital for a variety of reasons, including to support organic growth, to fund changes of control, to fund acquisitions, to make capital investments and for refinancing and recapitalizations.

Leverage is utilized to help the Company meet its investment objective. Any such leverage, if incurred, is expected to increase the total capital available for investment by the Company. As a BDC, we may also invest up to 30% of our portfolio opportunistically in "non-qualifying" portfolio investments, such as investments in non-U.S. companies.

We may invest in debt securities which are either rated below investment grade or not rated by any rating agency but, if they were rated, would be rated below investment grade. 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. They may also be illiquid and difficult to value.

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# The Investment Advisor
The Company's investment activities are managed by the Advisor, an investment adviser that is registered with the SEC under the Advisers Act pursuant to an investment advisory agreement (the "Investment Advisory Agreement"). The Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. Prior to September 28, 2023, BCSF Advisors, LP served as the investment advisor for the Company pursuant to a previous investment advisory agreement. More information regarding the Advisor and its business activities can be found on its registration under Form ADV located on the Investment Adviser Registration Depository website of the SEC.

The Advisor has entered into a resource sharing agreement (the "Resource Sharing Agreement") with Bain Capital Credit, pursuant to which Bain Capital Credit provides the Advisor with experienced investment professionals (including the members of the Advisor's Credit Committee) and access to the resources of Bain Capital Credit so as to enable the Advisor to fulfill its obligations under the Investment Advisory Agreement. Through the Resource Sharing Agreement, the Advisor intends to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Bain Capital Credit's investment professionals. There can be no assurance that Bain Capital Credit will perform its obligations under the Resource Sharing Agreement. The Resource Sharing Agreement may be terminated by either party on 60 days' notice, which if terminated may have a material adverse consequence on the Company's operations. See *"Item 13. Certain Relationships and Related Transactions, and Trustee Independence."*

# About Bain Capital Credit
Bain Capital Credit was established in 1998. Bain Capital Credit and its subsidiaries (including the credit vehicles managed by its Alternative Investment Fund Manager affiliate except for vehicles managed by the Special Situations team) had approximately $61.0 billion in assets under management as of December 31, 2025. To date, Bain Capital Credit has invested across the credit products and fixed income universe, including performing and distressed bank loans, high yield bonds, debtor-in-possession loans, senior direct lending, mezzanine debt and other junior securities, structured products, credit-based equities and other investments. Bain Capital Credit has invested over $31.3 billion in the Senior Direct Lending Strategy since 1999 (of which approximately $5.9 billion has been invested within the 12-month period ended September 30, 2025) and has an extensive track record as a non-traditional lender in the middle market. The Senior Direct Lending Strategy is defined as primarily consisting of investments in secured debt in companies with EBITDA of $10.0 million to $150.0 million.

Bain Capital Credit is a wholly-owned subsidiary of Bain Capital, LP ("Bain Capital") and the Advisor is a majority-owned subsidiary of Bain Capital Credit. As a diversified private investment firm, Bain Capital and its affiliates, including Bain Capital Credit and the Advisor, engage in a broad range of activities, including investment activities for their own account and for the account of other investment funds or accounts, and provide investment banking, advisory, management and other services to funds and operating companies.

# The Board of Trustees
Our business and affairs are managed under the direction of the Board. The Board consists of eight members, five of whom are not "interested persons" of the Company, the Advisor or their respective affiliates as defined in Section 2(a)(19) of the 1940 Act. We refer to these individuals as our "Independent Trustees." The Independent Trustees compose a majority of the Board. The Board elects our officers, who serve at the discretion of the Board. The responsibilities of the Board include corporate governance activities and oversight of our financing arrangements, investment activities and fair valuation of our assets.

# Investment Decision Process
The Advisor's investment process can be broken into five processes: (1) Sourcing and Idea Generation, (2) Investment Diligence & Recommendation, (3) Credit Committee Approval, (4) Portfolio Construction and (5) Portfolio & Risk Management.

***<u>Sourcing and Idea Generation</u>***

The investment decision-making process begins with sourcing ideas. Bain Capital Credit's Private Credit Group interacts with a broad and deep set of global sourcing contacts, enabling the group to generate a large set of middle-market investment opportunities. Further enhancing the sourcing capability of the core Private Credit Group are Bain Capital Credit's industry groups, Trading Desk, and the Bain Capital Special Situations team. The team has extensive contacts with private equity firms. Relationships with banks, a variety of advisors and intermediaries and a handful of unique independent sponsors compose the remainder of the relationships. Through these

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sourcing efforts the Private Credit Group has built a sustainable deal funnel, which has generated hundreds of opportunities to review annually.

***<u>Investment Diligence & Recommendation</u>***

Our Advisor utilizes Bain Capital Credit's bottom-up approach to investing, and it starts with due diligence. The Private Credit Group works with the close support of Bain Capital Credit's industry groups on performing due diligence. This process typically begins with a detailed review of the offering memorandum as well as Bain Capital Credit's own independent diligence efforts, including in-house materials and expertise, third-party independent research and interviews, and hands-on field checks where appropriate. For deals that progress beyond an initial stage, the team will schedule one or more meetings with company management, facilities visits and also meetings with the sponsor in order to ask more detailed questions and to better understand the sponsor's view of the business and plans for it going forward. The team's diligence work is summarized in investment memorandums and accompanying credit packs. Work product also includes full models and covenant analysis. The approval process itself is iterative, involving multiple levels of discussion and approval.

***<u>Credit Committee Approval</u>***

Given Bain Capital Credit's broad and diverse range of investment strategies, we tailor our investment decision-making process by strategy to provide a robust and comprehensive discussion of both individual investments and the applicable portfolio(s) under consideration. We believe that this flexible approach provides a rigorous investment decision-making process that allows us to be nimble across a variety of market environments while still maintaining high credit underwriting standards.

Our investments require approval from at least the Private Credit Investment Committee, which includes three Partners in the Private Credit Group as standing members: Michael Ewald, Mike Boyle, and Carolyn Hastings. Ad hoc members may also be included in the Private Credit Investment Committee for certain types of investments.

***<u>Portfolio Construction</u>***

Portfolio construction is largely the responsibility of the portfolio managers. The portfolio managers will construct the portfolio using a set of approved investments. While the decision to buy generally requires approval from at least the Private Credit Investment Committee, the decision to sell securities is at the sole discretion of the portfolio managers. For middle-market holdings, the path to exit an investment is discussed at credit committee meetings, including restructurings, acquisitions and sale to strategic buyers. Since most middle-market investments are illiquid, exits are driven primarily by a sale of the portfolio company or a refinancing of the portfolio company's debt.

***<u>Portfolio & Risk Management</u>***

Our Advisor utilizes Bain Capital Credit's Private Credit Group for the daily monitoring of its respective credits after an investment has been made. Our Advisor believes that the ongoing monitoring of financial performance and market developments of portfolio investments is critical to successful investment management. Accordingly, our Advisor is actively involved in an on-going portfolio review process and attends board meetings. To the extent a portfolio investment is not meeting our Advisor's expectations, our Advisor takes corrective action when it deems appropriate, which may include raising interest rates, gaining a more influential role on its board, taking warrants and, where appropriate, restructuring the balance sheet to take control of the company. Our Advisor will utilize the Bain Capital Credit Risk and Oversight Committee. The Risk and Oversight Committee is responsible for monitoring and reviewing risk management, including portfolio risk, counterparty risk and firm-wide risk issues. In addition to the methods noted above, there are a number of proprietary methods and tools used through all levels of Bain Capital Credit to manage portfolio risk.

## *Investment Strategy* 
The Advisor, through the resources and personnel provided by Bain Capital Credit through the Resource Sharing Agreement, uses detailed business, industry and competitive analyses to make investments. In evaluating potential opportunities, Bain Capital Credit's investment professionals typically complete market analyses to assess the attractiveness of a given industry and a specific investment and monitor, on an ongoing basis, financial performance and market developments. The Advisor's approach to making investments generally involves evaluating the following business characteristics: market definition, market size and growth prospects, competitive analysis, historical financial performance, margin analysis and cost structure, quality of earnings, capital structure, access to capital markets and regulatory, risk analysis, tax and legal matters. Additionally, the Advisor places significant emphasis on the quality and track record of the controlling shareholders and management team as well as careful consideration to the underlying deal structure and documentation. When considering an investment that meets the Company's return objectives, the Advisor seeks to mitigate downside risk.

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We seek to create a broad and varied portfolio of investments across various industries as a method to manage risk and capitalize on specific sector trends, all concentrated in a small number of industries.

## *<u>Investment Focus</u>* 
Under normal conditions, we intend to invest at least 80% of our Managed Assets measured at the time of investment) in private credit investments. Our primary focus is capitalizing on opportunities by investing primarily in middle-market direct lending opportunities across North America, Europe and Australia and also in other geographic markets. We use the term "middle market" to refer to companies with between $10.0 million and $150.0 million in EBITDA. However, we may, from time to time, invest in larger or smaller companies. We focus on (i) senior secured investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender (including "unitranche" loans, which are loans that combine both senior and mezzanine debt) and (ii) mezzanine debt and other junior securities with a focus on downside protection. We generally seek to retain effective voting control in respect of the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We may also invest in common and preferred equity and in secondary purchases of assets or portfolios, on an opportunistic basis, but such investments are not the principal focus of our investment strategy. We may also invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities. Leverage is expected to be utilized to help the Company meet its investment objective. Any such leverage, if incurred, is expected to increase the total capital available for investment by the Company. As a BDC, we may also invest up to 30% of our portfolio opportunistically in "non-qualifying" portfolio investments, such as investments in non-U.S. companies.

We may invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated (i.e. junk bonds). Our investment strategy will also include a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We intend to use these investments to help maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into directly originated loans, while also seeking attractive investment returns.

As of December 31, 2025, our portfolio consisted of the following (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| First Lien Senior Secured Loan | 1464929 | 88.0% | 1467754 | 87.3% |
| Second Lien Senior Secured Loan | 18757 | 1.1 | 18749 | 1.1 |
| Subordinated Debt | 103042 | 6.2 | 103961 | 6.2 |
| Preferred Equity | 22927 | 1.4 | 24362 | 1.4 |
| Equity Interest | 28187 | 1.7 | 37894 | 2.3 |
| Warrants |  |  | 1233 | 0.1 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 20240 | 1.2 | 20240 | 1.2 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 87 | 0.0 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 6900 | 0.4 | 6978 | 0.4 |
| Total | $1664992 | 100.0% | $1681258 | 100.0% |

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<sup>(1)</sup> Represents debt and equity investments in SLP II.

As of December 31, 2024, our portfolio consisted of the following (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| First Lien Senior Secured Loan | 687623 | 95.9% | 685846 | 95.7% |
| Preferred Equity | 14360 | 2.0 | 14694 | 2.0 |
| Equity Interest | 9529 | 1.3 | 10984 | 1.5 |
| Subordinated Debt | 5399 | 0.8 | 5147 | 0.7 |
| Warrants |  |  | 628 | 0.1 |
| Total | $716911 | 100.0% | $717299 | 100.0% |

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The Advisor monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company. The Advisor has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessment of success in adhering to the portfolio company's business plan and compliance with covenants;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons to our other portfolio companies in the industry, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•attendance at and participation in board meetings or presentations by portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review of monthly and quarterly consolidated financial statements and financial projections of portfolio companies.

The Advisor rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3 or 4, the Advisor enhances its level of scrutiny over the monitoring of such portfolio company. Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 1 if, in the opinion of the Advisor, it is performing above underwriting expectations, and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company or the likelihood of a potential exit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 2 if, in the opinion of the Advisor, it is performing as expected at the time of our underwriting and there are generally no concerns about the portfolio company's performance or ability to meet covenant requirements, interest payments or principal amortization, if applicable. All new investments or acquired investments in new portfolio companies are initially given a rating of 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 3 if, in the opinion of the Advisor, the investment is performing below underwriting expectations and there may be concerns about the portfolio company's performance or trends in the industry, including as a result of factors such as declining performance, non-compliance with debt covenants or delinquency in loan payments (but generally not more than 180 days past due).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 4 if, in the opinion of the Advisor, the investment is performing materially below underwriting expectations. For debt investments, most of or all of the debt covenants are out of compliance and payments are substantially delinquent. Investments rated 4 are not anticipated to be repaid in full, if applicable, and there is significant risk that we may realize a substantial loss on our investment.

The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2025 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investment Performance Rating** | **Fair Value** | **Percentage<br>of Total** | **Number of<br>Companies** <sup>(1)</sup> | **Percentage<br>of Total** |
| 1 | 2172 | 0.1% | 1 | 0.7% |
| 2 | 1669740 | 99.3 | 149 | 98.6 |
| 3 |  |  |  |  |
| 4 | 9346 | 0.6 | 1 | 0.7 |
| Total | $1681258 | 100.0% | 151 | 100.0% |

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<sup>(1)</sup> Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

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The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2024 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investment Performance Rating** | **Fair Value** | **Percentage<br>of Total** | **Number of<br>Companies** <sup>(1)</sup> | **Percentage<br>of Total** |
| 1 | 70 | —% | 1 | 1.2% |
| 2 | 705331 | 98.3 | 84 | 97.6 |
| 3 | 11898 | 1.7 | 1 | 1.2 |
| 4 |  |  |  |  |
| Total | $717299 | 100.0% | 86 | 100.0% |

---

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<sup>(1)</sup> Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

# Competition
Our primary competitors in providing financing to middle-market companies include public and private funds, other business development companies, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Some of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or to the distribution and other requirements we must satisfy to maintain our qualification as a RIC.

We use the expertise of the investment professionals of Bain Capital Credit to which we have access to assess investment risks and determine appropriate pricing for our investments in portfolio companies. In addition, we expect that the relationships of Bain Capital Credit will enable us to learn about, and compete effectively for, financing opportunities with attractive middle-market companies in the industries in which we seek to invest. For additional information concerning the competitive risks we face, *see* "*Item 1A. Risk Factors — Risks Relating to Our Business and Structure — We operate in an increasingly competitive market for investment opportunities, which could reduce returns and result in losses.*"

# Investment Advisory Agreement; Administration Agreement
Our investment activities are managed by the Advisor, which is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. We have entered into an Investment Advisory Agreement with the Advisor, pursuant to which we have agreed to pay the Advisor a base management fee (the "Base Management Fee") and an incentive fee for its services. The cost of both the Base Management Fee and the incentive fee will ultimately be borne by our shareholders.

We pay our Advisor a fee for its services under the Investment Advisory Agreement. The fee consists of two components: a Base Management Fee and an incentive fee.

The Base Management Fee is calculated at an annual rate of 0.75% of our gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents. For services rendered under the Investment Advisory Agreement, the Base Management Fee is payable monthly in arrears. Base management fee for any partial month or quarter will be appropriately pro-rated (based on the number of days actually elapsed at the end of such partial month relative to the total number of days in such month). For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper instruments maturing within one year of purchase. The fair value of derivative financial instruments held in the Company's portfolio will be included in the calculation of gross assets of the Company.

We will pay the Advisor an incentive fee. The incentive fee consists of two parts — the "Income Fee" and the "Capital Gains Fee" — which are described in more detail below.

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The Income Fee is calculated and payable quarterly in arrears based on the Company's aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters. For purposes of calculating the Income Fee, pre-incentive fee net investment income means the Company's interest income, distribution income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management Fee, any expenses payable under the Administration Agreement, and any interest expense and distributions paid on any issued and outstanding debt or preferred shares, but excluding any distribution or shareholder servicing fees and the Incentive Fee. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature such as market discount, original issue discount ("OID"), debt instruments with PIK interest, preferred shares with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash.

Pre-incentive fee net investment income does not include any realized capital gains or realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from pre-incentive fee net investment income. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the hurdle rate for a quarter, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses.

Pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a "Hurdle Amount" equal to the product of (i) the hurdle rate of 1.75% per quarter (7% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Amount will be calculated after making appropriate adjustments to our NAV at the beginning of each applicable calendar quarter for our subscriptions (which shall include all issuances by us of our Common Shares, including issuances pursuant to the Company's distribution reinvestment plan ("DRIP")) and distributions during the applicable calendar quarter.

The quarterly incentive fee based on income is calculated, subject to the Incentive Fee Cap (as defined below), based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the Hurdle Amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the "Excess Income Amount." The incentive fee based on income that is paid to the Advisor in respect of a particular calendar quarter will equal the Excess Income Amount less the aggregate Income Fees that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

The Income Fee for each calendar quarter is determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)No incentive fee based on income is payable to the Advisor for any calendar quarter for which there is no Excess Income Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount, but is less than or equal to an amount, which the Company refers to as the "Catch-Up Amount," determined as the sum of 2.0588% multiplied by our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The "Catch-Up Amount" is meant to provide the Advisor with an incentive fee of 15% on all of the Company's pre-incentive fee net investment income when the Company's aggregate pre- incentive fee net investment income in respect of the relevant Trailing Twelve Quarters reaches the Catch-Up Amount in respect of the relevant Trailing Twelve Quarters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)15% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-Up Amount.

# Pre-Incentive Fee Net Investment Income
**(expressed as a percentage of the value of net assets per quarter)**

![img116329241_0.gif](img116329241_0.gif)

**Percentage of each Class's Pre-Incentive Fee Net Investment Income**

**Allocated to Quarterly Incentive Fee**

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*Incentive Fee Cap*

The incentive fee based on income is subject to a cap (the "Incentive Fee Cap"). The Incentive Fee Cap in respect of any calendar quarter is an amount equal to 15% of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters less the aggregate incentive fees based on income that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

"Cumulative Net Return" during the relevant Trailing Twelve Quarters means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Income Fee to the Advisor in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the Income Fee that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Income Fee that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

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

# Annual Incentive Fee Based on Capital Gains
The second part of the incentive fee is a Capital Gains Fee that is determined and payable in arrears in cash as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and will equal 15% of the Company's realized capital gains on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fees. In determining the capital gains incentive fee payable to the Advisor, we calculate the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since our inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in our portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the cost of such investment. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the cost of such investment. At the end of the applicable year, the amount of capital gains that serves as the basis for our calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to our portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year will equal 15% of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of our portfolio in all prior years as calculated in accordance with the below.

# Income Related Portion of Incentive Examples

# Examples of Quarterly Incentive Fee Calculation:
**Example 1 — Three Quarters in which Pre-Incentive Fee Net Investment Income Exceeds the Hurdle Amount and Catch-up Amount**

*Assumptions*

Stable net asset value (NAV) of $100 million across all quarters

Investment income for each of the quarters (including interest, dividends, fees, etc.) = 4.34% Hurdle rate(1) = 1.75%

Management fee(1) = 0.1875%

Other expenses (legal, accounting, custodian, transfer agent, etc.)(2) = 0.1525%

Pre-incentive fee net investment income for each quarter

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(investment income – (management fee + other expenses)) = %

Realized capital gains of 1% each quarter

Assumes no other quarters in the applicable Trailing Twelve Quarters

*Incentive fee for first quarter*

Aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = $4,000,000

Hurdle Amount = Q1 NAV × 1.75% = $100,000,000 × 0.0175 = $1,750,000

Excess Income Amount = pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Hurdle Amount = $4,000,000 – $1,750,000 = $2,250,000

Catch-up Fee Amount = 100% of pre-incentive fee net investment income that is greater than $1,750,000 (the Hurdle Amount) but less than 2.0588% × Q1 NAV, or $2,058,800. This Catch-up Fee Amount equals $308,800

Post Catch-up Fee Amount = 15% of pre-incentive fee net investment income that exceeds the Catch-up Amount = 0.15 × ($4,000,000 – $2,058,800) = $291,180

Catch-up Fee Amount + Post Catch-up Fee Amount = income incentive fee payment = $599,980

No income incentive fee previously paid during the Trailing Twelve Quarters

Incentive Fee Cap = 15% of Cumulative Net Return during the relevant Trailing Twelve Quarters

Cumulative Net Return = pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Net Capital Loss in respect of the relevant Trailing Twelve Quarters

No Net Capital Loss

Therefore Incentive Fee Cap = 15% of aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = income incentive fee and the cap is not applied

*Incentive fee for second quarter*

Aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = $4,000,000 + $4,000,000 = $8,000,000

Hurdle Amount = (Q1 NAV + Q2 NAV) × 1.75% = $200,000,000 × 0.0175 = $3,500,000

Excess Income Amount = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters (e.g., Q1 and Q2) – Hurdle Amount = $8,000,000 – $3,500,000 = $4,500,000

Catch-up Fee Amount = 100% of pre-incentive fee net investment income that is greater than $3,500,000 (the Hurdle Amount) but less than 2.0588% × (Q1 NAV + Q2 NAV), or $4,117,600. This Catch-up Fee Amount equals $617,600

Post Catch-up Fee Amount = 15% of pre-incentive fee net investment income that exceeds the Catch-up Amount = 0.15 × ($8,000,000 – $4,117,600) = $582,360

Catch-up Fee Amount + Post Catch-up Fee Amount = income incentive fee payment = $1,199,960

$599,980 income incentive fee previously paid during the Trailing Twelve Quarters

Total income incentive fee payment for Q2 = income incentive fee payment – amount previously paid = $599,980

Incentive Fee Cap = 15% of Cumulative Net Return during the relevant Trailing Twelve Quarters Cumulative Net Return =

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aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Net Capital Loss in respect of the relevant Trailing Twelve Quarters

No Net Capital Loss

Therefore Incentive Fee Cap = 15% of aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = income incentive fee and the cap is not applied

*Incentive fee for third quarter*

Aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = $4,000,000 + $4,000,000 + $4,000,000 = $12,000,000

Hurdle Amount = (Q1 NAV + Q2 NAV + Q3 NAV) × 1.75% = $300,000,000 × 0.0175 = $5,250,000

Excess Income Amount = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters (e.g., Q1, Q2 and Q3) – Hurdle Amount = $12,000,000 – $5,250,000 = $6,750,000

Catch-up Fee Amount = 100% of pre-incentive fee net investment income that is greater than $5,250,000 (the Hurdle Amount) but less than 2.0588% × (Q1 NAV + Q2 NAV + Q3 NAV), or $6,176,400. This Catch-up Fee Amount equals $926,400

Post Catch-up Fee Amount = 15% of pre-incentive fee net investment income that exceeds the Catch-up Amount = 0.15 × ($12,000,000 – $6,176,400) = $873,540

Catch-up Fee Amount + Post Catch-up Fee Amount = income incentive fee payment = $1,799,940

$1,199,960 income incentive fee previously paid during the Trailing Twelve Quarters

Total income incentive fee payment for Q3 = income incentive fee payment – amount previously paid = $599,980

Incentive Fee Cap = 15% of Cumulative Net Return during the relevant Trailing Twelve Quarters

Cumulative Net Return = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Net Capital Loss in respect of the relevant Trailing Twelve Quarters

No Net Capital Loss

Therefore Incentive Fee Cap = 15% of aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = income incentive fee and the cap is not applied

# Example 2 — Three Quarters in which Pre-Incentive Fee Net Investment Income does not meet the Hurdle Amount for one Quarter
*Assumptions*

Stable NAV of $100 million across all quarters

Investment income for Q1 (including interest, dividends, fees, etc.) = 0.34%

Investment income for Q2 (including interest, dividends, fees, etc.) = 4.34%

Investment income for Q3 (including interest, dividends, fees, etc.) = 4.84%

Hurdle rate<sup>(1)</sup> = 1.75%

Management fee<sup>(1)</sup> = 0.1875%

Other expenses (legal, accounting, custodian, transfer agent, etc.)(2) = 0.1525% for each quarter

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Pre-incentive fee net investment income for Q1

(investment income – (management fee + other expenses)) = 0.0%

Pre-incentive fee net investment income for Q2

(investment income – (management fee + other expenses)) = 4.0%

Pre-incentive fee net investment income for Q3

(investment income – (management fee + other expenses)) = 4.5%

Realized capital gains of 1% each quarter

Assumes no other quarters in the applicable Trailing Twelve Quarters

*Incentive fee for first quarter*

Aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = $0

Hurdle Amount = Q1 NAV × 1.75% = $100,000,000 × 0.0175 = $1,750,000

Aggregate pre-incentive fee net investment income < Hurdle Amount. Therefore, no income incentive fee is payable for the quarter

*Incentive fee for second quarter*

Aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = $0 + $4,000,000 = $4,000,000

Hurdle Amount = (Q1 NAV + Q2 NAV) × 1.75% = $200,000,000 × 0.0175 = $3,500,000

Excess Income Amount = (aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters (e.g., Q1 and Q2)) – Hurdle Amount – $4,000,000 – $3,500,000 = $500,000

Catch-up Fee Amount = 100% of pre-incentive fee net investment income that is greater than $3,500,000 (the Hurdle Amount) but less than 2.0588% × (Q1 NAV + Q2 NAV), or $4,117,600. This Catch-up Fee Amount equals $4,000,000 – $3,500,000, or $500,000

Aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters < the Catch-up Amount

Income incentive fee payment = $500,000

$0 income incentive fee previously paid during the Trailing Twelve Quarters

Total income incentive fee payment for Q2 = income incentive fee payment – amount previously paid = $500,000

Incentive Fee Cap = 15% of Cumulative Net Return during the relevant Trailing Twelve Quarters Cumulative Net Return = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Net Capital Loss in respect of the Trailing Twelve Quarters

No Net Capital Loss

Therefore Incentive Fee Cap = 15% of aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = income incentive fee and the cap is not applied

*Incentive fee for third quarter*

Aggregate pre-incentive fee net investment income = $0 + $4,000,000 + $4,500,000 = $8,500,000

Hurdle Amount = (Q1 NAV + Q2 NAV +Q3 NAV) × 1.75% = $300,000,000 × 0.0175 = $5,250,000

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Excess Income Amount = (aggregate pre-incentive fee net investment income for Q1, Q2 and Q3) – Hurdle Amount = $8,500,000 – $5,250,000 = $3,250,000

Catch-up Fee Amount = 100% of pre-incentive fee net investment income that is greater than $5,250,000 (the Hurdle Amount) but less than 2.0588% × (Q1 NAV + Q2 NAV + Q3 NAV), or $6,176,400. This Catch-up Fee Amount equals $6,176,400 – $5,250,000, or $926,400

Post Catch-up Fee Amount = 15% of pre-incentive fee net investment income that exceeds the Catch-up Amount = 0.15 × ($8,500,000 – $6,176,400) = $348,540

Catch-up Fee Amount + Post Catch-up Fee Amount = income incentive fee payment = $1,274,940

$500,000 income incentive fee previously paid during the Trailing Twelve Quarters

Total income incentive fee payment for Q3 = income incentive fee payment – amount previously paid = $774,940

Incentive Fee Cap = 15% of Cumulative Net Return during the relevant Trailing Twelve Quarters

Cumulative Net Return = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Net Capital Loss in respect of the Trailing Twelve Quarters

No Net Capital Loss

Therefore Incentive Fee Cap = 15% of aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters = income incentive fee and the cap is not applied

## Example 3 — Three Quarters in which Pre-Incentive Fee Net Investment Income Exceeds the Hurdle Rate with Net Capital Losses
Assumptions

Stable NAV of $100 million across all quarters

Investment income for each of the quarters (including interest, dividends, fees, etc.) = 4.34% Hurdle rate(1) = 1.75%

Management fee(1) = 0.1875%

Other expenses (legal, accounting, custodian, transfer agent, etc.)(2) = 0.1525%

Pre-incentive fee net investment income (investment income – (management fee + other expenses)) = 4.0%

Unrealized capital losses of 1% each of Q1 and Q2 and a 3% unrealized loss in Q3 Assumes no other quarters in the applicable Trailing Twelve Quarters

*Incentive fee for first quarter*

Aggregate pre-incentive fee net investment income = $4,000,000

Hurdle Amount = Q1 NAV × 1.75% = $100,000,000 × 0.0175 = $1,750,000

Excess Income Amount = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Hurdle Amount = $4,000,000 – $1,750,000 = $2,250,000

Catch-up Fee Amount = 100% of pre-incentive fee net investment income that is greater than $1,750,000 (the Hurdle Amount) but less than 2.0588% × Q1 NAV, or $2,058,800. This Catch-up Fee Amount equals $308,800

Post Catch-up Fee Amount = 15% of pre-incentive fee net investment income that exceeds the Catch-up Amount = 0.15 × ($4,000,000 – $2,058,800) = $291,180

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Catch-Up Fee Amount + Post Catch-up Fee Amount = income incentive fee payment = $599,980

No income incentive fee previously paid during the Trailing Twelve Quarters

Incentive Fee Cap = 15% of Cumulative Net Return during the Trailing Twelve Quarters Cumulative Net Return = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Net Capital Loss during the relevant Trailing Twelve Quarters

Net Capital Loss = $1,000,000

Cumulative Net Return = $4,000,000 – $1,000,000 = $3,000,000

Therefore Incentive Fee Cap = 15% × $3,000,000 = $450,000. Since the Incentive Fee Cap ($450,000) is less than the income incentive fee ($599,980), the Incentive Fee Cap is applied and a $450,000 income incentive fee is paid for the quarter

*Incentive fee for second quarter*

Aggregate pre-incentive fee net investment income = $4,000,000 + $4,000,000 = $8,000,000

Hurdle Amount = (Q1 NAV + Q2 NAV) × 1.75% = $200,000,000 × 0.0175 = $3,500,000

Excess Income Amount = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters (e.g., Q1 and Q2) – Hurdle Amount = $8,000,000 – $3,500,000 = $4,500,000

Catch-up Fee Amount = 100% of pre-incentive fee net investment income that is greater than $3,500,000 (the Hurdle Amount) but less than 2.0588% × (Q1 NAV + Q2 NAV), or $4,117,600. This Catch-up Fee Amount equals $617,600

Post Catch-up Fee Amount = 15% of pre-incentive fee net investment income that exceeds the Catch-up Amount = 0.15 × ($8,000,000 – $4,117,600) = $582,360

Catch-Up Fee Amount + Post Catch-up Fee Amount = income incentive fee payment = $1,199,960

$450,000 income incentive fee previously paid during the Trailing Twelve Quarters

Total income incentive fee payment for Q2 = income incentive fee payment – amount previously paid = $749,960

Incentive Fee Cap = 15% of Cumulative Net Return for the Trailing Twelve Quarters – income incentive fees previously paid for the Trailing Twelve Quarters Cumulative Net Return = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Net Capital Loss in respect of the Trailing Twelve Quarters Net Capital Loss = $2,000,000 Cumulative Net Return = $8,000,000 – $2,000,000 = $6,000,000

Therefore Incentive Fee Cap = (15% × $6,000,000) – $450,000 = $450,000. Since the Incentive Fee Cap ($450,000) is less than the income incentive fee ($749,960), the Incentive Fee Cap is applied and a $450,000 income incentive fee is paid for the quarter

*Incentive fee for third quarter*

Aggregate pre-incentive fee net investment income = $4,000,000 + $4,000,000 + $4,000,000 = $12,000,000

Hurdle Amount = (Q1 NAV + Q2 NAV + Q3 NAV) × 1.75% = $300,000,000 × 0.0175 = $5,250,000

Excess Income Amount = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters (e.g., Q1, Q2 and Q3) – Hurdle Amount = $12,000,000 – $5,250,000 = $6,750,000

Catch-up Fee Amount = 100% of pre-incentive fee net investment income that is greater than $5,250,000 (the Hurdle Amount) but less than 2.0588% × (Q1 NAV + Q2 NAV + Q3 NAV), or $6,176,400. This Catch-up Fee Amount equals $926,400

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Post Catch-up Fee Amount = 15% of pre-incentive fee net investment income that exceeds the Catch-up Amount = 0.15 × ($12,000,000 – $6,176,400) = $873,540

Catch-up Fee Amount + Post Catch-up Fee Amount = income incentive fee payment = $1,799,940

$900,000 income incentive fee previously paid during the Trailing Twelve Quarters

Total income incentive fee payment for Q3 = income incentive fee payment – amount previously paid = $899,940

Incentive Fee Cap = 15% of Cumulative Net Return for the Trailing Twelve Quarters – income incentive fees previously paid for the Trailing Twelve Quarters Cumulative Net Return = aggregate pre-incentive fee net investment income during the relevant Trailing Twelve Quarters – Net Capital Loss in respect of the Trailing Twelve Quarters Net Capital Loss = $5,000,000 Cumulative Net Return = $12,000,000 – $5,000,000 = $7,000,000

Therefore Incentive Fee Cap = (15% × $7,000,000) – $900,000 previously paid during the Trailing Twelve Quarters = $150,000. Since the Incentive Fee Cap ($150,000) is less than the income incentive fee ($899,940), the Incentive Fee Cap is applied and a $150,000 income incentive fee is paid for the quarter

(\*)The hypothetical amount of pre-incentive fee net investment income shown is based on a percentage of total net assets.

<sup>1.</sup>Represents 7% annualized hurdle rate and 0.75% annualized management fee.

<sup>2.</sup>Excludes organizational and offering expenses.

## Example of Capital Gains Portion of Incentive Fee:
*Assumptions*

Year 1: $25.0 million investment made in Company A ("Investment A"), $35.0 million investment made in Company B ("Investment B") and $30.0 million investment made in Company C ("Investment C")

Year 2: Investment A sold for $35.0 million, fair value of Investment B determined to be $30.0 million and fair value of Investment C determined to be $32.0 million

Year 3: Fair value of Investment B determined to be $34.0 million and Investment C sold for $35.0 million

Year 4: Fair value of Investment B determined to be $45.0 million

*Determination of Incentive Fee based on capital gains*

The Incentive Fee based on capital gains, if any, would be:

Year 1: None

Year 2: $0.75 million

The portion of the incentive fee based on capital gains equals (A) 15% of our realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, minus (B) the aggregate amount of any previously paid capital gain incentive. Therefore, using the assumptions above, the incentive fee based on capital gains equals (A) 15% × ($10.0 million – $5.0 million) minus (B) $0. Therefore, the incentive fee based on capital gains equals $0.75 million.

Year 3: $1.350 million, which is calculated as follows:

The incentive fee based on capital gains equals (A) 15% × ($15.0 million – $1.0 million) minus (B) $0.75 million. Therefore, the incentive fee based on capital gains equals $1.350 million.

Year 4: $0.15 million, which is calculated as follows:

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The incentive fee based on capital gains equals (x) (A) 15% × ($15.0 million – $0.0 million) minus (B) $2.1 million. Therefore, the incentive fee based on capital gains equals $0.15 million.

The Board will monitor the mix and performance of our investments over time and will seek to satisfy itself that the Advisor is acting in our interests and that our fee structure appropriately incentivizes the Advisor to do so.

We have also entered into an Administration Agreement with the Administrator, pursuant to which the Administrator provides the administrative services necessary for us to operate, and we utilize the Administrator's office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator has agreed to oversee our public reporting requirements and tax reporting and monitor our expenses and the performance of professional services rendered to us by others. The Administrator has also hired a sub-administrator to assist in the provision of administrative services. We may reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including compensation paid to or compensatory distributions received by our officers (including our chief compliance office ("Chief Compliance Officer") and chief financial officer ("Chief Financial Officer")) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley Act of 2002 (as amended, the "Sarbanes-Oxley Act") internal control assessment. Our allocable portion of overhead is determined by the Administrator, which uses various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Company, and will be subject to oversight by the Board. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Administrator would not seek reimbursement in the event that any such reimbursements would cause any distributions to our shareholders to constitute a return of capital. *See* "Fees and Expenses." In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and we will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.

Both the Investment Advisory Agreement and the Administration Agreement have been approved by the Board. Unless earlier terminated as described below, both the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from their effective date and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our Independent Trustees. The Investment Advisory Agreement and the Administration Agreement will automatically terminate in the event of assignment. Both the Investment Advisory Agreement and the Administration Agreement may be terminated by either party without penalty upon not less than 60 days' written notice to the other (120 days' written notice in the case of termination of the Investment Advisory Agreement by our Advisor). Upon termination of the Investment Advisory Agreement, the Company will be required to change its name which may have a material adverse impact on the Company's operations. See *"Item 1A. Risk Factors — Risks Relating to Our Business and Structure — We are dependent upon key personnel of Bain Capital Credit and our Advisor."*

Under the Investment Advisory Agreement, the Advisor shall not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Company in connection with the matters to which the Investment Advisory Agreement relates, provided that the Advisor shall not be protected against any liability to the Company or its shareholders to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations ("disabling conduct"). The Investment Advisory Agreement provides that, absent disabling conduct, the Advisor and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (collectively, the "Indemnified Parties") will be entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Advisor's services under the Investment Advisory Agreement or otherwise as adviser for us. The Advisor shall not be liable under their respective agreements with us or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained and monitored by the Advisor in good faith, unless such action or inaction was made by reason of disabling conduct, or in the case of a criminal action or proceeding, where the Advisor had reasonable cause to believe its conduct was unlawful. In addition, we will not provide for indemnification of an Indemnified Party for any liability or loss suffered by such Indemnified Party, nor will we provide that an Indemnified Party be held harmless for any loss or liability suffered by us, unless: (1) we have determined, in good faith, that the course of conduct that caused the loss or liability was in our best interest; (2) the Indemnified Party was acting on our behalf or performing services for us; (3) such liability or loss was not the result of negligence or misconduct, in the case that the Indemnified Party is the Advisor, an affiliate of the Advisor or one of our officers; and (4) the indemnification or agreement to hold harmless is recoverable only out of our net assets and not from our shareholders.

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**Fees and Expenses**

Our primary operating expenses include the payment of fees to the Advisor under the Investment Advisory Agreement, our allocable portion of overhead expenses under the Administration Agreement and other operating costs described below. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•organization and offering expenses associated with this offering (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Company's systems and those of participating broker-dealers, reasonable bona fide due diligence expenses of participating broker- dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Company's escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, broker-dealers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "AIFMD"), investment bankers, administrative agents, paying agents, depositaries, custodians, trustees, sub-custodians, consultants (including individuals consulted through expert network consulting firms), engineers, senior advisors, industry experts, operating partners, deal sourcers (including personnel dedicated to but not employed by the Administrator or its affiliates), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting, technology or other services and professionals related thereto (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the Board, where such internal personnel perform services that would be paid by the Company if outside service providers provided the same services); fees, costs, and expenses herein include (x) costs, expenses and fees for hours spent by its in-house attorneys and tax advisers that provide transactional legal advice and/or services to the Company or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Company and (y) expenses and fees to provide administrative and accounting services to the Company or its portfolio companies, and expenses, charges and/or related costs incurred directly by the Company or affiliates in connection such services (including overhead related thereto), in each case, (I) that are specifically charged or specifically allocated or attributed by the Administrator, with the oversight of the Board, to the Company or its portfolio companies and (II) provided that any such amounts shall not be greater than what would be paid to an unaffiliated third party for substantially similar advice and/or services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of calculating the Company's net asset value ("NAV"), including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of effecting any sales and repurchases of the Common Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses payable under any managing dealer and selected dealer agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest and fees and expenses arising out of all borrowings, guarantees and other financings or derivative transactions (including interest, fees and related legal expenses) made or entered into by the Company, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expenses, including travel, entertainment, lodging and meal expenses, incurred by the Advisor, or members of its investment team, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary,

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enforcing the Company's rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Advisor or its affiliates to the extent such expenses relate to attendance at meetings of the Board or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses, if any, incurred by or on behalf of the Company in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, consulting and printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the allocated costs incurred by the Advisor and the administrator in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other bank service fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements (including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Advisor is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction) and any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Company directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Company's investment activities, including without limitation any travel and accommodations expenses related to such vehicle and the salary and benefits of any personnel (including personnel of Advisor or its affiliates) reasonably necessary and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•advisable for the maintenance and operation of such vehicle, or other overhead expenses (including any fees, costs and expenses associated with the leasing of office space (which may be made with one or more affiliates as lessor in connection therewith));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees, franchise fees, costs associated with an exchange listing (including stock exchange listing fees) and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent trustees' fees and expenses including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing financial statements and maintaining books and records, costs of Sarbanes-Oxley Act compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, U.S. Commodity Futures Trading Commission ("CFTC") and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses associated with the preparation and issuance of the Company's periodic reports and related statements (e.g., financial statements and tax returns) and other internal and third- party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and reporting-related expenses (including

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other notices and communications) in respect of the Company and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Company or the Advisor or its affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs) and the costs of any shareholder or Trustee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of registration rights granted to certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any taxes and/or tax-related interest, fees or other governmental charges (including any penalties incurred where the Advisor lacks sufficient information from third parties to file a timely and complete tax return) levied against the Company and all expenses incurred in connection with any tax audit, investigation, litigation, settlement or review of the Company and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses of any litigation, arbitration or audit involving the Company any vehicle or its portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, Trustees and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses associated with the Company's information, obtaining and maintaining technology (including the costs of any professional service providers), hardware/software, data- related communication, market data and research (including news and quotation equipment and services and including costs allocated by the Advisor's or its affiliates' internal and third-party research groups (which are generally based on time spent, assets under management, usage rates, proportionate holdings or a combination thereof or other reasonable methods determined by the Administrator) and expenses and fees (including compensation costs) charged or specifically attributed or allocated by Advisor and/or its affiliates for data-related services provided to the Company and/or its portfolio companies (including in connection with prospective investments), each including expenses, charges, fees and/or related costs of an internal nature; provided, that any such expenses, charges or related costs shall not be greater than what would be paid to an unaffiliated third party for substantially similar services) reporting costs (which includes notices and other communications and internally allocated charges), and dues and expenses incurred in connection with membership in industry or trade organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of specialty and custom software for monitoring risk, compliance and the overall portfolio, including any development costs incurred prior to the filing of the Company's election to be treated as a business development company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fidelity bond, trustees and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying and secretarial and other staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses of winding up and liquidating the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•extraordinary expenses (such as litigation or indemnification);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Company's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act, TIC Form SLT filings, Internal Revenue Service filings under FATCA and FBAR reporting requirements applicable to the Company or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Company engages in activities, including any notices, reports and/or filings required under the AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Advisor relating to the Company and its affiliates relating to the Company, and their activities) and/or other regulatory filings, notices or disclosures of the Advisor and its affiliates relating to the Company including those pursuant to applicable disclosure laws and expenses relating to FOIA requests, but excluding, for the

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avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Company and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs and expenses (including travel) in connection with the diligence and oversight of the Company's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by the Advisor or its affiliates for meetings with existing investors and any broker-dealers, registered investment advisors, financial and other advisors representing such existing investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses incurred by the Administrator in connection with administering the Company's business.

To the extent that expenses to be borne by us are paid by our Advisor, we will generally reimburse our Advisor for such expenses. To the extent the Administrator outsources any of its functions, we will pay the fees associated with such functions on a direct basis without profit to the Administrator. We also reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including rent and compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley Act internal control assessment and fees paid to third-party providers for goods or services. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to our business and affairs, and will be subject to oversight by the Board. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.9 million, $0.5 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Administrator or BCSF Advisors, LP will not be reimbursed to the extent that such reimbursements would cause any distributions to our shareholders to constitute a return of capital.

All of the foregoing expenses are ultimately borne by our shareholders.

From time to time, the Administrator or its affiliates may pay third-party providers of goods or services. We will reimburse the Administrator or such affiliates thereof for any such amounts paid on our behalf. The Administrator will waive its right to be reimbursed in the event that such reimbursements would cause any distributions to our shareholders to constitute a return of capital.

The Advisor is authorized to determine the broker to be used for each securities transaction. In selecting brokers to execute transactions, the Advisor need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. In selecting brokers, the Advisor may or may not negotiate "execution only" commission rates and thus we may be deemed to be paying for other services provided by the broker that are included in the commission rate. In negotiating commission rates, the Advisor will take into account the financial stability and reputation of the broker and the brokerage, research and other services provided to us, the Advisor and other customers of the Advisor and its affiliates by such broker, even though we may not, in any particular instance, be the direct or indirect beneficiaries of the research or other services provided and the Base Management Fee payable to the Advisor is not reduced because it receives such services. In addition, the Advisor may direct commissions to certain brokers that on the foregoing basis may furnish other services to us, the Advisor and other customers of the Advisor and its affiliates, such as telephone lines, news and quotation equipment, electronic office equipment, account record keeping and clerical services, trading software, financial publications and economic consulting services. As a result of the brokerage practices described above, the levels of commission paid and prices paid or received by us in securities transactions may be less favorable than in securities transactions effected on a best price and execution basis.

**Capital Resources and Borrowings**

We anticipate cash to be generated from future offerings of securities and cash flows from operations, including interest earned from the temporary investment of cash in cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. Additionally, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of securities senior to our Common Shares if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. Furthermore, while any indebtedness and senior securities remain outstanding, we must make provisions to prohibit any distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. In connection with borrowings, our lenders may require us to pledge assets, investor commitments to fund capital calls and/or the proceeds of those capital calls. In addition, the lenders may ask us to comply with positive or negative covenants that could have an effect on our operations.

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**Goldman Sachs Revolving Credit Facility**

On November 29, 2023, the Company entered into a revolving credit facility (the "GS Revolving Credit Facility") with the Company as equity holder, BCPC I, LLC, a Delaware limited liability company and a wholly owned and consolidated subsidiary of the Company, as borrower (the "BCPC I Borrower"), Goldman Sachs Bank USA, as syndication agent and administrative agent ("Goldman Sachs"), and Computershare Trust Company, N.A., as collateral administrator, collateral agent and collateral custodian ("Computershare").

The maximum commitment amount under the GS Revolving Credit Facility was $150,000,000. Proceeds of the borrowings under the GS Revolving Credit Facility may be used, among other things, to fund portfolio investments by the BCPC I Borrower and to make advances under delayed draw term loans and revolving loans where the BCPC I Borrower is a lender. Borrowings under the GS Revolving Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowings (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin of 2.90%. The BCPC I Borrower is required to utilize a minimum percentage of the commitments under the GS Revolving Credit Facility, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the interest rate for U.S. dollar advances as described above. In addition, the BCPC I Borrower pays a commitment fee of 0.50% per annum on the average daily unused amount of the commitments under the GS Revolving Credit Facility in excess of such minimum utilization amount, in addition to certain other fees as agreed between the BCPC I Borrower and Goldman Sachs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March 22, 2024, the BCPC I Borrower entered into a commitment request among BCPC I Borrower and Goldman Sachs, as administrative agent and lender, pursuant to the GS Revolving Credit Facility. The commitment request provides for an increase in the aggregate commitments of the lenders under the GS Revolving Credit Facility from $150,000,000 to $175,000,000 through the accordion feature in the GS Revolving Credit Facility. On October 30, 2024, the BCPC I Borrower entered into a new commitment request among BCPC I Borrower and Goldman Sachs, as administrative agent and lender, pursuant to the GS Revolving Credit Facility. The new commitment request provides for an increase in the aggregate commitments of the lenders under the GS Revolving Credit Facility from $175,000,000 to $200,000,000 through the accordion feature in the GS Revolving Credit Facility. The accordion feature in the GS Revolving Credit Facility allows the Company, under certain circumstances, to increase the total size of the facility to a maximum of $250,000,000.

On March 7, 2025, BCPC I Borrower entered into the first amendment (the "GS First Amendment") to the GS Revolving Credit Facility among the BCPC I Borrower, as borrower, the Company, as equity holder, the lenders from time to time party thereto, Goldman Sachs, as administrative agent and syndication agent, and Computershare, as collateral administrator, collateral agent and collateral custodian.

The GS First Amendment provides for, among other things, (i) an extension of the period during which the BCPC I Borrower may make borrowings under the GS Revolving Credit Facility from November 29, 2026 to November 29, 2027, (ii) an extension of the scheduled maturity date from November 29, 2028 to November 29, 2029, (iii) a decrease in the applicable margin for advances from 2.90% per annum to 2.00% per annum, (iv) the payment of an administrative agency fee and certain other fees as agreed between the Company and Goldman Sachs and (v) the accordion feature in the GS Revolving Credit Facility allows the Company, under certain circumstances, to increase the total size of the facility to a maximum of $300,000,000.

The GS Revolving Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. Upon the occurrence and during the continuation of an event of default, Goldman Sachs may declare the outstanding advances and all other obligations under the GS Revolving Credit Facility immediately due and payable. The BCPC I Borrower's obligations under the GS Revolving Credit Facility are secured by a first priority security interest in all of the BCPC I Borrower's portfolio investments and cash.

As of December 31, 2025, there were $180.7 million in borrowings under the GS Revolving Credit Facility.

**JPM Revolving Credit Facility**

On August 21, 2024, the Company entered into a revolving credit facility (the "JPM Revolving Credit Facility") with the Company as servicer and as parent, BCPC II-J LLC, a Delaware limited liability company and a wholly owned and consolidated subsidiary of the Company, as borrower (the "BCPC II Borrower"), the lenders from time to time party thereto, JPMorgan Chase Bank, National Association, as administrative agent ("JPMorgan") and Deutsche Bank National Trust Company, as collateral administrator, collateral agent and securities intermediary.

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The maximum commitment amount under the JPM Revolving Credit Facility was $150,000,000. Proceeds of the borrowings under the JPM Revolving Credit Facility may be used, among other things, to (i) fund portfolio investments by the BCPC II Borrower and to make advances under delayed draw term loans and revolving loans where the BCPC II Borrower is a lender. Borrowings under the JPM Revolving Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowings (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin of 2.30%. The BCPC II Borrower is required to utilize a minimum percentage of the commitments under the JPM Revolving Credit Facility, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin for U.S. dollar advances as described above. The BCPC II Borrower pays a commitment fee of 0.50% per annum on the average daily unused amount of the commitments under the JPM Revolving Credit Facility, in addition to an administrative agency fee and certain other fees as agreed between the BCPC II Borrower and JPMorgan.

On December 13, 2024, the BCPC II Borrower entered into the first amendment (the "JPM First Amendment") to the JPM Revolving Credit Facility, by and among the BCPC II Borrower, as borrower, the Company, as servicer and as parent, the lenders from time to time party thereto, JPMorgan, as administrative agent, and Deutsche Bank National Trust Company, as collateral agent, as collateral administrator, and as securities intermediary.

The JPM First Amendment provides for, among other things, (i) an increase in the maximum facility amount from $150,000,000 to $250,000,000, (ii) a decrease in the applicable margin for advances from 2.30% per annum to 2.25% per annum, and (iii) the payment of certain fees as agreed between the Company and JPMorgan.

The period during which the BCPC II Borrower may make borrowings under the JPM Revolving Credit Facility expires on August 21, 2027, and the JPM Revolving Credit Facility will mature and all amounts outstanding must be repaid by August 21, 2029.

The JPM Revolving Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. Upon the occurrence and during the continuation of an event of default, JPMorgan may declare the outstanding advances and all other obligations under the JPM Revolving Credit Facility immediately due and payable.

The BCPC II Borrower's obligations under the JPM Revolving Credit Facility are secured by a first priority security interest in all of the BCPC II Borrower's portfolio investments and cash.

As of December 31, 2025, there were $217.1 million in borrowings under the JPM Revolving Credit Facility.

**SMBC Revolving Credit Facility**

On December 29, 2023, the Company entered into a senior secured revolving credit agreement (as amended, supplemented, amended and restated, or otherwise modified from time to time, the "SMBC Revolving Credit Facility") as borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent, Sole Book Runner and Lead Arranger. The SMBC Revolving Credit Facility is effective as of December 29, 2023 (the "Closing Date").

The facility amount under the SMBC Revolving Credit Facility was $50,000,000 with an accordion provision to permit increases to the total facility amount up to $500,000,000. Proceeds of the loans under the SMBC Revolving Credit Facility may be used for general corporate purposes of the Company, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquiring and funding investments permitted under the SMBC Revolving Credit Facility, and such other uses as permitted under the SMBC Revolving Credit Facility. The maturity date is December 18, 2029.

Interest under the SMBC Revolving Credit Facility is equal to (I) (a) if the borrowing base (as of the most recently delivered borrowing base certificate delivered under the SMBC Revolving Credit Facility) is less than 1.60 times the Combined Debt Amount (as defined in the SMBC Revolving Credit Facility), (i) with respect to any ABR Loan (as defined in the SMBC Revolving Credit Facility), 1.125% per annum; (ii) with respect to any Term Benchmark Loan (as defined in the SMBC Revolving Credit Facility), 2.125% per annum; and (iii) with respect to any RFR Loan (as defined in the SMBC Revolving Credit Facility), 2.125% per annum or (b) if the borrowing base is greater than or equal to 1.60 times the Combined Debt Amount, (i) with respect to any ABR Loan, 1.00% per annum; (ii) with respect to any Term Benchmark Loan, 2.00% per annum; and (iii) with respect to any RFR Loan, 2.00% per annum plus (II) an applicable credit spread adjustment of (a) with respect to any Term Benchmark Loan denominated in Dollars, a flat credit adjustment spread of 0.10%; and (b) with respect to any RFR Loan denominated in Sterling, a flat credit spread adjustment of 0.0326%; provided, however, to the extent the Company does not have an investment grade rating from any nationally recognized rating agency on the nine-month anniversary of the Closing Date, the otherwise Applicable Margin (as defined in the SMBC Revolving Credit Facility) shall be increased by 0.125% per annum until such rating is obtained.

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On May 24, 2024, the Company entered into a Commitment Increase Supplement (the "Joinder Agreement") between the Company and Sumitomo Mitsui Banking Corporation, as increasing lender and administrative agent, pursuant to Section 2.08(e) of the SMBC Revolving Credit Facility, among the Company, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto. The Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the SMBC Revolving Credit Facility from $50,000,000 to $75,000,000.

On November 13, 2024, the Company entered into the first amendment to the SMBC Revolving Credit Facility (the "SMBC First Amendment") among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto, as amended to date, including by the SMBC First Amendment.

Effective as of September 27, 2024, the SMBC First Amendment provides for, among other things, an extension of the period by which the Company must obtain an investment grade rating from a national recognized rating agency from nine to twenty-one months following the anniversary of the Closing Date, failure of which would result in an increase in margin by 0.125% per annum until such rating is obtained.

On December 18, 2024, the Company entered into the second amendment to the SMBC Revolving Credit Facility (the "SMBC Second Amendment") among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto.

The SMBC Second Amendment provides for, among other things, (i) an extension of the revolver availability period from December 2027 to December 2028, (ii) an extension of the scheduled maturity date from December 2028 to December 2029, (iii) an increase of the accordion provision to permit increases of term and revolving commitments to a total facility amount of up to $800,000,000, (iv) an increase of the total facility amount from $75,000,000 to $315,000,000, (v) a reduction of the applicable margin to (A) with respect to any ABR Loan, 1.00% per annum and (B) with respect to any Term Benchmark Loan or RFR Loan, 2.00% per annum, (vi) a reset of the minimum shareholders' equity test, and (vii) the joinder of new lenders to the SMBC Revolving Credit Facility.

On May 19, 2025, the Company entered into a commitment increase supplement (the "Second Joinder Agreement"), among the Company, The Bank of Nova Scotia, as assuming lender and issuing bank, U.S. Bank National Association, as assuming lender, Wells Fargo Bank, National Association, as increasing lender, swingline lender and issuing bank, Synovus Bank, as assuming lender and issuing bank, JPMorgan Chase Bank, N.A., as swingline lender and issuing bank, Goldman Sachs Bank USA, as swingline lender and issuing bank, and Sumitomo Mitsui Banking Corporation, as swingline lender, issuing bank and administrative agent, pursuant to Section 2.08(e) of the SMBC Revolving Credit Facility among the Company, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto. The Second Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the SMBC Revolving Credit Facility from $315,000,000 to $500,000,000.

On July 18, 2025, the Company entered into a commitment increase supplement (the "Third Joinder Agreement"), among the Company, Natixis, New York Branch, as assuming lender and issuing bank, The Bank of Nova Scotia, as issuing bank, Synovus Bank, as issuing bank, JPMorgan Chase Bank, N.A., as swingline lender and issuing bank, Goldman Sachs Bank USA, as swingline lender and issuing bank, and Sumitomo Mitsui Banking Corporation, as swingline lender, issuing bank and administrative agent, pursuant to Section 2.08(e) of the SMBC Revolving Credit Facility among the Company, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto. The Third Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the SMBC Revolving Credit Facility from $500,000,000 to $575,000,000.

The SMBC Revolving Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

As of December 31, 2025, there were $120.0 million in borrowings under the SMBC Revolving Credit Facility.

**Series 2025 Senior Notes**

On August 14, 2025, The Company authorized the issue and sale of (a) $110,000,000 aggregate principal amount of its 5.92% Series 2025 Senior Notes, Tranche A, due November 29, 2028 (as amended, restated or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13, the "Tranche A Notes") and (b) $165,000,000 aggregate principal amount of its 6.25% Series 2025 Senior Notes, Tranche B, due November 29, 2030 (as amended, restated or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13, the "Tranche B Notes" and together with the Tranche A Notes, collectively, the "Series 2025 Notes"). The issuances of the Series 2025 Notes occurred on November 24, 2025 pursuant to a Master Note Purchase Agreement entered into among the Company and the purchasers on August 14, 2025.

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**Warehousing Transaction** 

We entered into multiple warehousing transactions whereby we agreed, subject to certain conditions, to purchase certain assets from parties unaffiliated with the Advisor. Such warehousing transactions were designed to assist us in deploying capital upon receipt of subscriptions. On October 19, 2022, the Company entered into three facility agreements (the "Facility Agreements") with Goldman Sachs Bank USA (the "Financing Provider"). The Facility Agreements created a forward obligation of the Financing Provider to sell, and a forward obligation of us or our designee to purchase certain investments (the "Portfolio Investments") owned and held by the Financing Provider at our request, in each case in the currency of the respective Facility Agreement. The Portfolio Investments generally consisted of originated loans to middle- market corporate and sponsor-backed U.S. companies consistent with our investment strategy. Pursuant to the Facility Agreements, we were entitled to request the Financing Provider acquire such Portfolio Investments as we may designate from time to time, which the Financing Provider could approve or reject in its sole and absolute discretion. Prior to any sale to us, the Portfolio Investments were owned and held solely for the account of the Financing Provider. Until such time as we received subscriptions for our shares of at least $100 million (the "Capital Condition"), we had no obligation to purchase the Portfolio Investments under the Facility Agreements.

On November 28, 2023, the Company met the Capital Condition and purchased the Portfolio Investments from the Financing Provider with an aggregate principal amount of $195.4 million (excluding unfunded revolvers and delayed draw positions of $6.8 million), at a purchase price of $190.6 million, resulting in a realized gain of approximately $1.8 million.

**Distribution Reinvestment Plan**

We have adopted a distribution reinvestment plan, which is an "opt-out" distribution reinvestment plan. Under this plan, shareholders (other than those located in specific states, who are clients of selected participating brokers, or who have elected to "opt out" of the plan) will have their cash distributions (net of applicable withholding tax) automatically reinvested in additional shares of the same class of our Common Shares to which the distribution relates. If a shareholder elects to "opt out," that shareholder will receive cash distributions. The purchase price for shares purchased under our distribution reinvestment plan will be equal to the then current NAV per share of the relevant class of Common Shares. Shareholders will not pay transaction related charges when purchasing shares under our distribution reinvestment plan, but all outstanding Class S and Class D shares, including those purchased under our distribution reinvestment plan, will be subject to ongoing servicing fees.

**Administration**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of our Advisor or its affiliates or by subcontractors, pursuant to the terms of the Investment Advisory Agreement and the Administration Agreement. Each of our executive officers is an employee of our Advisor or its affiliates. See "*Item 10. Trustees, Executive Officers and Corporate Governance.*" Our day-to-day investment operations are managed by our Advisor. Most of the services necessary for the origination and administration of our investment portfolio are provided by investment professionals employed by our Advisor or its affiliates or by subcontractors.

**Regulation as a Business Development Company**

We have elected to be regulated as a BDC under the 1940 Act. A BDC must be organized in the United States for the purpose of investing in or lending to primarily private companies and making significant managerial assistance available to them. A BDC may use capital provided by shareholders and from other sources to make long-term, private investments in businesses.

We may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of the outstanding voting securities, as required by the 1940 Act. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. We do not anticipate any substantial change in the nature of our business.

As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. A majority of our Trustees must be persons who are not interested persons, as that term is defined in the 1940 Act. Additionally, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, as a BDC, we are prohibited from protecting any Trustee or officer against any liability to us or our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our Common Shares if our asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance.

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Our sole initial shareholder adopted this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act on November 11, 2022. We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our Trustees who are not interested persons and, in some cases, prior approval by the SEC. As a BDC, we are limited in our ability to invest in any portfolio company in which the Advisor or any of its affiliates currently has an investment or to make certain co-investments with the Advisor or its affiliates without an exemptive order from the SEC, subject to certain exceptions.

We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, we generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate. The portion of our portfolio invested in securities issued by investment companies ordinarily will subject our shareholders to additional expenses. Our investment portfolio is also subject to diversification requirements by virtue of our intention to qualify as a RIC for U.S. federal income tax purposes.

We are not generally able to issue and sell our Common Shares at a price per share below NAV. We may, however, sell our Common Shares, or warrants, options, or rights to acquire our Common Shares, at a price below the current NAV of our Common Shares if the Board determines that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the market value of such securities (less any distributing commission or discount). We do not currently have authorization from our shareholders to issue Common Shares at a price below its then current NAV per share.

As a BDC, we are subject to certain risks and uncertainties. See "*Item 1A. Risk Factors.*"

**Qualifying Assets**

We may invest up to 30% of our portfolio opportunistically in "non-qualifying assets", which will be driven primarily through opportunities sourced through the Advisor. However, under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as "qualifying assets," unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC's total assets. The principal categories of qualifying assets relevant to our proposed business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1.is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2.is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3.satisfies either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3.1.does not have any class of securities that is traded on a national securities exchange or has any class of securities listed on a national securities exchange subject to a $250.0 million market capitalization maximum; or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3.2.is controlled by a BDC or a group of companies including a BDC the BDC actually exercises a controlling influence over the management or policies of the eligible portfolio company, and, as a result, the BDC has an affiliated person who is a director of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.securities of any eligible portfolio company which we control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for

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such securities and we already own 60% of the outstanding equity of the eligible portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

**Limitations on Leverage**

As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our Common Shares if our asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance. Our sole initial shareholder adopted this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act on November 11, 2022.

**Managerial Assistance to Portfolio Companies**

A BDC must have been organized under the laws of, and have its principal place of business in, any state or states within the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors or officers, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

**Monitoring Investments**

In most cases, we will not have influence over the board of our portfolio companies. In some instances, the Advisor's investment professionals may obtain board representation or observation rights in conjunction with our investments. In conjunction with the Advisor's Credit Committee and the Board, the Advisor will take an active approach in monitoring all investments, which includes reviews of financial performance on at least a quarterly basis and may include discussions with management and/or the equity sponsor. The monitoring process will begin with structuring terms and conditions which require the timely delivery and access to critical financial and business information regarding portfolio companies.

**Temporary Investments**

Pending investment in other types of "qualifying assets," as described above, our investments may consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as "temporary investments," so that 70% of our assets are qualifying assets. See "*Item 1. Business — Qualifying Assets.*" Typically, we will invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our gross assets constitute repurchase agreements from a single counterparty, we may not satisfy the diversification tests in order to qualify as a RIC. See "*Item 1. Business — Certain U.S. Federal Income Tax Consequences — Election to be Subject to be Taxed as a RIC.*" Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Advisor will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

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**Senior Securities**

Historically, the 1940 Act has permitted us to issue "senior securities," including borrowing money from banks or other financial institutions, only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 200% after such incurrence or issuance. In March 2018, the Small Business Credit Availability Act, or the SBCAA, was enacted into law. The SBCAA, among other things, amended the 1940 Act to reduce the asset coverage requirements applicable to business development companies from 200% to 150% so long as the business development company meets certain disclosure requirements and obtains certain approvals. On November 11, 2022, our sole shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act and such election became effective the following day.

While any senior securities remain outstanding, we must make provisions to prohibit any distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. See *"Item 1A. Risk Factors*" *— Risks Relating to Our Business and Structure — Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.*

The 1940 Act imposes limitations on a BDC's issuance of preferred shares, which are considered "senior securities" and thus are subject to the 150% asset coverage requirement described above. In addition, (i) preferred shares must have the same voting rights as the common shareholders (one share, one vote); and (ii) preferred shareholders must have the right, as a class, to appoint Trustees to the Board.

**Code of Ethics**

As required by Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, we and the Advisor have adopted a code of ethics which apply to, among others, our and the Advisor's executive officers, including our chief executive officer ("Chief Executive Officer") and Chief Financial Officer, as well as the Advisor's officers, directors and employees. Our code of ethics generally will not permit investments by our and the Advisor's personnel in securities that may be purchased or sold by us.

We hereby undertake to provide a copy of the codes to any person, without charge, upon request. Requests for a copy of the codes may be made in writing addressed to Investor Relations, Bain Capital Private Credit, 200 Clarendon Street, 37th Floor, Boston, Massachusetts 02116, Attention: Bain Capital Private Credit, Investor Relations, or by emailing us at creditinfo@baincapital.com.

**Compliance Policies and Procedures**

We and the Advisor have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and we are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a Chief Compliance Officer to be responsible for administering the policies and procedures.

**Sarbanes-Oxley Act of 2002**

The Sarbanes-Oxley Act imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements may affect us. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuant to Rule 13a-14 under the Exchange Act, our principal executive officer and principal financial officer must certify the accuracy of the consolidated financial statements contained in our periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuant to Item 307 of Regulation S-K under the Securities Act of 1933, as amended (the "Securities Act"), our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the Company no longer qualifies as an emerging growth company and is a large accelerated filer, pursuant to Rule 13a-15 under the Exchange Act, our management report regarding its assessment of our internal control over financial reporting must be audited by our independent public accounting firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•pursuant to Item 308 under Regulation S-K under the Securities Act and Rule 13a-15 under the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

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The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

**Proxy Voting Policies and Procedures**

We have delegated our proxy voting responsibility to the Advisor. The Proxy Voting Policies and Procedures of the Advisor are set forth below. The guidelines will be reviewed periodically by the Advisor and our non-interested Trustees will receive a copy annually, and, accordingly, are subject to change.

An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, the Advisor recognizes that conflicts of interest may arise from time to time in relation to proxy voting requirements. A conflict between the Advisor and any client can arise in a number of situations. The following non-exclusive examples illustrate conflicts of interest that could arise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A failure to vote in favor of a position supported by management may harm the relationship the Advisor or the Company has with the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A failure to vote in favor of a particular proposal may harm the relationship the Advisor or the Company has with the proponent of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A failure to vote for or against a particular proposal may adversely affect a business or personal relationship, such as when an officer of the Advisor has a spouse or other relative who serves as a director of the company, is employed by the company or otherwise has an economic interest therein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conflicts arising from investment positions held by affiliates of the Advisor.

These policies and procedures for voting proxies are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

The Advisor intends to vote proxies or similar corporate actions in accordance with the best interests of our shareholders, taking into account such factors as it deems relevant in its sole discretion. Upon receipt of a proxy request, the Advisor's Operations department contacts a senior investment professional responsible for the issuer. The senior investment professional communicates the proxy voting decision to Operations.

The hard-copy documentation is completed by Operations and sent back to the appropriate party. Operations maintains a log of all proxy voting documentation received and the status thereof.

**Privacy Principles**

We are committed to maintaining the privacy of our shareholders and to safeguarding their non-public personal information. The following information is provided to help investors understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Pursuant to our privacy policy, we will not disclose any non-public personal information concerning any of our shareholders who are individuals unless the disclosure meets certain permitted exceptions under Regulation S-P under the Gramm — Leach Bliley Act, as amended. We generally will not use or disclose any shareholder information for any purpose other than as required by law.

We may collect non-public information about investors from our Subscription Agreements or other forms, such as name, address, account number and the types and amounts of investments, and information about transactions with us or our affiliates, such as participation in other investment programs, ownership of certain types of accounts or other account data and activity. We may disclose the information that we collect from our shareholders or former shareholders, as described above, only to our affiliates and service providers and only as allowed by applicable law or regulation. Any party that receives this information will use it only for the services required by us and as allowed by applicable law or regulation, and is not permitted to share or use this information for any other purpose. To protect the non-public personal information of individuals, we permit access only by authorized personnel who need access to that information to provide services to us and our shareholders.

In order to guard our shareholders' non-public personal information, we maintain physical, electronic and procedural safeguards

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that are designed to comply with applicable law. Non-public personal information that we collect about our shareholders will generally be stored on secured servers. An individual shareholder's right to privacy extends to all forms of contact with us, including telephone, written correspondence and electronic media, such as the Internet.

Pursuant to our privacy policy, we will provide a clear and conspicuous notice to each investor that details our privacy policies and procedures at the time of the investor's subscription.

**Information Available**

Our address is 200 Clarendon Street, 37th Floor, Boston, MA 02116. Our phone number is (617) 516-2000, and our internet address is *https://www.baincapitalprivatecredit.com*. We make available, free of charge, on our website our proxy statement, annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the U.S. Securities and Exchange Commission, or SEC. Information contained on our website is not incorporated by reference into this Annual Report on Form 10-K and investors should not consider information contained on our website to be part of this Annual Report on Form 10-K or any other report we file with the SEC.

The SEC also maintains a website that contains reports, proxy and information statements and other information we file with the SEC at *www.sec.gov*.

**Certain U.S. Federal Income Tax Consequences**

The following discussion is a general summary of the material U.S. federal income tax considerations applicable to us and to an investment in our Common Shares. This summary does not purport to be a complete description of the income tax considerations applicable to such an investment. For example, we have not described certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including shareholders subject to the alternative minimum tax, tax-exempt organizations, insurance companies, dealers in securities, traders in securities that elect to mark-to-market their securities holdings, pass-through entities (including S-corporations), pension plans and trusts, financial institutions, real estate investment trusts, RICs, persons that have a functional currency (as defined in Section 985 of the Code) other than the U.S. dollar and financial institutions. This summary assumes that investors hold our Common Shares as capital assets (within the meaning of Section 1221 of the Code). The discussion is based upon the Code, Treasury Regulations, and administrative and judicial interpretations, each as of the date of the filing of this Annual Report and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this discussion. We have not sought and will not seek any ruling from the Internal Revenue Service, regarding any offering of our securities. This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax. It does not discuss the special treatment under U.S. federal income tax laws that could result if we were to invest in tax-exempt securities or certain other investment assets.

For purposes of this discussion, a "U.S. shareholder" is a beneficial owner of our Common Shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a citizen or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a trust if either a U.S. court can exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust was in existence on August 20, 1996, was treated as a U.S. person prior to that date, and has made a valid election to be treated as a U.S. person.

A "non-U.S. shareholder" is a beneficial owner of our Common Shares that is not a U.S. shareholder or a partnership (or an entity or arrangement treated as a partnership) for U.S. federal income tax purposes.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds our Common Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective investor that is a partner in a partnership that will hold our Common Shares should consult its tax advisors with respect to the purchase, ownership and disposition of our Common Shares.

Tax matters are very complicated and the tax consequences to an investor of an investment in our Common Shares will depend on the facts of his, her or its particular situation. We encourage investors to consult their own tax advisors regarding the specific

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consequences of such an investment, including tax reporting requirements, the applicability of U.S. federal, state, local and foreign tax laws, eligibility for the benefits of any applicable tax treaty, and the effect of any possible changes in the tax laws.

**Election to be Taxed as a RIC**

We have elected to be treated as a RIC under Subchapter M of the Code. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that we timely distribute to our shareholders as dividends. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, we must distribute to our shareholders, for each taxable year, dividends of an amount at least equal to 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and determined without regard to any deduction for dividends paid (the "Annual Distribution Requirement"). Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute to our shareholders in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the excess (if any) of our realized capital gains over our realized capital losses, or capital gain net income (adjusted for certain ordinary losses), generally for the one-year period ending on October 31 of the calendar year and (3) the sum of any net ordinary income plus capital gains net income for preceding years that were not distributed during such years and on which we paid no federal income tax (the "Excise Tax Avoidance Requirement").

***Taxation as a RIC***

If we qualify as a RIC and satisfy the Annual Distribution Requirement, then we will not be subject to U.S. federal income tax on the portion of our investment company taxable income and net capital gain, defined as net long-term capital gains in excess of net short-term capital losses, we timely distribute (or are deemed to timely distribute) to shareholders. As a RIC, we will be subject to U.S. federal income tax at regular corporate rates on any net income or net capital gain not distributed or are deemed distributed to our shareholders.

In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•qualify to be treated as a BDC under the 1940 Act at all times during each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities, or other income derived with respect to our business of investing in such stock or securities, and net income derived from interests in "qualified publicly traded partnerships" (partnerships that are traded on an established securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends and other permitted RIC income) (the "90% Income Test"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•diversify our holdings so that at the end of each quarter of the taxable year (i) at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and (ii) no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer or of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or in the securities of one or more qualified publicly traded partnerships (collectively, the "Diversification Tests").

We may invest in partnerships, including qualified publicly traded partnerships, which may result in our being subject to state, local or foreign income, franchise or other tax liabilities. For the purpose of determining whether the Company satisfies the 90% Income Test and the Diversification Tests described above, the character of our distributive share of items of income, gain, losses, deductions and credits derived through any investments in companies that are treated as partnerships for U.S. federal income tax purposes (other than certain publicly traded partnerships), or are treated as disregarded as separate from us for U.S. federal income tax purposes, generally will be determined as if we realized these tax items directly. Further, for purposes of calculating the value of our investment in the securities of an issuer for purposes of determining the 25% requirement described above, the Company's proper proportion of any investment in the securities of that issuer that are held by a member of our "controlled group" must be aggregated with our investment in that issuer. A controlled group is one or more chains of corporations connected through stock ownership with us if (a) at least 20% of the total combined voting power of all classes of voting stock of each of the corporations is owned directly by one or more of the other corporations, and (b) we directly own at least 20% or more of the combined voting stock of at least one of the other corporations.

In addition, as a RIC we will be subject to ordinary income and capital gain distribution requirements under U.S. federal excise tax rules for each calendar year. If we do not meet the required distributions we will be subject to a 4% nondeductible federal excise tax on

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the undistributed amount. The failure to meet U.S. federal excise tax distribution requirements will not cause us to lose our RIC status. Although we currently intend to make sufficient distributions each taxable year to satisfy the U.S. federal excise tax requirements, under certain circumstances, we may choose to retain taxable income or capital gains in excess of current year distributions into the next tax year in an amount less than what would trigger payments of U.S. federal income tax under Subchapter M of the Code. We may then be required to pay a 4% excise tax on such income or capital gains.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If our deductible expenses in a given taxable year exceed our investment company taxable income, we may incur a net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. Any underwriting fees paid to us are not deductible. Due to these limits on deductibility of expenses and net capital losses, we may for tax purposes have aggregate taxable income for several taxable years that we are required to distribute and that is taxable to our shareholders even if such taxable income is greater than the net income we actually earn during those taxable years.

We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with PIK interest or, in certain cases, with increasing interest rates or issued with warrants), we must include in income 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. Because any OID accrued will be included in our investment company taxable income for the taxable year of accrual, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, even though we will not have received any corresponding cash amount. Furthermore, a portfolio company in which we hold equity or debt instruments may face financial difficulty that requires us to work out, modify, or otherwise restructure such equity or debt instruments. Any such restructuring could, depending upon the terms of the restructuring, cause us to incur unusable or nondeductible losses or recognize future non-cash taxable income.

Investments in below investment grade instruments may present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues such as when we may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. We intend to address these and other issues to the extent necessary in order to seek to ensure that we distribute sufficient income to qualify for and maintain our treatment as a RIC for U.S. federal income tax purposes and to avoid any material U.S. federal income tax or the 4% nondeductible U.S. federal excise tax.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, produce income that will not be qualifying income for purposes of the 90% Income Test. We intend to monitor our transactions and may make certain tax elections that are intended to maintain our status as a RIC and avoid a fund-level tax.

Gain or loss realized by us from warrants acquired by us as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long term or short term, depending on how long we held a particular warrant.

Although we do not presently expect to do so, we are authorized to borrow funds and to sell assets in order to satisfy distribution requirements. However, under the 1940 Act, we are not permitted to make distributions to our shareholders while our debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our qualification as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

Some of the income and fees that we may recognize, such as fees for providing managerial assistance, certain fees earned with respect to our investments, income recognized in a work-out or restructuring of a portfolio investment, or income recognized from an equity investment in an operating partnership, will not satisfy the 90% Income Test. In order to manage the risk that such income and fees might disqualify us as a RIC for a failure to satisfy the 90% Income Test, we may be required to recognize such income and fees indirectly through one or more entities treated as corporations for U.S. federal income tax purposes. Such corporations will be required to pay U.S. corporate income tax on their earnings, which ultimately will reduce our return on such income and fees.

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**Failure to Qualify as a RIC**

If we were unable to qualify for treatment as a RIC and are unable to cure the failure, for example, by disposing of certain investments quickly or raising additional capital to prevent the loss of RIC status, we would be subject to tax on all of our taxable income at regular corporate rates (and any applicable U.S. state and local taxes). The Code provides some relief from RIC disqualification due to failures to comply with the 90% Income Test and the Diversification Tests, although there may be additional taxes due in such cases.

We cannot assure investors that we would qualify for any such relief should we fail the 90% Income Test or the Diversification Tests.

Should failure occur, not only would all our taxable income be subject to tax at regular corporate rates (as well as any applicable U.S. state and local taxes), we would not be able to deduct distributions to shareholders, nor would they be required to be made. Distributions, including distributions of net long-term capital gain, would generally be taxable to our shareholders as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain limitations under the Code, certain corporate shareholders would be eligible to claim a dividends received deduction with respect to such dividends and non-corporate shareholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholder's tax basis, and any remaining distributions would be treated as a capital gain. Any amount treated as a return of capital will reduce a shareholder's adjusted tax basis our stock, thereby increasing the shareholder's potential gain or reducing the shareholder's potential loss on the subsequent sale or other disposition of our stock. If we fail to qualify as a RIC, we may be subject to regular corporate tax on any net built-in gains with respect to certain of our assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that we elect to recognize on requalification or when recognized over the next five taxable years.

Although we expect to operate in a manner so as to qualify continuously as a RIC, we or our Advisor may decide in the future that we should be taxed as a C corporation, even if we would otherwise qualify as a RIC, if we determine that treatment as a C corporation for a particular year would be in our best interest.

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# Item 1A. Risk Factors
*Investing in our Common Shares involves a number of significant risks. The investor should be aware of various risks, including those described below. The investor should carefully consider these risk factors, together with all of the other information included in this Annual Report. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, the net asset value of our Common Shares could decline, and an investor may lose all or part of his, her or its investment.*

**Risks Relating to Our Business and Structure**

***We have limited operating history.***

The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a BDC and has limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. There can be no assurance that we will achieve the results achieved by past investments of Bain Capital Credit or our Advisor. Past performance should not be relied upon as an indication of future results. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objectives and that the value of a shareholder's investment could decline substantially or that the shareholder will suffer a complete loss of its investment in us.

***We may be unable to meet our investment objectives or investment strategy.***

Investing in us is intended for long-term investors who can accept the risks associated with investing primarily in potentially illiquid, privately negotiated (i) senior first lien, stretch senior (as further described hereinafter), senior second lien and unitranche loans, (ii) mezzanine debt and other junior investments and (iii) secondary purchases of assets or portfolios that primarily consist of middle market corporate debt. We may also invest, from time to time, in equity securities, distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities. There can be no assurance that we will achieve our investment or performance objectives, including our targeted returns. Accordingly, the possibility of partial or total loss of our capital exists.

***There may be limited liquidity and restrictions on withdrawal on an investment in the Company.***

An investment in the Company is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.

Our Common Shares are illiquid investments for which there is not and will likely not be a secondary market. Liquidity for our Common Shares will be limited to participation in our share repurchase program, which we have no obligation to maintain. When we make quarterly repurchase offers pursuant to the share repurchase program, we will offer to repurchase Common Shares at a price that is estimated to be equal to our net asset value per share on the last day of such quarter, which may be lower than the price that shareholders paid for our Common Shares. As a result, to shareholders paid a price that includes the related sales load and to the extent shareholders have the ability to sell Common Shares pursuant to our share repurchase program, the price at which shareholders may sell Common Shares may be lower than the amount such shareholder paid in connection with the purchase of Common Shares.

***There may be risks regarding distributions and repurchases of Common Shares.***

The Company intends to pay monthly distributions to shareholders out of assets legally available for distribution. The Company cannot guarantee that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions. If the Company is unable to satisfy the asset coverage test applicable to it as a BDC, or if the Company violates certain debt financing agreements, its ability to pay distributions to shareholders could be limited. All distributions will be paid at the discretion of the Company's Board and will depend on the Company's earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, compliance with debt financing agreements and such other factors as the Board may deem relevant from time to time. The distributions the Company pays to investors in a year may exceed the Company's taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes.

For a period of time following commencement of the offering of the Company's Common Shares, which time period may be significant, we expect substantial portions of our distributions may be funded indirectly through the reimbursement of certain expenses by our Advisor and its affiliates, including through the waiver of certain investment advisory fees by our Advisor, that are subject to conditional reimbursement by us within three years. Any such distributions funded through expense reimbursements or waivers of

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advisory fees are not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or our Advisor or its affiliates continues to advance such expenses or waive such fees. Our future reimbursement of amounts advanced or waived by our Advisor and its affiliates will reduce the distributions that shareholders would otherwise receive in the future. In addition, the initial advancement of expenses or waiver of fees by our Advisor and its affiliates may prevent a decline in NAV in the short term, and our reimbursement of these amounts may reduce our NAV in the future. Other than as set forth in this Annual Report, our Advisor and its affiliates have no obligation to advance expenses or waive advisory fees.

Investors who periodically receive the payment of a distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes may be under the impression that they are receiving a distribution of RIC's net ordinary income or capital gains when they are not. Accordingly, investors should read carefully any written disclosure accompanying a distribution from the Company and the information about the specific tax characteristics of the Company's distributions provided to investors after the end of each calendar year, and should not assume that the source of any distribution is the Company's net ordinary income or capital gains.

If a share repurchase program is adopted by our Board, such a program may be amended, suspended or terminated at any time in the Board's discretion. Shareholders may not be able to sell their shares at all in the event our Board amends, suspends or terminates the share repurchase program, absent a liquidity event, and we currently do not intend to undertake a liquidity event, and we are not obligated by our charter or otherwise to effect a liquidity event at any time. We will notify shareholders of such developments in our quarterly reports or other filings. If less than the full amount of Common Shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Common Shares being repurchased without regard to class. The share repurchase program has many limitations and should not be relied upon as a method to sell shares promptly or at a desired price.

In the event a shareholder chooses to participate in our share repurchase program, the shareholder will be required to provide us with notice of intent to participate prior to knowing what the NAV per share of the class of shares being repurchased will be on the repurchase date. Although a shareholder will have the ability to withdraw a repurchase request prior to the repurchase date, to the extent a shareholder seeks to sell shares to us as part of our periodic share repurchase program, the shareholder will be required to do so without knowledge of what the repurchase price of our shares will be on the repurchase date.

***We are dependent upon key personnel of Bain Capital Credit and our Advisor.***

Our ability to achieve our investment objectives will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on the financial and managerial expertise of our Advisor, including with resources utilized from Bain Capital Credit. Although we have attempted to foster a team approach to investing, the loss of key individuals employed by Bain Capital Credit or our Advisor could have a material adverse effect on our financial condition, performance and ability to achieve our investment objectives. If these individuals do not maintain their employment or other existing relationships with Bain Capital Credit or our Advisor and do not develop new relationships with other sources of investment opportunities available to us, we may not be able to grow our investment portfolio.

Bain Capital Credit's and our Advisor's investment professionals have substantial responsibilities in connection with the other funds and accounts managed by Bain Capital Credit ("Bain Capital Credit Funds" or "Bain Capital Credit Clients"). The personnel of Bain Capital Credit may be called upon to provide managerial assistance to our portfolio companies. These demands on their time, which may increase as the number of investments grow, may distract them or slow our rate of investment. The employees of our Advisor and other Bain Capital Credit investment professionals expect to devote such time and attention to the conduct of our business as such business shall reasonably require. However, there can be no assurance, for example, that the members of our Advisor or such investment professionals will devote any minimum number of hours each week to our affairs or that they will continue to be employed by Bain Capital Credit. Subject to certain remedies, in the event that certain employees of our Advisor cease to be actively involved with us, we will be required to rely on the ability of Bain Capital Credit to identify and retain other investment professionals to conduct our business. The Board intends to evaluate the commitment and performance of our Advisor in conjunction with the annual approval of the Investment Advisory Agreement and Administration Agreement.

Under the Resource Sharing Agreement, Bain Capital Credit has agreed to provide our Advisor with experienced investment professionals necessary to fulfill its obligations under the Investment Advisory Agreement. The Resource Sharing Agreement, however, may be terminated by either party on 60 days' notice. We cannot assure shareholders that Bain Capital Credit will fulfill its obligations under the Resource Sharing Agreement. We also cannot assure shareholders that our Advisor will enforce the Resource Sharing Agreement if Bain Capital Credit fails to perform, that such agreement will not be terminated by either party or that we will continue to have access to the investment professionals of Bain Capital Credit and its affiliates or their information and deal flow. The Advisor, Bain Capital Credit and/or their affiliates will enter into employment contracts with and provide life insurance for their key personnel.

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Further, we depend upon Bain Capital Credit and our Advisor to maintain their relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions, and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If they fail to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the senior professionals of Bain Capital Credit and our Advisor have relationships are not obligated to provide us with investment opportunities, and we cannot assure investors that these relationships will generate investment opportunities for us in the future.

***We may not replicate the historical results achieved by Bain Capital Credit, or by our Advisor or its affiliates.***

Our primary focus in making investments may differ from those of existing Bain Capital Credit Funds and the funds and accounts managed by the affiliate advisors (including our Advisor's funds) ("Related Funds"). Past performance should not be relied upon as an indication of future results. There can be no guarantee that we will replicate our own historical performance, the historical success of Bain Capital Credit or the historical performance of Bain Capital Credit Funds and/or Related Funds, and we caution shareholders that our investment returns could be substantially lower than the returns achieved by them in prior periods. We cannot assure investors that we will be profitable in the future or that our Advisor will be able to continue to implement our investment objectives with the same degree of success as it has had in the past. Additionally, all or a portion of the prior results may have been achieved in particular market conditions that may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance.

***The due diligence process that our Advisor undertakes in connection with our investments may not reveal all the facts that may be relevant in connection with an investment.***

Our Advisor's due diligence may not reveal all of a company's liabilities and may not reveal other weaknesses in its business. There can be no assurance that our due diligence process will uncover all relevant facts that would be material to an investment decision. Before making an investment in, or a loan to, a company, our Advisor will assess the strength and skills of the company's management team and other factors that it believes are material to the performance of the investment. In making the assessment and otherwise conducting customary due diligence, our Advisor will rely on the resources available to it and, in some cases, an investigation by third parties. This process is particularly important and highly subjective with respect to newly organized entities because there may be little or no information publicly available about the entities. We may make investments in, or loans to, companies, including middle market companies, which are not subject to public company reporting requirements, including requirements regarding preparation of consolidated financial statements, and will, therefore, depend upon the compliance by investment companies with their contractual reporting obligations and the ability of our Advisor's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. As a result, the evaluation of potential investments and the ability to perform due diligence on and effective monitoring of investments may be impeded, and we may not realize the returns which we expect on any particular investment. In the event of fraud by any company in which we invest or with respect to which we make a loan, we may suffer a partial or total loss of the amounts invested in that company.

***Adverse developments in the credit markets may impair our ability to enter into new debt financing arrangements.***

During the economic downturn in the United States that began in mid-2007, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited refinancing and loan modification transactions and reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. If these conditions recur, it may be difficult for us to enter into a new credit or other borrowing facility, obtain other financing to finance the growth of our investments, or refinance any outstanding indebtedness on acceptable economic terms, or at all.

***Our executive officers and Trustees, our Advisor, Bain Capital Credit and their affiliates, officers, directors and employees may face certain conflicts of interest.***

The executive officers and Trustees and other employees of Bain Capital Credit and our Advisor, including our portfolio managers, are, or may be, investors in, or serve, or may serve, as officers, directors, members, or principals of, entities that operate in the same or a related line of business as we do, or of Bain Capital Credit Clients. Similarly, Bain Capital Credit and its affiliated advisors may have other clients with similar, different or competing investment objectives. Accordingly, the members of the professional staff of Bain Capital Credit and our Advisor will have demands on their time for the investment, monitoring and other functions of other funds advised by Bain Capital Credit.

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In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of, or may be adverse to the interests of, us or our shareholders. Although the professional staff of Bain Capital Credit will devote as much time to our management as appropriate to enable our Advisor to perform its duties in accordance with the Investment Advisory Agreement, Bain Capital Credit has, and will continue to have management responsibilities for Bain Capital Credit Clients. There is a potential that we will compete with these Bain Capital Credit Clients, for capital and investment opportunities. As a result, Bain Capital Credit and our portfolio managers will face conflicts in the allocation of investment opportunities among us and the Bain Capital Credit Clients and may make certain investments that are appropriate for us but for which we receive a relatively small allocation of such investment or no allocation at all. Bain Capital Credit intends to allocate investment opportunities among eligible Bain Capital Credit Clients in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term or over time, and we may not be given the opportunity to participate in investments made by investment funds managed by our Advisor or an investment manager affiliated with our Advisor, including Bain Capital Credit. In instances when investments are recommended for us and/or other participating Bain Capital Credit Clients, allocations among us and other Bain Capital Credit Clients, subject to applicable law and regulation, will be done in accordance with our Advisor's trade allocation practice. There can be no assurance that we will be able to participate in all investment opportunities that are suitable for us.

Further, to the extent permitted by applicable law, we and our affiliates may own investments at different levels of a portfolio company's capital structure or otherwise own different classes of a portfolio company's securities, which may give rise to conflicts of interest or perceived conflicts of interest. Conflicts may also arise because decisions regarding our portfolio may benefit our affiliates. Our affiliates may pursue or enforce rights with respect to one of our portfolio companies, and those activities may have an adverse effect on us.

***Bain Capital Credit's Credit Committee, our Advisor or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion.***

The executive officers and directors, principals and other employees of Bain Capital Credit and our Advisor may serve as directors of, or in a similar capacity with, portfolio companies in which we invest, the securities of which are purchased or sold on our behalf, and may come into possession of material non-public information with respect to issuers in which we may be considering making an investment. In the event that material non-public information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies, the policies of Bain Capital, or as a result of applicable law or regulations, we could be prohibited for a period of time or indefinitely from purchasing or selling the securities of such companies, or we may be precluded from providing such information or other ideas to other funds affiliated with Bain Capital that may benefit from such information, and this prohibition may have an adverse effect on us.

***Our management and incentive fee structure may create incentives for our Advisor that are not fully aligned with the interests of our shareholders and may induce our Advisor to make speculative investments.***

In the course of our investing activities, we will pay management and incentive fees to our Advisor. We have entered into an Investment Advisory Agreement with our Advisor that provides that these fees will be based on the value of our gross assets (which includes assets purchased with borrowed amounts or other forms of leverage but excludes cash and cash equivalents), instead of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable). As a result, investors in our Common Shares will invest on a "gross" basis and receive distributions on a "net" basis after expenses, including the costs of leverage, resulting in a lower rate of return than one might achieve if distributions were made on a gross basis. Because our management fees are based on the value of our gross assets, the incurrence of debt or the use of leverage will increase the management fees due to our Advisor. As such, our Advisor may have an incentive to use leverage to make additional investments. In addition, as additional leverage would magnify positive returns, if any, on our portfolio, our incentive fee would become payable to our Advisor (*i.e.*, exceed the Hurdle Amount) at a lower average return on our portfolio. Thus, if we incur additional leverage, our Advisor may receive additional incentive fees without any corresponding increase (and potentially with a decrease) in our net performance. Additionally, under the incentive fee structure, our Advisor may benefit when capital gains are recognized and, because our Advisor will determine when to sell a holding, our Advisor will control the timing of the recognition of such capital gains. As a result of these arrangements, there may be times when the management team of our Advisor has interests that differ from those of our shareholders, giving rise to a conflict. Furthermore, there is a risk our Advisor will make more speculative investments in an effort to receive this payment. Payment-in-kind ("PIK") interest and original issue discount ("OID") would increase our pre-incentive fee net investment income by increasing the size of the loan balance of underlying loans and increasing our AUM and makes it easier for our Advisor to surpass the Hurdle Amount and increase the amount of incentive fees payable to our Advisor.

Our Advisor may have an incentive to invest more in companies whose securities are likely to yield capital gains, as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. PIK interest and OID would

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increase our pre-incentive fee net investment income by increasing the size of the loan balance of underlying loans and increasing our AUM and makes it easier for our Advisor to surpass the Hurdle Amount and increase the amount of incentive fees payable to our Advisor. Our Advisor may thus have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the incentive fee even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. Under these investments, we accrue the interest over the life of the investment but do not receive the cash income from the investment until the end of the term. Our net investment income used to calculate the income portion of our incentive fee, however, includes accrued interest. Thus, a portion of this incentive fee is based on income that we have not yet received in cash. This risk could be increased because our Advisor is not obligated to reimburse us for any incentive fees received even if we subsequently incur losses or never receive in cash the accrued income (including accrued income with respect to OID, PIK interest and zero coupon securities).

The Board is charged with protecting our interests by monitoring how our Advisor addresses these and other conflicts of interests associated with its services and compensation. While they will not review or approve each investment decision or incurrence of leverage, our Independent Trustees will periodically review our Advisor's services and fees as well as its portfolio management decisions and portfolio performance. In connection with these reviews, our Independent Trustees will consider whether our fees and expenses (including those related to leverage) remain appropriate.

We may invest, to the extent permitted by law, in the securities and instruments of other investment companies, including private funds, and, to the extent we so invest, bear our ratable share of any such investment company's expenses, including management and performance fees. We also remain obligated to pay management and incentive fees to our Advisor with respect to the assets invested in the securities and instruments of other investment companies. With respect to each of these investments, each of our shareholders bears his or her share of the management and incentive fees of our Advisor as well as indirectly bearing the management and performance fees and other expenses of any investment companies in which we invest.

We expect to make many of our portfolio investments in the form of loans and securities that are not publicly traded and for which no market based price quotation is available. As a result, the Board has designated the Advisor as "Valuation Designee" to perform fair value determinations for these investments pursuant to Rule 2a-5 under the 1940 Act, as described below in "— *The majority of our portfolio investments are recorded at fair value and, as a result, there may be uncertainty as to the value of our portfolio investments."* Each of the interested members of the Board has an indirect pecuniary interest in our Advisor. The participation of our Advisor's investment professionals in our valuation process, and the pecuniary interest in our Advisor by certain members of the Board, could result in a conflict of interest as our Advisor's management fee is based, in part, on the value of our gross assets, and our incentive fees will be based, in part, on realized gains and realized and unrealized losses.

***Conflicts may arise related to other arrangements with Bain Capital Credit and our Advisor's other affiliates.***

We have entered into an Administration Agreement with our Administrator pursuant to which we are required to pay to our Administrator our allocable portion of overhead and other expenses incurred by our Administrator in performing its obligations under such Administration Agreement, such as rent and our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. In addition, our Advisor has entered into a Resource Sharing Agreement with Bain Capital Credit pursuant to which Bain Capital Credit provides our Advisor with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. These agreements create conflicts of interest that the Independent Trustees will monitor.

***Our Advisor has limited liability and is entitled to indemnification under the Investment Advisory Agreement.***

Under the Investment Advisory Agreement, our Advisor has not assumed any responsibility to us other than to render the services called for under that agreement. Our Advisor is not responsible for any action of the Board in following or declining to follow our Advisor's advice or recommendations. Under the Investment Advisory Agreement, our Advisor, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with our Advisor, including without limitation our Administrator, will not be liable to us for any actions taken or omitted to be taken by our Advisor in connection with the performance of any of its duties or obligations under the Investment Advisory Agreement or otherwise as an investment adviser of us, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services. In addition, as part of the Investment Advisory Agreement, we have agreed to indemnify our Advisor and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with our Advisor, and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by such party 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 us or our security holders) arising out of or otherwise based upon the performance of any of our Advisor's

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duties or obligations under the Investment Advisory Agreement or otherwise as an investment adviser of us, except in respect of any liability to us or our security holders to which such party would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of our Advisor's duties or by reason of the reckless disregard of our Advisor's duties and obligations under the Investment Advisory Agreement. These protections may lead our Advisor to act in a riskier manner when acting on our behalf than it would when acting for its own account.

***We operate in an increasingly competitive market for investment opportunities, which could reduce returns and result in losses.***

The business of investing in assets meeting our investment objectives is highly competitive. Competition for investment opportunities includes a growing number of nontraditional participants, such as hedge funds, senior private debt funds, including BDCs, and other private investors, as well as more traditional lending institutions and competitors. Some of these competitors may have more experience than us and considerably greater resources than us and access to greater amounts of capital and to capital that may be committed for longer periods of time or may have different return thresholds than ours, and thus these competitors may have advantages not shared by us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the requirements we must satisfy to maintain our RIC qualification. Increased competition for, or a diminishment in the available supply of, investments suitable for us could result in lower returns on such investments and have a material adverse effect on our business, financial condition and results of operations. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we can offer no assurance that we will be able to identify and make investments that are consistent with our investment objectives.

Moreover, the identification of attractive investment opportunities is difficult and involves a high degree of uncertainty. We may incur significant expenses in connection with identifying investment opportunities and investigating other potential investments that are ultimately not consummated, including expenses relating to due diligence, transportation, legal expenses and the fees of other third-party service providers.

With respect to the investments we make, we will not seek to compete based primarily on the interest rates we will offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. In the secondary market for acquiring existing loans, we expect to compete generally on the basis of pricing terms. With respect to all investments, we may lose some investment opportunities if we do not match our competitors' pricing, terms and structure. However, if we match our competitors' pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss. We may also compete for investment opportunities with Bain Capital Credit Funds and Related Funds. *See* "— Our executive officers and Trustees, our Advisor, Bain Capital Credit and their affiliates, officers, directors and employees may face certain conflicts of interest."

***We may need to raise additional capital.***

We intend to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain additional capital to fund new investments and grow our portfolio of investments. Unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. A reduction in the availability of new capital could limit our ability to grow. In addition, we are required to distribute in respect of each taxable year for U.S. federal income tax purposes an amount generally at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, for such taxable year to our shareholders to maintain our ability to be eligible for treatment as a RIC. Amounts so distributed will not be available to fund new investments or repay maturing debt. An inability on our part to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully and could decrease our earnings, if any, which would have an adverse effect on the value of our securities.

Further, we may pursue growth through acquisitions or strategic investments in new businesses. Completion and timing of any such acquisitions or strategic investments may be subject to a number of contingencies and risks. There can be no assurance that the integration of an acquired business will be successful or that an acquired business will prove to be profitable or sustainable.

***Our business could be adversely affected in the event we default under our debt agreements.***

In the event we default on any credit or other borrowing facility or if we receive margin calls or are otherwise required to post additional collateral (which may occur as a consequence of increased volatility and uncertainty in global markets), our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under such credit facility or such future credit or other borrowing facility, any of which would have a material adverse effect on our business, ability to make distributions, financial condition, results of operations and cash flows. If we were unable to obtain a waiver of a default from the lenders

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or holders of that indebtedness, as applicable, those lenders or holders could accelerate repayment under that indebtedness, which may result in cross-acceleration of other indebtedness. An acceleration could have a material adverse impact on our business, financial condition and results of operations.

In addition, following any such default, the agent for the lenders under the relevant credit facility or such future credit or other borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Lastly, as a result of any such default, we may be unable to obtain additional leverage, which could, in turn, affect our return on capital.

***Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.***

The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. However, we currently borrow from, and may in the future issue debt securities to, banks, insurance companies and other lenders. Lenders of these funds will have fixed dollar claims on our assets that are superior to the claims of our common shareholders, and we would expect such lenders to seek recovery against our assets in the event of a default. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instruments we may enter into with lenders. In addition, under the terms of our debt agreements and any future credit or other borrowing facility or other debt instrument we may enter into, we are likely to be required to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have had we not used leverage, thereby magnifying losses or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make distribution payments on our Common Shares. Our ability to service any debt will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. In addition, our common shareholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management fee payable to our Advisor.

We cannot assure investors that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our debt agreements or otherwise in an amount sufficient to enable us to repay our indebtedness or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness on or before it matures. We cannot assure investors that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. We cannot assure investors that any such actions, if necessary, could be affected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to our shareholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements.

The Small Business Credit Availability Act (the "SBCAA") modified the applicable section of the 1940 Act and decreased the asset coverage requirements applicable to BDCs from 200% to 150% (subject to either shareholder approval or approval of both a majority of the Board and a majority of Trustees who are not interested persons). As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our Common Shares if our coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings, at least equals 150% after such issuance. If this ratio declines below 150%, we will not be able to incur additional debt and could be required to sell a portion of our investments to repay some debt when it is otherwise disadvantageous for us to do so. This could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ will depend on our Advisor's assessment of market and other factors at the time of any proposed borrowing. We cannot assure shareholders that we will be able to obtain credit at all or on terms acceptable to us.

As of December 31, 2025, we had approximately $792.7 million of outstanding borrowings under (i) the GS Revolving Credit Facility, (ii) the SMBC Revolving Credit Facility, (iii) the JPM Revolving Credit Facility, and (iv) the Series 2025 Senior Notes. The weighted average stated interest rate on our principal amount of outstanding indebtedness as of December 31, 2025 was 6.4% (excluding deferred financing costs, deferred issuance costs and unused fees). We intend to continue borrowing under the Borrowings in the future and we may increase the size of the Borrowings or issue debt securities or other evidences of indebtedness (although there can be no assurance that we will be successful in doing so). For more information on our indebtedness, see "Management's Discussion and Analysis of Financial Condition and Results of Operations-Financial Condition, Liquidity and Capital Resources." Our ability to service our debt depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. The

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amount of leverage that we employ at any particular time will depend on our Advisor's and our Board's assessments of market and other factors at the time of any proposed borrowing.

The Borrowings impose financial and operating covenants that restrict our business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC. A failure to renew the Borrowings or to add new or replacement debt facilities or to issue debt securities or other evidences of indebtedness could have a material adverse effect on our business, financial condition and results of operations.

The following table illustrates the effect of leverage on returns from an investment in our Common Shares assuming that we employ (i) our actual asset coverage ratio as of December 31, 2025 and (ii) a hypothetical asset coverage ratio of 150%, each at various annual returns on our portfolio as of December 31, 2025, net of expenses. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assumed Return on our Portfolio (Net of Expenses)** | **(10.00%)** | **(5.00%)** | **0.00%** | **5.00%** | **10.00%** |
| Corresponding return to common shareholder assuming actual asset coverage as of December 31, 2025 (217%) <sup>(1)</sup> | (24.32)% | (14.89)% | (5.47)% | 3.96% | 13.39% |
| Corresponding return to common shareholder assuming 150% asset coverage <sup>(2)</sup> | (43.08)% | (27.93)% | (12.78)% | 2.37% | 17.52% |

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<sup>(1)</sup> Based on (i) $1,747.2 million in total assets as of December 31, 2025 (ii) $792.7 million in outstanding indebtedness as of December 31, 2025, (iii) $926.7 million in net assets as of December 31, 2025, and (iv) an annualized average interest rate on our indebtedness, as of December 31, 2025, excluding fees (such as fees on undrawn amounts and amortization of financing costs), of 6.4%.

<sup>(2)</sup> Based on (i) $2,807.8 million in total assets on a pro forma basis as of December 31, 2025, after giving effect of a hypothetical asset coverage ratio of 150%, (ii) $1,853.3 million in outstanding indebtedness on a pro forma basis as of December 31, 2025 after giving effect of a hypothetical asset coverage ratio of 150%, (iii) $926.7 million in net assets as of December 31, 2025, and (iv) an annualized average interest rate on our indebtedness, as of December 31, 2025, excluding fees (such as fees on undrawn amounts and amortization of financing costs), of 6.4%.

***We are and may be subject to restrictions under our debt agreements and any future credit or other borrowing facility that could adversely impact our business.***

Our debt agreements and any future credit or other borrowing facility may be backed by all or a portion of our loans and securities on which the lenders may have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, any security interests as well as negative covenants included in our debt agreements or any future credit or other borrowing facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under our debt agreements or any future credit or other borrowing facility were to decrease, we would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under the relevant credit facility or any other borrowing facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to pay distributions.

In addition, under our debt agreements and any future credit or other borrowing facilities, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as restrictions on leverage, which may affect the amount of funding that may be obtained. For example, proceeds of the loans under the credit facilities may be used to acquire certain qualifying loans and such other uses as permitted under the credit facilities. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under our debt agreements or any future credit or other borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have

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a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under the relevant credit facility or any other borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and/or make distributions to shareholders required to maintain our ability to be eligible for treatment as a RIC.

***The majority of our portfolio investments are recorded at fair value and, as a result, there may be uncertainty as to the value of our portfolio investments.***

We expect that many of our portfolio investments will take the form of loans and securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not have market quotations available and the fair value may not be readily determinable. If market quotations are not available or reliable, the Advisor will value these investments pursuant to its own written valuation policies and procedures as approved by the Board, pursuant to its delegation to the Advisor, including to reflect significant events affecting the value of our investments. Many, if not all, of our investments (other than cash) may be classified as Level 3 under ASC Topic 820, *Fair Value Measurement* ("ASC 820"). This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. We expect that inputs into the determination of fair value of our portfolio investments will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We retain the services of one or more independent service providers to review the valuation of these loans and securities. However, the ultimate determination of fair value will be made by the Advisor as the Valuation Designee and not by such third-party valuation firm. The types of factors that the Advisor may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future, comparisons to publicly traded companies, relevant credit market indices and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate our valuation.

Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Also, since these valuations are, to a large extent, based on estimates, comparisons and qualitative evaluations of private information, our fair valuation process could make it more difficult for investors to accurately value our investments and could lead to undervaluation or overvaluation of our securities. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger public competitors.

Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such loans and securities. Further, our NAV as of a particular date may be materially greater than or less than the value that would be realized if our assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of our assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in our NAV.

We will adjust on a monthly basis the valuation of our portfolio to reflect the Advisor's determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded in our consolidated statements of operations as net change in unrealized appreciation or depreciation on investments.

***New or modified laws or regulations governing our operations could adversely affect our business.***

We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations could also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business.

The effects of legislative and regulatory proposals directed at the financial services industry or affecting taxation could negatively impact our operations, cash flows or financial condition or our portfolio companies, impose additional costs on us or our portfolio companies, intensify the regulatory supervision of us or our portfolio companies or otherwise adversely affect our business or the

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business of our portfolio companies. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of our business and could be subject to civil fines and criminal penalties.

We invest in securities of issuers that are subject to governmental and non-governmental regulations, including by federal and state regulators and various self-regulatory organizations. Companies participating in regulated activities could incur significant costs to comply with these laws and regulations. If a company in which we invest fails to comply with an applicable regulatory regime, it could be subject to fines, injunctions, operating restrictions or criminal prosecution, any of which could materially and adversely affect the value of our investment. Additionally, changes to the laws and regulations governing our operations, including those associated with RICs, could cause us to alter our investment strategy in order to avail ourselves of new or different opportunities or result in the imposition of corporate-level taxes on us. Such changes could result in material differences to our strategies and plans and could shift our investment focus from the areas of expertise of our Advisor to other types of investments in which our Advisor could have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of an investment. If we invest in commodity interests in the future, our Advisor could determine not to use investment strategies that trigger additional regulation by the CFTC or may determine to operate subject to CFTC regulation, if applicable. If we or our Advisor were to operate subject to CFTC regulation, we could incur additional expenses and would be subject to additional regulation.

Further, there has been increasing commentary among regulators and intergovernmental institutions, including the Financial Stability Board and International Monetary Fund, on the topic of "shadow banking" (a term generally taken to refer to credit intermediation involving entities and activities outside the regulated banking system). We are an entity outside the regulated banking system and certain of our activities may be argued to fall within this definition and, in consequence, may be subject to regulatory developments. As a result, we and our Advisor could be subject to increased levels of oversight and regulation. This could increase costs and limit operations. In an extreme eventuality, it is possible that such regulations could render our continued operation unviable and lead to its premature termination or restructuring.

The central banks and, in particular, the Federal Reserve, have taken unprecedented steps in recent periods. It is impossible to predict if, how, and to what extent the United States and other governments would further intervene in the credit markets. Such intervention is often prompted by politically sensitive issues involving family homes, student loans, real estate speculation, credit card receivables, pandemics, etc., and could, as a result, be contrary to what we would predict from an "economically rational" perspective.

On the other hand, recent governmental intervention could mean that the willingness of governmental bodies to take additional extraordinary action is diminished. As a result, in the event of near-term major market disruptions, there might be only limited additional government intervention, resulting in correspondingly greater market dislocation and materially greater market risk.

U.S. and non-U.S. markets could experience political uncertainty and/or change that subjects investments to heightened risks. These heightened risks could also include, but are not limited to: increased risk of default (by both government and private issuers); greater social, trade, economic and political instability (including the risk of war or terrorist activity); greater governmental involvement in the economy; less governmental supervision and regulation of the securities markets and market participants; greater fluctuations in currency exchange rates; controls or restrictions on foreign investment and/or trade, capital controls and limitation on repatriation of invested capital and on the ability to exchange currencies; inability to purchase and sell investments or otherwise settle security or derivative transactions (i.e., a market freeze); unavailability of currency hedging techniques; and slower clearance. During times of political uncertainty and/or change, global markets often become more volatile. There could also be a lower level of monitoring and regulation of markets while a country is experiencing political uncertainty and/or change, and the activities of investors in such markets and enforcement of existing regulations could become more limited. Markets experiencing political uncertainty and/or change could have substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates typically have negative effects on such countries' economies and markets. Tax laws could change materially, and any changes in tax laws could have an unpredictable effect on us, our investments and our investors. There can be no assurance that political changes will not cause us or our investors to suffer losses.

***We are subject to certain risks related to being an "emerging growth company".***

We will be and we will remain an "emerging growth company" as defined in the JOBS Act for five years after initial public offering or until or until the earliest of: (1) the last date of the fiscal year during which we had total annual gross revenues of $1.235 billion or more; (2) the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or (3) the date on which we are deemed to be a "large accelerated filer" as defined under Rule 12b-2 under the Exchange Act. For so long as we remain an "emerging growth company," we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our shares less attractive because we will rely on some or all of these exemptions.

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***Changes to U.S. tariff and import or export regulations may negatively impact our business.***

The U.S. has recently enacted and proposed to enact significant new tariffs. Additionally, the new Presidential Administration has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact our business.

***The Board may change our investment objectives, operating policies and strategies without prior notice or shareholder approval.***

The Board has the authority, except as otherwise provided in the 1940 Act, to modify or waive certain of our investment objectives, operating policies and strategies without prior notice and without shareholder approval. However, absent shareholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. Under Delaware law, we also cannot be dissolved without prior shareholder approval. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and financial condition. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions to our shareholders.

***Provisions of the Delaware Statutory Trust Act and of our Declaration of Trust and Bylaws could deter takeover attempts.***

The Delaware Statutory Trust Act, as amended (the "DSTA"), contains provisions that may discourage, delay or make more difficult a change in control of us or the removal of our Trustees. Our Declaration of Trust (as amended and/or restated from time to time, the "Declaration of Trust") and Bylaws (as amended and/or restated from time to time, the "Bylaws") contain provisions that limit liability and provide for indemnification of our trustees and officers. These provisions and others which we may adopt also may have the effect of deterring hostile takeovers or delaying changes in control or management.

We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our Declaration of Trust that classify the Board in three classes serving staggered three-year terms, and provisions of our Declaration of Trust authorizing our Board to classify or reclassify shares in one or more classes or series and to cause the issuance of additional Common Shares. These provisions, as well as other provisions we have adopted or may adopt in our Declaration of Trust and Bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our shareholders.

***Provisions in our Declaration of Trust could make it more difficult for a potential acquirer to acquire us.***

Our Declaration of Trust contains provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. Our Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; our Board may, without shareholder action, amend our Declaration of Trust to increase the number of our Common Shares, of any class or series, that we will have authority to issue; and our Declaration of Trust provides that, if any class of our shares is listed on a national securities exchange, our Board will be divided into three classes of Trustees serving staggered terms of three years each. These provisions may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our Common Shares and could entrench management. In particular, a classified Board with three-year staggered terms could delay the ability of shareholders to change the membership of a majority of the Board.

***Our Declaration of Trust requires, to the fullest extent permitted by law and except for claims arising under federal or state securities laws, that derivative actions brought in our name, actions against our Trustees, officers, other employees or shareholders for breach of fiduciary duty and other similar actions may be brought in a federal or state court located in the state of Delaware.***

Our Declaration of Trust provides that, to the fullest extent permitted by law and except for claims arising under federal or state securities laws, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our Trustees, officers or other employees to us or our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the DSTA, our Declaration of Trust or Bylaws or the securities, antifraud, unfair trade practices or similar laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be a federal or state court located in the state of Delaware. Any person or entity purchasing or otherwise acquiring any interest in our Common Shares shall be deemed, to the fullest extent permitted by law, to have notice of and consented to these exclusive forum provisions and to have irrevocably submitted to, and waived any objection to, the exclusive jurisdiction of such courts in connection with any such action or

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proceeding and consented to process being served in any such action or proceeding, without limitation, by United States mail addressed to the shareholder at the shareholder's address as it appears on our records, with postage thereon prepaid.

This choice of forum provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our Trustees, officers, other employees or shareholders, which may discourage lawsuits with respect to such claims. Alternatively, if a court were to find the choice of forum provision contained in our Declaration of Trust to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results and financial condition.

***Our Advisor has the ability to terminate the Investment Advisory Agreement on 120 days' written notice and our Administrator has the ability to terminate the Administration Agreement on 60 days' written notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.***

The Investment Advisory Agreement provides that it is terminable (a) by the Company upon 60 days' written notice to the Advisor: (i) upon the affirmative vote of holders of a majority of the outstanding voting securities of the Company entitled to vote on the matter (as "majority of the outstanding voting securities" is defined in Section 2(a)(42) of the 1940 Act) or (ii) by the vote of the Independent Trustees; or (b) by the Advisor upon not less than one hundred twenty (120) days' written notice to the Company, in each case without cause or penalty. Similarly, our Administrator has the right under the Administration Agreement to resign at any time upon not less than 60 days' written notice, whether we have found a replacement or not. If our Advisor or our Administrator were to resign, we may not be able to find a new investment adviser or administrator, as applicable, or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 120 days or 60 days, as applicable, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, and our financial condition, business and results of operations as well as our ability to pay distributions to our shareholders are likely to be adversely affected. In addition, the coordination of our internal management and investment or administrative activities, as applicable, is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by our Advisor, or our Administrator, as applicable. Even if we are able to retain a comparable service provider or individuals performing such services are retained, whether internal or external, their integration and lack of familiarity with our investment objectives may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows.

In addition, if our Advisor resigns or is terminated, we would lose the benefits of our relationship with Bain Capital Credit, including the use of Bain Capital Credit's communication and information systems, insights into our existing portfolio, market expertise, sector and macroeconomic views and due diligence capabilities, as well as any investment opportunities referred to us by Bain Capital Credit, and we would be required to change our name, which may have a material adverse impact on our operations.

**Risks Relating to the 1940 Act**

***We and our Advisor are subject to regulations and SEC oversight. If we or they fail to comply with applicable requirements, it may adversely impact our results relative to companies that are not subject to such regulations.***

As a BDC, we are subject to a portion of the 1940 Act. In addition, we have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a RIC in accordance with the requirements of Subchapter M of the Code. The 1940 Act and the Code impose various restrictions on the management of a BDC, including related to portfolio construction, asset selection, and tax. These restrictions may reduce the chances that the BDC will achieve results similar to those of other vehicles managed by Bain Capital Credit and/or our Advisor.

However, if we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease our operating flexibility.

In addition to these and other requirements applicable to us, our Advisor is subject to regulatory oversight by the SEC. To the extent the SEC raises concerns or has negative findings concerning the manner in which we or our Advisor operate, it could adversely affect our business.

***Our ability to enter into transactions with our affiliates is restricted.***

We are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our Independent Trustees and, in some cases, the SEC. We consider our Advisor and its affiliates, including Bain Capital Credit, to be our affiliates for such purposes. In addition, any person that owns, directly or indirectly, 5% or more of our outstanding voting securities

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will be our affiliate for purposes of the 1940 Act, and we are generally prohibited from buying or selling any security from or to such affiliate without the prior approval of our Independent Trustees. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company, without prior approval of our Independent Trustees and, in some cases, of the SEC. We are prohibited from buying or selling any security from or to any person who owns more than 25% of our voting securities or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC.

We may, however, invest alongside Bain Capital Credit Clients in certain circumstances where doing so is consistent with our investment strategy as well as applicable law and SEC staff interpretations or exemptive orders. For example, we may invest alongside Bain Capital Credit Clients consistent with guidance promulgated by the SEC staff to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that Bain Capital Credit and our Advisor, acting on our behalf and on behalf of such Bain Capital Credit Clients, negotiates no term other than price. We may also invest alongside Bain Capital Credit Clients as otherwise permissible under regulatory guidance, applicable regulations or exemptive orders and Bain Capital Credit's allocation policy. If we are prohibited by applicable law from investing alongside Bain Capital Credit Clients with respect to an investment opportunity, we may not be able to participate in such investment opportunity. In instances when investments are recommended for us and/or other participating Bain Capital Credit Clients, allocations among us and other Bain Capital Credit Clients, subject to applicable law and regulation, will be done in accordance with our Advisor's trade allocation practice. However, there can be no assurance that we will be able to participate in all investment opportunities that are suitable to us.

In situations where co-investment with other Bain Capital Credit Clients is not permitted or appropriate, subject to the limitations described in the preceding paragraph, Bain Capital Credit will need to decide which client will proceed with the investment. Similar restrictions limit our ability to transact business with our officers or Trustees or their affiliates. These restrictions will limit the scope of investment opportunities that would otherwise be available to us.

We invest alongside our affiliates, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments will be made only in accordance with the terms of the exemptive order applicable to the Company received from the SEC on December 23, 2025 (the "Order"). Under the terms of the Order, a majority of our Independent Trustees must reach certain conclusions in connection with certain co-investment transactions (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that (i) the terms of the proposed transaction are reasonable and fair to the Company and its shareholders and do not involve overreaching in respect of the Company or its shareholders on the part of any person concerned, and (ii) the transaction is consistent with the interests of the Company's shareholders and is consistent with the Company's then-current investment objectives and strategies. In certain situations where co-investment with one or more funds managed by the Advisor or its affiliates is not covered by the Order, the personnel of the Advisor or its affiliates will need to decide which funds will proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

***Our ability to sell or otherwise exit investments also invested in by other Bain Capital Credit investment vehicles is restricted.***

We may be considered affiliates with respect to certain of our portfolio companies because our affiliates, which may include other Bain Capital Credit Funds, also hold interests in these portfolio companies and as such these interests may be considered a joint enterprise under the 1940 Act. To the extent that our interests in these portfolio companies may need to be restructured in the future or to the extent that we choose to exit certain of these transactions, our ability to do so will be limited.

***If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.***

As a BDC, we may not acquire any assets other than qualifying assets unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and investments in distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as qualifying assets only if such issuer has a common equity market capitalization that is less than $250.0 million at the time of such investment.

We may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such

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investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***Regulations governing our operation as a BDC affect our ability to, and the way in which we, raise additional capital.***

We may issue debt securities and/or borrow money from banks or other financial institutions, which we refer to collectively as "senior securities," up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we will be permitted as a BDC to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, equals 150%, provided if certain disclosure and approval requirements are met, of our gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments at a time when such sales may be disadvantageous to us in order to repay a portion of our indebtedness.

Furthermore, equity capital may be difficult to raise because, subject to some limited exceptions we are not generally able to issue and sell our Common Shares at a price per share below NAV. We may, however, sell our Common Shares, or warrants, options, or rights to acquire our Common Shares, at a price below the current NAV of our Common Shares if the Board determines that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the market value of such securities (less any distributing commission or discount). We do not currently have authorization from our shareholders to issue Common Shares at a price below its then current NAV per share.

***Certain investors are limited in their ability to make significant investments in us.***

Private funds that are excluded from the definition of "investment company" either pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting shares (measured at the time of the acquisition).

Investment companies registered under the 1940 Act and BDCs, such as us, are also subject to this restriction as well as other limitations under the 1940 Act that would restrict the amount that they are able to invest in our securities. As a result, certain investors will be limited in their ability to make significant investments in us at a time that they might desire to do so.

Risks Relating to Our Investments

***Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interest rates may make it more difficult for portfolio companies to make periodic payments on their loans.***

Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity. This risk and the risk of default is increased to the extent that the loan documents do not require the portfolio companies to pay down the outstanding principal of such debt prior to maturity. In addition, if general interest rates rise, there is a risk that our portfolio companies will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Any failure of one or more portfolio companies to repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make ongoing payments following an increase in contractual interest rates could have a material adverse effect on our business, financial condition, results of operations and cash flows.

We may need to restructure the capitalization of some portfolio companies, which could result in reduced interest payments or permanent impairments on our investments. Any such decrease in our net investment income would increase the percentage of our cash flows dedicated to debt service and distribution payments to shareholders. If these amounts become unsustainable, we may be required to reduce the amount of our distributions to shareholders.

***Our debt investments may be risky, and we could lose all or part of our investments.***

Debt portfolios are subject to credit and interest rate risk. "Credit risk" refers to the likelihood that an issuer will default in the payment of principal and/or interest on an instrument. Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, subordination, lack or inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument, and securities which are rated by rating agencies are often reviewed and may be subject to downgrade. "Interest rate risk" refers to the risks associated with market changes in interest rates, including the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals

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between our assets and liabilities and the effect that interest rates may have on our cash flows. Factors that may affect market interest rates include, without limitation, inflation, slow or stagnant economic growth or recession, unemployment, money supply and the monetary policies of the Federal Reserve Board and central banks throughout the world, international disorders and instability in domestic and foreign financial markets. 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, SOFR, SONIA and BKBM.

While the Federal Reserve raised interest rates throughout 2022 and 2023, as inflation pressures have eased in recent periods, the Federal Reserve has relaxed its monetary policies and cut the interest rates to support the broader economy. In 2024 and 2025, the U.S. Federal Reserve announced several benchmark rate cuts. These developments, along with domestic and international debt and credit concerns, could cause interest rates to be volatile, which may negatively impact our ability to access the debt markets on favorable terms. 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 interest rates are not offset by a corresponding increase in the interest rates 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 or other interest rate benchmark. Interest rate changes may also affect the value of a debt instrument indirectly (especially in the case of fixed rate securities) and directly (especially in the case of instruments whose rates are adjustable). In general, rising interest rates could negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive effect on price. Adjustable rate instruments may also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including, among other factors, the index chosen, frequency of reset and reset caps or floors). Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules. We expect that we will periodically experience imbalances in the interest rate sensitivities of our assets and liabilities and the relationships of various interest rates to each other. In a changing interest rate environment, we may not be able to manage this risk effectively, which in turn could adversely affect our performance.

***We may hold the debt securities of leveraged companies.***

Portfolio companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing and other capabilities, or a larger number of qualified managerial and technical personnel. As a result, portfolio companies which our Advisor expects to be stable may operate at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position or may otherwise have a weak financial condition or be experiencing financial distress.

Portfolio companies may issue certain types of debt, such as senior loans, mezzanine or high yield in connection with leveraged acquisitions or recapitalizations in which the portfolio company incurs a substantially higher amount of indebtedness than the level at which it had previously operated. Leverage may have important consequences to these portfolio companies and us as an investor. For example, the substantial indebtedness of a portfolio company could (i) limit its ability to borrow money for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes, (ii) require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes, (iii) make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage, and (iv) subject it to restrictive financial and operating covenants, which may preclude it from favorable business activities or the financing of future operations or other capital needs. As a result, the ability of these leveraged companies to respond to changing business and economic conditions and to take advantage of business opportunities may be limited.

A leveraged portfolio company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. In addition, a portfolio company with a leveraged capital structure will be subject to increased exposure to adverse economic factors, such as a significant rise in interest rates, a severe downturn in the economy or deterioration in the condition of that portfolio company or its industry. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. If a portfolio company is unable to generate sufficient cash flow to meet all of its obligations, it may take alternative measures (e.g., reduce or delay capital expenditures, sell assets, seek additional capital, or seek to restructure, extend or refinance indebtedness). These actions may negatively affect our investment in such a portfolio company. Accordingly, leveraged companies may enter into bankruptcy proceedings at higher rates than companies that are not leveraged.

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***We invest in middle market companies, which involve higher risks than investments in larger companies.***

We invest, and expect to invest in middle market companies, which companies often involve higher risks because they lack the management experience, financial resources, product diversification and competitive strength of larger corporations, all of which may contribute to illiquidity, and may, in turn, adversely affect the price and timing of liquidation of our investments.

Middle market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies we invest in and, in turn, on us. Middle market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, our executive officers, Trustees and our Advisor may, in the ordinary course of business, be named as defendants in litigation arising from our investments in portfolio companies.

In addition, investment in middle market companies involves a number of other significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in laws and regulations, as well as their interpretations, may adversely affect their business, financial structure or prospects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

***The lack of liquidity in our investments may adversely affect our business.***

The lack of an established, liquid secondary market for a large portion of our investments may have an adverse effect on the market value of our investments and on our ability to dispose of them. Additionally, our investments may be subject to certain transfer restrictions that may also contribute to illiquidity. Further, our assets that are typically traded in a liquid market may become illiquid if the applicable trading market tightens. Therefore, no assurance can be given that we can dispose of a particular investment at its prevailing fair value.

A portion of our investments may consist of securities that are subject to restrictions on resale by us because they were acquired in a "private placement" or similar transaction or because we are deemed to be an affiliate of the issuer of such securities. We will be able to sell such securities only under applicable securities laws, which may permit only limited sales under specified conditions or subject us to additional potential liability.

***Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.***

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by the Advisor as the Valuation Designee as described above in "— *The majority of our portfolio investments are recorded at fair value and, as a result, there may be uncertainty as to the value of our portfolio investments.*"

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). As a result, volatility in the capital markets can also adversely affect our investment valuations. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our NAV by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

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***Our investments in secured loans may nonetheless expose us to losses from default and foreclosure.***

While we may invest in secured loans, we may nonetheless be exposed to losses resulting from default and foreclosure. Therefore, the value of the underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. In some circumstances, our lien could be subordinated to claims of other creditors, such as trade creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt investment. We cannot guarantee the adequacy of the protection of our interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. There is a risk that the collateral securing our debt investment may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital.

Furthermore, we cannot assure that claims may not be asserted that might interfere with enforcement of our rights. In addition, in the event of any default under a secured loan held directly by us, we will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the secured loan, which could have a material adverse effect on our cash flow from operations.

In the event of a foreclosure, we may assume direct ownership of the underlying asset. The liquidation proceeds upon sale of such asset may not satisfy the entire outstanding balance of principal and interest on the loan, resulting in a loss to us. Any costs or delays involved in the effectuation of a foreclosure of the loan or a liquidation of the underlying property will further reduce the proceeds and thus increase the loss.

These risks are magnified for stretch senior loans. Stretch senior loans are senior loans that have a greater loan-to-value ratio than traditional senior loans and typically carry a higher interest rate to compensate for the additional risk. Because stretch senior loans have a greater loan-to-value ratio, there is potentially less over-collateralization available to cover the entire principal of the stretch senior loan.

***Our investments in mezzanine debt and other junior securities are subordinate to senior indebtedness of the applicable company and are subject to greater risk.***

The mezzanine debt and other junior securities in which we may invest are typically contractually or structurally subordinate to senior indebtedness of the applicable company, or effectively subordinated as a result of being unsecured debt and therefore subject to the prior repayment of secured indebtedness to the extent of the value of the assets pledged as security. In some cases, the subordinated debt held by us may be subject to the prior repayment of different classes of senior debt that may be in priority ahead of the debt held by us. In the event of financial difficulty on the part of a portfolio company, such class or classes of senior indebtedness ranking prior to the debt held by us, and interest thereon and related expenses, must first be repaid in full before any recovery may be had on our mezzanine or other subordinated investments. Subordinated investments are characterized by greater credit risks than those associated with the senior or senior secured obligations of the same issuer. In addition, under certain circumstances the holders of the senior indebtedness will have the right to block the payment of interest and principal on our mezzanine debt and other junior securities and to prevent us from pursuing its remedies on account of such non-payment against the issuer. Further, in the event of any debt restructuring or workout of the indebtedness of any issuer, the holders of the senior indebtedness will likely control the creditor side of such negotiations.

Many issuers of mezzanine debt and other junior securities are highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations. In addition, many issuers of mezzanine debt and other junior securities may be in poor financial condition, experiencing poor operating results, having substantial capital needs or negative net worth or be facing special competitive or product obsolescence problems, and may include companies involved in bankruptcy or other reorganizations or liquidation proceedings. Adverse changes in the financial condition of an issuer, general economic conditions, or both, may impair the ability of such issuer to make payments on the subordinated securities and result in defaults on such securities more quickly than in the case of the senior obligations of such issuer. Mezzanine debt and other junior securities may not be publicly traded, and therefore it may be difficult to obtain information as to the true condition of the issuer. Finally, the market values of certain mezzanine debt and other junior securities may reflect individual corporate developments.

Investments in mezzanine debt and other junior securities may also be in the form of zero-coupon or deferred interest bonds, which are bonds which are issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance. While zero-coupon bonds do not require the periodic payment of interest, deferred interest bonds generally provide for a period of delay before the regular payment of interest begins. These investments typically experience greater volatility in market value due to changes in the interest rates than bonds that provide for regular payments of interest. We may

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make subordinated investments that rank below other obligations of the obligor in right of payment. Subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the obligor or in general economic conditions. If we make a subordinated investment in a portfolio company, the portfolio company may be highly leveraged, and its relatively high debt-to-equity ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt obligations.

***Our prospective portfolio companies may prepay loans, which may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields.***

The terms of loans acquired or originated by us may be subject to early prepayment options or similar provisions which, in each case, could result in us realizing repayments of such loans earlier than expected, sometimes with no or a nominal prepayment premium. This may happen when there is a decline in interest rates, when the portfolio company's improved credit or operating or financial performance allows the refinancing of certain classes of debt with lower cost debt or when the general credit market conditions improve. Prepayments could also negatively impact our ability to pay, or the amount of, distributions on our Common Shares. Further, in the case of some of these loans, having the loan paid early may have the effect of reducing our actual investment income below our expected investment income if the capital returned cannot be invested in transactions with equal or greater yields. Our inability to reinvest such proceeds may materially affect our overall performance.

We are generally unable to predict the rate and frequency of such prepayments. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that allow such portfolio company the ability to replace existing financing with less expensive capital. In periods of rising interest rates, the risk of prepayment of floating rate loans may increase if other financing sources are available. As market conditions change frequently, we will often be unable to predict when, and if, this may be possible for each of our portfolio companies.

***Our loans may have limited amortization requirements.***

We may invest in debt that has limited mandatory amortization and interim repayment requirements. A low level of amortization of any debt, over the life of the investment, may increase the risk that a portfolio company will not be able to repay or refinance the debt held by us when it comes due at its final stated maturity.

***We may invest in high yield debt, or junk bonds, which has greater credit and liquidity risk than more highly rated debt obligations.***

We may invest in high yield debt, a substantial portion of which may be rated below investment-grade by one or more nationally recognized statistical rating organizations or is unrated but of comparable credit quality to obligations rated below investment-grade, and has greater credit and liquidity risk than more highly rated debt obligations. High yield debt is generally unsecured and may be subordinate to other obligations of the obligor. The lower rating of high yield debt reflects a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including, for example, a substantial period of rising interest rates or declining earnings) or both may impair the ability of the obligor to make payment of principal and interest. Many issuers of high yield debt are highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations. In addition, many issuers of high yield debt may be in poor financial condition, experiencing poor operating results, having substantial capital needs or negative net worth or be facing special competitive or product obsolescence problems, and may include companies involved in bankruptcy or other reorganizations or liquidation proceedings. High yield debt generally experiences greater default rates than is the case for investment-grade securities. Certain of these securities may not be publicly traded, and therefore it may be difficult to obtain information as to the true condition of the issuer. Overall declines in the below investment-grade bond and other markets may adversely affect such issuers by inhibiting their ability to refinance their debt at maturity. High yield debt is often less liquid than higher rated securities, and the market for high yield debt has recently experienced periods of volatility. The market values of certain of this high yield debt may reflect individual corporate developments.

For a description of zero-coupon or deferred interest bonds, *see* "— Our investments in mezzanine debt and other junior securities are subordinate to senior indebtedness of the applicable company and are subject to greater risk."

***We may invest in equity securities, which generally have greater price volatility than fixed income securities.***

We may in certain limited circumstances invest in equity securities, including equity securities issued by entities with unrated or below investment-grade debt. As with other investments that we may make, the value of equity securities held by us may be adversely affected by actual or perceived negative events relating to the issuer of such securities, the industry or geographic areas in which such issuer operates or the financial markets generally. However, equity securities may be even more susceptible to such events given their subordinate position in the issuer's capital structure. As such, equity securities generally have greater price volatility than fixed income securities, and the market price of equity securities owned by us is more susceptible to moving up or down in a rapid or unpredictable

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manner. The equity securities we acquire may fail to appreciate and may decline in value or become worthless, and our ability to recover our investment will depend on our portfolio company's success. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

Even if the portfolio company is successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them.

There are special risks associated with investing in preferred securities, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes before we receive such distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preferred securities may be substantially less liquid than many other securities, such as Common Shares or U.S. government securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•generally, preferred security holders have no voting rights with respect to the issuing company, subject to limited exceptions.

***The prices of the financial instruments in which we invest may be highly volatile.***

Price movements of instruments in which our assets may be invested are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments and national and international political and economic events and policies. In addition, governments, from time to time, intervene, directly and by regulation, in certain markets, particularly those in currencies and financial instrument options. Such intervention is intended to influence prices directly and may, together with other factors, cause all of such markets to move rapidly in the same direction because of, among other things, interest rate fluctuations.

***Our investment in entire portfolios may not be as successful as acquiring the assets individually.***

We may invest in entire portfolios of assets sold by hedge funds, other BDCs, regional commercial banks, specialty finance companies and other types of financial firms. The performance of individual assets in such a portfolio will vary, and the return on our investment in an entire portfolio may not exceed the returns we would have received had we purchased some, but not all, of the assets contained in such portfolio.

***Investments in financially troubled companies involve significantly greater risk than investments in non-troubled companies.***

We may invest in the obligations of companies that are financially troubled and that are either engaged in a reorganization or expect to file for bankruptcy. Although the terms of such financing may result in significantly greater returns to us, investments in financially troubled companies also involve significantly greater risk than investments in non-troubled companies, and the repayment of obligations of financially troubled companies is subject to significant uncertainties. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. There is no assurance that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action. We may make investments that become distressed due to factors outside the control of our Advisor. There is also no assurance that there will be sufficient collateral to cover the value of the loans and/or other investments purchased by us or that there will be a successful reorganization or similar action of the company or investment which becomes distressed. In any reorganization or liquidation proceeding relating to a company in which we invest, we may lose all or part of our investment, may be required to accept collateral, cash or securities with a value less than our original investment and/or may be required to accept payment over an extended period of time. Additionally, we may invest in the securities of financially troubled companies that are non-U.S. issuers. Such non-U.S. issuers may be subject to bankruptcy and reorganization processes and proceedings that are not comparable to those in the United States and that may be less favorable to the rights of lenders.

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***Investments in "event-driven" special situations may not fully insulate us from risks inherent in our planned activities.***

Our strategies, from time to time, involve investments in "event-driven" special situations such as recapitalizations, spinoffs, corporate and financial restructurings, litigation or other catalyst-orientated situations. Investments in such securities are often difficult to analyze, and we could be incorrect in our assessment of the downside risk associated with an investment, thus resulting in a significant loss. Although we intend to utilize appropriate risk management strategies, such strategies cannot fully insulate us from the risks inherent in our planned activities. Moreover, in certain situations, we may be unable to, or may choose not to, implement risk management strategies because of the costs involved or other relevant circumstances.

***We may be subject to lender liability and equitable subordination.***

In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories (collectively termed "lender liability"). Generally, lender liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of certain of our investments, we could be subject to allegations of lender liability.

In addition, under common law principles that in some cases form the basis for lender liability claims, if a lending institution (i) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower, (ii) engages in other inequitable conduct to the detriment of such other creditors, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (iv) uses its influence as a shareholder to dominate or control a borrower to the detriment of the other creditors of such borrower, a court may elect to subordinate the claim of the offending lending institution to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination." Because of the nature of certain of our investments, we could be subject to claims from creditors of an obligor that our investments issued by such obligor should be equitably subordinated. A significant number of our investments will involve investments in which we will not be the lead creditor. It is, accordingly, possible that lender liability or equitable subordination claims affecting our investments could arise without our direct involvement.

If we purchase debt securities of an affiliate of a portfolio company in the secondary market at a discount, (i) a court might require us to disgorge profit it realizes if the opportunity to purchase such securities at a discount should have been made available to the issuer of such securities or (ii) we might be prevented from enforcing such securities at their full face value if the issuer of such securities becomes bankrupt.

***Participation on creditors' committees may expose our Advisor to liability.***

Our Advisor may participate on committees formed by creditors to negotiate the management of financially troubled companies that may or may not be in bankruptcy or our Advisor may seek to negotiate directly with the debtors with respect to restructuring issues. If our Advisor does join a creditors' committee, the participants of the committee would be interested in obtaining an outcome that is in their respective individual best interests and there can be no assurance of obtaining results most favorable to us in such proceedings. By participating on such committees, our Advisor may be deemed to have duties to other creditors represented by the committees, which might expose our Advisor to liability to such other creditors who disagree with our Advisor's actions.

While our Advisor intends to comply with all applicable securities laws and to make judgments concerning restrictions on trading in good faith, our Advisor may trade in a portfolio company's securities while engaged in the portfolio company's restructuring activities. Such trading creates a risk of litigation and liability that may cause our Advisor and/or us to incur significant legal fees and potential losses.

***We cannot assure the accuracy of projections and forecasts used by our Advisor.***

Our Advisor may rely upon projections, forecasts or estimates developed by us or a portfolio company in which we are invested concerning the portfolio company's future performance and cash flow. Projections, forecasts and estimates are forward-looking statements and are based upon certain assumptions. Actual events are difficult to predict and beyond our control. Actual events may differ from those assumed. Some important factors that could cause actual results to differ materially from those in any forward-looking statements include changes in interest rates, domestic and foreign business, market, financial or legal conditions, differences in the actual allocation of our investments among asset groups from that described herein, the degree to which our investments are hedged and the effectiveness of such hedges, among others. Accordingly, there can be no assurance that estimated returns or projections can be realized or that actual returns or results will not be materially lower than those estimated therein.

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***We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer or industry.***

We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Beyond the Diversification Tests (as defined above in "*Item 1. Business — Election to be Taxed as a RIC — Taxation as a RIC*") associated with our qualification as a RIC under the Code, we do not have fixed guidelines for diversification. As such, our assets may not be diversified. Any such non-diversification would increase the risk of loss to us if there was a decline in the market value of any loan in which we had invested a large percentage of its assets. If a large portion of our assets is held in cash or similarly liquid form, our performance might be adversely affected. Investment in a non-diversified fund will generally entail greater risks than investment in a "diversified" fund. We may have a more concentrated or less broad and varied portfolio than a "diversified" fund. A more concentrated portfolio can cause a portfolio such as ours to have higher volatility. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.

***Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.***

Following our initial investment in a portfolio company, we may decide to provide additional funds to such portfolio company, seeking to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•preserve or enhance the value of our investment.

There is no assurance that we will make follow-on investments or that we will have sufficient funds to make all or any of such investments. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements of the 1940 Act or the desire to maintain our qualification as a RIC. Our ability to make follow-on investments may also be limited by Bain Capital Credit and our Advisor's allocation policy or our ability to comply with our exemptive relief. Any decision by us not to make follow-on investments or its inability to make such investments may have a substantial adverse effect on a portfolio company in need of such an investment. Additionally, a failure to make such investments may result in a lost opportunity for us to increase its participation in a successful portfolio company or the dilution of our ownership in a portfolio company if a third party invests in the portfolio company.

***Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies, and such portfolio companies may not generate sufficient cash flow to service their debt obligations to us.***

The characterization of certain of our investments as senior debt or senior secured debt does not mean that such debt will necessarily be repaid in priority to all other obligations of the businesses in which we invest. Furthermore, debt and other liabilities incurred by non-guarantor subsidiaries of the borrowers of senior secured loans made by us may be structurally senior to the debt held by us. In the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, the debt and other liabilities of such subsidiaries could be repaid in full before any distribution can be made to an obligor of the senior secured loans held by us. Further, portfolio companies will typically incur trade credit and other liabilities or indebtedness, which by their terms may provide that their holders are entitled to receive principal payments on or before the dates payments are due in respect of the senior secured loans held by us.

Where we hold a first lien to secure senior indebtedness, the portfolio companies may be permitted to issue other senior loans with liens that rank junior to the first liens granted to us. The intercreditor rights of the holders of such other junior lien debt may, in any liquidation, reorganization, insolvency, dissolution or bankruptcy of such a portfolio company, affect the recovery that we would have been able to achieve in the absence of such other debt.

Additionally, certain loans that we may make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally

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control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors.

There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company's remaining assets, if any.

Even where the senior loans held by us are secured by a perfected lien over a substantial portion of the assets of a portfolio company and its subsidiaries, the portfolio company and its subsidiaries will often be able to incur a substantial amount of additional indebtedness, which may have an exclusive lien over particular assets. For example, debt and other liabilities incurred by non-guarantor subsidiaries of portfolio companies will be structurally senior to the debt held by us. Accordingly, any such debt and other liabilities of such subsidiaries would, in the event of liquidation, dissolution, insolvency, reorganization or bankruptcy of such subsidiary, be repaid in full before any distributions to an obligor of the loans held by us.

Furthermore, these other assets over which other lenders have a lien may be substantially more liquid or valuable than the assets over which we have a lien.

The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to cause the commencement of enforcement proceedings against the collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to control the conduct of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the approval of amendments to collateral documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•releases of liens on the collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•waivers of past defaults under collateral documents

We may not have the ability to control or direct such actions, even if our rights are adversely affected.

***The disposition of our investments may result in contingent liabilities.***

We may, from time to time, incur contingent liabilities in connection with an investment. For example, we may acquire a revolving credit or delayed draw term facility that has not yet been fully drawn or may originate or make a secondary purchase of a revolving credit facility. If the borrower subsequently draws down on the facility, we will be obligated to fund the amounts due. In connection with the disposition of an investment in loans and private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. We may incur numerous other types of contingent liabilities. There can be no assurance that we will adequately reserve for its contingent liabilities and that such liabilities will not have an adverse effect on us.

***We may be subject to risks under hedging transactions and may become subject to risk if we invest in non-U.S. securities.***

Our investment strategy contemplates potential investments in securities of non-U.S. companies to the extent permissible under the 1940 Act. Investing in loans and securities of non-U.S. issuers involves additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, nationalization and expropriation, imposition of tariffs and foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. There may be less information publicly available about a non-U.S. issuer than about a U.S. issuer, and non-U.S.

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issuers may not be subject to accounting, auditing and financial reporting standards and practices comparable to those in the United States. These risks are likely to be more pronounced for investments in companies located in emerging markets and particularly for middle-market companies in these economies. The Company may have limited rights and few practical remedies in emerging markets and the ability of U.S. authorities to bring enforcement actions in emerging markets may be limited. Further, our investments that are denominated in a non-U.S. currency will be subject to the risk that the value of a particular currency will change in relation to the U.S. dollar. The rates of exchange between the U.S. dollar and other currencies are affected by many factors, including forces of supply and demand in the foreign exchange markets. These rates are also affected by the international balance of payments and other economic and financial conditions, government intervention, speculation and other factors. We are not obligated to engage in any currency hedging operations, and there can be no assurance as to the success of any hedging operations that we may implement. We may employ hedging techniques to minimize these risks, but we cannot assure investors that such strategies will be effective or without risk to us. The values and relative yields of investments in the securities markets of different countries, and their associated risks, are expected to change independently of each other. We are authorized to use various investment strategies to hedge interest rate or currency exchange risks. These strategies are generally accepted as portfolio management techniques and are regularly used by many investment funds and other institutional investors. Techniques and instruments may change over time as new instruments and strategies are developed or regulatory changes occur. We may use any or all such types of interest rate hedging transactions and currency hedging transactions at any time and no particular strategy will dictate the use of one transaction rather than another. The choice of any particular interest rate hedging transactions and currency hedging transactions will be a function of numerous variables, including market conditions. Our investments or liabilities may be denominated in currencies other than the U.S. dollar, and hence the value of such investments, or the amount of such liabilities, will depend in part on the relative strength of the U.S. dollar. We may be affected favorably or unfavorably by exchange control regulations or changes in the exchange rate between foreign currencies and the U.S. dollar.

Changes in foreign currency exchange rates may also affect the value of distributions and interest earned as well as the level of gains and losses realized on the sale of securities. Although we intend to engage in any interest rate hedging transactions and currency hedging transactions only for hedging purposes and not for speculation, use of interest rate hedging transactions and currency hedging transactions involves certain inherent risks. These risks include (i) the possibility that the market will move in a manner or direction that would have resulted in gain for us had an interest rate hedging transaction or currency hedging transaction not been utilized, in which case it would have been better had we not engaged in the interest rate hedging transaction or currency hedging transaction, (ii) the risk of imperfect correlation between the risk sought to be hedged and the interest rate hedging transaction or currency hedging transaction utilized, (iii) potential illiquidity for the hedging instrument utilized, which may make it difficult for us to close-out or unwind an interest rate hedging transaction or currency hedging transaction and (iv) credit risk with respect to the counterparty to the interest rate hedging transaction or currency hedging transaction. In addition, it might not be possible for us to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those loans and securities would likely fluctuate as a result of factors not related to currency fluctuations.

***Our investments in OID and PIK interest income may expose us to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash.***

Our investments may include OID and PIK instruments. Because PIK interest results in an increase in the size of the loan balance of the underlying loan, the receipt by us of PIK interest will have the effect of increasing our assets under management. As a result, because the Base Management Fee that we pay to the Advisor is based on the value of our gross assets, the receipt by us of PIK interest will result in an increase in the amount of the Base Management Fee payable by us. To the extent OID and PIK interest income constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID instruments and PIK securities may have unreliable valuations because the accretion of OID as interest income and the continuing accruals of PIK securities require judgments about their collectability and the collectability of deferred payments and the value of any associated collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID income may also create uncertainty about the source of our cash distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•for accounting purposes, cash distributions to shareholders that include a component of accreted OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of accreted OID income may come from the cash invested by the shareholders, the 1940 Act does not require that shareholders be given notice of this fact;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•generally, we need to recognize income for income tax purposes no later than when we recognize such income for accounting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the higher interest rates on PIK securities reflects the payment deferral and increased credit risk associated with such instruments and PIK securities generally represent a significantly higher credit risk than coupon loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•market prices of zero-coupon or PIK securities are affected to a greater extent by interest rate changes and may be more volatile than securities that pay interest periodically and in cash, and PIK securities are usually less volatile than zero-coupon bonds, but more volatile than cash pay securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the presence of accreted OID income and PIK interest income create the risk of non-refundable cash payments to our Advisor in the form of incentive fees on income based on non-cash accreted OID income and PIK interest income accruals that may never be realized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•even if accounting conditions are met, borrowers on such securities could still default when our actual collection is expected to occur at the maturity of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•OID and PIK create the risk that incentive fees will be paid to our Advisor based on non-cash accruals that ultimately may not be realized, while our Advisor will be under no obligation to reimburse us for these fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•PIK interest has the effect of generating investment income and increasing the incentive fees payable at a compounding rate. In addition, the deferral of PIK interest also reduces the loan-to-value ratio at a compounding rate.

***We are subject to risks associated with investing alongside other third parties.***

We may invest in joint ventures alongside third parties through partnerships, joint ventures or other entities in the future. Such investments may involve risks not present in investments where a third party is not involved, including the possibility that such third party may at any time have economic or business interests or goals which are inconsistent with ours, or may be in a position to take action contrary to our investment objectives. In addition, we may in certain circumstances be liable for actions of such third party.

More specifically, joint ventures involve a third party that has approval rights over activity of the joint venture. The third party may take actions that are inconsistent with our interests. For example, the third party may decline to approve an investment for the joint venture that we otherwise want the joint venture to make. A joint venture may also use investment leverage which magnifies the potential for gain or loss on amounts invested. Generally, the amount of borrowing by the joint venture is not included when calculating our total borrowing and related leverage ratios and is not subject to asset coverage requirements imposed by the 1940 Act. If the activities of the joint venture were required to be consolidated with our activities because of a change in generally accepted accounting principles in the United States of America ("U.S. GAAP") rules or SEC staff interpretations, it is likely that we would have to reorganize any such joint venture.

***We may be subject to risks related to investments in companies in the software industry.*** 

The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

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**Federal Income Tax and Other Tax Risks**

***We will be subject to corporate-level income tax if we are unable to qualify as a RIC.***

In order to qualify and be eligible for taxation as a RIC under the Code, we must meet certain source- of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if we distribute dividends in respect of each taxable year of an amount equal to at least 90% of our investment company taxable income, determined without regard to any deduction for dividends paid, to our shareholders. We will be subject, to the extent we use debt financing, to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to enable us to be eligible for taxation as a RIC. If we are unable to obtain cash from other sources, we may fail to be eligible for taxation as a RIC and, thus, may be subject to corporate-level income tax. To qualify and be eligible for taxation as a RIC, we must also meet certain asset diversification requirements at the end of each quarter of our taxable year.

These tests may result in our having to dispose of certain investments quickly in order to prevent the loss of our qualifications as a RIC. Because most of our investments will be in private or thinly traded public companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify to be eligible for taxation as a RIC for any reason and become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to our shareholders and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and our shareholders.

***Shareholders may be required to pay tax in excess of the cash they receive.***

Under the DRIP, if a shareholder owns our Common Shares, the shareholder will have all cash distributions (net of applicable withholding tax) automatically reinvested in additional shares of that shareholder's Common Shares unless such shareholder, or his, her or its nominee on such shareholder's behalf, specifically "opts out" of the DRIP by delivering a written notice to the plan administrator prior to the record date of the next distribution. If a shareholder does not "opt out" of the DRIP, that shareholder will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in our Common Shares to the extent the amount reinvested was not a tax-free return of capital. As a result, a shareholder may have to use funds from other sources to pay U.S. federal income tax liability on the value of the Common Shares received. Even if a shareholder chooses to "opt out" of the DRIP, we will have the ability to declare a large portion of a distribution in our Common Shares instead of in cash in order to satisfy the Annual Distribution Requirement. To qualify as a RIC, the Annual Distribution Requirement requires that we must, among other things, distribute to our shareholders, for each taxable year, dividends of an amount at least equal to 90% of our "investment company taxable income," which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and determined without regard to any deduction for dividends paid.

As long as a portion of this distribution is paid in cash and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a shareholder generally will be subject to tax on 100% of the fair market value of the distribution on the date the distribution is received by the shareholder in the same manner as a cash distribution, even though most of the distribution was paid in Common Shares.

***We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.***

For U.S. federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as amounts accrued as OID. OID may arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment activities, or increases in loan balances as a result of contracted PIK arrangements, will be included in income regardless of whether we concurrently receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash concurrently with such inclusion.

Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement in a given taxable year to distribute at least 90% of our investment company taxable income, determined without regard to any deduction for dividends paid, as dividends to our shareholders in order to maintain our ability to be eligible for treatment as a RIC. In such a case, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to qualify to be eligible for treatment as a RIC and thus be subject to corporate-level income tax.

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***We may be subject to withholding of U.S. federal income tax on distributions for non-U.S. shareholders.***

Distributions by a BDC generally are treated as dividends for U.S. tax purposes, and will be subject to U.S. income or withholding tax unless the shareholder receiving the distribution qualifies for an exemption from U.S. tax, or the distribution is subject to one of the special look-through rules described below. Distributions paid out of net capital gains can qualify for a reduced rate of taxation in the hands of an individual U.S. shareholder, and an exemption from U.S. tax in the hands of a non-U.S. shareholder.

However, if properly reported by a RIC as such, dividend distributions by the RIC derived from certain interest income (such distributions, "interest-related dividends") and certain net short-term capital gains (such dividends, "short-term capital gain dividends") generally are exempt from U.S. withholding tax otherwise imposed on non-U.S. shareholders. Interest-related dividends are dividends that are attributable to "qualified net interest income" (*i.e*., "qualified interest income," which generally consists of certain interest and OID on obligations "in registered form" as well as interest on bank deposits earned by a RIC, less allocable deductions) from sources within the United States. Short-term capital gain dividends are dividends that are attributable to net short-term capital gains, other than short-term capital gains recognized on the disposition of U.S. real property interests, earned by a RIC. However, no assurance can be given as to whether any of our distributions will be eligible for this exemption from U.S. withholding tax or, if eligible, will be reported as such by us. Furthermore, in the case of our Common Shares held through an intermediary, the intermediary may have withheld U.S. federal income tax even if we reported the payment as an interest-related dividends or short-term capital gain dividends. Since our Common Shares will be subject to significant transfer restrictions, and an investment in our Common Shares will generally be illiquid, non-U.S. shareholders whose distributions on our Common Shares are subject to U.S. withholding tax may not be able to transfer their Common Shares easily or quickly or at all.

A failure of any portion of our dividends to qualify for the exemption for interest-related dividends or short-term capital gain dividends would not affect the treatment of non-U.S. shareholders that qualify for an exemption from U.S. withholding tax on distributions by reason of their special status (for example, foreign government-related entities and certain pension funds resident in favorable treaty jurisdictions).

***We may retain income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax, reducing the amount available for distribution to taxpayers.***

We may retain some income and capital gains in the future, including for purposes of providing us with additional liquidity, which amounts would be subject to the 4% U.S. federal excise tax. In that event, we will be liable for the tax on the amount by which we do not meet the foregoing distribution requirement. See "Item 1. Business — Certain U.S. Federal Income Tax Consequences."

***Our business may be adversely affected if we fail to maintain our qualification as a RIC.***

To maintain RIC tax treatment under the Code, we must meet the Annual Distribution Requirement, 90% Income Test and Diversification Tests described below above in "*Item 1. Business — Election to be Taxed as a RIC — Taxation as a RIC*". The Annual Distribution Requirement will be satisfied if we distribute dividends to our shareholders in respect of each taxable year of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any deduction for dividends paid. In this regard, a RIC may, in certain cases, satisfy the Annual Distribution Requirement by making distributions relating to a taxable year after the close of such taxable year under the "spillback dividend" provisions of Subchapter M of the Code. We will be subject to tax, at regular corporate rates, on any retained income and/or gains, including any short-term capital gains or long-term capital gains. We must also satisfy the Excise Tax Avoidance Requirement, which is an additional distribution requirement with respect to each calendar year in order to avoid the imposition of a 4% nondeductible excise tax on the amount of any under-distribution. Because we may use debt financing, we are subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or chose or be required to retain a portion of our taxable income or gains, we could (i) be required to pay excise tax and (ii) fail to qualify for RIC tax treatment, and thus become subject to corporate-level income tax on our taxable income (including gains).

The 90% Income Test will be satisfied if we earn at least 90% of our gross income each taxable year from distributions, interest, gains from the sale of stock or securities, or other income derived from the business of investing in stock or securities. The Diversification Tests will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy the Diversification Tests, at least 50% of the value of our assets at the close of each quarter of each taxable year must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs, and other acceptable securities, and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships." Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our

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investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

We may invest in certain debt and equity investments through taxable subsidiaries and the net taxable income of these taxable subsidiaries will be subject to U.S. federal and state corporate income taxes. We also may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding, and value added taxes). If we fail to maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions.

***We may be impacted by changes in federal tax legislation.***

At any time, the U.S. federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our shares or the value or the resale potential of our investments.

**Risks Relating to Our Common Shares**

***Investing in our Common Shares involves an above average degree of risk.***

The investments we make in accordance with our investment objectives may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Therefore, an investment in our Common Shares may not be suitable for someone with lower risk tolerance. In addition, our Common Shares is intended for long-term investors who can accept the risks of investing primarily in illiquid loans and other debt or debt-like instruments and should not be treated as a trading vehicle.

***There is a risk that shareholders may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital.***

We intend to make distributions on a monthly basis to our shareholders out of assets legally available for distribution. We cannot assure shareholders that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this Annual Report. If we are unable to satisfy the asset coverage test applicable to us as a BDC, or if we violate certain covenants under our debt agreements or any future credit or other borrowing facility, our ability to pay distributions to our shareholders could be limited because we may be required by its terms to use all payments of interest and principal that we receive from our current investments as well as any proceeds received from the sale of our current investments to repay amounts outstanding thereunder. All distributions will be paid at the discretion of our Board and will depend on our earnings, financial condition, maintenance of our RIC status, compliance with applicable BDC regulations, compliance with covenants under our debt agreements or any future credit or other borrowing facility and such other factors as our Board may deem relevant from time to time.

Furthermore, the tax treatment and characterization of our distributions may vary significantly from time to time due to the nature of our investments. The ultimate tax characterization of our distributions made during a taxable year may not finally be determined until after the end of that taxable year. The distributions we pay to our shareholders in a year may exceed our net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes that would reduce a shareholder's adjusted tax basis in our Common Shares and correspondingly increase such shareholder's gain, or reduce such shareholder's loss, on disposition of such shares. Distributions in excess of a shareholder's adjusted tax basis in our Common Shares will generally constitute capital gains to such shareholder.

A distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes is not a distribution of the RIC's net ordinary income or capital gains. Accordingly, shareholders should carefully read any written disclosure accompanying a distribution from us and the information about the specific tax characteristics of our distributions provided to shareholders after the end of each calendar year, and should not assume that the source of any distribution is our net ordinary income or capital gains.

***Our shareholders may experience dilution in their ownership percentage.***

Our shareholders do not have preemptive rights to any of our Common Shares we issue in the future. To the extent that we issue additional equity interests at or below NAV, a shareholder's percentage ownership interest in us may be diluted. In addition, depending upon the terms and pricing of any future and the value of our investments, shareholders may also experience dilution in the book value and fair value of their Common Shares.

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Under the 1940 Act, we generally are prohibited from issuing or selling our Common Shares at a price below NAV per share, which may be a disadvantage as compared with certain public companies. We may, however, sell up to 25% of our then outstanding our Common Shares, or warrants, options, or rights to acquire our Common Shares, at a price below the current NAV of our Common Shares if the Board determines that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of the Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing our Common Shares or senior securities convertible into, or exchangeable for, our Common Shares, then the percentage ownership of our shareholders at that time will decrease and shareholders will experience dilution.

***We may incur significant costs as a result of being a public company.***

Public companies incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act. Accordingly, we may incur significant additional costs as a result of being a public company.

These requirements may place a strain on our systems and resources. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting, which are discussed below. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight may be required. We may be implementing additional procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management's attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. We may incur significant additional annual expenses related to these steps and, among other things, directors' and officers' liability insurance, Trustee fees, reporting requirements of the SEC, transfer agent fees, additional administrative expenses payable to our Administrator to compensate it for hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses.

**General Risk Factors**

***Global capital markets could enter a period of severe disruption and instability. These conditions have historically affected and could again materially and adversely affect debt and equity capital markets in the United States and around the world and our business.***

From time to time, the global capital markets may experience periods of disruption and instability resulting in increasing spreads between the yields realized on riskier debt securities and those realized on risk-free securities, a lack of liquidity in parts of the debt capital markets, volatility in the financial services sector, including bank failures, or the re-pricing of credit risk in the broadly syndicated market. Deteriorating market conditions could result in increasing volatility and illiquidity in the global credit, debt and equity markets generally. The duration and ultimate effect of such market conditions cannot be accurately forecasted. Deteriorating market conditions and uncertainty regarding economic markets generally could result in declines in the market values of potential investments or declines in the market values of investments after they are made or acquired by us and affect the potential for liquidity events involving such investments or portfolio companies. Such declines may be exacerbated by other events, such as the failure of significant financial institutions or hedge funds, dislocations in other investment markets or other extrinsic events. Applicable accounting standards require us to determine the fair value of our investments as the amount that would be received in an orderly transaction between market participants at the measurement date. While most of our investments are not publicly traded, as part of our valuation process we consider a number of measures, including comparison to publicly traded securities. As a result, volatility in the public capital markets can adversely affect our investment valuations.

During any such periods of market disruption and instability, we and other companies in the financial services sector may have limited access, if any, to alternative markets for debt and equity capital. In addition, our ability to incur indebtedness is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 200% (or 150% if certain disclosure and approval requirements are met) immediately after each time we incur indebtedness. The debt capital that will be available, if any, may be at a higher cost and on less favorable terms and conditions in the future. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations.

A prolonged period of market illiquidity may cause us to reduce the volume of loans and debt securities we originate and/or fund and adversely affect the value of our portfolio investments, which could have a material and adverse effect on our business, financial condition, results of operations and cash flows.

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***Economic recessions or downturns could impair our portfolio companies, and defaults by our portfolio companies will harm our operating results.***

Many of the portfolio companies in which we have invested or expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. Therefore, the number of our non-performing assets is likely to increase and the value of our portfolio is likely to decrease during such periods. Adverse economic conditions may also decrease the value of collateral securing some of our loans and debt securities and the value of our equity investments. If the value of collateral underlying our loan declines during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing. Decreasing collateral value may hinder a portfolio company's ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. Thus, economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. We consider a number of factors in making our investment decisions, including, but not limited to, the financial condition and prospects of a portfolio company and its ability to repay our loan. Unfavorable economic conditions could negatively affect the valuations of our portfolio companies and, as a result, make it more difficult for such portfolio companies to repay or refinance our loan. Therefore, these events could prevent us from increasing our investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize such portfolio company's ability to meet its obligations under the loans and debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company, which may include the waiver of certain financial covenants.

Furthermore, if one of our portfolio companies were to file for bankruptcy protection, depending on the facts and circumstances, including the extent to which we actually provide significant managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to claims of other creditors, even though we may have structured our investment as senior secured debt.

***The capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on our business and operations.***

From time to time, capital markets may experience periods of disruption and instability. Such disruptions may result in, amongst other things, write-offs, the re-pricing of credit risk, the failure of financial institutions or worsening general economic conditions, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt and equity capital for the market as a whole and financial services firms in particular. There can be no assurance these market conditions will not occur or worsen in the future, including as a result of the United Kingdom leaving the European Union, the Russia-Ukraine war, the Israel-Hamas war, outbreaks of disease epidemics and pandemics such as the avian influenza and the coronavirus (COVID-19), rising interest rates or renewed inflationary pressure.

Equity capital may be difficult to raise during such periods of adverse or volatile market conditions because, subject to some limited exceptions. As a BDC, we are generally not able to issue additional common shares at a price less than net asset value without first obtaining approval for such issuance from our shareholders and our Independent Trustees.

Volatility and dislocation in the capital markets can also create a challenging environment in which to raise or access debt capital. Such conditions could make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. Significant changes or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity).

Significant changes in the capital markets may adversely affect the pace of our investment activity and economic activity generally. The illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital, and any required sale of all or a portion of our investments as a result, could have a material adverse effect on our business, financial condition or results of operations.

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***We are highly dependent on information systems, and systems failures or cyber-attacks could significantly disrupt our business, which may, in turn, negatively affect the value of our Common Shares and our ability to pay distributions.***

Our business is highly dependent on the communications and information systems of Bain Capital Credit. In addition, certain of these systems are provided to Bain Capital Credit by third-party service providers. Any failure or interruption of such systems, including as a result of the termination of an agreement with any such third-party service provider, could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our business, financial condition and results of operations. In addition, these systems are subject to potential attacks, including cyber espionage, malware, ransomware, and other types of hacking, may threaten the confidentiality, integrity or availability of our information resources. These attacks may involve a third party gaining unauthorized access to our communications or information systems for purposes of misappropriating assets, stealing confidential information, corrupting or destroying data, degrading or sabotaging our systems or causing other operational disruption. Any such attack could result in disruption to our business, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships, any of which could have a material adverse effect on our business, financial condition and results of operations.

Moreover, the increased use of mobile and cloud technologies due to the proliferation of remote work resulting from the COVID-19 pandemic could heighten these and other operational risks as certain aspects of the security of such technologies may be complex and unpredictable. Reliance on mobile or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard their systems and prevent cyber-attacks could disrupt our operations, the operations of a portfolio company or the operations of our or their service providers and result in misappropriation, corruption or loss of personal, confidential or proprietary information or the inability to conduct ordinary business operations. In addition, there is a risk that encryption and other protective measures may be circumvented, particularly to the extent that new computing technologies increase the speed and computing power available. Extended periods of remote working, whether by us, our portfolio companies, or our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts. Accordingly, the risks described above, are heightened under the current conditions.

The Company and Bain Capital Credit may be subject to numerous laws in various jurisdictions relating to privacy and the storage, sharing, use, processing, disclosure and protection of information that we and our affiliates hold. The European Union's (the "EU") General Data Protection Regulation, the Cayman Islands Data Protection Law, 2017, and the California Consumer Privacy Act of 2018 are examples of such laws, and Bain Capital Credit anticipates new privacy and data protection laws will be passed in other jurisdictions in the future. In general, these laws introduce many new obligations on Bain Capital Credit and its affiliates and service providers and create new rights for parties who have given us their personal information, such as investors and others.

In addition, cybersecurity has become a top priority for global lawmakers and regulators around the world, and some jurisdictions have proposed or enacted laws requiring companies to notify regulators and individuals of data security breaches involving certain types of personal data. Compliance with such laws and regulations may result in cost increases due to system changes and the development of new administrative processes. If the Company or the Advisor or certain of their affiliates, fail to comply with the relevant and increasing laws and regulations, the Company could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage.

Breach of these laws could result in significant financial penalties for Bain Capital Credit and/or us. As interpretation of these laws evolves and new laws are passed, Bain Capital Credit could be required to make changes to its business practices, which could result in additional risks, costs and liabilities to us and adversely affect investment returns. While Bain Capital Credit intends to comply with its privacy and data protection obligations under the privacy and data protection laws that are applicable to it, it is possible that Bain Capital Credit will not be able to accurately anticipate the ways in which regulators and courts will apply or interpret these laws. A violation of applicable privacy and data protection law could result in negative publicity and/or subject Bain Capital Credit or us, to significant costs associated with litigation, settlements, regulatory action, judgments, liabilities and/or penalties.

***We are subject to risks associated with artificial intelligence.*** 

In recent years, technological advances have fueled the rapid growth of artificial intelligence, including machine learning and similar tools and technologies that collect, aggregate, analyze or generate data or other materials (collectively, "AI"), in particular generative AI, and accordingly, the use of AI is becoming increasingly prevalent in a number of sectors. Due to the rate at which AI is improving and the scope of its potential application broadening, at this time, it is unclear what impact (including, where relevant, opportunities) AI may have on the Company and/or the Company's investments, as well as the wider financial sector. Recent technological advances in AI pose risks to us, the Advisor, and our portfolio investments. We and our portfolio investments could also be exposed to the risks of AI if third-party service providers or any counterparties, whether or not known to us, also use AI in their business activities. We and our portfolio companies may not be in a position to control the use of AI technology in third-party products

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or services. Use of AI could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by other third-party AI applications and users. Inappropriate deployment of AI by a portfolio investment of the Company could have a material adverse impact on such investment, and therefore a negative impact on the Company and investors. In addition, the use of AI by bad actors could heighten the sophistication and effectiveness of cyber and security attacks experienced by our portfolio companies and the Advisor.

Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error — potentially materially so — and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of AI technology. To the extent that we or our portfolio investments are exposed to the risks of AI use, any such inaccuracies or errors could have adverse impacts on us or our investments.

The rise of AI has also brought a renewed focus from governments and regulators on the regulation of such technology. AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states and other non-U.S. jurisdictions are applying, or are considering applying, their platform moderation, cybersecurity, and data protection laws to AI or are considering general legal frameworks for AI, such as the European Union Artificial Intelligence Act. Other jurisdictions (including the U.S. and UK) are considering or proposing their own approaches to the regulation of AI. Such laws and/or regulations could have a material adverse impact on the Company and/or the Company's investments.

***Uncertainty about presidential administration initiatives could negatively impact our business, financial condition and results of operations.***

There is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels.

Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business, financial condition, operating results and cash flows. Until we know what policy changes are made and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns or a recession in the United States.

***Inflation and actions by central banks or monetary authorities, including the U.S. Federal Reserve, to address inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.***

Certain of our portfolio companies may be impacted by inflation as well as actions by central banks or monetary authorities, including the U.S. Federal Reserve, to address inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

Actions by the U.S. Federal Reserve and certain other central banks or monetary authorities may have a significant effect on interest rates and on the economy generally, which in turn may affect the price of the securities in which the Company plans to invest. It is difficult to predict the magnitude or timing of these interest rate changes and the impact such actions will have on the Company's portfolio companies and the markets where they operate.

***We may experience fluctuations in our quarterly operating results.***

We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

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***We may be the target of litigation or shareholder activism.***

We may be the target of securities litigation in the future, particularly if the value of our Common Shares fluctuates significantly. We could also generally be subject to litigation, including derivative actions by our shareholders. In addition, our investment activities subject us to litigation relating to the bankruptcy process and the normal risks of becoming involved in litigation by third parties. This risk is somewhat greater where we exercise control or significant influence over a portfolio company's direction. In addition, shareholder activism, which could take many forms or arise in a variety of situations, including making public demands that we consider strategic alternatives, engaging in public campaigns to attempt to influence our corporate governance and/or our management, and commencing proxy contests to attempt to elect the activists' representatives or others to the Board, has increased in the BDC space in recent years. Any litigation or shareholder activism could result in substantial costs and divert management's attention and resources from our business and cause a material adverse effect on our business, financial condition and results of operations. Such litigation or shareholder activism could also give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers, and make it more difficult for Bain Capital Credit to attract and retain qualified personnel.

***Geopolitical events have a material adverse impact on us and our portfolio companies.***

In response to Russia's invasion of Ukraine in 2022 countries worldwide, including the United States, have imposed sanctions against Russia on certain businesses and individuals, including, but not limited to, those in the banking, import and export sectors. This invasion has led, is currently leading, and for an unknown period of time will continue to lead to disruptions in local, regional, national, and global markets and economies affected thereby. The outbreak of hostilities in the Middle East could also escalate further. The extent and duration of these military actions, conflicts and resulting market disruptions are impossible to predict, but have been and could continue to be substantial, and any such market disruptions could affect our portfolio companies' operations. As a result, our portfolio investments could decline in value or our valuation of them could become uncertain.

***Our business is dependent on bank relationships and recent strain on the banking system may adversely impact us.***

The financial markets recently have encountered volatility associated with concerns about the banking industry, especially small and regional banks who may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government has announced measures to assist these banks and protect depositors, some banks have already been impacted, including suffering bank failures, and others may be materially and adversely impacted. Our business is dependent on bank relationships and we are proactively monitoring the financial health of such bank relationships. Continued strain on the banking system may adversely impact our business, financial condition and results of operations.

***We and/or our portfolio companies may be materially and adversely impacted by global climate change.***

Global climate change is widely considered to be a significant threat to the global economy. Real estate and similar assets in particular may face risks associated with climate change, including risks related to the impact of climate-related legislation and regulation (both domestically and internationally), risks related to climate-related business trends, and risks stemming from the physical impacts of climate change, such as the increasing frequency or severity of extreme weather events and rising sea levels and temperatures. Additionally, regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities as well as private actors seeking to reduce greenhouse gas emissions may expose real estate and similar assets to so-called "transition risks" in addition to physical risks, such as: (i) political and policy risks (e.g., changing regulatory incentives and legal requirements, including with respect to greenhouse gas emissions, that could result in increased costs or changes in business operations), (ii) regulatory and litigation risks (e.g., changing legal requirements that could result in increased permitting, tax and compliance costs, changes in business operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to impacts related to climate change), (iii) technology and market risks (e.g., declining market for assets, products and services seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions) and (iv) reputational risks (e.g., risks tied to changing investor, customer or community perceptions of an asset's relative contribution to greenhouse gas emissions). We cannot rule out the possibility that climate risks, including changes in weather and climate patterns, could result in unanticipated delays or expenses and, under certain circumstances, could prevent completion of investment activities or the effective management of real estate and similar assets once undertaken, any of which could have a material adverse effect on an investment, or us.

***We are subject to risks related to corporate social responsibility.*** 

Our business faces increasing public scrutiny related to environmental, social and governance ("ESG") activities, which are increasingly considered to contribute to the long-term sustainability of a company's performance. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in investing in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions.

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Our brand and reputation may be negatively impacted if we fail to act responsibly in a number of areas, such as considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand and our relationships with shareholders, which could adversely affect our business and results of operations.

# Additionally, new regulatory initiatives related to ESG could adversely affect our business. We are, and our portfolio companies may be, or could in the future become subject to the risk that new regulatory initiatives might be introduced in other jurisdictions in the future. Compliance with any new laws or regulations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability. On the other hand, certain state governments have begun to challenge the use of ESG factors in investment decisions, potentially setting up conflicting standards for the Company to address.

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# Item 1B. Unresolved Staff Comments
None.

# Item 1C. Cybersecurity
***Risk Management and Strategy***

The Company has processes in place to assess, identify, and manage material risks from cybersecurity threats. The Company relies on the cybersecurity strategy and policies implemented by Bain Capital, the parent of the Advisor and Administrator, which apply to the Company and its operations.

Bain Capital has adopted and implemented an Information and Cybersecurity Program ("Cybersecurity Program") that prioritizes detection and analysis of and response to cybersecurity threats, management of security risks and resilience against cyber incidents, including those that may impact the Company. The Cybersecurity Program aligns with National Institute of Standards and Technology Cybersecurity Framework (NIST CSF) and is reviewed and adjusted as needed and is approved by Bain Capital's Chief Information Security Officer ("CISO").

Bain Capital's Cybersecurity Program includes physical, administrative and technical safeguards, as well as plans and procedures designed to help prevent and respond to cybersecurity threats and incidents, including threats or incidents that may impact the Company, the Advisor or the Administrator. Bain Capital's cybersecurity risk management processes, which are part of Bain Capital's overall risk management system, seek to monitor cybersecurity vulnerabilities and potential attack vectors, evaluate the potential operational and financial effects of any threat and mitigate such threats. The assessments of cybersecurity risks, including those which may impact the Company, the Advisor, or the Administrator, are reported to the Bain Capital Credit Risk Oversight Committee ("ROC") for awareness, review or action, as appropriate. In addition, the Company relies on Bain Capital to periodically engage with third-party consultants and key vendors to assist it in assessing, enhancing, implementing and monitoring its cybersecurity risk management processes and responding to incidents.

Internal and external networks, including the networks on which the Company relies, are assessed for vulnerabilities. Bain Capital also engages with independent third parties to conduct relevant technical assessments.

Bain Capital seeks to remain aware of the evolving global threat landscape through vendor relationships, partnerships with threat intelligence providers and membership of industry forums/groups, as well as research performed by members of the Information Security Team. Bain Capital is currently an active member of the Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Alternative Investment ISAC.

Bain Capital provides information security awareness training to employees, and function-specific security training is also provided (where appropriate based on job function). Bain Capital also engages in phishing campaigns.

The Company depends on and engages various third parties, including suppliers, vendors, and service providers, to operate its business. The Company relies on Bain Capital's Vendor Risk Management Program in conjunction with a Third Party Risk Management (TPRM) steering committee to assess risks posed when engaging with external vendors and/or third parties, including identifying and overseeing risks from cybersecurity threats associated with the Company's use of such entities.

In the event of a cybersecurity incident impacting the Company, the Advisor has developed an incident response plan that provides guidelines for responding to such an incident and facilitates coordination across multiple operational and risk functions of Bain Capital, which may include coordinating with the relevant employees of the Advisor and management of the Company. The incident response plan includes notification to the applicable members of cybersecurity leadership, including Bain Capital's CISO, and, as appropriate, escalation to other relevant individuals.

Management of the Company is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Company, including through the receipt of notifications from service providers and reliance on communications with Bain Capital's CISO, as well as other risk management, legal, information technology, and/or compliance personnel of Bain Capital.

***Material Impact of Cybersecurity Risks***

During the reporting period, we have not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Company believes have materially affected, or that are reasonably likely to materially affect the

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Company, including our business strategy, operational results, and financial condition. However, future incidents could have a material impact on our business strategy, results of operations or financial condition. For additional discussion of the risks posed by cybersecurity threats, see "Item 1A. Risk Factors— General Risk Factors— *We are highly dependent on information systems, and systems failures or cyber-attacks could significantly disrupt our business, which may, in turn, negatively affect the value of our Common Shares and our ability to pay distributions.*"

***Governance***

The Company's Board of Trustees ("Board") provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity threats. The Board receives periodic updates from the Company's Chief Compliance Officer ("CCO"), which incorporates updates provided by Bain Capital's CISO regarding the overall state of the Cybersecurity Program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents potentially impacting the Company.

Bain Capital's CISO and Information Security Team are responsible for the Cybersecurity Program applicable to the Company and, along with the Company's CCO, are responsible for assessing and managing material risks from cybersecurity threats that impact the Company. The CCO of the Company oversees the Company's oversight function generally and relies on Bain Capital's CISO to assist with assessing and managing material risks from cybersecurity threats. The Company's CCO was appointed to the role effective February 18, 2026. The CCO had previously served in a compliance and oversight function at the Company for 11 years. Members of Bain Capital's management also possess relevant expertise in various disciplines that are key to effectively managing such risks, such as extensive experience in managing compliance risks in the financial sector, including those related to cybersecurity. Bain Capital's CISO has deep expertise in cybersecurity, holding the CISSP certification and having completed an Executive Master's in Cyber Security from Brown University and having received a Chief Risk Officer Certificate from Carnegie Mellon. Members of Bain Capital's Information Security Team hold various industry certifications and regularly attend trainings and industry conferences.

# Item 2. Properties
We maintain our principal executive office at 200 Clarendon Street, 37th Floor, Boston, Massachusetts 02116. We do not own any real estate or other physical properties materially important to our operations. We believe that our present facilities are adequate to meet our current needs. If new or additional space is required, we believe that adequate facilities are available at competitive prices in the same area.

**Item 3. Legal Proceedings**

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.

Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

# Item 4. Mine Safety Disclosures
Not applicable.

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**PART II**

# Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
**Share Issuance**

Our Common Shares consist of three classes of our Common Shares, Class S shares, Class D shares and Class I shares. The share classes have different ongoing shareholder servicing and/or distribution fees. Other than the differences in ongoing shareholder servicing and/or distribution fees, each class of Common Shares has the same economics and voting rights. Common Shares are not listed for trading on a stock exchange or other securities market and there is no established public trading market for our Common Shares. As of March 12, 2026 there were zero holders of record of our Class S Common Shares, zero holders of record of our Class D Common Shares and 233 holders of record of our Class I Common Shares.

We determine our NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made.

The following table presents each month-end NAV per share for Class I Common Shares during the years ended December 31, 2025, 2024 and 2023:

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| | | |
|:---|:---|:---|
|  | **NAV Per Share** | **NAV Per Share** |
| **For the Months Ended** | **Class I** | **Class I** |
| January 31, 2025 | $25.61 | 25.61 |
| February 28, 2025 |  | 25.58 |
| March 31, 2025 | 25.69 | 25.69 |
| April 30, 2025 | 25.67 | 25.67 |
| May 31, 2025 | 25.69 | 25.69 |
| June 30, 2025 | 25.73 | 25.73 |
| July 31, 2025 | 25.75 | 25.75 |
| August 31, 2025 | 25.79 | 25.79 |
| September 30, 2025 |  | 25.90 |
| October 31, 2025 |  | 25.93 |
| November 30, 2025 |  | 25.94 |
| December 31, 2025 |  | 25.98 |

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| | |
|:---|:---|
|  | **NAV Per Share** |
| **For the Months Ended** | **Class I** |
| January 31, 2024 | $24.87 |
| February 29, 2024 | 25.00 |
| March 31, 2024 | 25.06 |
| April 30, 2024 | 25.04 |
| May 31, 2024 | 25.13 |
| June 30, 2024 | 25.40 |
| July 31, 2024 | 25.45 |
| August 31, 2024 | 25.47 |
| September 30, 2024 | 25.57 |
| October 31, 2024 | 25.60 |
| November 30, 2024 | 25.67 |
| December 31, 2024 | 25.62 |

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| | |
|:---|:---|
|  | **NAV Per Share** |
| **For the Months Ended** | **Class I** |
| November 30, 2023 | $25.00 |
| December 31, 2023 | 24.88 |

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There were no Class S Common Shares or Class D Common Shares issued during the years ended December 31, 2025, 2024 and 2023.

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**Distribution Policy**

To the extent that we have income available, we intend to authorize and declare monthly distributions to our shareholders. The Board delegated authority to declare distributions to the Advisor in an aggregate amount up to all of the Company's (i) taxable earnings; (ii) capital gains; (iii) net proceeds attributable to the repayment or disposition of investments (together with any interest, dividends and other net cash flow in respect of such investments); and (iv) any other amounts legally available for distribution to the extent the officers of the Company deem appropriate (including, if applicable, amounts representing a return of capital); provided each distribution shall not exceed an annualized distribution yield of 10%. Any distributions we make will be at the discretion of our Advisor, who will consider, among other things, our earnings, cash flow, capital needs and general financial condition, as well as our desire to comply with the RIC requirements, which generally require us to make aggregate annual distributions to our shareholders of at least 90% of our net investment income. As a result, our distribution rates and payment frequency may vary from time to time and there is no assurance we will pay distributions in any particular amount, if at all.

The Company has elected to be treated as a RIC under Subchapter M of the Code. To qualify for and maintain RIC tax treatment, among other things, the Company must distribute dividends to our shareholders in respect of each taxable year of an amount at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses ("investment company taxable income"), determined without regard to any deduction for dividends paid. In order to avoid 4% excise taxes imposed on RICs, the Company is required to distribute dividends to its shareholders in respect of each calendar year of an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of our capital gains in excess of capital losses ("capital gain net income"), adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of such calendar year; and (3) any net ordinary income and capital gain net income for preceding years that were not distributed during such years and on which the Company previously did not incur any U.S. federal income tax.

We currently intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to shareholders. If this happens, shareholders will be treated for U.S. federal income tax purposes as if shareholders had received an actual distribution of the capital gains that we retain and reinvested the net after tax proceeds in us. In this situation, shareholders would be eligible to claim a tax credit equal to their allocable share of the tax the Company paid on the capital gains deemed distributed to shareholders. We cannot offer assurance that we will achieve results that will permit us to pay any cash distributions, and if we issue senior securities, we will be prohibited from making distributions if doing so would cause us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if such distributions are limited by the terms of any of our borrowings.

The following table summarizes distributions declared during the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| November 30, 2023 | November 30, 2023 | December 29, 2023 | $0.1700 | $685 |
| November 30, 2023 | November 30, 2023 | December 29, 2023 | 0.1700 | 685<br><sup>(1)</sup> |
| December 29, 2023 | December 29, 2023 | January 31, 2024 | 0.1875 | 831 |
| January 31, 2024 | January 31, 2024 | February 29, 2024 | 0.1875 | 892 |
| February 29, 2024 | February 29, 2024 | March 28, 2024 | 0.1875 | 979 |
| March 29, 2024 | March 28, 2024 | April 30, 2024 | 0.1875 | 1031 |
| April 30, 2024 | April 30, 2024 | May 31, 2024 | 0.1875 | 1062 |
| May 30, 2024 | May 31, 2024 | June 28, 2024 | 0.1875 | 1133 |
| June 27, 2024 | June 28, 2024 | July 31, 2024 | 0.1875 | 1206 |
| July 17, 2024 | July 31, 2024 | August 31, 2024 | 0.1875 | 1835 |
| August 23, 2024 | August 30, 2024 | September 30, 2024 | 0.1875 | 1914 |
| September 26, 2024 | September 30, 2024 | October 30, 2024 | 0.1875 | 1942 |
| October 25, 2024 | October 31, 2024 | November 29, 2024 | 0.1875 | 2320 |
| November 22, 2024 | November 30, 2024 | December 31, 2024 | 0.1875 | 2526 |
| December 23, 2024 | December 31, 2024 | January 31, 2025 | 0.1875 | 2634 |
| December 23, 2024 | December 31, 2024 | January 31, 2025 | 0.2400 | 3372<br><sup>(1)</sup> |
| January 29, 2025 | January 31, 2025 | February 28, 2025 | 0.1875 | 2725 |
| February 24, 2025 | February 28, 2025 | March 31, 2025 | 0.1875 | 3179 |
| March 17, 2025 | March 31, 2025 | April 30, 2025 | 0.1875 | 3354 |
| April 24, 2025 | April 30, 2025 | May 30, 2025 | 0.1875 | 4616 |
| May 28, 2025 | May 30, 2025 | June 30, 2025 | 0.1875 | 4654 |
| June 25, 2025 | June 30, 2025 | July 31, 2025 | 0.1875 | 4705 |
| June 25, 2025 | June 30, 2025 | July 31, 2025 | 0.0600 | 1506<br><sup>(1)</sup> |
| July 18, 2025 | July 31, 2025 | August 29, 2025 | 0.1875 | 4781 |
| August 27, 2025 | August 29, 2025 | September 30, 2025 | 0.1875 | 5248 |
| September 26, 2025 | September 30, 2025 | October 31, 2025 | 0.1875 | 5518 |
| September 26, 2025 | September 30, 2025 | October 31, 2025 | 0.0300 | 883<br><sup>(1)</sup> |
| October 16, 2025 | October 31, 2025 | November 28, 2025 | 0.1875 | 6188 |
| November 26, 2025 | November 28, 2025 | December 31, 2025 | 0.1875 | 6219 |
| December 29, 2025 | December 31, 2025 | January 30, 2026 | 0.1875 | 6706 |
| December 29, 2025 | December 31, 2025 | January 30, 2026 | 0.0300 | 1073<br><sup>(1)</sup> |
| Total distributions declared |  |  | $5.3875 | $86402 |

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<sup>(1)</sup> Represents a special dividend.

**Distribution and Servicing Plan**

The Board approved a distribution and servicing plan (the "Distribution and Servicing Plan"). The following table shows the shareholder servicing and/or distribution fees the Company pays Emerson Equity LLC (the "Managing Dealer") with respect to the Class S, Class D and Class I on an annualized basis as a percentage of the Company's NAV for such class. The shareholder servicing and/or distribution fees will be paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.

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| | |
|:---|:---|
|  | **Shareholder Servicing <br>and/or Distribution <br>Fee as a % of NAV** |
| Class S shares | 0.85% |
| Class D shares | 0.25% |
| Class I shares |  |

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Subject to FINRA and other limitations on underwriting compensation, the Company will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly. The Managing Dealer has agreed to waive shareholder servicing and/or distribution fees for Class D shares for the first nine months following the date on which the Company broke escrow for the offering.

The shareholder servicing and/or distribution fees will be paid monthly in arrears. The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV

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with respect to all shares of each such class, including shares issued under our distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. Participating brokers and servicing brokers are not required to provide such services with respect to Class I shares. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

**Distribution Reinvestment Plan**

We have adopted a distribution reinvestment plan, which is an "opt-out" distribution reinvestment plan.

Under this plan, shareholders (other than those located in specific states, who are clients of selected participating brokers, as outlined below, or who have elected to "opt out" of the plan) will have their cash distributions (net of applicable withholding tax) automatically reinvested in additional shares of the same class of our Common Shares to which the distribution relates. If a shareholder elects to "opt out," that shareholder will receive cash distributions. The purchase price for shares purchased under our distribution reinvestment plan will be equal to the then current NAV per share of the relevant class of Common Shares. Shareholders will not pay transaction related charges when purchasing shares under our distribution reinvestment plan, but all outstanding Class S and Class D shares, including those purchased under our distribution reinvestment plan, will be subject to ongoing servicing fees.

**Share Repurchase Program**

Shareholders can request that their shares be repurchased subject to the following limitations.

Subject to the discretion of the Board, we commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the NAV per share for the applicable class of shares on each date of repurchase. Our Board may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Upon a suspension of our share repurchase program, our Board will consider at least quarterly whether the continued suspension of our share repurchase program remains in our best interest and the best interest of our shareholders. However, our Board is not required to authorize the recommencement of our share repurchase program within any specified period of time. Our Board may also determine to terminate our share repurchase program if required by applicable law or in connection with a transaction in which our shareholders receive liquidity for their Common Shares, such as a sale or merger of the Company.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we intend to limit the number of shares to be repurchased to no more than 5% of our outstanding Common Shares as of the last day of the immediately preceding quarter. In the event the number of shares tendered exceeds the repurchase offer amount, shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests may be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable. We may choose to offer to repurchase fewer shares than described above, or none at all.

We expect to repurchase shares pursuant to tender offers each quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. Shares that are issued pursuant to the Company's distribution reinvestment plan and tendered shall not be subject to the Early Repurchase Deduction. We intend to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Most of our assets will consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. In order to provide liquidity for share repurchases, we intend to generally maintain under normal circumstances an allocation to syndicated loans and other liquid investments. We may fund repurchase requests from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.

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During the year ended December 31, 2025, 166,071 shares were repurchased. During the year ended December 31, 2024, 60,000 shares were repurchased.

**Recent Sales of Unregistered Securities and Use of Proceeds**

We did not sell any securities during the period covered by this Annual Report that were not registered under the Securities Act.

**Senior Securities**

Information about our senior securities is shown in the following table. The information as of and for each of the years ended December 31, 2025, 2024, 2023, 2022, and 2021, is derived from our consolidated financial statements, which have been audited by PricewaterhouseCoopers LLP, our independent registered public accounting firm, as stated in their report which is included herein.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Amount** |  |  | **Involuntary** |  |
|  | **Outstanding Exclusive** |  |  | **Liquidating** | **Average** |
|  | **of Treasury Securities** <sup>(1)</sup> | **Asset Coverage** | **Asset Coverage** | **Preference** | **Market Value** |
| **Class and Year/Period** | **($in millions)** | **Per Unit** <sup>(2)</sup> | **Per Unit** <sup>(2)</sup> | **Per Unit** <sup>(3)</sup> | **Per Unit** <sup>(4)</sup> |
| **Facilities** |  |  |  |  |  |
| December 31, 2025 | $517.7 | $— | 3321.0 |  | N/A |
| December 31, 2024 | $378.1 | $— | 1948.0 |  | N/A |
| December 31, 2023 | 100.0 |  | 2102.8 |  | N/A |
| December 31, 2022 |  | N/A | N/A |  | N/A |
| December 31, 2021 <sup>(5)</sup> |  | N/A | N/A |  | N/A |
| **2025 Senior Notes, Tranche A** |  |  |  |  |  |
| December 31, 2025 | $110.0 | $— | 15630.7 |  | N/A |
| **2025 Senior Notes, Tranche B** |  |  |  |  |  |
| December 31, 2025 | $165.0 |  | 10420.5 |  | N/A |
| **Total Senior Securities** |  |  |  |  |  |
| December 31, 2025 | $792.7 | $— | 2169.0 |  | N/A |
| December 31, 2024 | $378.1 | $— | 1948.0 |  | N/A |
| December 31, 2023 | 100.0 |  | 2102.8 |  | N/A |
| December 31, 2022 |  | N/A | N/A |  | N/A |
| December 31, 2021 <sup>(5)</sup> |  | N/A | N/A |  | N/A |

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<sup>1.</sup>Total amount of each class of senior securities outstanding at the end of the period presented.

<sup>2.</sup>Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

<sup>3.</sup>The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The "—" in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

<sup>4.</sup>Not applicable because the senior securities are not registered for public trading.

<sup>5.</sup>For the period December 21, 2021 (inception) through December 31, 2021.

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# Item 6. Selected Consolidated Financial Data
The selected financial data previously required by Item 301 of Regulation S-K has been omitted in reliance on SEC Release No. 33-10890, Management's Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information.

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. The discussion and analysis contained in this section refers to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing elsewhere in this report. Please see "Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under "Forward-Looking Statements" appearing elsewhere in this report.

**Overview**

The Company is an externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a BDC under the 1940 Act. We are managed by the Advisor, a subsidiary of Bain Capital Credit. Our Advisor is registered as an investment adviser with the SEC under the Advisers Act. Our Advisor also provides the administrative services necessary for us to operate (in such capacity, our "Administrator"). The Company commenced operations on November 28, 2023. We seek to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, unitranche, including last-out portions of such loans, and second lien debt, subordinated debt, as well as through select equity investments, investments in strategic joint ventures and, to a lesser extent, corporate bonds.

We are a non-exchange traded, perpetual-life BDC whose shares are not listed for trading on a stock exchange or other securities market. The term "perpetual-life" is used to differentiate our structure from other BDCs who have a finite offering period and/or have a predefined time period to pursue a liquidity event or to wind down the fund. In contrast, in a perpetual-life BDC structure like ours, we expect to offer Common Shares continuously at a price equal to the monthly NAV per share and we have an indefinite duration, with no obligation to effect a liquidity event at any time. We generally intend to offer our common shareholders an opportunity to have their shares repurchased on a quarterly basis, subject to an aggregate cap of 5% of shares outstanding. However, the determination to repurchase shares in any given quarter is fully at the discretion of our Board, so investors may not always have access to liquidity when they desire it. *See* "Risk Factors."

Our primary focus is capitalizing on opportunities within Bain Capital Credit's Senior Direct Lending Strategy, as defined below, which seeks to provide risk-adjusted returns and current income to investors by investing primarily in middle-market direct lending opportunities across North America, Europe and Australia and also in other geographic markets. We use the term "middle market" to refer to companies with between $10.0 million and $150.0 million in annual EBITDA. However, we may, from time to time, invest in larger or smaller companies. We focus on (i) senior secured investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender (including "unitranche" loans, which are loans that combine both senior and mezzanine debt) and (ii) mezzanine debt and other junior securities with a focus on downside protection. We generally seek to retain effective voting control in respect of the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We may also invest in common and preferred equity and in secondary purchases of assets or portfolios, on an opportunistic basis, but such investments are not the principal focus of our investment strategy. We may also invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities. Our debt investments may be at fixed or floating interest rates, and our floating rate investments may utilize one or more reference rates, such as the Secured Overnight Financing Rate ("SOFR"). Our investments are subject to a number of risks.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees, dividends on direct equity investments and capital gains on the sales of investments. The companies in which we invest use our capital for a variety of reasons, including to support organic growth, to fund changes of control, to fund acquisitions, to make capital investments and for refinancing and recapitalizations.

Leverage is utilized to help the Company meet its investment objective. Any such leverage if incurred, is expected to increase the total capital available for investment by the Company. As a BDC, we may also invest up to 30% of our portfolio opportunistically in "non-qualifying" portfolio investments, such as investments in non-U.S. companies.

We may invest in debt securities which are either rated below investment grade or not rated by any rating agency but, if they were rated, would be rated below investment grade. 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. They may also be illiquid and difficult to value.

Following our initial public offering, the value at which our new Common Shares may be offered, or our Common Shares may be repurchased, will be equal to our monthly NAV per share. In addition, an investment in our Common Shares has limited or no liquidity

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beyond our share repurchase program, and our share repurchase program can be modified, suspended or terminated at the Board's discretion. Our Common Shares may be purchased by any investor who meets the minimum suitability requirements described under "Suitability Standards" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Purchases of our Common Shares must be fully funded at the time of subscription.

We have a perpetual life and may continue to take in new capital on a continuous basis at a value generally equal to our NAV per share. We will be continually originating new investments to the extent we raise additional capital. We will also be regularly recycling capital from our existing investors into new investments.

**Investments**

Our level of investment activity may vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the level of investment and capital expenditures of such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we may not acquire any assets other than "qualifying assets" specified in the 1940 Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in "eligible portfolio companies." Pursuant to rules adopted by the SEC, "eligible portfolio companies" include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

As a BDC, we may also invest up to 30% of our portfolio opportunistically in "non-qualifying" portfolio investments, such as investments in non-U.S. companies.

**Revenues**

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees, dividends on direct equity investments and capital gains on the sales of investments. The companies in which we invest use our capital for a variety of reasons, including to support organic growth, to fund changes of control, to fund acquisitions, to make capital investments and for refinancing and recapitalizations. Leverage may be utilized to help the Company meet its investment objective. Any such leverage would be expected to increase the total capital available for investment by the Company.

Our debt investment portfolio consists of primarily floating rate loans. As of December 31, 2025 and December 31, 2024, 92.4% and 98.2%, respectively, of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

Dividend income on preferred equity investments is recorded on an 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 investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

**Expenses**

Our primary operating expenses include the payment of fees to the Advisor under the Investment Advisory Agreement, our allocable portion of overhead expenses under the Administration Agreement and other operating costs described below. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•organization and offering expenses associated with the offering of the Common Shares (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Company's systems and those of participating broker-dealers, reasonable bona fide due diligence expenses of participating broker- dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Company's escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and costs, expenses

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and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, broker-dealers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "AIFMD"), investment bankers, administrative agents, paying agents, depositaries, custodians, trustees, sub-custodians, consultants (including individuals consulted through expert network consulting firms), engineers, senior advisors, industry experts, operating partners, deal sourcers (including personnel dedicated to but not employed by the Administrator or its affiliates), and other professionals (including, for the avoidance of doubt, the costs and charges allocable with respect to the provision of internal legal, tax, accounting, technology or other services and professionals related thereto (including secondees and temporary personnel or consultants that may be engaged on short- or long-term arrangements) as deemed appropriate by the Administrator, with the oversight of the Board, where such internal personnel perform services that would be paid by the Company if outside service providers provided the same services); fees, costs, and expenses herein include (x) costs, expenses and fees for hours spent by its in-house attorneys and tax advisers that provide transactional legal advice and/or services to the Company or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Company and (y) expenses and fees to provide administrative and accounting services to the Company or its portfolio companies, and expenses, charges and/or related costs incurred directly by the Company or affiliates in connection such services (including overhead related thereto), in each case, (I) that are specifically charged or specifically allocated or attributed by the Administrator, with the oversight of the Board, to the Company or its portfolio companies and (II) provided that any such amounts shall not be greater than what would be paid to an unaffiliated third party for substantially similar advice and/or services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of calculating the Company's NAV, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of effecting any sales and repurchases of the Common Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses payable under any managing dealer and selected dealer agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest and fees and expenses arising out of all borrowings, guarantees and other financings or derivative transactions (including interest, fees and related legal expenses) made or entered into by the Company, including, but not limited to, the arranging thereof and related legal expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expenses, including travel, entertainment, lodging and meal expenses, incurred by the Advisor, or members of its investment team, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Company's rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Advisor or its affiliates to the extent such expenses relate to attendance at meetings of the Board or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses, if any, incurred by or on behalf of the Company in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any legal, tax, administrative, accounting, travel, meals, accommodations and entertainment, advisory, consulting and printing expenses, reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the allocated costs incurred by the Advisor and the administrator in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all brokerage costs, hedging costs, prime brokerage fees, custodial expenses, agent bank and other bank service fees; private placement fees, commissions, appraisal fees, commitment fees and underwriting costs; costs and expenses of any lenders, investment banks and other financing sources, and other investment costs, fees and expenses actually incurred in connection with evaluating, making, holding, settling, clearing, monitoring or disposing of actual investments (including, without limitation, travel, meals, accommodations and entertainment expenses and any expenses related to attending trade association and/or industry meetings, conferences or similar meetings, any costs or expenses relating to currency conversion in the case of investments denominated in a currency other than U.S. dollars) and expenses arising out of trade settlements (including any delayed compensation expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trading errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal, filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Advisor is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction) and any fees, costs and expenses related to the organization or maintenance of any vehicle through which the Company directly or indirectly participates in the acquisition, holding and/or disposition of investments or which otherwise facilitate the Company's investment activities, including without limitation any travel and accommodations expenses related to such vehicle and the salary and benefits of any personnel (including personnel of Advisor or its affiliates) reasonably necessary and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•advisable for the maintenance and operation of such vehicle, or other overhead expenses (including any fees, costs and expenses associated with the leasing of office space (which may be made with one or more affiliates as lessor in connection therewith));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent, dividend agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees, franchise fees, costs associated with an exchange listing (including stock exchange listing fees) and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent trustees' fees and expenses including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing Consolidated Financial Statements and maintaining books and records, costs of Sarbanes-Oxley Act compliance and attestation and costs of preparing and filing reports or other documents with the SEC, Financial Industry Regulatory Authority, Commodity Futures Trading Commission ("CFTC") and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the 1940 Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses associated with the preparation and issuance of the Company's periodic reports and related statements (e.g., Consolidated Financial Statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and reporting-related expenses (including other notices and communications) in respect of the Company and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Company or the Advisor or its affiliates in connection with such provision of services thereby);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs) and the costs of any shareholder or trustee meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of registration rights granted to certain investors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any taxes and/or tax-related interest, fees or other governmental charges (including any penalties incurred where the Advisor lacks sufficient information from third parties to file a timely and complete tax return) levied against the Company and all expenses incurred in connection with any tax audit, investigation, litigation, settlement or review of the Company and the amount of any judgments, fines, remediation or settlements paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses of any litigation, arbitration or audit involving the Company any vehicle or its portfolio companies and the amount of any judgments, assessments fines, remediations or settlements paid in connection therewith, trustees and officers, liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses associated with the Company's information, obtaining and maintaining technology (including the costs of any professional service providers), hardware/software, data-related communication, market data and research (including news and quotation equipment and services and including costs allocated by the Advisor's or its affiliates' internal and third-party research groups (which are generally based on time spent, assets under management, usage rates, proportionate holdings or a combination thereof or other reasonable methods determined by the Administrator) and expenses and fees (including compensation costs) charged or specifically attributed or allocated by Advisor and/or its affiliates for data-related services provided to the Company and/or its portfolio companies (including in connection with prospective investments), each including expenses, charges, fees and/or related costs of an internal nature; provided, that any such expenses, charges or related costs shall not be greater than what would be paid to an unaffiliated third party for substantially similar services) reporting costs (which includes notices and other communications and internally allocated charges), and dues and expenses incurred in connection with membership in industry or trade organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of specialty and custom software for monitoring risk, compliance and the overall portfolio, including any development costs incurred prior to the filing of the Company's election to be treated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with individual or group shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fidelity bond, trustees' and officers' errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs and expenses of administration, including printing, mailing, long distance telephone, copying and secretarial and other staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses of winding up and liquidating the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•extraordinary expenses (such as litigation or indemnification);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Company's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act, TIC Form SLT filings, Internal Revenue Service filings under the Foreign Account Tax Compliance Act and Report of Foreign Bank and Financial Accounts reporting requirements applicable to the Company or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Company engages in activities, including any notices, reports and/or filings required under the AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Advisor relating to the Company and its affiliates relating to the Company, and their activities) and/or other regulatory filings, notices or disclosures of the Advisor and its affiliates relating to the Company including those pursuant to applicable disclosure laws and expenses relating to Freedom of Information Act requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Company and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs and expenses (including travel) in connection with the diligence and oversight of the Company's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs and expenses, including travel, meals, accommodations, entertainment and other similar expenses, incurred by the Advisor or its affiliates for meetings with existing investors and any broker-dealers, registered investment advisors, financial and other advisors representing such existing investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses incurred by the Administrator in connection with administering the Company's business.

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To the extent that expenses to be borne by us are paid by our Advisor, we will generally reimburse our Advisor for such expenses. To the extent the Administrator outsources any of its functions, we will pay the fees associated with such functions on a direct basis without profit to the Administrator. We also reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including rent and compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley Act internal control assessment and fees paid to third-party providers for goods or services. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to our business and affairs, and will be subject to oversight by the Board. We incurred expenses related to the Administrator of $0.7 million, $0.6 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.9 million, $0.5 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Advisor will not be reimbursed to the extent that such reimbursements would cause any distributions to our shareholders to constitute a return of capital. All of the foregoing expenses are ultimately borne by our shareholders.

BCSF Advisors, LP, in its capacity as our investment adviser prior to September 28, 2023, and the Advisor advanced all expenses incurred on our behalf through the date on which we broke escrow for our offering.

**Leverage**

From time to time, we may borrow funds, including under our credit facilities, or issue debt securities or preferred securities to make additional investments or for other purposes. This is known as "leverage" and could increase or decrease returns to our shareholders. The use of borrowed funds or the proceeds of preferred securities offerings to make investments has specific benefits and risks, and all of the costs of borrowing funds or issuing preferred securities are borne by our shareholders. As a BDC, with certain limited exceptions, we may only borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is in compliance with the ratio for BDCs set forth in the 1940 Act. The Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met). As of December 31, 2025 and December 31, 2024, the Company's asset coverage ratio was 216.9% and 194.8%, respectively.

Our leverage may take the form of revolving or term loans from financial institutions, secured or unsecured bonds, securitization of portions of our investment portfolio via collateralized loan obligations or preferred shares.

**Investment Decision Process**

The Advisor's investment process can be broken into five processes: (1) Sourcing and Idea Generation, (2) Investment Diligence & Recommendation, (3) Credit Committee Approval, (4) Portfolio Construction and (5) Portfolio & Risk Management.

***Sourcing and Idea Generation***

The investment decision-making process begins with sourcing ideas. Bain Capital Credit's Private Credit Group interacts with a broad and deep set of global sourcing contacts, enabling the group to generate a large set of middle-market investment opportunities. Further enhancing the sourcing capability of the core Private Credit Group are Bain Capital Credit's industry groups, Trading Desk, and the Bain Capital Special Situations team. The team has extensive contacts with private equity firms. Relationships with banks, a variety of advisors and intermediaries and a handful of unique independent sponsors compose the remainder of the relationships. Through these sourcing efforts the Private Credit Group has built a sustainable deal funnel, which has generated hundreds of opportunities to review annually.

***Investment Diligence & Recommendation***

Our Advisor utilizes Bain Capital Credit's bottom-up approach to investing, and it starts with due diligence. The Private Credit Group works with the close support of Bain Capital Credit's industry groups on performing due diligence. This process typically begins with a detailed review of the offering memorandum as well as Bain Capital Credit's own independent diligence efforts, including in-house materials and expertise, third-party independent research and interviews, and hands-on field checks where appropriate. For deals that progress beyond an initial stage, the team will schedule one or more meetings with company management, facilities visits and also meetings with the sponsor in order to ask more detailed questions and to better understand the sponsor's view of the business and plans for it going forward. The team's diligence work is summarized in investment memorandums and accompanying credit packs. Work

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product also includes full models and covenant analysis. The approval process itself is iterative, involving multiple levels of discussion and approval.

***Credit Committee Approval*** 

Given Bain Capital Credit's broad and diverse range of investment strategies, we tailor our investment decision-making process by strategy to provide a robust and comprehensive discussion of both individual investments and the applicable portfolio(s) under consideration. We believe that this flexible approach provides a rigorous investment decision-making process that allows us to be nimble across a variety of market environments while still maintaining high credit underwriting standards.

Our investments require approval from at least the Private Credit Investment Committee, which includes three Partners in the Private Credit Group as standing members: Michael Ewald, Mike Boyle, and Carolyn Hastings. Ad hoc members may also be included in the Private Credit Investment Committee for certain types of investments.

***Portfolio Construction***

Portfolio construction is largely the responsibility of the portfolio managers. The portfolio managers will construct the portfolio using a set of approved investments. While the decision to buy generally requires approval from at least the Private Credit Investment Committee, the decision to sell securities is at the sole discretion of the portfolio managers. For middle-market holdings, the path to exit an investment is discussed at credit committee meetings, including restructurings, acquisitions and sale to strategic buyers. Since most middle-market investments are illiquid, exits are driven primarily by a sale of the portfolio company or a refinancing of the portfolio company's debt.

***Portfolio & Risk Management***

Our Advisor utilizes Bain Capital Credit's Private Credit Group for the daily monitoring of its respective credits after an investment has been made. Our Advisor believes that the ongoing monitoring of financial performance and market developments of portfolio investments is critical to successful investment management. Accordingly, our Advisor is actively involved in an on-going portfolio review process and attends board meetings. To the extent a portfolio investment is not meeting our Advisor's expectations, our Advisor takes corrective action when it deems appropriate, which may include raising interest rates, gaining a more influential role on its board, taking warrants and, where appropriate, restructuring the balance sheet to take control of the company. Our Advisor will utilize the Bain Capital Credit Risk and Oversight Committee. The Risk and Oversight Committee is responsible for monitoring and reviewing risk management, including portfolio risk, counterparty risk and firm-wide risk issues. In addition to the methods noted above, there are a number of proprietary methods and tools used through all levels of Bain Capital Credit to manage portfolio risk.

**Warehousing Transaction**

We entered into multiple warehousing transactions whereby we agreed, subject to certain conditions, to purchase certain assets from parties unaffiliated with the Advisor. Such warehousing transactions were designed to assist us in deploying capital upon receipt of subscriptions. On October 19, 2022, we entered into the Facility Agreements. The Facility Agreements create a forward obligation of the Financing Provider to sell, and a forward obligation of us or our designee to purchase the Portfolio Investments owned and held by the Financing Provider at our request, in each case in the currency of the respective Facility Agreement. The Portfolio Investments generally consist of originated loans to middle-market corporate and sponsor-backed U.S. companies consistent with our investment strategy. Pursuant to the Facility Agreements, we were entitled to request the Financing Provider acquire such Portfolio Investments as we may designate from time to time, which the Financing Provider can approve or reject in its sole and absolute discretion. Prior to any sale to us, the Portfolio Investments were owned and held solely for the account of the Financing Provider. Until such time as we satisfy the Capital Condition, we had no obligation to purchase the Portfolio Investments under the Facility Agreements.

On November 28, 2023, the Company met the Capital Condition and purchased the Portfolio Investments from the Financing Provider with an aggregate principal amount of $195.4 million (excluding unfunded revolvers and delayed draw positions of $6.8 million), at a purchase price of $190.6 million, resulting in a realized gain of approximately $1.8 million.

**Portfolio and Investment Activity**

During the year ended December 31, 2025, we invested $1.28 billion, including PIK, in 142 portfolio companies, and had $336.2 million in aggregate amount of principal repayment and sales, resulting in a net increase in investments of $945.0 million for the year. Of the $1.28 billion invested during the year ended December 31, 2025, $137.3 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

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During the year ended December 31, 2024, we invested $601.7 million, including PIK, in 88 portfolio companies, and had $79.9 million in aggregate amount of principal repayment and sales, resulting in a net increase in investment of $521.8 million for the year. Of the $601.7 million invested during the year ended December 31, 2024, $74.9 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2025 (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  |  |  |  |  | **Weighted Average** | **Weighted Average** |
|  |  |  |  |  | **Yield** <sup>(1)</sup> | **Yield** <sup>(1)</sup> |
|  |  |  |  |  | **at** | **at** |
|  |  | **Percentage of** |  | **Percentage of** | **Amortized** | **Market** |
|  | **Amortized Cost** | **Total Portfolio** | **Fair Value** | **Total Portfolio** | **Cost** | **Value** |
| First Lien Senior Secured Loan | 1464929 | 88.0% | $1467754 | 87.3% | 9.4% | 9.4% |
| Second Lien Senior Secured Loan | 18757 | 1.1 | 18749 | 1.1 | 12.0 | 12.0 |
| Subordinated Debt | 103042 | 6.2 | 103961 | 6.2 | 15.4 | 15.4 |
| Preferred Equity | 22927 | 1.4 | 24362 | 1.4 | 10.0 | 9.8 |
| Equity Interest | 28187 | 1.7 | 37894 | 2.3 | N/A | N/A |
| Warrants |  | 0.0 | 1233 | 0.1 | N/A | N/A |
| Subordinated Notes in Investment Vehicles <sup>(2)</sup> | 20240 | 1.2 | 20240 | 1.2 | 10.0 | 10.0 |
| Preferred Equity Interest in Investment Vehicles <sup>(2)</sup> | 10 | 0.0 | 87 | 0.0 | N/A | N/A |
| Equity Interests in Investment Vehicles <sup>(2)</sup> | 6900 | 0.4 | 6978 | 0.4 | 5.6 | 5.5 |
| Total | $1664992 | 100.0% | $1681258 | 100.0% | 9.9% | 9.9% |

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<sup>(1)</sup> Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our shareholders.

<sup>(2)</sup> Represents debt and equity investment in SLP II.

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2024 (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  |  |  |  | **Weighted Average** | **Weighted Average** |
|  |  |  |  |  | **Yield** <sup>(1)</sup> | **Yield** <sup>(1)</sup> |
|  |  |  |  |  | **at** | **at** |
|  |  | **Percentage of** |  | **Percentage of** | **Amortized** | **Market** |
|  | **Amortized Cost** | **Total Portfolio** | **Fair Value** | **Total Portfolio** | **Cost** | **Value** |
| First Lien Senior Secured Loan | $687623 | 95.9% | $685846 | 95.7% | 11.1% | 11.1% |
| Preferred Equity | 14360 | 2.0 | 14694 | 2.0 | 13.6 | 13.6 |
| Equity Interest | 9529 | 1.3 | 10984 | 1.5 |  |  |
| Subordinated Debt | 5399 | 0.8 | 5147 | 0.7 | 13.8 | 13.8 |
| Warrants |  |  | 628 | 0.1 |  |  |
| Total | $716911 | 100.0% | $717299 | 100.0% | 11.2% | 11.2% |

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<sup>(1)</sup> Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our shareholders.

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The following table presents certain selected information regarding our investment portfolio as of December 31, 2025:

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| | |
|:---|:---|
|  | **As of** |
|  | **December 31, 2025** |
| Number of portfolio companies | 151 |
| Percentage of debt bearing a floating rate <sup>(1)</sup> | 92.4% |
| Percentage of debt bearing a fixed rate <sup>(1)</sup> | 7.6% |

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<sup>(1)</sup> Measured on a fair value basis.

The following table presents certain selected information regarding our investment portfolio as of December 31, 2024:

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| | |
|:---|:---|
|  | **As of** |
|  | **December 31, 2024** |
| Number of portfolio companies | 86 |
| Percentage of debt bearing a floating rate <sup>(1)</sup> | 98.2% |
| Percentage of debt bearing a fixed rate <sup>(1)</sup> | 1.8% |

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<sup>(1)</sup> Measured on a fair value basis.

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2025 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage at<br>Amortized Cost** | **Fair Value** | **Percentage at<br>Fair Value** |
| Performing | 1651066 | 99.2% | 1671912 | 99.4% |
| Non-accrual | 13926 | 0.8 | 9346 | 0.6 |
| Total | $1664992 | 100.0% | $1681258 | 100.0% |

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The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2024 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Percentage at<br>Amortized Cost** | **Fair Value** | **Percentage at<br>Fair Value** |
| Performing | 716911 | 100.0% | 717299 | 100.0% |
| Non-accrual |  |  |  |  |
| Total | $716911 | 100.0% | $717299 | 100.0% |

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Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2025 and December 31, 2024, there was one and zero loans placed on non-accrual in the Company's portfolio, respectively.

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The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of December 31, 2025 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized<br>Cost** | **Percentage<br>of Total** | **Fair<br>Value** | **Percentage<br>of Total** |
| First Lien Senior Secured Loan | 1464929 | 86.0% | 1467754 | 85.4% |
| Second Lien Senior Secured Loan | 18757 | 1.1 | 18749 | 1.1 |
| Subordinated Debt | 103042 | 6.1 | 103961 | 6.0 |
| Preferred Equity | 22927 | 1.3 | 24362 | 1.4 |
| Equity Interest | 28187 | 1.7 | 37894 | 2.2 |
| Warrants |  | 0.0 | 1233 | 0.1 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 20240 | 1.2 | 20240 | 1.2 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 87 | 0.0 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 6900 | 0.4 | 6978 | 0.4 |
| Cash and cash equivalents | 32110 | 1.9 | 32110 | 1.9 |
| Foreign cash | 5912 | 0.3 | 5959 | 0.3 |
| Restricted cash | 50 | 0.0 | 50 | 0.0 |
| Total | $1703064 | 100.0% | $1719377 | 100.0% |

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<sup>(1)</sup> Represents debt and equity investment in SLP II.

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of December 31, 2024 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized<br>Cost** | **Percentage<br>of Total** | **Fair<br>Value** | **Percentage<br>of Total** |
| First Lien Senior Secured Loan | 687623 | 93.8% | 685846 | 93.5% |
| Preferred Equity | 14360 | 2.0 | 14694 | 2.0 |
| Equity Interest | 9529 | 1.3 | 10984 | 1.5 |
| Warrants |  | 0.0 | 628 | 0.1 |
| Subordinated Debt | 5399 | 0.7 | 5147 | 0.7 |
| Cash and Cash Equivalents | 15441 | 2.1 | 15441 | 2.1 |
| Restricted Cash | 50 | 0.0 | 50 | 0.0 |
| Foreign Cash | 1006 | 0.1 | 898 | 0.1 |
| Total | $733408 | 100.0% | $733688 | 100.0% |

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Our Advisor monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company. The Advisor has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessment of success in adhering to the portfolio company's business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons to our other portfolio companies in the industry, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•attendance at and participation in board meetings or presentations by portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review of monthly and quarterly Consolidated Financial Statements and financial projections of portfolio companies.

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Our Advisor rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3 or 4, our Advisor enhances its level of scrutiny over the monitoring of such portfolio company. Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 1 if, in the opinion of our Advisor, it is performing above underwriting expectations, and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company or the likelihood of a potential exit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 2 if, in the opinion of our Advisor, it is performing as expected at the time of our underwriting and there are generally no concerns about the portfolio company's performance or ability to meet covenant requirements, interest payments or principal amortization, if applicable. All new investments or acquired investments in new portfolio companies are initially given a rating of 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 3 if, in the opinion of our Advisor, the investment is performing below underwriting expectations and there may be concerns about the portfolio company's performance or trends in the industry, including as a result of factors such as declining performance, non-compliance with debt covenants or delinquency in loan payments (but generally not more than 180 days past due).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An investment is rated 4 if, in the opinion of our Advisor, the investment is performing materially below underwriting expectations. For debt investments, most of or all of the debt covenants are out of compliance and payments are substantially delinquent. Investments rated 4 are not anticipated to be repaid in full, if applicable, and there is significant risk that we may realize a substantial loss on our investment.

The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2025 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Investment Performance Rating** | **Fair Value** | **Percentage<br>of Total** | **Number of<br>Companies** <sup>(1)</sup> | **Percentage<br>of Total** |
| 1 | 2172 | 0.1% | 1 | 0.7% |
| 2 | 1669740 | 99.3 | 149 | 98.6 |
| 3 |  |  |  |  |
| 4 | 9346 | 0.6 | 1 | 0.7 |
| Total | $1681258 | 100.0% | 151 | 100.0% |

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<sup>(1)</sup> Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

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The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2024 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investment Performance Rating** | **Fair Value** | **Percentage<br>of Total** | **Number of<br>Companies** <sup>(1)</sup> | **Percentage<br>of Total** |
| 1 | 70 | —% | 1 | 1.2% |
| 2 | 705331 | 98.3 | 84 | 97.6 |
| 3 | 11898 | 1.7 | 1 | 1.2 |
| 4 |  |  |  |  |
| Total | $717299 | 100.0% | 86 | 100.0% |

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<sup>(1)</sup> Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

**Bain Capital Senior Loan Program II, LLC**

On December 27, 2024, the Company and an entity advised by Amberstone Co., Ltd. ("Amberstone"), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program II, LLC ("SLP II"). Pursuant to an amended and restated limited liability company agreement between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP II. Total initial capital commitments to SLP II were $100 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP II seeks to invest primarily in senior secured first lien loans of U.S. borrowers. Investment decisions and all other material decisions in respect of SLP II must be approved by representatives of the Company and Amberstone. Effective as of November 18, 2025, the Company and Amberstone each made an additional $100 million capital commitment to SLP II. As of December 31, 2025, the total capital commitments to SLP II were $300 million.

As of December 31, 2025, the Company's investment in SLP II consisted of subordinated notes of $20.2 million, preferred equity interests of $0.1 million and equity interests of $7.0 million. As of December 31, 2024, SLP II had not commenced operations and the Company had no investment in SLP II. The Company and Amberstone each appointed two members to SLP II's four-person Member Designees' Committee. All material decisions with respect to SLP II, including those involving its investment portfolio, require unanimous approval of a quorum of the Member Designees' Committee. The Company does not consolidate its investments in SLP II as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP II due to the allocation of voting rights among SLP II members.

The following table is a summary of SLP II's portfolio at fair value:

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| | |
|:---|:---|
|  | **As of** |
|  | **December 31, 2025** |
| Total investments | $141011 |
| Weighted average yield on investments | 9.2% |
| Number of borrowers in SLP II | 27 |
| Largest portfolio company investment | $9975 |
| Total of five largest portfolio company investments | $34742 |
| Unfunded commitments | $— |

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***Results of Operations***

Our operating results for the years ended December 31, 2025, 2024 and 2023 were as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** <sup>(1)</sup> |
| Total investment income | $130117 | $54165 | $2393 |
| Total expenses, net of fee waivers | 67680 | 28634 | 1227 |
| Net investment income before taxes | 62437 | 25531 | 1166 |
| Less: Income taxes, including excise tax | 500 | 200 | - |
| Net investment income | 61937 | 25331 | 1166 |
| Net realized loss | 437 | 382 | 1814 |
| Net change in unrealized appreciation | 8828 | 2647 | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $71202 | $28360 | $2784 |

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<sup>(1)</sup> The Company commenced operations on November 28, 2023.

Net increase in net assets resulting from operations can vary from period to period as a result of various factors, including additional financing, new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. Due to these factors, comparisons may not be meaningful.

***Investment Income***

The composition of our investment income for the years ended December 31, 2025, 2024 and 2023 was as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Interest from investments | 108046 | 46215 | 2265 |
| Dividend income | 2629 | 1482 | - |
| PIK income | 10790 | 515 | - |
| Other income | 8652 | 5953 | 128 |
| Total investment income | $130117 | $54165 | $2393 |

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Interest income from investments, which includes interest and accretion of discounts and fees, increased to $108.0 million for the year ended December 31, 2025 from $46.2 million for the year ended December 31, 2024, due to an increase in investment portfolio size. Dividend income increased to $2.6 million for the year ended December 31, 2025 from $1.5 million for the year ended December 31, 2024, due to an increase in investment portfolio size. PIK income increased to $10.8 million for the year ended December 31, 2025 from $0.5 million for the year ended December 31, 2024 due to an increase in investment portfolio size and the number of investments earning PIK income. Other income increased to approximately $8.7 million for the year ended December 31, 2025 from $6.0 million for the year ended December 31, 2024, primarily due to increases in investment portfolio size and upfront, commitment and closing fees earned on certain investments. As of December 31, 2025, the weighted average yield of our investment portfolio decreased to 9.9% from 11.2% as of December 31, 2024, at amortized cost.

Interest income from investments, which includes interests and accretion of discounts and fees, increased to $46.2 million for the year ended December 31, 2024 from $2.3 million for the year ended December 31, 2023, due to an increase in investment portfolio size. Dividend income increased to $1.5 million for the year ended December 31, 2024 from $0.0 million for the year ended December 31, 2023, due to an increase in investment portfolio size. PIK income increased to $0.5 million for the year ended December 31, 2024 from $0.0 million for the year ended December 31, 2023 due to an increase in investment portfolio size. Other income increased to approximately $6.0 million for the year ended December 31, 2024 from $0.1 million for the year ended December 31, 2023, primarily due to an increase in investment portfolio size and increase in upfront, commitment and closing fees earned on certain investments. For the year ended December 31, 2024, the weighted average yield of our investment portfolio was 11.2%, at amortized cost.

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***Operating Expenses***

The composition of our operating expenses for the years ended December 31, 2025, 2024 and 2023 were as follows (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Interest and debt financing expenses | $38642 | $17339 | $772 |
| Incentive fee on income | 11259 | 4471 | 437 |
| Incentive fee on capital gains | 1844 |  |  |
| Professional fees and operating expenses | 1484 | 3692 | 924 |
| Base management fee | 9299 | 3350 | 140 |
| Amortization of deferred offering costs |  | 1285 | 112 |
| Trustee fees | 451 | 432 | 432 |
| Organization costs |  | 219 | 996 |
| Other general and administrative expenses | 4195 |  |  |
| &nbsp;&nbsp;Total expenses, before fee waivers | $67174 | $30788 | $3813 |
| Base management fee waiver |  |  | (8) |
| Incentive fee waiver |  |  | (289) |
| Expense recoupment (support) | 506 | (2154) | (2289) |
| &nbsp;&nbsp;Total expenses, net of fee waivers | $67680 | $28634 | $1227 |

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***Interest and Debt Financing Expenses***

Interest and debt financing expenses on our borrowings totaled approximately $38.6 million, $17.3 million and $0.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. The increase was driven by an increase in portfolio and investment activities. The weighted average principal debt balance outstanding for the years ended December 31, 2025, 2024 and 2023 was $540.8 million, $206.4 million and 97.0 million, respectively.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the years ended December 31, 2025, 2024 and 2023 was 6.4%, 7.7% and 8.2%, respectively.

***Management Fee***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee (net of waivers) increased to $9.3 million for the year ended December 31, 2025 from $3.4 million for the year ended December 31, 2024. Management fee (net of waivers) increased to $3.4 million for the year ended December 31, 2024 from $0.1 million for the year ended December 31, 2023. Management fee waived for the years ended December 31, 2025, 2024 and 2023, was $0.0 million, $0.0 million and $0.0 million, respectively.

***Incentive Fee***

Incentive fee on income was $11.3 million, $4.5 million and $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. The increase was driven by an increase in pre-incentive fee net investment income due to the increase in portfolio size. Waivers related to incentive fee on income consisted of voluntary waivers of $0.0 million, $0.0 million and $0.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Incentive fee on capital gains was $1.8 million, $0.0 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. The increase was driven by the net cumulative capital gains.

***Professional Fees and Other General and Administrative Expenses***

Professional fees and other general and administrative expenses increased to $5.7 million for the year ended December 31, 2025 from $3.7 million for the year ended December 31, 2024, primarily due to an increase in costs associated with servicing our investment portfolio. Professional fees and other general and administrative expenses increased to $3.7 million for the year ended December 31, 2024 from $0.9 million for the year ended December 31, 2023, primarily due to an increase in costs associated with servicing our investment portfolio as investment activities continued to ramp.

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***Expense Support and Conditional Reimbursement Agreement*** 

We have entered into an Expense Support Agreement with the Advisor. For additional information see "Item 8. Consolidated Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 5. Agreements and Related Party Transactions Investment Advisory Agreement". For the year December 31, 2025, the Company did not receive expense support from the Advisor, and repaid the Advisor $0.5 million for expenses previously paid by the Advisor on behalf of the Company. For the year ended December 31, 2024, the Company received $2.2 million in expense support from the Advisor and did not make any repayments. Expense support decreased to $2.2 million for the year ended December 31, 2024 from $2.3 million for the year ended December 31, 2023, as the Company had scaled and its expense ratio had decreased.

***Net Realized and Unrealized Gains and Losses*** 

The following table summarizes our net realized and unrealized gains (losses) for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net realized gain on investments | $1412 | $563 | $1855 |
| Net realized loss on investments | (1623) | (100) | (110) |
| Net realized gain on foreign currency transactions | 582 | 233 | 31 |
| Net realized loss on foreign currency transactions |  | (183) | (10) |
| Net realized loss on foreign currency of debt | (2) | (264) |  |
| Net realized gain on forward currency exchange contracts | 161 | 172 | 48 |
| Net realized loss on forward currency exchange contracts | (93) | (39) |  |
| Net realized gains | $437 | $382 | $1814 |
| Change in unrealized appreciation on investments | $22208 | $4974 | $2700 |
| Change in unrealized depreciation on investments | (6330) | (4609) | (2677) |
| Net change in unrealized appreciation on investments | 15878 | 365 | 23 |
| Change in unrealized appreciation on foreign currency translation | 119 | (108) | (129) |
| Change in unrealized appreciation on forward currency exchange contracts | (4273) | 1582 | (90) |
| Net change in unrealized appreciation on foreign currency and forward currency exchange contracts | (4154) | 1474 | (219) |
| Change in unrealized appreciation on foreign currency translation on debt | (2896) | 808 |  |
| Net change in unrealized appreciation | $8828 | $2647 | $(196) |

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For the years ended December 31, 2025, 2024 and 2023, we had net realized gains (losses) on investments of $(0.2) million, $0.5 million and $1.7 million respectively, which were primarily driven by full or partial sales or paydowns of our investments. For the years ended December 31, 2025, 2024 and 2023, we had net realized gains (losses) on foreign currency transactions of $0.6 million, $0.1 million and $0.0 million respectively, primarily as a result of fluctuations in the EUR, GBP and AUD exchange rates. For the years ended December 31, 2025, 2024 and 2023, we had net realized gains (losses) on forward currency contracts of $0.1 million, $0.1 million and $0.0 million respectively, primarily as a result of settling EUR and NZD forward contracts.

For the year ended December 31, 2025, we had $22.2 million in unrealized appreciation on 89 portfolio company investments, which was offset by $6.3 million in unrealized depreciation on 78 portfolio company investments. Unrealized appreciation for the year ended December 31, 2025 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation was primarily due to a widening of credit spreads and negative valuation adjustments.

For the year ended December 31, 2024, we had $5.0 million in unrealized appreciation on 37 portfolio company investments, which was offset by $4.6 million in unrealized depreciation on 46 portfolio company investments. Unrealized appreciation for the year ended December 31, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation was primarily due to widening of credit spreads and negative valuation adjustments.

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For the year ended December 31, 2023, we had $2.7 million in unrealized appreciation on 19 portfolio company investments, which was offset by $2.7 million in unrealized depreciation on 9 portfolio company investments. Unrealized depreciation for the year ended December 31, 2023 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments. Unrealized appreciation was primarily due to positive valuation adjustments.

For the years ended December 31, 2025, 2024 and 2023, we had unrealized appreciation (depreciation) on forward currency exchange contracts of $(4.3) million, $1.6 million and $(0.1) million, respectively. For the year ended December 31, 2025, unrealized depreciation on forward currency exchange contracts were due to EUR, GBP, AUD, and NZD forward contracts. For the year ended December 31, 2025, unrealized appreciation on foreign currency translation was primarily due to foreign exchange translation on foreign denominated debt in the GS Revolving Credit Facility and JPM Revolving Credit Facility. For the year ended December 31, 2024, unrealized appreciation on forward currency exchange contracts were due to EUR forward contracts. Unrealized appreciation on foreign currency translation was primarily due to foreign exchange translation on foreign denominated debt in the GS Revolving Credit Facility and JPM Revolving Credit Facility. For the year ended December 31, 2023, unrealized depreciation on forward currency exchange contracts were due to EUR forward contracts. Unrealized depreciation on foreign currency translation was primarily due to foreign exchange translation on foreign denominated debt in the Goldman Sachs Facility.

The following table summarizes the impact of foreign currency for the years ended December 31, 2025, 2024 and 2023 (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net realized loss on foreign currency of debt | $(2) | $(264) | $(10) |
| Net realized gain on foreign currency transactions | 582 | 50 | 21 |
| Net realized gain on forward currency exchange contracts | 68 | 133 | 48 |
| Net change in unrealized appreciation on investments due to foreign currency translation | 6775 | (2103) | 6 |
| Net change in unrealized appreciation on foreign currency translation | 119 | (108) | (135) |
| Net change in unrealized appreciation on forward currency exchange contracts | (4273) | 1582 | (90) |
| Net change in unrealized appreciation on debt due to foreign currency | (2896) | 808 | 168 |
| Foreign currency impact to net increase in net assets resulting from operations | $373 | $98 | $8 |

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Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $4.6 million, $(1.6) million and $0.1 million related to realized and unrealized gains and losses on investments, debt, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the years ended December 31, 2025, 2024 and 2023, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $(4.2) million, $1.7 million and $0.0 million, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $0.4 million, $0.1 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

***Interest Rate Swap***

We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities and have designated certain interest rate swaps to be in a hedge accounting relationship. See "Item 8. Consolidated Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies" and "Item 8. Consolidated Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 7. Derivatives" for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship, and our consolidated schedule of investments for additional disclosure regarding these derivative instruments. See "Item 8. Consolidated Financial Statements and

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Supplementary Data — Notes to Consolidated Financial Statements — Note 6. Debt" for additional disclosure regarding the carrying value of our debt.

***Net Increase (Decrease) in Net Assets Resulting from Operations***

For the years ended December 31, 2025, 2024 and 2023, the net increase in net assets resulting from operations was $71.2 million, $28.4 million and $2.8 million, respectively. Based on the weighted average Common Shares outstanding for the years ended December 31, 2025, 2024 and 2023, our per share net increase in net assets resulting from operations was $2.73, $3.23 and $0.41, respectively.

***Financial Condition, Liquidity and Capital Resources***

Our liquidity and capital resources are derived primarily from proceeds from equity issuances, advances from our credit facilities (including the GS Revolving Credit Facility, JPM Revolving Credit Facility and the SMBC Revolving Credit Facility), debt issuances and cash flows from operations. We use the net proceeds from the offering to (1) make investments in accordance with our investment strategy and policies, (2) fund repurchases under our share repurchase program, and (3) for general corporate purposes. Generally, our policy is to pay distributions and operating expenses from cash flow from operations, however, we are not restricted from funding these items from proceeds from the offering of Common Shares or other sources and may choose to do so, particularly in the earlier part of the offering.

We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time raise additional equity or debt capital through registered offerings, enter into additional debt facilities, or increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of December 31, 2025 and December 31, 2024, the Company had $790.3 million and $378.1 million outstanding senior securities, respectively.

As of December 31, 2025 and December 31, 2024, we had $38.1 million and $16.4 million in cash, foreign cash, restricted cash and cash equivalents, respectively.

At December 31, 2025, we had approximately $455.0 million of availability on our SMBC Revolving Credit Facility, $19.3 million of availability on our GS Revolving Credit Facility and $32.9 million of availability on our JPM Revolving Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2024, we had approximately $243.0 million of availability on our SMBC Revolving Credit Facility, $9.9 million of availability on our GS Revolving Credit Facility and $134.0 million of availability on our JPM Revolving Credit Facility, subject to existing terms and regulatory requirements.

For the year ended December 31, 2025, cash, foreign cash, restricted cash, and cash equivalents increased by $21.7 million. During the year ended December 31, 2025, we used $886.0 million in cash for operating activities. The increase in cash used for operating activities was primarily related to the purchases of investments of $1.3 billion, which was offset by proceeds from principal payments and sales of investments of $333.8 million and a net increase in assets resulting from operations of $71.2 million.

During the year ended December 31, 2025, we utilized $907.1 million for financing activities, primarily due to borrowings on our GS Revolving Credit Facility, JPM Revolving Credit Facility, SMBC Revolving Credit Facility, the issuance of the Series 2025 Senior Notes, and proceeds from issuance of Common Shares offset by repayments of debt.

For the year ended December 31, 2024, cash, foreign cash, restricted cash, and cash equivalents decreased by $2.9 million. During the year ended December 31, 2024, we used $501.1 million in cash for operating activities. The increase in cash used for operating activities was primarily related to the purchases of investments of $605.5 million, which was offset by proceeds from principal payments and sales of investments of $83.5 million and a net increase in assets resulting from operations of $28.4 million.

During the year ended December 31, 2024, we utilized $498.2 million for financing activities, primarily due to borrowings on the GS Revolving Credit Facility, JPM Revolving Credit Facility, SMBC Revolving Credit Facility and proceeds from issuance of Common Shares.

***Equity***

As of December 31, 2025, the Company had 35,671,560 Class I shares, 0 Class S shares and 0 Class D shares issued and outstanding.

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As of December 31, 2024, the Company had 13,988,959 Class I shares, 0 Class S shares and 0 Class D shares issued and outstanding.

***Debt***

The Company's outstanding borrowings as of December 31, 2025 and December 31, 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total Aggregate** | **Principal** |  | **Total Aggregate** | **Principal** |  |
|  | **Principal Amount** | **Amount** | **Carrying** | **Principal Amount** | **Amount** | **Carrying** |
|  | **Committed** | **Outstanding** | **Value**<sup>(1)</sup> | **Committed** | **Outstanding** | **Value**<sup>(1)</sup> |
| GS Revolving Credit Facility | 200000 | 180669 | 180669 | 200000 | 190060 | 190060 |
| JPM Revolving Credit Facility | 250000 | 217053 | 217053 | 250000 | 116041 | 116041 |
| SMBC Revolving Credit Facility | 575000 | 120000 | 120000 | 315000 | 72000 | 72000 |
| 2025 Senior Notes, Tranche A | 110000 | 110000 | 109104 |  |  |  |
| 2025 Senior Notes, Tranche B | 165000 | 165000 | 163505 |  |  |  |
| Total Debt | $1300000 | $792722 | $790331 | $765000 | $378101 | $378101 |

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<sup>(1)</sup> Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

For additional information on our debt obligations see "*Item 8. Consolidated Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 6. Debt*"

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***Distribution Policy***

The following table summarizes distributions declared during the years ended December 31, 2025, 2024, and 2023 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| November 30, 2023 | November 30, 2023 | December 29, 2023 | $0.1700 | $685 |
| November 30, 2023 | November 30, 2023 | December 29, 2023 | 0.1700 | 685<br><sup>(1)</sup> |
| December 29, 2023 | December 29, 2023 | January 31, 2024 | 0.1875 | 831 |
| January 31, 2024 | January 31, 2024 | February 29, 2024 | 0.1875 | 892 |
| February 29, 2024 | February 29, 2024 | March 28, 2024 | 0.1875 | 979 |
| March 29, 2024 | March 28, 2024 | April 30, 2024 | 0.1875 | 1031 |
| April 30, 2024 | April 30, 2024 | May 31, 2024 | 0.1875 | 1062 |
| May 30, 2024 | May 31, 2024 | June 28, 2024 | 0.1875 | 1133 |
| June 27, 2024 | June 28, 2024 | July 31, 2024 | 0.1875 | 1206 |
| July 17, 2024 | July 31, 2024 | August 31, 2024 | 0.1875 | 1835 |
| August 23, 2024 | August 30, 2024 | September 30, 2024 | 0.1875 | 1914 |
| September 26, 2024 | September 30, 2024 | October 30, 2024 | 0.1875 | 1942 |
| October 25, 2024 | October 31, 2024 | November 29, 2024 | 0.1875 | 2320 |
| November 22, 2024 | November 30, 2024 | December 31, 2024 | 0.1875 | 2526 |
| December 23, 2024 | December 31, 2024 | January 31, 2025 | 0.1875 | 2634 |
| December 23, 2024 | December 31, 2024 | January 31, 2025 | 0.2400 | 3372<br><sup>(1)</sup> |
| January 29, 2025 | January 31, 2025 | February 28, 2025 | 0.1875 | 2725 |
| February 24, 2025 | February 28, 2025 | March 31, 2025 | 0.1875 | 3179 |
| March 17, 2025 | March 31, 2025 | April 30, 2025 | 0.1875 | 3354 |
| April 24, 2025 | April 30, 2025 | May 30, 2025 | 0.1875 | 4616 |
| May 28, 2025 | May 30, 2025 | June 30, 2025 | 0.1875 | 4654 |
| June 25, 2025 | June 30, 2025 | July 31, 2025 | 0.1875 | 4705 |
| June 25, 2025 | June 30, 2025 | July 31, 2025 | 0.0600 | 1506<br><sup>(1)</sup> |
| July 18, 2025 | July 31, 2025 | August 29, 2025 | 0.1875 | 4781 |
| August 27, 2025 | August 29, 2025 | September 30, 2025 | 0.1875 | 5248 |
| September 26, 2025 | September 30, 2025 | October 31, 2025 | 0.1875 | 5518 |
| September 26, 2025 | September 30, 2025 | October 31, 2025 | 0.0300 | 883<br><sup>(1)</sup> |
| October 16, 2025 | October 31, 2025 | November 28, 2025 | 0.1875 | 6188 |
| November 26, 2025 | November 28, 2025 | December 31, 2025 | 0.1875 | 6219 |
| December 29, 2025 | December 31, 2025 | January 30, 2026 | 0.1875 | 6706 |
| December 29, 2025 | December 31, 2025 | January 30, 2026 | 0.0300 | 1073<br><sup>(1)</sup> |
| Total distributions declared |  |  | $5.3875 | $86402 |

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<sup>(1)</sup> Represents a special dividend.

Distributions to common shareholders are recorded on the record date. To the extent that we have income available, we intend to distribute monthly distributions to our shareholders. Our monthly distributions, if any, will be determined by the Advisor. Any distributions to our shareholders will be declared out of assets legally available for distribution.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company declared on its Common Shares during the years ended December 31, 2025, 2024 and 2023 :

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Class S** | **Class S** | **Class D** | **Class D** | **Class I** | **Class I** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $— | $— | $— | $— | $2.33 | $60442 |
| Net realized gains |  |  |  |  | 0.04 | 913 |
| Distribution in excess of net investment income |  |  |  |  |  |  |
|  | $— | $— | $— | $— | $2.37 | $61355 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Class S** | **Class S** | **Class D** | **Class D** | **Class I** | **Class I** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $— | $— | $— | $— | $2.40 | $21941 |
| Net realized gains |  |  |  |  | 0.09 | 905 |
| Distribution in excess of net investment income |  |  |  |  |  |  |
|  | $— | $— | $— | $— | $2.49 | $22846 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Class S** | **Class S** | **Class D** | **Class D** | **Class I** | **Class I** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $— | $— | $— | $— | $0.32 | $1358 |
| Net realized gains |  |  |  |  | 0.21 | 843 |
| Distribution in excess of net investment income |  |  |  |  |  |  |
|  | $— | $— | $— | $— | $0.53 | $2201 |

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We commenced regular monthly distributions after breaking escrow on November 28, 2023. The Board delegated authority to declare distributions to the Advisor in an aggregate amount up to all of the Company's (i) taxable earnings; (ii) capital gains; (iii) net proceeds attributable to the repayment or disposition of investments (together with any interest, dividends and other net cash flow in respect of such investments); and (iv) any other amounts legally available for distribution to the extent the officers of the Company deem appropriate (including, if applicable, amounts representing a return of capital); provided each distribution shall not exceed an annualized distribution yield of 10%. Any distributions we make will be at the discretion of our Advisor, who will consider, among other things, our earnings, cash flow, capital needs and general financial condition, as well as our desire to comply with the RIC requirements, which generally require us to make aggregate annual distributions to our shareholders of at least 90% of our net investment income. As a result, our distribution rates and payment frequency may vary from time to time and there is no assurance we will pay distributions in any particular amount, if at all.

The per share amount of distributions on Class S, Class D and Class I shares will generally differ because of different class-specific shareholder servicing and/or distribution fees that are deducted from the gross distributions for each share class.

We have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a RIC under Subchapter M of the Code. To qualify for and maintain RIC tax treatment, among other things, we must distribute dividends to our shareholders in respect of each taxable year of an amount generally at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses. In order to avoid the imposition of certain excise taxes imposed on RICs, we must distribute dividends to our shareholders in respect of each calendar year of an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of our capital gains in excess of capital losses, adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of such calendar year; and (3) the sum of any net ordinary income plus capital gains net income for preceding years that were not distributed during such years and on which we paid no U.S. federal income tax.

The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.

**Distribution Reinvestment Plan**

We have adopted a distribution reinvestment plan, which is an "opt-out" distribution reinvestment plan.

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Under this plan, shareholders (other than those located in specific states, who are clients of selected participating brokers, as outlined below, or who have elected to "opt out" of the plan) will have their cash distributions (net of applicable withholding tax) automatically reinvested in additional shares of the same class of our Common Shares to which the distribution relates. If a shareholder elects to "opt out," that shareholder will receive cash distributions. The purchase price for shares purchased under our distribution reinvestment plan will be equal to the then current NAV per share of the relevant class of Common Shares. Shareholders will not pay transaction related charges when purchasing shares under our distribution reinvestment plan, but all outstanding Class S and Class D shares, including those purchased under our distribution reinvestment plan, will be subject to ongoing servicing fees. The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.

**Share Repurchase Program**

Subject to the discretion of the Board, we commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the NAV per share for the applicable class of shares on each date of repurchase. Our Board may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we intend to limit the number of shares to be repurchased to no more than 5% of our outstanding Common Shares as of the last day of the immediately preceding quarter. In the event the number of shares tendered exceeds the repurchase offer amount, shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests may be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable. We may choose to offer to repurchase fewer shares than described above, or none at all.

We expect to repurchase shares pursuant to tender offers each quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. Shares that are issued pursuant to the Company's distribution reinvestment plan and tendered shall not be subject to the Early Repurchase Deduction. We intend to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

The following tables summarize the share repurchases completed during the years ended December 31, 2025 and 2024 (dollars in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage of** |  |  |  |  |
|  | **Outstanding Shares** |  | **Amount** | **Number of Shares** | **Percentage of** |
| **Repurchase** | **the Company** | **Repurchase** | **Repurchased** | **Repurchased** | **Outstanding Shares** |
| **Deadline Request** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| March 3, 2025 | 5.00% | March 31, 2025 | $473 | 18400 | 0.10% |
| June 2, 2025 | 5.00% | June 30, 2025 | $1220 | 47427 | 0.27% |
| August 29, 2025 | 5.00% | September 30, 2025 | $5 | 191 | 0.00% |
| December 10, 2025 | 5.00% | December 31, 2025 | $2593 | 100053 | 0.28% |

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<sup>(1)</sup> Amounts shown are net of early repurchase deduction, if any.

<sup>(2)</sup> Percentage is based on total shares as of the close of the previous calendar quarter.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage of** |  |  |  |  |
|  | **Outstanding Shares** |  | **Amount** | **Number of Shares** | **Percentage of** |
| **Repurchase** | **the Company** | **Repurchase** | **Repurchased** | **Repurchased** | **Outstanding Shares** |
| **Deadline Request** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| February 29, 2024 | 5.00% | March 31, 2024 | $— |  | 0.00% |
| May 31, 2024 | 5.00% | June 30, 2024 | $— |  | 0.00% |
| August 31, 2024 | 5.00% | September 30, 2024 | $— |  | 0.00% |
| November 30, 2024 | 5.00% | December 31, 2024 | $1537 | 60000 | 0.58% |

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<sup>(1)</sup> Amounts shown are net of early repurchase deduction, if any.

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<sup>(2)</sup> Percentage is based on total shares as of the close of the previous calendar quarter.

During the year ended December 31, 2023, no shares were repurchased.

**Commitments and Off-Balance Sheet Arrangements**

As of December 31, 2025, the Company had $405.3 million of unfunded commitments under loan and financing agreements (dollars in thousands):

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| ACAMS - Revolver | 12/30/2031 | $5311 |
| Accident Care Alliance Holdco LLC - Delayed Draw | 8/20/2030 | 4190 |
| Accident Care Alliance Holdco LLC - Revolver | 8/20/2030 | 3562 |
| Advanced Aircrew - Revolver | 7/26/2030 | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 | 2773 |
| AeriTek Global CAD Acquisition Inc. - Revolver | 8/27/2030 | 849 |
| AgroFresh Solutions - Revolver | 4/2/2029 | 1465 |
| AGS American Glass Services Acquisition, LLC - Delayed Draw | 7/24/2031 | 3976 |
| AGS American Glass Services Acquisition, LLC - Revolver | 7/24/2031 | 2147 |
| Allbridge - Delayed Draw | 6/5/2030 | 2000 |
| Allbridge - Revolver | 6/5/2030 | 20 |
| Alldent Holding GmbH - Delayed Draw | 11/15/2032 | 1239 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 | 1547 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 | 176 |
| AMI - Revolver | 10/17/2031 | 2282 |
| AOM Infusion - Delayed Draw | 3/19/2032 | 3814 |
| AOM Infusion - Revolver | 3/19/2032 | 2670 |
| Appriss - Delayed Draw | 3/10/2031 | 6344 |
| Appriss - Revolver | 3/10/2031 | 5710 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 | 84 |
| ATS - Revolver | 7/12/2029 | 2222 |
| Avalon Bidco Limited - Delayed Draw | 4/16/2032 | 245 |
| Awayday - Delayed Draw | 5/6/2032 | 1027 |
| Awayday - Delayed Draw | 5/6/2032 | 6500 |
| Awayday - Revolver | 5/6/2032 | 3186 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 | 3713 |
| Beacon Specialized Living - Revolver | 3/25/2028 | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 | 1228 |
| Blackbird Purchaser, Inc. - Revolver | 12/19/2029 | 601 |
| BLI Buyer, Inc. - Delayed Draw | 10/31/2031 | 3211 |
| BLI Buyer, Inc. - Revolver | 10/31/2031 | 2141 |
| Bridger Aerospace Group Holdings, Inc. - Delayed Draw | 10/28/2030 | 10067 |

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------

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Bridger Aerospace Group Holdings, Inc. - Revolver | 10/28/2030 | $3365 |
| BTX Precision - Delayed Draw | 7/25/2030 | 2266 |
| BTX Precision - Revolver | 7/25/2030 | 2297 |
| Chase Industries, Inc. - Revolver | 11/11/2027 | 562 |
| Chex Finer Foods, LLC - Delayed Draw | 6/6/2031 | 10208 |
| Chex Finer Foods, LLC - Revolver | 6/6/2031 | 4375 |
| Chilton - Delayed Draw | 2/5/2031 | 10277 |
| Chilton - Revolver | 2/5/2031 | 2955 |
| Choreo - Delayed Draw | 2/18/2028 | 3690 |
| City BBQ - Delayed Draw | 9/4/2030 | 7053 |
| City BBQ - Revolver | 9/4/2030 | 2519 |
| CorePower Yoga, LLC - Delayed Draw | 4/30/2031 | 2590 |
| CorePower Yoga, LLC - Revolver | 4/30/2031 | 2590 |
| CRH Healthcare Purchaser, Inc. - Delayed Draw | 9/17/2031 | 8241 |
| CRH Healthcare Purchaser, Inc. - Revolver | 9/17/2031 | 3297 |
| Cube - Delayed Draw | 5/20/2031 | 141 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 | 835 |
| Discovery Senior Living - Revolver | 3/18/2030 | 695 |
| DTIQ - Delayed Draw | 9/30/2029 | 4199 |
| DTIQ - Revolver | 9/30/2029 | 2520 |
| Duraco - Revolver | 6/6/2029 | 510 |
| Easy Ice - Delayed Draw | 10/30/2030 | 2924 |
| Easy Ice - Revolver | 10/30/2030 | 1387 |
| EHE Health - Revolver | 8/7/2030 | 1783 |
| Electronic Merchant Systems - Revolver | 8/1/2030 | 814 |
| Elevation NewCo, LLC - Delayed Draw | 8/1/2031 | 5357 |
| Elevation NewCo, LLC - Revolver | 8/1/2031 | 1607 |
| Engineered Products Co., LLC - Revolver | 8/12/2031 | 875 |
| E-Tech Group - Revolver | 4/9/2030 | 731 |
| EXT Acquisitions, Inc. - Delayed Draw | 12/19/2031 | 2479 |
| EXT Acquisitions, Inc. - Revolver | 12/19/2031 | 1653 |
| Facts Global Energy - Delayed Draw | 12/20/2031 | 588 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Facts Global Energy - Revolver | 6/20/2031 | $147 |
| Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw | 4/3/2032 | 1683 |
| Fifty U.S. Bidco Inc - Delayed Draw | 8/1/2031 | 4356 |
| Fifty U.S. Bidco Inc - Revolver | 8/1/2031 | 2607 |
| G702 Buyer, Inc. - Revolver | 7/2/2031 | 1506 |
| Galanthus Group Holdings, Limited - Delayed Draw | 12/24/2031 | 5636 |
| Galanthus Group Holdings, Limited - Delayed Draw | 12/24/2031 | 5575 |
| Galanthus Group Holdings, Limited - Delayed Draw | 6/24/2031 | 2819 |
| Govineer Solutions (fka Black Mountain) - Delayed Draw | 10/7/2030 | 6000 |
| Govineer Solutions (fka Black Mountain) - Revolver | 10/7/2030 | 4000 |
| Heads Up Technologies, Inc. - Revolver | 7/23/2030 | 3428 |
| Hellers - Delayed Draw | 9/27/2030 | 86 |
| Hempz - Revolver | 10/25/2029 | 2353 |
| Humic Acquisition Holdings, LLC - Delayed Draw | 10/21/2031 | 9090 |
| Humic Acquisition Holdings, LLC - Revolver | 10/21/2031 | 4025 |
| ICAT Logistics, Inc. - Delayed Draw | 3/1/2029 | 4944 |
| ICAT Logistics, Inc. - Revolver | 3/1/2029 | 998 |
| KAMC Holdings, Inc. - Revolver | 8/1/2031 | 2849 |
| Lindstrom, LLC - Revolver | 12/30/2032 | 4236 |
| LogRhythm - Revolver | 7/2/2029 | 476 |
| Master ConcessionAir - Delayed Draw | 6/21/2029 | 262 |
| Master ConcessionAir - Revolver | 6/21/2029 | 7 |
| Meteor UK Bidco Limited - Revolver | 11/14/2031 | 183 |
| Monarch Finco, LLC - Delayed Draw | 10/29/2032 | 3659 |
| Monarch Finco, LLC - Revolver | 10/29/2032 | 366 |
| Nafinco - Delayed Draw | 8/29/2031 | 149 |
| Nafinco - Revolver | 5/30/2031 | 91 |
| New Milani Group LLC - Delayed Draw | 6/26/2031 | 919 |
| New Milani Group LLC - Revolver | 6/26/2031 | 2757 |
| Odyssey Behavioral Health - Revolver | 11/21/2030 | 3445 |
| OGH Bidco Limited - Delayed Draw | 6/29/2029 | 2712 |
| Owl Acquisition, LLC - Delayed Draw | 4/17/2032 | 2722 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Owl Acquisition, LLC - Revolver | 4/17/2032 | $7216 |
| PayRange - Revolver | 10/31/2030 | 843 |
| Pharmacy Partners - Revolver | 2/28/2029 | 2160 |
| Plaskolite PPC Intermediate II LLC - Revolver | 2/7/2030 | 1239 |
| PMA - Revolver | 1/31/2031 | 1873 |
| Pollo Tropical - Revolver | 10/23/2029 | 696 |
| PPT Group - Delayed Draw | 2/28/2031 | 675 |
| PPT Group - Revolver | 2/28/2031 | 333 |
| Precision Concepts Parent Inc. - Revolver | 8/2/2032 | 3159 |
| PRGX - Delayed Draw | 12/20/2030 | 7749 |
| Psychiatric Medical Care LLC - Revolver | 7/1/2032 | 3973 |
| Pure Wafer - Delayed Draw | 11/12/2030 | 692 |
| Pure Wafer - Revolver | 11/12/2030 | 2308 |
| R1 RCM Inc. - Delayed Draw | 11/19/2031 | 200 |
| Red Nucleus - Delayed Draw | 10/17/2031 | 3803 |
| Red Nucleus - Revolver | 10/17/2031 | 2476 |
| RedMed Operations (Collage Rehabilitation) - Delayed Draw | 2/28/2031 | 7323 |
| RedMed Operations (Collage Rehabilitation) - Revolver | 2/28/2031 | 2636 |
| RetailNext - Revolver | 12/5/2030 | 667 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| Saturn Purchaser Corp. - Revolver | 7/22/2030 | 996 |
| SauceCo HoldCo, LLC - Revolver | 5/13/2030 | 3397 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 2642 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Solairus - Delayed Draw | 7/22/2030 | 4004 |
| Spotless Brands - Delayed Draw | 7/25/2028 | 8118 |
| Substantial Holdco Limited - Delayed Draw | 4/20/2030 | 12228 |
| Summer Fridays, LLC - Revolver | 5/16/2031 | 2579 |
| Tartan Bidco Pty. Ltd. - Delayed Draw | 12/31/2027 | 385 |
| Vasa Fitness, LLC - Delayed Draw | 8/15/2030 | 5023 |
| Vasa Fitness, LLC - Revolver | 8/15/2030 | 1053 |
| Vatica Health, Inc. - Revolver | 10/31/2032 | 1824 |
| Vessco Water - Delayed Draw | 7/24/2031 | 613 |
| Vessco Water - Delayed Draw | 7/24/2031 | 1088 |
| Vessco Water - Revolver | 7/24/2031 | 1178 |
| Wealth Enhancement Group (WEG) - Delayed Draw | 10/2/2028 | 7199 |
| Wealth Enhancement Group (WEG) - Revolver | 10/2/2028 | 293 |
| WSHP Cottonwood Buyer, LLC - Delayed Draw | 12/18/2032 | 4800 |
| WSHP Cottonwood Buyer, LLC - Revolver | 12/18/2032 | 3600 |
| WU Holdco, Inc. - Delayed Draw | 4/15/2032 | 5460 |
| WU Holdco, Inc. - Revolver | 4/15/2032 | 1005 |
| Zeus Fire & Security - Delayed Draw | 12/11/2030 | 14652 |
| Zeus Fire & Security - Revolver | 12/11/2030 | 1227 |
| **Total** |  | $**405267** |

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<sup>(1)</sup> Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

<sup>(2)</sup> Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2025.

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As of December 31, 2024, the Company had $147.4 million of unfunded commitments under loan and financing agreements (dollars in thousands):

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Advanced Aircrew Academy, LLC - Revolver | 7/26/2030 | $— | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 |  | 4500 |
| AEG Vision - Delayed Draw | 3/27/2026 |  | 1020 |
| AgroFresh Solutions - Revolver | 3/31/2028 |  | 98 |
| Alert SRC Newco, LLC - Delayed Draw | 12/11/2030 |  | 4091 |
| Alert SRC Newco, LLC - Revolver | 12/11/2030 |  | 1227 |
| Allbridge, LLC - Delayed Draw | 6/5/2030 |  | 2000 |
| Allbridge, LLC - Revolver | 6/5/2030 |  | 20 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 |  | 176 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 |  | 3663 |
| AMI Buyer, Inc - Revolver | 10/17/2031 |  | 1727 |
| Apollo Intelligence - Delayed Draw | 5/31/2028 |  | 1188 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 |  | 169 |
| Aviation Technical Services, Inc. - Revolver | 7/12/2029 |  | 2222 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 |  | 5970 |
| Beacon Specialized Living - Revolver | 3/25/2028 |  | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 |  | 1327 |
| Blackbird Purchaser, Inc. - Revolver | 12/29/2029 |  | 1031 |
| Chase Industries, Inc. - Revolver | 5/12/2025 |  | 388 |
| Choreo - Delayed Draw | 2/18/2028 |  | 3750 |
| City Barbeque, LLC - Delayed Draw | 9/4/2030 |  | 7053 |
| City Barbeque, LLC - Revolver | 9/4/2030 |  | 2519 |
| Concessions Development Group, LLC - Delayed Draw | 6/21/2029 |  | 410 |
| Cube - Delayed Draw | 5/20/2031 |  | 78 |
| Cube - First Lien Senior Secured Loan | 2/20/2025 |  | 22 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 |  | 3472 |
| Discovery Senior Living - Revolver | 3/18/2030 |  | 695 |
| DTIQ Technologies, Inc. - Delayed Draw | 9/30/2029 |  | 4199 |
| DTIQ Technologies, Inc. - Revolver | 9/30/2029 |  | 3150 |
| Duraco - Revolver | 6/6/2029 |  | 510 |
| Easy Ice, LLC - Delayed Draw | 10/30/2030 |  | 4203 |
| Easy Ice, LLC - Revolver | 10/30/2030 |  | 2101 |
| Electronic Merchant Systems, LLC - Revolver | 8/1/2030 |  | 814 |
| ERA Industries, LLC - Delayed Draw | 7/25/2030 |  | 1302 |
| ERA Industries, LLC - Revolver | 7/25/2030 |  | 2297 |
| E-Tech Group - Revolver | 4/9/2030 |  | 731 |
| Fiesta Holdings, LLC - Revolver | 10/23/2029 |  | 696 |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 |  | 883 |

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------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 | 588 |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 | 635 |
| Foyle Bidco Limited - Revolver | 6/20/2031 | 147 |
| Govineer Solutions, LLC - Delayed Draw | 10/7/2030 | 6000 |
| Govineer Solutions, LLC - Revolver | 10/7/2030 | 4000 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 910 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 294 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 227 |
| Helios Service Partners, LLC - Revolver | 3/19/2027 | 685 |
| HLRS Holdco Limited - Delayed Draw | 9/27/2030 | 84 |
| JHCC Holdings, LLC - Delayed Draw | 9/9/2027 | 825 |
| Lagerbox - First Lien Senior Secured Loan | 12/20/2028 | 777 |
| LogRhythm, Inc. - Revolver | 7/2/2029 | 476 |
| New Milani Group LLC - Revolver | 6/6/2026 | 2285 |
| OGH Bidco Limited - Delayed Draw | 6/29/2029 | 2527 |
| Orion Midco, LLC - Revolver | 11/21/2030 | 3445 |
| PayRange, LLC - Revolver | 10/31/2030 | 843 |
| PBIGroup, LLC - Revolver | 10/25/2029 | 2353 |
| PCF - Delayed Draw | 11/1/2028 | 1036 |
| Pharmacy Partners - Revolver | 2/28/2029 | 2160 |
| Pinnacle Acquisition, LLC - Delayed Draw | 11/12/2030 | 2308 |
| Pinnacle Acquisition, LLC - Revolver | 11/12/2030 | 2308 |
| PMA Parent Holdings, LLC - Revolver | 1/31/2031 | 1191 |
| Reconomy - Delayed Draw | 7/12/2029 | 787 |
| RetailNext Holdings, Inc - Revolver | 12/5/2030 | 1667 |
| RN Enterprises, LLC - Delayed Draw | 10/17/2031 | 4225 |
| RN Enterprises, LLC - Revolver | 10/17/2031 | 2353 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 5063 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Spotless Brands, LLC - Delayed Draw | 7/25/2028 | 4394 |
| Vacation Rental Brands, LLC - Delayed Draw | 9/6/2031 | 1775 |
| Vacation Rental Brands, LLC - Revolver | 9/6/2030 | 2924 |
| Vessco Midco Holdings, LLC - Delayed Draw | 7/24/2031 | 2203 |
| Vessco Midco Holdings, LLC - Revolver | 7/24/2031 | 996 |
| Vital Purchaser, LLC - Revolver | 8/7/2030 | 1783 |
| Wealth Enhancement Group (WEG) - Delayed Draw | 10/2/2028 | 1334 |
| Wealth Enhancement Group (WEG) - Revolver | 10/2/2028 | 293 |
| WPEF IX Bidco 23 B.V. (Fka Keystone Bidco B.V.) - Delayed Draw | 8/29/2031 | 405 |
| WPEF IX Bidco 23 B.V. (Fka Keystone Bidco B.V.) - Revolver | 5/30/2031 | 60 |
| WU Holdco, Inc. - Delayed Draw | 3/26/2027 | 2533 |
| WU Holdco, Inc. - Revolver | 3/26/2027 | 708 |
| **Total** |  | $147422 |

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<sup>(1)</sup> Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

<sup>(2)</sup> Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2024.

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the statements of assets and liabilities.

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**Other Commitments and Contingencies**

From time to time, we may become a party to certain legal proceedings incidental to the normal course of its business. At December 31, 2025, management is not aware of any pending or threatened litigation.

**Related-Party Transactions**

We entered into a number of business relationships with affiliated or related parties, including the Investment Advisory Agreement and the Administration Agreement.

In addition to the aforementioned agreements, we, our Advisor and certain of our Advisor's affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisor or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see "*Note 5. Agreements and Related Party Transactions*" to the Consolidated Financial Statements.

**Recent Developments**

See "*Item 8. Consolidated Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 14. Subsequent Events*" for a summary of recent developments.

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**Significant Accounting Estimates and Critical Accounting Policies** 

**Basis of Presentation**

The Company's Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. The Company's Consolidated Financial Statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10-K and Articles 1, 6, 10 and 12 of Regulation S-X. These Consolidated Financial Statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. We have determined we meet the definition of an investment company and follow the accounting and reporting guidance in FASB ASC 946. Our financial currency is U.S. dollars and these Consolidated Financial Statements have been prepared in that currency.

**Use of Estimates**

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

**Revenue Recognition**

We record our investment transactions on a trade date basis. We record realized gains and losses based on the specific identification method. We record interest income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized into or against interest income using the effective interest method or straight-line method, as applicable. We record any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts received upon prepayment of a loan or debt security as interest income.

Dividend income on preferred equity investments is recorded on an 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 investments is recorded on the record date for such distributions in the case of private portfolio companies, and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.

Certain investments may have contractual PIK interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. We record PIK as interest or dividend income, as applicable. If at any point we believe PIK may not be realized, we place the investment generating PIK on non-accrual status.

Certain structuring fees and amendment fees are recorded as other income when earned. We record administrative agent fees received as other income when the services are rendered.

**Valuation of Portfolio Investments**

The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Board. The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor's valuation policies is below.

Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Advisor as valuation designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security's fair value.

------

With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process, which includes among other things, the below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Advisor responsible for the portfolio investment; in conjunction with the Company's portfolio management and valuation team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary valuation conclusions are then documented and discussed with the Company's senior management and the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generally, investments that constitute a material portion of the Company's portfolio are periodically reviewed by an independent valuation firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board and Audit Committee provide oversight with respect to the valuation process, including requesting such materials as they deem appropriate.

In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company's ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion.

**Contractual Obligations**

We have entered into the Investment Advisory Agreement with our Advisor. Our Advisor has agreed to serve as our investment adviser in accordance with the terms of the Investment Advisory Agreement. Under the Investment Advisory Agreement, we have agreed to pay an annual Base Management Fee as well as an incentive fee based on our investment performance.

On September 28, 2023, the Company entered into the Investment Advisory Agreement with the Advisor. The Investment Advisory Agreement was approved by the Board and sole shareholder on September 28, 2023. In connection with the Company's entry into the Investment Advisory Agreement, the Company's prior investment advisory agreement with BCSF Advisors, LP was terminated on September 28, 2023. The Investment Advisory Agreement has the same material terms as the prior investment advisory agreement. Pursuant to the Investment Advisory Agreement, the Base Management Fee is calculated at an annual rate of 0.75% (0.1875% per quarter) of our gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents and the incentive fee comprised of two parts, net investment income and capital gains.

We have entered into an Administration Agreement with the Administrator pursuant to which the Administrator will furnish us with administrative services necessary to conduct our day-to-day operations. The Administration Agreement was approved by our Board on September 28, 2023. We reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley Act internal control assessment. In connection with our entry into the Administration Agreement, the Company's prior administration agreement with BCSF Advisors, LP (the "Prior Administration Agreement") was terminated on September 28, 2023. The Administration Agreement has the same material terms as the Prior Administration Agreement.

If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Investment Advisory Agreement and Administration Agreement.

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The following table shows the contractual maturities of our debt obligations as of December 31, 2025 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  | **Less than** |  |  | **More than** |
|  | **Total** | **1 year** | **1 — 3 years** | **3 — 5 years** | **5 years** |
| GS Revolving Credit Facility | 180669 |  |  | 180669 | $— |
| JPM Revolving Credit Facility | 217053 |  |  | 217053 |  |
| SMBC Revolving Credit Facility | 120000 |  |  | 120000 |  |
| 2025 Senior Notes, Tranche A | 110000 |  | 110000 |  |  |
| 2025 Senior Notes, Tranche B | 165000 |  |  | 165000 |  |
| Total Debt Obligations | $792722 | $— | $110000 | $682722 | $— |

---

The following table shows the contractual maturities of our debt obligations as of December 31, 2024 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  | **Less than** |  |  | **More than** |
|  | **Total** | **1 year** | **1 — 3 years** | **3 — 5 years** | **5 years** |
| GS Revolving Credit Facility | 190060 |  |  | 190060 | $— |
| JPM Revolving Credit Facility | 116041 |  |  | 116041 |  |
| SMBC Revolving Credit Facility | 72000 |  |  | 72000 |  |
| Total Debt Obligations | $378101 | $— | $— | $378101 | $— |

---

------

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

We are subject to financial market risks, including changes in interest rates. We will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Advisor as our valuation designee, subject to the Board's oversight, using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

Assuming that the statement of financial condition as of December 31, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Net Increase** |
|  | **Increase** | **Increase** | **(Decrease) in Net** |
|  | **(Decrease) in** | **(Decrease) in** | **Investment** |
| **Change in Interest Rates** | **Interest Income** | **Interest Expense** | **Income** |
| Down 100 Basis Points | $(14662) | $(7927) | $(5725) |
| Down 200 Basis Points | (29051) | (15833) | (11235) |
| Down 300 Basis Points | (39646) | (22031) | (14973) |
| Up 100 Basis Points | 14848 | 7927 | 5883 |
| Up 200 Basis Points | 29696 | 15855 | 11765 |
| Up 300 Basis Points | 44544 | 23782 | 17648 |

---

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure investors that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates.

# Item 8. Consolidated Financial Statements and Supplementary Data
Our consolidated financial statements and supplementary data are annexed to this Annual Report beginning on page [<u>107</u>](#financial_statments_beginning).

------

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;[<u>Report of Independent Registered Public Accounting Firm</u>](#accounting_report) – PCAOB ID 238 | &nbsp;&nbsp;<u>106</u> |
| &nbsp;&nbsp;**Consolidated Financial Statements:** |  |
| &nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of</u>](#financial_statments_beginning)<u>December 31, 2025 and 2024</u> | &nbsp;&nbsp;<u>107</u> |
| &nbsp;&nbsp;[<u>Consolidated Statements of Operations for the years ended</u>](#statement_of_operations)<u>December 31, 2025, 2024 and 2023</u> | &nbsp;&nbsp;<u>109</u> |
| &nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the years ended</u>](#scna)<u>December 31, 2025, 2024 and 2023</u> | &nbsp;&nbsp;<u>110</u> |
| &nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023</u>](#cash_flows) | &nbsp;&nbsp;<u>111</u> |
| &nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of</u>](#cq_soi)<u>December 31, 2025</u> | &nbsp;&nbsp;<u>113</u> |
| &nbsp;&nbsp;[<u>Consolidated Schedule of Investments as of</u>](#cy_soi)<u>December 31, 2024</u> | &nbsp;&nbsp;<u>126</u> |
| &nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements</u>](#notes_to_financial_statements) | &nbsp;&nbsp;<u>137</u> |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees and Shareholders of Bain Capital Private Credit

***Opinion on the Financial Statements*** 

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Bain Capital Private Credit and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations, changes in its net assets and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

We have also previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of assets and liabilities, including the consolidated schedules of investments, of the Company as of December 31, 2023, 2022 and 2021, and the related consolidated statements of operations, changes in net assets and cash flows for the year ended December 31, 2022 and the period December 21, 2021 (inception) through December 31, 2021 (none of which are presented herein), and we expressed unqualified opinions on those consolidated financial statements. In our opinion, the information set forth in the Senior Securities table of the Company for each of the four years in the period ended December 31, 2025, and for the period December 21, 2021 (inception) through December 31, 2021 is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 and 2024 by correspondence with the custodian, agent banks, portfolio company investees and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

March 12, 2026

We have served as the auditor of one or more investment companies in the following group of business development companies since 2016.

Bain Capital Specialty Finance, Inc.

Bain Capital Private Credit

------

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate investment (amortized cost of $1,611,716 and $712,111, respectively) | $1626747 | $712198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate investment (amortized cost of $26,126 and $4,800, respectively) | 27206 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliate investment (amortized cost of $27,150 and $0, respectively) | 27305 | - |
| &nbsp;&nbsp;Cash and cash equivalents | 32110 | 15441 |
| &nbsp;&nbsp;Foreign cash (cost of $5,912 and $1,006, respectively) | 5959 | 898 |
| &nbsp;&nbsp;Collateral on derivatives | 4165 | 833 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 50 | 50 |
| &nbsp;&nbsp;Interest rate swap | 447 | - |
| &nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $2,537 and $718, respectively) | 7152 | 7375 |
| &nbsp;&nbsp;Interest receivable on investments | 12385 | 6459 |
| &nbsp;&nbsp;Dividend receivable on investments | 602 | - |
| &nbsp;&nbsp;Unrealized appreciation on forward currency exchange contracts | - | 1492 |
| &nbsp;&nbsp;Receivable for investments sold | 2888 | 510 |
| &nbsp;&nbsp;Prepaid insurance | 101 | 309 |
| &nbsp;&nbsp;Prepaid financing costs | 70 | 75 |
| &nbsp;&nbsp;Other receivables | - | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1747187 | $752527 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $2,901 and $0, respectively) | $790331 | $378101 |
| &nbsp;&nbsp;Distributions payable | 7780 | 6006 |
| &nbsp;&nbsp;Interest expense payable | 6727 | 3976 |
| &nbsp;&nbsp;Incentive fee payable on income | 3685 | 1585 |
| &nbsp;&nbsp;Accrued capital gains incentive fee | 1844 | - |
| &nbsp;&nbsp;Repurchase of Common Shares payable | 2593 | 1537 |
| &nbsp;&nbsp;Base management fee payable | 3028 | 1316 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 1088 | 1171 |
| &nbsp;&nbsp;Unrealized depreciation on forward currency exchange contracts | 2781 | - |
| &nbsp;&nbsp;Payable for investments purchased | 672 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $820529 | $394093 |
| Commitments and Contingencies (See Note 10) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;Common Shares, $0.01 par value (35,671,560 and 13,988,959 shares issued and outstanding, respectively) | 357 | 140 |
| &nbsp;&nbsp;Paid-in-capital in excess of par value | 910502 | 352342 |
| &nbsp;&nbsp;Accumulated distributable earnings | 15799 | 5952 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 926658 | 358434 |
| **Total Liabilities and Total Net Assets** | $1747187 | $752527 |

---

See Notes to Consolidated Financial Statements

------

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Net Asset Value Per Share** |  |  |
| **Class I Shares:** |  |  |
| &nbsp;&nbsp;Net assets | $926658 | $358434 |
| &nbsp;&nbsp;Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 35671560 | 13988959 |
| Net asset value per share | $25.98 | $25.62 |

---

See Notes to Consolidated Financial Statements

------

**BAIN CAPITAL PRIVATE CREDIT**

**CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Income** |  |  |  |
| &nbsp;&nbsp;Investment income from non-controlled/non-affiliate investments: |  |  |  |
| &nbsp;&nbsp;Interest from investments | $106746 | $46215 | $2265 |
| &nbsp;&nbsp;Dividend income | 1534 | 1482 | - |
| &nbsp;&nbsp;PIK income | 10790 | 515 | - |
| &nbsp;&nbsp;Other income | 8641 | 5953 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income from non-controlled/non-affiliate investments | 127711 | 54165 | 2393 |
| &nbsp;&nbsp;Investment income from non-controlled/affiliate investments: |  |  |  |
| &nbsp;&nbsp;Interest from investments | 42 | - | - |
| &nbsp;&nbsp;Dividend income | 300 | - | - |
| &nbsp;&nbsp;Other income | 11 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income from non-controlled/affiliate investments: | 353 | - | - |
| &nbsp;&nbsp;Investment income from controlled affiliate investments: |  |  |  |
| &nbsp;&nbsp;Interest from investments | 1258 | - | - |
| &nbsp;&nbsp;Dividend income | 795 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income from controlled affiliate investments: | 2053 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 130117 | 54165 | 2393 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Interest and debt financing expenses | $38642 | $17339 | $772 |
| &nbsp;&nbsp;Incentive fee on income | 11259 | 4471 | 437 |
| &nbsp;&nbsp;Incentive fee on capital gains | 1844 | - | - |
| &nbsp;&nbsp;Professional fees and operating expenses | 1484 | 3692 | 924 |
| &nbsp;&nbsp;Base management fee | 9299 | 3350 | 140 |
| &nbsp;&nbsp;Amortization of deferred offering costs | - | 1285 | 112 |
| &nbsp;&nbsp;Trustee fees | 451 | 432 | 432 |
| &nbsp;&nbsp;Organization costs | - | 219 | 996 |
| &nbsp;&nbsp;Other general and administrative expenses | 4195 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses Before Fee Waivers** | 67174 | 30788 | 3813 |
| &nbsp;&nbsp;Base management fee waiver | - | - | (8) |
| &nbsp;&nbsp;Incentive fee waiver | - | - | (289) |
| &nbsp;&nbsp;Expense recoupment (support) | 506 | (2154) | (2289) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses, Net of Fee Waivers** | 67680 | 28634 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income Before Taxes** | 62437 | 25531 | 1166 |
| &nbsp;&nbsp;Income taxes, including excise taxes | 500 | 200 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 61937 | 25331 | 1166 |
| **Net Realized and Unrealized Gains (Losses)** |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on non-controlled/non-affiliate investments | (211) | 463 | 1745 |
| &nbsp;&nbsp;Net realized gain on foreign currency transactions | 582 | 50 | 21 |
| &nbsp;&nbsp;Net realized loss on foreign currency of debt | (2) | (264) | - |
| &nbsp;&nbsp;Net realized gain on forward currency exchange contracts | 68 | 133 | 48 |
| &nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | 119 | (108) | 6 |
| &nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation on debt | (2896) | 808 | (135) |
| &nbsp;&nbsp;Net change in unrealized appreciation on forward currency exchange contracts | (4273) | 1582 | (90) |
| &nbsp;&nbsp;Net change in unrealized appreciation on non-controlled/non-affiliate investments | 14944 | 64 | 23 |
| &nbsp;&nbsp;Net change in unrealized appreciation on non-controlled/affiliate investments | 779 | 301 | - |
| &nbsp;&nbsp;Net change in unrealized appreciation on controlled affiliate investments | 155 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Gains** | 9265 | 3029 | 1618 |
| **Net Increase in Net Assets Resulting from Operations** | $71202 | $28360 | $2784 |

---

See Notes to Consolidated Financial Statements

------

**BAIN CAPITAL PRIVATE CREDIT**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (in thousands, except share and per share data)**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Operations** |  |  |  |
| Net investment income | 61937 | 25331 | 1166 |
| Net realized gains | 437 | 382 | 1814 |
| Net change in unrealized appreciation | 8828 | 2647 | (196) |
| &nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | **71202** | **28360** | **2784** |
| **Distributions to Shareholders** |  |  |  |
| Class I | (61355) | (22846) | (2201) |
| &nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | **(61355)** | **(22846)** | **(2201)** |
| **Capital Share Transactions** |  |  |  |
| **Class I:** |  |  |  |
| Proceeds from Common Shares sold | 557320 | 241111 | 110744 |
| Repurchase of common shares, net of early repurchase deduction | (4291) | (1537) | - |
| Distributions reinvested | 5348 | 3076 | 32 |
| &nbsp;&nbsp;**Net Increase from Capital Share Transactions** | **558377** | **242650** | **110776** |
| **Net Assets** |  |  |  |
| Total increase in net assets during the period | 568224 | 248164 | 111359 |
| Net Assets, beginning of period | 358434 | 110270 | (1089) |
| &nbsp;&nbsp;**Net Assets at End of Period** | $**926658** | $**358434** | $**110270** |

---

See Notes to Consolidated Financial Statements

------

# BAIN CAPITAL PRIVATE CREDIT CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except share and per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Cash Flows From Operating Activities** |  |  |  |
| Net increase in net assets resulting from operations | $71202 | $28360 | $2784 |
| &nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (1268646) | (605524) | (197977) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments and sales of investments | 333831 | 83535 | 7253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in investments due to PIK | (12337) | (1919) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts and amortization of premiums | (3247) | (1893) | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt issuance costs | 1819 | 693 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs |  | 1285 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss from investments | 211 | (463) | (1745) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | (582) | (50) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on foreign currency of debt | 2 | 264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | (15878) | (365) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | (119) | 108 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation on debt | 2896 | (808) | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on forward currency exchange contracts | 4273 | (1582) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral on forward currency exchange contracts | (3332) | (833) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on investments | (5926) | (2715) | (3744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable | (602) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap | 63 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid insurance | 208 | (169) | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid financing costs | 5 | (75) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 1786 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliate |  | (5420) | 3134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense payable | 2751 | 3224 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable on income | 2100 | 1437 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued capital gains incentive fee | 1844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (83) | 645 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable | 1712 | 1184 | 132 |
| **Net Cash Used in Operating Activities** | (886049) | (501081) | (188422) |
| **Cash Flows From Financing Activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 1203881 | 509789 | 99854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (792158) | (231133) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of financing costs | (4497) | (5518) | (2436) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of offering costs |  | (71) | (478) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of Common Shares | (3235) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Shares | 557320 | 241111 | 110744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder distributions paid | (54233) | (15944) | - |
| &nbsp;&nbsp;**Net Cash Provided by Financing Activities** | 907078 | 498234 | 207684 |
| **Net Increase (Decrease) in Cash, Foreign Cash, Restricted Cash and Cash Equivalents** | 21029 | (2847) | 19262 |
| Effect of foreign currency exchange rates | 701 | (58) | 27 |
| **Cash, Foreign Cash, Restricted Cash and Cash Equivalents, Beginning of Period** | 16389 | 19294 | 5 |
| **Cash, Foreign Cash, Restricted Cash and Cash Equivalents, End of Period** | $38119 | $16389 | $19294 |

---

See Notes to Consolidated Financial Statements

------

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except share and per share data)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Supplemental Disclosure of Cash Flow Information and Non-Cash Activities:** |  |  |  |
| Cash interest paid during the period | $34135 | $13422 | $- |
| Cash paid for excise taxes during the period | 155 | - | - |
| Reinvestment of dividends during the period | 5348 | 3076 | 32 |
| Cash and cash equivalents | $32110 | $15441 | $19031 |
| Restricted cash | 50 | 50 | 50 |
| Foreign cash | 5959 | 898 | 213 |
| Total cash, foreign cash, restricted cash and cash equivalents shown in the consolidated statements of cash flows | $38119 | $16389 | $19294 |

---

See Notes to Consolidated Financial Statements

------

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2025 (In thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| ATS (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/12/2029 | $— |  |  |  |
| ATS (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.65% | 7/12/2029 | $11874 | 11771 | 11875 |  |
| Bridger Aerospace Group Holdings, Inc. (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.00% | 9.70% | 10/28/2030 | $1147 | 1093 | 1091 |  |
| Bridger Aerospace Group Holdings, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/28/2030 | $— | (32) | (34) |  |
| Bridger Aerospace Group Holdings, Inc. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.72% | 10/28/2030 | $20400 | 20203 | 20196 |  |
| BTX Precision (10)(12)(17) | Equity Interest |  |  |  |  | 1 | 1253 | 1917 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.77% | 7/25/2030 | $7580 | 7537 | 7580 |  |
| BTX Precision (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/25/2030 | $— | (15) |  |  |
| BTX Precision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.60% | 7/25/2030 | $1926 | 1908 | 1926 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.77% | 7/25/2030 | $3659 | 3635 | 3659 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.59% | 7/25/2030 | $2015 | 2000 | 2015 |  |
| Heads Up Technologies, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 7/23/2030 | $27036 | 26913 | 26901 |  |
| Heads Up Technologies, Inc. (17)(19) | Second Lien Senior Secured Loan | SOFR | 8.25% | 11.92% | 7/23/2031 | $18843 | 18757 | 18749 |  |
| Heads Up Technologies, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/23/2030 | $— | (16) | (17) |  |
| Novaria (21) | First Lien Senior Secured Loan | SOFR | 3.25% | 6.97% | 6/6/2031 | $2970 | 2973 | 2976 |  |
| Saturn Purchaser Corp. (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/22/2030 | $— | (5) |  |  |
| Saturn Purchaser Corp. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.72% | 7/22/2030 | $8129 | 8026 | 8129 |  |
| Solairus (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/22/2030 | $— | (8) |  |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**105993** | $**106963** | **11.5%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Caliber (21) | First Lien Senior Secured Loan | SOFR | 2.50% | 6.22% | 1/30/2031 | $2856 | 2856 | 2863 |  |
| Chilton (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.40% | 2/5/2031 | $1026 | 1020 | 1019 |  |
| Chilton (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/5/2031 | $— | (22) | (77) |  |
| Chilton (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.40% | 2/5/2031 | $899 | 875 | 870 |  |
| Intoxalock (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.82% | 11/1/2028 | $9700 | 9644 | 9700 |  |
| JHCC Holdings, LLC (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 8.92% | 9/9/2027 | $9408 | 9406 | 9408 |  |
| **Automotive Total** |  |  |  |  |  |  | $**23779** | $**23783** | **2.6%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (17)(18) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.32% | 3/31/2030 | $2710 | 2677 | 2710 |  |
| AgroFresh Solutions (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.32% | 3/31/2030 | $11011 | 10880 | 11011 |  |
| AgroFresh Solutions (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.32% | 4/2/2029 | $868 | 842 | 868 |  |
| BCC Trillium Foods Investments 2, LP (10)(12)(17) | Equity Interest |  |  |  |  | 2 | 1740 | 2188 |  |
| BCPC Project Aberdeen, LLC. (10)(12)(17) | Equity Interest |  |  |  |  | 774 | 803 | 865 |  |
| Hellers (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/27/2030 |  | (2) | (1) |  |
| Hellers (6)(15)(17) | Subordinated Debt |  | 15.00% PIK | 15.00% | 3/27/2031 | 93 | 57 | 52 |  |
| Hellers (6)(15)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | BKBM | 3.63% (1.88%PIK) | 8.07% | 9/27/2030 | 1097 | 663 | 625 |  |
| SauceCo HoldCo, LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.44% | 5/13/2030 | $2598 | 2572 | 2598 |  |
| SauceCo HoldCo, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 5/13/2030 | $48841 | 47403 | 48841 |  |
| Spindrift (10)(12)(17) | Equity Interest |  |  |  |  | 1 | 500 | 537 |  |
| Spindrift (15)(17) | Subordinated Debt |  | 13.75% PIK | 13.75% | 2/19/2033 | $1574 | 1536 | 1574 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**69671** | $**71868** | **7.8%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| AeriTek Global CAD Acquisition Inc. (5)(6)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.32% | 8/27/2030 | $546 | 506 | 505 |  |
| AeriTek Global CAD Acquisition Inc. (6)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.32% | 8/27/2030 | $12472 | 12298 | 12285 |  |
| Alliance Laundry (21) | First Lien Senior Secured Loan | SOFR | 2.25% | 6.11% | 8/19/2031 | $1973 | 1976 | 1984 |  |
| Engineered Products Co., LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.59% | 8/12/2031 | $125 | 116 | 115 |  |
| Engineered Products Co., LLC (17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.81% | 8/12/2031 | $4778 | 4733 | 4730 |  |
| Ergotron Acquisition LLC (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.97% | 7/6/2028 | $8368 | 8277 | 8368 |  |
| EXT Acquisitions, Inc. (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/19/2031 | $— |  |  |  |
| EXT Acquisitions, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/19/2031 | $— | (8) | (8) |  |
| EXT Acquisitions, Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 12/19/2031 | $15103 | 15028 | 15027 |  |
| Goodfellow (6)(13)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.27% | 2/10/2032 | 901 | 933 | 1057 |  |
| Goodfellow (6)(13)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.27% | 2/10/2032 | 279 | 288 | 328 |  |
| Goodfellow (6)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 2/10/2032 | $364 | 361 | 360 |  |
| Goodfellow (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.25% | 8.98% | 2/10/2032 | £265 | 341 | 352 |  |
| PPT Group (5)(6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.50% | 9.43% | 2/28/2031 | £33 | 43 | 39 |  |
| PPT Group (5)(6)(17)(21) | First Lien Senior Secured Loan - Revolver | SONIA | 5.50% | 9.44% | 2/28/2031 | £20 | 24 | 27 |  |
| PPT Group (6)(10)(12)(17) | Equity Interest |  |  |  |  | 57 | 57 | 51 |  |
| PPT Group (6)(8)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.45% | 2/28/2031 | £929 | 1161 | 1240 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**46134** | $**46460** | **5.0%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| Duraco (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.16% | 6/6/2029 | $6116 | 6048 | 5811 |  |
| Duraco (5)(16)(17) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.24% | 6/6/2029 | $127 | 118 | 96 |  |
| Plaskolite PPC Intermediate II LLC (8)(15)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.00% (4.00% PIK) | 11.86% | 5/9/2030 | $19382 | 19051 | 18994 |  |
| Plaskolite PPC Intermediate II LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.86% | 2/7/2030 | $152 | 128 | 124 |  |
| Solenis (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.67% | 6/20/2031 | $3960 | 3943 | 3932 |  |
| V Global Holdings LLC (13)(17) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.77% | 12/22/2027 | $11601 | 11530 | 11021 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  | $**40818** | $**39978** | **4.3%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.22% | 7/24/2031 | $7625 | 7590 | 7587 |  |
| AGS American Glass Services Acquisition, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | (10) | (11) |  |
| AGS American Glass Services Acquisition, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/24/2031 | $— | (5) | (20) |  |
| AGS American Services Investments, L.P. (10)(12)(17) | Equity Interest |  |  |  |  | 15 | 1486 | 1486 |  |
| Chase Industries, Inc. (15)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $8500 | 8258 | 8330 |  |
| Chase Industries, Inc. (15)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $850 | 820 | 833 |  |
| Chase Industries, Inc. (5)(15)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $262 | 262 | 254 |  |
| G702 Buyer, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2031 | $— | (21) | (23) |  |
| G702 Buyer, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 7/2/2031 | $7803 | 7696 | 7686 |  |
| Quikrete Holdings (21) | First Lien Senior Secured Loan | SOFR | 2.25% | 5.97% | 1/30/2032 | $1985 | 1981 | 1993 |  |
| Zeus Fire & Security (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.84% | 12/11/2030 | $500 | 500 | 462 |  |
| Zeus Fire & Security (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/11/2030 | $— | (8) | (3) |  |
| Zeus Fire & Security (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.77% | 12/11/2030 | $4082 | 4082 | 4072 |  |
| Zeus Fire & Security (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.85% | 12/11/2030 | $10383 | 10319 | 10357 |  |
| **Construction & Building Total** |  |  |  |  |  |  | $**42950** | $**43003** | **4.6%** |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| New Milani Group LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/26/2031 | $— | (4) | (5) |  |
| New Milani Group LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/26/2031 | $— | (25) | (14) |  |
| New Milani Group LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.44% | 6/26/2031 | $18893 | 18720 | 18799 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**18691** | $**18780** | **2.0%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Evriholder (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.90% | 10.57% | 1/24/2028 | $3977 | 3957 | 3938 |  |
| Hempz (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/25/2029 | $— | (16) | (35) |  |
| Hempz (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 10/25/2029 | $10567 | 10496 | 10408 |  |
| RoC Skincare (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.12% | 2/21/2031 | $10808 | 10688 | 10808 |  |
| RoC Skincare (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/21/2030 | $— | (41) |  |  |
| Summer Fridays, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/16/2031 | $21652 | 21361 | 21327 |  |
| Summer Fridays, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/16/2031 | $— | (35) | (39) |  |
| WU Holdco, Inc. (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 4/15/2032 | $17663 | 17584 | 17663 |  |
| WU Holdco, Inc. (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/15/2032 | $— | (12) |  |  |
| WU Holdco, Inc. (5)(17)(21) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.40% | 4/15/2032 | $94 | 89 | 94 |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**64071** | $**64164** | **6.9%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.26% | 10.10% | 12/29/2027 | $11818 | 11570 | 11818 |  |
| ASP-r-pac Acquisition Co LLC (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.11% | 9.83% | 12/29/2027 | $303 | 292 | 305 |  |
| Five Star (14) | First Lien Senior Secured Loan | SOFR | 4.25% | 7.99% | 5/5/2029 | $1980 | 1959 | 1977 |  |
| Novolex (14) | First Lien Senior Secured Loan | SOFR | 3.18% | 6.89% | 4/13/2029 | $4000 | 3991 | 4008 |  |
| Precision Concepts Canada Corporation (6)(8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.57% | 8/2/2032 | $1863 | 1845 | 1844 |  |
| Precision Concepts Parent Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.59% | 8/2/2032 | $7540 | 7467 | 7465 |  |
| Precision Concepts Parent Inc. (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.59% | 8/2/2032 | $339 | 305 | 304 |  |
| Precision Concepts Parent Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.57% | 8/2/2032 | $4279 | 4239 | 4236 |  |
| Precision Concepts Parent Inc. (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.59% | 8/2/2032 | $3040 | 3025 | 3010 |  |
| Technimark (14) | First Lien Senior Secured Loan | SOFR | 3.25% | 6.98% | 4/14/2031 | $2970 | 2963 | 2953 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  | $**37656** | $**37920** | **4.1%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |
| BCC HGS Investments 2, LP (10)(12)(17) | Equity Interest |  |  |  |  | 9 | 1333 | 1333 |  |
| Humic Acquisition Holdings, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/21/2031 | $— | (10) | (11) |  |
| Humic Acquisition Holdings, LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.63% | 10/21/2031 | $1169 | 1144 | 1143 |  |
| Humic Acquisition Holdings, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.48% | 10/21/2031 | $18135 | 18047 | 18044 |  |
| Meteor UK Bidco Limited (6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.00% | 8.95% | 5/14/2032 | £546 | 726 | 729 |  |
| Meteor UK Bidco Limited (5)(6)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/14/2031 | £— |  |  |  |
| Meteor UK Bidco Limited (6)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.00% | 8.73% | 5/14/2032 | £911 | 1214 | 1216 |  |
| Reconomy (6)(13)(17)(21)(29) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.17% | 7/12/2029 | £2499 | 3166 | 3229 |  |
| Reconomy (6)(13)(17)(21)(30) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.25% | 8.27% | 7/12/2029 | £2499 | 3113 | 3339 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.22% | 7/12/2029 | £2324 | 2933 | 3126 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.27% | 7/12/2029 | 937 | 1022 | 1100 |  |
| **Environmental Industries Total** |  |  |  |  |  |  | $**32688** | $**33248** | **3.6%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Allworth Financial Group, L.P. (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.47% | 12/23/2027 | $2172 | 2161 | 2172 |  |
| Allworth Financial Group, L.P. (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/23/2027 | $— | (1) |  |  |
| Avalon Bidco Limited (5)(6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.25% | 10.22% | 4/16/2032 | £291 | 373 | 379 |  |
| Avalon Bidco Limited (6)(13)(17)(18) | First Lien Senior Secured Loan | SONIA | 6.25% | 10.22% | 4/16/2032 | £1376 | 1801 | 1828 |  |
| Choreo (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.72% | 2/18/2028 | $1228 | 1228 | 1228 |  |
| Choreo (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.72% | 2/18/2028 | $60 | 60 | 60 |  |
| DRW (21) | First Lien Senior Secured Loan | SOFR | 3.50% | 7.22% | 6/26/2031 | $4950 | 4956 | 4893 |  |
| Endurance Holdco Limited (6)(10)(15)(17) | Preferred Equity |  | 12.50% PIK | 12.50% |  | 3810 | 4923 | 5023 |  |
| Hudson River Trading (21) | First Lien Senior Secured Loan | SOFR | 2.75% | 6.49% | 3/18/2030 | $3915 | 3901 | 3936 |  |
| Jane Street (21) | First Lien Senior Secured Loan | SOFR | 2.00% | 5.82% | 12/15/2031 | $4948 | 4898 | 4931 |  |
| Kestra (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.72% | 3/21/2031 | $2970 | 2963 | 2979 |  |
| Lagerbox (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 3.50% | 5.55% | 12/20/2028 | 750 | 779 | 880 |  |
| LEP SAL Co-Invest, L.P. (6)(10)(12)(17) | Equity Interest |  |  |  |  | 1250 | 1646 | 1682 |  |
| Monarch Finco, LLC (5)(14)(17) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 8.09% | 10/29/2032 | $1825 | 1798 | 1798 |  |
| Monarch Finco, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/29/2032 | $— | (4) | (4) |  |
| Monarch Finco, LLC (13)(14)(17) | First Lien Senior Secured Loan | SOFR | 4.25% | 8.09% | 10/29/2032 | $6257 | 6196 | 6194 |  |
| Monarch Finco, LLC (13)(14)(17) | First Lien Senior Secured Loan | SOFR | 4.25% | 8.09% | 10/29/2032 | $13296 | 13166 | 13163 |  |
| PMA (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/31/2031 | $— | (6) |  |  |
| PMA (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 1/31/2031 | $17390 | 17190 | 17390 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  | 2 |  | 156 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  | 5 |  | 545 |  |
| Sikich (10)(15)(17) | Preferred Equity |  | 13.00% PIK | 13.00% |  | 36 | 3641 | 3644 |  |
| Tartan Bidco Pty. Ltd. (6)(17)(21) | First Lien Senior Secured Loan | BBSY | 5.25% | 8.96% | 12/31/2027 | 3173 | 2043 | 2106 |  |
| Tartan Bidco Pty. Ltd. (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/31/2027 |  | (7) | (2) |  |
| Wealth Enhancement Group (WEG) (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/2/2028 | $— | (16) |  |  |
| Wealth Enhancement Group (WEG) (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.16% | 10/2/2028 | $4693 | 4692 | 4693 |  |
| Wealth Enhancement Group (WEG) (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/2/2028 | $— | (3) |  |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**78378** | $**79674** | **8.6%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC (13)(21) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.72% | 11/6/2030 | $4917 | 4896 | 4919 |  |
| Asurion, LLC (21) | First Lien Senior Secured Loan | SOFR | 4.10% | 7.82% | 8/19/2028 | $3939 | 3926 | 3948 |  |
| Broadstreet Partners, Inc. (21) | First Lien Senior Secured Loan | SOFR | 2.75% | 6.47% | 6/13/2031 | $2972 | 2965 | 2985 |  |
| Simplicity (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.40% | 12/31/2031 | $2410 | 2388 | 2410 |  |
| Simplicity (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/31/2031 | $— | (22) |  |  |
| Simplicity (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.40% | 12/31/2031 | $15565 | 15432 | 15565 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**29585** | $**29827** | **3.2%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Accident Care Alliance Holdco LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 8/20/2030 | $10280 | 10233 | 10229 |  |
| Accident Care Alliance Holdco LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/20/2030 | $— | (5) | (21) |  |
| Accident Care Alliance Holdco LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.70% | 8/20/2030 | $629 | 609 | 608 |  |
| AEG Vision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.57% | 3/27/2027 | $17227 | 16991 | 17227 |  |
| AEG Vision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.57% | 3/27/2027 | $2478 | 2478 | 2478 |  |
| AEG Vision (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.57% | 3/27/2027 | $4968 | 4929 | 4968 |  |
| AEG Vision (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.57% | 3/27/2027 | $9825 | 9806 | 9825 |  |
| AEG Vision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.57% | 3/27/2027 | $2471 | 2462 | 2471 |  |
| Alldent Holding GmbH (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 11/15/2032 |  |  |  |  |
| Alldent Holding GmbH (17)(21) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 11/15/2032 | 4177 | 4795 | 4853 |  |
| AOM Infusion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/19/2032 | $— | (17) | (19) |  |
| AOM Infusion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/19/2032 | $— | (24) | (13) |  |
| AOM Infusion (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.69% | 3/19/2032 | $10723 | 10628 | 10669 |  |
| Apollo Intelligence (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.50% | 5/31/2028 | $13373 | 13321 | 13105 |  |
| Beacon Specialized Living (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.17% | 3/25/2028 | $2248 | 2207 | 2248 |  |
| Beacon Specialized Living (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/25/2028 | $— |  |  |  |
| Beacon Specialized Living (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 3/25/2028 | $4261 | 4232 | 4261 |  |
| Caregiver (15)(17) | Subordinated Debt |  | 16.50% PIK | 16.50% | 1/1/2030 | $10417 | 10276 | 10261 |  |
| Caregiver (15)(17) | Subordinated Debt |  | 16.50% PIK | 16.50% | 1/1/2030 | $5792 | 5741 | 5705 |  |
| CRH Healthcare Purchaser, Inc. (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 9/17/2031 | $34358 | 34194 | 34186 |  |
| CRH Healthcare Purchaser, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/17/2031 | $— | (20) | (41) |  |
| CRH Healthcare Purchaser, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/17/2031 | $— | (16) | (16) |  |
| EHE Health (10)(12)(17) | Equity Interest |  |  |  |  | 1127 | 1127 | 1233 |  |
| EHE Health (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/7/2030 | $— |  |  |  |
| EHE Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 8/7/2030 | $13261 | 13157 | 13261 |  |
| Masco (6)(15)(17)(21) | Subordinated Debt | EURIBOR | 9.25% (0.75% PIK) | 12.23% | 10/4/2032 | 5666 | 6111 | 6716 |  |
| Nafinco (5)(6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.37% | 8/29/2031 | 267 | 276 | 307 |  |
| Nafinco (5)(6)(17)(18) | First Lien Senior Secured Loan - Revolver | EURIBOR | 5.25% | 7.29% | 5/30/2031 | 19 | 19 | 22 |  |
| Nafinco (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.37% | 8/29/2031 | 1464 | 1592 | 1710 |  |
| Odyssey Behavioral Health (10)(12)(17) | Equity Interest |  |  |  |  | 7 | 698 | 740 |  |
| Odyssey Behavioral Health (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/21/2030 | $— | (35) |  |  |
| Odyssey Behavioral Health (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.12% | 5/21/2031 | $10515 | 10406 | 10515 |  |
| Pharmacy Partners (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.32% | 2/28/2029 | $9668 | 9591 | 9668 |  |
| Pharmacy Partners (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/28/2029 | $— | (17) |  |  |
| Psychiatric Medical Care LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/1/2032 | $— | (46) | (50) |  |
| Psychiatric Medical Care LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.41% | 7/1/2032 | $14350 | 14184 | 14171 |  |
| Red Nucleus (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.06% | 10/17/2031 | $310 | 281 | 310 |  |
| Red Nucleus (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.22% | 10/17/2031 | $420 | 399 | 420 |  |
| Red Nucleus (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.02% | 10/17/2031 | $6530 | 6462 | 6530 |  |
| RedMed Operations (Collage Rehabilitation) (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/28/2031 | $— | (8) |  |  |
| RedMed Operations (Collage Rehabilitation) (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.77% | 2/28/2031 | $293 | 280 | 293 |  |
| RedMed Operations (Collage Rehabilitation) (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.72% | 2/28/2031 | $15444 | 15378 | 15444 |  |
| Soliant (21) | First Lien Senior Secured Loan | SOFR | 3.75% | 7.79% | 7/18/2031 | $1917 | 1926 | 1563 |  |
| USME Holdco LLC (15)(17) | Subordinated Debt |  | 17.00% PIK | 17.00% | 5/26/2031 | $16386 | 16291 | 16304 |  |
| Vatica Health, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2032 | $— | (18) | (18) |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| Vatica Health, Inc. (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 10/31/2032 | $17461 | 17290 | 17286 |  |
| WellSky (21) | First Lien Senior Secured Loan | SOFR | 2.86% | 6.58% | 3/10/2028 | $1985 | 1985 | 1993 |  |
| WSHP Cottonwood Buyer, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/18/2032 | $— | (9) | (9) |  |
| WSHP Cottonwood Buyer, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/18/2032 | $— | (18) | (18) |  |
| WSHP Cottonwood Buyer, LLC (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 12/18/2032 | $7200 | 7164 | 7164 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**257286** | $**258539** | **27.9%** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Access (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.25% | 8.97% | 6/28/2029 | £6481 | 8106 | 8719 |  |
| Appriss (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/10/2031 | $— | (21) |  |  |
| Appriss (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.69% | 3/10/2031 | $634 | 593 | 634 |  |
| Appriss (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.74% | 3/10/2031 | $21276 | 21138 | 21276 |  |
| Chartbeat (10)(12)(17) | Warrants |  |  |  |  | 2 |  | 532 |  |
| Chartbeat (15)(17) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $6075 | 5992 | 6075 |  |
| Chartbeat (15)(17) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $13630 | 13476 | 13630 |  |
| Galanthus Group Holdings, Limited (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/24/2031 | £— | (28) | (28) |  |
| Galanthus Group Holdings, Limited (17)(18) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.23% | 12/24/2031 | £7856 | 10498 | 10462 |  |
| Galanthus Group Holdings, Limited (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/24/2031 | $— | (28) | (28) |  |
| Galanthus Group Holdings, Limited (17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.15% | 12/24/2031 | $10450 | 10346 | 10346 |  |
| Galanthus Group Holdings, Limited (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/24/2031 | £— |  |  |  |
| Govineer Solutions (fka Black Mountain) (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/7/2030 | $— | (14) |  |  |
| Govineer Solutions (fka Black Mountain) (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/7/2030 | $— | (21) |  |  |
| Govineer Solutions (fka Black Mountain) (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/7/2030 | $15733 | 15639 | 15733 |  |
| HG Insights, Inc. (10)(12)(17) | Equity Interest |  |  |  |  | 1625 | 2502 | 2773 |  |
| HG Insights, Inc. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.23% | 6/16/2031 | $34365 | 33740 | 34021 |  |
| LogRhythm (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2029 | $— | (11) | (19) |  |
| LogRhythm (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.34% | 7/2/2029 | $4546 | 4450 | 4364 |  |
| New Gen Holding (6)(8)(15)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 2.00% (4.25% PIK) | 8.37% | 5/28/2031 | 5863 | 6585 | 6829 |  |
| PayRange (10)(12)(17) | Equity Interest |  |  |  |  | 1176 | 1176 | 1996 |  |
| PayRange (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2030 | $— | (7) |  |  |
| PayRange (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.72% | 10/31/2030 | $2108 | 2091 | 2108 |  |
| PayRange (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.75% | 10/31/2030 | $18041 | 17951 | 18041 |  |
| PlentyMarkets (6)(13)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 2.80% (3.70% PIK) | 8.53% | 4/2/2032 | 1527 | 1656 | 1779 |  |
| Proofpoint, Inc. (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.67% | 8/31/2028 | $2945 | 2938 | 2965 |  |
| RetailNext (17)(18) | First Lien Senior Secured Loan | SOFR | 7.00% | 10.76% | 12/5/2030 | $7975 | 7910 | 7895 |  |
| RetailNext (5)(17)(21) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.86% | 12/5/2030 | $1000 | 987 | 984 |  |
| SensorTower (10)(12)(17) | Equity Interest |  |  |  |  | 63 | 974 | 6052 |  |
| SensorTower (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/15/2029 | $— | (5) |  |  |
| SensorTower (8)(13)(17)(22) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.20% | 3/15/2029 | $3881 | 3843 | 3881 |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.73% | 5/14/2029 | $3934 | 3909 | 3934 |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.73% | 5/14/2029 | $1464 | 1455 | 1464 |  |
| Utimaco (6)(8)(17)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 5/14/2029 | 5551 | 6057 | 6515 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**183877** | $**192933** | **20.8%** |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| Awayday (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 5/6/2032 | $— | (33) |  |  |
| Awayday (17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/6/2032 | $2494 | 2470 | 2494 |  |
| Awayday (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/6/2032 | $22851 | 22653 | 22851 |  |
| Awayday (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/6/2032 | $— | (32) |  |  |
| Awayday (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 5/6/2032 | $— | (5) |  |  |
| City BBQ (10)(12)(17) | Preferred Equity |  |  |  |  | 3 | 734 | 837 |  |
| City BBQ (4)(5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/4/2030 | $— |  | (35) |  |
| City BBQ (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/4/2030 | $— | (17) | (13) |  |
| City BBQ (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.10% | 9/4/2030 | $7487 | 7436 | 7449 |  |
| Le Berger SA (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 3.75% | 5.77% | 2/21/2028 | 500 | 522 | 587 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| Pollo Tropical (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/23/2029 | $— | (7) |  |  |
| Pollo Tropical (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.07% | 10/23/2029 | $6047 | 5989 | 6047 |  |
| Pyramid Global Hospitality (13)(17)(25) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.11% | 1/19/2028 | $9503 | 9362 | 9503 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**49072** | $**49720** | **5.4%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2031 | $— | (3) | (15) |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/20/2031 | $— | (1) | (4) |  |
| Facts Global Energy (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.05% | 12/20/2031 | $883 | 879 | 861 |  |
| Facts Global Energy (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.05% | 12/20/2031 | $635 | 621 | 619 |  |
| OGH Bidco Limited (5)(6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.25% | 10.23% | 6/29/2029 | £1134 | 1416 | 1303 |  |
| OGH Bidco Limited (6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.50% | 10.61% | 9/2/2029 | £3750 | 4377 | 4135 |  |
| OGH Bidco Limited (6)(8)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 6/29/2029 | £8100 | 10225 | 10324 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**17514** | $**17223** | **1.9%** |
| **Metals & Mining** |  |  |  |  |  |  |  |  |  |
| Elevation NewCo Intermediate, LLC (10)(12)(17) | Equity Interest |  |  |  |  | 328 |  |  |  |
| Elevation NewCo, LLC (4)(5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/1/2031 | $— |  | (54) |  |
| Elevation NewCo, LLC (17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.60% | 8/1/2031 | $7014 | 6948 | 6944 |  |
| Elevation NewCo, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2031 | $— | (15) | (16) |  |
| Lindstrom, LLC (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.20% | 12/30/2032 | $2451 | 2350 | 2367 |  |
| Lindstrom, LLC (17)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 12/30/2032 | $43612 | 43122 | 43067 |  |
| **Metals & Mining Total** |  |  |  |  |  |  | $**52405** | $**52308** | **5.6%** |
| **Retail** |  |  |  |  |  |  |  |  |  |
| Galeria (6)(10)(12)(17) | Equity Interest |  |  |  |  | 43 | 10 | 10 |  |
| Galeria (6)(15)(17) | First Lien Senior Secured Loan - Delayed Draw |  | 15.00% PIK | 15.00% | 4/9/2029 | 4412 | 4799 | 5177 |  |
| **Retail Total** |  |  |  |  |  |  | $**4809** | $**5187** | **0.6%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| ACAMS (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/30/2031 | $— | (53) |  |  |
| ACAMS (17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.69% | 12/30/2031 | $27506 | 27231 | 27506 |  |
| Advanced Aircrew (10)(12)(17) | Preferred Equity |  |  |  |  | 545 | 545 | 593 |  |
| Advanced Aircrew (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/26/2030 | $— |  |  |  |
| Advanced Aircrew (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.22% | 7/26/2030 | $4655 | 4619 | 4655 |  |
| Allbridge (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 6/5/2030 | $4925 | 4898 | 4925 |  |
| Allbridge (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/5/2030 | $— |  |  |  |
| Allbridge (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/5/2030 | $— |  |  |  |
| AMI (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/17/2031 | $— | (14) |  |  |
| AMI (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.90% | 10/17/2031 | $10557 | 10492 | 10557 |  |
| BLI Buyer, Inc. (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/31/2031 | $— |  |  |  |
| BLI Buyer, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2031 | $— | (10) | (11) |  |
| BLI Buyer, Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.84% | 10/31/2031 | $9629 | 9582 | 9581 |  |
| Cube (5)(6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.07% | 5/20/2031 | $158 | 153 | 154 |  |
| Cube (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.08% | 5/20/2031 | $121 | 102 | 100 |  |
| Cube (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 2.00% (4.50% PIK) | 10.19% | 5/20/2031 | $9426 | 9426 | 9426 |  |
| Cube (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 10.00% PIK | 13.73% | 5/22/2032 | £2185 | 2992 | 2939 |  |
| Discovery Senior Living (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.47% | 3/18/2030 | $4913 | 4871 | 4913 |  |
| Discovery Senior Living (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.47% | 3/18/2030 | $821 | 817 | 821 |  |
| Discovery Senior Living (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.47% | 3/18/2030 | $2629 | 2613 | 2628 |  |
| Discovery Senior Living (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/18/2030 | $— | (6) |  |  |
| DSN (Dealer Services Network) (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 2/9/2027 | $4950 | 4928 | 4950 |  |
| DTIQ (10)(12)(17) | Equity Interest |  |  |  |  | 1665 | 571 | 1307 |  |
| DTIQ (10)(12)(17) | Equity Interest |  |  |  |  | 3351 |  |  |  |
| DTIQ (5)(17)(23) | First Lien Senior Secured Loan - Revolver | SOFR | 7.50% | 11.22% | 9/30/2029 | $630 | 630 | 583 |  |
| DTIQ (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/30/2029 | $— | (24) | (63) |  |
| DTIQ (8)(13)(17)(23) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.22% | 9/30/2029 | $21011 | 20736 | 20696 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| Easy Ice (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.40% | 9.07% | 10/30/2030 | $1272 | 1240 | 1266 |  |
| Easy Ice (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.40% | 9.09% | 10/30/2030 | $714 | 689 | 714 |  |
| Easy Ice (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.24% | 10/30/2030 | $11560 | 11420 | 11560 |  |
| Electronic Merchant Systems (17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.50% | 8/1/2030 | $3266 | 3227 | 3266 |  |
| Electronic Merchant Systems (10)(12)(17) | Equity Interest |  |  |  |  | 72 | 496 | 969 |  |
| Electronic Merchant Systems (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2030 | $— |  |  |  |
| Electronic Merchant Systems (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.48% | 8/1/2030 | $9121 | 8999 | 9121 |  |
| Enlyte (fka Mitchell International) (14) | First Lien Senior Secured Loan | SOFR | 3.25% | 6.97% | 6/17/2031 | $1970 | 1953 | 1979 |  |
| E-Tech Group (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 4/9/2030 | $3467 | 3442 | 3424 |  |
| E-Tech Group (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/9/2030 | $— | (5) | (9) |  |
| Fiduciaire Jean-Marc Faber (FJMF) (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/3/2032 |  | (7) | (17) |  |
| Fiduciaire Jean-Marc Faber (FJMF) (6)(8)(13)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.50% | 7.58% | 4/3/2032 | 3566 | 3904 | 4143 |  |
| Grant Thornton (21) | First Lien Senior Secured Loan | SOFR | 2.75% | 6.47% | 6/2/2031 | $2970 | 2967 | 2979 |  |
| Hollywood LP (6)(10)(15)(17) | Preferred Equity |  | 12.50% PIK | 12.50% |  | 4676 | 6072 | 6164 |  |
| LEP CP Co-Invest, L.P. (6)(10)(12)(17) | Equity Interest |  |  |  |  | 714 | 948 | 1019 |  |
| Press Ganey (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.72% | 4/30/2031 | $3960 | 3960 | 3972 |  |
| PRGX (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2030 | $— | (33) | (116) |  |
| PRGX (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 12/20/2030 | $12219 | 12115 | 12035 |  |
| Pure Wafer (10)(12)(17) | Equity Interest |  |  |  |  | 1439 | 1439 | 1607 |  |
| Pure Wafer (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.35% | 9.07% | 11/12/2030 | $1613 | 1604 | 1613 |  |
| Pure Wafer (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/12/2030 | $— | (19) |  |  |
| Pure Wafer (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.07% | 11/12/2030 | $7778 | 7715 | 7778 |  |
| R1 RCM Inc. (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.72% | 11/19/2031 | $2779 | 2764 | 2791 |  |
| R1 RCM Inc. (5)(9)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 11/19/2031 | $— | (1) | 1 |  |
| Rydoo (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 6.75% | 8.87% | 9/26/2031 | 2802 | 3201 | 3288 |  |
| Rydoo (6)(10)(12)(17) | Preferred Equity |  |  |  |  | 352 | 412 | 463 |  |
| Rydoo (6)(10)(12)(17) | Equity Interest |  |  |  |  | 821 | 962 | 1277 |  |
| Rydoo (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.75% | 8.87% | 9/12/2031 | 778 | 861 | 913 |  |
| SoftCo (6)(10)(12)(17) | Equity Interest |  |  |  |  | 892 | 967 | 1310 |  |
| SoftCo (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 6.50% | 8.57% | 2/22/2031 | 3600 | 3870 | 4225 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**190261** | $**193995** | **20.9%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 4/30/2031 | $35897 | 35738 | 35897 |  |
| CorePower Yoga, LLC (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/30/2031 | $— | (3) |  |  |
| CorePower Yoga, LLC (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/30/2031 | $— | (11) |  |  |
| Master ConcessionAir (17)(26) | First Lien Senior Secured Loan | SOFR | 8.75% | 12.44% | 6/21/2029 | $1707 | 1682 | 1622 |  |
| Master ConcessionAir (5)(17)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.75% | 12.64% | 6/21/2029 | $182 | 182 | 159 |  |
| Master ConcessionAir (5)(17)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 8.75% | 12.49% | 6/21/2029 | $216 | 213 | 205 |  |
| Owl Acquisition, LLC (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.63% | 4/17/2032 | $25174 | 25089 | 24670 |  |
| Owl Acquisition, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/17/2032 | $— | (24) | (144) |  |
| Owl Acquisition, LLC (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.69% | 4/17/2032 | $609 | 601 | 540 |  |
| Spotless Brands (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.87% | 7/25/2028 | $1370 | 1337 | 1369 |  |
| Spotless Brands (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.37% | 7/25/2028 | $9618 | 9586 | 9618 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| Vasa Fitness Buyer, Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.07% | 8/15/2030 | $21167 | 20935 | 20903 |  |
| Vasa Fitness, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/15/2030 | $— | (11) | (13) |  |
| Vasa Fitness, LLC (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.35% | 10.08% | 8/15/2030 | $3029 | 2985 | 2928 |  |
| WhiteWater Express (15)(17) | Subordinated Debt |  | 14.00% PIK | 14.00% | 3/31/2031 | $16662 | 16547 | 16662 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**114846** | $**114416** | **12.3%** |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Allo Holdco Borrower LLC (15)(17) | Subordinated Debt |  | 7.50% (8.00% PIK) | 15.50% | 4/16/2032 | $15184 | 14988 | 14956 |  |
| Altafiber (fka Cincinnati Bell) (14) | First Lien Senior Secured Loan | SOFR | 2.25% | 5.97% | 11/22/2028 | $1975 | 1975 | 1980 |  |
| Substantial Holdco Limited (5)(6)(15)(17) | First Lien Senior Secured Loan - Delayed Draw |  | 8.00% (4.00% PIK) | 12.00% | 4/20/2030 | £5058 | 6768 | 6803 |  |
| **Telecommunications Total** |  |  |  |  |  |  | $**23731** | $**23739** | **2.6%** |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| Gulf Winds International (13)(15)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.72% | 12/16/2028 | $9750 | 9580 | 9262 |  |
| ICAT Logistics, Inc. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.97% | 3/1/2029 | $11181 | 11019 | 11013 |  |
| ICAT Logistics, Inc. (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.97% | 3/1/2029 | $1648 | 1600 | 1549 |  |
| ICAT Logistics, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/1/2029 | $— | (14) | (15) |  |
| RoadOne (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.95% | 12/29/2028 | $7760 | 7623 | 7760 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**29808** | $**29569** | **3.2%** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.10% | 8/1/2031 | $32926 | 32581 | 32556 |  |
| KAMC Holdings, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.07% | 8/1/2031 | $986 | 946 | 943 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**33527** | $**33499** | **3.6%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |
| Vessco Water (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/24/2031 | $— | (3) |  |  |
| Vessco Water (17)(19) | First Lien Senior Secured Loan | SOFR | 4.50% | 8.23% | 7/24/2031 | $1119 | 1114 | 1119 |  |
| Vessco Water (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.22% | 7/24/2031 | $2923 | 2910 | 2923 |  |
| Vessco Water (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | (9) |  |  |
| Vessco Water (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.50% | 8.22% | 7/24/2031 | $8658 | 8594 | 8658 |  |
| **Utilities: Water Total** |  |  |  |  |  |  | $**12606** | $**12700** | **1.4%** |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Abracon Group Holding, LLC. (8)(12)(15)(17)(19)(27) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 10.54% | 7/6/2028 | $15577 | 13926 | 9346 |  |
| Blackbird Purchaser, Inc. (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 12/19/2030 | $9506 | 9484 | 9506 |  |
| Blackbird Purchaser, Inc. (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/19/2030 | $— | (2) |  |  |
| Blackbird Purchaser, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.42% | 12/19/2029 | $1403 | 1400 | 1403 |  |
| Chex Finer Foods, LLC (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.74% | 6/6/2031 | $7296 | 7254 | 7296 |  |
| Chex Finer Foods, LLC (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/6/2031 | $— | (25) |  |  |
| Chex Finer Foods, LLC (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/6/2031 | $— | (17) |  |  |
| Fifty AU Bidco Pty Ltd (6)(8)(13)(17)(21) | First Lien Senior Secured Loan | BBSY | 5.00% | 8.79% | 8/1/2031 | 3229 | 2081 | 2144 |  |
| Fifty U.S. Bidco Inc (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/1/2031 | $— | (5) | (22) |  |
| Fifty U.S. Bidco Inc (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 8/1/2031 | $1749 | 1718 | 1723 |  |
| Fifty U.S. Bidco Inc (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 8/1/2031 | $6209 | 6180 | 6178 |  |
| SureWerx (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 12/28/2029 | $9726 | 9566 | 9677 |  |
| **Wholesale Total** |  |  |  |  |  |  | $**51560** | $**47251** | **5.1%** |
| **Non-Controlled/Non-Affiliate Investments Total** |  |  |  |  |  |  | $**1611716** | $**1626747** | **175.5%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| BCC CPK Investments 2, LP (7)(10)(12)(17) | Equity Interest |  |  |  |  | 7399 | 7399 | 7399 |  |
| CPK IPCO Buyer LLC (7)(17) | Subordinated Debt |  | 12.00% | 12.00% | 12/22/2031 | $12209 | 12027 | 12026 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**19426** | $**19425** | **2.1%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  | 100 | 143 |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(17) | Preferred Equity |  |  |  |  | 7 | 6600 | 7638 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**6700** | $**7781** | **0.8%** |
| **Non-Controlled/Affiliate Investments Total** |  |  |  |  |  |  | $**26126** | $**27206** | **2.9%** |
| **Controlled Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Investment Vehicles** |  |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program II, LLC (6)(7)(10)(28) | Equity Interest Investment Vehicles |  |  |  |  | 2250 | 6900 | 6978 |  |
| Bain Capital Senior Loan Program II, LLC (6)(7)(10)(28) | Preferred Equity Interest Investment Vehicles |  |  |  |  | 10 | 10 | 87 |  |
| Bain Capital Senior Loan Program II, LLC (6)(7)(17)(21)(28) | Subordinated Note Investment Vehicles |  | 10.00% | 10.00% | 12/24/2036 | $20240 | 20240 | 20240 |  |
| **Investment Vehicles Total** |  |  |  |  |  |  | $**27150** | $**27305** | **3.0%** |
| **Controlled Affiliate Investments Total** |  |  |  |  |  |  | $**27150** | $**27305** | **3.0%** |
| **Investments Total** |  |  |  |  |  |  | $**1664992** | $**1681258** | **181.4%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Share Class (20) | Cash Equivalents |  |  | 3.69% |  | $22949 | 22949 | 22949 |  |
| Blackrock Liquidity Funds T Fund Institutional Share Class | Cash Equivalents |  |  | 3.68% |  | $4830 | 4830 | 4830 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**27779** | $**27779** | **3.0%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**1692771** | $**1709037** | **184.4%** |

---

**Interest Rate Swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Hedged Items** | **Company Receives** | **Company Pays** | **Counterparty** | **Settlement <br>Date** | **Notional Amount** | **Upfront Payments/Receipts** | **Unrealized Appreciation** |
| Interest Rate Swap | Series 2025 Senior Notes, Tranche A Notes | 5.92% | SOFR + 2.43% | BNP Paribas | 11/29/2028 | $110000 | $- | $229 |
| Interest Rate Swap | Series 2025 Senior Notes, Tranche B Notes | 6.25% | SOFR + 2.69% | BNP Paribas | 11/29/2030 | $165000 | $- | $218 |
|  |  |  |  |  |  |  |  | $**447** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** |  |  |  |  |
| **Currency Purchased** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized <br>Appreciation/Depreciation**<sup>(8)</sup> |
| US DOLLARS 11,813 | EURO 11,322 | Bank of New York Mellon | 1/9/2026 | $(1491) |
| US DOLLARS 1,390 | POUND STERLING 1,080 | Bank of New York Mellon | 3/30/2026 | (62) |
| US DOLLARS 3,608 | EURO 3,290 | Bank of New York Mellon | 3/30/2026 | (272) |
| US DOLLARS 6,402 | POUND STERLING 4,930 | Bank of New York Mellon | 4/16/2026 | (228) |
| US DOLLARS 1,157 | POUND STERLING 870 | BNP Paribas | 5/18/2026 | (13) |
| US DOLLARS 6,486 | EURO 5,670 | BNP Paribas | 5/21/2026 | (215) |
| US DOLLARS 449 | NEW ZEALAND DOLLAR 780 | Bank of New York Mellon | 6/15/2026 | (2) |
| US DOLLARS 2,451 | AUSTRALIAN DOLLARS 3,770 | BNP Paribas | 6/25/2026 | (61) |
| US DOLLARS 2,735 | POUND STERLING 2,020 | BNP Paribas | 6/25/2026 | 19 |
| US DOLLARS 883 | AUSTRALIAN DOLLARS 1,350 | Bank of New York Mellon | 7/31/2026 | (16) |
| US DOLLARS 4,548 | EURO 3,885 | BNP Paribas | 7/31/2026 | (57) |
| US DOLLARS 6,746 | EURO 5,680 | Bank of New York Mellon | 8/10/2026 | 10 |
| US DOLLARS 233 | AUSTRALIAN DOLLARS 350 | Bank of New York Mellon | 9/16/2026 | - |
| US DOLLARS 1,439 | EURO 1,260 | Bank of New York Mellon | 9/18/2026 | (57) |
| US DOLLARS 10,453 | POUND STERLING 7,750 | Bank of New York Mellon | 9/25/2026 | 38 |
| US DOLLARS 6,639 | EURO 5,560 | Bank of New York Mellon | 10/2/2026 | 33 |
| US DOLLARS 14,404 | POUND STERLING 10,870 | Wells Fargo | 11/10/2026 | (200) |
| US DOLLARS 6,344 | EURO 5,390 | Wells Fargo | 11/20/2026 | (71) |
| US DOLLARS 1,496 | EURO 1,370 | Bank of New York Mellon | 12/16/2026 | (136) |
|  |  |  |  | $(2781) |

---

------

1. The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate ("EURIBOR" or "E"), the Sterling Overnight Index Average ("SONIA"), the Bank Bill Benchmark Rate ("BKBM"), the Bank Bill Swap Bid Rate ("BBSY") or Secured Overnight Financing Rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over EURIBOR, SOFR, SONIA, BKBM or BBSY and the current weighted average interest rate in effect at December 31, 2025. Certain investments are subject to a EURIBOR, SOFR, SONIA, BKBM or BBSY interest rate floor.

2. The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, AUD represents Australian dollars and NZ$ represents New Zealand dollars.

3. Percentages are based on the Company's net assets of $926,658 as of December 31, 2025.

4. The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

5. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

6. The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2025, non-qualifying assets totaled 11.6% of the Company's total assets.

7. As defined in the 1940 Act, the portfolio company is deemed to be an "affiliated person" of the Company, as the Company owns 5% or more of the portfolio company's outstanding voting securities.

8. Assets or a portion thereof are pledged as collateral for the JPM Revolving Credit Facility. See Note 6 "Debt".

9. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

------

10. Security exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $70,554 or 7.6% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

---

| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| Advanced Aircrew | 7/26/2024 |
| AGS American Services Investments, L.P. | 7/24/2025 |
| Bain Capital Senior Loan Program II, LLC | 3/24/2025 |
| BCC CPK Investments 2, LP | 12/8/2025 |
| BCC HGS Investments 2, LP | 10/21/2025 |
| BCC Trillium Foods Investments 2, LP | 5/13/2025 |
| BCPC Project Aberdeen, LLC. | 7/3/2024 |
| BTX Precision | 7/25/2024 |
| Chartbeat | 10/4/2024 |
| City BBQ | 9/4/2024 |
| DTIQ | 9/30/2024 |
| EHE Health | 8/7/2024 |
| Electronic Merchant Systems | 7/12/2024 |
| Elevation NewCo Intermediate, LLC | 8/1/2025 |
| Endurance Holdco Limited | 11/14/2025 |
| Galeria | 8/1/2024 |
| HG Insights, Inc. | 6/16/2025 |
| Hollywood LP | 4/16/2025 |
| Legacy Corporate Lending HoldCo, LLC | 4/21/2023 |
| LEP CP Co-Invest, L.P. | 4/16/2025 |
| LEP SAL Co-Invest, L.P. | 11/14/2025 |
| Odyssey Behavioral Health | 11/21/2024 |
| PayRange | 10/29/2024 |
| PPT Group | 2/28/2025 |
| Pure Wafer | 11/12/2024 |
| Rydoo | 9/26/2024 |
| SensorTower | 3/15/2024 |
| Sikich | 5/6/2024 |
| SoftCo | 3/11/2024 |
| Spindrift | 2/19/2025 |

---

------

11. The Company holds an interest in Legacy Corporate Lending HoldCo, LLC, an operating company based out of the United States which invests primarily in asset-backed lending ("ABL") opportunities.

12. Non-Income producing.

13. Assets or a portion thereof are pledged as collateral for the GS Revolving Credit Facility. See Note 6 "Debt".

14. Loan includes interest rate floor of 0.50%.

15. Denotes that all or a portion of the debt investment includes PIK interest during the period.

16. Loan includes interest rate floor of 1.50%.

17. Security valued using unobservable inputs (Level 3).

18. Loan includes interest rate floor of 1.00%.

19. Loan includes interest rate floor of 0.75%.

20. Cash equivalents include $50 of restricted cash.

21. Loan includes interest rate floor of 0.00%.

22. Loan includes interest rate floor of 2.00%.

23. Loan includes interest rate floor of 3.50%.

24. Unrealized appreciation on forward currency exchange contracts.

25. Loan includes interest rate floor of 1.25%.

26. Loan includes interest rate floor of 3.00%.

27. Loan was on non-accrual status as of December 31, 2025.

28. As defined in the 1940 Act, the Company is deemed to "Control" this portfolio company as the Company either owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

29. GBP 602 and EUR 34 of the total par amount for this security is at SONIA + 6.42% and EUIBOR + 6.25%, respectively.

30. GBP 556 of the total par amount for this security is at SONIA+ 6.38%.

See Notes to Consolidated Financial Statements

------

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (In thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Non Controlled/Non Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| ATS (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.05% | 7/12/2029 | $— | 16994 | $16801 | $16783 |  |
| ATS (4)(5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/12/2029 | $— | - | - | (28) |  |
| BTX Precision (10)(12)(17) | Equity Interest |  |  |  |  |  | 1 | 1201 | 1227 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.36% | 7/25/2030 | $— | 8696 | 8626 | 8696 |  |
| BTX Precision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.36% | 7/25/2030 | $— | 6355 | 6302 | 6355 |  |
| BTX Precision (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/25/2030 | $— | - | (19) | - |  |
| Saturn Purchaser Corp. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 10.49% | 7/23/2029 | $— | 13316 | 13101 | 13316 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  |  | **46012** | **46349** | **12.9%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |  |
| Intoxalock (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.10% | 9.46% | 11/1/2028 | $— | 9800 | 9724 | 9800 |  |
| JHCC Holdings, LLC (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.58% | 9/9/2027 | $— | 8676 | 8657 | 8676 |  |
| **Automotive Total** |  |  |  |  |  |  |  | **18381** | **18476** | **5.2%** |
| **Banking, Finance, Insurance & Real Estate** |  |  |  |  |  |  |  |  |  |  |
| Electronic Merchant Systems, LLC (10)(12)(17) | Equity Interest |  |  |  |  |  | 72 | 766 | 780 |  |
| Electronic Merchant Systems, LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.33% | 8/1/2030 | $— | 9235 | 9084 | 9073 |  |
| Electronic Merchant Systems, LLC (4)(5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2030 | $— | - | - | (14) |  |
| Sikich (10)(15)(17) | Preferred Equity |  | 13.00% PIK | 13.00% |  |  | 32 | 3198 | 3198 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  |  | 5 | - | 488 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  |  | 2 | - | 140 |  |
| **Banking, Finance, Insurance & Real Estate Total** |  |  |  |  |  |  |  | **13048** | **13665** | **3.8%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.71% | 3/31/2029 | $— | 11126 | 10961 | 11126 |  |
| AgroFresh Solutions (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 6.35% | 10.71% | 3/31/2028 | $— | 1868 | 1840 | 1868 |  |
| BCPC Project Aberdeen, LLC. (10)(12)(17) | Equity Interest |  |  |  |  |  | 803 | 803 | 803 |  |
| Hellers (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | BBSY | 3.50% (2.25% PIK) | 10.65% | 9/27/2030 |  | 323 | 224 | 200 |  |
| Hellers (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | BKBM | 3.94% (2.25% PIK) | 10.40% | 9/27/2030 |  | 718 | 433 | 390 |  |
| Hellers (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/27/2030 |  | - | (3) | (3) |  |
| Hellers (6)(15)(17) | Subordinated Debt |  | 15.00% PIK | 15.00% | 3/27/2031 |  | 83 | 51 | 45 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  |  | **14309** | **14429** | **4.0%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| DiversiTech (14) | First Lien Senior Secured Loan | SOFR | 3.76% | 8.09% | 12/22/2028 | $— | 1980 | $1974 | $1998 |  |
| Ergotron Acquisition LLC (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.61% | 7/6/2028 | $— | 13463 | 13257 | 13463 |  |
| **Capital Equipment Total** |  |  |  |  |  |  |  | **15231** | **15461** | **4.3%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| Duraco (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.94% | 6/6/2029 | $— | 6244 | 6161 | 6119 |  |
| Duraco (5)(16)(17) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.83% | 6/6/2029 | $— | 127 | 116 | 115 |  |
| INEOS Quattro (6)(21) | First Lien Senior Secured Loan | SOFR | 3.85% | 8.21% | 3/14/2030 | $— | 1980 | 1969 | 1989 |  |
| Prince/Ferro (14) | First Lien Senior Secured Loan | SOFR | 4.25% | 9.06% | 4/23/2029 | $— | 1980 | 1914 | 1956 |  |
| V Global Holdings LLC (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.90% | 10.42% | 12/22/2027 | $— | 11706 | 11599 | 11326 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  |  | **21759** | **21505** | **6.0%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| Zeus Fire & Security (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.45% | 12/11/2030 | $— | 10488 | 10410 | 10409 |  |
| Zeus Fire & Security (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/11/2030 | $— | - | - | - |  |
| Zeus Fire & Security (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/11/2030 | $— | - | (9) | (9) |  |
| Chase Industries, Inc. (15)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.65% (1.50% PIK) | 11.48% | 5/12/2025 | $— | 8477 | 7959 | 8074 |  |
| Chase Industries, Inc. (15)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.65% (1.50% PIK) | 11.48% | 5/12/2025 | $— | 845 | 792 | 805 |  |
| Chase Industries, Inc. (5)(15)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.65% (1.50% PIK) | 11.48% | 5/12/2025 | $— | 436 | 401 | 399 |  |
| **Construction & Building Total** |  |  |  |  |  |  |  | **19553** | **19678** | **5.5%** |
| **Consumer goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| New Milani Group LLC (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.93% | 6/6/2026 | $— | 8369 | 8369 | 8369 |  |
| New Milani Group LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/6/2026 | $— | - | - | - |  |
| **Consumer goods: Durable Total** |  |  |  |  |  |  |  | **8369** | **8369** | **2.3%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |  |  |
| Evriholder (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.90% | 11.23% | 1/24/2028 | $— | 4083 | $4052 | $4063 |  |
| Hempz (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 10/25/2029 | $— | 17037 | 16893 | 16888 |  |
| Hempz (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/25/2029 | $— | - | (20) | (21) |  |
| RoC Skincare (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 10.52% | 2/21/2031 | $— | 10918 | 10774 | 10918 |  |
| RoC Skincare (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/21/2030 | $— | - | (49) | - |  |
| WU Holdco, Inc. (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.33% | 3/26/2027 | $— | 5963 | 5923 | 5963 |  |
| WU Holdco, Inc. (5)(17)(21) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 9.33% | 3/26/2027 | $— | 369 | 369 | 369 |  |
| **Consumer goods: Non-durable Total** |  |  |  |  |  |  |  | **37942** | **38180** | **10.7%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.26% | 10.85% | 12/29/2027 | $— | 10555 | 10271 | 10555 |  |
| ASP-r-pac Acquisition Co LLC (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.11% | 10.47% | 12/29/2027 | $— | 43 | 35 | 42 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  |  | **10306** | **10597** | **3.0%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 6.00% | 8.68% | 7/12/2029 |  | 937 | 1020 | 971 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.25% | 10.95% | 7/12/2029 | £nan | 2324 | 2927 | 2912 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 6.00% | 8.68% | 7/12/2029 | £nan | 2499 | 3106 | 2999 |  |
| Reconomy (5)(6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 10.58% | 7/12/2029 | £nan | 1871 | 2331 | 2345 |  |
| **Environmental Industries Total** |  |  |  |  |  |  |  | **9384** | **9227** | **2.6%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| Allworth (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/23/2027 | $— | - | (2) | - |  |
| Allworth (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.36% | 12/23/2027 | $— | 69 | 52 | 70 |  |
| Choreo (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.36% | 2/18/2028 | $— | 1241 | 1241 | 1241 |  |
| Choreo (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/18/2028 | $— | - | - | - |  |
| Hudson River Trading (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.48% | 3/18/2030 | $— | 2969 | 2951 | 2983 |  |
| Lagerbox (5)(6)(17)(21) | First Lien Senior Secured Loan |  |  |  | 12/20/2028 |  | - | - | - |  |
| PMA (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 1/31/2031 | $— | 15880 | 15650 | 15642 |  |
| PMA (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/31/2031 | $— | - | (17) | (18) |  |
| Wealth Enhancement Group (WEG) (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.31% | 10/2/2028 | $— | 3394 | 3366 | 3394 |  |
| Wealth Enhancement Group (WEG) (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/2/2028 | $— | - | (4) | - |  |
| **FIRE: Finance Total** |  |  |  |  |  |  |  | **23237** | **23312** | **6.5%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC (13)(21) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.36% | 11/6/2030 | $— | 1966 | $1962 | $1972 |  |
| Asurion, LLC (21) | First Lien Senior Secured Loan | SOFR | 4.10% | 8.46% | 8/19/2028 | $— | 1980 | 1963 | 1977 |  |
| PCF (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.83% | 11/1/2028 | $— | 4196 | 4196 | 4196 |  |
| Simplicity (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.28% | 12/31/2031 | $— | 15683 | 15526 | 15526 |  |
| Simplicity (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/31/2031 | $— | - | (25) | (25) |  |
| Simplicity (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/31/2031 | $— | - | (25) | (25) |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  |  | **23597** | **23621** | **6.6%** |
| **Forest Products & Paper** |  |  |  |  |  |  |  |  |  |  |
| Multi-Color Corp (13)(14) | First Lien Senior Secured Loan | SOFR | 5.10% | 9.46% | 10/29/2028 | $— | 1980 | 1903 | 1919 |  |
| **Forest Products & Paper Total** |  |  |  |  |  |  |  | **1903** | **1919** | **0.5%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| AEG Vision (8)(13)(17)(21) | First Lien Senior Secured Loan | SOFR | 5.90% | 10.23% | 3/27/2026 | $— | 14925 | $14775 | $14925 |  |
| AEG Vision (8)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.23% | 3/27/2026 | $— | 2496 | 2467 | 2496 |  |
| AEG Vision (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.23% | 3/27/2026 | $— | 1480 | 1455 | 1480 |  |
| AEG Vision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.23% | 3/27/2027 | $— | 500 | 430 | 500 |  |
| Apollo Intelligence (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.27% | 5/31/2028 | $— | 13511 | 13437 | 13511 |  |
| Apollo Intelligence (5)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 5/31/2028 | $— | - | - | - |  |
| Beacon Specialized Living (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.83% | 3/25/2028 | $— | 4304 | 4267 | 4304 |  |
| Beacon Specialized Living (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/25/2028 | $— | - | (51) | - |  |
| Beacon Specialized Living (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/25/2028 | $— | - | - | - |  |
| Masco (6)(15)(17)(21) | Subordinated Debt | EURIBOR | 10.00% PIK | 13.25% | 10/4/2032 |  | 5000 | 5348 | 5102 |  |
| Odyssey Behavioral Health (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.77% | 11/21/2030 | $— | 15621 | 15429 | 15426 |  |
| Odyssey Behavioral Health (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/21/2030 | $— | - | (42) | (43) |  |
| Pharmacy Partners (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 11.01% | 2/28/2029 | $— | 9766 | 9665 | 9766 |  |
| Pharmacy Partners (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/28/2029 | $— | - | (22) | - |  |
| Red Nucleus (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 10/17/2031 | $— | 11579 | 11439 | 11434 |  |
| Red Nucleus (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/17/2031 | $— | - | (26) | (26) |  |
| Red Nucleus (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.58% | 10/17/2031 | $— | 433 | 400 | 399 |  |
| Odyssey Behavioral Health (10)(12)(17) | Equity Interest |  |  |  |  |  | 7 | 698 | 698 |  |
| EHE Health (10)(12)(17) | Equity Interest |  |  |  |  |  | 1127 | 1127 | 1127 |  |
| EHE Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.83% | 8/7/2030 | $— | 18395 | 18220 | 18211 |  |
| EHE Health (4)(5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/7/2030 | $— | - | - | (18) |  |
| Nafinco (6)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.97% | 8/29/2031 |  | 1464 | 1586 | 1483 |  |
| Nafinco (4)(5)(6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/29/2031 |  | - | - | (9) |  |
| Nafinco (5)(6)(17)(21) | First Lien Senior Secured Loan - Revolver | EURIBOR | 5.25% | 8.02% | 5/30/2031 |  | 39 | 40 | 37 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  |  | **100642** | **100803** | **28.1%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| Access (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.25% | 9.95% | 6/28/2029 | £nan | 6481 | $8063 | $8123 |  |
| Gainwell Technologies (13)(19) | First Lien Senior Secured Loan | SOFR | 4.20% | 8.70% | 10/1/2027 | $— | 2745 | 2698 | 2666 |  |
| Black Mountain (8)(13)(17)(21) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.33% | 10/7/2030 | $— | 20772 | 20622 | 20616 |  |
| Black Mountain (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/7/2030 | $— | - | (43) | (45) |  |
| Black Mountain (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/7/2030 | $— | - | (29) | (30) |  |
| LogRhythm, Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.86% | 7/2/2029 | $— | 4546 | 4422 | 4409 |  |
| LogRhythm, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2029 | $— | - | (13) | (14) |  |
| Proofpoint, Inc. (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.36% | 8/31/2028 | $— | 1980 | 1974 | 1992 |  |
| Chartbeat (10)(15)(17) | Preferred Equity |  | 14.00% PIK | 14.00% |  |  | 5171 | 5071 | 5068 |  |
| PayRange (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.61% | 10/31/2030 | $— | 2130 | 2109 | 2108 |  |
| PayRange (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2030 | $— | - | (8) | (8) |  |
| PayRange (10)(12)(17) | Equity Interest |  |  |  |  |  | 1176 | 1176 | 1176 |  |
| RetailNext (17)(18) | First Lien Senior Secured Loan | SOFR | 7.00% | 11.47% | 12/5/2030 | $— | 7975 | 7896 | 7895 |  |
| RetailNext (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/5/2030 | $— | - | (16) | (17) |  |
| SensorTower (10)(12)(17) | Equity Interest |  |  |  |  |  | 63 | 974 | 2342 |  |
| SensorTower (8)(13)(17)(22) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.85% | 3/15/2029 | $— | 14143 | 13965 | 14143 |  |
| SensorTower (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/15/2029 | $— | - | (7) | - |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.51% | 11.08% | 5/14/2029 | $— | 5373 | 5330 | 5319 |  |
| Utimaco (6)(8)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 9.15% | 5/14/2029 |  | 7627 | 8304 | 7822 |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.51% | 11.08% | 5/14/2029 | $— | 2000 | 1984 | 1980 |  |
| **High Tech Industries Total** |  |  |  |  |  |  |  | **84472** | **85545** | **23.9%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |  |
| City BBQ (10)(12)(17) | Preferred Equity |  |  |  |  |  | 3 | $734 | $758 |  |
| City BBQ (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.45% | 9.87% | 9/4/2030 | $— | 12563 | 12459 | 12563 |  |
| City BBQ (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/4/2030 | $— | - | - | - |  |
| City BBQ (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/4/2030 | $— | - | (21) | - |  |
| Concert Golf Partners Holdco (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.13% | 4/1/2030 | $— | 8763 | 8618 | 8763 |  |
| Concert Golf Partners Holdco LLC (13)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 9.13% | 4/1/2030 | $— | 995 | 979 | 995 |  |
| Pollo Tropical (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.88% | 10/23/2029 | $— | 7138 | 7052 | 7049 |  |
| Pollo Tropical (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/23/2029 | $— | - | (8) | (9) |  |
| Pyramid Global Hospitality (13)(17)(25) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.88% | 1/19/2028 | $— | 9825 | 9608 | 9825 |  |
| Awayday (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 9/6/2031 | $— | 21370 | 21166 | 21263 |  |
| Awayday (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.58% | 9/6/2031 | $— | 7625 | 7624 | 7577 |  |
| Awayday (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.58% | 9/6/2030 | $— | 1253 | 1214 | 1232 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  |  | **69425** | **70016** | **19.5%** |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| Internet Brands (14) | First Lien Senior Secured Loan | SOFR | 4.25% | 8.82% | 5/3/2028 | $— | 1777 | 1751 | 1780 |  |
| Internet Brands (14) | First Lien Senior Secured Loan | SOFR | 4.25% | 8.61% | 12/31/2031 | $— | 1200 | 1177 | 1191 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  |  | **2928** | **2971** | **0.8%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2031 | $— | - | (6) | (6) |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2031 | $— | - | (4) | (4) |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2031 | $— | - | (3) | (3) |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/20/2031 | $— | - | (1) | (1) |  |
| OGH Bidco Limited (6)(8)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 11.70% | 6/29/2029 | £nan | 8100 | 10203 | 9619 |  |
| OGH Bidco Limited (6)(13)(17)(21) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.74% | 9/2/2029 | £nan | 3750 | 4368 | 4157 |  |
| OGH Bidco Limited (5)(6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.50% | 11.70% | 6/29/2029 | £nan | 1134 | 1407 | 1214 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  |  | **15964** | **14976** | **4.2%** |
| **Retail** |  |  |  |  |  |  |  |  |  |  |
| Galeria (6)(10)(12)(17) | Equity Interest |  |  |  |  |  | 43 | 10 | 9 |  |
| Galeria (6)(15)(17) | First Lien Senior Secured Loan - Delayed Draw |  | 15.00% PIK | 15.00% | 4/9/2029 |  | 3833 | 4112 | 3971 |  |
| PETCO (6)(13)(19) | First Lien Senior Secured Loan | SOFR | 3.51% | 7.84% | 3/3/2028 | $— | 2000 | 1906 | 1947 |  |
| **Retail Total** |  |  |  |  |  |  |  | **6028** | **5927** | **1.7%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |
| Advanced Aircrew (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.86% | 7/26/2030 | $— | 4702 | $4658 | $4679 |  |
| Advanced Aircrew (4)(5)(17)(18)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/26/2030 | $— | - | - | (3) |  |
| Advanced Aircrew (10)(12)(17) | Preferred Equity |  |  |  |  |  | 545 | 545 | 562 |  |
| Allbridge, LLC (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.08% | 6/5/2030 | $— | 4975 | 4941 | 4975 |  |
| Allbridge, LLC (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/5/2030 | $— | - | - | - |  |
| Allbridge, LLC (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/5/2030 | $— | - | - | - |  |
| AMI (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.69% | 10/17/2031 | $— | 15637 | 15523 | 15520 |  |
| AMI (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.69% | 10/17/2031 | $— | 555 | 538 | 538 |  |
| Cube (17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 10.59% | 5/20/2031 | $— | 8650 | 8650 | 8650 |  |
| Cube (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 5/20/2031 | $— | - | - | - |  |
| Cube (5)(17)(21) | First Lien Senior Secured Loan |  |  |  | 2/20/2025 | $— | - | - | - |  |
| Dealer Services Network, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.34% | 2/9/2027 | $— | 5000 | 4957 | 4975 |  |
| Discovery Senior Living (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.88% | 3/18/2030 | $— | 4963 | 4911 | 4963 |  |
| Discovery Senior Living (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.88% | 3/18/2030 | $— | 830 | 825 | 830 |  |
| Discovery Senior Living (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/18/2030 | $— | - | (18) | - |  |
| Discovery Senior Living (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/18/2030 | $— | - | (7) | - |  |
| DTIQ (8)(13)(17)(23) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.86% | 9/30/2029 | $— | 21224 | 20871 | 20852 |  |
| DTIQ (4)(5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/30/2029 | $— | - | - | (55) |  |
| DTIQ (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/30/2029 | $— | - | (30) | (73) |  |
| Easy Ice, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.99% | 10/30/2030 | $— | 16677 | 16434 | 16427 |  |
| Easy Ice, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/30/2030 | $— | - | (31) | (32) |  |
| Easy Ice, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/30/2030 | $— | - | (31) | (32) |  |
| E-Tech Group (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.86% | 4/9/2030 | $— | 3502 | 3471 | 3467 |  |
| E-Tech Group (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/9/2030 | $— | - | (6) | (7) |  |
| Orion (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.77% | 3/19/2027 | $— | 7482 | 7404 | 7398 |  |
| Orion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/19/2027 | $— | - | (2) | (2) |  |
| Orion (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.69% | 3/19/2027 | $— | 91 | 89 | 89 |  |
| Orion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/19/2027 | $— | - | (5) | (5) |  |
| Orion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/19/2027 | $— | - | (7) | (8) |  |
| Pure Wafer (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.60% | 10.05% | 11/12/2030 | $— | 7857 | 7780 | 7778 |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |
| Pure Wafer (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 11/12/2030 | $— | - | $(11) | $(12) |  |
| Pure Wafer (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/12/2030 | $— | - | (23) | (23) |  |
| Pure Wafer (10)(12)(17) | Equity Interest |  |  |  |  |  | 1439 | 1439 | 1439 |  |
| Rydoo (6)(10)(12)(17) | Equity Interest |  |  |  |  |  | 233 | 260 | 238 |  |
| Rydoo (6)(10)(12)(17) | Preferred Equity |  |  |  |  |  | 100 | 112 | 107 |  |
| Rydoo (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.75% | 9.95% | 9/12/2031 |  | 778 | 860 | 798 |  |
| SoftCo (6)(10)(12)(17) | Equity Interest |  |  |  |  |  | 900 | 975 | 1045 |  |
| SoftCo (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 7.00% | 9.91% | 2/22/2031 |  | 3600 | 3864 | 3729 |  |
| DTIQ (10)(12)(17) | Equity Interest |  |  |  |  |  | 3351 | - | - |  |
| **Services: Business Total** |  |  |  |  |  |  |  | **108936** | **108807** | **30.4%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| Master ConcessionAir (17)(26) | First Lien Senior Secured Loan | SOFR | 8.50% | 12.84% | 6/21/2029 | $— | 1821 | 1786 | 1784 |  |
| Master ConcessionAir (5)(17)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.50% | 12.94% | 6/21/2029 | $— | 36 | 36 | 36 |  |
| Master ConcessionAir (17)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 8.50% | 13.16% | 6/21/2029 | $— | 223 | 219 | 219 |  |
| Spotless Brands (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.78% | 7/25/2028 | $— | 5298 | 5253 | 5297 |  |
| **Services: Consumer Total** |  |  |  |  |  |  |  | **7294** | **7336** | **2.0%** |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| Gulf Winds International (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.60% | 11.96% | 12/16/2028 | $— | 9800 | 9570 | 9482 |  |
| RoadOne (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.84% | 12/29/2028 | $— | 7840 | 7655 | 7840 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  |  | **17225** | **17322** | **4.8%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |  |
| Vessco Water (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.11% | 7/24/2031 | $— | 7019 | 6953 | 7019 |  |
| Vessco Water (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 9.03% | 7/24/2031 | $— | 787 | 773 | 787 |  |
| Vessco Water (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | - | (9) | - |  |
| **Utilities: Water Total** |  |  |  |  |  |  |  | **7717** | **7806** | **2.2%** |
| **Wholesale** |  |  |  |  |  |  |  |  |  |  |
| Abracon Group Holding, LLC. (8)(15)(17)(19) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 11.30% | 7/6/2028 | $— | 14874 | 14648 | 11898 |  |
| Blackbird Purchaser, Inc. (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.83% | 12/19/2030 | $— | 3104 | 3104 | 3104 |  |
| Blackbird Purchaser, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.83% | 12/19/2030 | $— | 730 | 730 | 730 |  |
| Blackbird Purchaser, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.83% | 12/19/2029 | $— | 344 | 344 | 344 |  |
| SureWerx (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 12/28/2029 | $— | 9825 | 9623 | 9825 |  |
| **Wholesale Total** |  |  |  |  |  |  |  | **28449** | **25901** | **7.2%** |
| **Non Controlled/Non Affiliate Investments Total** |  |  |  |  |  |  |  | **712111** | **712198** | **198.7%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Non-Controlled/Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Preferred Equity |  |  |  |  |  | 5 | $4700 | $5001 |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  | - | 100 | 100 |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  | - | - | - |  |
| **FIRE: Finance Total** |  |  |  |  |  |  |  | **4800** | **5101** | **1.4%** |
| **Non-Controlled/Affiliate Investments Total** |  |  |  |  |  |  |  | **4800** | **5101** | **1.4%** |
| **Investments Total** |  |  |  |  |  |  |  | $**716911** | $**717299** | **200.1%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |  |
| Blackrock Liquidity Funds T Fund Institutional Share Class | Cash Equivalents |  |  | 4.34% |  | $— | 2067 | 2067 | 2067 |  |
| Goldman Sachs Financial Square Government Fund Institutional Share Class (20) | Cash Equivalents |  |  | 4.40% |  | $— | 5854 | 5854 | 5854 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  |  | **7921** | **7921** | **2.2%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  |  | **724832** | **725220** | **202.3%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** |  |  |  |  |
| **Currency Purchased** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (24)** |
| USD 202 | AUD 320 | Bank of New York | 9/17/2025 | $5 |
| USD 444 | NZD 770 | Bank of New York | 3/17/2025 | 12 |
| USD 10,885 | EUR 9,880 | Bank of New York | 1/21/2025 | 640 |
| USD 6,345 | EUR 5,680 | Bank of New York | 8/13/2025 | 390 |
| USD 1,439 | EUR 1,260 | Bank of New York | 9/18/2026 | 87 |
| USD 6,073 | EUR 5,450 | Bank of New York | 10/8/2025 | 340 |
| USD 1,496 | EUR 1,370 | Bank of New York | 12/16/2026 | 18 |
|  |  |  |  | $1492 |

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1. The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate ("EURIBOR" or "E"), the Sterling Overnight Index Average ("SONIA"), the Bank Bill Benchmark Rate ("BKBM"), the Bank Bill Swap Bid Rate ("BBSY") or Secured Overnight Financing Rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over EURIBOR, SOFR, SONIA, BKBM or BBSY and the current weighted average interest rate in effect at December 31, 2024. Certain investments are subject to a EURIBOR, SOFR, SONIA, BKBM or BBSY interest rate floor.

2. The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, AUD represents Australian dollars and NZ$ represents New Zealand dollars.

3. Percentages are based on the Company's net assets of $358,434 as of December 31, 2024.

4. The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

5. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

6. The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, non-qualifying assets totaled 9.1% of the Company's total assets.

7. As defined in the 1940 Act, the portfolio company is deemed to be an "affiliated person" of the Company, as the Company owns 5% or more of the portfolio company's outstanding voting securities.

8. Assets or a portion thereof are pledged as collateral for the JPM Revolving Credit Facility. See Note 6 "Debt".

9. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

10. Security exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $26,306 or 7.3% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

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| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| Advanced Aircrew | 7/26/2024 |
| BCPC Project Aberdeen, LLC | 7/3/2024 |
| BTX Precision | 7/25/2024 |
| Chartbeat | 10/4/2024 |
| City BBQ | 9/4/2024 |
| DTiQ | 9/30/2024 |
| EHE Health | 8/7/2024 |
| Electronic Merchant Systems | 7/12/2024 |
| Galeria | 8/1/2024 |
| Legacy Corporate Lending HoldCo, LLC | 4/21/2023 |
| Odyssey Behavioral Health | 11/21/2024 |
| PayRange | 10/29/2024 |
| Pure Wafer | 11/12/2024 |
| Rydoo | 9/26/2024 |
| SensorTower | 3/15/2024 |
| Sikich | 5/6/2024 |
| SoftCo | 3/11/2024 |

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11. The Company holds an interest in Legacy Corporate Lending HoldCo, LLC, an operating company based out of the United States which invests primarily in asset-backed lending ("ABL") opportunities.

12. Non-Income producing.

13. Assets or a portion thereof are pledged as collateral for the GS Revolving Credit Facility. See Note 6 "Debt".

14. Loan includes interest rate floor of 0.50%.

15. Denotes that all or a portion of the debt investment includes PIK interest during the period.

16. Loan includes interest rate floor of 1.50%.

17. Security valued using unobservable inputs (Level 3).

18. Loan includes interest rate floor of 1.00%.

19. Loan includes interest rate floor of 0.75%.

20. Cash equivalents include $50 of restricted cash.

21. Loan includes interest rate floor of 0.00%.

22. Loan includes interest rate floor of 2.00%.

23. Loan includes interest rate floor of 3.50%.

24. Unrealized appreciation on forward currency exchange contracts.

25. Loan includes interest rate floor of 1.25%.

26. Loan includes interest rate floor of 3.00%.

See Notes to Consolidated Financial Statements

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# BAIN CAPITAL PRIVATE CREDIT

# NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

# (in thousands, except share and per share data)
**Note 1. Organization** 

Bain Capital Private Credit ("BCPC" or the "Company"), is a Delaware statutory trust which was formed on December 21, 2021. BCPC Advisors, LP (the "Advisor"), a subsidiary of Bain Capital Credit, is the investment adviser of the Company. The Advisor is registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers Act"). Prior to September 28, 2023, BCSF Advisors, LP served as the investment advisor for the Company pursuant to a previous investment advisory agreement. The Company is a non-exchange traded, perpetual life management investment company that has elected to be treated and is regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). As of December 31, 2025, the Company has the authority to issue unlimited shares of all classes of common shares ("Common Shares"), par value $0.01 per share. The Company is offering to the public three classes of Common Shares: Class S shares, Class D shares and Class I shares. The differences among the share classes relate to ongoing shareholder servicing and/or distribution fees, with Class S shares and Class D shares subject to ongoing and shareholder servicing and/or distribution fees of 0.85% and 0.25%, respectively and Class I shares are not subject to a shareholder servicing and/or distribution fee. In addition, although neither the Company nor Emerson Equity LLC (the "Managing Dealer") will charge upfront sales loads with respect to Class S shares, Class D shares or Class I shares, if the purchases of Class S shares or Class D shares is through certain financial intermediaries, such intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that they limit such charges to a 3.5% cap on NAV for Class S shares and a 1.5% cap on NAV for Class D shares. Selling agents will not charge such fees on Class I shares. Class S shares are available through brokerage and transaction-based accounts. Class D shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class D shares, (2) through participating brokers that have alternative fee arrangements with their clients to provide access to Class D shares, (3) through transaction/ brokerage platforms at participating brokers, (4) through certain registered investment advisers, (5) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers or (6) other categories of investors that we name in an amendment or supplement to this prospectus. Class I shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating brokers that have alternative fee arrangements with their clients to provide access to Class I shares, (4) by the Company's executive officers and Trustees and their immediate family members, as well as officers and employees of the Advisor or other affiliates and their immediate family members, and, if approved by the Board, joint venture partners, consultants and other service providers, or (5) by other categories of investors that the Company names in an amendment or supplement to this prospectus. In certain cases, where a holder of Class S or Class D shares exits a relationship with a participating broker or the Managing Dealer, as applicable, for the Company's offering and does not enter into a new relationship with a participating broker or the Managing Dealer, as applicable, for the Company's offering, such holder's shares may be exchanged into an equivalent NAV amount of Class I shares. The Company may also offer Class I shares to certain feeder vehicles primarily created to hold Class I shares, which in turn offer interests in themselves to investors. The Company expects to conduct such offerings pursuant to exceptions to registration under the Securities Act and not as a part of the Company's offering. Such feeder vehicles may have additional costs and expenses, which would be disclosed in connection with the offering of their interests. The Company may also offer Class I shares to other investment vehicles.

The Company's investment objective is to generate attractive risk adjusted returns, predominantly in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The Company seeks to achieve its investment objective by investing in middle-market direct lending opportunities across North America, Europe, Australia and in other geographic markets. Middle market companies generally means companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The company focuses on senior secured credit investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender, and mezzanine debt and other junior securities with a focus on downside protection.

The Company may from time to time invest in smaller or larger companies if the opportunity presents attractive investment and risk adjusted returns. The Company may invest in common and preferred equity and in secondary purchases of assets or portfolios on

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an opportunistic basis, but such investments are not the principal focus of the investment strategy. The Company may also invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.

Our operations are comprised of a single operating and reportable business segment, asset management. The Chief Operating Decision Maker (the "CODM") consists of the Company's Chief Executive Officer and Chief Financial Officer, as these are the individuals responsible for determining the Company's investment strategy, capital allocation, expense structure, launch and dissolution and entering into significant contracts on behalf of the Company. The CODM uses key metrics to determine how to allocate resources and in determining the amount of dividends to be distributed to the Company's shareholders. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that are reported on the Consolidated Statements of Operations, Financial Highlights reported in Note 11, underlying investment cost and market value as disclosed on the Consolidated Schedule of Investments and expected yield relative to the risk of the individual assets as disclosed in the composition of the investment portfolio and associated yield table. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as "total assets" and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

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# Note 2. Summary of Significant Accounting Policies

# Basis of Presentation
The Company's Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company's Consolidated Financial Statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10-K and Regulation S-X. These Consolidated Financial Statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 — Financial Services — Investment Companies ("ASC 946"). The functional currency of the Company is U.S. dollars and these Consolidated Financial Statements have been prepared in that currency. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Company's Consolidated Financial Statements or the consolidated results of operations as previously reported.

# Basis of Consolidation
The Company will generally consolidate any wholly, or substantially, owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Company's investment operations and to facilitate the execution of the Company's investment strategy. Accordingly, the Company consolidated the results of its subsidiaries BCPC I, LLC and BCPC II-J, LLC in its Consolidated Financial Statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Company is an investment company, portfolio investments held by the Company are not consolidated into the Consolidated Financial Statements. The portfolio investments held by the Company (including its investments held by consolidated subsidiaries) are included on the Consolidated Statements of Assets and Liabilities as investments at fair value.

# Use of Estimates
The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

# Valuation of Portfolio Investments
The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Company's Board of Trustees (the "Board"). The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor's valuation policies is below.

Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as valuation designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security's fair value.

With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparable company multiple models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

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With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process, which includes among other things, the below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Advisor responsible for the portfolio investment; in conjunction with the Company's portfolio management and valuation team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary valuation conclusions are then documented and discussed with the Company's senior management and the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generally, investments that constitute a material portion of the Company's portfolio are periodically reviewed by an independent valuation firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board and Audit Committee provide oversight with respect to the valuation process, including requesting such materials as they deem appropriate.

In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company's ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their concluded ranges.

The Company applies ASC Topic 820, Fair Value Measurement ("ASC 820"), which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

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# Securities Transactions, Revenue Recognition and Expenses
The Company records its investment transactions on a trade date basis. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specified identification method. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Commitment fees are recorded on an accrual basis and recognized as interest income. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized against or accreted into interest income using the effective interest method or straight-line method, as applicable. For the Company's investments in revolving bank loans, the cost basis of the investment purchased is adjusted for the cash received for the discount on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative value until it is offset by the future amounts called and funded. Upon prepayment of a loan or debt security, any prepayment premium, unamortized upfront loan origination fees and unamortized discount are recorded as interest income.

Certain investments may have contractual payment-in-kind ("PIK") interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable.

Dividend income on preferred equity investments is recorded on an 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 investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. For the years ended December 31, 2025, 2024 and 2023, the Company recorded $2.6 million, $1.5 million and 0.0 million, of dividend income, respectively, of which, $1.3 million, $1.5 million and 0.0 million, relate to PIK dividends, respectively. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status.

Certain structuring fees and amendment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered.

Expenses are recorded on an accrual basis.

# Non-Accrual Loans
Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of December 31, 2025 and December 31, 2024, there was one and zero loans on non-accrual, respectively.

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# Distributions
Distributions to common shareholders are recorded on the record date. The Board delegated authority to the Company's officers to declare from time to time distributions payable in an aggregate amount up to all of the Company's (i) taxable earnings; (ii) capital gains; (iii) net proceeds attributable to the repayment or disposition of investments (together with any interest, dividends and other net cash flow in respect of such investments); and (iv) any other amounts legally available for distribution to the extent the officers of the Company deem appropriate (including, if applicable, amounts representing a return of capital); provided each such Distribution shall not exceed an annualized distribution yield of 10%, as may be appropriate and in the interest of the Company's shareholders, subject to the Board's ratification at the immediately succeeding quarterly meeting of the Board. Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. The Company may pay distributions to its shareholders in a year in excess of its investment company taxable income and net capital gain for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. This excess generally would be a tax-free return of capital in the period and generally would reduce the shareholder's tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent; they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses.

The Company intends to timely distribute to its shareholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company's taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and incur applicable U.S. federal excise tax.

The specific tax characteristics of the Company's distributions will be reported to shareholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

The Company distributes net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to shareholders.

## Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan that provides for the reinvestment of cash distributions and other distributions. Shareholders who do not "opt out" of the Company's distribution reinvestment plan will have their cash distributions and other distributions (net of applicable withholding tax) automatically reinvested in additional Common Shares, rather than receiving cash distributions and other distributions.

## Cash, Restricted Cash, and Cash Equivalents
Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost or amortized cost, which approximates fair value. The Company may deposit its cash and cash equivalents in financial institutions and, at certain times, such balances may exceed the Federal Deposit Insurance Corporation insurance limits. Cash equivalents are presented separately on the Consolidated Schedules of Investments. Restricted cash is collected and held by the trustee who has been appointed as custodian of the assets securing certain of the Company's financing transactions.

## Subscriptions Received in Advance
Subscriptions received in advance represent amounts paid by investors for Common Shares which have not yet been included in shareholders' capital as of December 31, 2025. The amounts paid are included in cash on the Company's Statements of Assets and Liabilities.

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**Organization Expenses**

Organization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization. These costs are expensed as incurred.

# Offering Costs
Offering costs in connection with the continuous offering of Common Shares of the Company are recognized as a deferred charge and are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations and are included in amortization of deferred offering costs in the Company's Consolidated Statements of Operations. As of December 31, 2025 and December 31, 2024, there were no deferred offering costs on the Company's Statements of Assets and Liabilities.

# Prepaid Insurance
The Company has obtained trustees and officers liability insurance. These costs are recognized as a deferred charge and will be amortized using the straight-line method over the term of the insurance policies, beginning on the date the Company enters into each insurance policy agreement. Deferred costs related to the insurance policies are presented separately on the Company's consolidated statement of assets and liabilities.

# Professional Fees and Operating Expenses
The Company is responsible for investment expenses, legal expenses, auditing fees, and other expenses related to the Company's operations. Such fees and expenses, including expenses incurred by the Advisor may be reimbursed by the Company.

**Foreign Currency Translation** 

The accounting records of the Company are maintained in U.S. dollars. The fair values of foreign securities, foreign cash and other assets and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each business day. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized appreciation on foreign currency translation on the Consolidated Statements of Operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statements of Operations. The portion of both realized and unrealized gains and losses on investments that result from changes in foreign currency exchange rates is not separately disclosed, but is included in net realized gain (loss) on investments and net change in unrealized appreciation on investments, respectively, on the Consolidated Statements of Operations.

# Forward Currency Exchange Contracts
The Company may enter into forward currency exchange contracts to reduce the Company's exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. A forward currency exchange contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The Company does not utilize hedge accounting and as such the Company recognizes the value of its derivatives at fair value on the Consolidated Statements of Assets and Liabilities with changes in the net unrealized appreciation on forward currency exchange contracts recorded on the Consolidated Statements of Operations. Forward currency exchange contracts are valued using the prevailing forward currency exchange rate of the underlying currencies. Unrealized appreciation on forward currency exchange contracts is recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Cash collateral maintained in accounts held by counterparties is included in collateral on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities. Notional amounts and the gross fair value of forward currency exchange contracts assets and liabilities are presented separately on the Consolidated Schedules of Investments.

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Changes in net unrealized appreciation are recorded on the Consolidated Statements of Operations in net change in unrealized appreciation on forward currency exchange contracts. Net realized gains and losses are recorded on the Consolidated Statements of Operations in net realized gain (loss) on forward currency exchange contracts. Realized gains and losses on forward currency exchange contracts are determined using the difference between the fair market value of the forward currency exchange contract at the time it was opened and the fair market value at the time it was closed or covered. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.

# Interest Rate Swaps
The Company uses interest rate swaps to hedge some of the Company's fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a derivative asset or derivative liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in collateral on derivatives and collateral payable on derivatives on the Company's Consolidated Statements of Assets and Liabilities. Please see "Item 8. Consolidated Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 6. Debt" and "Note 7. Derivatives" for additional detail.

# Deferred Financing Costs and Debt Issuance Costs
The Company records costs related to issuance of revolving debt obligations as deferred financing costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligation. The Company records costs related to the issuance of term debt obligations as debt issuance costs. These costs are deferred and amortized using the effective interest method. These costs are presented as a reduction to the outstanding principal amount of the term debt obligations on the Consolidated Statements of Assets and Liabilities. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC Topic 470-50, Modification and Extinguishments. For modifications to or exchanges of our revolving debt obligations, any unamortized deferred financing costs related to lenders who are not part of the new lending group are expensed. For extinguishments of our term debt obligations, any unamortized debt issuance costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

# Valuation of Other Financial Assets and Financial Liabilities
ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the "Fair Value Option"). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the Consolidated Financial Statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

# Income Taxes
The Company has elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it will generally not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually as dividends to its shareholders. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company's shareholders and will not be reflected in the Consolidated Financial Statements of the Company.

The Company intends to comply with the applicable provisions of the Code pertaining to RICs and to make distributions of taxable income sufficient to relieve it from substantially all U.S. federal income taxes. Accordingly, no provision for U.S. federal income taxes is required in the Consolidated Financial Statements. For U.S. federal income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to shareholders through December 31, 2025 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until the Company files our tax return for the tax year ending December 31, 2025. The character of income and gains that the Company distributes is determined in accordance with U.S. federal income tax regulations that may differ from U.S. GAAP. BCPC I, LLC and BCPC II-J, LLC are disregarded entities for tax purposes and are consolidated with the tax return of the Company.

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The Company evaluates tax positions taken or expected to be taken in the course of preparing its Consolidated Financial Statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company's tax positions, and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions on returns to be filed by the Company for all open tax years should be recorded. The Company identifies its major tax jurisdiction as the United States, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. As of December 31, 2025, the tax years that remain subject to examination are from 2022 forward.

## Recent Accounting Pronouncements
The Company's management has evaluated recent issued accounting standards through March 12, 2026, the issuance date of the Consolidated Financial Statements, and noted no recent accounting pronouncements will have a material impact on the Consolidated Financial Statements of the Company except for what is noted below:

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company adopted ASU 2023-09 effective December 31, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 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.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), Narrow-Scope Improvements ("ASU 2025-11"), which improves the navigability of required interim disclosures and clarifies when that guidance is applicable. Additionally, ASU 2025-11 provides additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption 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.

------

# Note 3. Investments
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| First Lien Senior Secured Loan | 1464929 | 88.0% | 1467754 | 87.3% |
| Second Lien Senior Secured Loan | 18757 | 1.1 | 18749 | 1.1 |
| Subordinated Debt | 103042 | 6.2 | 103961 | 6.2 |
| Preferred Equity | 22927 | 1.4 | 24362 | 1.4 |
| Equity Interest | 28187 | 1.7 | 37894 | 2.3 |
| Warrants |  |  | 1233 | 0.1 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 20240 | 1.2 | 20240 | 1.2 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 87 | 0.0 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 6900 | 0.4 | 6978 | 0.4 |
| Total | $1664992 | 100.0% | $1681258 | 100.0% |

---

------

<sup>(1)</sup> Represents debt and equity investment in SLP II.

The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| First Lien Senior Secured Loan | 687623 | 95.9% | 685846 | 95.7% |
| Preferred Equity | 14360 | 2.0 | 14694 | 2.0 |
| Equity Interest | 9529 | 1.3 | 10984 | 1.5 |
| Subordinated Debt | 5399 | 0.8 | 5147 | 0.7 |
| Warrants |  |  | 628 | 0.1 |
| Total | $716911 | 100.0% | $717299 | 100.0% |

---

------

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| USA | 1495779 | 89.9% | 1506911 | 89.7% |
| United Kingdom | 79946 | 4.8 | 80952 | 4.8 |
| Germany | 17872 | 1.1 | 18545 | 1.1 |
| Canada | 17243 | 1.0 | 17335 | 1.0 |
| Luxembourg | 10770 | 0.6 | 11550 | 0.7 |
| Jersey | 10995 | 0.7 | 11187 | 0.7 |
| France | 6585 | 0.4 | 6829 | 0.4 |
| Italy | 6111 | 0.4 | 6716 | 0.4 |
| Belgium | 5958 | 0.4 | 6528 | 0.4 |
| Ireland | 4837 | 0.3 | 5535 | 0.3 |
| Australia | 4117 | 0.2 | 4248 | 0.3 |
| Guernsey | 2174 | 0.1 | 2207 | 0.1 |
| Netherlands | 1887 | 0.1 | 2039 | 0.1 |
| New Zealand | 718 | 0.0 | 676 | 0.0 |
| Total | $1664992 | 100.0% | $1681258 | 100.0% |

---

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| USA | 641360 | 89.4% | 644060 | 89.7% |
| United Kingdom | 42061 | 5.9 | 40976 | 5.7 |
| Germany | 15618 | 2.2 | 15121 | 2.1 |
| Italy | 5348 | 0.7 | 5102 | 0.7 |
| Ireland | 4839 | 0.7 | 4774 | 0.7 |
| Luxembourg | 4122 | 0.6 | 3980 | 0.6 |
| Netherlands | 1626 | 0.2 | 1511 | 0.2 |
| Belgium | 1232 | 0.2 | 1143 | 0.2 |
| New Zealand | 705 | 0.1 | 632 | 0.1 |
| Total | $716911 | 100.0% | $717299 | 100.0% |

---

------

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| Healthcare & Pharmaceuticals | 257286 | 15.4% | 258539 | 15.3% |
| Services: Business | 190261 | 11.4 | 193995 | 11.5 |
| High Tech Industries | 183877 | 11.0 | 192933 | 11.4 |
| Services: Consumer | 114846 | 6.9 | 114416 | 6.8 |
| Aerospace & Defense | 105993 | 6.4 | 106963 | 6.4 |
| Beverage, Food & Tobacco | 89097 | 5.4 | 91293 | 5.4 |
| FIRE: Finance <sup>(1)</sup> | 85078 | 5.1 | 87455 | 5.2 |
| Consumer Goods: Non-Durable | 64071 | 3.8 | 64164 | 3.8 |
| Metals & Mining | 52405 | 3.1 | 52308 | 3.1 |
| Hotel, Gaming & Leisure | 49072 | 2.9 | 49720 | 3.0 |
| Wholesale | 51560 | 3.1 | 47251 | 2.8 |
| Capital Equipment | 46134 | 2.8 | 46460 | 2.8 |
| Construction & Building | 42950 | 2.6 | 43003 | 2.6 |
| Chemicals, Plastics & Rubber | 40818 | 2.5 | 39978 | 2.4 |
| Containers, Packaging & Glass | 37656 | 2.3 | 37920 | 2.3 |
| Utilities: Electric | 33527 | 2.0 | 33499 | 2.0 |
| Environmental Industries | 32688 | 2.0 | 33248 | 2.0 |
| FIRE: Insurance <sup>(1)</sup> | 29585 | 1.8 | 29827 | 1.8 |
| Transportation: Cargo | 29808 | 1.8 | 29569 | 1.8 |
| Investment Vehicles <sup>(2)</sup> | 27150 | 1.6 | 27305 | 1.6 |
| Automotive | 23779 | 1.4 | 23783 | 1.4 |
| Telecommunications | 23731 | 1.4 | 23739 | 1.4 |
| Consumer Goods: Durable | 18691 | 1.1 | 18780 | 1.1 |
| Media: Advertising, Printing & Publishing | 17514 | 1.1 | 17223 | 1.0 |
| Utilities: Water | 12606 | 0.8 | 12700 | 0.8 |
| Retail | 4809 | 0.3 | 5187 | 0.3 |
| Total | $1664992 | 100.0% | $1681258 | 100.0% |

---

------

<sup>(1)</sup> Finance, Insurance, and Real Estate ("FIRE").

<sup>(2)</sup> Represents debt and equity investment in SLP II.

------

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| Services: Business | 108936 | 15.3% | 108807 | 15.1% |
| Healthcare & Pharmaceuticals | 100642 | 14.0 | 100803 | 14.0 |
| High Tech Industries | 84472 | 11.8 | 85545 | 11.9 |
| Hotel, Gaming & Leisure | 69425 | 9.7 | 70016 | 9.8 |
| Aerospace & Defense | 46012 | 6.4 | 46349 | 6.5 |
| Consumer Goods: Non-durable | 37942 | 5.3 | 38180 | 5.3 |
| FIRE: Finance<sup>(1)</sup> | 28037 | 3.9 | 28413 | 4.0 |
| Wholesale | 28449 | 4.0 | 25901 | 3.6 |
| FIRE: Insurance<sup>(1)</sup> | 23597 | 3.3 | 23621 | 3.3 |
| Chemicals, Plastics & Rubber | 21759 | 3.0 | 21505 | 3.0 |
| Construction & Building | 19553 | 2.7 | 19678 | 2.7 |
| Automotive | 18381 | 2.6 | 18476 | 2.6 |
| Transportation: Cargo | 17225 | 2.4 | 17322 | 2.4 |
| Capital Equipment | 15231 | 2.1 | 15461 | 2.2 |
| Media: Advertising, Printing & Publishing | 15964 | 2.2 | 14976 | 2.1 |
| Beverage, Food & Tobacco | 14309 | 2.0 | 14429 | 2.0 |
| Banking, Finance, Insurance & Real Estate | 13048 | 1.8 | 13665 | 1.9 |
| Containers, Packaging & Glass | 10306 | 1.4 | 10597 | 1.5 |
| Environmental Industries | 9384 | 1.3 | 9227 | 1.3 |
| Consumer Goods: Durable | 8369 | 1.2 | 8369 | 1.2 |
| Utilities: Water | 7717 | 1.1 | 7806 | 1.1 |
| Services: Consumer | 7294 | 1.0 | 7336 | 1.0 |
| Retail | 6028 | 0.8 | 5927 | 0.8 |
| Media: Diversified & Production | 2928 | 0.4 | 2971 | 0.4 |
| Forest Products & Paper | 1903 | 0.3 | 1919 | 0.3 |
| Total | $716911 | 100.0% | $717299 | 100.0% |

---

------

<sup>(1)</sup> Finance, Insurance, and Real Estate ("FIRE").

## Bain Capital Senior Loan Program II, LLC
On December 27, 2024, the Company and an entity advised by Amberstone Co., Ltd. ("Amberstone"), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program II, LLC ("SLP II"). Pursuant to an amended and restated limited liability company agreement between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP II. Total initial capital commitments to SLP II are $100 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP II will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Investment decisions and all other material decisions in respect of SLP II must be approved by representatives of the Company and Amberstone. Effective as of November 18, 2025, the Company and Amberstone each made an additional $100 million capital commitment to SLP II. As of December 31, 2025, the total capital commitments to SLP II were $300 million.

As of December 31, 2025, the Company's investment in SLP II consisted of subordinated notes of $20.2 million, preferred equity interests of $0.1 million and equity interests of $7.0 million. As of December 31, 2024, SLP II had not commenced operations and the Company had no investment in SLP II.

------

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to SLP II. Since inception, the Company has sold $148.7 million of its investments to SLP II. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.

The Company has determined that SLP II is an investment company under ASC 946; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially 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 investments in SLP II as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP II due to the allocation of voting rights among SLP II members. The Company measures the fair value of SLP II in accordance with ASC 820, using the net asset value (or its equivalent) as a practical expedient. The Company and Amberstone each appointed two members to SLP II's four-person Member Designees' Committee. All material decisions with respect to SLP II, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees' Committee.

On March 19, 2025, SLP II, through SLP 2 MM CLO WH 1, LLC, a Delaware limited liability company and a wholly-owned subsidiary, entered into a $100.0 million senior secured revolving credit facility which bears interest at SOFR plus 200 basis points with NatWest Markets Plc, subject to leverage and borrowing base restrictions (the "MM CLO WH 1 Credit Facility"). The maturity date of the MM CLO WH 1 Credit Facility is March 19, 2029. With an effective rate of 6.1% per annum, as of December 31, 2025, the MM CLO WH 1 Credit Facility had $98.3 million of outstanding debt under the credit facility.

Below is a summary of SLP II's portfolio at fair value:

---

| | |
|:---|:---|
|  | **As of** |
|  | **December 31, 2025** |
| Total investments | $141011 |
| Weighted average yield on investments | 9.2% |
| Number of borrowers in SLP II | 27 |
| Largest portfolio company investment | $9975 |
| Total of five largest portfolio company investments | $34742 |
| Unfunded commitments | $— |

---

------

Below is a listing of SLP II's individual investments as of December 31, 2025:

**Senior Loan Program II, LLC** 

**Consolidated Schedule of Investments**

**As of December 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members'** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (2)** | **Cost** | **Value** | **Equity (3)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |
| ATS (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.65% | 7/12/2029 | $4950 | 4899 | 4949 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.77% | 7/25/2030 | $4950 | 4950 | 4949 |  |
| Heads Up Technologies, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 7/23/2030 | $4988 | 4964 | 4962 |  |
| Saturn Purchaser Corp. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.72% | 7/22/2030 | $4887 | 4887 | 4886 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**19700** | $**19746** | **207.2%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Chilton (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.40% | 2/5/2031 | $4963 | 4930 | 4925 |  |
| **Automotive Total** |  |  |  |  |  |  | $**4930** | $**4925** | **51.7%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| Ergotron Acquisition LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.97% | 7/6/2028 | $4944 | 4944 | 4944 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**4944** | $**4944** | **51.9%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.22% | 7/24/2031 | $4988 | 4964 | 4963 |  |
| **Construction & Building Total** |  |  |  |  |  |  | $**4964** | $**4963** | **52.1%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Hempz (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 10/25/2029 | $4653 | 4619 | 4583 |  |
| Summer Fridays, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/16/2031 | $9950 | 9812 | 9801 |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**14431** | $**14384** | **150.9%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| PMA (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 1/31/2031 | $4988 | 4921 | 4988 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**4921** | $**4988** | **52.3%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| AEG Vision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.57% | 3/27/2027 | $4950 | 4950 | 4950 |  |
| AOM Infusion (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.69% | 3/19/2032 | $4988 | 4942 | 4963 |  |
| EHE Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 8/7/2030 | $4950 | 4907 | 4950 |  |
| Odyssey Behavioral Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.12% | 5/21/2031 | $4950 | 4896 | 4950 |  |
| RedMed Operations (Collage Rehabilitation) (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.72% | 2/28/2031 | $4975 | 4908 | 4975 |  |
| Red Nucleus (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.02% | 10/17/2031 | $4963 | 4905 | 4963 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**29508** | $**29751** | **312.1%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members'** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (2)** | **Cost** | **Value** | **Equity (3)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Govineer Solutions (fka Black Mountain) (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/7/2030 | $4988 | 4955 | 4988 |  |
| SensorTower (8)(17)(22) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.20% | 3/15/2029 | $2730 | 2730 | 2730 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**7685** | $**7718** | **81.0%** |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| Awayday (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 5/6/2032 | $4990 | 4935 | 4990 |  |
| City BBQ (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.10% | 9/4/2030 | $4950 | 4950 | 4925 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**9885** | $**9915** | **104.0%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| AMI (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.90% | 10/17/2031 | $4963 | 4930 | 4963 |  |
| Easy Ice (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.24% | 10/30/2030 | $4950 | 4885 | 4950 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**9815** | $**9913** | **104.0%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 4/30/2031 | $4975 | 4952 | 4975 |  |
| Owl Acquisition, LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.63% | 4/17/2032 | $4988 | 4953 | 4888 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**9905** | $**9863** | **103.5%** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.10% | 8/1/2031 | $5019 | 4965 | 4963 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**4965** | $**4963** | **52.0%** |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Chex Finer Foods, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.74% | 6/6/2031 | $9975 | 9917 | 9975 |  |
| Fifty U.S. Bidco Inc (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 8/1/2031 | $4988 | 4964 | 4963 |  |
| **Wholesale Total** |  |  |  |  |  |  | $**14881** | $**14938** | **156.6%** |
| **Investments Total** |  |  |  |  |  |  | $**140534** | $**141011** | **1479.3%** |

---

1. The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over SOFR and the current weighted average interest rate in effect at December 31, 2025. Certain investments are subject to a SOFR interest rate floor.

2. The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted.

3. Percentages are based on the Company's net assets of $9,532 as of December 31, 2025.

4. Tick mark not used

5. Tick mark not used

6. Tick mark not used

7. Tick mark not used

8. Assets or a portion thereof are pledged as collateral for the MM CLO WH 1 Credit Facility.

9. Tick mark not used

10. Tick mark not used

11. Tick mark not used

12. Tick mark not used

13. Tick mark not used

14. Tick mark not used.

15. Tick mark not used

16. Tick mark not used

17. Security valued using unobservable inputs (Level 3).

18. Loan includes interest rate floor of 1.00%.

19. Loan includes interest rate floor of 0.75%.

20. Tick mark not used

21. Tick mark not used

22. Loan includes interest rate floor of 2.00%.

23. Tick mark not used

24. Tick mark not used

25. Tick mark not used

26. Tick mark not used

------

Below is the financial information for SLP II:

## Selected Balance Sheet Information

---

| | |
|:---|:---|
|  | **As of** |
|  | **December 31, 2025** |
| **ASSETS** |  |
| &nbsp;&nbsp;Investments at fair value (cost basis of $140,534) | $141011 |
| &nbsp;&nbsp;Cash and cash equivalents | 5702 |
| &nbsp;&nbsp;Prepaid expenses | 4514 |
| &nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $79) | 321 |
| &nbsp;&nbsp;Interest receivable on investments | 788 |
| **Total assets** | $152336 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;Subordinated notes payable to members | $40490 |
| &nbsp;&nbsp;Interest payable on subordinated notes payable to members | 1035 |
| &nbsp;&nbsp;Interest payable on debt | 1701 |
| &nbsp;&nbsp;Revolving credit facility | 98323 |
| &nbsp;&nbsp;Dividend payable | 667 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 588 |
| **Total liabilities** | $142804 |
| **MEMBERS' EQUITY** |  |
| &nbsp;&nbsp;Members' equity | 9532 |
| **Total members' equity** | 9532 |
| **Total liabilities and members' equity** | $152336 |

---

## Selected Statement of Operations Information

---

| | |
|:---|:---|
|  | **For the period March 24, 2025 (commencement of operations) through December 31, 2025** |
| **Investment income** |  |
| &nbsp;&nbsp;Interest income | $8452 |
| **Total investment income** | 8452 |
| **Expenses** |  |
| &nbsp;&nbsp;Interest and debt financing expenses | 3765 |
| &nbsp;&nbsp;Interest expense on subordinated notes payable to members | 2516 |
| &nbsp;&nbsp;Professional fees and other expenses | 927 |
| **Total expenses** | 7208 |
| **Net investment income** | 1244 |
| **Net realized and unrealized gains** |  |
| &nbsp;&nbsp;Net realized gain on investments | 33 |
| &nbsp;&nbsp;Net change in unrealized appreciation on investments | 477 |
| **Total net gain** | 510 |
| **Net increase in members' equity from operations** | $1754 |

---

------

# Note 4. Fair Value Measurements

# Fair Value Disclosures
The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2025, according to the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Measured at Net Asset Value** | **Total** |
| Investments: |  |  |  |  |  |
| First Lien Senior Secured Loan |  | 71500 | 1396254 |  | 1467754 |
| Second Lien Senior Secured Loan |  |  | 18749 |  | 18749 |
| Subordinated Debt |  |  | 103961 |  | 103961 |
| Preferred Equity |  |  | 24362 |  | 24362 |
| Equity Interest |  |  | 37894 |  | 37894 |
| Warrants |  |  | 1233 |  | 1233 |
| Subordinated Note Investment Vehicles <sup>(1)</sup> |  |  | 20240 |  | 20240 |
| Preferred Equity in Interest Investment Vehicles <sup>(1)</sup> |  |  |  | 87 | 87 |
| Equity Interest in Investment Vehicles <sup>(1)</sup> |  |  |  | 6978 | 6978 |
| Total Investments |  | $71500 | $1602693 | $7065 | $1681258 |
| Cash equivalents | $27779 |  |  |  | $27779 |
| Forward currency exchange contracts (liability) |  | $(2781) |  |  | $(2781) |
| Interest rate swap |  | $447 |  |  | $447 |

---

------

<sup>(1)</sup> Includes debt and equity investment in SLP II.

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2024, according to the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Measured at Net Asset Value** | **Total** |
| Investments: |  |  |  |  |  |
| First Lien Senior Secured Loan | - | 24370 | 661476 | - | 685846 |
| Preferred Equity | - | - | 14694 | - | 14694 |
| Equity Interest | - | - | 10984 | - | 10984 |
| Warrants | - | - | 628 | - | 628 |
| Subordinated Debt | - | - | 5147 | - | 5147 |
| Total Investments | $- | $24370 | $692929 | $- | $717299 |
| Cash equivalents | $7921 | $- | $- | $- | $7921 |
| Forward currency exchange contracts asset | $- | $1492 | $- | $- | $1492 |

---

------

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **First Lien** | **Second Lien** |  |  |  |  | **Subordinated** |  |
|  | **Senior** | **Senior** |  |  |  |  | **Notes in** |  |
|  | **Secured** | **Secured** | **Subordinated** | **Preferred** | **Equity** |  | **Investment** | **Total** |
|  | **Loans** | **Loans** | **Debt** | **Equity** | **Interests** | **Warrants** | **Vehicles** <sup>(1)</sup> | **Investments** |
| Balance as of January 1, 2025 | $661476 | $— | $5147 | $14694 | $10984 | $628 | $— | $692929 |
| Purchases of investments and other adjustments to cost | 994124 | 18749 | 83996 | 13466 | 18937 |  | 20240 | 1149512 |
| Paid-in-kind interest income | 3000 |  | 8414 | 923 |  |  |  | 12337 |
| Net accretion of discounts (amortization of premiums) | 3000 | 8 | 163 | 2 |  |  |  | 3173 |
| Principal repayments and sales of investments | (271451) |  |  | (750) | (277) |  |  | (272478) |
| Net change in unrealized appreciation on investments | 4950 | (8) | 1173 | 1095 | 8250 | 605 |  | 16065 |
| Net realized gain on investments | 1155 |  |  |  |  |  |  | 1155 |
| Reclassifications |  |  | 5068 | (5068) |  |  |  |  |
| Balance as of December 31, 2025 | $**1396254** | $**18749** | $**103961** | $**24362** | $**37894** | $**1233** | $**20240** | $**1602693** |
| Change in unrealized appreciation attributable to investments still held at December 31, 2025 | $**5186** | $**(8)** | $**1173** | $**1095** | $**8250** | $**605** | $— | $**16301** |

---

------

<sup>(1)</sup> Represents debt investment in SLP II.

Transfers between levels, if any, are recognized at the beginning of the quarter in which transfers occur. For the year ended December 31, 2025, there were no transfers in and out of Level 3.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **First Lien** |  |  |  |  |  |
|  | **Senior** |  |  |  |  |  |
|  | **Secured** | **Equity** | **Preferred** | **Subordinated** |  | **Total** |
|  | **Loans** | **Interests** | **Equity** | **Debt** | **Warrants** | **Investments** |
| Balance as of January 1, 2024 | $188789 | $90 | 3875 |  |  | 192754 |
| Purchases of investments and other adjustments to cost | 534738 | 9439 | 23772 | 5397 |  | 573346 |
| Paid-in-kind interest income | 503 |  | 1414 | 2 |  | 1919 |
| Net accretion of discounts (amortization of premiums) | 1286 |  |  |  |  | 1286 |
| Principal repayments and sales of investments | (62497) |  | (15000) |  |  | (77497) |
| Net change in unrealized appreciation on investments | (2029) | 1455 | 333 | (252) | 628 | 135 |
| Net realized gain on investments | 686 |  | 300 |  |  | 986 |
| Balance as of December 31, 2024 | $**661476** | $**10984** | $**14694** | $**5147** | $**628** | $**692929** |
| Change in unrealized appreciation attributable to investments still held at December 31, 2024 | $**(2006)** | $**1456** | $**333** | $**(252)** | $**628** | $**159** |

---

Transfers between levels, if any, are recognized at the beginning of the quarter in which transfers occur. For the year ended December 31, 2024, there were no transfers in and out of Level 3.

# Significant Unobservable Inputs
ASC 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as such, the disclosures provided below exclude those investments valued in that manner.

------

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  |  |  | **Significant** |  |  |  |  |  |  |
|  | **Fair Value of** |  | **Unobservable** | **Range of Significant** | **Range of Significant** | **Range of Significant** | **Range of Significant** |  |  |
|  | **Level 3 Assets** <sup>(1)</sup> | **Valuation Technique** | **Inputs** | **Unobservable Inputs**<sup>(3)</sup> | **Unobservable Inputs**<sup>(3)</sup> | **Unobservable Inputs**<sup>(3)</sup> | **Unobservable Inputs**<sup>(3)</sup> | **Weighted Average** <sup>(2)</sup> | **Weighted Average** <sup>(2)</sup> |
| First Lien Senior Secured | $1177789 | Discounted cash flows | Comparative Yield | 5.3 | % | 16.2 | % | 9.6 | % |
| First Lien Senior Secured | 9346 | Comparable company multiple | EBITDA Multiple |  |  |  |  | 13.7 | x |
| Second Lien Senior Secured | 18749 | Discounted Cash Flows | Comparative Yield |  |  |  |  | 12.9 | % |
| Subordinated Note Investment Vehicles | 20240 | Collateral Coverage | Recovery Rate |  |  |  |  | 100.0 | % |
| Subordinated | 91935 | Discounted cash flows | Comparative Yield | 13.2 | % | 18.3 | % | 16.7 | % |
| Equity Interest | 143 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0 | x |
| Equity Interest | 26060 | Comparable company multiple | EBITDA Multiple | 4.0 | x | 23.5 | x | 12.5 | x |
| Equity Interest | 1277 | Comparable company multiple | Revenue Multiple |  |  |  |  | 9.3 | x |
| Preferred equity | 11238 | Comparable company multiple | EBITDA Multiple | 10.3 | x | 16.5 | x | 14.6 | x |
| Preferred equity | 463 | Comparable company multiple | Revenue Multiple |  |  |  |  | 9.3 | x |
| Preferred equity | 7638 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0 | x |
| Warrants | 532 | Comparable Company Multiple | Revenue Multiple |  |  |  |  | 3.8 | x |
| Warrants | 701 | Discounted Cash Flows | Discount Rate |  |  |  |  | 25.0 | % |
| Total investments | $1366111 |  |  |  |  |  |  |  |  |

---

------

<sup>(1)</sup> Included within the Level 3 assets of $1,602,693 is an amount of $236,582 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).

<sup>(2)</sup> Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

<sup>(3)</sup> The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2025. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2024 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  |  | **Significant** |  |  |  |  |  |  |
|  | **Fair Value of** |  | **Unobservable** | **Range of Significant** | **Range of Significant** | **Range of Significant** | **Range of Significant** |  |  |
|  | **Level 3 Assets** <sup>(1)</sup> | **Valuation Technique** | **Inputs** | **Unobservable Inputs**<sup>(3)</sup> | **Unobservable Inputs**<sup>(3)</sup> | **Unobservable Inputs**<sup>(3)</sup> | **Unobservable Inputs**<sup>(3)</sup> | **Weighted Average** <sup>(2)</sup> | **Weighted Average** <sup>(2)</sup> |
| First Lien Senior Secured Loans | $480049 | Discounted cash flows | Comparative Yields | 8.2 | % | 16.6 | % | 10.7 | % |
| Subordinated | 45 | Discounted cash flows | Comparative Yields |  |  |  |  | 16.6 | % |
| Equity Interest | 7333 | Comparable company multiple | EBITDA Multiple | 3.8 | x | 24.0 | x | 11.6 | x |
| Equity Interest | 238 | Comparable company multiple | Revenue Multiple |  |  |  |  | 9.2 | x |
| Preferred equity | 4518 | Comparable company multiple | EBITDA Multiple | 10.0 | x | 15.3 | x | 12.3 | x |
| Preferred equity | 107 | Comparable company multiple | Revenue Multiple |  |  |  |  | 9.2 | x |
| Warrants | 628 | Discounted Cash Flows | Discount Rate |  |  |  |  | 25.0 | % |
| Total investments | $492918 |  |  |  |  |  |  |  |  |

---

------

<sup>(1)</sup> Included within the Level 3 assets of $692,929 is an amount of $200,011 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).

<sup>(2)</sup> Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

<sup>(3)</sup> The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2024. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

# Debt Not Carried at Fair Value
Fair value is estimated by using market quotations or discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, or market quotes, if available. If the Company's debt obligations were carried at fair value, the fair value and level would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of** | **As of** |
|  | **Level** | **December 31, 2025** | **December 31, 2024** |
| GS Revolving Credit Facility | 3 | $180669 | $190060 |
| JPM Revolving Credit Facility | 3 | 217053 | 116041 |
| SMBC Revolving Credit Facility | 3 | 120000 | 72000 |
| 2025 Senior Notes, Tranche A | 2 | 110909 | - |
| 2025 Senior Notes, Tranche B | 2 | 166453 | - |
| Total Debt |  | $795084 | $378101 |

---

# Note 5. Agreements and Related Party Transactions Investment Advisory Agreement
**Investment Advisory Agreement**

The Company entered into an investment advisory agreement as of September 28, 2023 (the "Investment Advisory Agreement") with the Advisor, pursuant to which the Advisor manages the Company's investment program and related activities. The Company entered into an administration agreement with the Advisor, pursuant to which administrative services necessary for the Company to operate will be provided. Prior to September 28, 2023, BCSF Advisors, LP, a subsidiary of Bain Capital Credit, served as the Company's investment adviser and provided administrative services to the Company.

**Base Management Fee**

The Base Management Fee is calculated at an annual rate of 0.75% of our gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents. For services rendered under the Investment Advisory Agreement, the Base Management Fee is payable monthly in arrears. The Base Management Fee for any partial month will be appropriately pro-rated (based on the number of days actually elapsed at the end of such partial month relative to the total number of days in such month). For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper instruments maturing within one year of purchase. The fair value of derivative financial instruments held in the Company's portfolio will be included in the calculation of gross assets of the Company.

For the years ended December 31, 2025, 2024 and 2023, the management fee was $9.3 million, $3.4 million and $0.1 million, respectively. For the years ended December 31, 2025 and 2024, there was no management fee contractually or voluntarily waived. For the year ended December 31, 2023, $0.0 million was contractually waived and $0.0 million was voluntarily waived.

As of December 31, 2025 and December 31, 2024, $3.0 million and $1.3 million remained payable related to the Base Management

------

Fee accrued in Base Management Fee payable on the Consolidated Statements of Assets and Liabilities, respectively.

**Incentive Fee** 

The incentive fee is comprised of two components that are determined independently of each other. A portion of the incentive fee is based on income (the "Income Fee"), and a portion is based on capital gains (the "Capital Gains Fee"), each as further described below:

The Income Fee is calculated and payable quarterly in arrears based on the aggregate pre-incentive fee net investment income (as further described below), attributable to each class of Common Shares, in respect of the current calendar quarter and the eleven preceding calendar quarters (the "Trailing Twelve Quarters"). Pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters will be compared to a "Hurdle Amount" equal to the product of (i) the hurdle rate of 1.75% per quarter (7% annualized) and (ii) the sum of the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The quarterly Income Fee shall be calculated, subject to the Incentive Fee Cap (as defined below), based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the Hurdle Amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the "Excess Income Amount." The Income Fee for each calendar quarter will be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No Income Fee is payable to the Advisor for any calendar quarter for which there is no Excess Income Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount, but is less than or equal to an amount, which we refer to as the "Catch-Up Amount," determined as the sum of 2.0588% multiplied by the Company's net asset value ("NAV") at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is meant to provide the Advisor an incentive fee of 15% on all of the Company's pre-incentive fee net investment income when the Company's aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters reaches the Catch-Up Amount in respect of the relevant Trailing Twelve Quarters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•15% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-Up Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•These calculations will be appropriately pro-rated for any period of less than three months and adjusted for any share issuances or repurchases by the Company during the current quarter.

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management Fee, any expenses payable under the Administration Agreement, and any interest expense and dividends paid on any issued and outstanding debt or preferred stock, but excluding any distribution or shareholder servicing fees and incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature such as market discount, original issue discount ("OID"), debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.

Pre-incentive fee net investment income does not include any realized or unrealized capital gains or losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the Hurdle rate for a quarter, the Company will pay the applicable Income Fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses.

The Income Fee in respect of any calendar quarter is subject to a cap (the "Incentive Fee Cap) equal to 15% of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters less the aggregate Income Fees paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. In the event the Incentive Fee

------

Cap is less than the amount of Income Fees that would otherwise be payable, the Income Fee shall be reduced to an amount equal to the Incentive Fee Cap.

"Cumulative Net Return" during the relevant Trailing Twelve Quarters means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Income Fee to the Advisor in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the Income Fee that is payable to the Advisor for such quarter calculated as described above, the Company will pay an Income Fee to the Advisor equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Income Fee that is payable to the Advisor for such quarter calculated as described above, the Company will pay an Income Fee to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

For the years ended December 31, 2025, 2024 and 2023, the Company incurred $11.3 million, $4.5 million and $0.4 million of Income Fees, respectively, which are included in incentive fee on income on the Consolidated Statements of Operations. Waivers related to incentive fee on income consisted of voluntary waivers of $0.0 million, $0.0 million and $0.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025 and December 31, 2024, there was $3.7 million and $1.6 million related to Income Fees payable, respectively, which are included in incentive fee payable on income on the Consolidated Statements of Assets and Liabilities.

The Capital Gains Fee is calculated and payable in arrears as of the end of each fiscal year and will be equal to 15% of the Company's realized capital gains on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Fees.

U.S. GAAP requires that the incentive fee accrual consider the cumulative aggregate unrealized capital appreciation of investments or other financial instruments in the calculation, as an incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement ("GAAP Incentive Fee"). There can be no assurance that such unrealized appreciation will be realized in the future. Accordingly, such fee, as calculated and accrued, would not necessarily be payable under the Investment Advisory Agreement, and may never be paid based upon the computation of incentive fees in subsequent period.

For the years ended December 31, 2025, 2024 and 2023, the Company accrued $1.8 million, $0.0 million, and $0.0 million, respectively, related to the GAAP Incentive Fee which is included in incentive fee on capital gains on the Consolidated Statements of Operations.

As of December 31, 2025 and December 31, 2024, there were $1.8 million and $0.0 million of accrued Capital Gains Fees, respectively, which are included in accrued capital gains incentive fee on the Consolidated Statements of Assets and Liabilities.

**Administration Agreement** 

The Company has entered into an administration agreement (the "Administration Agreement") with BCPC Advisors, LP (in such capacity, the "Administrator"), as of September 28, 2023, pursuant to which the Administrator provides the administrative services necessary for us to operate, and the Company utilizes the Administrator's office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator has agreed to oversee our public reporting requirements and tax reporting and monitor our expenses and the performance of professional services rendered to us by others. The Administrator has also hired a sub-administrator to assist in the provision of administrative services. The Company may reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley Act of 2002, as amended, ("Sarbanes-Oxley Act") internal control assessment. Our allocable portion of overhead is determined by the Administrator, which uses various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Company, and will be subject to oversight by the Board.

------

The Company incurred expenses related to the Administrator of $0.7 million, $0.6 million and 0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of December 31, 2025 and December 31, 2024, respectively, there were $0.3 million and $0.2 million related to the Administrator or to BCPC Advisors, LP that were payable and included in "accounts payable and accrued expenses" in the Consolidated Statements of Assets and Liabilities.

The Company incurred $0.9 million, $0.5 million and $0.0 million expenses related to the sub-administrator for the years ended December 31, 2025, 2024 and 2023, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. The Administrator will not seek reimbursement in the event that any such reimbursements would cause any distributions to our shareholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.

**Resource Sharing Agreement** 

The Company's investment activities are managed by the Advisor, an investment adviser that is registered with the SEC under the Advisers Act. The Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis.

The Advisor has entered into a Resource Sharing Agreement (the "Resource Sharing Agreement") with Bain Capital Credit, pursuant to which Bain Capital Credit provides the Advisor with experienced investment professionals (including the members of the Advisor's Credit Committee) and access to the resources of Bain Capital Credit so as to enable the Advisor to fulfill its obligations under the Investment Advisory Agreement. Through the Resource Sharing Agreement, the Advisor intends to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Bain Capital Credit's investment professionals. There can be no assurance that Bain Capital Credit will perform its obligations under the Resource Sharing Agreement. The Resource Sharing Agreement may be terminated by either party on 60 days' notice, which if terminated may have a material adverse consequence on the Company's operations.

**Co-investments** 

The Company invests alongside our affiliates, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments will be made only in accordance with the terms of the exemptive order applicable to the Company received from the SEC on December 23, 2025 (the "Order"). Under the terms of the Order, a majority of our Independent Trustees must reach certain conclusions in connection with certain co-investment transactions (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that (i) the terms of the proposed transaction are reasonable and fair to the Company and its shareholders and do not involve overreaching in respect of the Company or its shareholders on the part of any person concerned, and (ii) the transaction is consistent with the interests of the Company's shareholders and is consistent with the Company's then-current investment objectives and strategies. In certain situations where co-investment with one or more funds managed by the Advisor or its affiliates is not covered by the Order, the personnel of the Advisor or its affiliates will need to decide which funds will proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

------

**Related Party Commitments** 

As of December 31, 2025 and December 31, 2024, the Advisor and/or its affiliate held 3,988,208 and 3,480,000 Class I shares of the Company's Common Shares, respectively.

**Non-Controlled/Affiliate and Controlled Affiliate Investments**

Investments during the year ended December 31, 2025, in which the portfolio company was an "affiliated person" (as defined in the 1940 Act) and/or an "affiliated person" that the Company is deemed to "control" (as defined in the 1940 Act) are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Fair Value<br>as of<br>December 31,<br>2024** | **Gross<br>Additions** | **Gross<br>Reductions** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gains<br>(Losses)** | **Fair Value<br>as of<br>December 31,<br>2025** | **Dividend,<br>Interest, and<br>PIK Income** | **Other<br>Income** |
| **Non-Controlled/Affiliate Investment** |  |  |  |  |  |  |  |  |
| BCC CPK Investments 2, LP Equity Interest <sup>(1)</sup> | **—** | 7399 |  |  |  | 7399 |  |  |
| CPK IPCO Buyer LLC Subordinated Debt | **—** | 12026 |  |  |  | 12026 | 42 | 11 |
| Legacy Corporate Lending HoldCo, LLC Class A Common Equity <sup>(1)</sup> | 100 |  |  | 43 |  | 143 |  |  |
| Legacy Corporate Lending HoldCo, LLC Preferred Equity | 5001 | 2651 | (750) | 736 |  | 7638 | 300 |  |
| Legacy Corporate Lending HoldCo, LLC Class B Common Equity <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| **Total Non-Controlled/Affiliate Investment** | **5101** | **22076** | **(750)** | **779** | **—** | **27206** | **342** | **11** |
| **Controlled Affiliate Investment** |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program II, LLC Subordinated Note Investment Vehicles |  | 20240 |  |  |  | 20240 | 1258 |  |
| Bain Capital Senior Loan Program II, LLC Equity Interest Investment Vehicles |  | 6900 |  | 78 |  | 6978 | 588 |  |
| Bain Capital Senior Loan Program II, LLC Preferred Equity Interest Investment Vehicles |  | 10 |  | 77 |  | 87 | 207 |  |
| **Total Controlled Affiliate Investment** | **—** | **27150** | **—** | **155** | **—** | **27305** | **2053** | **—** |
| **Total** | $**5101** | $**49226** | $**(750)** | $**934** | $— | $**54511** | $**2395** | $11 |

---

------

<sup>(1)</sup> Non-income producing.

Investments during the year ended December 31, 2024, in which the portfolio company was an "affiliated person" (as defined in the 1940 Act) and/or an "affiliated person" that the Company is deemed to "control" (as defined in the 1940 Act) are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br>as of<br>December 31,<br>2023** | **Gross<br>Additions** | **Gross<br>Reductions** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gains<br>(Losses)** | **Fair Value<br>as of<br>December 31,<br>2024** | **Dividend,<br>Interest, and<br>PIK Income** | **Other<br>Income** |
| **Non-Controlled/Affiliate Investment** |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC Class A Common Equity<sup>(1)</sup> | 90 | 10 |  |  |  | 100 |  |  |
| Legacy Corporate Lending HoldCo, LLC Preferred Equity | 3875 | 825 |  | 301 |  | 5001 |  |  |
| Legacy Corporate Lending HoldCo, LLC Class B Common Equity<sup>(1)</sup> |  |  |  |  |  |  |  |  |
| **Total Non-Controlled/Affiliate Investment** | **3965** | **835** |  | **301** |  | **5101** |  |  |
| **Total** | $**3965** | $**835** | $— | $**301** | $— | $**5101** | $— | $— |

---

------

<sup>(1)</sup> Non-income producing.

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# Managing Dealer Agreement
The Company entered into a Managing Dealer Agreement with the Managing Dealer, pursuant to which the Managing Dealer agreed to, among other things, manage our relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of Common Shares, which we refer to as "participating brokers," and financial advisors. The Managing Dealer also coordinates our marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the offering, our investment strategies, material aspects of our operations and subscription procedures. We will not pay referral or similar fees to any accountants, attorneys or other persons in connection with the distribution of our shares.

We have paid the Managing Dealer an engagement fee equal to $250,000 (the "Engagement Fee") which is included in organization costs on the Consolidated Statement of Operations. In its capacity as our investment adviser prior to September 28, 2023, BCSF Advisors, LP agreed to advance the Engagement Fee on our behalf. We are obligated to reimburse BCSF Advisors, LP for the advanced Engagement Fee upon breaking escrow for the offering. Once we have received purchase orders for at least $500,000,000, the Managing Dealer will be entitled to receive a fee equal to 0.05% of the offering proceeds (together with the Engagement Fee, the "Managing Dealer Fee"). Assuming we sell all of the shares offered under the Company's prospectus at the maximum offering of $2,000,000,000, the maximum estimated Managing Dealer Fee would be $1,000,000.

Neither the Company nor the Managing Dealer will charge upfront sales loads with respect to Class S shares, Class D shares or Class I shares; however, if you buy Class S shares or Class D shares through certain financial intermediaries, such intermediaries may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that they limit such charges to a 3.5% cap on NAV for Class S shares and a 1.5% cap on NAV for Class D shares. Selling agents will not charge such fees on Class I shares.

Subject to Financial Industry Regulatory Authority (FINRA) and other limitations on underwriting compensation, we will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class S shares, and a shareholder servicing fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class D shares, in each case, payable monthly.

The shareholder servicing and/or distribution fees will be paid monthly in arrears. The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under our distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. Participating brokers and servicing brokers are not required to provide such services with respect to Class I shares. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

We will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of the offering of Common Shares on which, in the aggregate, underwriting compensation from all sources in connection with the offering of Common Shares, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering.

For the year ended December 31, 2025 and 2024, the Company did not incur or accrue any distribution and/or shareholder servicing fees.

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**Distribution and Servicing Plan**

The Board approved a distribution and servicing plan (the "Distribution and Servicing Plan"). The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S, Class D and Class I on an annualized basis as a percentage of the Company's NAV for such class. The shareholder servicing and/or distribution fees will be paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.

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| | |
|:---|:---|
|  | **Shareholder Servicing <br>and/or Distribution <br>Fee as a % of NAV** |
| Class S shares | 0.85% |
| Class D shares | 0.25% |
| Class I shares |  |

---

Subject to FINRA and other limitations on underwriting compensation, the Company will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly. The Managing Dealer has agreed to waive shareholder servicing and/or distribution fees for Class D shares for the first nine months following the date on which the Company broke escrow for the offering.

The shareholder servicing and/or distribution fees will be paid monthly in arrears. The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under our distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. Participating brokers and servicing brokers are not required to provide such services with respect to Class I shares. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

**Expense Support and Conditional Reimbursement Agreement**

On September 28, 2023, the Company entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Advisor, pursuant to which the Advisor (i) has agreed to pay, on a monthly basis, a portion of the Company's Other Operating Expenses (as defined below) to the effect that such expenses do not exceed 1.00% (on annualized basis) of the Company's NAV (each such payment, a "Required Expense Payment"), and (ii) may elect to pay an additional portion of the Company's expenses from time to time, provided that no portion of the payment will be used to pay any interest or distributions and/or shareholder servicing fees of the Company, (each such payment, a "Voluntary Expense Payment"), which the Company could be obligated to reimburse to the Advisor at a later date if certain conditions are met.

"Other Operating Expenses" means the Company's organization and offering expenses, professional fees, trustee fees, administration fees, and other general and administrative expenses (including the Company's allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Company's administrator in performing its administrative obligations under the Administration Agreement.

The Advisor's obligation to make a Required Expense Payment shall automatically become a liability of the Advisor and the Company's right to receive a Required Expense Payment shall be an asset of the Company on the last calendar day of the applicable month. Any Required Expense Payment shall be paid by the Advisor to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Advisor or its affiliates no later than forty-five days after such obligation was incurred.

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The Company's right to receive a Voluntary Expense Payment shall be an asset of the Company upon the Advisor committing in writing to pay the Voluntary Expense Payment. Any Voluntary Expense Payment that the Advisor has committed to pay shall be paid by the Advisor to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Advisor or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a "Reimbursement Payment." "Available Operating Funds" means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) 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 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 month shall equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by the Advisor to the Company within three years prior to the last business day of such calendar month that have not been previously reimbursed by the Company to the Advisor; provided that the Advisor may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of the Expense Support Agreement.

No Reimbursement Payment for any quarter shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, (2) the Company's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, or (3) the Company's Other Operating Expenses at the time of such Reimbursement Payment exceeds 1.00% of the Company's NAV. For purposes of the Expense Support Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Advisor, shareholder servicing and/or distribution fees, and interest expense, by the Company's net assets. "Operating Expenses" means all of the Company's operating costs and expenses incurred, as determined in accordance with generally accepted accounting principles for investment companies.

The Company's obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Advisor has waived its right to receive such payment for the applicable month.

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The following table presents a summary of all expenses supported and recouped by the Advisor as of December 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Month Ended** | **Amount of Expense Support** | **Recoupment of Expense Support** | **Unreimbursed Expense Support** | **Reimbursement Eligibility Expiration** | **Effective Rate of Distribution per Share** | **Operating Expense Ratio** |
| November 30, 2023 | $1994 | $627 | $1367 | November 30, 2026 | 8.16% | 2.81% |
| December 31, 2023 | 295 | - | 295 | December 31, 2026 | 9.04% | 3.17% |
| January 31, 2024 | 227 | - | 227 | January 31, 2027 | 9.05% | 1.77% |
| February 29, 2024 | 257 | - | 257 | February 28, 2027 | 9.00% | 2.05% |
| March 31, 2024 | 253 | - | 253 | March 31, 2027 | 9.00% | 1.83% |
| April 30, 2024 | 267 | - | 267 | April 30, 2027 | 8.99% | 1.89% |
| May 31, 2024 | 286 | - | 286 | May 31, 2027 | 8.95% | 1.84% |
| June 30, 2024 | 269 | - | 269 | June 30, 2027 | 8.83% | 1.73% |
| July 31, 2024 | 287 | - | 287 | July 31, 2027 | 8.84% | 1.70% |
| August 31, 2024 | 308 | - | 308 | August 31 2027 | 8.83% | 1.85% |
| October 31, 2025 | 121 | - | 121 | October 31, 2028 | 8.68% | 1.15% |
|  | $4564 | $627 | $3937 |  |  |  |

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The following table presents a summary of all expenses supported and recouped by the Advisor as of December 31, 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Month Ended** | **Amount of Expense Support** | **Recoupment of Expense Support** | **Unreimbursed Expense Support** | **Reimbursement Eligibility Expiration** | **Effective Rate of Distribution per Share** | **Operating Expense Ratio** |
| November 30, 2023 | 1994 |  | 1994 | November 30, 2026 | 8.16% | 2.81% |
| December 31, 2023 | 295 |  | 295 | December 31, 2026 | 9.04% | 3.17% |
| January 31, 2024 | 227 |  | 227 | January 31, 2027 | 9.05% | 1.77% |
| February 29, 2024 | 257 |  | 257 | February 28, 2027 | 9.00% | 2.05% |
| March 31, 2024 | 253 |  | 253 | March 31, 2027 | 9.00% | 1.83% |
| April 30, 2024 | 267 |  | 267 | April 30, 2027 | 8.99% | 1.89% |
| May 31, 2024 | 286 |  | 286 | May 31, 2027 | 8.95% | 1.84% |
| June 30, 2024 | 269 |  | 269 | June 30, 2027 | 8.83% | 1.73% |
| July 31, 2024 | 287 |  | 287 | July 31, 2027 | 8.84% | 1.70% |
| August 31, 2024 | 308 |  | 308 | August 31, 2027 | 8.83% | 1.85% |
|  | $4443 | $— | $4443 |  |  |  |

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The following table presents a summary of all expenses supported and recouped by the Advisor as of December 31, 2023.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Month Ended** | **Amount of Expense Support** | **Recoupment of Expense Support** | **Unreimbursed Expense Support** | **Reimbursement Eligibility Expiration** | **Effective Rate of Distribution per Share** | **Operating Expense Ratio** |
| November 30, 2023 | 1994 |  | 1994 | November 30, 2026 | 8.16% | 2.81% |
| December 31, 2023 | 295 |  | 295 | December 31, 2026 | 9.04% | 3.17% |
|  | $2289 | $— | $2289 |  |  |  |

---

# Note 6. Debt
In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, effective on November 11, 2022, the Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. As of December 31, 2025, the Company's asset coverage ratio based on aggregated borrowings outstanding was 216.9%. As of December 31, 2024, the Company's asset coverage ratio based on aggregated borrowings outstanding was 194.8%.

------

The Company's outstanding borrowings as of December 31, 2025 and December 31, 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total Aggregate** | **Principal** |  | **Total Aggregate** | **Principal** |  |
|  | **Principal Amount** | **Amount** | **Carrying** | **Principal Amount** | **Amount** | **Carrying** |
|  | **Committed** | **Outstanding** | **Value**<sup>(1)</sup> | **Committed** | **Outstanding** | **Value**<sup>(1)</sup> |
| GS Revolving Credit Facility | 200000 | 180669 | 180669 | 200000 | 190060 | 190060 |
| JPM Revolving Credit Facility | 250000 | 217053 | 217053 | 250000 | 116041 | 116041 |
| SMBC Revolving Credit Facility | 575000 | 120000 | 120000 | 315000 | 72000 | 72000 |
| 2025 Senior Notes, Tranche A | 110000 | 110000 | 109104 |  |  |  |
| 2025 Senior Notes, Tranche B | 165000 | 165000 | 163505 |  |  |  |
| Total Debt | $1300000 | $792722 | $790331 | $765000 | $378101 | $378101 |

---

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<sup>(1)</sup> Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the years ended December 31, 2025 and December 31, 2024 was 6.4% and 7.7%, respectively.

The combined weighted average borrowings outstanding for the years ended December 31, 2025 and December 31, 2024 were $540.8 million and $206.4 million, respectively.

The following table shows the contractual maturities of our debt obligations as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  | **Less than** |  |  | **More than** |
|  | **Total** | **1 year** | **1 — 3 years** | **3 — 5 years** | **5 years** |
| GS Revolving Credit Facility | 180669 |  |  | 180669 | $— |
| JPM Revolving Credit Facility | 217053 |  |  | 217053 |  |
| SMBC Revolving Credit Facility | 120000 |  |  | 120000 |  |
| 2025 Senior Notes, Tranche A | 110000 |  | 110000 |  |  |
| 2025 Senior Notes, Tranche B | 165000 |  |  | 165000 |  |
| Total Debt Obligations | $792722 | $— | $110000 | $682722 | $— |

---

# Goldman Sachs Revolving Credit Facility
On November 29, 2023, the Company entered into a revolving credit facility (the "GS Revolving Credit Facility") with the Company as equity holder, BCPC I, LLC, a Delaware limited liability company and a wholly owned and consolidated subsidiary of the Company, as borrower (the "BCPC I Borrower"), Goldman Sachs Bank USA, as syndication agent and administrative agent ("Goldman Sachs"), and Computershare Trust Company, N.A., as collateral administrator, collateral agent and collateral custodian ("Computershare").

The maximum commitment amount under the GS Revolving Credit Facility was $150,000,000. Proceeds of the borrowings under the GS Revolving Credit Facility may be used, among other things, to fund portfolio investments by the BCPC I Borrower and to make advances under delayed draw term loans and revolving loans where the BCPC I Borrower is a lender. Borrowings under the GS Revolving Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowings (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin of 2.90%. The BCPC I Borrower is required to utilize a minimum percentage of the commitments under the GS Revolving Credit Facility, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the interest rate for U.S. dollar advances as described above. In addition, the BCPC I Borrower pays a commitment fee of 0.50% per annum on the average daily unused amount of the commitments under the GS Revolving Credit Facility in excess of such minimum utilization amount, in addition to certain other fees as agreed between the BCPC I Borrower and Goldman Sachs.

On March 22, 2024, the BCPC I Borrower entered into a commitment request among BCPC I Borrower and Goldman Sachs, as administrative agent lender, pursuant to the GS Revolving Credit Facility. The commitment request provides for an increase in the aggregate commitments of the lenders under the GS Revolving Credit Facility from $150,000,000 to $175,000,000 through the accordion feature in the GS Revolving Credit Facility. On October 30, 2024, the BCPC I Borrower entered into a new commitment request among

------

BCPC I Borrower and Goldman Sachs, as administrative agent and lender, pursuant to the GS Revolving Credit Facility. The new commitment request provides for an increase in the aggregate commitments of the lenders under the GS Revolving Credit Facility from $175,000,000 to $200,000,000 through the accordion feature in the GS Revolving Credit Facility. The accordion feature in the GS Revolving Credit Facility allowed the Company, under certain circumstances, to increase the total size of the facility to a maximum of $250,000,000.

On March 7, 2025, BCPC I Borrower entered into the first amendment (the "GS First Amendment") to the GS Revolving Credit Facility among the BCPC I Borrower, as borrower, the Company, as equity holder, the lenders from time to time party thereto, Goldman Sachs, as administrative agent and syndication agent, and Computershare, as collateral administrator, collateral agent and collateral custodian.

The GS First Amendment provides for, among other things, (i) an extension of the period during which the BCPC I Borrower may make borrowings under the GS Revolving Credit Facility from November 29, 2026 to November 29, 2027, (ii) an extension of the scheduled maturity date from November 29, 2028 to November 29, 2029, (iii) a decrease in the applicable margin for advances from 2.90% per annum to 2.00% per annum, (iv) the payment of an administrative agency fee and certain other fees as agreed between the Company and Goldman Sachs and (v) the accordion feature in the GS Revolving Credit Facility allows the Company, under certain circumstances, to increase the total size of the facility to a maximum of $300,000,000.

The GS Revolving Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. Upon the occurrence and during the continuation of an event of default, Goldman Sachs may declare the outstanding advances and all other obligations under the GS Revolving Credit Facility immediately due and payable. The BCPC I Borrower's obligations under the GS Revolving Credit Facility are secured by a first priority security interest in all of the BCPC I Borrower's portfolio investments and cash.

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the GS Revolving Credit Facility were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Borrowing interest expense | $12154 | $11437 | $719 |
| Unused facility fee | 62 | 174 | 25 |
| Amortization of deferred financing costs and upfront commitment fees | 429 | 338 | 24 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $12645 | $11949 | $768 |

---

**JPM Revolving Credit Facility**

On August 21, 2024, the Company entered into a revolving credit facility (the "JPM Revolving Credit Facility") with the Company as servicer and as parent, BCPC II-J LLC, a Delaware limited liability company and a wholly owned and consolidated subsidiary of the Company, as borrower (the "BCPC II Borrower"), the lenders from time to time party thereto, JPMorgan Chase Bank, National Association, as administrative agent ("JPMorgan") and Deutsche Bank National Trust Company, as collateral administrator, collateral agent and securities intermediary.

------

The maximum commitment amount under the JPM Revolving Credit Facility was $150,000,000. Proceeds of the borrowings under the JPM Revolving Credit Facility may be used, among other things, to (i) fund portfolio investments by the BCPC II Borrower and (ii) to make advances under delayed draw term loans and revolving loans where the BCPC II Borrower is a lender. Borrowings under the JPM Revolving Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowings (which, for U.S. dollar-denominated borrowings, is three-month term SOFR), plus an applicable margin of 2.30%. The BCPC II Borrower is required to utilize a minimum percentage of the commitments under the JPM Revolving Credit Facility, with unused amounts below such minimum utilization amount accruing a fee at a rate equal to the applicable margin for U.S. dollar advances as described above. The BCPC II Borrower pays a commitment fee of 0.50% per annum on the average daily unused amount of the commitments under the JPM Revolving Credit Facility, in addition to an administrative agency fee and certain other fees as agreed between the BCPC II Borrower and JPMorgan.

On December 13, 2024, the BCPC II Borrower entered into the first amendment (the "JPM First Amendment") to the JPM Revolving Credit Facility, by and among the BCPC II Borrower, as borrower, the Company, as servicer and as parent, the lenders from time to time party thereto, JPMorgan, as administrative agent, and Deutsche Bank National Trust Company, as collateral agent, as collateral administrator, and as securities intermediary.

The JPM First Amendment provides for, among other things, (i) an increase in the maximum facility amount from $150,000,000 to $250,000,000, (ii) a decrease in the applicable margin for advances from 2.30% per annum to 2.25% per annum, and (iii) the payment of certain fees as agreed between the Company and JPMorgan.

The period during which the BCPC II Borrower may make borrowings under the JPM Revolving Credit Facility expires on August 21, 2027, and the JPM Revolving Credit Facility will mature and all amounts outstanding must be repaid by August 21, 2029.

The JPM Revolving Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. Upon the occurrence and during the continuation of an event of default, JPMorgan may declare the outstanding advances and all other obligations under the JPM Revolving Credit Facility immediately due and payable.

The BCPC II Borrower's obligations under the JPM Revolving Credit Facility are secured by a first priority security interest in all of the BCPC II Borrower's portfolio investments and cash.

------

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the JPM Revolving Credit Facility were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Borrowing interest expense | $12626 | $2017 | $— |
| Unused facility fee | 293 | 214 |  |
| Amortization of deferred financing costs and upfront commitment fees | 503 | 97 |  |
| &nbsp;&nbsp;Total interest and debt financing expenses | $13422 | $2328 | $— |

---

# SMBC Revolving Credit Facility
On December 29, 2023, the Company entered into a senior secured revolving credit agreement (as amended, supplemented, amended and restated, or otherwise modified from time to time, the "SMBC Revolving Credit Facility") as borrower, with Sumitomo Mitsui Banking Corporation, as administrative agent, sole book runner and lead arranger. The SMBC Revolving Credit Facility is effective as of December 29, 2023 (the "Closing Date").

The facility amount under the SMBC Revolving Credit Facility was $50,000,000 with an accordion provision to permit increases to the total facility amount up to $500,000,000. Proceeds of the loans under the SMBC Revolving Credit Facility may be used for general corporate purposes of the Company, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquiring and funding investments permitted under the SMBC Revolving Credit Facility, and such other uses as permitted under the SMBC Revolving Credit Facility. The maturity date is December 18, 2029.

Interest under the SMBC Revolving Credit Facility is equal to (I) (a) if the borrowing base (as of the most recently delivered borrowing base certificate delivered under the SMBC Revolving Credit Facility) is less than 1.60 times the Combined Debt Amount (as defined in the SMBC Revolving Credit Facility), (i) with respect to any ABR Loan (as defined in the SMBC Revolving Credit Facility), 1.125% per annum; (ii) with respect to any Term Benchmark Loan (as defined in the SMBC Revolving Credit Facility), 2.125% per annum; and (iii) with respect to any RFR Loan (as defined in the SMBC Revolving Credit Facility), 2.125% per annum or (b) if the borrowing base is greater than or equal to 1.60 times the Combined Debt Amount, (i) with respect to any ABR Loan, 1.00% per annum; (ii) with respect to any Term Benchmark Loan, 2.00% per annum; and (iii) with respect to any RFR Loan, 2.00% per annum plus (II) an applicable credit spread adjustment of (a) with respect to any Term Benchmark Loan denominated in Dollars, a flat credit adjustment spread of 0.10%; and (b) with respect to any RFR Loan denominated in Sterling, a flat credit spread adjustment of 0.0326%; provided, however, to the extent the Company does not have an investment grade rating from any nationally recognized rating agency on the nine-month anniversary of the Closing Date, the otherwise Applicable Margin (as defined in the SMBC Revolving Credit Facility) shall be increased by 0.125% per annum until such rating is obtained.

On May 24, 2024, the Company entered into a commitment increase supplement (the "Joinder Agreement") between the Company and Sumitomo Mitsui Banking Corporation, as increasing lender and administrative agent, pursuant to Section 2.08(e) of the SMBC Revolving Credit Facility among the Company, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto. The Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the SMBC Revolving Credit Facility from $50,000,000 to $75,000,000.

On November 13, 2024, the Company entered into the first amendment to the SMBC Revolving Credit Facility (the "SMBC First Amendment") among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto, as amended to date, including by the SMBC First Amendment.

Effective as of September 27, 2024, the SMBC First Amendment provides for, among other things, an extension of the period by which the Company must obtain an investment grade rating from a nationally recognized rating agency from nine to twenty-one months following the anniversary of the Closing Date, failure of which would result in an increase in margin by 0.125% per annum until such rating is obtained.

On December 18, 2024, the Company entered into the second amendment to the SMBC Revolving Credit Facility (the "SMBC Second Amendment") among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto.

------

The SMBC Second Amendment provides for, among other things, (i) an extension of the revolver availability period from December 2027 to December 2028, (ii) an extension of the scheduled maturity date from December 2028 to December 2029, (iii) an increase of the accordion provision to permit increases of term and revolving commitments to a total facility amount of up to $800,000,000, (iv) an increase of the total facility amount from $75,000,000 to $315,000,000, (v) a reduction of the applicable margin to (A) with respect to any ABR Loan, 1.00% per annum and (B) with respect to any Term Benchmark Loan or RFR Loan, 2.00% per annum, (vi) a reset of the minimum shareholders' equity test, and (vii) the joinder of new lenders to the SMBC Revolving Credit Facility.

On May 19, 2025, the Company entered into a commitment increase supplement (the "Second Joinder Agreement"), among the Company, The Bank of Nova Scotia, as assuming lender and issuing bank, U.S. Bank National Association, as assuming lender, Wells Fargo Bank, National Association, as increasing lender, swingline lender and issuing bank, Synovus Bank, as assuming lender and issuing bank, JPMorgan Chase Bank, N.A., as swingline lender and issuing bank, Goldman Sachs Bank USA, as swingline lender and issuing bank, and Sumitomo Mitsui Banking Corporation, as swingline lender, issuing bank and administrative agent, pursuant to Section 2.08(e) of the SMBC Revolving Credit Facility among the Company, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto. The Second Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the SMBC Revolving Credit Facility from $315,000,000 to $500,000,000.

On July 18, 2025, the Company entered into a commitment increase supplement (the "Third Joinder Agreement"), among the Company, Natixis, New York Branch, as assuming lender and issuing bank, The Bank of Nova Scotia, as issuing bank, Synovus Bank, as issuing bank, JPMorgan Chase Bank, N.A., as swingline lender and issuing bank, Goldman Sachs Bank USA, as swingline lender and issuing bank, and Sumitomo Mitsui Banking Corporation, as swingline lender, issuing bank and administrative agent, pursuant to Section 2.08(e) of the SMBC Revolving Credit Facility among the Company, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto. The Third Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the SMBC Revolving Credit Facility from $500,000,000 to $575,000,000.

The SMBC Revolving Credit Facility includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Borrowing interest expense | $8449 | $2656 | $1 |
| Unused facility fee | 1265 | 148 | 2 |
| Amortization of deferred financing costs and upfront commitment fees | 811 | 258 | 1 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $10525 | $3062 | $4 |

---

------

# Series 2025 Senior Notes
On August 14, 2025, the Company authorized the issue and sale of (a) $110,000,000 aggregate principal amount of its 5.92% Series 2025 Senior Notes, Tranche A, due November 29, 2028 (as amended, restated or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13, the "Tranche A Notes") and (b) $165,000,000 aggregate principal amount of its 6.25% Series 2025 Senior Notes, Tranche B, due November 29, 2030 (as amended, restated or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution therefor pursuant to Section 13, the "Tranche B Notes" and together with the Tranche A Notes, collectively, the "Series 2025 Notes"). The issuances of the Series 2025 Notes occurred on November 24, 2025 pursuant to a Master Note Purchase Agreement entered into among the Company and the purchasers on August 14, 2025.

As of December 31, 2025, 2024 and 2023, the components of the carrying value of the Tranche A Notes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Principal amount of debt | $110000 | $— | $— |
| Unamortized debt financing cost | (1151) |  |  |
| Effective interest rate swap hedge | 255 |  |  |
| &nbsp;&nbsp;Carrying value of Series 2025 Senior Notes, Tranche A | $109104 | $— | $— |

---

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the Tranche A Notes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Borrowing interest expense | $687 | $— | $— |
| Amortization of deferred financing costs and upfront commitment fees | 40 |  |  |
| Interest Rate Swaps | 59 |  |  |
| Hedged Items | 26 |  |  |
| &nbsp;&nbsp;Total interest and debt financing expenses | $812 | $— | $— |

---

As of December 31, 2025, 2024 and 2023, the components of the carrying value of the Tranche B Notes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Principal amount of debt | $165000 | $— | $— |
| Unamortized debt financing cost | (1750) |  |  |
| Effective interest rate swap hedge | 255 |  |  |
| &nbsp;&nbsp;Carrying value of Series 2025 Senior Notes, Tranche B | $163505 | $— | $— |

---

For the years ended December 31, 2025, 2024 and 2023, the components of interest expense related to the Tranche B Notes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Borrowing interest expense | $1089 | $— | $— |
| Amortization of deferred financing costs and upfront commitment fees | 36 |  |  |
| Interest Rate Swaps | 77 |  |  |
| Hedged Items | 36 |  |  |
| &nbsp;&nbsp;Total interest and debt financing expenses | $1238 | $— | $— |

---

------

# Note 7. Derivatives
The Company is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by the Company may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency.

The Company may enter into forward currency exchange contracts to reduce the Company's exposure to foreign currency exchange rate fluctuations in the value of foreign currencies, as described in Note 2. *Summary of Significant Accounting Policies*. The fair value of derivative contracts open as of December 31, 2025 and December 31, 2024 is included on the Consolidated Schedules of Investments by contract. The Company had collateral receivable of $4.2 million and $0.8 million as of December 31, 2025 and December 31, 2024, respectively, with the counterparties on foreign currency exchange contracts. Collateral amounts posted are included in collateral on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities. Collateral payable is included in collateral payable on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities.

For the years ended December 31, 2025, December 31, 2024 and for the period November 28, 2023 through December 31, 2023, the Company's average U.S. dollar notional exposure to forward currency exchange contracts was $53.5 million, $16.2 million, and $8.3 million, respectively. For the years ended December 31, 2025, December 31, 2024 and for the period November 28, 2023 through December 31, 2023, the Company's average notional exposure for interest rate swaps was $110.0 million, $0.0 million and $0.0 million, respectively. By using derivative instruments, the Company is exposed to the counterparty's credit risk—the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Company's exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the Consolidated Statements of Assets and Liabilities. The Company minimizes counterparty credit risk through credit monitoring procedures, executing master netting arrangements and managing margin and collateral requirements, as appropriate.

The Company presents forward currency exchange contracts on a net basis by counterparty on the Consolidated Statements of Assets and Liabilities. The Company has elected not to offset assets and liabilities in the Consolidated Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other arrangement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty's rights and obligations.

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Net amount of** |  |  |
|  |  |  | **Gross amount of** | **assets or** |  |  |
|  |  | **Gross amount of** | **(liabilities)** | **(liabilities)** |  |  |
|  | **Account in the** | **assets on the** | **on the** | **presented on the** |  |  |
|  | **consolidated** | **consolidated** | **consolidated** | **consolidated** |  |  |
|  | **statements of** | **statements of** | **statements of** | **statements of** | **Cash collateral** |  |
|  | **assets** | **assets and** | **assets and** | **assets and** | **paid** | **Net** |
| **Counterparty** | **and liabilities** | **liabilities** | **liabilities** | **liabilities** | **(received)** <sup>(1)</sup> | **amounts** <sup>(2)</sup> |
| Bank of New York | Unrealized depreciation on forward currency exchange contracts | $81 | $(2264) | $(2183) | $2183 | $— |
| BNP Paribas | Unrealized depreciation on forward currency exchange contracts | $19 | $(346) | $(327) | $— | $(327) |
| Wells Fargo | Unrealized depreciation on forward currency exchange contracts | $— | $(271) | $(271) | $— | $(271) |
| BNP Paribas | Interest rate swap | $447 | $— | $447 | $— | $447 |

---

------

<sup>(1)</sup> Amount excludes excess cash collateral paid.

<sup>(2)</sup> Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

------

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Net amount of** |  |  |
|  |  |  | **Gross amount of** | **assets or** |  |  |
|  |  | **Gross amount of** | **(liabilities)** | **(liabilities)** |  |  |
|  | **Account in the** | **assets on the** | **on the** | **presented on the** |  |  |
|  | **consolidated** | **consolidated** | **consolidated** | **consolidated** |  |  |
|  | **statements of** | **statements of** | **statements of** | **statements of** | **Cash collateral** |  |
|  | **assets** | **assets and** | **assets and** | **assets and** | **paid** | **Net** |
| **Counterparty** | **and liabilities** | **liabilities** | **liabilities** | **liabilities** | **(received)** <sup>(1)</sup> | **amounts** <sup>(2)</sup> |
| Bank of New York | Unrealized appreciation on forward currency exchange contracts | $1492 | $— | $1492 | $— | $1492 |

---

------

<sup>(1)</sup> Amount excludes excess cash collateral paid.

<sup>(2)</sup> Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

The effect of transactions in derivative instruments to the Consolidated Statements of Operations during the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net realized gain on forward currency exchange contracts | $68 | $133 | $48 |
| Net change in unrealized appreciation on forward currency exchange contracts | (4273) | 1582 | (90) |
| Total net realized and unrealized gain (loss) on forward currency exchange contracts | $(4205) | $1715 | $(42) |

---

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $4.6 million, $(1.6) million and $0.1 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the years ended December 31, 2025, 2024 and 2023, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $(4.2) million, $1.7 million and $(0.0) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $0.4 million, $0.1 million and $0.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company's interest rate swaps have been designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the year ended December 31, 2025, for the Company's interest rate swaps, are in the following locations in the Consolidated Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **Financial Statement Location** |
|  | **2025** | **2024** | **2023** |  |
| &nbsp;&nbsp;Interest rate swaps | $136 | $— | $— | &nbsp;&nbsp;Interest and debt financing expenses |
| &nbsp;&nbsp;Hedged items | 62 |  |  | &nbsp;&nbsp;Interest and debt financing expenses |

---

------

# N ote 8. Net Assets
The following table presents transactions in Common Shares during the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Shares** | **Amount** |
| Class I: |  |  |
| Proceeds from shares sold | 21640576 | $557320 |
| Repurchase of Common Shares | (166071) | (4297) |
| Early repurchase deduction |  | 6 |
| Distributions reinvested | 208125 | 5348 |
| **Net increase** | $21682630 | $558377 |

---

There were no Class S or Class D shares outstanding during the year ended December 31, 2025.

The following table presents transactions in Common Shares during the year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Shares** | **Amount** |
| Class I: |  |  |
| Proceeds from shares sold | 9496164 | $241111 |
| Repurchase of Common Shares | (60000) | (1537) |
| Early repurchase deduction |  |  |
| Distributions reinvested | 121550 | 3076 |
| **Net increase** | $9557714 | $242650 |

---

There were no Class S or Class D shares outstanding during the year ended December 31, 2024.

The following table presents transactions in Common Shares during the year ended December 31, 2023:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Shares** | **Amount** |
| Class I: |  |  |
| Proceeds from shares sold | 4429780 | $110744 |
| Repurchase of Common Shares |  |  |
| Early repurchase deduction |  |  |
| Distributions reinvested | 1265 | 32 |
| **Net increase** | $4431045 | $110776 |

---

There were no Class S or Class D shares outstanding during the year ended December 31, 2023.

**Net Asset Value per Share and Offering Price**

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following tables present each month-end NAV per share for Class I Common Shares during the years ended December 31, 2025, 2024 and 2023:

------

---

| | | |
|:---|:---|:---|
|  | **NAV Per Share** | **NAV Per Share** |
| **For the Months Ended** | **Class I** | **Class I** |
| January 31, 2025 | $25.61 | 25.61 |
| February 28, 2025 |  | 25.58 |
| March 31, 2025 | 25.69 | 25.69 |
| April 30, 2025 | 25.67 | 25.67 |
| May 31, 2025 | 25.69 | 25.69 |
| June 30, 2025 | 25.73 | 25.73 |
| July 31, 2025 | 25.75 | 25.75 |
| August 31, 2025 | 25.79 | 25.79 |
| September 30, 2025 |  | 25.90 |
| October 31, 2025 |  | 25.93 |
| November 30, 2025 |  | 25.94 |
| December 31, 2025 |  | 25.98 |

---

---

| | |
|:---|:---|
|  | **NAV Per Share** |
| **For the Months Ended** | **Class I** |
| January 31, 2024 | $24.87 |
| February 29, 2024 | 25.00 |
| March 31, 2024 | 25.06 |
| April 30, 2024 | 25.04 |
| May 31, 2024 | 25.13 |
| June 30, 2024 | 25.40 |
| July 31, 2024 | 25.45 |
| August 31, 2024 | 25.47 |
| September 30, 2024 | 25.57 |
| October 31, 2024 | 25.60 |
| November 30, 2024 | 25.67 |
| December 31, 2024 | 25.62 |

---

---

| | |
|:---|:---|
|  | **NAV Per Share** |
| **For the Months Ended** | **Class I** |
| November 30, 2023 | $25.00 |
| December 31, 2023 | 24.88 |

---

------

There were no Class S or Class D shares outstanding during the years ended December 31, 2025, 2024 and 2023.

**Distributions**

The Company declares monthly distribution amounts per share of Class I Common Shares. The following tables present distributions that were declared and payable during the years ended December 31, 2025, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| November 30, 2023 | November 30, 2023 | December 29, 2023 | $0.1700 | $685 |
| November 30, 2023 | November 30, 2023 | December 29, 2023 | 0.1700 | 685<br><sup>(1)</sup> |
| December 29, 2023 | December 29, 2023 | January 31, 2024 | 0.1875 | 831 |
| January 31, 2024 | January 31, 2024 | February 29, 2024 | 0.1875 | 892 |
| February 29, 2024 | February 29, 2024 | March 28, 2024 | 0.1875 | 979 |
| March 29, 2024 | March 28, 2024 | April 30, 2024 | 0.1875 | 1031 |
| April 30, 2024 | April 30, 2024 | May 31, 2024 | 0.1875 | 1062 |
| May 30, 2024 | May 31, 2024 | June 28, 2024 | 0.1875 | 1133 |
| June 27, 2024 | June 28, 2024 | July 31, 2024 | 0.1875 | 1206 |
| July 17, 2024 | July 31, 2024 | August 31, 2024 | 0.1875 | 1835 |
| August 23, 2024 | August 30, 2024 | September 30, 2024 | 0.1875 | 1914 |
| September 26, 2024 | September 30, 2024 | October 30, 2024 | 0.1875 | 1942 |
| October 25, 2024 | October 31, 2024 | November 29, 2024 | 0.1875 | 2320 |
| November 22, 2024 | November 30, 2024 | December 31, 2024 | 0.1875 | 2526 |
| December 23, 2024 | December 31, 2024 | January 31, 2025 | 0.1875 | 2634 |
| December 23, 2024 | December 31, 2024 | January 31, 2025 | 0.2400 | 3372<br><sup>(1)</sup> |
| January 29, 2025 | January 31, 2025 | February 28, 2025 | 0.1875 | 2725 |
| February 24, 2025 | February 28, 2025 | March 31, 2025 | 0.1875 | 3179 |
| March 17, 2025 | March 31, 2025 | April 30, 2025 | 0.1875 | 3354 |
| April 24, 2025 | April 30, 2025 | May 30, 2025 | 0.1875 | 4616 |
| May 28, 2025 | May 30, 2025 | June 30, 2025 | 0.1875 | 4654 |
| June 25, 2025 | June 30, 2025 | July 31, 2025 | 0.1875 | 4705 |
| June 25, 2025 | June 30, 2025 | July 31, 2025 | 0.0600 | 1506<br><sup>(1)</sup> |
| July 18, 2025 | July 31, 2025 | August 29, 2025 | 0.1875 | 4781 |
| August 27, 2025 | August 29, 2025 | September 30, 2025 | 0.1875 | 5248 |
| September 26, 2025 | September 30, 2025 | October 31, 2025 | 0.1875 | 5518 |
| September 26, 2025 | September 30, 2025 | October 31, 2025 | 0.0300 | 883<br><sup>(1)</sup> |
| October 16, 2025 | October 31, 2025 | November 28, 2025 | 0.1875 | 6188 |
| November 26, 2025 | November 28, 2025 | December 31, 2025 | 0.1875 | 6219 |
| December 29, 2025 | December 31, 2025 | January 30, 2026 | 0.1875 | 6706 |
| December 29, 2025 | December 31, 2025 | January 30, 2026 | 0.0300 | 1073<br><sup>(1)</sup> |
| Total distributions declared |  |  | $5.3875 | $86402 |

---

------

<sup>(1)</sup> Represents a special dividend.

------

There were no Class S or Class D shares outstanding during the years ended December 31, 2025, 2024 and 2023.

The distributions declared during the years ended December 31, 2025, 2024 and 2023 were derived from investment company taxable income and net capital gain, if any.

The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Company's investment company taxable income for the full fiscal year and distributions paid during the full year.

**Share Repurchase Program**

Subject to the discretion of the Board, we commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the NAV per share for the applicable class of shares on each date of repurchase. Our Board may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we intend to limit the number of shares to be repurchased to no more than 5% of our outstanding Common Shares as of the last day of the immediately preceding quarter. In the event the number of shares tendered exceeds the repurchase offer amount, shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests may be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable. We may choose to offer to repurchase fewer shares than described above, or none at all.

We expect to repurchase shares pursuant to tender offers each quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. Shares that are issued pursuant to the Company's distribution reinvestment plan and tendered shall not be subject to the Early Repurchase Deduction. We intend to conduct the repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

The following tables summarize the share repurchases completed during the years ended December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage of** |  |  |  |  |
|  | **Outstanding Shares** |  | **Amount** | **Number of Shares** | **Percentage of** |
| **Repurchase** | **the Company** | **Repurchase** | **Repurchased** | **Repurchased** | **Outstanding Shares** |
| **Deadline Request** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| March 3, 2025 | 5.00% | March 31, 2025 | $473 | 18400 | 0.10% |
| June 2, 2025 | 5.00% | June 30, 2025 | $1220 | 47427 | 0.27% |
| August 29, 2025 | 5.00% | September 30, 2025 | $5 | 191 | 0.00% |
| December 10, 2025 | 5.00% | December 31, 2025 | $2593 | 100053 | 0.28% |

---

------

<sup>(1)</sup> Amounts shown are net of early repurchase deduction, if any.

<sup>(2)</sup> Percentage is based on total shares as of the close of the previous calendar quarter.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage of** |  |  |  |  |
|  | **Outstanding Shares** |  | **Amount** | **Number of Shares** | **Percentage of** |
| **Repurchase** | **the Company** | **Repurchase** | **Repurchased** | **Repurchased** | **Outstanding Shares** |
| **Deadline Request** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| February 29, 2024 | 5.00% | March 31, 2024 | $— |  | 0.00% |
| May 31, 2024 | 5.00% | June 30, 2024 | $— |  | 0.00% |
| August 31, 2024 | 5.00% | September 30, 2024 | $— |  | 0.00% |
| November 30, 2024 | 5.00% | December 31, 2024 | $1537 | 60000 | 0.58% |

---

------

<sup>(1)</sup> Amounts shown are net of early repurchase deduction, if any.

<sup>(2)</sup> Percentage is based on total shares as of the close of the previous calendar quarter.

------

There were no shares repurchased for the year ended December 31, 2023.

**Note 9. Income Tax** 

For income tax purposes, dividends paid and distributions made to the Company's shareholders are reported by the Company to the shareholders as ordinary income, capital gains, or a combination thereof. The tax character of distributions during the years ended December 31, 2025, 2024 and 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Distributions paid from: |  |  |  |
| Ordinary Income | $60442 | $21941 | $1358 |
| Net Long-Term Capital Gains | 913 | 905 | 843 |
| Total Taxable Distributions | $61355 | $22846 | $2201 |

---

The following reconciles net increase in net assets resulting from operations to taxable income for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net increase (decrease) in net assets resulting from operations | $71202 | 28360 | 2784 |
| Net change in unrealized appreciation | (8828) | (2647) | 196 |
| Expenses not currently deductible | 597 | 298 | 64 |
| Income for tax but not book | 1750 | 792 | 62 |
| Taxable/Distributable Income <sup>(1)</sup> | $64721 | 26803 | 3106 |

---

<sup>(1)</sup> The calculation of estimated 2025 taxable income includes a number of estimated inputs, including information received from third parties and, as a result, actual 2025 taxable income will not be finally determined until the Company's 2025 tax return is filed in 2026 (and, therefore, such estimate is subject to change).

Taxable income generally differs from net increase in net assets resulting from operations for financial reporting purposes 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.

Capital losses in excess of capital gains earned in a tax year may generally be carried forward indefinitely by the Company and used to offset capital gains, subject to certain limitations. As of December 31, 2025 and 2024, the Company has a short-term capital loss carryforward of $0.0 million and $0.0 million and a long-term capital loss carryforward of $0.0 million and $0.0 million, respectively.

As of December 31, 2025, 2024 and 2023, the Company's aggregate unrealized appreciation and depreciation on investments and forward currency exchange contracts based on cost for U.S. federal income tax purposes was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Tax cost | $1666095 | 717624 | 192883 |
| Gross unrealized appreciation | 24073 | 7434 | 2700 |
| Gross unrealized depreciation | (8338) | (6409) | (2829) |
| Net unrealized appreciation on investments | $15735 | 1025 | (129) |

---

ASC Topic 740 ((*Accounting for Uncertainty in Income Taxes* ("ASC 740")) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns 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 are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company

------

has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities. As of December 31, 2025, all tax filings of the Company since 2022 remain subject to examination by tax authorities.

The Company has determined that there were no tax positions which met the recognition and measurement requirements of the relevant accounting standards and therefore, the Company did not record an expense related to uncertain positions on the Company's consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023.

------

# Note 10. Commitments and Contingencies
*Commitments*

The Company's investment portfolio may contain debt investments that are in the form of lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

As of December 31, 2025, the Company had $405.3 million of unfunded commitments under loan and financing agreements as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| ACAMS - Revolver | 12/30/2031 | $5311 |
| Accident Care Alliance Holdco LLC - Delayed Draw | 8/20/2030 | 4190 |
| Accident Care Alliance Holdco LLC - Revolver | 8/20/2030 | 3562 |
| Advanced Aircrew - Revolver | 7/26/2030 | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 | 2773 |
| AeriTek Global CAD Acquisition Inc. - Revolver | 8/27/2030 | 849 |
| AgroFresh Solutions - Revolver | 4/2/2029 | 1465 |
| AGS American Glass Services Acquisition, LLC - Delayed Draw | 7/24/2031 | 3976 |
| AGS American Glass Services Acquisition, LLC - Revolver | 7/24/2031 | 2147 |
| Allbridge - Delayed Draw | 6/5/2030 | 2000 |
| Allbridge - Revolver | 6/5/2030 | 20 |
| Alldent Holding GmbH - Delayed Draw | 11/15/2032 | 1239 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 | 1547 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 | 176 |
| AMI - Revolver | 10/17/2031 | 2282 |
| AOM Infusion - Delayed Draw | 3/19/2032 | 3814 |
| AOM Infusion - Revolver | 3/19/2032 | 2670 |
| Appriss - Delayed Draw | 3/10/2031 | 6344 |
| Appriss - Revolver | 3/10/2031 | 5710 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 | 84 |
| ATS - Revolver | 7/12/2029 | 2222 |
| Avalon Bidco Limited - Delayed Draw | 4/16/2032 | 245 |
| Awayday - Delayed Draw | 5/6/2032 | 1027 |
| Awayday - Delayed Draw | 5/6/2032 | 6500 |
| Awayday - Revolver | 5/6/2032 | 3186 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 | 3713 |
| Beacon Specialized Living - Revolver | 3/25/2028 | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 | 1228 |
| Blackbird Purchaser, Inc. - Revolver | 12/19/2029 | 601 |
| BLI Buyer, Inc. - Delayed Draw | 10/31/2031 | 3211 |
| BLI Buyer, Inc. - Revolver | 10/31/2031 | 2141 |
| Bridger Aerospace Group Holdings, Inc. - Delayed Draw | 10/28/2030 | 10067 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Bridger Aerospace Group Holdings, Inc. - Revolver | 10/28/2030 | $3365 |
| BTX Precision - Delayed Draw | 7/25/2030 | 2266 |
| BTX Precision - Revolver | 7/25/2030 | 2297 |
| Chase Industries, Inc. - Revolver | 11/11/2027 | 562 |
| Chex Finer Foods, LLC - Delayed Draw | 6/6/2031 | 10208 |
| Chex Finer Foods, LLC - Revolver | 6/6/2031 | 4375 |
| Chilton - Delayed Draw | 2/5/2031 | 10277 |
| Chilton - Revolver | 2/5/2031 | 2955 |
| Choreo - Delayed Draw | 2/18/2028 | 3690 |
| City BBQ - Delayed Draw | 9/4/2030 | 7053 |
| City BBQ - Revolver | 9/4/2030 | 2519 |
| CorePower Yoga, LLC - Delayed Draw | 4/30/2031 | 2590 |
| CorePower Yoga, LLC - Revolver | 4/30/2031 | 2590 |
| CRH Healthcare Purchaser, Inc. - Delayed Draw | 9/17/2031 | 8241 |
| CRH Healthcare Purchaser, Inc. - Revolver | 9/17/2031 | 3297 |
| Cube - Delayed Draw | 5/20/2031 | 141 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 | 835 |
| Discovery Senior Living - Revolver | 3/18/2030 | 695 |
| DTIQ - Delayed Draw | 9/30/2029 | 4199 |
| DTIQ - Revolver | 9/30/2029 | 2520 |
| Duraco - Revolver | 6/6/2029 | 510 |
| Easy Ice - Delayed Draw | 10/30/2030 | 2924 |
| Easy Ice - Revolver | 10/30/2030 | 1387 |
| EHE Health - Revolver | 8/7/2030 | 1783 |
| Electronic Merchant Systems - Revolver | 8/1/2030 | 814 |
| Elevation NewCo, LLC - Delayed Draw | 8/1/2031 | 5357 |
| Elevation NewCo, LLC - Revolver | 8/1/2031 | 1607 |
| Engineered Products Co., LLC - Revolver | 8/12/2031 | 875 |
| E-Tech Group - Revolver | 4/9/2030 | 731 |
| EXT Acquisitions, Inc. - Delayed Draw | 12/19/2031 | 2479 |
| EXT Acquisitions, Inc. - Revolver | 12/19/2031 | 1653 |
| Facts Global Energy - Delayed Draw | 12/20/2031 | 588 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Facts Global Energy - Revolver | 6/20/2031 | $147 |
| Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw | 4/3/2032 | 1683 |
| Fifty U.S. Bidco Inc - Delayed Draw | 8/1/2031 | 4356 |
| Fifty U.S. Bidco Inc - Revolver | 8/1/2031 | 2607 |
| G702 Buyer, Inc. - Revolver | 7/2/2031 | 1506 |
| Galanthus Group Holdings, Limited - Delayed Draw | 12/24/2031 | 5636 |
| Galanthus Group Holdings, Limited - Delayed Draw | 12/24/2031 | 5575 |
| Galanthus Group Holdings, Limited - Delayed Draw | 6/24/2031 | 2819 |
| Govineer Solutions (fka Black Mountain) - Delayed Draw | 10/7/2030 | 6000 |
| Govineer Solutions (fka Black Mountain) - Revolver | 10/7/2030 | 4000 |
| Heads Up Technologies, Inc. - Revolver | 7/23/2030 | 3428 |
| Hellers - Delayed Draw | 9/27/2030 | 86 |
| Hempz - Revolver | 10/25/2029 | 2353 |
| Humic Acquisition Holdings, LLC - Delayed Draw | 10/21/2031 | 9090 |
| Humic Acquisition Holdings, LLC - Revolver | 10/21/2031 | 4025 |
| ICAT Logistics, Inc. - Delayed Draw | 3/1/2029 | 4944 |
| ICAT Logistics, Inc. - Revolver | 3/1/2029 | 998 |
| KAMC Holdings, Inc. - Revolver | 8/1/2031 | 2849 |
| Lindstrom, LLC - Revolver | 12/30/2032 | 4236 |
| LogRhythm - Revolver | 7/2/2029 | 476 |
| Master ConcessionAir - Delayed Draw | 6/21/2029 | 262 |
| Master ConcessionAir - Revolver | 6/21/2029 | 7 |
| Meteor UK Bidco Limited - Revolver | 11/14/2031 | 183 |
| Monarch Finco, LLC - Delayed Draw | 10/29/2032 | 3659 |
| Monarch Finco, LLC - Revolver | 10/29/2032 | 366 |
| Nafinco - Delayed Draw | 8/29/2031 | 149 |
| Nafinco - Revolver | 5/30/2031 | 91 |
| New Milani Group LLC - Delayed Draw | 6/26/2031 | 919 |
| New Milani Group LLC - Revolver | 6/26/2031 | 2757 |
| Odyssey Behavioral Health - Revolver | 11/21/2030 | 3445 |
| OGH Bidco Limited - Delayed Draw | 6/29/2029 | 2712 |
| Owl Acquisition, LLC - Delayed Draw | 4/17/2032 | 2722 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Owl Acquisition, LLC - Revolver | 4/17/2032 | $7216 |
| PayRange - Revolver | 10/31/2030 | 843 |
| Pharmacy Partners - Revolver | 2/28/2029 | 2160 |
| Plaskolite PPC Intermediate II LLC - Revolver | 2/7/2030 | 1239 |
| PMA - Revolver | 1/31/2031 | 1873 |
| Pollo Tropical - Revolver | 10/23/2029 | 696 |
| PPT Group - Delayed Draw | 2/28/2031 | 675 |
| PPT Group - Revolver | 2/28/2031 | 333 |
| Precision Concepts Parent Inc. - Revolver | 8/2/2032 | 3159 |
| PRGX - Delayed Draw | 12/20/2030 | 7749 |
| Psychiatric Medical Care LLC - Revolver | 7/1/2032 | 3973 |
| Pure Wafer - Delayed Draw | 11/12/2030 | 692 |
| Pure Wafer - Revolver | 11/12/2030 | 2308 |
| R1 RCM Inc. - Delayed Draw | 11/19/2031 | 200 |
| Red Nucleus - Delayed Draw | 10/17/2031 | 3803 |
| Red Nucleus - Revolver | 10/17/2031 | 2476 |
| RedMed Operations (Collage Rehabilitation) - Delayed Draw | 2/28/2031 | 7323 |
| RedMed Operations (Collage Rehabilitation) - Revolver | 2/28/2031 | 2636 |
| RetailNext - Revolver | 12/5/2030 | 667 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| Saturn Purchaser Corp. - Revolver | 7/22/2030 | 996 |
| SauceCo HoldCo, LLC - Revolver | 5/13/2030 | 3397 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 2642 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Solairus - Delayed Draw | 7/22/2030 | 4004 |
| Spotless Brands - Delayed Draw | 7/25/2028 | 8118 |
| Substantial Holdco Limited - Delayed Draw | 4/20/2030 | 12228 |
| Summer Fridays, LLC - Revolver | 5/16/2031 | 2579 |
| Tartan Bidco Pty. Ltd. - Delayed Draw | 12/31/2027 | 385 |
| Vasa Fitness, LLC - Delayed Draw | 8/15/2030 | 5023 |
| Vasa Fitness, LLC - Revolver | 8/15/2030 | 1053 |
| Vatica Health, Inc. - Revolver | 10/31/2032 | 1824 |
| Vessco Water - Delayed Draw | 7/24/2031 | 613 |
| Vessco Water - Delayed Draw | 7/24/2031 | 1088 |
| Vessco Water - Revolver | 7/24/2031 | 1178 |
| Wealth Enhancement Group (WEG) - Delayed Draw | 10/2/2028 | 7199 |
| Wealth Enhancement Group (WEG) - Revolver | 10/2/2028 | 293 |
| WSHP Cottonwood Buyer, LLC - Delayed Draw | 12/18/2032 | 4800 |
| WSHP Cottonwood Buyer, LLC - Revolver | 12/18/2032 | 3600 |
| WU Holdco, Inc. - Delayed Draw | 4/15/2032 | 5460 |
| WU Holdco, Inc. - Revolver | 4/15/2032 | 1005 |
| Zeus Fire & Security - Delayed Draw | 12/11/2030 | 14652 |
| Zeus Fire & Security - Revolver | 12/11/2030 | 1227 |
| **Total** |  | $**405267** |

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------

<sup>(1)</sup> Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

<sup>(2)</sup> Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2025.

------

As of December 31, 2024, the Company had $147.4 million of unfunded commitments under loan and financing agreements as follows:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Advanced Aircrew Academy, LLC - Revolver | 7/26/2030 | $— | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 |  | 4500 |
| AEG Vision - Delayed Draw | 3/27/2026 |  | 1020 |
| AgroFresh Solutions - Revolver | 3/31/2028 |  | 98 |
| Alert SRC Newco, LLC - Delayed Draw | 12/11/2030 |  | 4091 |
| Alert SRC Newco, LLC - Revolver | 12/11/2030 |  | 1227 |
| Allbridge, LLC - Delayed Draw | 6/5/2030 |  | 2000 |
| Allbridge, LLC - Revolver | 6/5/2030 |  | 20 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 |  | 176 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 |  | 3663 |
| AMI Buyer, Inc - Revolver | 10/17/2031 |  | 1727 |
| Apollo Intelligence - Delayed Draw | 5/31/2028 |  | 1188 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 |  | 169 |
| Aviation Technical Services, Inc. - Revolver | 7/12/2029 |  | 2222 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 |  | 5970 |
| Beacon Specialized Living - Revolver | 3/25/2028 |  | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 |  | 1327 |
| Blackbird Purchaser, Inc. - Revolver | 12/29/2029 |  | 1031 |
| Chase Industries, Inc. - Revolver | 5/12/2025 |  | 388 |
| Choreo - Delayed Draw | 2/18/2028 |  | 3750 |
| City Barbeque, LLC - Delayed Draw | 9/4/2030 |  | 7053 |
| City Barbeque, LLC - Revolver | 9/4/2030 |  | 2519 |
| Concessions Development Group, LLC - Delayed Draw | 6/21/2029 |  | 410 |
| Cube - Delayed Draw | 5/20/2031 |  | 78 |
| Cube - First Lien Senior Secured Loan | 2/20/2025 |  | 22 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 |  | 3472 |
| Discovery Senior Living - Revolver | 3/18/2030 |  | 695 |
| DTIQ Technologies, Inc. - Delayed Draw | 9/30/2029 |  | 4199 |
| DTIQ Technologies, Inc. - Revolver | 9/30/2029 |  | 3150 |
| Duraco - Revolver | 6/6/2029 |  | 510 |
| Easy Ice, LLC - Delayed Draw | 10/30/2030 |  | 4203 |
| Easy Ice, LLC - Revolver | 10/30/2030 |  | 2101 |
| Electronic Merchant Systems, LLC - Revolver | 8/1/2030 |  | 814 |
| ERA Industries, LLC - Delayed Draw | 7/25/2030 |  | 1302 |
| ERA Industries, LLC - Revolver | 7/25/2030 |  | 2297 |
| E-Tech Group - Revolver | 4/9/2030 |  | 731 |
| Fiesta Holdings, LLC - Revolver | 10/23/2029 |  | 696 |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 |  | 883 |

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------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 | 588 |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 | 635 |
| Foyle Bidco Limited - Revolver | 6/20/2031 | 147 |
| Govineer Solutions, LLC - Delayed Draw | 10/7/2030 | 6000 |
| Govineer Solutions, LLC - Revolver | 10/7/2030 | 4000 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 910 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 294 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 227 |
| Helios Service Partners, LLC - Revolver | 3/19/2027 | 685 |
| HLRS Holdco Limited - Delayed Draw | 9/27/2030 | 84 |
| JHCC Holdings, LLC - Delayed Draw | 9/9/2027 | 825 |
| Lagerbox - First Lien Senior Secured Loan | 12/20/2028 | 777 |
| LogRhythm, Inc. - Revolver | 7/2/2029 | 476 |
| New Milani Group LLC - Revolver | 6/6/2026 | 2285 |
| OGH Bidco Limited - Delayed Draw | 6/29/2029 | 2527 |
| Orion Midco, LLC - Revolver | 11/21/2030 | 3445 |
| PayRange, LLC - Revolver | 10/31/2030 | 843 |
| PBIGroup, LLC - Revolver | 10/25/2029 | 2353 |
| PCF - Delayed Draw | 11/1/2028 | 1036 |
| Pharmacy Partners - Revolver | 2/28/2029 | 2160 |
| Pinnacle Acquisition, LLC - Delayed Draw | 11/12/2030 | 2308 |
| Pinnacle Acquisition, LLC - Revolver | 11/12/2030 | 2308 |
| PMA Parent Holdings, LLC - Revolver | 1/31/2031 | 1191 |
| Reconomy - Delayed Draw | 7/12/2029 | 787 |
| RetailNext Holdings, Inc - Revolver | 12/5/2030 | 1667 |
| RN Enterprises, LLC - Delayed Draw | 10/17/2031 | 4225 |
| RN Enterprises, LLC - Revolver | 10/17/2031 | 2353 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 5063 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Spotless Brands, LLC - Delayed Draw | 7/25/2028 | 4394 |
| Vacation Rental Brands, LLC - Delayed Draw | 9/6/2031 | 1775 |
| Vacation Rental Brands, LLC - Revolver | 9/6/2030 | 2924 |
| Vessco Midco Holdings, LLC - Delayed Draw | 7/24/2031 | 2203 |
| Vessco Midco Holdings, LLC - Revolver | 7/24/2031 | 996 |
| Vital Purchaser, LLC - Revolver | 8/7/2030 | 1783 |
| Wealth Enhancement Group (WEG) - Delayed Draw | 10/2/2028 | 1334 |
| Wealth Enhancement Group (WEG) - Revolver | 10/2/2028 | 293 |
| WPEF IX Bidco 23 B.V. (Fka Keystone Bidco B.V.) - Delayed Draw | 8/29/2031 | 405 |
| WPEF IX Bidco 23 B.V. (Fka Keystone Bidco B.V.) - Revolver | 5/30/2031 | 60 |
| WU Holdco, Inc. - Delayed Draw | 3/26/2027 | 2533 |
| WU Holdco, Inc. - Revolver | 3/26/2027 | 708 |
| **Total** |  | $147422 |

---

------

<sup>(1)</sup> Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

<sup>(2)</sup> Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2024.

------

*Contingencies* 

In the normal course of business, the Company may enter into certain contracts that provide a variety of indemnities. The Company's maximum exposure under these indemnities is unknown as it would involve future claims that may be made against the Company. Currently, the Company is not aware of any such claims and no such claims are expected to occur. As such, the Company does not consider it necessary to record a liability in this regard.

# Note 11. Financial Highlights
The following is a schedule of financial highlights for the years ended December 31, 2025, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2023**<sup>(10)</sup> |
|  | **Class I** | **Class I** | **Class I** |
| **Per share data:** |  |  |  |
| Net asset value at beginning of period | $25.62 | $24.88 | 25.00 |
| Net investment income <sup>(1)</sup> | 2.40 | 2.92 | 0.02 |
| Net unrealized and realized gains (losses) <sup>(1)(2)(7)</sup> | 0.33 | 0.31 | 0.39 |
| Net increase in net assets resulting from operations <sup>(1)(8)</sup> | 2.73 | 3.23 | 0.41 |
| Distribution declared <sup>(3)</sup> | (2.37) | (2.49) | (0.53) |
| Net asset value at end of period | $25.98 | $25.62 | $24.88 |
| Total return <sup>(4)</sup> | 11.13% | 13.54% | 1.64% |
| Shares outstanding, end of period | 35671560 | 13988959 | 4431245 |
| Weighted average shares outstanding | 25757494 | 8660398 | 4394723 |
| **Ratios/Supplemental data:** |  |  |  |
| Net assets at end of period | $926658 | $358434 | 110270 |
| Ratio of net investment income to average net assets <sup>(5)(9)</sup> | 9.33% | 11.53% | 13.01% |
| Ratio of net expenses to average net assets <sup>(5)(9)</sup> | 10.27% | 13.12% | 9.24% |
| Portfolio turnover <sup>(6)</sup> | 28.73% | 19.23% | 5.92% |

---

------

<sup>(1)</sup> The per share data was derived by using the weighted average shares outstanding during the period.

<sup>(2)</sup> 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.

<sup>(3)</sup> The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 8 Net Assets).

<sup>(4)</sup> Total return based on NAV is calculated as the change in NAV per share during the period, assuming dividends and distributions, including those distributions that have been declared.

<sup>(5)</sup> The computation of average net assets during the year is based on averaging net assets for the period reported.

<sup>(6)</sup> Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the years reported.

<sup>(7)</sup> Net realized gain (loss) includes net realized gain (loss) on investments, net realized gain (loss) on forward currency exchange contracts, and net realized gain (loss) on foreign currency transactions.

<sup>(8)</sup> Net increase in net assets resulting from operations per share in these financial highlights may be different from the net increase (decrease) in net assets per share on the Consolidated Statements of Operations due to changes in the number of weighted average shares outstanding and the effects of rounding.

<sup>(9)</sup> For the years ended December 31, 2025, 2024 and 2023, amounts are annualized except for income taxes, organization costs, incentive fee and expense support received from and recouped by the Advisor. For the years ended December 31, 2025 and 2024, the total operating expenses to average net assets were 10.29% and 14.10% for Class I, respectively prior to management fee and incentive fee waivers and expense support. For the period November 28, 2023 through December 31, 2023, the total operating expenses to average net assets was 11.60% for Class I, prior to management fee and incentive fee waivers and expense

------

support. Past performance is not a guarantee of future results. Operating expense may vary in the future based on the amount of capital raised, the Advisor's election to continue expense support, and other unpredictable variables.

<sup>(10)</sup> Figures reflect the time period November 28, 2023 through December 31, 2023. The Company broke escrow and commenced operations on November 28, 2023.

**Note 12. Selected Quarterly Financial Data (unaudited)**

The following are the quarterly results of operations as of and for the years ended December 31, 2025, 2024 and 2023. The operating results for any quarter are not necessarily indicative of results for any future period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for** | **As of and for** | **As of and for** | **As of and for** |
|  | **the Quarter** | **the Quarter** | **the Quarter** | **the Quarter** |
|  | **Ended** | **Ended** | **Ended** | **Ended** |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** |
|  | **2025** | **2025** | **2025** | **2025** |
| Total investment income | $41779 | $36434 | $30219 | $21685 |
| Net investment income (loss) before taxes | 20737 | 16283 | 15578 | 9839 |
| Excise tax expense | 157 | 130 | 132 | 81 |
| Net investment income (loss) after taxes | 20580 | 16153 | 15446 | 9758 |
| Net realized and unrealized gain (loss) | 2259 | 5187 | 1103 | 716 |
| Net increase in net assets resulting from operations | 22839 | 21340 | 16549 | 10474 |
| Net realized and unrealized gain (loss) per share — basic and diluted | 0.07 | 0.19 | 0.04 | 0.04 |
| Net increase (decrease) in net assets resulting from operations per share — basic and diluted | 0.67 | 0.77 | 0.67 | 0.64 |
| Net asset value per share at period end | 25.98 | 25.90 | 25.73 | 25.69 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for** | **As of and for** | **As of and for** | **As of and for** |
|  | **the Quarter** | **the Quarter** | **the Quarter** | **the Quarter** |
|  | **Ended** | **Ended** | **Ended** | **Ended** |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** |
|  | **2024** | **2024** | **2024** | **2024** |
| Total investment income | $20443 | $15330 | $10139 | $8253 |
| Net investment income (loss) before taxes | 9069 | 7813 | 4493 | 4156 |
| Excise tax expense | 85 | 69 | 46 | - |
| Net investment income (loss) after taxes | 8984 | 7744 | 4447 | 4156 |
| Net realized and unrealized gain (loss) | 2557 | (328) | 1123 | (323) |
| Net increase in net assets resulting from operations | 11541 | 7416 | 5570 | 3833 |
| Net realized and unrealized gain (loss) per share — basic and diluted | 0.18 | (0.03) | 0.17 | (0.06) |
| Net increase (decrease) in net assets resulting from operations per share — basic and diluted | 0.83 | 0.72 | 0.87 | 0.70 |
| Net asset value per share at period end | 25.62 | 25.57 | 25.40 | 25.06 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for** | **As of and for** | **As of and for** | **As of and for** |
|  | **the Quarter** | **the Quarter** | **the Quarter** | **the Quarter** |
|  | **Ended** | **Ended** | **Ended** | **Ended** |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** |
|  | **2023**<sup>(1)</sup> | **2023** | **2023** | **2023** |
| Total investment income | $2393 | $- | $- | $- |
| Net investment income (loss) before taxes | 2767 | (502) | (377) | (722) |
| Excise tax expense | - | - | - | - |
| Net investment income (loss) after taxes | 2767 | (502) | (377) | (722) |
| Net realized and unrealized gain (loss) | 1618 | - | - | - |
| Net increase (decrease) in net assets resulting from operations | 4385 | (502) | (377) | (722) |
| Net realized and unrealized gain (loss) per share — basic and diluted | 0.39 | - | - | - |
| Net increase (decrease) in net assets resulting from operations per share — basic and diluted | 0.41 | (8.91) | (9.37) | (470.55) |
| Net asset value per share at period end | 24.88 | (19.75) | (29.53) | (20.16) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Per share amounts reflect the time period November 28, 2023 (commencement of operations) through December 31, 2023.

------

**Note 13. Warehousing Transaction**

On October 19, 2022, the Company entered into three facility agreements (the "Facility Agreements") with Goldman Sachs Bank USA (the "Financing Provider") to acquire certain securities (the "Portfolio Investments") at the Company's request. Under the Facility Agreements, if the Company received subscriptions of at least $100 million (the "Capital Condition"), the Company, or its designee, has a forward obligation to purchase the Portfolio Investments from the Financing Provider, who was obligated to sell such investments, on or before December 1, 2023 (the "Facilities End Date"). The Company may also have elected, but was not obligated to, purchase the Portfolio Investments prior to the Facilities End Date or without meeting the Capital Condition. The Portfolio Investments are aligned with the Company's investment objective and did not exceed $250 million (the "Financing Commitment Amount"). The Company agreed to pay certain fees and expenses to the Financing Provider, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.a facility fee at an annual rate of the 3-month Term SOFR or the relevant benchmark rate, as applicable, plus 2.75% per annum multiplied by the principal amount of the Portfolio Investments (the "Financing Amount") (subject to adjustment for, among other things, cash amounts received by the Financing Provider with respect to the Portfolio Investments while they were being held by the Financing Provider), divided by 360,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.an unused fee at an annual rate of 0.375% of the average unused Financing Commitment Amount (being the greater of (x) zero and (y) the Financing Commitment Amount minus the greater of the then-current minimum utilization threshold and (B) the Financing Amount), divided by 360, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.a minimum utilization fee at a rate of 2.75% of the greater of (x) zero and (y) (A) the then-current minimum utilization threshold minus (B) the Financing Amount, divided by 360. The minimum utilization threshold is the product of (i) the Financing Commitment Amount multiplied by (ii) (a) for the period from the closing date to the one-month anniversary of the closing date, 45% for the period from the one-month anniversary of the closing date to the two-month anniversary of the closing date, 65%, (c) for the period from the two-month anniversary of the closing date to the three-month anniversary of the closing date, 80%, and (d) for the period from the three-month anniversary of the closing date to the Facilities End Date, 85%, and (e) on or after the Facilities End Date, zero.

As a general matter, the price paid to purchase any Portfolio Investment from the Financing Provider equaled the cash amount paid by the Financing Provider subject to adjustment for, among other things, principal repayments and interest amounts earned by the Financing Provider. Accordingly, shareholders benefited from any interest paid or accrued on any Portfolio Investment purchased by the Company.

On November 28, 2023, the Company met the Capital Condition and purchased the Portfolio Investments from the Financing Provider with an aggregate principal amount of $195.4 million (excluding unfunded revolvers and delayed draw positions of $6.8 million), at a purchase price of $190.6 million, resulting in a realized gain of approximately $1.8 million. As part of the purchase, the Company recorded $3.3 million of interest receivable on the Portfolio Investments. As of December 31, 2025 and 2024, $0.0 million and $0.0 million, respectively, of interest is receivable from the purchase.

------

# Note 14. Subsequent Events
Management has performed an evaluation of subsequent events through March 12, 2026, the date of issuance of the Consolidated Financial Statements. There have been no additional subsequent events that occurred during such period that would require disclosure in or would be required to be recognized in the Consolidated Financial Statements as of December 31, 2025, except as discussed below.

*Distribution Declarations*

On January 27, 2026, the Board declared net distributions of $0.1875 per Class I share, which are payable on or about February 27, 2026 to shareholders of record as of January 30, 2026.

On February 27, 2026, the Board declared net distributions of $0.1875 per Class I share, which are payable on or about March 31, 2026 to shareholders of record as of February 27, 2026.

*Share Repurchase and Subscriptions*

On February 2, 2026, the Company commenced a tender offer to repurchase up to 5% of its Class I shares outstanding as of December 31, 2025 which expired on March 3, 2026. Prior to the expiration of the tender offer, 274,992 shares were validly tendered, representing 0.8% of the Company's outstanding shares as of December 31, 2025.

Subsequent to December 31, 2025, the Company received additional subscriptions of approximately $93.5 million. On January 2, 2026, the Company received $56.6 million of subscriptions and issued 2,177,269 of new shares. On February 2, 2026, the Company received $19.3 million of subscriptions and issued 745,167 of new shares. On March 2, 2026, the Company received $17.6 million of subscriptions, the shares for which are expected to be issued in accordance with the Company's subscription procedures.

*Transfer Agent Agreement*

On January 27, 2026, the Company entered into a Transfer Agent Servicing Agreement (the "Transfer Agent Agreement") with U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services as the Company's transfer agent ("U.S. Bank"), effective as of February 1, 2026. Pursuant to the Transfer Agent Agreement, U.S. Bank, among other things, receives and processes orders for the purchase of Common Shares in accordance with applicable rules and regulations. U.S. Bank also processes any subscription agreements received from prospective holders of Shares and share repurchase requests. The Transfer Agent Agreement may be terminated by the Company or U.S. Bank (i) upon giving ninety (90) days' prior written notice to the other party or such shorter period as is mutually agreed upon by the parties or (ii) upon written notice to the other party if certain events enumerated in the Transfer Agent Agreement occur.

In addition, and in connection with the transition to U.S. Bank as the Company's transfer agent as discussed above, the Company and SS&C Technologies, Inc. and SS&C GIDS, Inc. (together, "SS&C") mutually agreed on January 23, 2026 to amend the term of the Transfer Agent Servicing Agreement dated as of September 29, 2023 by and between the Company and SS&C such that the last day of provision of transfer agency services was January 31, 2026.

*Credit Facility Upsize* 

On January 30, 2026, the Company entered into the Third Amendment to Senior Secured Revolving Credit Agreement (the "Third Amendment"), which amends that certain Senior Secured Revolving Credit Agreement, dated as of December 29, 2023, among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto (as amended to date, including by the First Amendment to Senior Secured Revolving Credit Agreement, dated as of November 13, 2024, the Second Amendment to Senior Secured Revolving Credit Agreement, dated as of December 18, 2024, and as further amended by the Third Amendment, the "Credit Agreement"). The parties to the Third Amendment include the Company, as borrower, the lenders party thereto and Sumitomo Mitsui Banking Corporation, as Administrative Agent and, solely with respect to Section 5.11 therein, as Collateral Agent. The Third Amendment provides for, among other things, an increase of the total facility amount from $575,000,000 to $650,000,000.

------

*Fourth Amended and Restated Declaration of Trust* 

Effective March 11, 2026, the Company adopted the Fourth Amended and Restated Declaration of Trust (the "Fourth Amended and Restated Declaration of Trust"). The Fourth Amended and Restated Declaration of Trust includes, among other updates, certain amendments made in response to comments issued by certain state securities regulators in connection with their review of the Company's continuous offering of common shares of beneficial interest (the "Offering"). The Fourth Amended and Restated Declaration of Trust, among other items, expands the definition of "Controlling Person," requires that the Board be classified and that each of the Trustees be elected/re-elected for three-year terms subject to shareholder approval, requires shareholder approval for business combination transactions and dissolution/liquidation of the Company, revises the indemnification provisions, and clarifies certain provisions with respect to the reimbursement of certain costs and expenses of the Administrator.

*Amended and Restated Bylaws* 

Effective March 11, 2026, the Company adopted the Amended and Restated Bylaws (the "Amended and Restated Bylaws"). The Amended and Restated Bylaws include, among other updates, certain amendments made in response to comments issued by certain state securities regulators in connection with their review of the Offering. The Amended and Restated Bylaws, among other items, revise the quorum requirement at both shareholder meetings and Board meetings, and amend requirements for contested Trustee elections and notice requirements for shareholder proposals.

*Amendment to the Investment Advisory Agreement* 

On February 18, 2026, the Board approved an amendment to the Company's Investment Advisory Agreement (the "Amendment"), effective March 11, 2026, in response to comments issued by certain state securities regulators in connection with their review of the Offering. The Amendment, among other items, requires the Company to obtain shareholder approval in connection with certain mergers, and clarifies that the Company's funds shall be protected from claims of affiliated companies and their creditors.

------

# Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
None.

# Item 9A. Controls and Procedures
**Evaluation of Disclosure Controls and Procedures**

As of December 31, 2025 (the end of the period covered by this report), we, including our principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based on that evaluation, our management, including the principal executive officer and principal financial officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings 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 principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

# Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that occurred during our most recently completed fiscal quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Management's Report on Internal Control Over Financial Reporting** 

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act). Internal control over financial reporting is a process designed 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.

Management assessed the effectiveness of our internal control over financial reporting at December 31, 2025. In making this assessment, we used criteria set forth in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 COSO Framework). Based on our assessment, management concluded that, at December 31, 2025, our internal control over financial reporting is effective.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate.

The effectiveness of our internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein.

**Item 9B. Other Information**

*Fourth Amended and Restated Declaration of Trust* 

------

Effective March 11, 2026, the Company adopted the Fourth Amended and Restated Declaration of Trust (the "Fourth Amended and Restated Declaration of Trust"). The Fourth Amended and Restated Declaration of Trust includes, among other updates, certain amendments made in response to comments issued by certain state securities regulators in connection with their review of the Company's continuous offering of common shares of beneficial interest (the "Offering"). The Fourth Amended and Restated Declaration of Trust, among other items, expands the definition of "Controlling Person," requires that the Board be classified and that each of the Trustees be elected/re-elected for three-year terms subject to shareholder approval, requires shareholder approval for business combination transactions and dissolution/liquidation of the Company, revises the indemnification provisions, and clarifies certain provisions with respect to the reimbursement of certain costs and expenses of the Administrator.

*Amended and Restated Bylaws* 

Effective March 11, 2026, the Company adopted the Amended and Restated Bylaws (the "Amended and Restated Bylaws"). The Amended and Restated Bylaws include, among other updates, certain amendments made in response to comments issued by certain state securities regulators in connection with their review of the Offering. The Amended and Restated Bylaws, among other items, revise the quorum requirement at both shareholder meetings and Board meetings, and amend requirements for contested Trustee elections and notice requirements for shareholder proposals.

*Amendment to the Investment Advisory Agreement* 

On February 18, 2026, the Board approved an amendment to the Company's Investment Advisory Agreement (the "Amendment"), effective March 11, 2026, in response to comments issued by certain state securities regulators in connection with their review of the Offering. The Amendment, among other items, requires the Company to obtain shareholder approval in connection with certain mergers, and clarifies that the Company's funds shall be protected from claims of affiliated companies and their creditors.

*Rule 10b5-1 Trading Arrangements*

During the fiscal quarter ended December 31, 2025, none of the Board members or executive 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 Rule 10b5-1(c) or any "non-Rule 10b5-1" trading arrangement.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

**PART III**

**Item 10. Trustees, Executive Officers and Corporate Governance**

The information required by Item 10 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the end of our fiscal year.

**Code of Ethics** 

We and the Advisor have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. This code of ethics at the is available on the EDGAR Database at the Commission's internet site at http://www.sec.gov. You may also obtain copies of the codes of ethics,

------

after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

**Insider Trading Policy**

The Company has adopted an Insider Trading Policy applicable to us, our officers and our trustees that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations. A copy of the Insider Trading Policy is incorporated by reference into this Annual Report on Form 10-K.

**Item 11. Executive Compensation**

The information required by Item 10 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the end of our fiscal year.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters**

The information required by Item 10 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the end of our fiscal year.

**Item 13. Certain Relationships and Related Transactions, and Trustee Independence**

The information required by Item 10 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the end of our fiscal year.

**Item 14. Principal Accountant Fees and Services**

The information required by Item 10 is hereby incorporated by reference from our definitive Proxy Statement relating to our 2026 Annual Meeting of Shareholders, to be filed with the SEC within 120 days following the end of our fiscal year.

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**PART IV**

# Item 15. Exhibits, Consolidated Financial Statement Schedules
The following exhibits are included, or incorporated by reference, in this Annual Report on Form 10-K for the year ended December 31, 2025 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).

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| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 3.1\* | [<u>Fourth Amended and Restated Declaration of Trust of the Registrant.</u>](ck0001899017-ex3_1.htm) |
| 3.2\* | [<u>Amended and Restated Bylaws.</u>](ck0001899017-ex3_2.htm) |
| 4.1 | [<u>Amended and Restated Distribution Reinvestment Plan (incorporated by reference to Exhibit (e) to the Registration Statement on Form N-2 (File No. 333-261859), filed on April 30, 2024).</u>](https://www.sec.gov/Archives/edgar/data/0001899017/000119312524125236/d740587dex99e.htm) |
| 4.2\* | [<u>Description of Securities.</u>](ck0001899017-ex4_2.htm) |
| 10.1 | [<u>Form of Subscription Agreement (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q (File No. 814-01474) filed on November 14, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017024127117/ck0001899017-ex10_1.htm) |
| 10.2 | [<u>Investment Advisory Agreement with BCPC Advisors, LP (incorporated by reference to Exhibit 99.1 to the Registrant's Form 8-K (File No. 814-01474), filed on October 3, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465923106328/tm2327460d1_ex99-1.htm) |
| 10.3\* | [<u>Amendment No. 1 to Investment Advisory Agreement dated as of March 11, 2026.</u>](ck0001899017-ex10_3.htm) |
| 10.4<br>| [<u>Managing Dealer Agreement, dated as of November 4, 2022, by and between the Company and the Emerson Equity LLC (incorporated by reference to Exhibit (h)(1) to the Company's Registration Statement on Form N-2 (File No. 333-261859) filed on December 20, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465922128553/tm2232862d2_ex99-h1.htm) |
| 10.5 | [<u>Form of Selected Intermediary Agreement (incorporated by reference to Exhibit (h)(2) to the Company's Registration Statement on Form N-2 (File No. 333-261859) filed on December 20, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465922128553/tm2232862d2_ex99-h2.htm) |
| 10.6 | [<u>Distribution and Servicing Plan (incorporated by reference to Exhibit (h)(3) to the Company's Registration Statement on Form N-2 (File No. 333-261859) filed on December 20, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465922128553/tm2232862d2_ex99-h3.htm) |
| 10.7 | [<u>Loan Administration and Custodial Agreement (incorporated by reference to Exhibit 99.3 to the Registrant's Form 8-K (File No. 814-01474), filed on October 3, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465923106328/tm2327460d1_ex99-3.htm) |
| 10.8 | [<u>Administration Agreement with BCPC Advisors, LP (incorporated by reference to Exhibit 99.2 to the Registrant's Form 8-K (File No. 814-01474), filed on October 3, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465923106328/tm2327460d1_ex99-2.htm) |
| 10.9 | [<u>Sub-Administration Servicing Agreement dated May 23, 2025, by and between BCPC Advisors, LP and U.S. Bancorp Fund Services, LLC (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No. 814-01474), filed on May 29, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1899017/000119312525130412/d941303dex101.htm). |
| 10.10 | [<u>Fund Accounting Servicing Agreement dated May 23, 2025, by and between BCPC Advisors, LP and U.S. Bancorp Fund Services, LLC (incorporated by reference to Exhibit 10.2 to the Registrant's Form 8-K (File No. 814-01474), filed on May 29, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1899017/000119312525130412/d941303dex102.htm). |
| 10.11 | [<u>Escrow Agreement, dated as of December 12, 2022, by and between the Company and U.S. Bank National Association (incorporated by reference to Exhibit (k)(2) to the Company's Registration Statement on Form N-2 (File No. 333-261859) filed on December 20, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465922128553/tm2232862d2_ex99-k2.htm) |
| 10.12 | [<u>Services Agreement (incorporated by reference to Exhibit 99.5 to the Registrant's Form 8-K (File No. 814-01474), filed</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465923106328/tm2327460d1_ex99-5.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
|  | [<u>on October 3, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465923106328/tm2327460d1_ex99-5.htm) |
| 10.13 | [<u>Form of Multiple Class Plan (incorporated by reference to Exhibit (k)(5) to the Company's Registration Statement on Form N-2 (File No. 333-261859) filed on December 20, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465922128553/tm2232862d2_ex99-k5.htm) |
| 10.14 | [<u>Expense Support and Conditional Reimbursement Agreement with BCPC Advisors, LP (incorporated by reference to Exhibit 99.4 to the Registrant's Form 8-K (File No. 814-01474), filed on October 3, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465923106328/tm2327460d1_ex99-4.htm) |
| 10.15 | [<u>Subscription Agreement for Seed Capital, dated as of July 12, 2022, by and between the Company and BCSF Advisors, LP (incorporated by reference to Exhibit (p) to the Company's Registration Statement on Form N-2 (File No. 333-261859) filed on December 20, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465922128553/tm2232862d2_ex99-p.htm) |
| 10.16 | [<u>Revolving Credit Agreement, dated as of December 29, 2023, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent, Sole Book Runner and Lead Arranger (incorporated by reference to Exhibit 10.13 to the Company's Registration Statement on Form 10-K (File No. 814-01474) filed on March 27, 2024).</u>](https://www.sec.gov/Archives/edgar/data/0001899017/000095017024037134/ck0001899017-ex10_13.htm) |
| 10.17 | [<u>Revolving Credit Agreement, dated as of November 29, 2023, by and among the Company as Equity Holder, BCPC I, LLC as Borrower, with Goldman Sachs Bank USA, as Syndication Agent and Administrative Agent, and Computershare Trust Company, N.A., as Collateral Administrator, Collateral Agent and Collateral Custodian (incorporated by reference to Exhibit 10.14 to the Company's Annual Report on Form 10-K (File No. 814-01474) filed on March 27, 2024).</u>](https://www.sec.gov/Archives/edgar/data/0001899017/000095017024037134/ck0001899017-ex10_14.htm) |
| 10.18 | [<u>New Commitment Request, dated March 22, 2024 by and among BCPC I, LLC, as borrower, and Goldman Sachs Bank USA, as administrative agent and lender (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No.814-01474), filed on March 27, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000119312524078482/d801498dex101.htm) |
| 10.19 | [<u>Increasing Lender/Joinder Lender Agreement, dated as of May 24, 2024, pursuant to Section 2.08(e) of the Revolving Credit Agreement, dated as of December 29, 2023, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent, Sole Book Runner and Lead Arranger (incorporated by reference to Exhibit 10.16 to the Company's Quarterly Report on Form 10-Q (File No. 814-01474) filed on August 14, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017024097161/ck0001899017-ex10_16.htm) |
| 10.20 | [<u>New Commitment Request dated October 30, 2024 by and among BCPC I, LLC, as borrower, and Goldman Sachs Bank USA, as administrative agent and lender (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No.814-01474), filed on November 5, 2024).</u>](https://www.sec.gov/Archives/edgar/data/0001899017/000119312524251051/d865552dex101.htm) |
| 10.21 | [<u>Loan and Security Agreement, dated August 21, 2024 by and among the Company, as Servicer and as Parent, BCPC II-J,LLC, as Borrower, JPMorgan Chase Bank, National Association, as Administrative Agent and Deutsche Bank National Trust Company, as Collateral Administrator, Collateral Agent and Securities Intermediary (incorporated by reference to Exhibit 10.17 to the Company's Quarterly Report on Form 10-Q (File No. 814-01474) filed on November 14, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017024127117/ck0001899017-ex10_17.htm) |
| 10.22 | [<u>First Amendment to Loan and Security Agreement, dated December 13, 2024, by and among the BCPC II-J, LLC, as borrower, the Company, as servicer, Deutsche Bank National Trust Company, as collateral agent, collateral administrator and as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent and as a lender (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No. 814-01474), filed on December 18, 2024).</u>](https://www.sec.gov/Archives/edgar/data/0001899017/000119312524281036/d907848dex101.htm) |
| 10.23 | [<u>Second Amendment to Senior Secured Revolving Credit Agreement, dated December 18, 2024 by and among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent and collateral agent and the lenders and issuing banks party thereto (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No.814-01474), filed on December 23, 2024).</u>](https://www.sec.gov/Archives/edgar/data/0001899017/000119312524284209/d855217dex101.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 10.24 | [<u>First Amendment to Senior Secured Revolving Credit Agreement, dated as of December 29, 2023, among the Company as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto (incorporated by reference to Exhibit 10.21 to the Company's Annual Report on Form 10-K (File No. 814-01474) filed on March 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017025039445/ck0001899017-ex10_21.htm) |
| 10.25 | [<u>Amended and Restated limited liability company agreement between the Company and an entity advised by Amberstone Co., Ltd. (incorporated by reference to Exhibit 10.22 to the Company's Annual Report on Form 10-K (File No. 814-01474) filed on March 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017025039445/ck0001899017-ex10_22.htm) |
| 10.26 | [<u>Commitment Increase Supplement, dated as of May 19, 2025, between the Company, the Bank of Nova Scotia, as assuming lender and issuing bank, U.S. Bank National Association, as assuming lender, Wells Fargo Bank, National Association, as increasing lender, swingline lender and issuing bank, Synovus Bank, as assuming lender and issuing bank, JPMorgan Chase Bank, N.A., as swingline lender and issuing bank, Goldman Sachs Bank USA, as swingline lender and issuing bank, and Sumitomo Mitsui Banking Corporation, as swingline lender, issuing bank and administrative agent (incorporated by reference to Exhibit 10.25 to the Company's Quarterly Report on Form 10-Q (File No. 814-01474) filed on August 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017025109036/ck0001899017-ex10_25.htm) |
| 10.27 | [<u>Commitment Increase Supplement, dated as of July 18, 2025, between the Company, Natixis, New York Branch, as assuming lender and issuing bank, and Sumitomo Mitsui Banking Corporation, as swingline lender, issuing bank and administrative agent (incorporated by reference to Exhibit 10.26 to the Company's Quarterly Report on Form 10-Q (File No. 814-01474) filed on August 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017025109036/ck0001899017-ex10_26.htm) |
| 10.28 | [<u>Master Note Purchase Agreement, dated as of August 14, 2025, by and between the Company and purchasers (incorporated by reference to Exhibit 10.27 to the Company's Quarterly Report on Form 10-Q (File No. 814-01474) filed on November 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000119312525283129/ck0001899017-ex10_27.htm) |
| 10.29\* | [<u>Transfer Agent Servicing Agreement, dated as of February 1, 2026, by and between the Company and U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services.</u>](ck0001899017-ex10_29.htm) |
| 10.30 | [<u>Third Amendment to Senior Secured Revolving Credit Agreement, dated January 30, 2026 by and among Bain Capital Private Credit, as Borrower, Sumitomo Mitsui Banking Corporation, as Administrative Agent and Collateral Agent and the lenders and issuing banks party thereto (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No. 814-01474), filed on February 2, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000119312526032289/d66714dex101.htm) |
| 14 | [<u>Code of Ethics of the Company and the Advisor (incorporated by reference to Exhibit (r)(1) to Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2 (File No. 333-261859) filed on December 20, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000110465922128553/tm2232862d2_ex99-r1.htm) |
| 19 | [<u>Insider Trading Policy (incorporated by reference to Exhibit 19 to the Company's Registration Statement on Form 10-K (File No. 814-01474) filed on March 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017025039445/ck0001899017-ex19.htm) |
| 24 | [<u>Powers of Attorney (incorporated by reference to Exhibit 24 to the Company's Quarterly Report on Form 10-Q (File No.<br>814-01474) filed on May 15, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017025072747/ck0001899017-ex24.htm) |
| 31.1\* | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.</u>](ck0001899017-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.</u>](ck0001899017-ex31_2.htm) |
| 32\* | [<u>Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,</u>](ck0001899017-ex32.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
|  | as amended. |
| 101.INS\* | XBRL Instance Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Calculation 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 - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |

---

\* Filed herewith.

**Item 16. Form 10-K Summary** 

Not Applicable.

------

**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.

---

| | | |
|:---|:---|:---|
|  | **Bain Capital Private Credit** | **Bain Capital Private Credit** |
| Date: March 12, 2026 | By: | /s/ Michael A. Ewald |
|  | Name: | Michael A. Ewald |
|  | Title: | Chief Executive Officer (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: March 12, 2026 | By: | /s/ Amit Joshi |
|  | Name: | Amit Joshi |
|  | Title: | Chief Financial Officer (Principal Financial Officer) and Principal Accounting Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

------

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| &nbsp;&nbsp;/s/ MICHAEL A. EWALD  | Trustee & Chief Executive Officer (Principal Executive Officer) | March 12, 2026 |
| &nbsp;&nbsp;Michael A. Ewald |  |  |
| &nbsp;&nbsp;/s/ AMIT JOSHI  | Chief Financial Officer (Principal Financial Officer) and Principal Accounting Officer | March 12, 2026 |
| &nbsp;&nbsp;Amit Joshi |  |  |
| &nbsp;&nbsp;/s/ JEFFREY B. HAWKINS  | Trustee & Chairman | March 12, 2026 |
| &nbsp;&nbsp;Jeffrey B. Hawkins |  |  |
| &nbsp;&nbsp;/s/ MICHAEL J. BOYLE  | Trustee & President | March 12, 2026 |
| &nbsp;&nbsp;Michael J. Boyle |  |  |
| &nbsp;&nbsp;/s/ AMY BUTTE  | Trustee | March 12, 2026 |
| &nbsp;&nbsp;Amy Butte |  |  |
| &nbsp;&nbsp;/s/ DAVID G. FUBINI  | Trustee | March 12, 2026 |
| &nbsp;&nbsp;David G. Fubini |  |  |
| &nbsp;&nbsp;/s/ THOMAS A. HOUGH  | Trustee | March 12, 2026 |
| &nbsp;&nbsp;Thomas A. Hough |  |  |
| &nbsp;&nbsp;/s/ JAY MARGOLIS  | Trustee | March 12, 2026 |
| &nbsp;&nbsp;Jay Margolis |  |  |
| &nbsp;&nbsp;/s/ CLARE RICHER  | Trustee | March 12, 2026 |
| &nbsp;&nbsp;Clare Richer |  |  |

---

------

## Exhibit 3.1

**Exhibit 3.1**

**FOURTH AMENDED AND RESTATED DECLARATION OF TRUST <br>OF <br>BAIN CAPITAL PRIVATE CREDIT**

**March 11, 2026**

**\* \* \* \* \* \* \* \* \* \*** 

**WHEREAS**, the initial Declaration of Trust of Bain Capital Private Credit (the "Company") was entered into effective as of December 21, 2021 (the "Initial Declaration of Trust"); and

**WHEREAS**, the Initial Declaration of Trust was subsequently amended and restated by the Amended and Restated Declaration of Trust of the Company, dated as of December 16, 2022, the Second Amended and Restated Declaration of Trust of the Company, dated as of October 26, 2023, and the Third Amended and Restated Declaration of Trust of the Company, dated as of April 30, 2024 (the "Existing Declaration of Trust"); and

**WHEREAS**, the parties now desire to amend and restate the Existing Declaration of Trust as hereinafter set forth;

**NOW, THEREFORE**, the parties hereby agree as follows:

**ARTICLE I** **<br>NAME; DEFINITIONS** 

Section 1.1<u>Name</u>. The name of the statutory trust is Bain Capital Private Credit. So far as may be practicable, the business of the Company shall be conducted and transacted under that name, which name (and the word "Company" whenever used in this Fourth Amended and Restated Declaration of Trust (the "Declaration of Trust"), except where the context otherwise requires) shall refer to the Board of Trustees (as defined herein) collectively but not individually or personally and shall not refer to the Shareholders or to any officers, employees or agents of the Company or of such Trustees. Under circumstances in which the Trustees determine that the use of the name "Bain Capital Private Credit" is not practicable, they may use any other designation or name for the Company, subject to applicable law. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Statutory Trust Act (as defined below). Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration of Trust.

Section 1.2<u>Definitions</u>. As used in this Declaration of Trust, the following terms shall have the following meanings unless the context otherwise requires:

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended from time to time, and the rules and regulations promulgated thereunder.

------

"<u>Acquisition Expenses</u>" means expenses, including but not limited to legal fees and expenses, travel and communication expenses, costs regarding determination of creditworthiness and due diligence on prospective portfolio holding companies, non-refundable option payments on assets not acquired, accounting fees and expenses, and miscellaneous expenses relating to the purchase or acquisition of assets, whether or not acquired.

"<u>Acquisition Fees</u>" means any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Adviser) in connection with the initial purchase or acquisition of assets by the Company. Included in the computation of such fees or commissions shall be any commission, selection fee, supervision fee, financing fee, non-recurring management fee or any fee of a similar nature, however designated.

"<u>Administrator</u>" means BCPC Advisors, LP, any Person to whom the Administrator subcontracts any and all such services and any successor to an Administrator who enters into an administrative services agreement with the Company or who subcontracts with a successor Administrator.

"<u>Adviser</u>" means BCPC Advisors, LP or an affiliated successor in interest thereto, any Person to whom the Adviser subcontracts substantially all such services pursuant to a sub-advisory agreement and any successor to an Adviser who enters into an Advisory Agreement with the Company or who subcontracts with a successor Adviser. If the Adviser no longer serves as the investment adviser to the Company, the rights of the Adviser in this Declaration of Trust will become the rights of the Trustees.

"<u>Advisers Act</u>" means the Investment Advisers Act of 1940, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>Advisory Agreement</u>" means that certain investment advisory agreement between the Company and the Adviser named therein pursuant to which the Adviser will act as the adviser to the Company and provide investment advisory, investment management and other specified services to the Company, including any sub-advisory agreement.

"<u>Affiliate</u>" or "<u>Affiliated</u>" means (subject to the limits under the 1940 Act or an exemptive order from the SEC, as each may be applicable) with respect to any specified Person:

&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)any other Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such specified Person;

&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 other Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such specified Person;

&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)any other Person directly or indirectly controlling, controlled by or under common control with such specified Person;

------

&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)any officer, director, trustee, partner, copartner or employee of such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)if such specified Person is an investment company, any investment adviser thereof or any member of an advisory board thereof; 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;(f)any legal entity on which such Person acts as an executive officer, director, trustee, or partner.

"<u>assessment</u>" means an additional amount of capital that may be mandatorily required of, or paid voluntarily by, a Shareholder beyond his or her subscription commitment excluding deferred payments.

"<u>Benefit Plan Investor</u>" means a benefit plan investor as defined in the Plan Asset Regulation.

"<u>Bylaws</u>" means the bylaws of the Company, as the same are in effect and may be amended from time to time.

"<u>capital contribution</u>" means the total investment, including the original investment and amounts reinvested pursuant to a distribution reinvestment plan in a program by a participant, or by all participants, as the case may be. Unless otherwise specified, capital contributions shall be deemed to include principal amounts to be received on account of deferred payments.

"<u>cash available for distribution</u>" means Cash Flow plus cash funds available for distribution from Company reserves less amounts set aside for restoration or creation of reserves.

"<u>Cash Flow</u>" means Company cash funds provided from operations, without deduction for depreciation, but after deducting cash funds used to pay all other expenses, debt payments, capital improvements and replacements. Cash withdrawn from reserves is not Cash Flow.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

"<u>Common Shares</u>" means the common Shares, par value $0.01 per share, of the Company that may be issued from time to time in accordance with the terms of this Declaration of Trust and applicable law, as described in Article V hereof, including any class or series of Common Shares.

"<u>Controlling Person</u>" includes, but is not limited to, all Persons, whatever their titles, who perform functions for the Sponsor similar to those of: (a) chairman or member of the board of directors; (b) executive officers; and (c) those holding ten percent or more equity interest in the Sponsor or a Person having the power to direct or cause the direction of the Sponsor, whether through the ownership of voting securities, by contract, or otherwise.

"<u>Covered Security</u>" the term "Covered Security" shall have the meaning set forth in the Securities Act.

------

"<u>Delaware Trustee</u>" has the meaning ascribed to it in Article III hereof and includes any successor Delaware Trustees appointed in accordance with Section 3.3, but that any reference to "Trustee" or "Board of Trustees" in this Declaration of Trust and the Bylaws of the Company shall not be deemed to include or refer to the Delaware Trustee.

"<u>DGCL</u>" means Delaware General Corporation Law, 8 Del. C. § 100, et. seq., as amended from time to time, or any successor statute thereto.

"<u>ERISA</u>" The term "ERISA" means the Employee Retirement Income Security Act of 1974, as amended.

<u>"ERISA Controlling Person</u>" The term "ERISA Controlling Person" means a Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the Company or who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliate of such a Person within the meaning of 29 C.F.R. § 2510.3-101(f)(3).

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Front End Fees</u>" means fees and expenses paid by any party for any services rendered to organize the Company and to acquire assets for the Company, including Organization and Offering Expenses, Acquisition Fees, Acquisition Expenses, and any other similar fees, however designated by the Board.

"<u>GAAP</u>" means generally accepted accounting principles as in effect in the United States of America from time to time or such other accounting basis mandated by the SEC.

"<u>Independent Expert</u>" means a Person with no material current or prior business or personal relationship with the Sponsor, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is qualified to perform such work.

"<u>Independent Trustee</u>" means a Trustee who is not an Interested Person.

"<u>Interested Person</u>" means a Person who is an "interested person" as that term is defined under Section 2(a)(19) of the 1940 Act.

"<u>Investment in program assets</u>" means the amount of capital contributions actually paid or allocated to the purchase or development of assets acquired by the program (including working capital reserves allocable thereto, except that working capital reserves in excess of three percent shall not be included) and other cash payments such as interest and taxes, but excluding front-end fees.

"<u>Liquidity Event</u>" means a Listing or any merger, reorganization, business combination, share exchange, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Shares of the Company in one or more related transactions, or similar transaction involving the Company pursuant to which the Shareholders receive for their Shares, as full or partial consideration, cash, equity Securities or combination thereof: (a) a Listing; (b) a sale

------

or merger in a transaction that provides Shareholders with cash and/or securities of a publicly traded company; or (c) a sale of all or substantially all of the assets of the Company for cash or other consideration.

"<u>Listing</u>" means the listing of the Common Shares (or any successor thereof) on a national securities exchange or national securities association registered with the SEC or the receipt by the Shareholders of Securities that are approved for trading on a national securities exchange or national securities association registered with the SEC in exchange for the Common Shares. The term "Listed" shall have the correlative meaning. With regard to the Common Shares, upon commencement of trading of the Common Shares on a national securities exchange or national securities association registered with the SEC, the Common Shares shall be deemed Listed.

"<u>Net Worth</u>" means the excess of total assets over total liabilities as determined by GAAP.

"<u>Omnibus Guidelines</u>" means the Omnibus Guidelines Statement of Policy adopted by the North American Securities Administrators Association on March 29, 1992 and as amended on May 7, 2007 and from time to time.

"<u>Organization and Offering Expenses</u>" means any and all costs and expenses incurred by and to be paid from the assets of the Company in connection with and in preparing for the formation, qualification and registration of the Company, and the marketing and distribution of shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters' attorneys), expenses for printing, engraving, amending, supplementing, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow agents or holders, depositories, experts, fees, expenses and taxes related to the filing, registration and qualification of the sale of the shares under federal and state laws, including taxes and fees and accountants' and attorneys' fees.

"<u>Person</u>" means an individual, corporation, partnership, estate, trust, joint venture, limited liability company or other entity or association.

"<u>Plan Asset Regulation</u>" means 29 C.F.R. § 2510.3-101, as modified by section 3(42) of ERISA.

"<u>Publicly Offered Securities</u>" means publicly offered securities as defined in 29 C.F.R. § 2510.3-101(b)(2) or any successor regulation thereto.

"<u>Roll-Up Entity</u>" means a partnership, trust, corporation, or similar entity that would be created or would survive after the successful completion of a proposed Roll-Up Transaction.

"<u>Roll-Up Transaction</u>" means a transaction involving the acquisition, merger, conversion or consolidation either directly or indirectly of the Company and the issuance of securities of a Roll-Up Entity to the Shareholders. Such term does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)a transaction involving Securities of the Company that have been Listed for at least twelve (12) months; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)a transaction involving the conversion to another corporate form or to a trust or association form of only the Company, if, as a consequence of the transaction, there will be no significant adverse change in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Shareholders' voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the term of existence of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Adviser and Sponsor compensation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Company's investment objective.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Securities</u>" means Common Shares, any other Shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing if and only if any such item is treated as a "security" under the Exchange Act, or applicable state securities laws.

"<u>Shareholders</u>" means the registered holders of the Company's Shares.

"<u>Shares</u>" means the unit of beneficial interest in the trust estate of the Company.

"<u>Sponsor</u>" means the Adviser, the Adviser's parent entity Bain Capital Credit, LP, and any person directly or indirectly instrumental in organizing, wholly or in part, a program or any person who will control, manage or participate in the management of a program, and any affiliate of such person. Not included is any person whose only relation with the program is that of an independent manager of a portion of program assets, and whose only compensation is as such. "Sponsor" does not include wholly independent third parties such as attorneys, accountants, and underwriters whose only compensation is for professional services rendered in connection with the offering of Shares. A person may also be deemed a Sponsor of the program by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)taking the initiative, directly or indirectly, in founding or organizing the business or enterprise of the program, either alone or in conjunction with one or more other persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)receiving a material participation in the program in connection with the founding or organizing of the business of the program, in consideration of services or property, or both services and property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)having a substantial number of relationships and contacts with the program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)possessing significant rights to control program properties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)receiving fees for providing services to the program which are paid on a basis that is not customary in the industry; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)providing goods or services to the program on a basis which was not negotiated at arm's length with the program.

"<u>Statutory Trust Act</u>" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq., as such act may be amended from time to time.

"<u>Trustees</u>," "<u>Board of Trustees</u>" or "<u>Board</u>" means, collectively, the individuals named in Section 4.1 of this Declaration of Trust so long as they continue in office and all other individuals who have been duly elected and qualify as Trustees of the Company hereunder. For the avoidance of doubt, any references to "Trustee" or "Board of Trustee" or "Board" in this Declaration of Trust and the Bylaws of the Company shall not be deemed to include or refer to the Delaware Trustee.

**ARTICLE II** **<br>NATURE AND PURPOSE** 

The Company is a Delaware statutory trust within the meaning of the Statutory Trust Act, existing pursuant to this Declaration of Trust, the Company's initial certificate of trust filed with the Delaware Secretary of State's office on December 21, 2021 (which filing is hereby ratified), each as may be amended or amended and restated from time to time.

The purpose of the Company is to engage in any lawful act or activity for which trusts may be organized under the Statutory Trust Act as now or hereafter in force, including to conduct, operate and carry on the business of a non-diversified closed-end investment company operating as a business development company, as such terms are defined in the 1940 Act, subject to making an election therefor under the 1940 Act, and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust. In furtherance of the foregoing, it shall be the purpose of the Company to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a business development company regulated under the 1940 Act and which may be engaged in or carried on by a trust organized under the Statutory Trust Act, and in connection therewith the Company shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust. The Company may not, without the affirmative vote of a majority of the outstanding voting securities, as such term is defined under Section 2(a)(42) of the 1940 Act, of the Company entitled to vote on the matter, change the nature of the Company's business so that the Company ceases to be, or withdraws the Company's election to be, treated as a business development company under the 1940 Act.

Legal title to all of the assets of the Company shall be vested in the Company as a separate legal entity except that the Trustees shall have power to cause legal title to any assets of the Company to be held in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that such arrangement is permitted by the 1940 Act and the interest of the Company therein is appropriately protected.

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**ARTICLE III** **<br>DELAWARE TRUSTEE** 

Section 3.1<u>Appointment</u>. Pursuant to Section 3807 of the Statutory Trust Act, the trustee of the Company in the State of Delaware shall be Wilmington Trust, National Association (the "Delaware Trustee"). The address of the principal office of Wilmington Trust, National Association is 1100 North Market Street, Wilmington, Delaware 19890.

Section 3.2<u>Concerning the Delaware Trustee</u>.

&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)The Delaware Trustee is appointed to serve as the trustee of the Company in the State of Delaware for the sole purpose of satisfying the requirement pursuant to Section 3807(a) of the Statutory Trust Act that the Company have at least one trustee which has its principal place of business in the State of Delaware. The Company shall have at least one other trustee (other than the Delaware Trustee) to perform all obligations and duties other than fulfilling the Company's obligations pursuant to Section 3807(a) of the Statutory Trust Act.

&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)The duties of the Delaware Trustee shall be limited to (i) accepting legal process served on the Company in the State of Delaware and (ii) the execution of any certificates required to be filed with the Delaware Secretary of State which the Delaware Trustee is required to execute under Section 3811 of the Statutory Trust Act. Except for the purpose of the foregoing sentence, the Delaware Trustee shall not be deemed a trustee, shall not be a member of the Board of Trustees and shall have no management responsibilities or owe any fiduciary duties to the Company or the Shareholders. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Company or the Shareholders, it is hereby understood and agreed by the other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set forth in this Declaration of Trust. The Delaware Trustee shall have no liability for the acts or omissions of any other Person, including, without limitation, the Trustees and the Adviser.

&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)The Delaware Trustee may be removed by the Trustees upon 30 days' prior written notice to the Delaware Trustee. The Delaware Trustee may resign upon 30 days' prior written notice to the Trustees. No resignation or removal of the Delaware Trustee shall be effective except upon the appointment of a successor Delaware Trustee appointed by the Trustees or a court of competent jurisdiction. If no successor Delaware Trustee has been appointed within such 30 day period, the Delaware Trustee may, at the expense of the Company, petition a court of competent jurisdiction to appoint a successor Delaware Trustee.

&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)Any Person into which the Delaware Trustee may be merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Delaware Trustee shall be a party, or any Person which succeeds to all or substantially all of the corporate trust business of the Delaware Trustee, shall be the successor Delaware Trustee under this Declaration of Trust without the execution, delivery or filing of any paper or instrument or further act to be done on the part of the parties hereto, except as may be required by applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Delaware Trustee shall be entitled to all of the same rights, protections, indemnities and immunities under this Declaration of Trust and with respect to the Company and the Shareholders as the Trustees. No amendment or waiver of any provision of this Declaration of Trust which adversely affects the Delaware Trustee shall be effective against it without its prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Delaware Trustee shall not be liable for supervising or monitoring the performance and the duties and obligations of any other Person, including, without limitation, the Trustees, the Administrator or the Adviser or the Company under this Declaration of Trust or any related document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Delaware Trustee shall not be personally liable under any circumstances, except for its own willful misconduct or gross negligence. In particular, but not by way of limitation: (i) the Delaware Trustee shall not be personally liable for any error of judgment made in good faith; (ii) no provision of this Declaration of Trust shall require the Delaware Trustee to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Delaware Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; (iii) under no circumstances shall the Delaware Trustee be personally liable for any representation, warranty, covenant, agreement or indebtedness of the Trust; (iv) the Delaware Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Declaration of Trust or for the due execution hereof by any other party hereto; (v) the Delaware Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Delaware Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Delaware Trustee may for all purposes hereof rely on a certificate or resolution, signed by a Trustee or an officer of the Company as to such fact or matter, and such certificate shall constitute full protection to the Delaware Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon; (vi) in the exercise or administration of the Company hereunder, the Delaware Trustee (A) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the Delaware Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Delaware Trustee in good faith and (B) may consult with counsel, accountants and other skilled persons to be selected by it in good faith and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons; (vii) in accepting and performing its express duties hereunder the Delaware Trustee acts solely as Delaware Trustee hereunder and not in its individual capacity, and all persons having any claim against the Delaware Trustee by reason of the transactions contemplated by this Declaration of Trust shall look only to the Company for payment or satisfaction thereof; and (viii) the Delaware Trustee shall incur no liability if, by reason of any provision of any present or future law or regulation thereunder, or by any force majeure event, including but not limited to natural disaster, act of war or terrorism, or other circumstances beyond its reasonable control, the Delaware Trustee shall be prevented or forbidden from doing or

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performing any act or thing which the terms of this Declaration of Trust provide shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)In the event of the appointment of a successor Delaware Trustee, such successor shall cause an amendment to the certificate of trust of the Company to be filed with the Secretary of State of Delaware in accordance with Section 3810 of the Delaware Statutory Trust Act, indicating the change of the Delaware Trustee's identity.

Section 3.3<u>Compensation and Reimbursement of Expenses; Indemnity</u>. The Company hereby agrees to (i) compensate the Delaware Trustee in accordance with a separate fee agreement with the Delaware Trustee, (ii) reimburse the Delaware Trustee for all reasonable expenses relating to the services of the Delaware Trustee (including reasonable fees and expenses of counsel and other advisers retained by the Delaware Trustee) and (iii) indemnify, defend and hold harmless the Delaware Trustee, and its employees, agents, officers and trustees (the "Indemnified DE Trustee Parties") from and against any and all claims, actions, suits, demands, assessments, judgments, losses, liabilities, damages, costs, taxes, and expenses, including reasonable fees and expenses of counsel and including costs of enforcement of an Indemnified DE Trustee Party's rights hereunder (collectively, "Expenses"), to the extent that such Expenses arise out of or are imposed upon or asserted at any time against such Indemnified DE Trustee Parties with respect to the performance of any duties contemplated by this Declaration of Trust or from the services provided or functions performed by the Delaware Trustee; provided, however, that the Company shall not be required to indemnify any Indemnified DE Trustee Parties for any Expenses which are a result of the willful misconduct or gross negligence of such Indemnified DE Trustee Parties. To the fullest extent permitted by law, Expenses to be incurred by any Indemnified DE Trustee Parties shall, from time to time, be advanced by, or on behalf of, the Company prior to the final disposition of any matter upon receipt by the Company of an undertaking by, or on behalf of, such Indemnified DE Trustee Parties to repay such amount if it shall be determined that the Indemnified DE Trustee Parties are not entitled to be indemnified under this Declaration of Trust.

**ARTICLE IV** **<br>PROVISIONS FOR DEFINING, LIMITING <br>AND REGULATING CERTAIN POWERS OF THE <br>COMPANY AND OF THE SHAREHOLDERS AND TRUSTEES** 

Section 4.1<u>Number of Trustees</u>. The business and affairs of the Company shall be managed under the direction of the Board of Trustees (not including the Delaware Trustee). The Board of Trustees shall have full, exclusive and absolute power, control and authority over the Company's assets and over the business of the Company to the same extent as a board of directors of a Delaware corporation. The Board of Trustees may take any actions as in its sole judgment and discretion are necessary or desirable to conduct the business of the Company. Except as otherwise specifically provided in this Declaration of Trust and the Bylaws, each Trustee and officer of the Company shall have duties including fiduciary duties (and liability therefore) identical to those of directors and officers of a private corporation for profit organized under the DGCL and shall not have any other duties, including any fiduciary duties, except for fiduciary duties identical to those of directors and officers of a private corporation for profit organized under the DGCL. The number of Trustees of the Company is eight (8), which number may be increased or decreased from time

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to time only by the Trustees pursuant to the Bylaws, but shall never be less than three (3), except for a period of up to sixty (60) days after the death, removal or resignation of a Trustee pending the election of such Trustee's successor. The names of the Trustees are as follows: Michael A. Ewald, Michael J. Boyle, Jeffrey B. Hawkins, Amy Butte, David G. Fubini, Thomas A. Hough, Jay Margolis, and Clare S. Richer.

A majority of the Board of Trustees shall be Independent Trustees, except for a period of up to sixty (60) days or such longer period permitted by law, after the death, removal or resignation of an Independent Trustee pending the election of such Independent Trustee's successor by the remaining Trustees.

Subject to applicable requirements of the 1940 Act, in order that any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy shall serve for the remainder of the full term of the trusteeship in which such vacancy occurred and until a successor is duly elected and qualified. There shall be no cumulative voting in the election or removal of Trustees.

Section 4.2<u>Term of Trustees</u>. The Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III, as nearly equal in number as possible, and the term of office of Trustees (each, a "Term") of one class shall terminate upon the expiration of such Term as set forth below, and in all cases as to each Trustee such Term shall extend until his or her successor shall be elected by the Shareholders or until his or her earlier resignation, removal from office, death or incapacity. Additional trusteeships resulting from an increase in number of Trustees shall be apportioned among the classes as equally as possible. Class I initially shall consist of Amy Butte, Thomas A. Hough and Clare S. Richer, Class II initially shall consist of Jay Margolis, Michael E. Ewald and Michael J. Boyle, and Class III initially shall consist of David G. Fubini and Jeffrey B. Hawkins. The initial Term of office of Trustees of Class I shall expire at the Company's 2026 meeting of Shareholders; the initial Term of office of Trustees of Class II shall expire at the Company's 2027 meeting of Shareholders, and the initial Term of office of Trustees of Class III shall expire at the Company's 2028 meeting of Shareholders. Following such initial Terms, each class of Trustees shall stand for election upon the third anniversary of the respective meeting of Shareholders at which such class of Trustees was elected. Each Trustee may be reelected to an unlimited number of succeeding Terms in accordance with these provisions.

At each annual election, Trustees chosen to succeed those whose Terms then expire shall be of the same class as the Trustees they succeed, unless by reason of any intervening changes in the authorized number of Trustees, the Board of Trustees shall designate one or more trusteeships whose Term then expires as trusteeships of another class in order to more nearly achieve equality of number of Trustees among the classes.

Notwithstanding the rule that the three classes shall be as nearly equal in number of Trustees as possible, in the event of any change in the authorized number of Trustees, each Trustee then continuing to serve as such shall nevertheless continue as a Trustee of the class of which such Trustee is a member until the expiration of his or her current Term, or his or her prior death, resignation or removal. If any newly created trusteeship may, consistently with the rule that the three classes shall be as nearly equal in number of Trustees as possible, be allocated to any class,

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the Board of Trustees shall allocate it to that of the available class whose Term of office is due to expire at the earliest date following such allocation.

The voting procedures and the number of votes required to elect a Trustee shall be as set forth in the Bylaws, which may be amended by the Board.

Section 4.3<u>Shareholder Voting</u>. Except as provided in Article II, Section 4.9, Section 6.2, Section 6.3, Section 10.2, Section 11.1 and Section 13.2 of this Declaration of Trust, notwithstanding any provision of law permitting any particular action to be approved by the affirmative vote of the Shareholders of the Company entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable and approved by the Board of Trustees, and approved by a majority of the votes cast at a meeting of Shareholders at which a quorum is present. All shares of all classes shall vote together as a single class provided that: (a) as to any matter with respect to which a separate vote of any class is required by the 1940 Act or any orders issued thereunder, such requirement as to a separate vote by that class shall apply in lieu of a general vote of all classes; (b) in the event that separate voting requirements apply with respect to one or more classes, then subject to subparagraph (c), the shares of all other classes not entitled to a separate vote shall vote together as a single class; and (c) as to any matter which in the judgment of the Board (which judgment shall be conclusive) does not affect the interest of a particular class, such class shall not be entitled to any vote and only the holders of shares of the one or more affected classes shall be entitled to vote. Notwithstanding any other provisions of this Declaration of Trust or the Bylaws to the contrary, for such matters that require the vote of a majority of the outstanding voting Shares of the Company under the 1940 Act, such majority vote shall be determined as set forth in Section 2(a)(42) of the 1940 Act. The provisions of this Section 4.3 shall be subject to the limitations of the 1940 Act and other applicable statutes or regulations.

Section 4.4<u>Quorum</u>. The determination of whether a quorum has been established for a meeting of the Company's Shareholders shall be as set forth in the Bylaws.

Section 4.5<u>Preemptive Rights</u>. Except as may be provided by the Board of Trustees in setting the terms of classified or reclassified Shares or as may otherwise be provided by contract approved by the Board, no Shareholder shall, as such Shareholder, have any preemptive right to purchase or subscribe for any additional Shares of the Company or any other Security of the Company that it may issue or sell.

Section 4.6<u>Appraisal Rights</u>. The Shareholders have appraisal rights in connection with a roll-up transaction pursuant to Section 12.1 of this Declaration of Trust. Except as may be provided by the Board of Trustees in setting the terms of any class or series of Shares or as provided in connection with a Roll-Up transaction pursuant to Section 12.1, no Shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

Section 4.7<u>Determinations by the Board</u>. The determination as to any of the following matters, made in good faith by or pursuant to the direction of the Board of Trustees consistent with this Declaration of Trust shall be final and conclusive and shall be binding upon the Company and every Shareholder: (i) the amount of the net income of the Company for any period and the amount of assets at any time legally available for the payment of dividends, redemption or repurchase of its Shares or the payment of other distributions on its Shares; (ii) the amount of stated capital,

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capital surplus, net assets, other surplus, annual or other net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; (iii) the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); (iv) any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any class or series of Shares of the Company; (v) the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Company or any Shares of the Company; (vi) any matter relating to the acquisition, holding and disposition of any assets by the Company; or (vii) any other matter relating to the business and affairs of the Company or required or permitted by applicable law, this Declaration of Trust or the Bylaws or otherwise to be determined by the Board provided, however, that any determination by the Board as to any of the preceding matters shall not render invalid or improper any action taken or omitted prior to such determination and no Trustee shall be liable for making or failing to make such a determination.

Section 4.8<u>Sole Discretion; Good Faith; Corporate Opportunities of Adviser</u>.

&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)Notwithstanding any other provision of this Declaration of Trust or otherwise applicable law, whenever in this Declaration of Trust the Trustees are permitted or required to make a decision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider, subject to the limitations of fiduciary duties owed by the Trustees to the Company, such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard, subject to the limitations of fiduciary duties owed by the Trustees to the Company.

&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)Unless expressly provided otherwise herein or in the Company's offering document (as may be amended from time to time), the Adviser and its Affiliates may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Company and the doctrine of corporate opportunity, or any analogous doctrine. To the extent that the Adviser acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company, it shall not have any duty to communicate or offer such opportunity to the Company, subject to the requirements of the 1940 Act, the Investment Advisers Act of 1940, as amended, and any applicable co-investment order issued by the Commission, and the Adviser shall not be liable to the Company or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Adviser pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Company. Neither the Company nor any Shareholder shall have any rights or obligations by virtue of this Declaration of Trust or the trust relationship created hereby in or to such independent

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ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Company, shall not be deemed wrongful or improper.

Section 4.9<u>Resignation and Removal of Trustees</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairman, if any, and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any Trustee, or the entire Board, may be removed from office at any time (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 4.1 hereof) only for cause and only by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an Interested Person a majority of the remaining Trustees that are not Interested Persons). A majority of the outstanding shares are authorized to remove a Trustee without cause. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Company or the remaining Trustees any Company property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Company, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his resignation or removal, or any right to damages on account of a removal.

Section 4.10<u>Business Combination</u>. The Board of Trustees may cause the Company to convert into or merge, reorganize or consolidate with or into one or more trusts, partnerships, limited liability companies, corporations or other business entities, provided (1) that the resulting entity is a business development company under the 1940 Act, and (2) such merger, reorganization or consolidation is approved by an affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matter. For the avoidance of doubt, Shareholder approval shall be required for any Roll-Up Transaction. Approval of any agreement or applicable certificate of merger, reorganization, consolidation or conversion or certificate may be signed by a majority of the Board of Trustees or an authorized officer of the Company. In accordance with Section 3815(f) of the Statutory Trust Act, but subject to Section 6.2 of this Declaration of Trust, such approval and approval from the Board will effect an amendment to this Declaration of Trust and/or effect the adoption of a new declaration of trust of the Company or change the name of the Company if the Company is the surviving or resulting entity in the merger or consolidation.

Section 4.11<u>Special Meetings</u>. Special meetings of Shareholders may be called in the manner provided in the Bylaws, including by a majority of the Independent Trustees or the President, and shall be called by the secretary of the Company to act on any matter that may properly be considered at a meeting of Shareholders upon the written request of Shareholders entitled to cast not less than 10% of all the votes entitled to be cast on such matter at such meeting. Notice of any special meeting of Shareholders shall be given as provided in the Bylaws. If the meeting is called by the secretary upon the written request of Shareholders as described in this Section 4.11, notice of the special meeting shall be sent to all Shareholders within 10 days of the receipt of the written request and the special meeting shall be held at the time and place specified in the Shareholder request not less than 15 days nor more than 60 days after the delivery of the

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notice; *provided*, *however*, that if no time or place is so specified in the Shareholder request, at such time and place convenient to the Shareholder. If there are no Trustees, the officers of the Company shall promptly call a special meeting of the Shareholders entitled to vote for the election of successor Trustees. Any meeting may be adjourned and reconvened as the Board may determine or as otherwise provided in the Bylaws.

Section 4.12<u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 4.13<u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 4.14<u>Officers</u>. The Trustees shall elect a Chief Executive Officer, a Secretary, a Chief Financial Officer and Principal Accounting Officer, a Chief Compliance Officer, and an Assistant Secretary, and may elect a Chairman who shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chairman, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. A Chairman shall, and the Chief Executive Officer, Secretary, Chief Financial Officer and Principal Accounting Officer may, but need not, be a Trustee. All officers shall owe to the Company and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law.

Section 4.15<u>Principal Transactions</u>. Except to the extent prohibited by applicable law and the Omnibus Guidelines, the Trustees may, on behalf of the Company, buy any securities from or sell any securities to, or lend any assets of the Company to, any Trustee or officer of the Company or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliate of the Company, investment adviser, investment sub-adviser, distributor or transfer agent for the Company or with any Interested Person of such Affiliate or other person; and the Company may employ any such Affiliate or other person, or firm or company in which such Affiliate or other person is an Interested Person, as broker, legal counsel, registrar, investment advisor, investment sub-advisor, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

Section 4.16<u>Subsidiaries</u>. Without approval or vote by Shareholders, in the ordinary course of the Company's business, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over all of the Company's property or to carry on any business in which the Company shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Company's

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property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Company holds or is about to acquire shares or any other interests.

Section 4.17<u>Delegation</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Company the doing of such things, including any matters set forth in this Declaration of Trust, and the execution of such instruments either in the name of the Company or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

Section 4.18<u>Meetings.</u> The Company shall hold a meeting of Shareholders at least annually to consider such matters as may appropriately come before such meeting.

**ARTICLE V** **<br>SHARES** 

Section 5.1<u>Authorized Shares</u>. The beneficial interest in the Company shall at all times be divided into an unlimited number of Shares. The Shares of the Company shall initially consist of Common Shares, with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. All Common Shares shall be fully paid and nonassessable when issued. Mandatory assessments of Common Shares shall be prohibited and the Company shall not make any mandatory assessment against any Shareholder beyond such Shareholder's subscription commitment. Any different classes or series shall be established and designated, and the variations in the relative rights and preferences as between the different classes shall be fixed and determined, by the Trustees without Shareholder approval. The Trustees may create a class of preferred shares (the "Preferred Shares") which may be divided into one or more series of Preferred Shares and with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. The Company is authorized to offer and issue an unlimited number of Common Shares and an unlimited number of Preferred Shares.

Section 5.2<u>Authorization by Board of Share Issuance</u>. The Board of Trustees may authorize the issuance from time to time Shares of the Company of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration as the Board may deem advisable (or without consideration in the case of a split of Shares or dividend), subject to such restrictions or limitations, if any, as may be set forth in this Declaration of Trust or the Bylaws.

Section 5.3<u>Classification or Reclassification by the Board</u>. As contemplated by Section 5.1, the variations in the relative rights and preferences as between any classes of Common Shares and any potential Preferred Shares shall be fixed and determined by the Trustees; provided, that all Common Shares or Preferred Shares of the Company or of any series shall be identical to all

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other Common Shares or Preferred Shares of the Company or of the same series, as the case may be, except that, to the extent permitted by the 1940 Act, there may be variations between different classes as to allocation of expenses, rights of redemption, special and relative rights and preferences as to dividends and distributions and on liquidation, conversion rights, and conditions under which the several classes shall have separate voting rights. All of the outstanding Common Shares as of the date hereof issued to the sole initial shareholder shall be classified as Class I Shares with such terms as set forth in the initial prospectus of the Company, as thereafter subsequently modified from time to time. Any class of Preferred Shares shall have such rights and preferences and priorities over the Common Shares as may be established by the terms thereof; provided that the Company may not issue any shares of preferred shares that would limit or subordinate the voting rights of holders of Common Shares as set forth in the Omnibus Guidelines unless required by the 1940 Act.

The following provisions shall be applicable to any division of Shares of the Company into one or more classes or series:

&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 provisions herein relating to the Shares, or any class or series of Shares of the Company, including common and preferred shares, shall apply equally to each class of Shares of the Company or of any series of the Company, except as the context requires otherwise.

&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)The number of Shares of each class that may be issued shall be unlimited. The Trustees may classify or reclassify any Shares or any class of any Shares into one or more other classes that may be established and designated from time to time. The Company may purchase and hold Shares as treasury shares, reissue such treasury shares for such consideration and on such terms as the Trustees may determine, or cancel any Shares of any class acquired by the Company at the Trustees' discretion from time to time.

&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)Liabilities, expenses, costs, charges and reserves related to the distribution of, and other identified expenses that should properly be allocated to, the Shares of a particular class or series within the class may be charged to and borne solely by such class or series, and the bearing of expenses solely by a class of shares or series may be appropriately reflected (in a manner determined by the Trustees) and cause differences in the net asset value attributable to, and the dividend, redemption and liquidation rights of, the Shares of different classes or series. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees in their reasonable judgment shall be conclusive and binding upon the Shareholders of all classes for all purposes.

&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)The establishment and designation of any class or series of Shares shall be effective upon resolution by a majority of the Trustees, adopting a resolution which sets forth such establishment and designation and the relative rights and preferences of such class or series. Each such resolution shall be incorporated herein by reference upon adoption. The Trustees may, by resolution of a majority of the Trustees, abolish any class or series and the establishment and designation thereof. To the extent the provisions set forth in such resolution conflict with the provisions of this Declaration of Trust with respect to any such rights and privileges of the class or series of Shares, such resolutions shall control.

Section 5.4<u>Dividends and Distributions</u>.

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&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)Unless otherwise expressly provided in this Declaration of Trust, the holders of each class or series of Shares shall be entitled to dividends and distributions in such amounts and at such times as may be determined by the Board, and the dividends and distributions paid with respect to the various classes or series of Shares may vary among such classes or series. Expenses related to the distribution of, and other identified expenses that properly should be allocated to the shares of, a particular class or series may be appropriately reflected (in a manner determined by the Board, in its discretion) and cause a difference in the net asset value attributable to, and the dividend, redemption and liquidation rights of, the shares of each such class or series of Shares.

&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)The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Company or to meet obligations of the Company, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business. Normally, such amount shall not be less than 1% of the offering proceeds of the Company.

&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)From time to time and not less than quarterly, the Company shall review the Company's accounts to determine whether cash distributions are appropriate. The Company shall, subject to authorization by the Board of Trustees, distribute to the Shareholders funds received by the Company that the Board of Trustees deems unnecessary to retain in the Company. The Board may authorize the Company to declare and pay to Shareholders such dividends or distributions, in cash or other assets of the Company or in Securities of the Company or from any other source, as the Board in its discretion shall determine. The Board shall endeavor to authorize the Company to declare and pay such dividends and distributions: (i) as shall be necessary for the Company to qualify as a "Regulated Investment Company" under the Code and a business development company under the 1940 Act, and (ii) to the extent that the Board deems it unnecessary for the Company to retain funds received by it; provided, however, that in each case Shareholders shall have no right to any dividend or distribution unless and until authorized by the Board and declared by the Company. Distributions pursuant to this Section 5.4 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify. The exercise of the powers and rights of the Board pursuant to this Section 5.4 shall be subject to the provisions of any class or series of shares at the time outstanding. The receipt by any Person in whose name any shares are registered on the records of the Company or by his or her duly authorized agent shall be a sufficient discharge for all dividends or distributions payable or deliverable in respect of such shares and from all liability to see to the application thereof. Distributions in kind shall not be permitted, except for distributions of readily marketable Securities, distributions of cash from a liquidating trust established for the dissolution of the Company and the liquidation of its assets in accordance with the terms of this Declaration of Trust or distributions in which: (i) the Board advises each Shareholder of the risks associated with direct ownership of the property, (ii) the Board offers each Shareholder the election of receiving such in-kind distributions, and (iii) in-kind distributions are made only to those Shareholders that accept such offer.

&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)Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as

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ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Company to avoid or reduce liability for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If a declaration of dividends or distributions is made pursuant to this Section then, at any time prior to the related payment date, the Board may, in its sole discretion, rescind such declaration or change each of the record date and payment date to a later date or dates (in each case for a period of not greater than 180 days after each of the record date and payment date theretofore in effect and provided the payment date as so changed is not more than 60 days after the record date as so changed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In no event, however, shall funds be advanced or borrowed for purpose of distributions, if the amount of such distributions would exceed the Company's accrued and received revenues for the previous four quarters, less paid and accrued operating costs with respect to such revenues and costs shall be made in accordance with generally accepted accounting principles, consistently applied. Cash distributions from the Company to the Sponsor shall only be made in conjunction with distributions to Shareholders and only out of funds properly allocated to the Sponsor's account.

Section 5.5<u>Proportionate Rights</u>. All shares of each particular class shall represent an equal proportionate interest in the assets attributable to the class (subject to the liabilities of that class), and each share of any particular class shall be equal to each other share of that class. The Board of Trustees may, from time to time, divide or combine the shares of any particular class into a greater or lesser number of shares of that class without thereby changing the proportionate interest in the assets attributable to that class or in any way affecting the rights of holders of shares of any other class.

Section 5.6<u>Distributions in Liquidation</u>. Unless otherwise expressly provided in this Declaration of Trust, in the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the holders of all classes of Shares of the Company shall be entitled, after payment or provision for payment of the debts and other liabilities of the Company (as such liability may affect one or more of the classes and series of Shares of the Company), to share ratably in the remaining net assets of the Company.

Section 5.7<u>Deferred Payments</u>. The Company shall not have authority to make arrangements for deferred payments on account of the purchase price of shares of the Company's Shares unless all of the following conditions are met: (a) such arrangements are warranted by the Company's investment objectives; (b) the period of deferred payments coincides with the anticipated cash needs of the Company; (c) the deferred payments shall be evidenced by a promissory note of the Shareholder, which note shall be with recourse, shall not be negotiable, shall be assignable only subject to defenses of the maker and shall not contain a provision authorizing a confession of judgment; and (d) selling commissions and Front End Fees paid upon deferred payments are payable when payment is made on the note. The Company shall not sell or assign the deferred obligation notes at a discount. In the event of default in the payment of deferred payments by a Shareholder, the Shareholder may be subjected to a reasonable penalty.

Section 5.8<u>Fractional Shares</u>. The Company shall have authority to issue fractional shares. Any fractional Shares shall carry proportionately all of the rights of a whole share,

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including, without limitation, the right to vote and the right to receive dividends and other distributions.

Section 5.9<u>Declaration of Trust and Bylaws</u>. All persons who shall acquire Shares in the Company shall acquire the same subject to the provisions of this Declaration of Trust and the Bylaws.

Section 5.10<u>Redemptions</u>. Holders of Shares of the Company shall not be entitled to require the Company to repurchase or redeem Shares of the Company.

Section 5.11<u>Disclosure of Holding</u>. The holders of Shares or other securities of the Company shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Company as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

Section 5.12<u>Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Company voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Company.

Section 5.13<u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article V, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Company's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Company to comply with any provision of the 1940 Act, federal securities laws, state securities laws, or any securities exchange or association registered under the Securities Exchange Act of 1934, as amended, or any order of exemption issued by the SEC, all as in effect now or hereafter amended or modified.

Section 5.14<u>ERISA Restrictions</u>. Notwithstanding any other provision herein, if and to the extent that any class of Shares do not constitute Publicly Offered Securities, in order to avoid the possibility that the underlying assets of the Company could be treated as assets of Benefit Plan Investor pursuant to the Plan Asset Regulation, the Company, at the direction of the Board of Trustees or any duly-authorized committee of the Board, or, if authorized by the Board, any officer of the Company or the Adviser on behalf of the Company, shall have the power to (1) require any Person proposing to acquire Shares to furnish such information as may be necessary to determine whether such person is (i) a Benefit Plan Investor, or (ii) an ERISA Controlling Person, (2) exclude any shareholder or potential shareholder from purchasing our Common Shares (3) prohibit any repurchase of Shares to any Person, and (4) repurchase any or all outstanding Shares held by a Shareholder for such price and on such other terms and conditions as may be determined by or at the direction of the Board.

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**ARTICLE VI** **<br>AMENDMENTS; CERTAIN EXTRAORDINARY ACTIONS** 

Section 6.1<u>Amendments Generally</u>. Subject to Section 6.2, the Board of Trustees reserves the right, without any vote of Shareholders, from time to time to make any amendment to this Declaration of Trust, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in this Declaration of Trust, of any outstanding Shares, provided, however, that if any amendment or new addition to this Declaration of Trust adversely affects the rights of Shareholders, such amendment or addition must be approved by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote thereon. All rights and powers conferred by this Declaration of Trust on Shareholders, Trustees and officers are granted subject to this reservation.

Section 6.2<u>Approval of Certain Declaration of Trust Amendments</u>. The affirmative vote of the Shareholders entitled to cast at least a majority of all Shares of the Company entitled to vote on the matter shall be necessary to effect:

&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)Any amendment to this Declaration of Trust to make the Common Shares a "redeemable security" or to convert the Company, whether by merger or otherwise, from a "closed-end company" to an "open-end company" (as such terms are defined in the 1940 Act); 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 amendment to Section 4.3, 4.9, Section 6.1 or this Section 6.2.

Notwithstanding anything to the contrary in this section, if the Board of Trustees approves a proposal or amendment pursuant to this Section 6.2 by a vote of at least two-thirds of such Board of Trustees (excluding the Delaware Trustee), then only the affirmative vote of the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote thereon shall be required to approve such matter.

Section 6.3<u>Approval of Certain Amendments to Bylaws</u>. The Board of Trustees shall have the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws.

Section 6.4<u>Execution of Amendments</u>. Upon obtaining such approvals required by this Declaration of Trust and the Bylaws and without further action or execution by any other Person, including the Delaware Trustee or any Shareholder, (i) any amendment to this Declaration of Trust may be implemented and reflected in a writing executed solely by the requisite members of the Board of Trustees, and (ii) the Delaware Trustee and the Shareholders shall be deemed a party to and bound by such amendment of this Declaration of Trust; provided, however, the Delaware Trustee's written consent shall be required for any amendment that would affect the Delaware Trustee.

**ARTICLE VII** **<br>LIMITATION OF LIABILITY; INDEMNIFICATION AND <br>ADVANCE OF EXPENSES** 

Section 7.1<u>Limitation of Shareholder Liability</u>. Shareholders shall be entitled to the same limited liability extended to Shareholders of private Delaware for profit corporations formed

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under the DGCL. No Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Company by reason of being a Shareholder, nor shall any Shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any Person in connection with the Company's assets or the affairs of the Company by reason of being a Shareholder.

Section 7.2<u>Limitation of Trustee and Officer Liability</u>. To the fullest extent permitted by Delaware law, subject to any limitation set forth under federal or state securities laws, or in this Article VII, no Trustee or officer of the Company shall be liable to the Company or its Shareholders for money damages. Neither the amendment nor repeal of this Section 7.2, nor the adoption or amendment of any other provision of this Declaration of Trust or Bylaws inconsistent with this Section 7.2, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act that occurred prior to such amendment, repeal or adoption. The Company may not incur the cost of that portion of liability insurance which insures the Sponsor for any liability as to which the Sponsor is prohibited from being indemnified under the Omnibus Guidelines.

Section 7.3<u>Indemnification</u>.

&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)Each Person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (hereinafter a "proceeding"), by reason of the fact:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)that he or she is or was a Trustee, officer, employee, Sponsor, Controlling Person or agent of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)that he or she, being at the time a Trustee, officer, employee or agent of the Company, is or was serving at the request of the Company as a director, trustee, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (collectively, "another enterprise" or "other enterprise"), whether either in case (i) or in case (ii) the basis of such proceeding is alleged action or inaction (x) in an official capacity as a Trustee, officer, employee, Controlling Person or agent of the Company, or as a director, trustee, officer, employee or agent of such other enterprise, or (y) in any other capacity related to the Company or such other enterprise while so serving as a director, trustee, officer, employee or agent, shall be indemnified and held harmless by the Company to the fullest extent not prohibited by Delaware law and subject to paragraphs (b) and (c) below, from and against all liability, loss, judgments, penalties, fines, settlements, and reasonable expenses (including, without limitation, attorneys' fees and amounts paid in settlement and including costs of enforcement of enforcement of rights under this Section) (collectively, "Liability and Losses") actually incurred or suffered by such Person in connection therewith. The Persons indemnified hereunder are hereinafter referred to as "Indemnitees." Such indemnification as to such alleged action or inaction shall continue as to an Indemnitee who has after such alleged action or inaction ceased to be a Trustee, officer, employee, Controlling Person or agent of the Company, or director, officer, employee or agent of another enterprise; and shall inure to the benefit of the Indemnitee's heirs, executors and administrators. The right to indemnification conferred under this Article VII: (A) shall be a contract right; (B) shall not be affected adversely

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as to any Indemnitee by any amendment or repeal of this Declaration of Trust with respect to any action or inaction occurring prior to such amendment or repeal; and (C) shall vest immediately upon election or appointment of such Indemnitee.

&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)Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Indemnitee has determined, in good faith, that any course of conduct of such Indemnitee giving rise to the Liability and Losses was in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Indemnitee was acting on behalf of or performing services for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Such Liability and Losses were not the result of (1) negligence or misconduct, in the case that the Indemnitee is a Trustee (other than an Independent Trustee), officer, employee, Sponsor, Controlling Person or agent of the Company, or (2) gross negligence or willful misconduct, in the case that the Indemnitee is an Independent Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Such indemnification is recoverable only out of the net assets of the Company and not from the Shareholders.

&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)Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above for any Liability and Losses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws. Any person serving as a broker-dealer, to the extent such person or entity meets the definition of 'Indemnitee' within the meaning of the Declaration of Trust, would not be entitled to the indemnification set forth in the Declaration of Trust, but also the requirements and limitations on indemnification set forth in Section 7.3(b) of the Declaration of Trust. Any person acting as a broker-dealer is also subject to the indemnification restrictions imposed in Section 7.3(c).

Section 7.4<u>Payment of Expenses</u>. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by an Indemnitee in advance of final disposition of a proceeding if all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (ii) the Indemnitee provides the Company with written affirmation of the Indemnitee's good faith belief that the Indemnitee has met the standard of conduct necessary for indemnification by the Company as

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authorized by Section 7.3 hereof, (iii) the legal proceeding was initiated by a third party who is not a Shareholder or, if by a Shareholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (iv) the Indemnitee provides the Company with a written agreement to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee is not entitled to indemnification.

Section 7.5<u>Limitations to Indemnification</u>. The provisions of this Article VII shall be subject to the limitations of the 1940 Act.

Section 7.6<u>Express Exculpatory Clauses in Instruments</u>. Neither the Shareholders nor the Trustees, officers, employees or agents of the Company shall be liable under any written instrument creating an obligation of the Company by reason of their being Shareholders, Trustees, officers, employees or agents of the Company, and all Persons shall look solely to the Company's net assets for the payment of any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument shall not affect the validity or enforceability of such instrument and shall not render any Shareholder, Trustee, officer, employee or agent liable thereunder to any third party, nor shall the Trustees or any officer, employee or agent of the Company be liable to anyone as a result of such omission.

Section 7.7<u>Non-exclusivity</u>. The indemnification and advancement of expenses provided or authorized by this Article VII shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which any Indemnitee may be entitled under the Bylaws, a resolution of Shareholders or Trustees, an agreement or otherwise.

Section 7.8<u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

Section 7.9<u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Company shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Company, and every other act or thing whatsoever executed in connection with the Company shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration of Trust or in their capacity as officers, employees or agents of the Company. The Trustees may maintain insurance for the protection of the Company's property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 7.10<u>Reliance on Experts, etc</u>. Each Trustee and officer or employee of the Company shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel, or upon reports made to the

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Company by any of the Company's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Company, regardless of whether such counsel or expert may also be a Trustee.

**ARTICLE VIII** **<br>ADVISER, ADMINISTRATOR AND CUSTODIAN; DISTRIBUTION ARRANGEMENTS** 

Section 8.1<u>Supervision of Adviser and Administrator</u>.

&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)Subject to the requirements of the 1940 Act, the Board of Trustees may exercise broad discretion in allowing the Adviser and, if applicable, an Administrator, to administer and regulate the operations of the Company, to act as agent for the Company, to execute documents on behalf of the Company and to make executive decisions that conform to general policies and principles established by the Board. The Board shall monitor the Adviser, or if any, the Administrator, to assure that the administrative procedures, operations and programs of the Company are in the best interests of the Shareholders and are fulfilled and that (i) the expenses incurred are reasonable in light of the investment performance of the Company, its net assets and its net income, (ii) all Front End Fees shall be reasonable and shall not exceed eighteen percent (18%) of the gross proceeds of any offering, regardless of the source of payment, and (iii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders' fees and all other items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

&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)The Board of Trustees is responsible for determining that compensation paid to the Adviser is reasonable in relation to the nature and quality of services performed and the investment performance of the Company and that the provisions of the Advisory Agreement are being carried out. The Board may consider all factors that they deem relevant in making these determinations. So long as the Company is a business development company under the 1940 Act, compensation to the Adviser shall be considered presumptively reasonable if the incentive fee is limited to the participation in net gains allowed by the Advisers Act.

Section 8.2<u>Fiduciary Obligations of Adviser</u>. The Advisory Agreement shall provide that the Adviser and Sponsor has a fiduciary responsibility for the safekeeping and use of all funds and assets of the Company, whether or not in the Adviser's immediate possession or control, and that the Adviser shall not employ, or permit another to employ, such funds or assets in any manner except for the exclusive benefit of the Company. The Company shall not permit any Shareholder to contract away any fiduciary obligation owed by the Adviser and Sponsor under common law.

Section 8.3<u>Experience of Adviser</u>. The Board of Trustees shall determine the sufficiency and adequacy of the relevant experience and qualifications for the officers of the Company given the business objective of the Company. The Board shall determine whether any Adviser possesses sufficient qualifications to perform the advisory function for the Company and whether the compensation provided for in its contract with the Company is justified.

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Section 8.4<u>Termination of Advisory Agreement</u>. The Advisory Agreement shall provide that it is terminable (a) by the Company upon sixty (60) days' written notice to the Adviser: (i) upon the affirmative vote of holders of a majority of the outstanding voting securities of the Company entitled to vote on the matter (as "majority" is defined in Section 2(a)(42) of the 1940 Act) or (ii) by the vote of the Independent Trustees; or (b) by the Adviser upon not less than one hundred twenty (120) days' written notice to the Company, in each case without cause or penalty. In the event of termination, the Adviser will cooperate with the Company and the Board in making an orderly transition of the advisory function. In addition, if the Company elects to continue its operations following termination of the Advisory Agreement by the Adviser, the Adviser shall pay all expenses incurred as a result of its withdrawal. Upon termination of the Advisory Agreement, the Company shall pay the Adviser all amounts then accrued but unpaid to the Adviser. The method of payment must be fair and protect the solvency and liquidity of the Company. When the termination is voluntary, the method of payment will be presumed to be fair if it provides for a non-interest bearing unsecured promissory note with principal payable, if at all, from distributions which the terminated Adviser otherwise would have received under the applicable agreements among the parties had the Adviser not been terminated. When the termination is involuntary, the method of payment will be presumed to be fair if it provides for an interest bearing promissory note maturing in not more than five years with equal installment each year.

Section 8.5<u>Organization and Offering Expenses Limitation</u>. Unless otherwise provided in any resolution adopted by the Board of Trustees, the Company shall reimburse the Adviser and its Affiliates for Organization and Offering Expenses incurred by the Adviser or its Affiliates; provided, however, that the total amount of all Organization and Offering Expenses shall be reasonable, as determined by the Board, and shall be included in Front End Fees for purposes of the limit on such Front End Fees set forth in Section 8.1.

Section 8.6<u>Acquisition Fees</u>. The Company may pay the Adviser and/or its Affiliates fees for the review and evaluation of potential investments; provided, however, that the Board of Trustees shall conclude that the total of all Acquisition Fees and Acquisition Expenses shall be reasonable and shall not be duplicative of any other fees or expenses paid to the Adviser or its Affiliates, including under the Advisory Agreement and/or any agreement with the Administrator.

Section 8.7<u>Reimbursement of Adviser</u>. The Company shall not reimburse the Adviser or its Affiliates for services for which the Adviser or its Affiliates are entitled to compensation in the form of a separate fee. Excluded from the allowable reimbursement shall be: (a) rent or depreciation, utilities, capital equipment, other administrative items of the Adviser; and (b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser.

Section 8.8<u>Reimbursement of Administrator</u>. In the event the Company executes an agreement for the provision of administrative services, the Company may reimburse the Administrator, at the end of each fiscal quarter, for all expenses of the Company incurred by the Administrator as well as the actual cost of goods and services used for or by the Company and obtained from entities not Affiliated with the Company. Notwithstanding any other provision in this Declaration of Trust, the Administrator may be reimbursed for the administrative services necessary for the prudent operation of the Company performed by it on behalf of the Company; provided, however, the reimbursement shall be an amount equal to the lower of the Administrator's

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actual cost or the amount the Company would be required to pay third parties for the provision of comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles. Except as otherwise provided herein, no reimbursement shall be permitted for services for which the Administrator is entitled to compensation by way of a separate fee. Excluded from the allowable reimbursement shall be: (a) rent or depreciation, utilities, capital equipment, other administrative items of the Administrator; and (b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Administrator.

Section 8.9<u>Custodians</u> 

&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)The Trustees may employ a custodian or custodians meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Company. Any custodian shall have authority as agent of the Company as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Company and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to hold the securities owned by the Company and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to receive any receipt for any moneys due to the Company and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)if authorized by the Trustees, to keep the books and accounts of the Company and furnish clerical and accounting services; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)if authorized to do so by the Trustees, to compute the net income or net asset value of the Company;

all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

&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)Subject to such rules, regulations and orders as the SEC may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Company in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, as amended, or such other Person as may be permitted by the SEC, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer

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deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Company.

Section 8.10<u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters, distributors and/or placement agents to sell Shares and other securities of the Company. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Company, whereby the Company may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article VIII or the Bylaws; and such contract may also provide for the repurchase or sale of securities of the Company by such other party as principal or as agent of the Company and may provide that such other party may enter into selected dealer agreements and servicing and similar agreements to further the purposes of the distribution or repurchase of the securities of the Company.

**ARTICLE IX** **<br>INVESTMENT OBJECTIVES AND LIMITATIONS** 

Section 9.1<u>Investment Objective</u>. The Company's investment objective is to generate attractive risk adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The Trustees shall have power with respect to the Company to manage, conduct, operate and carry on the business of a business development company. The Independent Trustees shall review the investment policies of the Company with sufficient frequency (not less often than annually) to determine that the policies being followed by the Company are in the best interests of its Shareholders. Each such determination and the basis therefor shall be set forth in the minutes of the meetings of the Board of Trustees.

Section 9.2<u>Investments, Generally</u>. All transactions entered into by the Company shall be consistent with the investment permissions and limitations as established for business development companies under the 1940 Act, including any applicable exemptive orders that have been or may be issued in the future by the SEC.

Section 9.3<u>Investments in General Partnerships or Joint Ventures</u>.

&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)The Company shall not invest in general partnerships or joint ventures with non-Affiliates that own and operate specific assets, unless the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) below, acquires a controlling interest in such a general partnership or joint venture, but in no event shall the Adviser or Sponsor be entitled to duplicate fees; provided, however that the foregoing is not intended to prevent the Company from carrying out its business of investing and reinvesting its assets in Securities of other issuers. For purposes of this Section 9.3, "controlling interest" means an equity interest possessing the power to direct or cause the direction of the management and policies of the general partnership or joint venture, including the authority to: (i) review all contracts entered into by the general partnership or joint venture that will have a material effect on its business or assets; (ii) cause a sale or refinancing of the assets or its interest therein subject, in

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certain cases where required by the general partnership or joint venture agreement, to limits as to time, minimum amounts and/or a right of first refusal by the joint venture partner or consent of the joint venture partner; (iii) approve budgets and major capital expenditures, subject to a stated minimum amount; (iv) veto any sale or refinancing of the assets, or alternatively, to receive a specified preference on sale or refinancing proceeds; and (v) exercise a right of first refusal on any desired sale or refinancing by the joint venture partner of its interest in the assets, except for transfer to an Affiliate of the joint venture partner.

&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)The Company shall have the authority to invest in general partnerships or joint ventures with other publicly registered Affiliates of the Company if all of the following conditions are met: (i) the Affiliate and the Company have substantially identical investment objectives; (ii) there are no duplicate fees to the Adviser; (iii) the compensation payable by the general partnerships or joint ventures to the Adviser or Sponsor in each Fund that invests in such general partnership or joint venture is substantially identical; (iv) each of the Company and the Affiliate has a right of first refusal to buy if the other party wishes to sell assets held in the joint venture; (v) the investment of each of the Company and its Affiliate is on substantially the same terms and conditions; and (vi) any offering document of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions since neither the Company nor its Affiliate controls the general partnership or joint venture, and the potential risk that while the Company or its Affiliate may have the right to buy the assets from the general partnership or joint venture, it may not have the resources to do so.

&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)The Company shall have the authority to invest in general partnerships or joint ventures with Affiliates other than publicly registered Affiliates of the Company only if all of the following conditions are met: (i) the investment is necessary to relieve the Adviser or Sponsor from any commitment to purchase the assets entered into in compliance with Section 10.1 prior to the closing of the offering period of the Company; (ii) there are no duplicate fees to the Adviser or Sponsor; (iii) the investment of each entity is on substantially the same terms and conditions; (iv) the Company has a right of first refusal to buy if the Adviser or Sponsor wishes to sell assets held in the joint venture; and (v) any offering document of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions.

&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)Other than as specifically permitted in subsections (a), (b) and (c) above, the Company shall not invest in general partnerships or joint ventures with Affiliates.

Section 9.4<u>Other Goods or Services</u>.

&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)The Company may accept other goods or other services provided by the Adviser in connection with the operation of assets, provided that: (i) the Adviser determines such self-dealing arrangement is in the best interest of the Company; (ii) the terms pursuant to which all such goods or services are provided to the Company by the Adviser shall be embodied in a written contract, the material terms of which must be fully disclosed to the Shareholders; (iii) the written contract may only be modified by vote of a majority of then outstanding Shares and (iv) the contract shall contain a clause allowing termination without penalty on sixty (60) days' prior notice. Without limitation to the foregoing, arrangements to provide such goods or other services

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must meet all of the following criteria: (X) the Adviser must be independently engaged in the business of providing such goods or services to persons other than its Affiliates and at least thirty-three percent (33%) of the Adviser's associated gross revenues must come from persons other than its Affiliates; (Y) the compensation, price or fee charged for providing such goods or services must be comparable and competitive with the compensation, price or fee charged by persons other than the Adviser and its Affiliates in the same geographic location who provide comparable goods or services which could reasonably be made available to the Company; and (Z) except in extraordinary circumstances, the compensation and other material terms of the arrangement must be fully disclosed to the Shareholders. Extraordinary circumstances are limited to instances when immediate action is required and the goods or services are not immediately available from persons other than the Adviser.

&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)Notwithstanding the foregoing subsection (a)(X), if the Adviser is not engaged in the business to the extent required by such clause, the Adviser may provide to the Company other goods or other services if all of the following additional conditions are met: (i) the Adviser can demonstrate the capacity and capability to provide such goods or services on a competitive basis; (ii) the goods or services are provided at the lesser of cost or the competitive rate charged by persons other than the Adviser in the same geographic location who are in the business of providing comparable goods or services; (iii) the cost is limited to the reasonable necessary and actual expenses incurred by the Adviser on behalf of the Company in providing such goods or services, exclusive of expenses of the type which may not be reimbursed under applicable federal or state securities laws; and (iv) expenses are allocated in accordance with generally accepted accounting principles and are made subject to any special audit required by applicable federal and state securities laws. The cost of the goods and services provided by the Adviser will not include expenses of the type which may not be reimbursed under the Omnibus Guidelines, and such expenses will be made subject to any special audit required by the Omnibus Guidelines or applicable federal or state securities laws.

Section 9.5<u>Borrowing Money or Utilizing Leverage</u>. The Trustees shall have the power to cause the Company to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Company, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation. In addition and notwithstanding any other provision of this Declaration of Trust, the Company is hereby authorized to borrow funds, incur indebtedness and guarantee obligations of any Person, and in connection therewith, to the fullest extent permitted by law, the Trustees, on behalf of the Company, are hereby authorized to pledge, hypothecate, mortgage, assign, transfer or grant security interests in or other liens on (i) the Shareholders' subscription agreements and the Shareholders' obligations to make capital contributions thereunder and hereunder, and (ii) any other assets, rights or remedies of the Company or of the Trustees hereunder or under the subscription agreements, including without limitation, the right to issue capital call notices and to exercise remedies upon a default by a Shareholder in the payment of its capital contributions and the right to receive capital contributions and other payments, subject to the terms hereof and thereof. Notwithstanding any provision in this Declaration of Trust, (i) the Company may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Board of Trustees, in its sole discretion, determines

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is fair and reasonable to the Company, and (ii) in connection with any borrowing, indebtedness or guarantee by the Company, all capital contributions shall be payable to the account of the Company designated by the Board of Trustees, which may be pledged to any lender or other credit party of the Company. All rights granted to a lender pursuant to this Section 9.5 shall apply to its agents and its successors and permitted assigns.

**ARTICLE X** **<br>CONFLICTS OF INTEREST** 

Section 10.1<u>Sales and Leases to Company</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not purchase or lease assets in which the Adviser or any Affiliate thereof has an interest unless all of the following conditions are met: (a) the transaction occurs at the formation of the Company, and is fully disclosed to the Shareholders either in a prospectus or periodic report filed with the SEC or otherwise; and (b) the assets are sold or leased upon terms that are reasonable and fair to the Company and at a price not to exceed the lesser of cost or fair market value as determined by an Independent Expert. Notwithstanding anything to the contrary in this Section 10.1, the Adviser may purchase assets in its own name (and assume loans in connection therewith) and temporarily hold title thereto, for the purposes of facilitating the acquisition of the assets, the borrowing of money, obtaining financing for the Company, or the completion of construction of the assets, provided that all of the following conditions are met: (i) the assets are purchased by the Company at a price no greater than the cost of the assets to the Adviser; (ii) all income generated by, and the expenses associated with, the assets so acquired shall be treated as belonging to the Company; and (iii) there are no other benefits arising out of such transaction to the Adviser.

Section 10.2<u>Sales and Leases to the Adviser, Trustees or Affiliates</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not sell assets to the Adviser or any Affiliate thereof unless such sale is duly approved by the holders of more than fifty percent (50%) of the outstanding voting securities of the Company. The Company shall not lease assets to the Adviser or any Trustee or Affiliate thereof unless all of the following conditions are met: (i) the transaction occurs at the formation of the Company, and is fully disclosed to the Shareholders either in a periodic report filed with the SEC or otherwise; and (ii) the terms of the transaction are fair and reasonable to the Company.

Section 10.3<u>Loans</u>. No loans, credit facilities, credit agreements or otherwise shall be made by the Company to the Adviser or any Affiliate thereof.

Section 10.4<u>Commissions on Financing, Refinancing or Reinvestment</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not pay, directly or indirectly, a commission or fee to the Adviser or any Affiliate thereof (except as otherwise specified in this Article X) in connection with the reinvestment of cash available for distribution and available reserves or of the proceeds of the resale, exchange or refinancing of assets.

Section 10.5<u>Rebates, Kickbacks and Reciprocal Arrangements</u>. The Company shall cause the Adviser to agree that it shall not receive or accept any rebate or give-ups or similar arrangement that is prohibited under applicable federal or state securities laws. The Company shall

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cause the Adviser to agree that it shall not participate in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws governing conflicts of interest or investment restrictions, or enter into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal or state securities laws. The Company shall cause the Adviser to agree that it shall not directly or indirectly pay or award any fees or commissions or other compensation to any Person engaged to sell Shares or give investment advice to a potential Shareholder; provided, however, that this Section 10.5 shall not prohibit the payment to a registered broker-dealer or other properly licensed agent of normal sales commissions or other compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing Shares, including out of the Adviser's own assets, including those amounts paid to the Adviser under the Advisory Agreement. The Company shall cause the Adviser to not participate in any arrangements that would circumvent the Omnibus Guidelines.

Section 10.6<u>Exchanges</u>. The Company may not acquire assets in exchange for Shares of the Company.

Section 10.7<u>Other Transactions</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not engage in any other transaction with the Adviser or a Trustee or Affiliate thereof unless: (a) such transaction complies with all applicable law and (b) a majority of the Trustees (including a majority of the Independent Trustees) not otherwise interested in such transaction approve such transaction as fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from non-Affiliated third parties.

Section 10.8<u>Lending Practices</u>. On financings made available to the Company by the Adviser, the Adviser may not receive interest in excess of the lesser of the Adviser's cost of funds or the amounts that would be charged by unrelated lending institutions on comparable loans for the same purpose. The Adviser shall not impose a prepayment charge or penalty in connection with such financings and the Adviser shall not receive points or other financing charges. The Adviser shall be prohibited from providing permanent financing for the Company. For purposes of this Section 10.8, "permanent financing" shall mean any financing with a term in excess of twelve (12) months.

**ARTICLE XI** **<br>SHAREHOLDERS** 

Section 11.1<u>Certain Voting Rights of Shareholders</u>.

&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)Subject to the provisions of any class or series of shares then outstanding and the mandatory provisions of any applicable laws or regulations and subject to the other provisions of this Declaration of Trust (including Section 6.2), the following actions may be taken by the Shareholders, without concurrence by the Board of Trustees, upon a vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matters:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)modify this Declaration of Trust in accordance with Article VI hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)remove the Adviser and appoint a new Adviser pursuant to the procedures in Section 8.4; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)sell all or substantially all of the Company' assets other than in the ordinary course of the Company's business.

&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)Without the approval of Shareholders entitled to cast a majority of all the votes entitled to be cast on the matter, or such other approval as may be required under the mandatory provisions of any applicable laws or regulations, or other provisions of this Declaration of Trust, the Company shall not permit the Adviser to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)modify this Declaration of Trust except for amendments which do not adversely affect the rights of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)appoint a new Adviser (other than a sub-adviser pursuant to the terms of an Advisory Agreement and applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)sell all or substantially all of the Company's assets other than in the ordinary course of the Company's business or as otherwise permitted by law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)except as permitted under the Advisory Agreement, voluntarily withdraw as the Adviser unless such withdrawal would not affect the tax status of the Company and would not materially adversely affect the Shareholders.

&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)Shareholders entitled to cast at least a majority of all Shares of the Company entitled to vote may, without the necessity for concurrence by the Adviser, vote to dissolve the Company.

Section 11.2<u>Voting Limitations on Shares Held by the Adviser, Trustees and Affiliates</u>. With respect to shares owned by the Adviser, any Trustees, or any of their respective Affiliates, neither the Adviser, nor such Trustee(s), nor any of their Affiliates may vote or consent on matters submitted to the Shareholders regarding the removal of the Adviser, such Trustee(s) or any of their Affiliates or any transaction between the Company and any of them. In determining the requisite percentage in interest of shares necessary to approve a matter on which the Adviser, such Trustee(s) and any of their Affiliates may not vote or consent, any shares owned by any of them shall not be included.

Section 11.3<u>Right of Inspection</u>.

&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)Any Shareholder may: (i) in person or by agent, on written request, inspect and obtain copies at all reasonable times the Company's books and records and ledger; and (ii) present to any officer of the Company or its resident agent a written request for a statement of its affairs.

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&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 Shareholder may: (i) in person or by agent, on written request, inspect and copy at all reasonable times the books and records and ledger of the Company; (ii) present to any officer or resident agent of the Company a written request for a statement of its affairs; and (iii) in the event the Company does not maintain the original or a duplicate ledger at its principal office, present to any officer or resident agent of the Company a written request for the Shareholder List. As used in this Section 11.3, the term "Shareholder List" means an alphabetical list of names, addresses and business telephone numbers of the Shareholders of the Company along with the number of equity shares held by each of them.

&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)A copy of the Shareholder List, requested in accordance with this Section, shall be mailed within ten (10) days of the request and shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font). The Shareholder List shall be updated at least quarterly to reflect changes in the information contained therein.

&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)The Company may impose a reasonable charge for expenses incurred in reproduction pursuant to the Shareholder request. A holder of Common Shares may request a copy of the Shareholder List in connection with matters relating to Shareholders' voting rights, the exercise of Shareholder rights under federal proxy laws or for any other proper and legitimate purpose. Each Shareholder who receives a copy of the Shareholder List shall keep such list confidential and shall sign a confidentiality agreement to the effect that such Shareholder will keep the Shareholder List confidential and share such list only with its employees, representatives or agents who agree in writing to maintain the confidentiality of the Shareholder List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If the Adviser or Trustees neglect or refuse to exhibit, produce or mail a copy of the Shareholder List as requested, the Adviser and the Trustees shall be liable to any Shareholder requesting the list for the costs, including attorneys' fees, incurred by that Shareholder for compelling the production of the Shareholder List, and for actual damages suffered by any Shareholder by reason of such refusal or neglect. It shall be a defense that the actual purpose and reason for the requests for inspection or for a copy of the Shareholder List is to secure such list of Shareholders or other information for the purpose of selling such list or copies thereof, or of using the same for a commercial purpose other than in the interest of the applicant as a Shareholder relative to the affairs of the Company. The Company may require the Shareholder requesting the Shareholder List to represent that the list is not requested for a commercial purpose unrelated to the Shareholder's interest in the Company. The remedies provided hereunder to Shareholders requesting copies of the Shareholder List are in addition, to and shall not in any way limit, other remedies available to Shareholders under federal law, or the laws of any state.

Section 11.4<u>Shareholder Reports</u>.

&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)The Trustees, including the Independent Trustees, shall take reasonable steps to insure that the Company shall cause to be prepared and delivered or made available by any reasonable means, including an electronic medium, to each Shareholder as of a record date after the end of the fiscal year within one hundred twenty (120) days after the end of the fiscal year to which it relates an annual report for each fiscal year ending after the commencement of the Company's initial public offering that shall include: (i) financial statements prepared in accordance with GAAP that are audited and reported on by independent certified public accountants; (ii) a report of the activities of the Company during the period covered by the report; and (iii) where

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forecasts have been provided to the Shareholders, a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (iv) a report setting forth distributions to Shareholders for the period covered thereby and separately identifying distributions from: (A) Cash Flow from operations during the period; (B) Cash Flow from operations during a prior period which have been held as reserves; (C) proceeds from disposition of assets of the Company; and (D) reserves from the gross proceeds of the offering. Such annual report must also contain a breakdown of the costs reimbursed to the Adviser.

&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)The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and filed, as well as delivered or made available to Shareholders, within sixty (60) days after the end of each fiscal quarter of the Company, a Form 10-Q if required under the Exchange Act.

&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)The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and delivered or made available within seventy-five (75) days after the end of each fiscal year of the Company to each Person who was at any time during such fiscal year a Shareholder all information necessary for the preparation of the Shareholders' federal income tax returns.

&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)If capital stock has been purchased on a deferred payment basis, on which there remains an unpaid balance during any period covered by any report required by subsections (a) and (b) above; then such report shall contain a detailed statement of the status of all deferred payments, actions taken by the Company in response to any defaults, and a discussion and analysis of the impact on capital requirements of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Board of Trustees shall cause the Company, upon request from any state official or agency or official administering the securities laws of such state (a "State Administrator"), to submit to such State Administrator the reports and statements required to be distributed to Shareholders pursuant to this Section 11.4.

Section 11.5<u>Suitability of Shareholders</u>.

&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)<u>Investor Suitability Standards</u>. During any public offering of its Shares and until the earlier of a Liquidity Event or the date the Company is no longer subject to the Omnibus Guidelines, the Company and those selling shares on its behalf shall, with respect to share offers and sales in which they are broker of record, assure that such shares are offered and sold pursuant only to prospective investors who, in each case, meet the income and Net Worth "Suitability Standards" as specified in the Company's prospectus for the Shares (as the same may be amended or supplemented from time to time) and the Omnibus Guidelines.

&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)The Sponsor or each Person selling Common Shares on behalf of the Company shall make every reasonable effort to make this determination on the basis of information it has obtained from a prospective Shareholder. Relevant information for this purpose will include at least the age, investment objectives, investment experience, income, net worth, financial situation and other investments of the prospective Shareholder, as well as any other pertinent factors.

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&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)The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain records of the information used to determine that an investment in Common Shares is suitable and appropriate for a Shareholder. The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain these records for at least six years.

**ARTICLE XII** **<br>ROLL-UP TRANSACTIONS** 

Section 12.1<u>Roll-up Transactions</u>. In connection with any proposed Roll-Up Transaction, an appraisal of all of the Company's assets shall be obtained from a competent Independent Expert. The Company's assets shall be appraised on a consistent basis, and the appraisal shall be based on the evaluation of all relevant information and shall indicate the value of the assets as of a date immediately prior to the announcement of the proposed Roll-Up Transaction. The appraisal shall assume an orderly liquidation of the assets over a twelve-month period. The terms of the engagement of the Independent Expert shall clearly state that the engagement is for the benefit of the Company and the Shareholders. A summary of the appraisal, indicating all material assumptions underlying the appraisal, shall be included in a report to Shareholders in connection with a proposed Roll-Up Transaction. If the appraisal will be included in a Prospectus used to offer the securities of a Roll-Up Entity, the appraisal shall be filed with the Securities and Exchange Commission and the State Securities Administrator as an exhibit to the Registration Statement for the offering. In connection with a proposed Roll-Up Transaction, the Person sponsoring the Roll-Up Transaction shall offer to Shareholders who vote against the proposed Roll-Up Transaction the choice of:

&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)accepting the securities of a Roll-Up Entity offered in the proposed Roll-Up Transaction; or

&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)one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)remaining as Shareholders and preserving their interests therein on the same terms and conditions as existed previously; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receiving cash in an amount equal to the Shareholder's pro rata share of the appraised value of the net assets of the Company.

The Company is prohibited from participating in any proposed Roll-Up Transaction:

&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)that would result in the Shareholders having voting rights in a Roll-Up Entity that are less than shareholder rights and other voting rights provided for in Sections 11.1, 11.2, 13.3 and 13.5 hereof or Section 3(b) of Article II of our Bylaws or in this Declaration of Trust;

&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)that includes provisions that would operate as a material impediment to, or frustration of, the accumulation of capital stock by any purchaser of the securities of the Roll-Up Entity (except to the minimum extent necessary to preserve the tax status of the Roll-Up Entity), or which would limit the ability of an investor to exercise the voting rights of its securities of the Roll-Up Entity on the basis of the capital stock held by that investor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)in which investor's rights to access of records of the Roll-Up Entity will be less than those described in Section 11.3 hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)in which any of the costs of the Roll-Up Transaction would be borne by the Company if the Roll-Up Transaction is rejected by the Shareholders.

**ARTICLE XIII** **<br>DURATION OF THE COMPANY** 

Section 13.1<u>Duration of the Company</u>. The Company shall continue perpetually unless terminated pursuant to the provisions contained herein or pursuant to any applicable provision of the Statutory Trust Act.

Section 13.2<u>Dissolution by the Trustees</u>. The Trustees may not dissolve or liquidate the Company without the affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares entitled to vote on the matter.

Section 13.3<u>Dissolution by Shareholder Vote</u>. The Company may be dissolved at any time, without the necessity for concurrence by the Board, upon affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares entitled to vote on the matter.

Section 13.4<u>Liquidation</u>. Upon dissolution of the Company, the Board of Trustees shall cause the Company to liquidate and wind-up in a manner consistent with Section 3808 of the Statutory Trust Act, including the distribution to the Shareholders of any assets of the Company. Upon dissolution and the completion of the winding up of the affairs of the Company, the Company shall be terminated by the executing and filing with the Secretary of State of the State of Delaware by one or more Trustees of a certificate of cancellation of the certificate of trust of the Company.

Section 13.5<u>Merger or Other Reorganization of the Company</u>. The Company may not permit the Adviser to cause the merger or other reorganization of the Company without the affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matter.

**ARTICLE XIV** **<br>MISCELLANEOUS** 

Section 14.1<u>Construction and Governing Law</u>.

&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)This Declaration of Trust and the Bylaws, in combination, shall constitute the governing instrument of the Company, however to the extent that any provision of the Bylaws conflicts with this Declaration of Trust, the terms of this Declaration of Trust shall control. This Declaration of Trust and the Bylaws, and the rights and obligations of the Trustees and Shareholders hereunder, shall be governed by and construed and enforced in accordance with the Statutory Trust Act and the laws of the State of Delaware.

&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)reserved

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&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)Sections 3540 and 3561 of Title 12 of the Statutory Trust Act shall not apply to the Company.

Section 14.2<u>Conflicts of Law</u>. To the extent that any provision of the Statutory Trust Act or any provision of this Declaration of Trust or Bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of this Declaration of Trust or the Bylaws or render invalid or improper any action taken or omitted prior to such determination. If any provision of this Declaration of Trust or the Bylaws shall be held invalid or unenforceable in any jurisdiction, the invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

Section 14.3<u>Derivative Actions</u>.

&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)No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Company. Any Shareholder may maintain a derivative action on behalf of the Company.

&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)In addition to the requirements set forth in Section 3816 of the Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Company only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Company for the expense of any such advisors in the event that the Trustees determine not to bring such action.

Section 14.4<u>Direct Actions</u>. To the fullest extent permitted by Delaware law, the Shareholders' right to bring direct actions against the Company and/or its Trustees is eliminated, except for a direct action to enforce an individual Shareholder right to vote or a direct action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Statutory Trust Act. To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then the conditions required for the bringing of a derivative action pursuant to Section 14.3 of this Declaration of Trust and Section 3816 of the Statutory Trust Act shall be equally applicable to bringing a direct action. This Section 14.4 will not apply to claims brought under federal or state securities laws.

Section 14.5<u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer, each Shareholder and each Person beneficially owning an interest in a share of the Company (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the

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![gfx115373023_0.gif](gfx115373023_0.gif)

Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Company or its business and affairs, the Statutory Trust Act, this Declaration of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration of Trust or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Company to the Shareholders or the Trustees, or of officers or the Trustees to the Company, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Company, the officers, the Trustees or the Shareholders, or (D) any provision of the Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Statutory Trust Act, this Declaration of Trust or the Bylaws relating in any way to the Company (regardless, in every case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. In the event that any claim, suit, action or proceeding is commenced outside of the Court of Chancery of the State of Delaware in contravention of this Section 14.5, all reasonable and documented out of pocket fees, costs and expenses, including reasonable attorneys' fees and court costs, incurred by the prevailing party in such claim, suit, action or proceeding shall be reimbursed by the non-prevailing party. This Section 14.5 shall not apply to claims arising under federal or state securities laws.

Section 14.6<u>Agreement to be Bound</u>. EVERY PERSON, BY VIRTUE OF HAVING BECOME A SHAREHOLDER IN ACCORDANCE WITH THE TERMS OF THIS DECLARATION OF TRUST AND THE BYLAWS, AS AMENDED FROM TIME TO TIME, SHALL BE DEEMED TO HAVE EXPRESSLY ASSENTED AND AGREED TO THE TERMS OF, AND SHALL BE BOUND BY, THIS DECLARATION OF TRUST AND THE BYLAWS.

Section 14.7<u>Delivery by Electronic Transmission or Otherwise</u>. Any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration of Trust or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

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## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED BAIN CAPITAL PRIVATE CREDIT BYLAWS**

**ARTICLE I.** **<br>OFFICES**

Section 1.<u>PRINCIPAL OFFICE</u>. The principal office of Bain Capital Private Credit (the "Company") in the State of Delaware shall be located at such place as the Board of Trustees of the Company (the "Trustees" or the "Board") may designate from time to time.

Section 2.<u>ADDITIONAL OFFICES</u>. The principal executive office of the Company is at 200 Clarendon Street, 37th Floor, Boston, Massachusetts 02116. The Company may have additional offices at such places as the Board may from time to time determine or the business of the Company may require.

**ARTICLE II.** **<br>MEETINGS OF SHAREHOLDERS**

Section 1.<u>PLACE</u>. All meetings of shareholders shall be held at the principal executive office of the Company or at such other place as shall be set by the Board and stated in the notice of the meeting.

Section 2.<u>ANNUAL MEETING</u>. The Company shall hold a meeting of Shareholders at least annually to consider such matters as may appropriately come before such meeting at such place and time designated by the Board. The failure to hold an annual meeting shall not invalidate the Company's existence or affect any otherwise valid corporate act of the Company.

Section 3.<u>SPECIAL MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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)<u>General</u>. The (i) chairman of the Board, (ii) chief executive officer, (iii) president, or (iv) a majority of the Board may call a special meeting of the shareholders. Subject to subsection (b) of this Section 3 of Article II, the secretary of the Company shall call a special meeting of shareholders upon the written request of the shareholders entitled to cast not less than ten percent (10%) of all the votes entitled to be cast at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&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)<u>Shareholder Requested Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Any shareholder of record seeking to request a special meeting shall, by sending written notice to the secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Board to fix a record date to determine the shareholders entitled to request a special meeting (the "Request Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more shareholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such shareholder (or such agent) and shall set forth all information relating to each such shareholder and each matter proposed to be acted on at the meeting that

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would be required to be disclosed in connection with solicitations of proxies for election of Trustees in an election contest (even if an election contest is not involved), or as otherwise required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act. Upon receiving the Record Date Request Notice and subject to the Delaware Statutory Trust Act, as amended from time to time (the "DSTA"), the Board may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten (10) days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board. If the Board, within ten (10) days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth (10th) day after the first date on which the Record Date Request Notice is received by the secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)In order for any shareholder to request a special meeting, one or more written requests for a special meeting signed by shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than ten percent (10%) (the "Special Meeting Percentage") of all of the votes entitled to be cast at such meeting (the "Special Meeting Request") shall be delivered to the secretary. In addition, the Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to the matters set forth in the Record Date Request Notice received by the secretary), shall bear the date of signature of each such shareholder (or such agent) signing the Special Meeting Request, shall set forth the name and address, as they appear in the Company's books, of each shareholder signing such request (or on whose behalf the Special Meeting Request is signed) and the class, series and number of all shares of the Company which are owned by each such shareholder, and the nominee holder for, and number of, shares owned beneficially but not of record, shall be sent to the secretary by registered mail, return receipt requested, and shall be received by the secretary within sixty (60) days after the Request Record Date (the "Special Meeting Request Deadline"). Any requesting shareholder may revoke their Special Meeting Request at any time by written revocation delivered to the secretary (or agent duly authorized in a writing accompanying the revocation or the Special Meeting Request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)If the Special Meeting Percentage is met by the Special Meeting Request Deadline, the secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including the Company's proxy materials). The secretary shall not be required to call a special meeting upon shareholder request and such meeting shall not be held unless, in addition to the documents required by this subsection, the secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the Chief Executive Officer or the Board of Trustees, whoever has called the meeting. In the case of any special meeting called by the secretary upon the request of shareholders (a "Shareholder Requested Meeting"), such meeting shall be held at such place, date and time as may be designated by the Board of Trustees; provided, however, that the date of any Shareholder Requested Meeting shall be not less than fifteen (15) and not more than sixty (60) days after the secretary gives notice for such

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meeting (the "Meeting Record Date"); and provided further that if the Board fails to designate, within fifteen (15) days after the date that a valid Special Meeting Request is actually received by the secretary (the "Delivery Date"), a date and time for a shareholder requested meeting, then such meeting shall be held at 2:00 p.m. local time on the sixtieth (60th) day after the Meeting Record Date or, if such sixtieth (60th) day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board fails to designate a place for the Shareholder Requested Meeting within fifteen (15) days after the Delivery Date, then such meeting shall be held at the principal executive office of the Company. In fixing a date for any special meeting, the Chief Executive Officer or the Board of Trustees may consider such factors as the Trustees deem relevant within the good faith exercise of business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for meeting and any plan of the Board to call an annual meeting or a special meeting. In the case of any Shareholder Requested Meeting, the Board shall fix a Meeting Record Date that is a date not later than sixty (60) days after the Delivery Date. The Board of Trustees may revoke the notice for any Shareholder Requested Meeting in the event that the requesting shareholders fail to comply with the provisions of paragraphs (2) or (3) of this Section 3(b) of Article II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)If written revocations of requests for the Shareholder Requested Meeting have been delivered to the secretary and the result is that shareholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting to the secretary, the secretary shall: (i) if the notice of meeting has not already been mailed, refrain from mailing the notice of the meeting and send to all requesting shareholders who have not revoked such requests written notice of any revocation of a request for the special meeting, or (ii) if the notice of meeting has been mailed and if the Secretary first sends to all requesting shareholders who have not revoked requests for a special meeting written notice of any revocation of a request for the special meeting and written notice of the secretary's intention to revoke the notice of the meeting, revoke the notice of the meeting at any time before ten (10) days before the commencement of the meeting. Any request for a special meeting received after a revocation by the secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)The Board, the chairman of the Board, the chief executive officer or the president may appoint independent inspectors of elections to act as the agent of the Company for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered to the secretary until the earlier of (i) five (5) Business Days after receipt by the secretary of such purported request and (ii) such date as the independent inspectors certify to the Company that the valid requests received by the secretary represent, as of the Request Record Date, not less than the Special Meeting Percentage. Nothing contained in this subsection (6) shall in any way be construed to suggest or imply that the Company or any shareholder shall not be entitled to contest the validity of any request, whether during or after such five (5) Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or other day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 4.<u>NOTICE OF MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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)<u>Method of Delivery; Minimum Contents; Waiver</u>. Written or printed notice of the purpose or purposes, in the case of a special meeting, and of the time and place of every meeting of the shareholders shall be given by the secretary of the Company to each shareholder of record entitled to vote at the meeting and to each other shareholder entitled to notice of the meeting, by: (i) presenting the notice to such shareholder personally, (ii) placing the notice in the mail, (iii) delivering the notice by overnight delivery service, (iv) transmitting the notice by electronic mail or any other electronic means, or (v) any other means permitted by Delaware law, at least ten (10) days, but not more than ninety (90) days, prior to the date designated for the meeting, addressed to each shareholder at such shareholder's address appearing on the records of the Company or supplied by the shareholder to the Company for the purpose of notice. The notice shall state the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by statute or these Bylaws, the purpose for which the meeting is called. The notice of any meeting of shareholders may be accompanied by a form of proxy approved by the Board in favor of the actions or persons as the Board may select. Notice of any meeting of shareholders shall be deemed waived by any shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&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)<u>Scope of Notice</u>. Except as provided in Article II, Section 11, any business of the Company may be transacted at an annual meeting of shareholders without being specifically designated in the notice of such meeting, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice of such meeting.

Section 5.<u>ORGANIZATION AND CONDUCT</u>. Every meeting of shareholders shall be conducted by an individual appointed by the Board to be chairman of the meeting or, in the absence of such appointment, by the chairman of the board, if any, or, in the case of a vacancy in the office or absence of the chairman of the board, by one of the following officers present at the meeting: the chief executive officer, the president, if any, any vice president, the secretary, the treasurer or, in the absence of such officers, a chairman chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by proxy. The secretary or, in the secretary's absence, an assistant secretary or, in the absence of both the secretary and assistant secretaries, an individual appointed by the Board or, in the absence of such appointment, an individual appointed by the chairman of the meeting shall act as secretary. In the event that the secretary presides at a meeting of the shareholders, an assistant secretary, or, in the absence of assistant secretaries, an individual appointed by the Board or the chairman of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairman, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the

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commencement of the meeting; (b) limiting attendance at the meeting to shareholders of record of the Company, their duly authorized proxies or other such individuals as the chairman of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Company entitled to vote on such matter, their duly authorized proxies or other such individuals as the chairman of the meeting may determine; (d) limiting the time allotted to questions or comments by participants; (e) maintaining order and security at the meeting; (f) removing any shareholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairman of the meeting; and (g) recessing or adjourning the meeting to a later date and time and place announced at the meeting. Unless otherwise determined by the chairman of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 6.<u>QUORUM</u>. At any meeting of shareholders, the presence in person or by proxy of the shareholders of the Company holding fifty percent (50%) of the outstanding shares of the Company (without regard to class or series) shall constitute a quorum, except with respect to any such matter that, under applicable statutes or regulatory requirements, requires approval by a separate vote of one or more classes of capital shares of the Company, in which case the presence in person or by proxy of the holders of shares of the Company's capital shares holding fifty percent (50%) of the outstanding shares of such class shall constitute a quorum. This Section 6 shall not affect any requirement under any applicable law, any other provisions of these Bylaws or the Amended and Restated Declaration of Trust of the Company, as further amended or restated from time to time (the "Declaration of Trust"), for the vote necessary for the adoption of any measure. If such quorum shall not be present at any meeting of the shareholders, then the chairman of the meeting or the shareholders entitled to vote at such meeting, present in person or by proxy, shall have the power to adjourn the meeting to a date not more than one hundred twenty (120) days after the original record date without further notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.

Section 7.<u>VOTING</u>. A plurality of all votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee, provided that, in the case where the number of nominees for the trusteeships (or, if applicable, the trusteeships of a particular class of trustees) exceeds the number of such trustees to be elected (a "Contested Election"), the affirmative vote of the holders of more than 50% of all shares entitled to vote generally in the election of Trustees shall be required to elect such nominee, provided that if a sufficient number of votes to elect a trustee are not cast in such Contested Election, the incumbent Trustee, if any, shall retain their position. Each share may be voted for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless more than a majority of the votes cast is required by the 1940 Act or other applicable law, the Declaration of Trust or Article III of these Bylaws. Unless otherwise provided in the Declaration of Trust, each outstanding share owned of record on the applicable record date, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders.

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Section 8.<u>PROXIES</u>. A shareholder may vote the shares owned of record by the shareholder, either in person or by proxy executed in writing by the shareholder or by the shareholder's duly authorized agent as permitted by law. Such proxy shall be filed with the secretary of the Company before or at the meeting.

Section 9.<u>VOTING OF SHARES BY CERTAIN HOLDERS</u>. Shares of the Company registered in the name of a corporation, partnership, trust or other entity, if entitled to be voted, may be voted by the president or a vice president, a general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such share pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such share. Any fiduciary may vote shares registered in his or her name as such fiduciary, either in person or by proxy.

Shares of the Company directly owned by it or its subsidiaries shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board may adopt by resolution a procedure by which a shareholder may certify in writing to the Company that any shares registered in the name of the shareholder are held for the account of a specified person other than the shareholder. The resolution shall set forth the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date or closing of the shares transfer books, the time after the record date or closing of the shares transfer books within which the certification must be received by the Company; and any other provisions with respect to the procedure which the Board considers necessary or desirable. On receipt of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the shareholder of record of the specified shares in place of the shareholder who makes the certification.

Section 10.<u>INSPECTORS</u>. The Board in advance of any meeting of shareholders, or the chairman of the meeting at any meeting of shareholders, may, but need not, appoint one or more individual inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the Board in advance of the meeting or at the meeting by the chairman of the meeting. The inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, as defined in this Article II, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, and determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders. Each such report of an inspector shall be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the

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report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

Section 11.<u>ADVANCE NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEES AND OTHER SHAREHOLDER PROPOSALS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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)<u>Annual Meetings of Shareholders</u>. To the extent that the Company shall hold an annual meeting of its shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Nominations of individuals for election to the Board and the proposal of other business to be considered by the shareholders may be made at an annual meeting of shareholders (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) by any shareholder of the Company who was a shareholder of record both at the time of giving the notice provided for in this Section 11(a) and at the time of the annual meeting, who is entitled to vote at the meeting and who has complied with this Section 11(a). In addition to the requirements of Section 11(a)(2) set forth below, to be eligible to submit a nomination notice under Section 11(a) or propose other business to be considered by shareholders, such shareholder must have held shares of the Company representing at least two percent (2%) of the outstanding shares of the Company continuously for a period of not less than two (2) years as of the date of the submission of such notice and must continue to hold such shares through the date of the annual meeting. Such shareholder shall include in the notice required by Section 11(a)(2) a representation regarding such holding and a commitment to continue to hold the requisite shares through the date of the meeting. The Board shall have the right to request documentary evidence of such continuous ownership, and failure to provide such evidence within ten (10) Business Days of such request shall render the notice defective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For nominations of individuals for election to the Board or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii) of subsection (a)(1) of this Section 11, the shareholder must have given timely notice thereof in writing to the secretary of the Company and such other business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder's notice shall set forth all information required under this Section 11 and shall be delivered to the secretary at the principal executive office of the Company not less than one hundred twenty (120) days nor more than one hundred fifty (150) days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting; provided, however, that in the event that the date of the mailing of the notice for the annual meeting is advanced or delayed by more than thirty (30) days from the first anniversary of the date of mailing of the notice for the preceding year's annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the close of business on the one hundred fiftieth (150th) day prior to the date of mailing of the notice for such annual meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to the date of mailing of the notice for such annual meeting or the tenth (10th) day following the day on which public announcement of the date of mailing of the notice for such meeting is first made. In no event shall the public announcement of a postponement or adjournment of an annual meeting commence a new time period for the giving of a shareholder's notice as described above. Such shareholder's notice shall set forth: (i) as to each individual whom the shareholder proposes to nominate for election or reelection as a Trustee, (A) the name, age, business address and residence address of each such individual, (B) the class, series and

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number of any shares of the Company that are beneficially owned by such individual, (C) the date such shares were acquired and the investment intent of such acquisition, (D) all information relating to such person that is required to be disclosed in solicitations of proxies for election of Trustees, or is otherwise required, in each case pursuant to Regulation 14A (or any successor regulations) under the Exchange Act (including such person's written consent to being named in the proxy statement as a nominee and to serving as a Trustee if elected) and whether such shareholder believes any such individual is, or is not, an Interested Person (as such term is defined in the Declaration of Trust) of the Company and information regarding such individual that is sufficient, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to make such determination, including a written questionnaire about the background and qualifications of such person and a written representation and agreement that such person is not and will not become a party to any voting agreements, any agreement or understanding with any person with respect to any compensation or indemnification in connection with service on the Board, and would be in compliance with all of the Company's publicly disclosed corporate governance, conflict of interest, confidentiality and share ownership and trading policies and guidelines, a written representation and agreement, in the form provided by the secretary of the Company upon written request, that such person: (x) is not and will not become a party to any agreement, arrangement, or understanding with, and has not given any commitment or assurance to, any person or entity as to how such individual, if elected as a Trustee, will act or vote on any issue or question that has not been disclosed to the Company; (y) is not and will not become a party to any agreement, arrangement, or understanding with any person or entity other than the Company with respect to any direct or indirect compensation, reimbursement, or indemnification in connection with service or action as a Trustee that has not been disclosed to the Company; and (z) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a Trustee, and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality, and share ownership and trading policies and guidelines of the Company, whether the nominating shareholder intends to solicit proxies in support of trustee nominees other than the Company's nominees in accordance with Rule 14a-19 under the Exchange Act, and if so, confirmation that the nominating shareholder will comply with the requirements of Rule 14a-19, including providing the Company with at least sixty (60) days' notice prior to the meeting and soliciting the holders of shares representing at least 67% of the voting power of shares entitled to vote on the election of trustees and submitting to the Company any proxies it has solicited prior to being able to present at the meeting; (ii) as to any other business that the shareholder proposes to bring before the meeting, a description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person (as defined below) and of the beneficial owner, if any, on whose behalf the proposal is made, individually or in the aggregate, including any anticipated benefit to the stockholder, the Associated Person and the beneficial owner therefrom and the text of the proposal or business (including the text of any resolutions proposed for consideration and, in the event that such business includes a proposal to amend these Bylaws or the Declaration of Trust, the language of the proposed amendment); and (iii) as to the shareholder giving the notice, any Shareholder Associated Person and the beneficial owner, if any, on whose behalf the nomination or proposal is made, the name and address of such shareholder, as they appear on the Company's books, of any Shareholder Associated Person and of such beneficial owner and the class and

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number of shares of the Company which are owned beneficially and of record by such shareholder, Shareholder Associated Person and such beneficial owner, a description of any agreement, arrangement, or understanding (including any derivative or short position, profit interest, option, warrant, convertible security, stock appreciation or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Company, or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Company) that has been entered into as of the date of the shareholder's notice by, or on behalf of, such shareholder, any Shareholder Associated Person, or such beneficial owner, the effect or intent of which is to mitigate loss to, manage the risk or benefit of share price changes for, or increase or decrease the voting power of such shareholder, any Shareholder Associated Person, or such beneficial owner with respect to shares of the Company, any proxy, contract, arrangement, understanding, or relationship pursuant to which such shareholder, any Shareholder Associated Person, or such beneficial owner has a right to vote any shares of the Company, any rights to dividends on the shares of the Company owned beneficially by such shareholder, any Shareholder Associated Person, or such beneficial owner that are separated or separable from the underlying shares of the Company; any performance-related fees (other than an asset-based fee) that such shareholder, any Shareholder Associated Person, or such beneficial owner is entitled to based on any increase or decrease in the value of shares of the Company or instruments referred to above, a representation that the shareholder is a holder of record of shares of the Company entitled to vote at the meeting and intends to appear in person or by proxy at the meeting to present the nomination or proposal, a representation as to whether such shareholder, any Shareholder Associated Person, or such beneficial owner intends or is part of a group that intends to (x) deliver a proxy statement and/or form of proxy to holders of at least the percentage of the outstanding shares of the Company required to elect the nominee or carry the proposal and/or (y) otherwise solicit proxies from shareholders in support of such nomination or proposal, and any other information relating to such shareholder, Shareholder Associated Person, or beneficial owner that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of trustees in a contested election pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. A shareholder providing notice of any nomination or proposal pursuant to this Section 11 shall update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 11 shall be true and correct as of the record date for the meeting and as of the date that is ten (10) Business Days prior to the meeting or any adjournment or postponement thereof. Such update and supplement shall be delivered to the secretary at the principal executive office of the Company not later than five (5) Business Days after the record date for the meeting (in the case of an update and supplement required to be made as of the record date), and not later than eight (8) Business Days prior to the date for the meeting or any adjournment or postponement thereof (in the case of an update and supplement required to be made as of ten (10) Business Days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement pursuant to this Section 11 shall not limit the Company's rights with respect to any deficiencies in any notice provided by a shareholder, extend any applicable deadlines hereunder, or enable or be deemed to permit a shareholder who has previously submitted notice hereunder to amend or update any nomination or add an additional nominee or proposal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)For purposes of this Section 11, "Shareholder Associated Person" of any shareholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such shareholder, (ii) any beneficial owner (as defined in the Declaration of Trust) of shares of the Company owned of record or beneficially by such shareholder, (iii) any person controlling, controlled by or under common control with such Shareholder Associated Person (iv) any person who is a member of a "group" (as such term is used in Section 13(d)(3) of the Exchange Act) with such shareholder with respect to shares or other securities of the Company, (v) any person that directly or indirectly controls, is controlled by, or is under common control with the shareholder for purposes of the Exchange Act and (vi) any person with whom the shareholder has any agreement, arrangement, or understanding (whether written or oral) for the purpose of acquiring, holding, voting, or disposing of any shares of the Company or for the purpose of nominating trustees or proposing other business to be brought before any meeting of shareholders. For purposes of this Section 11, "control" shall have the meaning ascribed to it in Section 2 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&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)<u>Special Meetings of Shareholders</u>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Company's notice of meeting. Nominations of individuals for election to the Board may be made at a special meeting of shareholders at which Trustees are to be elected (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) provided that the Board has determined that Trustees shall be elected at such special meeting, by any shareholder of the Company who is a shareholder of record both at the time of giving of notice provided for in this Section 11 and at the time of the special meeting, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 11. In the event the Company calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board, any such shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Company's notice of meeting, if the shareholder's notice required by subsection (a)(2) of this Section 11 shall be delivered to the secretary at the principal executive office of the Company not earlier than the one hundred fiftieth (150th) day prior to such special meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of a postponement or adjournment of a special meeting commence a new time period for the giving of a shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&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)<u>General</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Upon written request by the secretary or the Board or any committee thereof, any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within five (5) Business Days of delivery of such request (or such other period as may be specified in such request), written verification, satisfactory, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 11. If a shareholder fails to provide such written verification within such period, the information as to which written verification was requested may be deemed not to have been provided in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election as Trustees, and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with this Section 11. The chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)For purposes of this Section 11, (a) the "date of mailing of the notice" shall mean the date of the proxy statement for the solicitation of proxies for election of Trustees and (b) "public announcement" shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press Business Wire, PR Newswire or comparable news service or (ii) in a document publicly filed by the Company with the U.S. Securities and Exchange Commission (the "Commission") pursuant to the Exchange Act or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Notwithstanding the foregoing provisions of this Section 11, a shareholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 11. Nothing in this Section 11 shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, nor the right of the Company to omit a proposal from, the Company's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)If any information submitted pursuant to this Section 11 by any shareholder proposing a nominee or other business to be considered at a meeting of shareholders shall be inaccurate in any material respect, such information may be deemed not to have been provided in accordance with this Section 11. Upon written notice by the Board to the shareholder of any material inaccuracy or deficiency, the shareholder shall have five (5) Business Days to cure the deficiency by written notice to the secretary of the Company; provided, however, that no cure shall be available after the meeting has commenced. The chairman of the meeting shall have the authority to determine whether any nomination or proposal was made in accordance with this Section 11 and, if not, to declare that such defective nomination or proposal shall be disregarded.

Section 12.<u>VOTING BY BALLOT</u>. Voting on any question or in any election may be viva voce unless the presiding officer shall order or any shareholder shall demand that voting be by ballot.

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**ARTICLE III.** **<br>TRUSTEES**

Section 1.<u>GENERAL POWERS</u>. The business and affairs of the Company shall be managed under the direction of its Board. The Board may designate a chairman of the Board, who may also be an officer of the Company, and who will have such powers and duties as determined by the Board from time to time.

Section 2.<u>NUMBER, TENURE AND QUALIFICATIONS</u>. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board may establish, increase or decrease the number of Trustees, provided that the number thereof shall never be fewer than one, and further provided that the tenure of office of a Trustee shall not be affected by any decrease in the number of Trustees. A majority of Trustees shall be Independent Trustees (for purposes of these Bylaws, as such term is defined in the Declaration of Trust). An individual nominated or seated as a Trustee shall be at least twenty-one years of age and not older than the mandatory retirement age determined from time to time by the Trustees or a committee of the Trustees, in each case at the time the individual is nominated or seated.

Section 3.<u>ANNUAL AND REGULAR MEETINGS</u>. An annual meeting of the Board shall be held immediately after and at the same place as the annual meeting of shareholders, if any, no notice other than this Bylaw being necessary. In the event such meeting is not so held, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board. Regular meetings of the Board shall be held from time to time at such places and times as provided by the Board by resolution, without notice other than such resolution.

Section 4.<u>SPECIAL MEETINGS</u>. Special meetings of the Board may be called by or at the request of the chairman of the Board, the chief executive officer, the president or by a majority of the Trustees then in office. The person or persons authorized to call special meetings of the Board may fix any place as the place for holding any special meeting of the Board called by them. The Board may provide, by resolution, the time and place for the holding of special meetings of the Board, without notice other than such resolution.

Section 5.<u>NOTICE</u>. Meetings of the Trustees may be held without call or notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

Section 6.<u>QUORUM</u>. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be fifty percent (50%), but not less than two, of the Trustees. Unless provided otherwise in the Declaration of Trust or these Bylaws and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees. Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be fifty percent (50%), but not less than two, of the members thereof. Unless provided otherwise

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in the Declaration of Trust, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent as provided in Section 10. With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act. The Trustees present at a meeting which has been duly called and convened may continue to transact business until adjournment, notwithstanding the withdrawal of enough Trustees to leave less than a quorum.

Section 7.<u>VOTING</u>. The action of the majority of the Trustees present at a meeting at which a quorum, as defined in Section 6 of this Article III, is present shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust. If enough Trustees have withdrawn from a meeting to leave less than a quorum, as defined in Section 6 of this Article III, but the meeting is not adjourned, the action of the majority of the Trustees still present at such meeting shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust.

Section 8.<u>ORGANIZATION</u>. At each meeting of the Board, the chairman of the Board or, in the absence of the chairman, the chief executive officer shall act as chairman of the meeting. In the absence of both the chairman and the chief executive officer, the president, if any, or in the absence of the president, a Trustee chosen by a majority of the Trustees present shall act as chairman of the meeting. The secretary or, in his or her absence, an assistant secretary of the Company, or in the absence of the secretary and all assistant secretaries, a person appointed by the chairman, shall act as secretary of the meeting.

Section 9.<u>TELEPHONE MEETINGS</u>. Trustees may participate in a meeting, and any committee member of any committee established by the Board pursuant to Article IV, by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time; provided however, this Section 9 does not apply to any action of the Trustees pursuant to the 1940 Act, that requires the vote of the Trustees to be cast in person at a meeting. Participation in a meeting by these means shall constitute presence in person at the meeting.

Section 10.<u>WRITTEN CONSENT BY TRUSTEES</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees; provided however, this Section 10 does not apply to any action of the Trustees pursuant to the 1940 Act that requires the vote of the Trustees to be cast in person at a meeting.

Section 11.<u>VACANCIES</u>. If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Company or affect these Bylaws or the powers of the remaining Trustees hereunder, if any. Subject to applicable requirements of the 1940 Act, except as may be provided by the Board in setting the terms of any class or series of preferred shares,

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(a) any vacancy on the Board may be filled only by a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum, as defined in Section 6 of this Article III, and (b) any Trustee elected to fill a vacancy shall serve for the remainder of the term of such Trustee causing the vacancy and until a successor is elected and qualified.

Section 12.<u>COMPENSATION</u>. The Trustees shall have power to pay reasonable compensation from the funds of the Company to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Company.

Nothing herein contained shall be construed to preclude any Trustees from serving the Company in any other capacity and receiving compensation therefor.

Section 13.<u>LOSS OF DEPOSITS</u>. No Trustee shall be liable for any loss which may occur by reason of the failure of the bank, trust company, savings and loan association, or other institution with whom moneys or stock have been deposited.

Section 14.<u>SURETY BONDS</u>. Unless required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

Section 15.<u>RELIANCE</u>. Each Trustee, officer, employee and agent of the Company shall, in the performance of his duties with respect to the Company, be fully justified and protected with regard to any act or failure to act in reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel or upon reports made to the Company by any of its officers or employees or by the advisers, accountants, appraisers or other experts or consultants selected by the Trustees or officers of the Company, regardless of whether such counsel or expert may also be a Trustee. Each Trustee, officer, employee and agent of the Company shall also otherwise be entitled to the benefit of Section 3806(k) of the Delaware Statutory Trust Act.

Section 16.<u>CERTAIN RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND AGENTS</u>. The Trustees shall have no responsibility to devote their full time to the affairs of the Company. Any Trustee, officer, employee or agent of the Company, in his personal capacity or in a capacity as an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage in business activities similar to or in addition to those of or relating to the Company, subject to the adoption of any policies relating to such interests and activities adopted by the Trustees and applicable law and the Omnibus Guidelines.

**ARTICLE IV.** **<br>COMMITTEES**

Section 1.<u>NUMBER, TENURE AND QUALIFICATIONS</u>. The Board may, by resolution passed by a majority of the whole Board, appoint from among its members an Audit Committee and a Nominating and Governance Committee of the Board, and other committees the Board shall determine from time to time to be in the best interests of the Company and its

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shareholders, each of which shall be composed of one or more Trustees, who will serve at the pleasure of the Board. Each such committee shall be composed entirely of Trustees who are not Interested Persons of the Company.

Section 2.<u>POWERS</u>. The Board may delegate to committees appointed under Section 1 of this Article any of the powers of the Board, except as prohibited by law.

Section 3.<u>MEETINGS</u>. Each committee, if deemed advisable by the Board, shall have a written charter. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board. A majority of the members of a committee shall constitute a quorum for the transaction of business at any meeting of such committee. The act of a majority of the committee members present at a meeting shall be the act of such committee. The Board may designate a chairman of any committee, and such chairman or, in the absence of a chairman, any two members of any committee (if there are at least two (2) members of the committee) may fix the time and place of its meeting unless the Board shall otherwise provide. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Trustee to act in the place of such absent member. Each committee may fix rules of procedures for its business. Each committee shall keep minutes of its proceedings.

Section 4.<u>VACANCIES</u>. Subject to the provisions hereof, the Board shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee. Subject to the power of the Board, the members of the committee shall have the power to fill any vacancies on the committee.

**ARTICLE V.** **<br>OFFICERS**

Section 1.<u>GENERAL PROVISIONS</u>. The officers of the Company shall include a chief executive officer and/or a president, a secretary, a treasurer and/or chief financial officer and to the extent that Rule 38a-1 under the 1940 Act applies, a chief compliance officer, and may include one or more vice presidents, a chief operating officer, a chief investment officer, one or more assistant secretaries and one or more assistant treasurers. In addition, the Board may from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The officers of the Company shall be elected annually by the Board at the first meeting of the Board following the annual meeting of shareholders and initially at the organizational meeting of the Company, except that the chief executive officer or president may from time to time appoint one or more vice presidents, assistant secretaries, assistant treasurers or other officers. Each officer shall hold office until his or her successor is elected and qualifies or until death, resignation or removal in the manner hereinafter provided. Any two (2) or more offices except president and vice president may be held by the same person although any person holding more than one office in the company may not act in more than one capacity to execute, acknowledge or verify an instrument required by law to be executed, acknowledged or verified by more than one officer. In their discretion, the Trustees may leave unfilled any office except that of the chief executive officer, the president, the treasurer, the secretary and the chief

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compliance officer. Election of an officer or agent shall not of itself create contract rights between the Company and such officer or agent.

Section 2.<u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Company may be removed, with or without cause, by a majority of the whole Board if in its judgment the best interests of the Company would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Company may resign at any time by giving written notice of his or her resignation to the Board, the chairman of the Board, the chief executive officer, the president or the secretary. Any resignation shall take effect immediately upon its receipt or, if the time when it shall become effective is specified therein, at such later time specified in the notice of resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Company. In addition, the termination or resignation of the chief compliance officer shall be effected in accordance with Rule 38a-1(4) under the 1940 Act.

Section 3.<u>VACANCIES</u>. A vacancy in any office may be filled by the Board for the balance of the term.

Section 4.<u>CHIEF EXECUTIVE OFFICER</u>. The Board may designate a chief executive officer from among its Board or elected officers. In the absence of such designation, the president shall be the chief executive officer of the Company. The chief executive officer shall have general responsibility for implementation of the policies of the Company, as determined by the Board, and for the management of the business and affairs of the Company. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these Bylaws to some other officer or agent of the Company or shall be required by law to be otherwise executed, and in general shall perform all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Board from time to time.

Section 5.<u>CHIEF OPERATING OFFICER</u>. The Board may designate a chief operating officer. The chief operating officer, under the direction of the chief executive officer, shall have the responsibilities and perform the duties incident to the office of chief operating officer, including general management authority and responsibility for the day-to- day implementation of the policies of the Company and such other responsibilities and duties prescribed by the Board or the chief executive officer from time to time.

Section 6.<u>CHIEF INVESTMENT OFFICER</u>. The Board may designate a chief investment officer. The chief investment officer shall have the responsibilities and duties incident to the office of chief investment officer and such other duties as may be prescribed by the Board, the chief executive officer or the president.

Section 7.<u>CHIEF FINANCIAL OFFICER</u>. The Board may designate a chief financial officer. The chief financial officer shall have the responsibilities and duties incident to the office of chief financial officer and such other duties as may be prescribed as set forth by the Board, the chief executive officer or the president.

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Section 8.<u>CHIEF COMPLIANCE OFFICER</u>. The Board shall designate a chief compliance officer to the extent required by, and consistent with the requirements of, the 1940 Act. The chief compliance officer, subject to the direction of, and reporting to, the Board, shall be responsible for the oversight of the Company's compliance with the U.S. federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the chief compliance officer must be approved by the Board, including a majority of the Independent Trustees of the Company. The chief compliance officer shall perform such executive, supervisory and management functions and duties as may be assigned to him or her from time to time by the Board, the chief executive officer or the president.

Section 9.<u>PRESIDENT</u>. In the absence of a designation of a chief executive officer by the Board, the president shall be the chief executive officer. He or she may sign with the secretary or any other proper officer of the Company authorized by the Board, deeds, mortgages, bonds, contracts, or other instruments which the Board has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Board or by these Bylaws to some other officer or agent of the Company, or shall be required by law to be otherwise signed or executed, and in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the Board from time to time.

Section 10.<u>VICE PRESIDENTS</u>. In the absence of the chief executive officer, president, the chief operating officer, or in the event of a vacancy in all such offices, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the president and when so acting shall have all the powers of and be subject to all the restrictions upon the chief executive officer and the president; and shall perform such other duties as from time to time may be assigned to such vice president by the chief executive officer, the chief operating officer, the president or by the Board. The Board may designate one or more vice presidents as executive vice president, senior vice president or as vice president for particular areas of responsibility.

Section 11.<u>SECRETARY</u>. The secretary shall: (a) keep the minutes of the proceedings of the shareholders, the Board and committees of the Board in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Company; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) have general charge of the shares transfer books of the Company; and (f) in general perform such other duties as from time to time may be assigned by the chief executive officer, the president or by the Board.

Section 12.<u>TREASURER</u>. In the absence of a designation of a chief financial officer by the Board, the treasurer shall be the chief financial officer of the Company. In the absence of a designation of a treasurer by the Board, then the chief financial officer shall be responsible for the duties of the treasurer specified in this Section 12. The treasurer shall be responsible for: (a) the custody of the funds and securities of the Company; (b) the keeping of full and accurate accounts of receipts and disbursements in books belonging to the Company; and (c) the depositing of all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board.

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The treasurer shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the president and Board, at the regular meetings of the Board or whenever it may so require, an account of all his or her transactions as treasurer and of the financial condition of the Company. The treasurer shall, if required by the Board, give bonds for the faithful performance of his duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

Section 13.<u>ASSISTANT SECRETARIES AND ASSISTANT TREASURER</u>. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or treasurer, respectively, or by the chief executive officer, the president or the Board. The assistant treasurers shall, if required by the Board, give bonds for the faithful performance of their duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

**ARTICLE VI.** **<br>CONTRACTS, LOANS, CHECKS AND DEPOSITS**

Section 1.<u>CONTRACTS</u>. The Board may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Company and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Company when authorized or ratified by action of the Board and executed by an authorized person.

Section 2.<u>CHECKS AND DRAFTS</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Company shall be signed by such officer or agent of the Company in such manner as shall from time to time be determined by the Board.

Section 3.<u>DEPOSITS</u>. All funds of the Company not otherwise employed shall be deposited from time to time to the credit of the Company in such banks, trust companies or other depositories as the Board may designate.

Section 4.<u>NO EXCLUSIVE RIGHT TO SELL</u>. The Company shall not grant any exclusive right to sell, or exclusive employment to sell, any assets of the Company.

Section 5.<u>COMMINGLING OF ASSETS</u>. The funds of the Company shall not be commingled with the funds of any other person and the Company funds will be protected from the claims of affiliated companies and creditors of affiliated companies.

**ARTICLE VII.** **<br>SHARES**

Section 1.<u>CERTIFICATES</u>. The Company will not issue share certificates. A shareholder's investment in the company will be recorded on the books of the Company. A shareholder wishing to transfer his or her Shares will be required to send a completed and executed form to the Company, such form to be provided upon a shareholder's request.

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Section 2.<u>TRANSFERS</u>. All transfers of shares shall be made on the books of the Company, by the holder of the shares, in person or by his or her attorney, in such manner as the Board of Trustees or any officer of the Company may prescribe.

The Company shall be entitled to treat the holder of record of any shares as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

Notwithstanding the foregoing, transfers of shares of any class or series of shares will be subject in all respects to the Declaration of Trust of the Company and all of the terms and conditions contained therein.

Section 3.<u>NOTICE OF ISSUANCE OR TRANSFER</u>. Upon issuance or transfer of shares in the Company, the Company shall send the shareholder a written statement that reflects such investment or transfer containing such information, at a minimum, as required by law. The Company, alternatively, may furnish notice that a full statement of the information contained in the foregoing sentence will be provided to any shareholder upon request and without charge.

Section 4.<u>CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE</u>. The Board may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of shareholders, not less than ten (10) days, before the date on which the meeting or particular action requiring such determination of shareholders of record is to be held or taken.

In the context of fixing a record date, the Board may provide that the shares transfer books shall be closed for a stated period but not longer than twenty (20) days. If the shares transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten (10) days before the date of such meeting.

If no record date is fixed and the shares transfer books are not closed for the determination of shareholders, (a) the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the notice of meeting is mailed or the thirtieth (30th) day before the meeting, whichever is the closer date to the meeting; and (b) the record date for the determination of shareholders entitled to receive payment of a dividend or an allotment of any other rights shall be the close of business on the day on which the resolution of the Trustees, declaring the dividend or allotment of rights, is adopted.

When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof, except when (i) the determination has been made through the closing of the transfer

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books and the stated period of closing has expired or (ii) the meeting is adjourned to a date more than one hundred twenty (120) days after the record date fixed for the original meeting, in either of which case a new record date shall be determined as set forth herein.

Section 5.<u>SHARES LEDGER</u>. The Company shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

Section 6.<u>FRACTIONAL SHARES; ISSUANCE OF SHARES</u>. The Board may issue fractional shares or provide for the issuance of scrip, all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Board may issue units consisting of different securities of the Company. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Company, except that the Board may provide that for a specified period securities of the Company issued in such unit may be transferred on the books of the Company only in such unit.

**ARTICLE VIII.** **<br>ACCOUNTING YEAR**

The fiscal year of the Company shall end on December 31 of each fiscal year, and may thereafter be changed by duly adopted resolution of the Board from time to time.

**ARTICLE IX.** **<br>DISTRIBUTIONS**

Section 1.<u>AUTHORIZATION</u>. Dividends and other distributions upon the shares of the Company may be authorized by the Board, subject to the provisions of law and the Declaration of Trust of the Company. Dividends and other distributions may be paid in cash, property or shares of the Company, subject to the provisions of law and the Declaration of Trust.

Section 2.<u>CONTINGENCIES</u>. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Company available for dividends or other distributions such sum or sums as the Board may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends or other distributions, for repairing or maintaining any property of the Company or for such other purpose as the Board shall determine to be in the best interest of the Company, and the Board may modify or abolish any such reserve.

**ARTICLE X.** **<br>SEAL**

Section 1.<u>SEAL</u>. The Board may authorize the adoption of a seal by the Company. The Board may authorize one or more duplicate seals and provide for the custody thereof.

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Section 2.<u>AFFIXING SEAL</u>. Whenever the Company is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Company.

**ARTICLE XI.** **<br>WAIVER OF NOTICE**

Whenever any notice is required to be given pursuant to the Declaration of Trust of the Company or these Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

**ARTICLE XII.** **<br>INVESTMENT COMPANY ACT**

If and to the extent that any provision of the DSTA, or any provision of the Declaration of Trust or these Bylaws conflicts with any provision of the 1940 Act, then the applicable provision of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of these Bylaws or the Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

**ARTICLE XIII.** **<br>AMENDMENT OF BYLAWS**

The Board shall have the exclusive power to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws not inconsistent with the Declaration of Trust. To the extent any provisions of the Bylaws conflict with the Declaration of Trust, the Declaration of Trust shall control.

Adopted: March 11, 2026

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## Exhibit 4.2

Exhibit 4.2

**As of December 31, 2025, Bain Capital Private Credit ("we," "our" or the "Company") has three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our Class S common shares of beneficial interest, par value $0.01 (the "Class S Shares"), Class D common shares of beneficial interest, par value $0.01 (the "Class D Shares"), and Class I common shares of beneficial interest, par value $0.01 (the "Class I Shares," together with the Class S Shares and Class D Shares, the "Common Shares"). In this exhibit, references to "we," "us" and "our" refer only to the Company and not any of its subsidiaries.**

**Description of Securities**

The following description of our Common Shares is a summary of the material terms and provisions that apply to our Common Shares. The summary does not purport to be complete. The summary is subject to and qualified in its entirety by reference to our Third Amended and Restated Declaration of Trust ("Declaration of Trust"), which is incorporated by reference into our Annual Report on Form 10-K and is incorporated by reference herein. We encourage you to carefully review our Declaration of Trust for additional information. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached as an exhibit.

**General**

The terms of the Declaration of Trust authorize an unlimited number of Common Shares of any class, par value $0.01 per share, of which 35,671,560 shares were outstanding as of December 31, 2025, and an unlimited number of shares of preferred shares, par value $0.01 per share. The Declaration of Trust provides that the Board may classify or reclassify any unissued Common Shares into one or more classes or series of Common Shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to dividends, qualifications, or terms or conditions of redemption of the shares. There is currently no market for our Common Shares, and we can offer no assurances that a market for our shares will develop in the future. We do not intend for the shares offered under this prospectus to be listed on any national securities exchange. There are no outstanding options or warrants to purchase our shares. No shares have been authorized for issuance under any equity compensation plans. Under the terms of our Declaration of Trust, shareholders shall be entitled to the same limited liability extended to shareholders of private Delaware for profit corporations formed under the Delaware General Corporation Law, 8 Del. C. § 100, et. seq. Our Declaration of Trust provides that no shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to us by reason of being a shareholder, nor shall any shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Company's assets or the affairs of the Company by reason of being a shareholder.

None of our shares are subject to further calls or to assessments, sinking fund provisions, obligations of the Company or potential liabilities associated with ownership of the security (not including investment risks). In addition, except as may be provided by the Board in setting the terms of any class or series of Common Shares, no shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

**Common Shares**

Under the terms of our Declaration of Trust, all Common Shares will have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our Common Shares if, as and when authorized by our Board and declared by us out of funds legally available therefore. Except as may be provided by our Board in setting the terms of classified or reclassified shares, our Common Shares will have no preemptive, exchange, conversion, appraisal or redemption rights and will be freely transferable, except where their transfer is restricted by federal and state securities laws or by contract and except that, in order to avoid the possibility that our assets could be treated as "plan assets," we may require any person proposing to acquire Common Shares to furnish such information as may be necessary to determine whether such person is a benefit plan investor or a controlling person, restrict or prohibit transfers of such shares or redeem any outstanding shares for such price and on such other terms and conditions as may be determined by or at the direction of the Board. In the event of our liquidation, dissolution or winding up, each share of our Common Shares would be entitled to share pro rata in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred shares, if any preferred shares are outstanding at such time. Subject to the rights of holders of any other class or series of shares, each share of our Common Shares will be entitled to one vote on all matters submitted to a vote of shareholders, including the election of Trustees. Except as may be provided by the Board in setting the terms of classified or reclassified shares, and subject to the express terms of any class or series of preferred shares, the holders of our Common Shares will possess exclusive voting power. There will be no cumulative voting in the election of Trustees. Subject to the special rights of the holders of any class or series of preferred shares to elect Trustees, each Trustee will be elected by a plurality of the votes cast with respect to such Trustee's election except in the case of a "contested election" (as defined in our bylaws), in which case Trustees will be elected by a majority of the votes cast in the contested election of Trustees. Pursuant to our Declaration of Trust, our Board may amend the bylaws to alter the vote required to elect Trustees.

***Class S Shares***

Neither the Company nor the Managing Dealer will charge upfront selling commissions for sales of any Class S shares; however, if you purchase Class S shares from certain financial intermediaries, such intermediaries may directly charge you

------

Exhibit 4.2

transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that they limit such charges to a 3.5% cap on NAV for Class S shares.

We pay the Managing Dealer selling commissions over time as a shareholder servicing and/or distribution fee with respect to our outstanding Class S shares equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class S shares, including any Class S shares issued pursuant to our distribution reinvestment plan. The shareholder servicing and/or distribution fees are paid monthly in arrears. The Managing Dealer reallows (pays) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services.

***Class D Shares***

Neither the Company nor the Managing Dealer will charge upfront selling commissions for sales of any Class D shares; however, if you purchase Class D shares from certain financial intermediaries, such intermediaries may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that they limit such charges to a 1.5% cap on NAV for Class D shares.

We pay the Managing Dealer selling commissions over time as a shareholder servicing fee with respect to our outstanding Class D shares equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class D shares, including any Class D shares issued pursuant to our distribution reinvestment plan. The shareholder servicing fees are paid monthly in arrears. The Managing Dealer reallows (pays) all or a portion of the shareholder servicing fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing fees to the extent a broker is not eligible to receive it for failure to provide such services.

Class D shares are generally available for purchase in the offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class D shares, (2) through participating brokers that have alternative fee arrangements with their clients to provide access to Class D shares, (3) through transaction/ brokerage platforms at participating brokers, (4) through certain registered investment advisers, (5) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers or (6) by other categories of investors that we name in an amendment or supplement to this prospectus.

***Class I Shares***

No upfront selling commissions or shareholder servicing and/or distribution fees are paid for sales of any Class I shares and financial intermediaries will not charge you transaction or other such fees on Class I Shares. No shareholder servicing and/or distribution fees are paid for sales of any Class I shares.

Class I shares are generally available for purchase in the offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating brokers that have alternative fee arrangements with their clients to provide access to Class I shares, (4) by our executive officers and Trustees and their immediate family members, as well as officers and employees of the Advisor or other affiliates and their immediate family members, and, if approved by our Board, joint venture partners, consultants and other service providers, or (5) by other categories of investors that we name in an amendment or supplement to this prospectus. In certain cases, where a holder of Class S or Class D shares exits a relationship with a participating broker or the Managing Dealer, as applicable, for the offering and does not enter into a new relationship with a participating broker or the Managing Dealer, as applicable, for the offering, such holder's shares may be exchanged into an equivalent NAV amount of Class I shares. We may also offer Class I shares to certain feeder vehicles primarily created to hold our Class I shares, which in turn offer interests in themselves to investors; we expect to conduct such offerings pursuant to exceptions to registration under the Securities Act and not as a part of the offering. Such feeder vehicles may have additional costs and expenses, which would be disclosed in connection with the offering of their interests. We may also offer Class I shares to other investment vehicles.

***Other Terms of Common Shares***

We will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of the offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, as required by the exemptive relief that allows us to offer multiple classes of shares, at the end of the month in which the Managing Dealer in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Managing Dealer or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares and Class D shares in such shareholder's account. We may modify this requirement if permitted by applicable exemptive relief. At the end of such month,

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Exhibit 4.2

the applicable Class S shares or Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares. In addition, immediately before any liquidation, dissolution or winding up, each Class S share and Class D share will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share.

**Preferred Shares**

The offering does not include an offering of preferred shares. However, under the terms of the Declaration of Trust, our Board may authorize us to issue preferred shares in one or more classes or series without shareholder approval, to the extent permitted by the 1940 Act. The Board has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of each class or series of preferred shares. We do not currently anticipate issuing preferred shares in the near future. In the event we issue preferred shares, we will make any required disclosure to shareholders. We will not offer preferred shares to the Advisor or our affiliates except on the same terms as offered to all other shareholders.

Preferred shares could be issued with terms that would adversely affect the shareholders, provided that we may not issue any preferred shares that would limit or subordinate the voting rights of holders of our Common Shares. Preferred shares could also be used as an anti-takeover device through the issuance of shares of a class or series of preferred shares with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control. Every issuance of preferred shares will be required to comply with the requirements of the 1940 Act. The 1940 Act generally requires that (1) immediately after issuance and before any distribution is made with respect to our Common Shares and before any purchase of Common Shares is made, such preferred shares together with all other senior securities must not exceed an amount equal to 66 2/3% of our total assets less liabilities not represented by indebtedness, and (2) the holders of shares of preferred shares, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if distributions on such preferred shares are in arrears by two years or more. Certain matters under the 1940 Act require the affirmative vote of the holders of at least a majority of the outstanding shares of preferred shares (as determined in accordance with the 1940 Act) voting together as a separate class. For example, the vote of such holders of preferred shares would be required to approve a proposal involving a plan of reorganization adversely affecting such securities.

The issuance of any preferred shares must be approved by a majority of our Independent Trustees not otherwise interested in the transaction, who will have access, at our expense, to our legal counsel or to independent legal counsel.

**Limitation on Liability of Trustees and Officers; Indemnification and Advancement of Expenses**

Delaware law permits a Delaware statutory trust to include in its declaration of trust a provision to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever. Our Declaration of Trust provides that our Trustees will not be liable to us or our shareholders for monetary damages for breach of fiduciary duty as a trustee to the fullest extent permitted by Delaware law. Our Declaration of Trust provides for the indemnification of any person to the full extent permitted, and in the manner provided, by Delaware law. In accordance with the 1940 Act, we will not indemnify certain persons for any liability to which such persons would be subject by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

Pursuant to our Declaration of Trust and subject to certain exceptions described therein, we will indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (i) any individual who is a present or former Trustee or officer of the Company and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (ii) any individual who, while a Trustee or officer of the Company and at the request of the Company, serves or has served as a trustee, officer, partner or trustee of any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity (each such person, an "Indemnitee"), in each case to the fullest extent permitted by Delaware law. Notwithstanding the foregoing, we will not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by an Indemnitee unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction, or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

We will not indemnify an Indemnitee against any liability or loss suffered by such Indemnitee unless (i) the Company determines in good faith that the course of conduct that caused the loss or liability was in the best interest of the Company, (ii) the Indemnitee was acting on behalf of or performing services for the Company, (iii) such liability or loss was not the result of (A) negligence or misconduct, in the case that the party seeking indemnification is a Trustee (other than an Independent Trustee), officer, employee, controlling person or agent of the Company, or (B) gross negligence or willful misconduct, in the case that the party seeking indemnification is an Independent Trustee, and (iv) such indemnification or agreement to hold harmless is recoverable only out of assets of the Company and not from the shareholders.

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Exhibit 4.2

In addition, the Declaration of Trust permits the Company to advance reasonable expenses to an Indemnitee, and we will do so in advance of final disposition of a proceeding (a) if the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who is not a shareholder or, if by a shareholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) upon the Company's receipt of (i) a written affirmation by the trustee or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the Company and (ii) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the standard of conduct was not met.

**Delaware Law and Certain Declaration of Trust Provisions** 

**Organization and Duration**

We were formed in Delaware on December 21, 2021, and will remain in existence until dissolved in accordance with our Declaration of Trust or pursuant to Delaware law.

**Purpose**

Under the Declaration of Trust, we are permitted to engage in any business activity that lawfully may be conducted by a statutory trust organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon us pursuant to the agreements relating to such business activity.

Our Declaration of Trust contains provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. Our Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including preferred shares; our Board may, without shareholder action, amend our Declaration of Trust to increase the number of our Common Shares, of any class or series, that we will have authority to issue; and our Declaration of Trust provides that, while we do not intend to list our shares on any securities exchange, if any class of our shares is listed on a national securities exchange, our Board will be divided into three classes of Trustees serving staggered terms of three years each. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

**Sales and Leases to the Company**

Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, except as otherwise permitted under the 1940 Act, we may not purchase or lease assets in which the Advisor or any of its affiliates have an interest unless all of the following conditions are met: (a) the transaction occurs at the formation of the Company, and is fully disclosed to the shareholders in a prospectus or in a periodic report; and (b) the assets are sold or leased upon terms that are reasonable to us and at a price not to exceed the lesser of cost or fair market value as determined by an independent expert. However, the Advisor may purchase assets in its own name (and assume loans in connection) and temporarily hold title, for the purposes of facilitating the acquisition of the assets, the borrowing of money, obtaining financing for us, or the completion of construction of the assets, so long as all of the following conditions are met: (i) the assets are purchased by us at a price no greater than the cost of the assets to the Advisor; (ii) all income generated by, and the expenses associated with, the assets so acquired will be treated as belonging to us; and (iii) there are no other benefits arising out of such transaction to the Advisor apart from compensation otherwise permitted by the Omnibus Guidelines, as adopted by the NASAA.

**Sales and Leases to our Advisor, Trustees or Affiliates**

Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, we may not sell assets to the Advisor or any of its affiliates unless such sale is approved by the holders of a majority of our outstanding Common Shares. Our Declaration of Trust also provides that we may not lease assets to the Advisor or any affiliate thereof unless all of the following conditions are met: (a) the transaction occurs at the formation of the Company, and is fully disclosed to the shareholders in a prospectus or in a periodic report; and (b) the terms of the transaction are fair and reasonable to us.

**Loans**

Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, except for the advancement of indemnification funds, no loans, credit facilities, credit agreements or otherwise may be made by us to the Advisor or any of its affiliates.

**Commissions on Financing, Refinancing or Reinvestment**

Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, we generally may not pay, directly or indirectly, a commission or fee to the Advisor or any of its affiliates in connection with the reinvestment of cash available for distribution, available reserves, or the proceeds of the resale, exchange or refinancing of assets.

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Exhibit 4.2

**Lending Practices**

Our Declaration of Trust provides that, with respect to financing made available to us by the Advisor, the Advisor may not receive interest in excess of the lesser of the Advisor's cost of funds or the amounts that would be charged by unrelated lending institutions on comparable loans for the same purpose. The Advisor may not impose a prepayment charge or penalty in connection with such financing and the Advisor may not receive points or other financing charges. In addition, the Advisor will be prohibited from providing financing to us with a term in excess of 12 months.

**Number of Trustees; Vacancies; Removal**

Our Declaration of Trust provides that the number of Trustees will be set by our Board in accordance with our bylaws. Our bylaws provide that a majority of our entire Board may at any time increase or decrease the number of Trustees. Our Declaration of Trust provides that the number of Trustees generally may not be less than three. Except as otherwise required by applicable requirements of the 1940 Act and as may be provided by our Board in setting the terms of any class or series of preferred shares, pursuant to an election under our Declaration of Trust, any and all vacancies on our Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy will serve for the remainder of the full term of the Trustee for whom the vacancy occurred and until a successor is elected and qualified, subject to any applicable requirements of the 1940 Act. Independent Trustees will nominate replacements for any vacancies among the Independent Trustees' positions.

Our Declaration of Trust provides that a Trustee may be removed without cause upon the vote of a majority of then-outstanding shares.

We have a total of eight members of our Board, five of whom are Independent Trustees. Our Declaration of Trust provides that a majority of our Board must be Independent Trustees except for a period of up to 60 days after the death, removal or resignation of an Independent Trustee pending the election of his or her successor. Each Trustee will hold office until his or her successor is duly elected and qualified. While we do not intend to list our shares on any securities exchange, if any class of our shares is listed on a national securities exchange, our Board will be divided into three classes of Trustees serving staggered terms of three years each.

**Action by Shareholders**

Our bylaws provide that shareholder action can be taken only at a special meeting of shareholders or by unanimous consent in lieu of a meeting. The shareholders will only have voting rights as required by the 1940 Act or as otherwise provided for in the Declaration of Trust. Under our Declaration of Trust and bylaws, the Company is not required to hold annual meetings. Special meetings may be called by the Trustees or our President, and will be limited to the purposes for any such special meeting set forth in the notice thereof. In addition, our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the secretary of the Company upon the written request of shareholders entitled to cast 10% or more of the votes entitled to be cast at the meeting. Any special meeting called by such shareholders is required to be held not less than 15 nor more than 60 days after the secretary gives notice for such special meeting. These provisions will have the effect of significantly reducing the ability of shareholders being able to have proposals considered at a meeting of shareholders.

With respect to special meetings of shareholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) provided that the Board has determined that Trustees will be elected at the meeting, by a shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.

Our Declaration of Trust provides that the following actions may be taken by the shareholders, without concurrence by our Board or the Advisor, upon a vote by the holders of more than 50% of the outstanding shares entitled to vote to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•modify the Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•remove the Advisor or appoint a new investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•dissolve the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell all or substantially all of our assets other than in the ordinary course of business.

The purpose of requiring shareholders to give us advance notice of nominations and other business is to afford our Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although our Declaration of Trust does not give our Board any power to disapprove shareholder nominations for the election of Trustees or proposals recommending certain action, they may have the effect of precluding a contest for the election of Trustees or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from

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Exhibit 4.2

conducting a solicitation of proxies to elect its own slate of trustees or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our shareholders.

Our Advisor may not, without the approval of a vote by the holders of more than 50% of the outstanding shares entitled to vote on such matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amend the Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amend the investment advisory agreement except for amendments that would not adversely affect the rights of our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•except as otherwise permitted under the Investment Advisory Agreement, voluntarily withdraw as our Advisor unless such withdrawal would not affect our tax status and would not materially adversely affect our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•appoint a new investment adviser (other than a sub-adviser pursuant to the terms of the Investment Advisory Agreement and applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•sell all or substantially all of our assets other than in the ordinary course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cause the merger or similar reorganization of the Company.

**Amendment of the Declaration of Trust and Bylaws**

Our Declaration of Trust provides that shareholders are entitled to vote upon a proposed amendment to the Declaration of Trust if the amendment would alter or change the powers, preferences or special rights of the shares held by such shareholders so as to affect them adversely. Approval of any such amendment requires at least a majority of the votes cast by such shareholders at a meeting of shareholders duly called and at which a quorum is present. In addition, amendments to our Declaration of Trust to make our Common Shares a "redeemable security" or to convert the Company, whether by merger or otherwise, from a closed-end company to an open-end company each must be approved by the affirmative vote of shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter.

Our Declaration of Trust provides that our Board has the exclusive power to adopt, alter or repeal any provision of our bylaws and to make new bylaws. Except as described above and for certain provisions of our Declaration of Trust relating to shareholder voting and the removal of Trustees, our Declaration of Trust provides that our Board may amend our Declaration of Trust without any vote of our shareholders.

**Actions by the Board Related to Merger, Conversion, Reorganization or Dissolution**

The Board may, without the approval of holders of our outstanding shares, approve a merger, conversion, consolidation or other reorganization of the Company, provided that the resulting entity is a business development company under the 1940 Act. The Company will not permit the Advisor to cause any other form of merger or other reorganization of the Company without the affirmative vote by the holders of more than fifty percent (50%) of the outstanding shares of the Company entitled to vote on the matter. The Company may be dissolved at any time, without the approval of holders of our outstanding shares, upon affirmative vote by a majority of the Trustees.

**Derivative Actions** 

No person, other than a Trustee, who is not a shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Company. Any shareholder may maintain a derivative action on behalf of the Company.

In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Statute, a shareholder may bring a derivative action on behalf of the Company only if the following conditions are met: (i) the shareholder or shareholders must make a pre-suit demand upon the Board to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Board shall only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, is composed of Board who are not "Independent Trustees" (as that term is defined in the Delaware Statutory Trust Statute); and (ii) unless a demand is not required under clause (i) above, the Board must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim; and the Board shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the shareholders making such request to reimburse the Company for the expense of any such advisors in the event that the Board determines not to bring such action. For purposes of this paragraph, the Board may designate a committee of one or more Trustees to consider a shareholder demand.

**Jurisdiction**

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Exhibit 4.2

Each Trustee, each officer and each person legally or beneficially owning a share or an interest in a share of the Company (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Statute, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Company, the Delaware Statutory Trust Statute or the Declaration of Trust (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration of Trust, (B) the duties (including fiduciary duties), obligations or liabilities of the Company to the shareholders or the Board, or of officers or the Board to the Company, to the shareholders or each other, (C) the rights or powers of, or restrictions on, the Company, the officers, the Board or the shareholders, (D) any provision of the Delaware Statutory Trust Statute or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Delaware Statutory Trust Statute or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Statute or the Declaration of Trust relating in any way to the Company (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Nothing disclosed in this section will apply to any claims, suits, actions or proceedings asserting a claim brought under federal or state securities laws. Nothing disclosed in this section will apply to any claims, suits, actions or proceedings to which the Company has consented to personal jurisdiction pursuant to the Form U-2 Uniform Consent to Service of Process submitted to each of the jurisdictions in the United States, including Guam, Puerto Rico, the Virgin Islands and Washington D.C.

**Restrictions on Roll-Up Transactions**

In connection with a proposed "roll-up transaction," which, in general terms, is any transaction involving the acquisition, merger, conversion or consolidation, directly or indirectly, of us and the issuance of securities of an entity that would be created or would survive after the successful completion of the roll-up transaction, we will obtain an appraisal of all of our properties from an independent expert. In order to qualify as an independent expert for this purpose, the person or entity must have no material current or prior business or personal relationship with us and must be engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by us, who is qualified to perform such work. Our assets will be appraised on a consistent basis, and the appraisal will be based on the evaluation of all relevant information and will indicate the value of our assets as of a date immediately prior to the announcement of the proposed roll-up transaction. The appraisal will assume an orderly liquidation of our assets over a 12-month period. The terms of the engagement of such independent expert will clearly state that the engagement is for our benefit and the benefit of our shareholders. We will include a summary of the appraisal, indicating all material assumptions underlying the appraisal, in a report to the shareholders in connection with the proposed roll-up transaction. If the appraisal will be included in a prospectus used to offer the securities of the roll-up entity, the appraisal will be filed with the SEC and the states as an exhibit to the registration statement for the offering.

In connection with a proposed roll-up transaction, the person sponsoring the roll-up transaction must offer to the shareholders who vote against the proposal a choice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accepting the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction offered in the proposed roll-up transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•one of the following:

oremaining as shareholders and preserving their interests in us on the same terms and conditions as existed previously; or

oreceiving cash in an amount equal to their pro rata share of the appraised value of our net assets.

We are prohibited from participating in any proposed roll-up transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•which would result in shareholders having voting rights in the entity that would be created or would survive after the successful completion of the roll-up transaction that are less than those provided in the charter, including rights with respect to the election and removal of Trustees, annual and special meetings, amendments to the charter and our dissolution;

------

Exhibit 4.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•which includes provisions that would operate as a material impediment to, or frustration of, the accumulation of Common Shares by any purchaser of the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction, except to the minimum extent necessary to preserve the tax status of such entity, or which would limit the ability of an investor to exercise the voting rights of its securities of the entity that would be created or would survive after the successful completion of the roll-up transaction on the basis of the number of shares held by that investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in which shareholders' rights to access to records of the entity that would be created or would survive after the successful completion of the roll-up transaction will be less than those provided in the charter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in which we would bear any of the costs of the roll-up transaction if the shareholders reject the roll-up transaction.

**Access to Records**

Any shareholder will be permitted access to all of our records to which they are entitled under applicable law at all reasonable times and may inspect and copy any of them for a reasonable copying charge. Inspection of our records by the office or agency administering the securities laws of a jurisdiction will be provided upon reasonable notice and during normal business hours. An alphabetical list of the names, addresses and business telephone numbers of our shareholders, along with the number of Common Shares held by each of them, will be maintained as part of our books and records and will be available for inspection by any shareholder or the shareholder's designated agent at our office. The shareholder list will be updated at least quarterly to reflect changes in the information contained therein. A copy of the list will be mailed to any shareholder who requests the list within ten days of the request. A shareholder may request a copy of the shareholder list for any proper and legitimate purpose, including, without limitation, in connection with matters relating to voting rights and the exercise of shareholder rights under federal proxy laws. A shareholder requesting a list will be required to pay reasonable costs of postage and duplication. Such copy of the shareholder list shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font).

A shareholder may also request access to any other corporate records. If a proper request for the shareholder list or any other corporate records is not honored, then the requesting shareholder will be entitled to recover certain costs incurred in compelling the production of the list or other requested corporate records as well as actual damages suffered by reason of the refusal or failure to produce the list. However, a shareholder will not have the right to, and we may require a requesting shareholder to represent that it will not, secure the shareholder list or other information for the purpose of selling or using the list for a commercial purpose not related to the requesting shareholder's interest in our affairs. We may also require that such shareholder sign a confidentiality agreement in connection with the request.

**Reports to Shareholders**

Within 60 days after each fiscal quarter, we will distribute our quarterly report on Form 10-Q to all shareholders of record. In addition, we will distribute our annual report on Form 10-K to all shareholders within 120 days after the end of each calendar year, which must contain, among other things, a breakdown of the expenses reimbursed by us to the Advisor. These reports will also be available on our website at https://www.baincapitalprivatecredit.com and on the SEC's website at http://www.sec.gov.

Subject to availability, you may authorize us to provide prospectuses, prospectus supplements, annual reports and other information, or documents, electronically by so indicating on your subscription agreement, or by sending us instructions in writing in a form acceptable to us to receive such documents electronically. Unless you elect in writing to receive documents electronically, all documents will be provided in paper form by mail. You must have internet access to use electronic delivery. While we impose no additional charge for this service, there may be potential costs associated with electronic delivery, such as on-line charges. Documents will be available on our website. You may access and print all documents provided through this service. As documents become available, we will notify you of this by sending you an e-mail message that will include instructions on how to retrieve the document. If our e-mail notification is returned to us as "undeliverable," we will contact you to obtain your updated e-mail address. If we are unable to obtain a valid e-mail address for you, we will resume sending a paper copy by regular U.S. mail to your address of record. You may revoke your consent for electronic delivery at any time and we will resume sending you a paper copy of all required documents. However, in order for us to be properly notified, your revocation must be given to us a reasonable time before electronic delivery has commenced. We will provide you with paper copies at any time upon request. Such request will not constitute revocation of your consent to receive required documents electronically.

**Conflict with the 1940 Act**

Our Declaration of Trust provide that, if and to the extent that any provision of Delaware law, or any provision of our Declaration of Trust conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

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## Exhibit 10.3

Exhibit 10.3

AMENDMENT NO. 1

TO

THE INVESTMENT ADVISORY AGREEMENT

BETWEEN

BAIN CAPITAL PRIVATE CREDIT

AND

BCPC ADVISORS, LP

THIS AMENDMENT TO THE INVESTMENT ADVISORY AGREEMENT (the "<u>Amendment</u>") is made as of March 11, 2026 by and between BAIN CAPITAL PRIVATE CREDIT (the "<u>Fund</u>") and BCPC ADVISORS, LP (the "<u>Adviser</u>").

WHEREAS, the Fund and the Adviser entered into an Investment Management Agreement as of September 28, 2023 (the "<u>Agreement</u>"), pursuant to which the Fund retained the Adviser to furnish investment advisory services to the Fund;

WHEREAS, the Fund and the Adviser desire to amend the Agreement to make certain non-material revisions in response to comments from state regulatory authorities.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The following replaces Section 9(e) in its entirety:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without the approval of holders of a majority of the Shares entitled to vote on the matter, or such other approval as may be required under the mandatory provisions of any applicable laws or regulations, or other provisions of the Declaration of Trust, the Adviser shall not: (i) modify this Agreement except for amendments that do not adversely affect the rights of the shareholders; (ii) appoint a new Adviser (other than a sub-adviser pursuant to the terms of this Agreement and applicable law); (iii) sell all or substantially all of the Fund's assets other than in the ordinary course of the Fund's business; or (iv) except as otherwise permitted herein, voluntarily withdraw as the Adviser unless such withdrawal would not affect the tax status of the Fund and would not materially adversely affect the shareholders; or (v) cause the merger of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The following replaces Section 12(d) in its entirety:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser covenants that it shall not permit or cause to be permitted the Fund's funds to be commingled with the funds of any other person and the funds will be protected from the claims of affiliated companies and creditors of the affiliated companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Except as expressly modified hereby, the Agreement shall remain in full force and effect in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.This Amendment shall be construed in accordance with the laws of the State of Delaware and in accordance with the applicable provisions of the 1940 Act and the rules and regulations thereunder. To the extent that the applicable laws of the State of

------

Exhibit 10.3

Delaware or any provisions herein conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.This Amendment may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

[*Signature page follows*]

------

Exhibit 10.3

IN WITNESS WHEREOF, the parties have caused their respective duly authorized officers to execute this Amendment as of the date first written above.

BAIN CAPITAL PRIVATE CREDIT

By: <u>/s/ Michael Ewald</u> 

Name: Michael Ewald

Title: Chief Executive Officer

BCPC ADVISORS, LP

By: <u>/s/ Adriana Rojas Garzón</u> 

Name: Adriana Rojas Garzón

Title: Associate General Counsel

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## Exhibit 10.29

**Exhibit 10.29**

**TRANSFER AGENT SERVICING AGREEMENT**

**THIS AGREEMENT** is made and entered into as of the January 27, 2026, by and among **BAIN CAPITAL PRIVATE CREDIT**, a Delaware statutory trust (the "Fund"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a U.S. Bank Global Fund Services**, a Wisconsin limited liability company ("Fund Services").

WHEREAS, the Fund is a closed-end management investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "1940 Act" or the "Act");

WHEREAS, the Fund is authorized to offer and sell common shares of beneficial interest in the Fund (collectively, the "Shares");

WHEREAS, Fund Services is, among other things, in the business of administering transfer agent functions for the benefit of its customers; and

WHEREAS, the Fund desires to retain Fund Services to provide transfer agent services.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1.** **Appointment of Fund Services as Transfer Agent**

Effective January 31, 2026 (the "Effective Date"), the Fund hereby appoints Fund Services as transfer agent of the Fund on the terms and conditions set forth in this Agreement, and Fund Services hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of Fund Services shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against Fund Services hereunder.

**2.** **Services and Duties of Fund Services**

Fund Services shall provide the following transfer agent services to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Receive and process orders for the purchase of Shares in accordance with applicable rules under the 1940 Act and other applicable regulations, and as specified in the Fund's registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Process, generally on the day of receipt or as promptly as possible based upon volume, any subscription agreements or purchase orders received from prospective holders of Shares (such holder of Shares, "Shareholders") that are in good order, as set forth on the registration statement, and promptly reject any subscriptions not received in good order. The processing of in good order subscriptions shall include:

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**Exhibit 10.29**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Acceptance and tracking of in good order subscriptions during the subscription period, and the provision of reporting to the Fund on cumulative subscription requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Prompt delivery of payment and supporting documentation to the Fund's custodian(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Issuance of the appropriate number of uncertificated Shares once the net asset value ("NAV") for such purchase date becomes available, with such uncertificated Shares being held in the appropriate Shareholder account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Arrange for issuance of Shares obtained through transfers of funds from Shareholders' accounts at financial institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Process tender offers and related repurchase requests received in good order and, where relevant, deliver appropriate documentation to the Fund. The processing of in good order repurchase requests shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Delivery (by data file, electronic delivery or mail, as instructed by the Fund) of tender / repurchase notifications to Shareholders or intermediary dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Acceptance and tracking of submitted repurchase requests during the open tender window, and the provision of reporting to the Fund on cumulative repurchase requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Acceptance and processing of tender withdraw requests, and making corresponding adjustments the repurchase tracking / reporting, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Facilitation of pro-ration (to the extent required) and early repurchase discount calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Upon the approval of the Fund, the repurchase and retirement of the appropriate number of Shares once the NAV for such repurchase date becomes available, and the associated disbursement of funds (upon receipt from the Fund) to the corresponding Shareholder or intermediary dealer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Process transfers of Shares in accordance with the Shareholder's or intermediary dealer's instructions and as permitted by the Fund's registration statement and other operative documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Administer the Fund's distribution reinvestment plan, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Acceptance and processing of Shareholder opt-in and opt-out elections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Tracking of Shareholder election statuses, and reporting to the Fund on such statuses, when requested.

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**Exhibit 10.29**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Completion of the share issuance and purchase transactions in relation to distributions payable to Shareholders participating in the distribution reinvestment plan once the NAV applicable to such distribution date becomes available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Prepare and transmit payments for distributions declared by the Fund, after deducting any amount required to be withheld by any applicable laws, rules and regulations and in accordance with Shareholder instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Make changes to Shareholder records, including, but not limited to, address changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Prepare ad-hoc reports as necessary at prevailing rates; provided, however, that any ad hoc reports in excess of $5,000 shall be pre-approved in writing by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Provide Shareholder account information upon Shareholder or Fund request and prepare and mail confirmations and statements of account to Shareholders for all purchases, redemptions, and other confirmable transactions as agreed upon with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Mail account statements and performance reports in a form approved by the Fund to Shareholders on a monthly basis and shareholder reports on annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information required with respect to dividends, distributions and repurchases for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Answer correspondence from Shareholders, intermediary dealers and others relating to Fund Services' duties hereunder within required time periods established by applicable regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Provide service and support to financial intermediaries including but not limited to trade placements, settlements and corrections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably requested by the Fund in connection with any certification required of the Fund pursuant to the Sarbanes-Oxley Act of 2002 ("SOX Act") or any rules or regulations promulgated by the U.S. Securities and Exchange Commission ("SEC") thereunder, provided the same shall not be deemed to change Fund Services' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) In order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act, Fund Services will provide the Fund's Chief Compliance Officer with reasonable access to Fund Services' Fund records relating to the services provided by it under this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the 1940 Act) involving Fund Services that affect or could affect the Fund.

------

**Exhibit 10.29**

**3.** **Lost Shareholder Due Diligence Searches and Servicing**

The Fund hereby acknowledges that Fund Services has an arrangement with an outside vendor to conduct lost Shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Costs associated with such searches will be passed through to the Fund as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit A</u> hereto. If a Shareholder remains lost and the Shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Fund hereby authorizes Fund Services to conduct a more in-depth search in order to locate the lost Shareholder before the Shareholder's assets escheat to the applicable state, to enter into agreements with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost Shareholder.

**4.** **Anti-Money Laundering and Red Flag Identity Theft Prevention Programs**

The Fund acknowledges that it has had an opportunity to review, consider and comment upon the written procedures provided by Fund Services describing various tools used by Fund Services which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring certain aspects of Shareholder activity as well as written procedures for verifying a customer's identity (collectively, the "Procedures"). Further, the Fund and Fund Services have determined that the Procedures, as part of the Fund's overall anti-money laundering program and Red Flag Identity Theft Prevention program, are reasonably designed to: (i) prevent the Fund from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) to achieve compliance with the applicable provisions of the Bank Secrecy Act, Fair and Accurate Credit Transactions Act of 2003 and the USA Patriot Act of 2001 and the implementing regulations thereunder.

Based on this determination, the Fund hereby instructs and directs Fund Services to implement the Procedures, as applicable, on the Fund's behalf, as such may be amended from time to time. It is contemplated that these Procedures will be amended from time to time by Fund Services and any such amended Procedures will be provided to the Fund. Should the Fund desire that Fund Services perform services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in the attached fee schedule.

The Fund acknowledges and agrees that, although it is directing Fund Services to implement the Procedures on its behalf, Fund Services is implementing the Procedures as a service provider to the Fund and the Fund is and remains ultimately responsible for complying with all applicable laws, rules, and regulations with respect to anti-money laundering, customer identification, identity theft prevention, economic sanctions, and terrorist financing, whether under anti-money laundering rules, or otherwise, such as, the establishment and board adoption of its own formal anti-money laundering program and the designation of its own anti-money laundering officer, as applicable.

The Fund further acknowledges and agrees that certain portions of the Procedures are applicable to certain products, entities, structures, or geographies and, accordingly,

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**Exhibit 10.29**

certain portions of the Procedures may not be implemented with respect to the Fund. The Fund has had the opportunity to discuss the Procedures with Fund Services, and the Fund understands and agrees which portions of the Procedures may not be implemented on behalf of the Fund. Without limitation of the foregoing, Fund Services shall not be responsible for providing anti-money laundering or customer identification services with respect to certain intermediary or dealer-controlled customer accounts (i.e., level 0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing Corporation) and other fund client relationships where there is a sub-transfer agency or similar arrangement between the Fund and the intermediary.

Fund Services agrees to provide to the Fund (to the extent it is permitted by law and able to do so):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Prompt written notification of any transaction or combination of transactions that Fund Services believes, based on the Procedures, evidence money laundering or identity theft activities in connection with the Fund or any shareholder of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Prompt written notification of any customer(s) that Fund Services reasonably believes, based upon the Procedures, to be engaged in money laundering or identity theft activities, provided that the Fund agrees not to communicate this information to such customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Any reports received by Fund Services from any government agency or applicable industry self-regulatory organization pertaining to Fund Services' anti-money laundering monitoring or the Red Flag Identity Theft Prevention Program on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Prompt written notification of any action taken in response to anti-money laundering violations or identity theft activity as described in (a), (b) or (c); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Certified quarterly reports of its monitoring and customer identification activities pursuant to the Procedures on behalf of the Fund, and upon request, Fund Services will also provide a year-end annual report containing such information.

The Fund hereby directs, and Fund Services acknowledges, that Fund Services shall (i) permit federal regulators access to such information and records maintained by Fund Services and relating to Fund Services' implementation of the Procedures, on behalf of the Fund, as they may request, and (ii) permit such federal regulators to inspect Fund Services' implementation of the Procedures on behalf of the Fund.

**5.** **Compensation** 

Fund Services shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time. Fund Services shall also be reimbursed for such miscellaneous expenses as set forth on <u>Exhibit A</u> hereto as are reasonably incurred by Fund Services in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within

------

**Exhibit 10.29**

thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund's administrator and/or the Fund shall notify Fund Services in writing within thirty (30) calendar days following receipt of each invoice if the Fund's administrator and/or the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within thirty (30) calendar days of the day on which the parties agree to the amount to be paid.

**6.** **Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Fund hereby represents and warrants to Fund Services, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; 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;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its declaration of trust, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All records of the Fund (including, without limitation, all Shareholder and account records) provided to Fund Services by the Fund or by a prior transfer agent of the Fund are accurate and complete and Fund Services is entitled to rely on all such records in the form provided; 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;(5) The Fund has a reasonable belief that it knows the true identity of all Shareholders of the Fund as of the date of this Agreement including, to the extent applicable, the beneficial owners of such Shareholders, and Fund Services is entitled to rely on such identification by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Fund Services hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

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**Exhibit 10.29**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by Fund Services in accordance with all requisite action and constitutes a valid and legally binding obligation of Fund Services, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To the best of its knowledge, no legal or administrative proceedings have been instituted or threatened which would impair Fund Services' ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Its entrance into this Agreement shall not cause a material breach or be in a material conflict with any other agreement or obligation of Fund Services, or any law or regulation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) It has all the necessary facilities, equipment and personnel to perform the duties and obligations under this Agreement; 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;(7) It is a registered transfer agent under the Exchange Act and has such licenses and/or authorizations as may be required to place shares through the Alternative Investment Product Services (AIP) system.

**7.** **Standard of Care; Indemnification; Limitation of Liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Fund Services shall exercise reasonable care in the performance of its duties under this Agreement. Fund Services shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond Fund Services' control, except a loss arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. Notwithstanding any other provision of this Agreement, if Fund Services has exercised reasonable care in the performance of its duties under this

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**Exhibit 10.29**

Agreement, the Fund shall indemnify and hold harmless Fund Services from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented attorneys' fees) that Fund Services may sustain or incur or that may be asserted against Fund Services by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards or (ii) in reliance upon any written or oral instruction provided to Fund Services by the Fund's investment adviser or by any duly authorized officer of the Fund, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to Fund Services' refusal or failure to comply with the terms of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund Services" shall include Fund Services' trustees, officers and employees.

Fund Services shall indemnify and hold the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising out of any action taken or omitted to be taken by Fund Services as a result of Fund Services' refusal or failure to comply with the terms of this Agreement, bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of Fund Services, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's trustees, officers and employees.

In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such) under this Agreement; or (ii) any delay by reason of circumstances not reasonably foreseeable and beyond its reasonable control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, Fund Services shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. Fund Services shall as promptly as possible under the circumstances notify the Fund in the event of any service interruption that materially impacts Fund Services' duties under this Agreement. Fund Services will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of Fund Services as soon as practicable. Fund Services agrees that it shall, at all times, have reasonable business continuity and

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**Exhibit 10.29**

disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Fund shall be entitled to inspect Fund Services' premises and operating capabilities, books and records maintained on behalf of the Fund at any time during regular business hours of Fund Services, upon reasonable notice to Fund Services. Fund Services shall promptly notify the Fund upon discovery of any material administrative error (or group, pattern or practice of errors that, when taken together could constitute a material administrative error), and shall consult with the Fund about the actions it intends to take to correct the error prior to taking such actions. A "material administrative error" means any error which the Fund's management, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance. Moreover, Fund Services shall obtain and provide the Fund, at such times as the Fund may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of Fund Services relating to the services provided by Fund Services under this Agreement.

Notwithstanding the above, Fund Services reserves the right to reprocess and correct administrative errors (and shall do so in any case promptly upon request of the Fund). Any reprocessing of administrative errors shall be at its own expense, unless reprocessing is at the request of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.In order that the indemnification provisions contained in this section shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.The indemnity and defense provisions set forth in this Section 7 shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.If Fund Services is acting in another capacity for the Fund pursuant to a separate agreement, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such other capacity.

**8.** **Data Necessary to Perform Services** 

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**Exhibit 10.29**

The Fund or its agent shall furnish to Fund Services the data necessary to perform the services described herein at such times and in such form as mutually agreed upon. For the avoidance of doubt, Fund Services agrees that, to the extent required in order to carry out any of its obligations hereunder, Fund Services will coordinate with all other service providers of the Fund as may be requested and authorized by the Fund, including each custodian of the Fund, as appropriate. If Fund Services is also acting in another capacity for the Fund, nothing herein shall be deemed to relieve Fund Services of any of its obligations in such capacity.

**9.** **Proprietary and Confidential Information**

Fund Services agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential Shareholders of the Fund (and clients of said Shareholders) including all Shareholder trading information, and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where Fund Services may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities provided that to the extent permitted by law, Fund Services shall provide the Fund notice prior to such disclosures, or (iii) when so requested by the Fund. Records and other information which have become known to the public through no wrongful act of Fund Services or any of its employees, agents or representatives, and information that was already in the possession of Fund Services prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph. Fund Services acknowledges that it may come into possession of material nonpublic information with respect to the Fund and confirms that it has in place effective procedures to prevent the use of such information in violation of applicable insider trading laws.

In addition, Fund Services shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm Leach Bliley Act, as may be modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Implement and maintain written policies and procedures reasonably designed to protect information relating to Shareholders, including sensitive information ("Personal Information").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Maintain an effective information security/incident response program reasonably designed to protect Personal Information and detect, respond to, and recover from unauthorized access to Personal Information (the "Information Security

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**Exhibit 10.29**

Program"). The Information Security Program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure the security and confidentiality of Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder. The Information Security Program complies and shall comply with reasonable information security practices within the industry. Fund Services shall provide a written description of its Information Security Program upon written request from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Upon becoming aware of any actual or alleged breach of security, misuse or misappropriation of, or authorized access to Personal Information (each, a "Security Breach"), (i) assess and contain the Security Breach; (ii) notify the Fund in writing at privacy@baincapital.com expeditiously and without unreasonable delay and in compliance with applicable law and regulatory requirements after awareness of the Security Breach, including a general description and steps taken; and (iii) not make any public announcement or issue any notification regarding a Security Breach without the Fund's prior written approval, unless it is required to do so by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Promptly investigate, remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. Fund Services shall bear the cost of the Security Breach only if Fund Services is determined to be responsible for such Security Breach. In addition to, and without limiting the foregoing, Fund Services will promptly cooperate with the Fund, any of its affiliates, or any of their regulators at Fund Services' expense (only if Fund Services is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)Provide the Fund with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to Fund Services' CCO Portal (limited to two persons) to the extent such reports are available and related to services performed or made available by Fund Services under this Agreement. The Fund acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to its employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports.

Notwithstanding the foregoing, Fund Services will not share any nonpublic personal information concerning any of the Fund's Shareholders to any third party unless specifically directed by the Fund or allowed under one of the exceptions noted under the Gramm Leach Bliley Act.

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**Exhibit 10.29**

**10.** **Records**

Fund Services shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Fund, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. Fund Services agrees that all such records prepared or maintained by Fund Services relating to the services to be performed by Fund Services hereunder are the property of the Fund and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Fund or their designee on and in accordance with its request. Fund Services agrees to provide any records necessary to the Fund to comply with the Fund's disclosure controls and procedures and internal control over financial reporting adopted in accordance with the SOX Act. Without limiting the generality of the foregoing, Fund Services shall cooperate with the Fund and assist the Fund, as necessary, by providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund's internal control over financial reporting (as defined in Sections 13a-15(f) or 15a-15(f) of the Exchange Act).

**11.** **Compliance with Laws**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the SOX Act, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its registration statement. Fund Services' duties and services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance and oversight responsibility with respect thereto. Further the Fund agrees that it complies with any and all applicable local, state, federal and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by Fund Services. Fund Services' functions hereunder shall not relieve the Fund of their primary day-to-day responsibility for assuring such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.The foregoing shall not affect Fund Services' responsibilities for compliance and related matters delegated to Fund Services by the Fund as expressly provided herein. Fund Services shall comply with changes to all regulatory requirements affecting its services hereunder to the Fund and shall implement any necessary modifications to the services prior to the deadline imposed, or extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.If, and to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended ("GDPR") or the Cayman Islands Data Protection Law, 2017, as amended ("DPL"), are applicable to Fund Services and the Fund the following provisions shall apply:

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**Exhibit 10.29**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The parties agree Fund Services is a "Data Processor" under GDPR and DPL, as applicable, in the performance of its services under this Agreement. Notwithstanding the foregoing, the parties agree Fund Services is a "Data Controller" under GDPR and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding obligations. In either case, the Fund shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents, are in place to enable the processing of "Personal Data" (as defined by GDPR and DPL) by Fund Services, the transfer of Personal Data to Fund Services, and the transfer of Personal Data by Fund Services to third countries or regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The parties further agree the Fund is a "Data Controller" under GDPR and DPL, as applicable. The Fund, either alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Fund Services shall process the Personal Data: (i) in accordance with instructions of the Fund pursuant to this Agreement and any authorized persons list executed pursuant thereto, for the purpose of discharging Fund Services' obligations under the Agreement; and (ii) when required by law or regulation, or required or requested by any court or regulator (each a "Processing Order") to which Fund Services is subject. In the event Fund Services receives a request to process Personal Data pursuant to any Processing Order, it shall, to the extent legally permissible and reasonably practicable under the circumstances, notify the Fund prior to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Fund is solely responsible for developing and implementing its internal policies and procedures with respect to GDPR and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Fund Services shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to those contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.implement appropriate technical and organizational measures to protect Personal Data including against unauthorized or unlawful processing and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.only appoint sub-processors with the prior written consent of the Fund (standing instructions or general written authorization are sufficient), and only if the sub-processors provide sufficient guarantees in writing to Fund Services that they have implemented appropriate technical and

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**Exhibit 10.29**

organizational measures in such a manner that processing will comply with GDPR and DPL, as applicable<sup>1</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.beyond the initial appointment, inform the Fund of any intended material changes concerning the addition or replacement of sub-processors, thereby giving the Fund the opportunity to object;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.taking into account the nature of the processing, reasonably assist the Fund by appropriate technical and organizational measures, insofar as possible, to enable the Fund to comply with its obligation to respond to requests for exercising a data subject's rights under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.provide reasonable assistance to the Fund in ensuring their compliance with obligations regarding Personal Data breaches, data protection impact assessments and prior consultation subject to the nature of the processing and the information reasonably available to Fund Services, and inform the Fund of Personal Data breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.at the written direction of the Fund, delete or return all Personal Data to the Fund after the end of the provision of services under the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention or backup procedures require the storage of such Personal Data; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.make available to the Fund all information reasonably necessary to demonstrate compliance with GDPR or DPL, as applicable, and allow for and reasonably cooperate with audits, including inspections, conducted by the Fund or its auditor; and immediately inform the Fund if, in its opinion, the Fund's instructions regarding this subsection infringes on GDPR or DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation to the Personal Data. Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR, DPL or any other applicable data protection laws.

**12.** **Term of Agreement; Amendment**

This Agreement shall become effective as of the Effective Date and will continue in effect for a period of one (1) year. This Agreement may be terminated by either party upon giving ninety (90) days' prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of

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<sup>1</sup> For the avoidance of doubt, Fund Services' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Fund hereby authorizes such use.

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**Exhibit 10.29**

notice of such breach to the breaching party. This Agreement may not be amended or modified in any manner except by written agreement executed by Fund Services and the Fund, and authorized or approved by the Board of Trustees.

**13.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of Fund Services' duties or responsibilities hereunder is designated by the Fund by written notice to Fund Services, Fund Services will promptly, upon such termination (except in the case of a material breach by Fund Services, in which case all expenses shall be borne by Fund Services), at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by Fund Services under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which Fund Services has maintained the same, the Fund shall pay any reasonable and documented expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from Fund Services' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Fund. The Fund shall also pay any fees associated with record retention and/or tax reporting obligations that Fund Services is obligated under applicable law, regulation, or rule to continue following the termination.

**14.** **Assignment** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of Fund Services, or by Fund Services without the written consent of the Fund accompanied by the authorization or approval of the Board of Trustees.

**15.** **Governing Law**

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

**16.** **Services not Exclusive** 

Nothing in this Agreement shall limit or restrict Fund Services from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

**17.** **No Agency Relationship** 

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**Exhibit 10.29**

Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

**18. Invalidity**

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

**19. Notices**

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to Fund Services shall be sent to:

U.S. Bancorp Fund Services, LLC

777 East Wisconsin Avenue

Milwaukee, WI 53202

Attn: GFS Contracts

Email: GFSContracts@usbank.com

and notice to the Fund shall be sent to:

Bain Capital Private Credit

c/o BCPC Advisors, LP

200 Clarendon Street

37<sup>th</sup> Floor

Boston, MA 02116

Attn: General Counsel

**20. Multiple Originals**

This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**21. Entire Agreement**

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**Exhibit 10.29**

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral.

SIGNATURES ON NEXT PAGE

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**Exhibit 10.29**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date hereof.

**U.S. BANCORP FUND SERVICES, LLC**

By:________________________________

Name: _____________________________

Title: ______________________________

Date: ______________________________

**BAIN CAPITAL PRIVATE CREDIT**

By:________________________________

Name: _____________________________

Title: ______________________________

Date: ______________________________

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**Exhibit 10.29**

**Exhibit A** 

**Transfer Agent Servicing Agreement Fee Schedule**

**Transfer Agency/Investor Services Fee Schedule\***

▪Base Fee Per CUSIP – $25,000 per year

▪Open Accounts – $25.00 per open account

▪Closed Accounts – $3.00 per closed account

▪Fintech Platforms – $10,000 annually per relationship

▪Broker Dealers – $3,000 annually per relationship

**Additional Fees** 

▪Contact Center - $4 per call

▪Reporting priced per request

**CUSIP Setup** 

▪CUSIP Fee – $5,000 per CUSIP

**PA Port** 

▪One-time standard set up charge - $15,000

oCustomization charged at vendor's current hourly rate

▪Annual fee - $15,000

**Data Output** 

▪One-time standard set up for periodic statements and confirms - $2,500

oCustomization charged at vendor's current hourly rate

**Chief Compliance Officer Support Fee**

▪$3,000 per year

***Miscellaneous Expenses*** 

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: brokerage fees, telephone toll-free lines, inbound calls, mailing, sorting and postage, stationery, envelopes, service/data conversion, AML verification services, special reports, record retention, lost shareholder search, disaster recovery charges, Fed wire charges, shareholder/dealer print out (daily confirms, investor statements, tax, checks, and commissions), voice response (VRU) maintenance and development, data communication and implementation charges, return mail processing, travel, FATCA and other compliance mailings.

***Additional Services*** 

Additional services not included above shall be mutually agreed upon at the time of the service being added. Available but not included above are the following services, client dedicated line data access, programming charges, physical certificate processing, CUSIP setup and additional services mutually agreed upon.

In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

The monthly fee for an open account shall be charged in the month during which an account is opened through the month in which such account is closed. The monthly fee for a closed account shall be charged in the month following the month during which such account is closed.

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**ASADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael A. Ewald, certify that:

1. I have reviewed this Annual Report on Form 10-K of Bain Capital Private Credit.;

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;

3. Based on my knowledge, the consolidated 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;

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)) for the registrant and have:

&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, 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;(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;(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;(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

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;(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;(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.

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| | |
|:---|:---|
| Date: March 12, 2026 |  |
|  | /s/ Michael A. Ewald |
|  | Michael A. Ewald |
|  | Chief Executive Officer (Principal Executive Officer) |
|  | Bain Capital Private Credit |

---

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## Exhibit 31.2

# Exhibit 31.2
**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

# PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934

# AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Amit Joshi, certify that:

1. I have reviewed this Annual Report on Form 10-K of Bain Capital Private Credit.;

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;

3. Based on my knowledge, the consolidated 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;

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)) for the registrant and have:

&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, 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;(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;(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;(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

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;(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;(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.

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| | |
|:---|:---|
| Date: March 12, 2026 |  |
|  | /s/ Amit Joshi |
|  | Amit Joshi |
|  | Chief Financial Officer<br>(Principal Financial Officer) and Principal Accounting Officer |
|  | Bain Capital Private Credit |

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## Ex-32

# Exhibit 32
**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 Annual Report on Form 10-K of Bain Capital Private Credit. (the "Company") for the Annual period ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael A. Ewald, Chief Executive Officer of the Company, and I, Amit Joshi, Chief Financial Officer of the Company, each certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

&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, as amended; 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.

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| | |
|:---|:---|
| Date: March 12, 2026 |  |
|  | /s/ Michael A. Ewald |
|  | Michael A. Ewald |
|  | Chief Executive Officer<br>(Principal Executive Officer) |
|  | Bain Capital Private Credit |
|  | /s/ Amit Joshi |
|  | Amit Joshi |
|  | Chief Financial Officer<br>(Principal Financial Officer) and Principal Accounting Officer |
|  | Bain Capital Private Credit |

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