# EDGAR Filing Document

**Accession Number:** 0001899017
**File Stem:** 0001193125-26-224183
**Filing Date:** 2026-5
**Character Count:** 555483
**Document Hash:** e02e9d8d64f99cc118636d0b00b1f50e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-224183.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001193125-26-224183

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 100

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260514

**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-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01474
- **FILM NUMBER:** 26979653

**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-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 10-Q

**(Mark One)**

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

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

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** **For the transition period from __ to __**

**Commission file number:** 814-01474

BAIN CAPITAL PRIVATE CREDIT

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| 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)

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

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

---

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

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The Registrant's common shares of beneficial interest ("Common Shares"), $0.01 par value per share, outstanding as of May 14, 2026 were 0, 0 and 40,166,573 of Class S, Class D and Class I Common Shares, respectively. Common Shares outstanding exclude May 1, 2026 subscriptions since the issuance price is not yet finalized at this time.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>PART I</u>**](#financial_info) | [**<u>FINANCIAL INFORMATION</u>**](#financial_info) |  |
| [<u>Item 1.</u>](#item_1_consolidated_financial_statements) | [<u>Consolidated Financial Statements:</u>](#item_1_consolidated_financial_statements) | [<u>3</u>](#item_1_consolidated_financial_statements) |
|  | [<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025</u>](#consolidated_statements_of_a_l) | [<u>3</u>](#consolidated_statements_of_a_l) |
|  | [<u>Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)</u>](#statement_of_operations) | [<u>5</u>](#statement_of_operations) |
|  | [<u>Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (unaudited)</u>](#scna) | [<u>6</u>](#scna) |
|  | [<u>Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)</u>](#fs_cashflow) | [<u>7</u>](#fs_cashflow) |
|  | [<u>Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and December 31, 2025</u>](#cq_soi) | [<u>9</u>](#cq_soi) |
|  | [<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_financial_statements) | [<u>37</u>](#notes_to_financial_statements) |
| [<u>Item 2.</u>](#item_2_managements_discussion) | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion) | [<u>87</u>](#item_2_managements_discussion) |
| [<u>Item 3.</u>](#quantitative_and_qualitative_disclosures) | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#quantitative_and_qualitative_disclosures) | [<u>123</u>](#quantitative_and_qualitative_disclosures) |
| [<u>Item 4.</u>](#controls_procedures) | [<u>Controls and Procedures</u>](#controls_procedures) | [<u>123</u>](#controls_procedures) |
| [**<u>PART II</u>**](#other_information) | [**<u>OTHER INFORMATION</u>**](#other_information) |  |
| [<u>Item 1.</u>](#legal_proceedings) | [<u>Legal Proceedings</u>](#legal_proceedings) | [<u>125</u>](#legal_proceedings) |
| [<u>Item 1A.</u>](#risk_factors) | [<u>Risk Factors</u>](#risk_factors) | [<u>125</u>](#risk_factors) |
| [<u>Item 2.</u>](#unregistered_sales) | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#unregistered_sales) | [<u>129</u>](#unregistered_sales) |
| [<u>Item 3.</u>](#senior_securities) | [<u>Defaults Upon Senior Securities</u>](#senior_securities) | [<u>130</u>](#senior_securities) |
| [<u>Item 4.</u>](#mine_safety_disclosures) | [<u>Mine Safety Disclosures</u>](#mine_safety_disclosures) | [<u>130</u>](#mine_safety_disclosures) |
| [<u>Item 5.</u>](#item5otherinfo) | [<u>Other Information</u>](#item5otherinfo) | [<u>130</u>](#item5otherinfo) |
| [<u>Item 6.</u>](#exhibits) | [<u>Exhibits, Consolidated Financial Statement Schedules</u>](#exhibits) | [<u>131</u>](#exhibits) |
| [<u>Signatures</u>](#signatures) |  | [<u>135</u>](#signatures) |

---

i

------

# FORWARD-LOOKING STATEMENTS
Statements contained in this Quarterly Report on Form 10-Q (the "Quarterly 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 Bain Capital Private Credit (the "Company", "we", "our" and "us"), 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 Quarterly 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 Part 1, "*Item 1A. Risk Factors*" in our Annual Report on Form 10-K (the "Annual Report") for the fiscal year ended December 31, 2025 and in our filings with the Securities and Exchange Commission (the "SEC"). Except as otherwise specified in this Quarterly Report, the terms "we", "us", "our", and the "Company" refer to Bain Capital Private Credit.

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 Quarterly 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 Part I, "*Item 1A. Risk Factors*" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly 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 Quarterly Report because we are an investment company.

ii

------

# PART I. FINANCIAL INFORMATION

# Item 1. Consolidated Financial Statements

# BAIN CAPITAL PRIVATE CR EDIT CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| &nbsp;&nbsp;Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate investment (amortized cost of $1,733,892 and $1,611,716, respectively) | $1735938 | $1626747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate investment (amortized cost of $26,533 and $26,126, respectively) | 28222 | 27206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliate investment (amortized cost of $50,965 and $27,150, respectively) | 50922 | 27305 |
| &nbsp;&nbsp;Cash and cash equivalents | 73593 | 32110 |
| &nbsp;&nbsp;Foreign cash (cost of $7,487 and $5,912, respectively) | 7403 | 5959 |
| &nbsp;&nbsp;Collateral on derivatives | 5288 | 4165 |
| &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 $3,191 and $2,537, respectively) | 6989 | 7152 |
| &nbsp;&nbsp;Interest receivable on investments | 16887 | 12385 |
| &nbsp;&nbsp;Dividend receivable on investments | 426 | 602 |
| &nbsp;&nbsp;Unrealized appreciation on forward currency exchange contracts | 918 | - |
| &nbsp;&nbsp;Receivable for investments sold | 162844 | 2888 |
| &nbsp;&nbsp;Prepaid insurance | - | 101 |
| &nbsp;&nbsp;Prepaid financing costs | 53 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2089533 | $1747187 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $2,716 and $2,901, respectively) | $1043996 | $790331 |
| &nbsp;&nbsp;Distributions payable | 8550 | 7780 |
| &nbsp;&nbsp;Interest rate swap | 1302 | - |
| &nbsp;&nbsp;Interest expense payable | 8658 | 6727 |
| &nbsp;&nbsp;Incentive fee payable on income | 4037 | 3685 |
| &nbsp;&nbsp;Accrued capital gains incentive fee | 807 | 1844 |
| &nbsp;&nbsp;Repurchase of Common Shares payable | 9310 | 2593 |
| &nbsp;&nbsp;Base management fee payable | 3641 | 3028 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 325 | 1088 |
| &nbsp;&nbsp;Unrealized depreciation on forward currency exchange contracts | - | 2781 |
| &nbsp;&nbsp;Payable for investments purchased | 3100 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $1083726 | $820529 |
| Commitments and Contingencies (See Note 9) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;Common Shares, $0.01 par value (38,946,355 and 35,671,560 shares issued and outstanding, respectively) | 389 | 357 |
| &nbsp;&nbsp;Paid-in-capital in excess of par value | 995518 | 910502 |
| &nbsp;&nbsp;Accumulated distributable earnings | 9900 | 15799 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 1005807 | 926658 |
| **Total Liabilities and Total Net Assets** | $2089533 | $1747187 |

---

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** |
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** |  |
| **Net Asset Value Per Share** |  |  |
| **Class I Shares:** |  |  |
| &nbsp;&nbsp;Net assets | $1005807 | $926658 |
| &nbsp;&nbsp;Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 38946355 | 35671560 |
| Net asset value per share | $25.83 | $25.98 |

---

See Notes to Consolidated Financial Statements

------

**BAIN CAPITAL PRIVATE CREDIT**

**CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Income** |  |  |
| &nbsp;&nbsp;Investment income from non-controlled/non-affiliate investments: |  |  |
| &nbsp;&nbsp;Interest from investments | $39414 | $18924 |
| &nbsp;&nbsp;Dividend income | 782 | 347 |
| &nbsp;&nbsp;PIK income | 3900 | 823 |
| &nbsp;&nbsp;Other income | 2588 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/non-affiliate investments | 46684 | 21596 |
| &nbsp;&nbsp;Investment income from non-controlled/affiliate investments: |  |  |
| &nbsp;&nbsp;Interest from investments | 366 | - |
| &nbsp;&nbsp;Dividend income | 150 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from non-controlled/affiliate investments: | 516 | 75 |
| &nbsp;&nbsp;Investment income from controlled affiliate investments: |  |  |
| &nbsp;&nbsp;Interest from investments | 676 | 14 |
| &nbsp;&nbsp;Dividend income | 210 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income from controlled affiliate investments: | 886 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 48086 | 21685 |
| **Expenses** |  |  |
| &nbsp;&nbsp;Interest and debt financing expenses | $14890 | $7405 |
| &nbsp;&nbsp;Incentive fee on income | 4038 | 1722 |
| &nbsp;&nbsp;Incentive fee (reversal) on capital gains | (1037) | - |
| &nbsp;&nbsp;Professional fees and operating expenses | 527 | 257 |
| &nbsp;&nbsp;Base management fee | 3641 | 1586 |
| &nbsp;&nbsp;Trustee fees | 114 | 110 |
| &nbsp;&nbsp;Other general and administrative expenses | 1203 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses before fee waivers** | 23376 | 11668 |
| &nbsp;&nbsp;Expense recoupment (support) | 620 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses, net of fee waivers** | 23996 | 11846 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income before taxes** | 24090 | 9839 |
| &nbsp;&nbsp;Income taxes, including excise taxes | 223 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 23867 | 9758 |
| **Net realized and unrealized gains (losses)** |  |  |
| &nbsp;&nbsp;Net realized gain on non-controlled/non-affiliate investments | 3063 | 225 |
| &nbsp;&nbsp;Net realized gain (loss) on foreign currency transactions | 20 | (61) |
| &nbsp;&nbsp;Net realized gain (loss) on forward currency exchange contracts | (1649) | 746 |
| &nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | (124) | 179 |
| &nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation on debt | 702 | (956) |
| &nbsp;&nbsp;Net change in unrealized appreciation on forward currency exchange contracts | 3699 | (1775) |
| &nbsp;&nbsp;Net change in unrealized appreciation on non-controlled/non-affiliate investments | (12985) | 1800 |
| &nbsp;&nbsp;Net change in unrealized appreciation on non-controlled/affiliate investments | 609 | 474 |
| &nbsp;&nbsp;Net change in unrealized appreciation on controlled affiliate investments | (198) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net gains (losses)** | (6863) | 716 |
| **Net increase in net assets resulting from operations** | $17004 | $10474 |

---

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)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Operations** |  |  |
| Net investment income | 23867 | 9758 |
| Net realized gains | 1434 | 910 |
| Net change in unrealized appreciation | (8297) | (194) |
| &nbsp;&nbsp;**Net increase in net assets resulting from operations** | **17004** | **10474** |
| **Distributions to Shareholders** |  |  |
| Class I | (22903) | (9258) |
| &nbsp;&nbsp;**Net decrease in net assets resulting from distributions to shareholders** | **(22903)** | **(9258)** |
| **Capital Share Transactions** |  |  |
| **Class I:** |  |  |
| Proceeds from Common Shares sold | 93499 | 97901 |
| Repurchase of common shares, net of early repurchase deduction | (9310) | (473) |
| Distributions reinvested | 859 | 1999 |
| &nbsp;&nbsp;**Net increase from capital share transactions** | **85048** | **99427** |
| **Net Assets** |  |  |
| Total increase in net assets during the period | 79149 | 100643 |
| Net assets, beginning of period | 926658 | 358434 |
| &nbsp;&nbsp;**Net assets at end of period** | $**1005807** | $**459077** |

---

See Notes to Consolidated Financial Statements

------

# BAIN CAPITAL PRIVATE CREDIT CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except share and per share data)
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash Flows From Operating Activities** |  |  |
| Net increase in net assets resulting from operations | $17004 | $10474 |
| &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 | (444756) | (196087) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments and sales of investments | 149439 | 7243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in investments due to PIK | (4593) | (958) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts and amortization of premiums | (953) | (609) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt issuance costs | 654 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from investments | (3063) | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (20) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 12574 | (2358) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | 124 | (179) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation on debt | (702) | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on forward currency exchange contracts | (3699) | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral on derivatives | (1123) | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on investments | (4502) | (1998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable | 176 | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap | (71) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid insurance | 101 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid financing costs | 17 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | - | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense payable | 1931 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable on income | 352 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued capital gains incentive fee | (1037) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (761) | (349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable | 613 | 271 |
| **Net cash used in operating activities** | (282295) | (180298) |
| **Cash Flows From Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 346500 | 178665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (90500) | (70500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of financing costs | (306) | (375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of Common Shares | (2593) | (1537) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Shares | 93499 | 97901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder distributions paid | (21274) | (9911) |
| &nbsp;&nbsp;**Net cash provided by financing activities** | 325326 | 194243 |
| **Net increase in cash, foreign cash, restricted cash and cash equivalents** | 43031 | 13945 |
| Effect of foreign currency exchange rates | (104) | 118 |
| **Cash, foreign cash, restricted cash and cash equivalents, beginning of period** | 38119 | 16389 |
| **Cash, foreign cash, restricted cash and cash equivalents, end of period** | $81046 | $30452 |

---

See Notes to Consolidated Financial Statements

------

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except share and per share data)
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Supplemental Disclosure of Cash Flow Information and Non-Cash Activities:** |  |  |
| Cash interest paid during the period | $12234 | $6288 |
| Cash paid for excise taxes during the period | - | 155 |
| Reinvestment of dividends during the period | 859 | 1999 |
| Cash and cash equivalents | $73593 | $21290 |
| Restricted cash | 50 | 50 |
| Foreign cash | 7403 | 9112 |
| Total cash, foreign cash, restricted cash and cash equivalents shown in the consolidated statements of cash flows | $81046 | $30452 |

---

See Notes to Consolidated Financial Statements

------

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED SCHEDULE OF INVESTMENTS As of March 31, 2026 (In thousands) (Unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/12/2029 | $— |  |  |  |
| ATS (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 7/12/2029 | $9600 | 9523 | 9600 |  |
| Bridger Aerospace Group Holdings, Inc. (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.00% | 9.70% | 10/28/2030 | $1144 | 1093 | 1032 |  |
| Bridger Aerospace Group Holdings, Inc. (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 6.00% | 9.68% | 10/28/2030 | $939 | 908 | 905 |  |
| Bridger Aerospace Group Holdings, Inc. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.67% | 10/28/2030 | $20349 | 20162 | 20145 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 7/25/2030 | $5167 | 5134 | 5167 |  |
| BTX Precision (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 7/25/2030 | $689 | 675 | 689 |  |
| BTX Precision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.68% | 7/25/2030 | $1921 | 1905 | 1921 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 7/25/2030 | $3650 | 3627 | 3650 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 7/25/2030 | $2010 | 1996 | 2010 |  |
| Heads Up Technologies, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 7/23/2030 | $24973 | 24866 | 24973 |  |
| Heads Up Technologies, Inc. (17)(19) | Second Lien Senior Secured Loan | SOFR | 8.25% | 11.95% | 7/23/2031 | $18843 | 18762 | 18843 |  |
| Heads Up Technologies, Inc. (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/23/2030 | $— | (15) |  |  |
| Polar Technology Group LLC (6)(10)(12)(17) | Equity Interest |  |  |  |  | 52 | 52 | 52 |  |
| Polar Technology Buyer Ltd (6)(17)(18) | First Lien Senior Secured Loan | SONIA | 5.75% | 9.48% | 2/27/2032 | £1553 | 2084 | 2038 |  |
| Polar Technology Buyer Ltd (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/27/2032 | £— | (3) | (3) |  |
| Polar Technology Buyer Ltd (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/27/2032 | £— | (8) | (8) |  |
| Saturn Purchaser Corp. (5)(9)(17) | 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% | 8.52% | 7/22/2030 | $6129 | 6057 | 6129 |  |
| Solairus (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/22/2030 | $— | (8) |  |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**96805** | $**97143** | **9.7%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Caliber (21) | First Lien Senior Secured Loan | SOFR | 2.50% | 6.17% | 1/30/2031 | $2849 | 2849 | 2829 |  |
| Chilton (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 2/5/2031 | $1024 | 1018 | 1013 |  |
| Chilton (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/5/2031 | $— | (21) | (103) |  |
| Chilton (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.14% | 2/5/2031 | $1863 | 1839 | 1824 |  |
| Intoxalock (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.77% | 11/1/2028 | $4688 | 4663 | 4688 |  |
| **Automotive Total** |  |  |  |  |  |  | $**10348** | $**10251** | **1.0%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (17)(18) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 3/31/2030 | $2704 | 2673 | 2677 |  |
| AgroFresh Solutions (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 3/31/2030 | $5994 | 5928 | 5934 |  |
| AgroFresh Solutions (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.27% | 4/2/2029 | $868 | 844 | 844 |  |
| AQPI Investors LP (10)(15)(17) | Preferred Equity |  | 15.50% PIK | 15.50% |  | 16116 | 16116 | 16116 |  |
| BCC AmeriQual Investments 2, LP (10)(12)(17) | Warrants |  |  |  |  |  |  |  |  |
| BCC Trillium Foods Investments 2, LP (10)(12)(17) | Equity Interest |  |  |  |  | 2 | 1740 | 2439 |  |
| BCPC Project Aberdeen, LLC. (10)(12)(17) | Equity Interest |  |  |  |  | 803 | 803 | 789 |  |
| Hellers (5)(6)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/27/2030 |  | (2) |  |  |
| Hellers (6)(15)(17) | Subordinated Debt |  | 15.00% PIK | 15.00% | 3/27/2031 | 100 | 61 | 56 |  |
| Hellers (6)(15)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | BKBM | 4.00% (1.50% PIK) | 8.09% | 9/27/2030 | 1097 | 663 | 623 |  |
| INW Manufacturing, LLC (17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 1/23/2031 | $42819 | 42406 | 42391 |  |
| SauceCo HoldCo, LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.42% | 5/13/2030 | $3597 | 3572 | 3597 |  |
| SauceCo HoldCo, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.45% | 5/13/2030 | $48718 | 47365 | 48718 |  |
| Spindrift (10)(12)(17) | Equity Interest |  |  |  |  | 1 | 500 | 547 |  |
| Spindrift (15)(17) | Subordinated Debt |  | 13.75% PIK | 13.75% | 2/19/2033 | $1627 | 1591 | 1627 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**124260** | $**126358** | **12.6%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| AeriTek Global CAD Acquisition Inc. (5)(6)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.17% | 8/27/2030 | $249 | 231 | 228 |  |
| AeriTek Global CAD Acquisition Inc. (6)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 8/27/2030 | $5957 | 5878 | 5867 |  |
| Alliance Laundry (21) | First Lien Senior Secured Loan | SOFR | 2.25% | 5.92% | 8/19/2031 | $1880 | 1882 | 1881 |  |
| Engineered Products Co., LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.38% | 8/12/2031 | $225 | 216 | 225 |  |
| Ergotron Acquisition LLC (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 7/6/2028 | $5951 | 5893 | 5951 |  |
| EXT Acquisitions, Inc. (4)(5)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/19/2031 | $— |  | (12) |  |
| EXT Acquisitions, Inc. (5)(17)(18) | First Lien Senior Secured Loan - Revolver | P | 4.25% | 11.00% | 12/19/2031 | $579 | 571 | 570 |  |
| EXT Acquisitions, Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.94% | 12/19/2031 | $15065 | 14993 | 14990 |  |
| Goodfellow (6)(13)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.38% | 2/10/2032 | 901 | 933 | 1028 |  |
| Goodfellow (6)(13)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.38% | 2/10/2032 | 279 | 288 | 319 |  |
| Goodfellow (6)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 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 | 345 |  |
| Minus Forty QBD Corp. (6)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 8/27/2030 | $4988 | 4932 | 4913 |  |
| PPT Group (5)(6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.50% | 9.24% | 2/28/2031 | £33 | 43 | 35 |  |
| PPT Group (5)(6)(17)(21) | First Lien Senior Secured Loan - Revolver | SONIA | 5.50% | 9.24% | 2/28/2031 | £34 | 42 | 40 |  |
| PPT Group (6)(10)(12)(17) | Equity Interest |  |  |  |  | 57 | 57 | 47 |  |
| PPT Group (6)(8)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.24% | 2/28/2031 | £927 | 1159 | 1208 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**37820** | $**37995** | **3.8%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| Duraco (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.16% | 6/6/2029 | $5237 | 5181 | 4975 |  |
| Duraco (5)(16)(17) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.21% | 6/6/2029 | $255 | 246 | 223 |  |
| Plaskolite PPC Intermediate II LLC (8)(15)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.00% (4.00% PIK) | 11.64% | 5/9/2030 | $19533 | 19221 | 19142 |  |
| Plaskolite PPC Intermediate II LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.64% | 2/7/2030 | $338 | 315 | 310 |  |
| Solenis (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.70% | 6/20/2031 | $3950 | 3934 | 3806 |  |
| V Global Holdings LLC (13)(15)(17)(19) | First Lien Senior Secured Loan | SOFR | 2.20% (3.70% PIK) | 9.55% | 12/22/2027 | $11692 | 11631 | 11049 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  | $**40528** | $**39505** | **3.9%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 7/24/2031 | $5611 | 5586 | 5583 |  |
| AGS American Glass Services Acquisition, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | (10) | (11) |  |
| AGS American Glass Services Acquisition, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/24/2031 | $— | (4) | (20) |  |
| AGS American Services Investments, L.P. (10)(12)(17) | Equity Interest |  |  |  |  | 15 | 1486 | 1465 |  |
| Chase Industries, Inc. (15)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $8495 | 8321 | 8410 |  |
| Chase Industries, Inc. (15)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.65% (1.50% PIK) | 10.82% | 11/11/2027 | $851 | 828 | 843 |  |
| Chase Industries, Inc. (5)(15)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.65% (1.50% PIK) | 10.85% | 11/11/2027 | $321 | 319 | 313 |  |
| G702 Buyer, Inc. (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2031 | $— | (20) | (8) |  |
| G702 Buyer, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 7/2/2031 | $1050 | 1036 | 1045 |  |
| Quikrete Holdings (21) | First Lien Senior Secured Loan | SOFR | 2.25% | 5.92% | 1/30/2032 | $1980 | 1976 | 1979 |  |
| TL Sapphire Parent, Inc. (17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 1/22/2033 | $24085 | 23968 | 23965 |  |
| TL Sapphire Parent, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 1/22/2033 | $2292 | 2281 | 2281 |  |
| TL Sapphire Parent, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 1/22/2033 | $531 | 503 | 502 |  |
| Zeus Fire & Security (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 12/11/2030 | $499 | 499 | 500 |  |
| Zeus Fire & Security (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 12/11/2030 | $491 | 484 | 491 |  |
| Zeus Fire & Security (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 12/11/2030 | $4072 | 4072 | 4072 |  |
| Zeus Fire & Security (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.65% | 12/11/2030 | $3374 | 3354 | 3374 |  |
| **Construction & Building Total** |  |  |  |  |  |  | $**54679** | $**54784** | **5.4%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| **Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| New Milani Group LLC (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/26/2031 | $— | (4) |  |  |
| New Milani Group LLC (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/26/2031 | $— | (24) |  |  |
| New Milani Group LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 6/26/2031 | $11863 | 11760 | 11863 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**11732** | $**11863** | **1.2%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Evriholder (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.90% | 10.60% | 1/24/2028 | $3924 | 3907 | 3885 |  |
| Hempz (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/25/2029 | $— | (15) | (35) |  |
| Hempz (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 10/25/2029 | $8317 | 8265 | 8192 |  |
| RoC Skincare (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 2/21/2031 | $3798 | 3758 | 3798 |  |
| RoC Skincare (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/21/2030 | $— | (39) |  |  |
| Summer Fridays, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/16/2031 | $21597 | 21321 | 21382 |  |
| Summer Fridays, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/16/2031 | $— | (33) | (26) |  |
| WU Holdco, Inc. (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 4/15/2032 | $10636 | 10591 | 10636 |  |
| WU Holdco, Inc. (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/15/2032 | $— | (11) |  |  |
| WU Holdco, Inc. (5)(17)(21) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.45% | 4/15/2032 | $235 | 231 | 235 |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**47975** | $**48067** | **4.8%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.26% | 9.93% | 12/29/2027 | $4806 | 4699 | 4806 |  |
| ASP-r-pac Acquisition Co LLC (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.11% | 9.78% | 12/29/2027 | $367 | 355 | 367 |  |
| Five Star (14) | First Lien Senior Secured Loan | SOFR | 4.25% | 7.92% | 5/5/2029 | $1974 | 1956 | 1944 |  |
| Novolex (14) | First Lien Senior Secured Loan | SOFR | 3.18% | 6.84% | 4/13/2029 | $4000 | 3992 | 3826 |  |
| Precision Concepts Canada Corporation (6)(8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/2/2032 | $1858 | 1842 | 1840 |  |
| Precision Concepts Parent Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/2/2032 | $3532 | 3499 | 3496 |  |
| Precision Concepts Parent Inc. (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.42% | 8/2/2032 | $776 | 744 | 741 |  |
| Precision Concepts Parent Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/2/2032 | $1764 | 1748 | 1746 |  |
| Precision Concepts Parent Inc. (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 8/2/2032 | $3032 | 3018 | 3002 |  |
| Technimark (14) | First Lien Senior Secured Loan | SOFR | 3.25% | 6.92% | 4/14/2031 | $2962 | 2956 | 2814 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  | $**24809** | $**24582** | **2.4%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |
| BCC HGS Investments 2, LP (10)(12)(17) | Equity Interest |  |  |  |  | 10 | 1553 | 1522 |  |
| FC DOLMANS B.V. (4)(5)(6)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/4/2033 |  | (7) | (7) |  |
| FC DOLMANS B.V. (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.38% | 3/4/2033 | 3049 | 3511 | 3478 |  |
| Humic Acquisition Holdings, LLC (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 9.42% | 10/21/2031 | $9090 | 9081 | 9045 |  |
| Humic Acquisition Holdings, LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.42% | 10/21/2031 | $3376 | 3352 | 3350 |  |
| Humic Acquisition Holdings, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 10/21/2031 | $18089 | 18005 | 17999 |  |
| Meteor UK Bidco Limited (6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.00% | 8.73% | 5/14/2032 | £546 | 726 | 720 |  |
| Meteor UK Bidco Limited (5)(6)(17) | 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 | 1202 |  |
| Reconomy (6)(13)(17)(21)(30) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.38% | 7/12/2029 | £2499 | 3114 | 3277 |  |
| Reconomy (6)(13)(17)(21)(29) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.20% | 7/12/2029 | £2499 | 3167 | 3203 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 7/12/2029 | £2324 | 2934 | 3065 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.38% | 7/12/2029 | 937 | 1023 | 1080 |  |
| **Environmental Industries Total** |  |  |  |  |  |  | $**47673** | $**47934** | **4.8%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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: Finance** |  |  |  |  |  |  |  |  |  |
| Allworth Financial Group, L.P. (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 12/23/2027 | $2508 | 2498 | 2508 |  |
| Allworth Financial Group, L.P. (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/23/2027 | $— | (1) |  |  |
| Avalon Bidco Limited (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.25% | 9.99% | 4/16/2032 | £464 | 611 | 605 |  |
| Avalon Bidco Limited (6)(13)(17)(18) | First Lien Senior Secured Loan | SONIA | 6.25% | 9.99% | 4/16/2032 | £1376 | 1802 | 1792 |  |
| Choreo (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 2/18/2028 | $1225 | 1225 | 1225 |  |
| Choreo (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.70% | 2/18/2028 | $1363 | 1363 | 1363 |  |
| Daintree Bidco Pty Ltd ACN 686 668 619 (6)(17)(21) | First Lien Senior Secured Loan | BBSY | 5.00% | 9.04% | 11/25/2032 | 1113 | 709 | 751 |  |
| DRW (21) | First Lien Senior Secured Loan | SOFR | 3.50% | 7.17% | 6/26/2031 | $4950 | 4956 | 4876 |  |
| Endurance Holdco Limited (6)(10)(15)(17) | Preferred Equity |  | 12.50% PIK | 12.50% |  | 3929 | 5082 | 5079 |  |
| Hudson River Trading LLC (21) | First Lien Senior Secured Loan | SOFR | 2.50% | 6.18% | 3/18/2030 | $3905 | 3888 | 3894 |  |
| Jane Street (21) | First Lien Senior Secured Loan | SOFR | 2.00% | 5.67% | 12/15/2031 | $4935 | 4887 | 4851 |  |
| Kestra (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.67% | 3/21/2031 | $2963 | 2957 | 2945 |  |
| LEP SAL Co-Invest, L.P. (6)(10)(12)(17) | Equity Interest |  |  |  |  | 1250 | 1646 | 1649 |  |
| Monarch Finco, LLC (5)(14)(17) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 7.92% | 10/29/2032 | $1821 | 1795 | 1766 |  |
| Monarch Finco, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/29/2032 | $— | (3) | (4) |  |
| Monarch Finco, LLC (13)(14)(17) | First Lien Senior Secured Loan | SOFR | 4.25% | 7.92% | 10/29/2032 | $6257 | 6198 | 6194 |  |
| Monarch Finco, LLC (14)(17) | First Lien Senior Secured Loan | SOFR | 4.25% | 7.92% | 10/29/2032 | $13280 | 13156 | 13148 |  |
| PMA (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/31/2031 | $— | (20) |  |  |
| PMA (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 1/31/2031 | $15891 | 15685 | 15891 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  | 5 |  | 570 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  | 2 |  | 163 |  |
| Sikich (10)(15)(17) | Preferred Equity |  | 13.00% PIK | 13.00% |  | 38 | 3762 | 3765 |  |
| Tartan Bidco Pty. Ltd. (6)(17)(21) | First Lien Senior Secured Loan | BBSY | 5.25% | 9.29% | 12/31/2027 | 3173 | 2048 | 2174 |  |
| Tartan Bidco Pty. Ltd. (5)(6)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/31/2027 |  | (6) |  |  |
| Wealth Enhancement Group (WEG) (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/2/2028 | $— | (15) |  |  |
| Wealth Enhancement Group (WEG) (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 7.94% | 10/2/2028 | $215 | 214 | 215 |  |
| Wealth Enhancement Group (WEG) (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/2/2028 | $— | (3) |  |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**74434** | $**75420** | **7.5%** |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC (13)(21) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.67% | 11/6/2030 | $4904 | 4885 | 4761 |  |
| Asurion, LLC (21) | First Lien Senior Secured Loan | SOFR | 3.75% | 7.42% | 2/23/2033 | $3939 | 3918 | 3813 |  |
| Broadstreet Partners, Inc. (21) | First Lien Senior Secured Loan | SOFR | 2.75% | 6.17% | 6/13/2031 | $2964 | 2958 | 2896 |  |
| Comet BidCo Limited (6)(8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 1/30/2032 | $6778 | 6745 | 6744 |  |
| Comet BidCo Limited (4)(5)(6)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 1/30/2032 | $— | (3) | (3) |  |
| Comet BidCo Limited (4)(5)(6)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/30/2032 | $— | (14) | (14) |  |
| McLarens Acquisition Inc. (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2027 | $— | (58) |  |  |
| Simplicity (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.45% | 12/31/2031 | $4247 | 4226 | 4247 |  |
| Simplicity (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/31/2031 | $— | (21) |  |  |
| Simplicity (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 12/31/2031 | $8544 | 8474 | 8544 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**31110** | $**30988** | **3.1%** |
| **FIRE: Real Estate** |  |  |  |  |  |  |  |  |  |
| BDC JH Senior Lender, LLC (17)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.25% | 6.92% | 3/16/2029 | $21006 | 21166 | 21164 |  |
| BDC JH Mezz Lender, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/16/2029 | $— | (10) | (10) |  |
| BDC Senior Lender, LLC (17)(26) | First Lien Senior Secured Loan | SOFR | 4.50% | 8.17% | 2/1/2029 | $30987 | 30987 | 30832 |  |
| BDC Senior Lender, LLC (5)(17)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.17% | 2/1/2029 | $351 | 336 | 335 |  |
| BDC Senior Lender, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/1/2029 | $— | (3) | (3) |  |
| BDC Mezz Lender, LLC (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.17% | 2/1/2029 | $2178 | 2153 | 2151 |  |
| Lagerbox (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 3.50% | 5.51% | 12/20/2028 | 750 | 779 | 864 |  |
| **FIRE: Real Estate Total** |  |  |  |  |  |  | $**55408** | $**55333** | **5.5%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Accident Care Alliance Holdco LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 8/20/2030 | $3272 | 3258 | 3272 |  |
| Accident Care Alliance Holdco LLC (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 8/20/2030 | $1002 | 997 | 1002 |  |
| Accident Care Alliance Holdco LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 8/20/2030 | $943 | 924 | 943 |  |
| AEG Vision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 9.46% | 3/27/2027 | $1360 | 1261 | 1360 |  |
| AEG Vision (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.60% | 3/27/2027 | $19952 | 19764 | 19952 |  |
| AEG Vision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.60% | 3/27/2027 | $2471 | 2471 | 2471 |  |
| AEG Vision (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.60% | 3/27/2027 | $4950 | 4919 | 4950 |  |
| AEG Vision (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.60% | 3/27/2027 | $9800 | 9736 | 9800 |  |
| AEG Vision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.57% | 3/27/2027 | $2464 | 2448 | 2464 |  |
| Alldent Holding GmbH (4)(5)(6)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 11/15/2032 |  |  | (12) |  |
| Alldent Holding GmbH (6)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 11/15/2032 | 4177 | 4797 | 4765 |  |
| AOM Infusion (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.69% | 3/19/2032 | $2271 | 2255 | 2271 |  |
| AOM Infusion (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/19/2032 | $— | (23) |  |  |
| AOM Infusion (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.69% | 3/19/2032 | $11379 | 11278 | 11379 |  |
| Apollo Intelligence (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.43% | 5/31/2028 | $13338 | 13292 | 13205 |  |
| Beacon Specialized Living (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 3/25/2028 | $2243 | 2204 | 2243 |  |
| Beacon Specialized Living (5)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/25/2028 | $— |  |  |  |
| Caregiver (15)(17) | Subordinated Debt |  | 16.50% PIK | 16.50% | 1/1/2030 | $10847 | 10714 | 10711 |  |
| Caregiver (15)(17) | Subordinated Debt |  | 16.50% PIK | 16.50% | 1/1/2030 | $6031 | 5983 | 5955 |  |
| CRH Healthcare Purchaser, Inc. (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 9/17/2031 | $27124 | 27000 | 27124 |  |
| CRH Healthcare Purchaser, Inc. (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/17/2031 | $— | (19) |  |  |
| CRH Healthcare Purchaser, Inc. (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/17/2031 | $— | (15) |  |  |
| EHE Health (10)(12)(17) | Equity Interest |  |  |  |  | 1127 | 1127 | 1013 |  |
| EHE Health (4)(5)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/7/2030 | $— |  | (18) |  |
| EHE Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 8/7/2030 | $13227 | 13129 | 13095 |  |
| Lightspeed Buyer, Inc. (17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 2/6/2032 | $18325 | 18191 | 18188 |  |
| Lightspeed Buyer, Inc. (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/6/2032 | $— | (37) | (37) |  |
| Lightspeed Buyer, Inc. (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/6/2032 | $— | (24) | (25) |  |
| Nafinco (5)(6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.37% | 8/29/2031 | 264 | 276 | 300 |  |
| Nafinco (5)(6)(17)(18) | First Lien Senior Secured Loan - Revolver | EURIBOR | 5.25% | 7.37% | 5/30/2031 | 19 | 19 | 21 |  |
| Nafinco (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.37% | 8/29/2031 | 1464 | 1593 | 1670 |  |
| Odyssey Behavioral Health (10)(12)(17) | Equity Interest |  |  |  |  | 7 | 698 | 754 |  |
| Odyssey Behavioral Health (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/21/2030 | $— | (33) |  |  |
| Odyssey Behavioral Health (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 5/21/2031 | $8493 | 8410 | 8493 |  |
| Pharmacy Partners (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 2/28/2029 | $2661 | 2642 | 2661 |  |
| Pharmacy Partners (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/28/2029 | $— | (16) |  |  |
| Psychiatric Medical Care LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/1/2032 | $— | (44) | (50) |  |
| Psychiatric Medical Care LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.41% | 7/1/2032 | $9327 | 9223 | 9210 |  |
| QPE Alpha 4 Pty Ltd ACN 664 132 530 (6)(17)(21) | First Lien Senior Secured Loan | BBSY | 5.00% | 9.01% | 2/5/2032 | 1610 | 1107 | 1081 |  |
| QPE Alpha 4 Pty Ltd ACN 664 132 530 (4)(5)(6)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/5/2032 |  | (3) | (3) |  |
| Red Nucleus (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.06% | 10/17/2031 | $619 | 592 | 619 |  |
| Red Nucleus (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 8.66% | 10/17/2031 | $1223 | 1202 | 1223 |  |
| Red Nucleus (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.08% | 10/17/2031 | $4518 | 4474 | 4518 |  |
| RedMed Operations (Collage Rehabilitation) (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/28/2031 | $— | (7) |  |  |
| RedMed Operations (Collage Rehabilitation) (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 2/28/2031 | $293 | 281 | 293 |  |
| RedMed Operations (Collage Rehabilitation) (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 2/28/2031 | $13411 | 13356 | 13411 |  |
| Soliant (21) | First Lien Senior Secured Loan | SOFR | 3.75% | 7.38% | 7/18/2031 | $1917 | 1925 | 1438 |  |
| USME Holdco LLC (15)(17) | Subordinated Debt |  | 17.00% PIK | 17.00% | 5/26/2031 | $17082 | 17014 | 16997 |  |
| Vatica Health, Inc. (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2032 | $— | (17) | (18) |  |
| Vatica Health, Inc. (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 10/31/2032 | $10461 | 10362 | 10356 |  |
| WellSky (21) | First Lien Senior Secured Loan | SOFR | 2.86% | 6.53% | 3/10/2028 | $1980 | 1980 | 1974 |  |
| WSHP Cottonwood Buyer, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/18/2032 | $— | (9) | (24) |  |
| WSHP Cottonwood Buyer, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/18/2032 | $— | (17) | (18) |  |
| WSHP Cottonwood Buyer, LLC (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 12/18/2032 | $7200 | 7165 | 7164 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**237803** | $**238141** | **23.7%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Access (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.25% | 8.98% | 6/28/2029 | £6481 | 8114 | 8549 |  |
| Appriss (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/10/2031 | $— | (20) | (16) |  |
| Appriss (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.71% | 3/10/2031 | $634 | 595 | 619 |  |
| Appriss (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 3/10/2031 | $13841 | 13756 | 13807 |  |
| Chartbeat (10)(12)(17) | Warrants |  |  |  |  | 2 |  | 54 |  |
| Chartbeat (15)(17) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $6315 | 6235 | 6125 |  |
| Chartbeat (15)(17) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $14168 | 14022 | 13743 |  |
| G-3 Frax Acquisition LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/30/2032 | $— | (42) | (43) |  |
| G-3 Frax Acquisition LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.67% | 1/30/2032 | $41677 | 41322 | 41312 |  |
| Galanthus Group Holdings, Limited (4)(5)(6)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/24/2031 | £— | (27) | (55) |  |
| Galanthus Group Holdings, Limited (6)(17)(18) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.23% | 12/24/2031 | £7856 | 10503 | 10258 |  |
| Galanthus Group Holdings, Limited (4)(5)(6)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/24/2031 | $— | (27) | (56) |  |
| Galanthus Group Holdings, Limited (6)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 12/24/2031 | $10450 | 10350 | 10346 |  |
| Galanthus Group Holdings, Limited (5)(6)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/24/2031 | £— |  |  |  |
| Govineer Solutions (fka Black Mountain) (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 10/7/2030 | $600 | 590 | 600 |  |
| Govineer Solutions (fka Black Mountain) (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/7/2030 | $— | (15) |  |  |
| Govineer Solutions (fka Black Mountain) (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 10/7/2030 | $13698 | 13621 | 13698 |  |
| Harbor IT, LLC (8)(13)(17)(25) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 3/13/2031 | $25649 | 25522 | 25521 |  |
| Harbor IT, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/13/2031 | $— | (57) | (58) |  |
| Harbor IT, LLC (5)(17)(25) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 3/13/2031 | $1934 | 1905 | 1905 |  |
| HG Insights, Inc. (10)(12)(17) | Equity Interest |  |  |  |  | 1625 | 2502 | 2290 |  |
| HG Insights, Inc. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.17% | 6/16/2031 | $34365 | 33768 | 33506 |  |
| LogRhythm (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2029 | $— | (11) | (33) |  |
| LogRhythm (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.17% | 7/2/2029 | $4546 | 4456 | 4227 |  |
| New Gen Holding (6)(8)(15)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 3.00% (4.25% PIK) | 9.75% | 5/28/2031 | 5716 | 6414 | 6537 |  |
| PayRange (10)(12)(17) | Equity Interest |  |  |  |  | 1176 | 1176 | 1768 |  |
| PayRange (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2030 | $— | (6) |  |  |
| PayRange (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/31/2030 | $17996 | 17911 | 17996 |  |
| PlentyMarkets (6)(13)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 2.80% (3.70% PIK) | 8.45% | 4/2/2032 | 1550 | 1684 | 1724 |  |
| Pricelabs Revenue Inc. (17)(21) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.44% | 3/17/2033 | $34228 | 33973 | 33971 |  |
| Pricelabs Revenue Inc. (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/17/2033 | $— | (44) | (44) |  |
| Pricelabs Revenue Inc. (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/17/2033 | $— | (44) | (44) |  |
| Proofpoint, Inc. (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.70% | 8/31/2028 | $2937 | 2930 | 2848 |  |
| RetailNext (17)(18) | First Lien Senior Secured Loan | SOFR | 7.00% | 10.67% | 12/5/2030 | $7975 | 7913 | 7895 |  |
| RetailNext (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 10.71% | 12/5/2030 | $1250 | 1237 | 1234 |  |
| SensorTower (10)(12)(17) | Equity Interest |  |  |  |  | 63 | 974 | 6050 |  |
| SensorTower (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/15/2029 | $— | (5) |  |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.65% | 5/14/2029 | $3934 | 3911 | 3934 |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.93% | 9.65% | 5/14/2029 | $1464 | 1456 | 1464 |  |
| Utimaco (6)(8)(17)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.62% | 5/14/2029 | 5551 | 6059 | 6397 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**272601** | $**278029** | **27.6%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| Awayday (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 8.95% | 5/6/2032 | $150 | 125 | 150 |  |
| Awayday (17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/6/2032 | $2488 | 2464 | 2488 |  |
| Awayday (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/6/2032 | $22867 | 22687 | 22867 |  |
| Awayday (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/6/2032 | $— | (30) |  |  |
| City BBQ (10)(12)(17) | Preferred Equity |  |  |  |  | 3 | 734 | 858 |  |
| City BBQ (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.35% | 9.02% | 9/4/2030 | $2015 | 2015 | 1945 |  |
| City BBQ (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/4/2030 | $— | (16) | (25) |  |
| City BBQ (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.03% | 9/4/2030 | $5473 | 5437 | 5418 |  |
| Le Berger SA (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 3.75% | 5.77% | 2/21/2028 | 500 | 522 | 576 |  |
| Pyramid Global Hospitality (13)(17)(25) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 1/19/2028 | $2496 | 2464 | 2496 |  |
| Vacation Rental Brands, LLC (17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/6/2032 | $8981 | 8893 | 8981 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**45295** | $**45754** | **4.5%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| Facts Global Energy (5)(6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.18% | 12/20/2031 | $145 | 142 | 127 |  |
| Facts Global Energy (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 12/20/2031 | $883 | 879 | 856 |  |
| Facts Global Energy (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.20% | 12/20/2031 | $635 | 621 | 616 |  |
| OGH Bidco Limited (5)(6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.25% | 9.98% | 6/29/2029 | £1134 | 1417 | 1246 |  |
| OGH Bidco Limited (6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.50% | 10.16% | 9/2/2029 | £3750 | 4379 | 4103 |  |
| OGH Bidco Limited (6)(8)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 6/29/2029 | £8100 | 10228 | 10043 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**17666** | $**16991** | **1.7%** |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| Owl Acquisition, LLC (8)(13)(17)(19)(31) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 4/17/2032 | $23116 | 23041 | 22191 |  |
| Owl Acquisition, LLC (5)(17)(19)(31) | First Lien Senior Secured Loan - Revolver | SOFR | 4.75% | 8.45% | 4/17/2032 | $1388 | 1364 | 1099 |  |
| Owl Acquisition, LLC (5)(17)(21)(31) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.40% | 4/17/2032 | $605 | 600 | 472 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  | $**25005** | $**23762** | **2.4%** |
| **Metals & Mining** |  |  |  |  |  |  |  |  |  |
| Elevation NewCo Intermediate, LLC (10)(12)(17) | Equity Interest |  |  |  |  | 328 |  | 142 |  |
| Elevation NewCo, LLC (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 9.45% | 8/1/2031 | $1379 | 1379 | 1379 |  |
| Elevation NewCo, LLC (5)(17)(21) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.45% | 8/1/2031 | $14 |  | 14 |  |
| Lindstrom, LLC (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.20% | 12/30/2032 | $1247 | 1150 | 1172 |  |
| Lindstrom, LLC (17)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 12/30/2032 | $43612 | 43139 | 43121 |  |
| **Metals & Mining Total** |  |  |  |  |  |  | $**45668** | $**45828** | **4.6%** |
| **Retail** |  |  |  |  |  |  |  |  |  |
| Galeria (6)(10)(12)(17) | Equity Interest |  |  |  |  | 43 | 10 |  |  |
| Galeria (6)(15)(17) | First Lien Senior Secured Loan - Delayed Draw |  | 15.00% PIK | 15.00% | 4/9/2029 | 4567 | 4983 | 5263 |  |
| **Retail Total** |  |  |  |  |  |  | $**4993** | $**5263** | **0.5%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| ACAMS (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.68% | 12/30/2031 | $885 | 834 | 832 |  |
| ACAMS (17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 12/30/2031 | $27437 | 27175 | 27163 |  |
| Advanced Aircrew (10)(12)(17) | Preferred Equity |  |  |  |  | 545 | 545 | 578 |  |
| Advanced Aircrew (5)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/26/2030 | $— |  |  |  |
| Advanced Aircrew (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 7/26/2030 | $4643 | 4610 | 4643 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| Allbridge (5)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/5/2030 | $— |  |  |  |
| Allbridge (5)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/5/2030 | $— |  |  |  |
| Alogent Holdings, Inc. (5)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 1/21/2032 | $— |  |  |  |
| Alogent Holdings, Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 1/21/2032 | $18379 | 18201 | 18195 |  |
| Alogent Holdings, Inc. (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/21/2032 | $— | (18) | (19) |  |
| AMI (5)(9)(17) | 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 | $8112 | 8064 | 8112 |  |
| BLI Buyer, Inc. (4)(5)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/31/2031 | $— |  | (16) |  |
| BLI Buyer, Inc. (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.67% | 10/31/2031 | $535 | 525 | 524 |  |
| BLI Buyer, Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/31/2031 | $2379 | 2368 | 2367 |  |
| Cube (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.10% | 5/20/2031 | $297 | 294 | 294 |  |
| Cube (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.10% | 5/20/2031 | $121 | 102 | 99 |  |
| Cube (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.40% PIK) | 11.09% | 5/20/2031 | $9615 | 9615 | 9615 |  |
| Cube (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 10.00% PIK | 13.73% | 5/22/2032 | £2185 | 2992 | 2882 |  |
| Discovery Senior Living (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 3/18/2030 | $1160 | 1150 | 1160 |  |
| Discovery Senior Living (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 3/18/2030 | $819 | 815 | 819 |  |
| Discovery Senior Living (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 3/18/2030 | $49 | 48 | 49 |  |
| Discovery Senior Living (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/18/2030 | $— | (6) |  |  |
| DTIQ (10)(12)(17) | Equity Interest |  |  |  |  | 1665 | 571 | 1306 |  |
| DTIQ (10)(12)(17) | Equity Interest |  |  |  |  | 3351 |  |  |  |
| DTIQ (17)(23) | First Lien Senior Secured Loan - Revolver | SOFR | 7.50% | 11.17% | 9/30/2029 | $3150 | 3150 | 3087 |  |
| DTIQ (8)(13)(17)(23) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.17% | 9/30/2029 | $20958 | 20701 | 20539 |  |
| Easy Ice (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.40% | 9.10% | 10/30/2030 | $1443 | 1419 | 1443 |  |
| Easy Ice (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.40% | 9.07% | 10/30/2030 | $1219 | 1195 | 1219 |  |
| Easy Ice (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.07% | 10/30/2030 | $9137 | 9032 | 9137 |  |
| Electronic Merchant Systems (17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.43% | 8/1/2030 | $3266 | 3229 | 3266 |  |
| Electronic Merchant Systems (10)(12)(17) | Equity Interest |  |  |  |  | 72 | 496 | 909 |  |
| Electronic Merchant Systems (5)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2030 | $— |  |  |  |
| Electronic Merchant Systems (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/1/2030 | $2168 | 2140 | 2168 |  |
| Enlyte (fka Mitchell International) (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.67% | 6/17/2031 | $1965 | 1949 | 1880 |  |
| E-Tech Group (5)(17)(18) | First Lien Senior Secured Loan - Revolver | P | 4.50% | 11.25% | 4/9/2030 | $190 | 185 | 186 |  |
| Fiduciaire Jean-Marc Faber (FJMF) (4)(5)(6)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/3/2032 |  | (6) | (8) |  |
| 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 | 3905 | 4089 |  |
| Grant Thornton (21) | First Lien Senior Secured Loan | SOFR | 2.75% | 6.42% | 6/2/2031 | $2963 | 2960 | 2773 |  |
| HLSG Intermediate, LLC (17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 2/2/2033 | $22158 | 21996 | 21992 |  |
| HLSG Intermediate, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/2/2033 | $— | (28) | (28) |  |
| HLSG Intermediate, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/2/2033 | $— | (22) | (23) |  |
| Hollywood LP (6)(10)(15)(17) | Preferred Equity |  | 12.50% PIK | 12.50% |  | 4823 | 6274 | 6298 |  |
| LEP CP Co-Invest, L.P. (6)(10)(12)(17) | Equity Interest |  |  |  |  | 714 | 948 | 1027 |  |
| Monarch Collective Holdings, LLC (17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.68% | 3/17/2032 | $26827 | 26694 | 26693 |  |
| Monarch Collective Holdings, LLC (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.70% | 3/17/2032 | $108 | 19 | 18 |  |
| Monarch Collective Holdings, LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.70% | 3/17/2032 | $721 | 703 | 703 |  |
| Press Ganey (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.67% | 4/30/2031 | $3950 | 3950 | 3949 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| PRGX (4)(5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2030 | $— | (31) | (174) |  |
| PRGX (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 12/20/2030 | $5188 | 5146 | 5071 |  |
| Pure Wafer (10)(12)(17) | Equity Interest |  |  |  |  | 1439 | 1439 | 1607 |  |
| Pure Wafer (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.35% | 9.02% | 11/12/2030 | $2301 | 2293 | 2301 |  |
| Pure Wafer (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.35% | 9.02% | 11/12/2030 | $462 | 444 | 462 |  |
| Pure Wafer (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.02% | 11/12/2030 | $687 | 682 | 687 |  |
| R1 RCM Inc. (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 6.67% | 11/19/2031 | $2772 | 2757 | 2723 |  |
| R1 RCM Inc. (4)(5)(9) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 11/19/2031 | $— | (1) | (4) |  |
| Rydoo (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 6.75% | 9.25% | 9/26/2031 | 2802 | 3203 | 3229 |  |
| Rydoo (6)(10)(12)(17) | Preferred Equity |  |  |  |  | 352 | 413 | 467 |  |
| Rydoo (6)(10)(12)(17) | Equity Interest |  |  |  |  | 821 | 962 | 1013 |  |
| Rydoo (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.75% | 9.25% | 9/12/2031 | 778 | 861 | 897 |  |
| SoftCo (6)(10)(12)(17) | Equity Interest |  |  |  |  | 892 | 967 | 975 |  |
| SoftCo (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 6.75% | 8.76% | 2/22/2031 | 3600 | 3871 | 4149 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**211766** | $**213323** | **21.2%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 4/30/2031 | $33413 | 33271 | 33413 |  |
| CorePower Yoga, LLC (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/30/2031 | $— | (3) |  |  |
| CorePower Yoga, LLC (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/30/2031 | $— | (11) |  |  |
| Master ConcessionAir (17)(26) | First Lien Senior Secured Loan | SOFR | 8.50% | 12.21% | 6/21/2029 | $1698 | 1674 | 1613 |  |
| Master ConcessionAir (5)(17)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.75% | 12.42% | 6/21/2029 | $181 | 181 | 158 |  |
| Master ConcessionAir (5)(17)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 8.50% | 12.17% | 6/21/2029 | $216 | 213 | 205 |  |
| Spotless Brands (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.66% | 7/25/2028 | $1791 | 1762 | 1791 |  |
| Spotless Brands (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.17% | 7/25/2028 | $9590 | 9562 | 9590 |  |
| Vasa Fitness Buyer, Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.02% | 8/15/2030 | $13733 | 13582 | 13595 |  |
| Vasa Fitness, LLC (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/15/2030 | $— | (10) | (11) |  |
| Vasa Fitness, LLC (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.35% | 10.03% | 8/15/2030 | $5661 | 5621 | 5580 |  |
| WhiteWater Express (15)(17) | Subordinated Debt |  | 14.00% PIK | 14.00% | 3/31/2031 | $17245 | 17136 | 17245 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**82978** | $**83179** | **8.3%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Allo Holdco Borrower LLC (15)(17) | Subordinated Debt |  | 7.50% (8.00% PIK) | 15.50% | 4/16/2032 | $15488 | 15300 | 15256 |  |
| Altafiber (fka Cincinnati Bell) (14) | First Lien Senior Secured Loan | SOFR | 2.25% | 5.92% | 11/22/2028 | $1970 | 1970 | 1969 |  |
| Substantial Holdco Limited (5)(6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  | 8.00% (4.00% PIK) | 12.00% | 4/20/2030 | £7714 | 10347 | 10175 |  |
| **Telecommunications Total** |  |  |  |  |  |  | $**27617** | $**27400** | **2.7%** |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| Gulf Winds International (13)(15)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 10.67% | 12/16/2028 | $9748 | 9593 | 9236 |  |
| ICAT Logistics, Inc. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.92% | 3/1/2029 | $4669 | 4604 | 4623 |  |
| ICAT Logistics, Inc. (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 9.92% | 3/1/2029 | $3160 | 3114 | 3094 |  |
| ICAT Logistics, Inc. (4)(5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/1/2029 | $— | (14) | (10) |  |
| RoadOne (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.95% | 12/29/2028 | $7740 | 7615 | 7740 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**24912** | $**24683** | **2.5%** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 8/1/2031 | $30849 | 30540 | 30309 |  |
| KAMC Holdings, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 8.92% | 8/1/2031 | $986 | 948 | 919 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**31488** | $**31228** | **3.1%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |
| Vessco Water (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/24/2031 | $— | (3) |  |  |
| Vessco Water (17)(19) | First Lien Senior Secured Loan | SOFR | 4.50% | 8.19% | 7/24/2031 | $1119 | 1114 | 1119 |  |
| Vessco Water (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.17% | 7/24/2031 | $3265 | 3252 | 3265 |  |
| Vessco Water (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | (8) |  |  |
| Vessco Water (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.50% | 8.17% | 7/24/2031 | $1658 | 1645 | 1658 |  |
| **Utilities: Water Total** |  |  |  |  |  |  | $**6000** | $**6042** | **0.6%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Abracon Group Holding, LLC. (8)(12)(15)(17)(19)(27) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 10.32% | 7/6/2028 | $15760 | 13690 | 6935 |  |
| Blackbird Purchaser, Inc. (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.45% | 12/19/2030 | $9482 | 9461 | 9482 |  |
| Blackbird Purchaser, Inc. (5)(9)(17) | 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% | 9.45% | 12/19/2029 | $1202 | 1199 | 1202 |  |
| Chex Finer Foods, LLC (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.67% | 6/6/2031 | $7277 | 7238 | 7277 |  |
| Chex Finer Foods, LLC (5)(9)(17) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/6/2031 | $— | (24) |  |  |
| Chex Finer Foods, LLC (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/6/2031 | $— | (17) |  |  |
| Fifty AU Bidco Pty Ltd (8)(13)(17)(21) | First Lien Senior Secured Loan | BBSY | 5.00% | 9.36% | 8/1/2031 | 3221 | 2076 | 2206 |  |
| Fifty U.S. Bidco Inc (5)(9)(17) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/1/2031 | $— | (5) |  |  |
| Fifty U.S. Bidco Inc (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 8.70% | 8/1/2031 | $2076 | 2046 | 2086 |  |
| Fifty U.S. Bidco Inc (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 8/1/2031 | $4199 | 4180 | 4199 |  |
| SureWerx (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 12/28/2029 | $2719 | 2677 | 2705 |  |
| **Wholesale Total** |  |  |  |  |  |  | $**42519** | $**36092** | **3.5%** |
| **Non-Controlled/Non-Affiliate Investments Total** |  |  |  |  |  |  | $**1733892** | $**1735938** | **172.6%** |
| **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 | 12034 | 12026 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**19433** | $**19425** | **1.9%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  | 100 | 149 |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  |  | 502 |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(17) | Preferred Equity |  |  |  |  | 8 | 7000 | 8146 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**7100** | $**8797** | **0.9%** |
| **Non-Controlled/Affiliate Investments Total** |  |  |  |  |  |  | $**26533** | $**28222** | **2.8%** |
| **Controlled Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Investment Vehicles** |  |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program II, LLC (6)(7)(10)(28) | Equity Interest Investment Vehicles |  |  |  |  | 2250 | 7215 | 7119 |  |
| Bain Capital Senior Loan Program II, LLC (6)(7)(10)(28) | Preferred Equity Interest Investment Vehicles |  |  |  |  | 10 | 10 | 63 |  |
| Bain Capital Senior Loan Program II, LLC (6)(7)(17)(21)(28) | Subordinated Note Investment Vehicles |  | 10.00% | 10.00% | 12/24/2036 | $43740 | 43740 | 43740 |  |
| **Investment Vehicles Total** |  |  |  |  |  |  | $**50965** | $**50922** | **5.1%** |
| **Controlled Affiliate Investments Total** |  |  |  |  |  |  | $**50965** | $**50922** | **5.1%** |
| **Investments Total** |  |  |  |  |  |  | $**1811390** | $**1815082** | **180.5%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Share Class (20) | Cash Equivalents |  |  | 3.69% |  | $48189 | 48189 | 48189 |  |
| Blackrock Liquidity Funds T Fund Institutional Share Class | Cash Equivalents |  |  | 3.55% |  | $23118 | 23118 | 23118 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**71307** | $**71307** | **7.0%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**1882697** | $**1886389** | **187.5%** |

---

**Interest Rate Swaps**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Hedged Items** | **Company Receives** | **Company Pays** | **Counterparty** | **Settlement <br>Date** | **Notional Amount** | **Upfront Payments/Receipts** | **Unrealized Depreciation** |
| Interest Rate Swap | Series 2025 Senior Notes, Tranche A Notes | 5.92% | SOFR + 2.43% | BNP Paribas | 11/29/2028 | $110000 | $- | $(474) |
| Interest Rate Swap | Series 2025 Senior Notes, Tranche B Notes | 6.25% | SOFR + 2.69% | BNP Paribas | 11/29/2030 | $165000 | $- | $(828) |
|  |  |  |  |  |  |  |  | $**(1302)** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** |  |  |  |  |
| **Currency Purchased** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized <br>Appreciation/Depreciation**<sup>(8)</sup> |
| US DOLLARS 6,402 | POUND STERLING 4,930 | Bank of New York Mellon | 4/16/2026 | $(99) |
| US DOLLARS 1,157 | POUND STERLING 870 | BNP Paribas | 5/18/2026 | 9 |
| US DOLLARS 6,486 | EURO 5,670 | BNP Paribas | 5/21/2026 | (61) |
| US DOLLARS 449 | NEW ZEALAND DOLLAR 780 | Bank of New York Mellon | 6/15/2026 | 3 |
| US DOLLARS 2,451 | AUSTRALIAN DOLLARS 3,770 | BNP Paribas | 6/25/2026 | (129) |
| US DOLLARS 2,735 | POUND STERLING 2,020 | BNP Paribas | 6/25/2026 | 72 |
| US DOLLARS 883 | AUSTRALIAN DOLLARS 1,350 | Bank of New York Mellon | 7/31/2026 | (40) |
| US DOLLARS 4,548 | EURO 3,885 | BNP Paribas | 7/31/2026 | 49 |
| US DOLLARS 664 | EURO 490 | Bank of New York Mellon | 8/10/2026 | 96 |
| US DOLLARS 233 | AUSTRALIAN DOLLARS 350 | Bank of New York Mellon | 9/16/2026 | (6) |
| US DOLLARS 1,139 | AUSTRALIAN DOLLARS 1,640 | BNP Paribas | 9/16/2026 | 19 |
| US DOLLARS 2,091 | AUSTRALIAN DOLLARS 3,000 | Wells Fargo | 9/16/2026 | 42 |
| US DOLLARS 1,439 | EURO 1,260 | Bank of New York Mellon | 9/18/2026 | (22) |
| US DOLLARS 10,453 | POUND STERLING 7,750 | Bank of New York Mellon | 9/25/2026 | 248 |
| US DOLLARS 6,639 | EURO 5,560 | Bank of New York Mellon | 10/2/2026 | 187 |
| US DOLLARS 14,404 | POUND STERLING 10,870 | Wells Fargo | 11/10/2026 | 101 |
| US DOLLARS 6,344 | EURO 5,390 | Wells Fargo | 11/20/2026 | 79 |
| US DOLLARS 1,496 | EURO 1,370 | Bank of New York Mellon | 12/16/2026 | (97) |
| US DOLLARS 13,167 | EURO 11,110 | Bank of New York Mellon | 1/7/2027 | 234 |
| US DOLLARS 2,678 | EURO 2,280 | Wells Fargo | 1/7/2027 | 24 |
| US DOLLARS 4,665 | POUND STERLING 3,460 | BNP Paribas | 2/23/2027 | 121 |
| US DOLLARS 2,023 | POUND STERLING 1,500 | Wells Fargo | 2/23/2027 | 53 |
| US DOLLARS 3,830 | EURO 3,270 | Bank of New York Mellon | 3/30/2027 | 15 |
| US DOLLARS 1,490 | POUND STERLING 1,120 | Bank of New York Mellon | 3/30/2027 | 20 |
|  |  |  |  | $918 |

---

------

1. The investments bear interest at a rate that may be determined by reference to the Prime Rate ("Prime" or "P"), 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 P, EURIBOR, SOFR, SONIA, BKBM or BBSY and the current weighted average interest rate in effect at March 31, 2026. Certain investments are subject to a P, 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 $1,005,807 as of March 31, 2026.

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 March 31, 2026, non-qualifying assets totaled 11.1% 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 March 31, 2026, the aggregate fair value of these securities is $84,690 or 8.4% 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 |
| AQPI Investors LP | 2/19/2026 |
| Bain Capital Senior Loan Program II, LLC | 3/24/2025 |
| BCC AmeriQual Investments 2, LP | 2/19/2026 |
| 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 |
| BDC JH Mezz Lender, LLC | 3/16/2026 |
| BDC JH Senior Lender, LLC | 3/16/2026 |
| 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 |
| Polar Technology Group LLC | 3/2/2026 |
| 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. Tickmark not used.

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 March 31, 2026.

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 EURIBOR + 6.25%, respectively.

30. GBP 556 of the total par amount for this security is at SONIA+ 6.38%.

31. During the three months ended March 31, 2026, the Company refined the industry classification of Owl Acquisition, LLC from Services: Consumer to Media: Diversified & Production.

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> | **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%** |
| **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 |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| 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 | £nan | 265 | 341 | 352 |  |
| PPT Group (5)(6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.50% | 9.43% | 2/28/2031 | £nan | 33 | 43 | 39 |  |
| PPT Group (5)(6)(17)(21) | First Lien Senior Secured Loan - Revolver | SONIA | 5.50% | 9.44% | 2/28/2031 | £nan | 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 | £nan | 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> | **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%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| **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> | **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 | £nan | 546 | 726 | 729 |  |
| Meteor UK Bidco Limited (5)(6)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/14/2031 | £nan |  |  |  |  |
| Meteor UK Bidco Limited (6)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.00% | 8.73% | 5/14/2032 | £nan | 911 | 1214 | 1216 |  |
| Reconomy (6)(13)(17)(21)(29) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.17% | 7/12/2029 | £nan | 2499 | 3166 | 3229 |  |
| Reconomy (6)(13)(17)(21)(30) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.25% | 8.27% | 7/12/2029 | £nan | 2499 | 3113 | 3339 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.22% | 7/12/2029 | £nan | 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 | £nan | 291 | 373 | 379 |  |
| Avalon Bidco Limited (6)(13)(17)(18) | First Lien Senior Secured Loan | SONIA | 6.25% | 10.22% | 4/16/2032 | £nan | 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> | **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 |  |

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| 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) |  |
| 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 | £nan | 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 | £nan |  | (28) | (28) |  |
| Galanthus Group Holdings, Limited (17)(18) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.23% | 12/24/2031 | £nan | 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 | £nan |  |  |  |  |
| 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 |  |

---

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| 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 |  |
| 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 | £nan | 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 | £nan | 3750 | 4377 | 4135 |  |
| OGH Bidco Limited (6)(8)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.23% | 6/29/2029 | £nan | 8100 | 10225 | 10324 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  |  | $**17514** | $**17223** | **1.9%** |

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------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| **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 | $— |  |  |  |  |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| 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 | £nan | 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 |  |
| 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 | $— |  |  |  |  |

---

------

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| 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 |  |
| 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%** |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| **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 | £nan | 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> | **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(8)** |
| 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 EURIBOR + 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

# NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

# (in thousands, except share and per share data)
(Unaudited)

**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 March 31, 2026, 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 are 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 public 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 (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. The Company generally seeks to retain effective voting control in respect of the loans or particular class of securities in which it invests through maintaining affirmative voting positions or negotiating consent rights that allow the Company to retain a blocking position. The Company may also invest in common and preferred equity and in secondary purchase of assets or portfolios on an opportunistic basis, but such investments are not the principal focus of the Company's 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.

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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 10, 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.

# 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-Q 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.

The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025.

# 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

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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.

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.

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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.

# 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. 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.

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 three months ended March 31, 2026 and 2025, the Company recorded $1.1 million and $0.4 million, of dividend income, respectively, of which, $0.8 million and $0.3 million, relate to PIK dividends, respectively.

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 March 31, 2026 and December 31, 2025, there was one loan on non-accrual.

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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 March 31, 2026. The amounts paid are included in cash on the Company's Statements of Assets and Liabilities.

**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.

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# 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 March 31, 2026 and December 31, 2025, 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.

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

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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 1. Consolidated Financial Statements — 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 March 31, 2026 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 its tax return for the tax year ending December 31, 2026. 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.

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 March 31, 2026, the tax years that remain subject to examination are from 2023 forward.

For the three months ended March 31, 2026 and 2025, tax expense was $0.2 million and $0.1 million, respectively.

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## Recent Accounting Pronouncements
The Company's management has evaluated recent issued accounting standards through May 14, 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 November 2024, the Financial Accounting Standards Board ("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.

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# Note 3. Investments
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of March 31, 2026 (with corresponding percentage of total portfolio investments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| First Lien Senior Secured Loan | 1574441 | 87.0% | 1568068 | 86.4% |
| Second Lien Senior Secured Loan | 18762 | 1.0 | 18843 | 1.0 |
| Subordinated Debt | 100090 | 5.5 | 99741 | 5.5 |
| Preferred Equity | 39926 | 2.2 | 41307 | 2.3 |
| Equity Interest | 27206 | 1.5 | 35414 | 2.0 |
| Warrants |  |  | 787 | 0.0 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 43740 | 2.4 | 43740 | 2.4 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 63 | 0.0 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 7215 | 0.4 | 7119 | 0.4 |
| Total | $1811390 | 100.0% | $1815082 | 100.0% |

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<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, 2025 (with corresponding percentage of total portfolio investments):

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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% |

---

------

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

------

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of March 31, 2026 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| USA | 1626101 | 89.8% | 1628222 | 89.8% |
| United Kingdom | 86103 | 4.8 | 85724 | 4.8 |
| Canada | 20552 | 1.1 | 20632 | 1.1 |
| Germany | 17907 | 1.0 | 18272 | 1.0 |
| Luxembourg | 10972 | 0.6 | 11538 | 0.6 |
| Jersey | 11356 | 0.6 | 11377 | 0.6 |
| Bermuda | 6728 | 0.4 | 6727 | 0.4 |
| France | 6414 | 0.4 | 6537 | 0.4 |
| Australia | 5931 | 0.3 | 6209 | 0.3 |
| Belgium | 5961 | 0.3 | 6182 | 0.3 |
| Netherlands | 5392 | 0.3 | 5462 | 0.3 |
| Ireland | 4838 | 0.3 | 5124 | 0.3 |
| Guernsey | 2413 | 0.1 | 2397 | 0.1 |
| New Zealand | 722 | 0.0 | 679 | 0.0 |
| Total | $1811390 | 100.0% | $1815082 | 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 industry, at amortized cost and fair value as of March 31, 2026 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| High Tech Industries | 272601 | 15.1% | 278029 | 15.4% |
| Healthcare & Pharmaceuticals | 237803 | 13.2 | 238141 | 13.1 |
| Services: Business | 211766 | 11.8 | 213323 | 11.8 |
| Beverage, Food & Tobacco | 143693 | 7.9 | 145783 | 8.0 |
| Aerospace & Defense | 96805 | 5.3 | 97143 | 5.4 |
| FIRE: Finance <sup>(1)</sup> | 81534 | 4.5 | 84217 | 4.6 |
| Services: Consumer | 82978 | 4.6 | 83179 | 4.6 |
| FIRE: Real Estate | 55408 | 3.1 | 55333 | 3.0 |
| Construction & Building | 54679 | 3.0 | 54784 | 3.0 |
| Investment Vehicles<sup>(2)</sup> | 50965 | 2.8 | 50922 | 2.8 |
| Consumer Goods: Non-Durable | 47975 | 2.6 | 48067 | 2.6 |
| Environmental Industries | 47673 | 2.6 | 47934 | 2.6 |
| Metals & Mining | 45668 | 2.5 | 45828 | 2.5 |
| Hotel, Gaming & Leisure | 45295 | 2.5 | 45754 | 2.5 |
| Chemicals, Plastics & Rubber | 40528 | 2.2 | 39505 | 2.2 |
| Capital Equipment | 37820 | 2.1 | 37995 | 2.1 |
| Wholesale | 42519 | 2.3 | 36092 | 2.0 |
| Utilities: Electric | 31488 | 1.7 | 31228 | 1.7 |
| FIRE: Insurance <sup>(1)</sup> | 31110 | 1.7 | 30988 | 1.7 |
| Telecommunications | 27617 | 1.5 | 27400 | 1.5 |
| Transportation: Cargo | 24912 | 1.4 | 24683 | 1.4 |
| Containers, Packaging & Glass | 24809 | 1.4 | 24582 | 1.4 |
| Media: Diversified & Production | 25005 | 1.4 | 23762 | 1.3 |
| Media: Advertising, Printing & Publishing | 17666 | 1.0 | 16991 | 0.9 |
| Consumer Goods: Durable | 11732 | 0.6 | 11863 | 0.7 |
| Automotive | 10348 | 0.6 | 10251 | 0.6 |
| Utilities: Water | 6000 | 0.3 | 6042 | 0.3 |
| Retail | 4993 | 0.3 | 5263 | 0.3 |
| Total | $1811390 | 100.0% | $1815082 | 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, 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.

## 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 March 31, 2026, the total capital commitments to SLP II were $300 million.

As of March 31, 2026, the Company's investment in SLP II consisted of subordinated notes of $43.7 million, preferred equity interests of $0.1 million and equity interests of $7.1 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.

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 $415.0 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. On March 19, 2026, the MM CLO WH 1 Credit Facility was terminated.

On March 19, 2026, (the "2026-1 Closing Date"), SLP II, through BCC Middle Market CLO 2026-1 LLC (the "2026-1 Issuer"), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP II, completed a $403.3 million term debt securitization (the "2026-1 CLO Transaction"). The Class A-1, A-2, B, C, and D 2026-1 notes issued in connection with the 2026-1 CLO Transaction (the "2026-1 Notes") are secured by a diversified portfolio of the 2026-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the "2026-1 Portfolio"). At the 2026-1 Closing Date, the 2026-1 Portfolio was comprised of assets transferred from SLP II and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2026-1 CLO Transaction.

The 2026-1 Notes are scheduled to mature on April 21, 2038 and are included in SLP II's Consolidated Financial Statements. Additionally, SLP II holds $75.3 million in membership interests in the 2026-1 Issuer ("2026-1 Membership Interests"). 100% of the 2026-1 Membership Interests are retained by SLP II and eliminated in consolidation on SLP II's Consolidated Financial Statements. Below is a table summary of the 2026-1 Notes as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest rate at** |
| **2026-1 Debt** | **Principal Amount** | **Spread above Index** | **Spread above Index** | **March 31, 2026** |
| Class A-1 Notes | $232000 | 1.42 | % + 3 Month SOFR | 5.10% |
| Class A-2 Notes | 16000 | 1.60 | % + 3 Month SOFR | 5.28% |
| Class B Notes | 30000 | 1.70 | % + 3 Month SOFR | 5.38% |
| Class C Notes | 28000 | 2.00 | % + 3 Month SOFR | 5.68% |
| Class D Notes | 22000 | 3.00 | % + 3 Month SOFR | 6.68% |
| Total 2026-1 Notes | $328000 |  |  |  |

---

Below is a summary of SLP II's portfolio at fair value:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Total investments | $406514 | $141011 |
| Weighted average yield on investments | 9.1% | 9.2% |
| Number of borrowers in SLP II | 63 | 27 |
| Largest portfolio company investment | $9950 | $9975 |
| Total of five largest portfolio company investments | $41877 | $34742 |
| Unfunded commitments | $750 | $- |

---

------

Below is a listing of SLP II's individual investments as of March 31, 2026:

**Senior Loan Program II, LLC** 

**Consolidated Schedule of Investments**

**As of March 31, 2026**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **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% | 9.42% | 7/12/2029 | $7182 | 7135 | 7183 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 7/25/2030 | $4937 | 4938 | 4938 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 8.67% | 7/25/2030 | $2394 | 2395 | 2394 |  |
| Heads Up Technologies, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 7/23/2030 | $6970 | 6939 | 6970 |  |
| Saturn Purchaser Corp. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.85% | 8.52% | 7/22/2030 | $6887 | 6888 | 6887 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**28295** | $**28372** | **296.0%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Chilton (17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 2/5/2031 | $4950 | 4919 | 4901 |  |
| Intoxalock (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.10% | 8.77% | 11/1/2028 | $4987 | 4987 | 4987 |  |
| **Automotive Total** |  |  |  |  |  |  | $**9906** | $**9888** | **103.2%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.60% | 9.27% | 3/31/2030 | $4986 | 4986 | 4936 |  |
| INW Manufacturing, LLC (8)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.42% | 1/23/2031 | $3066 | 3036 | 3036 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**8022** | $**7972** | **83.2%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| AeriTek Global CAD Acquisition Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 8/27/2030 | $6484 | 6386 | 6386 |  |
| Engineered Products Co., LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/12/2031 | $4766 | 4718 | 4766 |  |
| Ergotron Acquisition LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 7/6/2028 | $7324 | 7324 | 7324 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**18428** | $**18476** | **192.8%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.17% | 7/24/2031 | $6970 | 6937 | 6935 |  |
| G702 Buyer, Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 7/2/2031 | $6733 | 6632 | 6699 |  |
| Zeus Fire & Security (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.65% | 12/11/2030 | $6982 | 6965 | 6982 |  |
| **Construction & Building Total** |  |  |  |  |  |  | $**20534** | $**20616** | **215.1%** |
| **Consumer goods: Durable** |  |  |  |  |  |  |  |  |  |
| New Milani Group LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 6/26/2031 | $6982 | 6948 | 6982 |  |
| **Consumer goods: Durable Total** |  |  |  |  |  |  | $**6948** | $**6982** | **72.9%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Hempz (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 10/25/2029 | $6903 | 6837 | 6799 |  |
| RoC Skincare (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 2/21/2031 | $6982 | 6982 | 6982 |  |
| Summer Fridays, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/16/2031 | $9925 | 9793 | 9826 |  |
| WU Holdco, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 4/15/2032 | $6982 | 6982 | 6982 |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**30594** | $**30589** | **319.2%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.26% | 9.93% | 12/29/2027 | $6982 | 6982 | 6982 |  |
| Precision Concepts Parent Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/2/2032 | $3990 | 3950 | 3950 |  |
| Precision Concepts Parent Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/2/2032 | $2494 | 2469 | 2469 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  | $**13401** | $**13401** | **139.8%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| PMA (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 1/31/2031 | $6488 | 6429 | 6488 |  |
| Wealth Enhancement Group (WEG) (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.25% | 7.94% | 10/2/2028 | $4467 | 4467 | 4467 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**10896** | $**10955** | **114.3%** |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| Simplicity (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 12/31/2031 | $6982 | 6982 | 6982 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**6982** | $**6982** | **72.9%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members'** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (2)** | **Cost** | **Value** | **Equity (3)** |
| **U.S. Dollars** |  |  |  |  |  |  |  |  |  |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Accident Care Alliance Holdco LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 8/20/2030 | $6982 | 6948 | 6982 |  |
| AEG Vision (17)(18) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.60% | 3/27/2027 | $4937 | 4937 | 4937 |  |
| AOM Infusion (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.69% | 3/19/2032 | $7369 | 7313 | 7369 |  |
| Beacon Specialized Living (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 3/25/2028 | $4250 | 4250 | 4250 |  |
| CRH Healthcare Purchaser, Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 9/17/2031 | $7148 | 7112 | 7148 |  |
| EHE Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 8/7/2030 | $4937 | 4897 | 4888 |  |
| Odyssey Behavioral Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 5/21/2031 | $6932 | 6881 | 6932 |  |
| Pharmacy Partners (8)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.17% | 2/28/2029 | $6982 | 6982 | 6982 |  |
| Psychiatric Medical Care LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.41% | 7/1/2032 | $4988 | 4925 | 4925 |  |
| RedMed Operations (Collage Rehabilitation) (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 2/28/2031 | $6957 | 6894 | 6957 |  |
| Red Nucleus (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.08% | 10/17/2031 | $6945 | 6890 | 6945 |  |
| Vatica Health, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.45% | 10/31/2032 | $7000 | 6930 | 6930 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**74959** | $**75245** | **785.1%** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Appriss (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 3/10/2031 | $7381 | 7381 | 7363 |  |
| Govineer Solutions (fka Black Mountain) (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 10/7/2030 | $6970 | 6939 | 6970 |  |
| PayRange (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/31/2030 | $2103 | 2103 | 2103 |  |
| SensorTower (8)(17)(22) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.18% | 3/15/2029 | $4820 | 4820 | 4820 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**21243** | $**21256** | **221.8%** |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| Awayday (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 5/6/2032 | $6974 | 6922 | 6974 |  |
| City BBQ (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.03% | 9/4/2030 | $6932 | 6922 | 6863 |  |
| Pyramid Global Hospitality (8)(17)(24) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.92% | 1/19/2028 | $6982 | 6982 | 6982 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**20826** | $**20819** | **217.2%** |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| Owl Acquisition, LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 4/17/2032 | $6970 | 6897 | 6691 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  | $**6897** | $**6691** | **69.8%** |
| **Metals & Mining** |  |  |  |  |  |  |  |  |  |
| Elevation NewCo, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.45% | 8/1/2031 | $6996 | 6926 | 6996 |  |
| **Metals & Mining Total** |  |  |  |  |  |  | $**6926** | $**6996** | **73.0%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| AMI (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.90% | 10/17/2031 | $7369 | 7337 | 7369 |  |
| Allbridge (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 6/5/2030 | $4913 | 4913 | 4913 |  |
| BLI Buyer, Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.67% | 10/31/2031 | $7250 | 7214 | 7214 |  |
| Discovery Senior Living (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 3/18/2030 | $3740 | 3740 | 3740 |  |
| Discovery Senior Living (5)(8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.42% | 3/18/2030 | $2643 | 2643 | 2643 |  |
| DSN (Dealer Services Network) (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.94% | 2/9/2027 | $4938 | 4938 | 4938 |  |
| Easy Ice (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.07% | 10/30/2030 | $7331 | 7270 | 7331 |  |
| Electronic Merchant Systems (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.42% | 8/1/2030 | $6942 | 6942 | 6942 |  |
| E-Tech Group (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.20% | 4/9/2030 | $3458 | 3415 | 3441 |  |
| Pure Wafer (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.02% | 11/12/2030 | $7071 | 7071 | 7071 |  |
| PRGX (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.16% | 12/20/2030 | $7000 | 6895 | 6843 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**62378** | $**62445** | **651.6%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 4/30/2031 | $7356 | 7335 | 7356 |  |
| Vasa Fitness Buyer, Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.02% | 8/15/2030 | $7381 | 7289 | 7308 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**14624** | $**14664** | **153.0%** |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| ICAT Logistics, Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.92% | 3/1/2029 | $6484 | 6386 | 6419 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**6386** | $**6419** | **67.0%** |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Interest** | **Maturity** |  |  | **Market** | **% of Members'** |
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Rate** | **Date** | **Principal (2)** | **Cost** | **Value** | **Equity (3)** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.91% | 8/1/2031 | $7001 | 6928 | 6879 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**6928** | $**6879** | **71.8%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |
| Vessco Water (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.50% | 8.17% | 7/24/2031 | $7000 | 7000 | 7000 |  |
| **Utilities: Water Total** |  |  |  |  |  |  | $**7000** | $**7000** | **73.0%** |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Chex Finer Foods, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.67% | 6/6/2031 | $9950 | 9895 | 9950 |  |
| Fifty U.S. Bidco Inc (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.70% | 8/1/2031 | $6970 | 6937 | 6970 |  |
| SureWerx (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 8.95% | 12/28/2029 | $6982 | 6947 | 6947 |  |
| **Wholesale Total** |  |  |  |  |  |  | $**23779** | $**23867** | **248.9%** |
| **Investments Total** |  |  |  |  |  |  | $**405952** | $**406514** | **4241.60%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Fidelity Investments Money Market Government Portfolio - Class I | Cash Equivalents |  |  | 3.69% |  |  | 157315 | 157315 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**157315** | $**157315** | **1641.4%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**563267** | $**563829** | **5883.0%** |

---

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 March 31, 2026. 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 SLP II's Members' Equity of $9,584 as of March 31, 2026.

4. Tick mark not used

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. Tick mark not used

7. Tick mark not used

8. Assets or a portion thereof are pledged as collateral for the 2026-1 Notes

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. Loan includes interest rate floor of 1.25%.

25. Tick mark not used

26. Tick mark not used

------

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** | **156.7%** |
| **Investments Total** |  |  |  |  |  |  | $**140534** | $**141011** | **1479.3%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Fidelity Investments Money Market Government Portfolio - Class I | Cash Equivalents |  |  | 3.69% |  | 5429 | 5429 | 5429 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**5429** | $**5429** | **57.0%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**145963** | $**146440** | **1536.5%** |

---

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 SLP II's Members' Equity 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** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Investments at fair value (cost basis of $405,952 and 140,534, respectively) | $406514 | $141011 |
| &nbsp;&nbsp;Cash and cash equivalents | 169102 | 5702 |
| &nbsp;&nbsp;Prepaid expenses | 4722 | 4514 |
| &nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $109 and $79, respectively) | 2598 | 321 |
| &nbsp;&nbsp;Interest receivable on investments | 1088 | 788 |
| **Total assets** | $584024 | $152336 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;Subordinated notes payable to members | $87490 | $40490 |
| &nbsp;&nbsp;Interest payable on subordinated notes payable to members | 1352 | 1035 |
| &nbsp;&nbsp;Interest payable on debt | 626 | 1701 |
| &nbsp;&nbsp;Payable for investments purchased | 156037 |  |
| &nbsp;&nbsp;2026-1 Notes | 328000 |  |
| &nbsp;&nbsp;Revolving Credit Facility |  | 98323 |
| &nbsp;&nbsp;Dividend payable | 366 | 667 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 569 | 588 |
| **Total liabilities** | $574440 | $142804 |
| **MEMBERS' EQUITY** |  |  |
| &nbsp;&nbsp;Members' equity | 9584 | 9532 |
| **Total members' equity** | 9584 | 9532 |
| **Total liabilities and members' equity** | $584024 | $152336 |

---

## Selected Statement of Operations Information

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| **Investment income** |  |  |  |  |
| &nbsp;&nbsp;Interest income | $— | 3703 | $— |  |
| **Total investment income** |  | 3703 |  |  |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;Interest and debt financing expenses |  | 1867 |  | 21 |
| &nbsp;&nbsp;Interest expense on subordinated notes payable to members |  | 1352 |  | 28 |
| &nbsp;&nbsp;Professional fees and other expenses |  | 471 |  | 18 |
| **Total expenses** |  | 3690 |  | 67 |
| **Net investment income (loss)** |  | 13 |  | (67) |
| **Net realized and unrealized gains** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain on investments |  | 5 |  | 1 |
| &nbsp;&nbsp;Net change in unrealized appreciation on investments |  | 85 |  | 205 |
| **Total net gain** |  | 90 |  | 206 |
| **Net increase in members' equity from operations** | $— | 103 | $— | 139 |

---

------

# 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 March 31, 2026, 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 |  | 66665 | 1501403 |  | 1568068 |
| Second Lien Senior Secured Loan |  |  | 18843 |  | 18843 |
| Subordinated Debt |  |  | 99741 |  | 99741 |
| Preferred Equity |  |  | 41307 |  | 41307 |
| Equity Interest |  |  | 35414 |  | 35414 |
| Warrants |  |  | 787 |  | 787 |
| Subordinated Note Investment Vehicles <sup>(1)</sup> |  |  | 43740 |  | 43740 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> |  |  |  | 63 | 63 |
| Equity Interest in Investment Vehicles <sup>(1)</sup> |  |  |  | 7119 | 7119 |
| Total Investments |  | $66665 | $1741235 | $7182 | $1815082 |
| Cash equivalents | $71307 |  |  |  | $71307 |
| Forward currency exchange contracts asset |  | $918 |  |  | $918 |
| Interest rate swap |  | $(1302) |  |  | $(1302) |

---

------

<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, 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 Interest in 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 provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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, 2026 | $1396254 | $18749 | $103961 | $24362 | $37894 | $1233 | $20240 | $1602693 |
| Purchases of investments and other adjustments to cost | 406581 |  |  | 16516 | 271 |  | 23500 | 446868 |
| Paid-in-kind interest income | 1027 |  | 3087 | 480 |  |  |  | 4594 |
| Net accretion of discounts (amortization of premiums) | 877 | 5 | 72 | 3 |  |  |  | 957 |
| Principal repayments and sales of investments | (296950) |  | (6592) |  | (2657) |  |  | (306199) |
| Net change in unrealized appreciation on investments | (7567) | 89 | (1268) | (54) | (1497) | (446) |  | (10743) |
| Net realized gain on investments | 1181 |  | 481 |  | 1403 |  |  | 3065 |
| Balance as of March 31, 2026 | $**1501403** | $**18843** | $**99741** | $**41307** | $**35414** | $**787** | $**43740** | $**1741235** |
| Change in unrealized appreciation attributable to investments still held at March 31, 2026 | $**(9322)** | $**90** | $**(662)** | $**(54)** | $**(833)** | $**(446)** | $— | $**(11227)** |

---

------

<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 three months ended March 31, 2026, 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, 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.

# 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 March 31, 2026 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  |  |  | **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 | $1168629 | Discounted cash flows | Comparative Yield | 6.1 | % | 16.1 | % | 10.0 | % |
| First Lien Senior Secured | 6935 | Comparable company multiple | EBITDA Multiple |  |  |  |  | 10.7 | x |
| Second Lien Senior Secured | 18843 | Discounted Cash Flows | Comparative Yield |  |  |  |  | 13.0 | % |
| Subordinated Note Investment Vehicles | 43740 | Collateral Coverage | Recovery Rate |  |  |  |  | 100.0 | % |
| Subordinated | 99741 | Discounted cash flows | Comparative Yield | 13.2 | % | 18.7 | % | 16.8 | % |
| Equity Interest | 651 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0 | x |
| Equity Interest | 33698 | Comparable company multiple | EBITDA Multiple | 3.8 | x | 24.0 | x | 12.3 | x |
| Equity Interest | 1013 | Comparable company multiple | Revenue Multiple |  |  |  |  | 8.8 | x |
| Preferred equity | 11499 | Comparable company multiple | EBITDA Multiple | 10.3 | x | 16.0 | x | 14.3 | x |
| Preferred equity | 467 | Comparable company multiple | Revenue Multiple |  |  |  |  | 8.8 | x |
| Preferred equity | 8146 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0 | x |
| Preferred equity | 5079 | Discounted Cash Flows | Comparative Yield |  |  |  |  | 13.6 | % |
| Warrants | 54 | Comparable Company Multiple | Revenue Multiple |  |  |  |  | 3.5 | x |
| Warrants | 733 | Discounted Cash Flows | Discount Rate |  |  |  |  | 25.0 | % |
| Total investments | $1399228 |  |  |  |  |  |  |  |  |

---

------

<sup>(1)</sup> Included within the Level 3 assets of $1,741,235 is an amount of $342,007 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 March 31, 2026. 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, 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.

# 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** | **March 31, 2026** | **December 31, 2025** |
| GS Revolving Credit Facility | 3 | $154156 | $180669 |
| JPM Revolving Credit Facility | 3 | 208865 | 217053 |
| SMBC Revolving Credit Facility | 3 | 410000 | 120000 |
| 2025 Senior Notes, Tranche A | 2 | 107178 | 110909 |
| 2025 Senior Notes, Tranche B | 2 | 158971 | 166453 |
| Total Debt |  | $1039170 | $795084 |

---

# 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 three months ended March 31, 2026 and 2025, the management fee was $3.6 million and $1.6 million, respectively. For the three months ended March 31, 2026 and 2025, there was no management fee contractually or voluntarily waived.

As of March 31, 2026 and December 31, 2025, $3.6 million and $3.0 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 three months ended March 31, 2026 and 2025, the Company incurred $4.0 million and $1.7 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 and $0.0 million during the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and December 31, 2025, there was $4.0 million and $3.7 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 three months ended March 31, 2026, the Company reversed $(1.0) million of previously accrued GAAP incentive fees on capital gains, which is included in Incentive Fee (Reversal) on Capital Gains on the Consolidated Statements of Operations. For the three months ended March 31, 2025, there was no Incentive Fee (Reversal) on Capital Gains.

As of March 31, 2026 and December 31, 2025, there were $0.8 million and $1.8 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 $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, respectively, there were $0.2 million and $0.3 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 $0.2 million and $0.1 million expenses related to the sub-administrator for the three months ended March 31, 2026 and 2025, 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.

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**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 March 31, 2026 and December 31, 2025, the Advisor and/or its affiliate held 3,988,208 and 3,988,208 Class I shares of the Company's Common Shares, respectively.

**Non-Controlled/Affiliate and Controlled Affiliate Investments**

Investments during the three months ended March 31, 2026, 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>2025** | **Gross<br>Additions** | **Gross<br>Reductions** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gains<br>(Losses)** | **Fair Value<br>as of<br>March 31,<br>2026** | **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 | 7 |  | (7) |  | 12026 | 366 |  |
| Legacy Corporate Lending HoldCo, LLC Class A Common Equity <sup>(1)</sup> | 143 |  |  | 6 |  | 149 |  |  |
| Legacy Corporate Lending HoldCo, LLC Preferred Equity | 7638 | 400 |  | 108 |  | 8146 | 150 |  |
| Legacy Corporate Lending HoldCo, LLC Class B Common Equity <sup>(1)</sup> |  |  |  | 502 |  | 502 |  |  |
| **Total Non-Controlled/Affiliate Investment** | **27206** | **407** | **—** | **609** | **—** | **28222** | **516** | **—** |
| **Controlled Affiliate Investment** |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program II, LLC Subordinated Note Investment Vehicles | 20240 | 23500 |  |  |  | 43740 | 676 |  |
| Bain Capital Senior Loan Program II, LLC Equity Interest Investment Vehicles | 6978 | 315 |  | (174) |  | 7119 | 155 |  |
| Bain Capital Senior Loan Program II, LLC Preferred Equity Interest Investment Vehicles | 87 |  |  | (24) |  | 63 | 55 |  |
| **Total Controlled Affiliate Investment** | **27305** | **23815** | **—** | **(198)** | **—** | **50922** | **886** | **—** |
| **Total** | $**54511** | $**24222** | $**-** | $**411** | $— | $**79144** | $**1402** | $— |

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<sup>(1)</sup> Non-income producing.

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 |

---

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<sup>(1)</sup> Non-income producing.

# 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 reimbursed BCSF Advisors, LP for the advanced Engagement Fee upon breaking escrow for the offering. The Managing Dealer is entitled to receive a fee equal to 0.05% of the offering proceeds (together with the Engagement Fee, the "Managing Dealer Fee") on aggregate purchase orders exceeding $500,000,000. 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

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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 three months ended March 31, 2026 and 2025, the Company did not incur or accrue any distribution and/or shareholder servicing fees.

**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 |  |

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**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.

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.

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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.

The following table presents a summary of all expenses supported and recouped by the Advisor as of March 31, 2026.

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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 | $1247 | $747 | 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 | $1247 | $3317 |  |  |  |

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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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# Note 6. Debt
In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, 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 March 31, 2026, the Company's asset coverage ratio based on aggregated borrowings outstanding was 196.0%. As of December 31, 2025, the Company's asset coverage ratio based on aggregated borrowings outstanding was 216.9%.

The Company's outstanding borrowings as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **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 | 154156 | 154156 | 200000 | 180669 | 180669 |
| JPM Revolving Credit Facility | 250000 | 208865 | 208865 | 250000 | 217053 | 217053 |
| SMBC Revolving Credit Facility | 650000 | 410000 | 410000 | 575000 | 120000 | 120000 |
| 2025 Senior Notes, Tranche A | 110000 | 110000 | 108469 | 110000 | 110000 | 109104 |
| 2025 Senior Notes, Tranche B | 165000 | 165000 | 162506 | 165000 | 165000 | 163505 |
| Total Debt | $1375000 | $1048021 | $1043996 | $1300000 | $792722 | $790331 |

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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 three months ended March 31, 2026 and year ended December 31, 2025 was 5.9% and 6.4%, respectively.

The combined weighted average borrowings outstanding for the three months ended March 31, 2026 and year ended December 31, 2025 were $934.8 million and $540.8 million, respectively.

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The following table shows the contractual maturities of our debt obligations as of March 31, 2026:

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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 | 154156 |  |  | 154156 | $— |
| JPM Revolving Credit Facility | 208865 |  |  | 208865 |  |
| SMBC Revolving Credit Facility | 410000 |  |  | 410000 |  |
| 2025 Senior Notes, Tranche A | 110000 |  | 110000 |  |  |
| 2025 Senior Notes, Tranche B | 165000 |  |  | 165000 |  |
| Total Debt Obligations | $1048021 | $— | $110000 | $938021 | $— |

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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.

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.

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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 three months ended March 31, 2026 and 2025, the components of interest expense related to the GS Revolving Credit Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Borrowing interest expense | $2617 | $3276 |
| Unused facility fee | 20 | 17 |
| Amortization of deferred financing costs and upfront commitment fees | 105 | 106 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $2742 | $3399 |

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**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.

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For the three months ended March 31, 2026 and 2025, the components of interest expense related to the JPM Revolving Credit Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Borrowing interest expense | $3238 | $2034 |
| Unused facility fee | 38 | 158 |
| Amortization of deferred financing costs and upfront commitment fees | 124 | 125 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $3400 | $2317 |

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# 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.

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.

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 three months ended March 31, 2026 and 2025, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Borrowing interest expense | $3709 | $1306 |
| Unused facility fee | 347 | 219 |
| Amortization of deferred financing costs and upfront commitment fees | 240 | 164 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $4296 | $1689 |

---

------

# 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 March 31, 2026 and December 31, 2025, the components of the carrying value of the Tranche A Notes were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Principal amount of debt | $110000 | $110000 |
| Unamortized debt financing cost | (1053) | (1151) |
| Effective interest rate swap hedge | (478) | 255 |
| &nbsp;&nbsp;Carrying value of Series 2025 Senior Notes, Tranche A | $108469 | $109104 |

---

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the Tranche A Notes were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Borrowing interest expense | $1628 | $— |
| Amortization of deferred financing costs and upfront commitment fees | 97 |  |
| Interest Rate Swaps | 65 |  |
| Hedged Items | (30) |  |
| &nbsp;&nbsp;Total interest and debt financing expenses | $1760 | $— |

---

As of March 31, 2026 and December 31, 2025, the components of the carrying value of the Tranche B Notes were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Principal amount of debt | $165000 | $165000 |
| Unamortized debt financing cost | (1661) | (1750) |
| Effective interest rate swap hedge | (833) | 255 |
| &nbsp;&nbsp;Carrying value of Series 2025 Senior Notes, Tranche B | $162506 | $163505 |

---

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the Tranche B Notes were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Borrowing interest expense | $2578 | $— |
| Amortization of deferred financing costs and upfront commitment fees | 88 |  |
| Interest Rate Swaps | 67 |  |
| Hedged Items | (41) |  |
| &nbsp;&nbsp;Total interest and debt financing expenses | $2692 | $— |

---

# 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 March 31, 2026 and December 31, 2025 is included on the Consolidated Schedules of Investments by contract. The Company had collateral receivable of $5.3 million and $4.2 million as of March 31, 2026 and December 31, 2025, 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 three months ended March 31, 2026 and 2025, the Company's average U.S. dollar notional exposure to forward currency exchange contracts was $94.7 million and $29.1 million, respectively. For the three months ended March 31, 2026 and 2025, the Company's average notional exposure for interest rate swaps was $275.0 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 March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **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 | $803 | $(264) | $539 | $— | $539 |
| BNP Paribas | Unrealized appreciation on forward currency exchange contracts | $270 | $(190) | $80 | $1140 | $1220 |
| Wells Fargo | Unrealized appreciation on forward currency exchange contracts | $299 | $— | $299 | $— | $299 |
| BNP Paribas | Interest rate swap | $— | $(1302) | $(1302) | $— | $(1302) |

---

------

<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, 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 effect of transactions in derivative instruments to the Consolidated Statements of Operations during the three months ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net realized gain (loss) on forward currency exchange contracts | $(1649) | $746 |
| Net change in unrealized appreciation on forward currency exchange contracts | 3699 | (1775) |
| Total net realized and unrealized gain (loss) on forward currency exchange contracts | $2050 | $(1029) |

---

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $(1.6) million and $1.2 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 three months ended March 31, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $2.1 million and $(1.0) 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 and $0.2 million for the three months ended March 31, 2026 and 2025, 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 three months ended March 31, 2026 and 2025, for the Company's interest rate swaps, are in the following locations in the Consolidated Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **Financial Statement Location** |
|  | **2026** | **2025** |  |
| &nbsp;&nbsp;Interest rate swaps | $132 | $— | &nbsp;&nbsp;Interest and debt financing expenses |
| &nbsp;&nbsp;Hedged items | (71) |  | &nbsp;&nbsp;Interest and debt financing expenses |

---

# N ote 8. Net Assets
The following table presents transactions in Common Shares during the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
|  | **Shares** | **Amount** |
| Class I: |  |  |
| Proceeds from shares sold | 3602161 | $93499 |
| Repurchase of Common Shares | (360505) | (9310) |
| Early repurchase deduction |  |  |
| Distributions reinvested | 33139 | 859 |
| **Net increase** | 3274795 | $85048 |

---

------

There were no Class S or Class D shares outstanding during the three months ended March 31, 2026.

The following table presents transactions in Common Shares during the three months ended March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
|  | **Shares** | **Amount** |
| Class I: |  |  |
| Proceeds from shares sold | 3823514 | $97901 |
| Repurchase of Common Shares | (18400) | (473) |
| Early repurchase deduction |  |  |
| Distributions reinvested | 78056 | 1999 |
| **Net increase** | 3883170 | $99427 |

---

There were no Class S or Class D shares outstanding during the three months ended March 31, 2025.

**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 three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
|  | **NAV Per Share** | **NAV Per Share** |
| **For the Months Ended** | **Class I** | **Class I** |
| January 31, 2026 | $25.97 | 25.97 |
| February 28, 2026 |  | 25.88 |
| March 31, 2026 |  | 25.83 |

---

---

| | |
|:---|:---|
|  | **NAV Per Share** |
| **For the Months Ended** | **Class I** |
| January 31, 2025 | $25.61 |
| February 28, 2025 | 25.58 |
| March 31, 2025 | 25.69 |

---

There were no Class S or Class D shares outstanding during the three months ended March 31, 2026 and 2025.

**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 three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| January 27, 2026 | January 30, 2026 | February 27, 2026 | 0.1875 | 7099 |
| February 27, 2026 | February 27, 2026 | March 31, 2026 | 0.1875 | 7226 |
| March 31, 2026 | March 31, 2026 | April 30, 2026 | 0.2175 | 8578 |
| Total distributions declared |  |  | $0.5925 | $22903 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| 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 |
| Total distributions declared |  |  | $0.5625 | $9258 |

---

------

There were no Class S or Class D shares outstanding during the three months ended March 31, 2026 and 2025 .

The distributions declared during the three months ended March 31, 2026 and 2025 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 three months ended March 31, 2026 and 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage of** |  |  |  |  |
|  | **Outstanding Shares** |  | **Amount** | **Number of Shares** | **Percentage of** |
| **Repurchase** | **the Company** | **Repurchase** | **Repurchased** | **Repurchased** | **Outstanding Shares** |
| **Request Deadline** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| March 3, 2026 | 5.00% | March 31, 2026 | $9310 | 360505 | 1.01% |

---

------

<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** |
| **Request Deadline** | **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% |

---

------

<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.

# Note 9. 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 March 31, 2026, the Company had $498.6 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 | $4426 |
| Accident Care Alliance Holdco LLC - Delayed Draw | 8/20/2030 | 3188 |
| Accident Care Alliance Holdco LLC - Revolver | 8/20/2030 | 3247 |
| Advanced Aircrew - Revolver | 7/26/2030 | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 | 6140 |
| AeriTek Global CAD Acquisition Inc. - Revolver | 8/27/2030 | 1146 |
| 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 | 1217 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 | 1205 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 | 176 |
| Alogent Holdings, Inc. - Delayed Draw | 1/21/2032 | 6484 |
| Alogent Holdings, Inc. - Revolver | 1/21/2032 | 1853 |
| AMI - Revolver | 10/17/2031 | 2282 |
| AOM Infusion - Delayed Draw | 3/19/2032 | 1537 |
| 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 | 21 |
| ATS - Revolver | 7/12/2029 | 2222 |
| Avalon Bidco Limited - Delayed Draw | 4/16/2032 | 7 |
| Awayday - Delayed Draw | 5/6/2032 | 5309 |
| Awayday - Revolver | 5/6/2032 | 3186 |
| BDC JH Mezz Lender, LLC - Delayed Draw | 3/16/2029 | 1979 |
| BDC Mezz Lender, LLC - Delayed Draw | 2/1/2029 | 3081 |
| BDC Senior Lender, LLC - Delayed Draw | 2/1/2029 | 2842 |
| BDC Senior Lender, LLC - Delayed Draw | 2/1/2029 | 563 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 | 3716 |
| Beacon Specialized Living - Revolver | 3/25/2028 | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 | 1228 |
| Blackbird Purchaser, Inc. - Revolver | 12/19/2029 | 801 |
| BLI Buyer, Inc. - Delayed Draw | 10/31/2031 | 3211 |
| BLI Buyer, Inc. - Revolver | 10/31/2031 | 1605 |
| Bridger Aerospace Group Holdings, Inc. - Delayed Draw | 10/28/2030 | 10067 |
| Bridger Aerospace Group Holdings, Inc. - Revolver | 10/28/2030 | 2426 |
| BTX Precision - Delayed Draw | 7/25/2030 | 2266 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| BTX Precision - Revolver | 7/25/2030 | $1608 |
| Chase Industries, Inc. - Revolver | 11/11/2027 | 512 |
| 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 | 1991 |
| Choreo - Delayed Draw | 2/18/2028 | 2386 |
| City BBQ - Delayed Draw | 9/4/2030 | 5038 |
| City BBQ - Revolver | 9/4/2030 | 2519 |
| Comet BidCo Limited - Delayed Draw | 1/30/2032 | 1139 |
| Comet BidCo Limited - Revolver | 1/30/2032 | 2846 |
| 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 | 46 |
| Cube - Delayed Draw | 5/20/2031 | 1 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 | 14 |
| Discovery Senior Living - Revolver | 3/18/2030 | 695 |
| Duraco - Revolver | 6/6/2029 | 382 |
| Easy Ice - Delayed Draw | 10/30/2030 | 2747 |
| Easy Ice - Revolver | 10/30/2030 | 882 |
| EHE Health - Revolver | 8/7/2030 | 1783 |
| Electronic Merchant Systems - Revolver | 8/1/2030 | 814 |
| Elevation NewCo, LLC - Delayed Draw | 8/1/2031 | 3978 |
| Elevation NewCo, LLC - Revolver | 8/1/2031 | 1593 |
| Engineered Products Co., LLC - Revolver | 8/12/2031 | 775 |
| E-Tech Group - Revolver | 4/9/2030 | 541 |
| EXT Acquisitions, Inc. - Delayed Draw | 12/19/2031 | 2479 |
| EXT Acquisitions, Inc. - Revolver | 12/19/2031 | 1074 |
| Facts Global Energy - Delayed Draw | 12/20/2031 | 590 |
| FC DOLMANS B.V. - Delayed Draw | 3/4/2033 | 1393 |
| Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw | 4/3/2032 | 1652 |
| Fifty U.S. Bidco Inc - Delayed Draw | 8/1/2031 | 4356 |
| Fifty U.S. Bidco Inc - Revolver | 8/1/2031 | 2293 |
| G-3 Frax Acquisition LLC - Revolver | 1/30/2032 | 4961 |
| G702 Buyer, Inc. - Revolver | 7/2/2031 | 1506 |
| Galanthus Group Holdings, Limited - Delayed Draw | 12/24/2031 | 5526 |
| Galanthus Group Holdings, Limited - Delayed Draw | 6/24/2031 | 2764 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Galanthus Group Holdings, Limited - Delayed Draw | 12/24/2031 | $5575 |
| Govineer Solutions (fka Black Mountain) - Delayed Draw | 10/7/2030 | 6000 |
| Govineer Solutions (fka Black Mountain) - Revolver | 10/7/2030 | 3400 |
| Harbor IT, LLC - Delayed Draw | 3/13/2031 | 23207 |
| Harbor IT, LLC - Revolver | 3/13/2031 | 3868 |
| Heads Up Technologies, Inc. - Revolver | 7/23/2030 | 3428 |
| Hellers - Delayed Draw | 9/27/2030 | 85 |
| Hempz - Revolver | 10/25/2029 | 2353 |
| HLSG Intermediate, LLC - Delayed Draw | 2/2/2033 | 7515 |
| HLSG Intermediate, LLC - Revolver | 2/2/2033 | 3006 |
| Humic Acquisition Holdings, LLC - Revolver | 10/21/2031 | 1818 |
| ICAT Logistics, Inc. - Delayed Draw | 3/1/2029 | 3428 |
| ICAT Logistics, Inc. - Revolver | 3/1/2029 | 998 |
| KAMC Holdings, Inc. - Revolver | 8/1/2031 | 2849 |
| Lightspeed Buyer, Inc. - Delayed Draw | 2/6/2032 | 9992 |
| Lightspeed Buyer, Inc. - Revolver | 2/6/2032 | 3331 |
| Lindstrom, LLC - Revolver | 12/30/2032 | 5440 |
| LogRhythm - Revolver | 7/2/2029 | 476 |
| Master ConcessionAir - Delayed Draw | 6/21/2029 | 262 |
| Master ConcessionAir - Revolver | 6/21/2029 | 7 |
| McLarens Acquisition Inc. - Delayed Draw | 12/20/2027 | 15821 |
| Meteor UK Bidco Limited - Revolver | 11/14/2031 | 179 |
| Monarch Collective Holdings, LLC - Delayed Draw | 3/17/2032 | 17914 |
| Monarch Collective Holdings, LLC - Revolver | 3/17/2032 | 2884 |
| Monarch Finco, LLC - Delayed Draw | 10/29/2032 | 3659 |
| Monarch Finco, LLC - Revolver | 10/29/2032 | 366 |
| Nafinco - Delayed Draw | 8/29/2031 | 147 |
| Nafinco - Revolver | 5/30/2031 | 89 |
| 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 | 2659 |
| Owl Acquisition, LLC - Delayed Draw | 4/17/2032 | 2722 |
| Owl Acquisition, LLC - Revolver | 4/17/2032 | 5828 |
| PayRange - Revolver | 10/31/2030 | 843 |
| Pharmacy Partners - Revolver | 2/28/2029 | 2160 |
| Plaskolite PPC Intermediate II LLC - Revolver | 2/7/2030 | 1054 |
| PMA - Revolver | 1/31/2031 | 1873 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Polar Technology Buyer Ltd - Revolver | 2/27/2032 | 2048 |
| Polar Technology Buyer Ltd - Revolver | 2/27/2032 | 512 |
| PPT Group - Delayed Draw | 2/28/2031 | 662 |
| PPT Group - Revolver | 2/28/2031 | 309 |
| Precision Concepts Parent Inc. - Revolver | 8/2/2032 | 2722 |
| PRGX - Delayed Draw | 12/20/2030 | 7749 |
| Pricelabs Revenue Inc. - Delayed Draw | 3/17/2033 | 11785 |
| Pricelabs Revenue Inc. - Revolver | 3/17/2033 | 5893 |
| Psychiatric Medical Care LLC - Revolver | 7/1/2032 | 3973 |
| Pure Wafer - Delayed Draw | 11/12/2030 | 4 |
| Pure Wafer - Revolver | 11/12/2030 | 1846 |
| QPE Alpha 4 Pty Ltd ACN 664 132 530 - Delayed Draw | 2/5/2032 | 173 |
| R1 RCM Inc. - Delayed Draw | 11/19/2031 | 200 |
| Red Nucleus - Delayed Draw | 10/17/2031 | 2997 |
| Red Nucleus - Revolver | 10/17/2031 | 2167 |
| RedMed Operations (Collage Rehabilitation) - Delayed Draw | 2/28/2031 | 7323 |
| RedMed Operations (Collage Rehabilitation) - Revolver | 2/28/2031 | 2636 |
| RetailNext - Revolver | 12/5/2030 | 417 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| Saturn Purchaser Corp. - Revolver | 7/22/2030 | 996 |
| SauceCo HoldCo, LLC - Revolver | 5/13/2030 | 2398 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 795 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Solairus - Delayed Draw | 7/22/2030 | 4004 |
| Spotless Brands - Delayed Draw | 7/25/2028 | 7697 |
| Substantial Holdco Limited - Delayed Draw | 4/20/2030 | 8564 |
| Summer Fridays, LLC - Revolver | 5/16/2031 | 2579 |
| Tartan Bidco Pty. Ltd. - Delayed Draw | 12/31/2027 | 395 |
| TL Sapphire Parent, Inc. - Delayed Draw | 1/22/2033 | 2484 |
| TL Sapphire Parent, Inc. - Revolver | 1/22/2033 | 5200 |
| Vasa Fitness, LLC - Delayed Draw | 8/15/2030 | 2392 |
| Vasa Fitness, LLC - Revolver | 8/15/2030 | 1053 |
| Vatica Health, Inc. - Revolver | 10/31/2032 | 1824 |
| Vessco Water - Delayed Draw | 7/24/2031 | 271 |
| 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 | 863 |
| Zeus Fire & Security - Delayed Draw | 12/11/2030 | 14653 |
| Zeus Fire & Security - Revolver | 12/11/2030 | 736 |
| **Total** |  | $**498633** |

---

------

<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 March 31, 2026.

------

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> | **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 |
| 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 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| 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 |
| 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 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| 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 |
| 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 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| 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** |

---

------

<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.

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

---

| | | |
|:---|:---|:---|
|  | **For the three months ended March 31,** | **For the three months ended March 31,** |
|  | **2026** | **2025** |
|  | **Class I** | **Class I** |
| **Per share data:** |  |  |
| Net asset value at beginning of period | $25.98 | $25.62 |
| Net investment income <sup>(1)</sup> | 0.62 | 0.59 |
| Net unrealized and realized gains (losses) <sup>(1)(2)(7)</sup> | (0.18) | 0.04 |
| Net increase in net assets resulting from operations <sup>(1)(8)</sup> | 0.44 | 0.63 |
| Distribution declared <sup>(3)</sup> | (0.59) | (0.56) |
| Net asset value at end of period | $25.83 | $25.69 |
| Total return <sup>(4)</sup> | 1.72% | 2.49% |
| Shares outstanding, end of period | 38946355 | 17872129 |
| Weighted average shares outstanding | 38546434 | 16410255 |
| **Ratios/Supplemental data:** |  |  |
| Net assets at end of period | $1005807 | $459077 |
| Ratio of net investment income to average net assets <sup>(5)(9)</sup> | 10.84% | 10.86% |
| Ratio of net expenses to average net assets <sup>(5)(9)</sup> | 8.64% | 10.07% |
| Portfolio turnover <sup>(6)</sup> | 17.70% | 11.40% |

---

------

<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 periods 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 three months ended March 31, 2026 and 2025, amounts are annualized except for income taxes, organization costs, incentive fee and expense support received from and recouped by the Advisor. For the three months ended March 31, 2026 and 2025, the total operating expenses to average net assets were 8.64% and 10.07% for Class I, respectively 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.

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# Note 11. Subsequent Events
Management has performed an evaluation of subsequent events through May 14, 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 March 31, 2026, except as discussed below.

*Distribution Declaration*

On April 29, 2026, the Board declared net distributions of $0.1875 per Class I share, which are payable on or about May 29, 2026 to shareholders of record as of April 30, 2026.

*Share Repurchase and Subscriptions*

On April 1, 2026, the Company received $30,641,582 of subscriptions and issued 1,186,495 new shares. On May 1, 2026, the Company received $4,888,999 of subscriptions, the shares for which are expected to be issued in accordance with the Company's subscription procedures.

On May 1, 2026, the Company commenced a tender offer to repurchase up to 5% of its Class I shares outstanding as of March 31, 2026 that will close on June 1, 2026.

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**Item 2. 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.

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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 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 March 31, 2026 and December 31, 2025, 91.7% and 92.4%, 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.

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**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 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;

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&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;

&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;

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&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;

&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;

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&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.

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 $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, 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 $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, 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.

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**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 March 31, 2026 and December 31, 2025, the Company's asset coverage ratio was 196.0% and 216.9%, 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 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.

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***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.

**Portfolio and Investment Activity**

During the three months ended March 31, 2026, we invested $451.8 million, including PIK, in 79 portfolio companies, and had $309.4 million in aggregate amount of principal repayment and sales, resulting in a net increase in investments of $142.4 million for the period. Of the $451.8 million invested during the three months ended March 31, 2026, $85.6 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the three months ended March 31, 2025, we invested $271.0 million, including PIK, in 81 portfolio companies, and had $92.2 million in aggregate amount of principal repayment and sales, resulting in a net increase in investment of $178.8 million for the period. Of the $271.0 million invested during the three months ended March 31, 2025, $28.7 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

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The following table shows the composition of the investment portfolio and associated yield data as of March 31, 2026 (dollars in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  |  |  |  |  | **Weighted Average** | **Weighted Average** |
|  |  |  |  |  | **Yield** <sup>(1)(3)</sup> | **Yield** <sup>(1)(3)</sup> |
|  |  |  |  |  | **at** | **at** |
|  |  | **Percentage of** |  | **Percentage of** | **Amortized** | **Market** |
|  | **Amortized Cost** | **Total Portfolio** | **Fair Value** | **Total Portfolio** | **Cost** | **Value** |
| First Lien Senior Secured Loan | 1574441 | 87.0% | $1568068 | 86.4% | 9.2% | 9.2% |
| Second Lien Senior Secured Loan | 18762 | 1.0 | 18843 | 1.0 | 12.1 | 12.1 |
| Subordinated Debt | 100090 | 5.5 | 99741 | 5.5 | 15.6 | 15.6 |
| Preferred Equity | 39926 | 2.2 | 41307 | 2.3 | 12.9 | 12.7 |
| Equity Interest | 27206 | 1.5 | 35414 | 2.0 | N/A | N/A |
| Warrants |  | 0.0 | 787 | 0.0 | N/A | N/A |
| Subordinated Notes in Investment Vehicles <sup>(2)</sup> | 43740 | 2.4 | 43740 | 2.4 | 10.0 | 10.0 |
| Preferred Equity Interest in Investment Vehicles <sup>(2)</sup> | 10 | 0.0 | 63 | 0.0 | N/A | N/A |
| Equity Interests in Investment Vehicles <sup>(2)</sup> | 7215 | 0.4 | 7119 | 0.4 | 10.3 | 10.4 |
| Total | $1811390 | 100.0% | $1815082 | 100.0% | 9.7% | 9.7% |

---

------

<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.

<sup>(3)</sup> For non-stated rate income-producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending investment at amortized cost or at fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

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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% |

---

------

<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 presents certain selected information regarding our investment portfolio as of March 31, 2026:

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| | |
|:---|:---|
|  | **As of** |
|  | **March 31, 2026** |
| Number of portfolio companies | 164 |
| Percentage of debt bearing a floating rate <sup>(1)</sup> | 91.7% |
| Percentage of debt bearing a fixed rate <sup>(1)</sup> | 8.3% |

---

------

<sup>(1)</sup> Measured on a fair value basis.

The following table presents certain selected information regarding our investment portfolio as of December 31, 2025:

---

| | |
|:---|:---|
|  | **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% |

---

------

<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 March 31, 2026 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized Cost** | **Percentage at<br>Amortized Cost** | **Fair Value** | **Percentage at<br>Fair Value** |
| Performing | 1797700 | 99.2% | 1808147 | 99.6% |
| Non-accrual | 13690 | 0.8 | 6935 | 0.4 |
| Total | $1811390 | 100.0% | $1815082 | 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, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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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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 March 31, 2026 and December 31, 2025, there was one loan on non-accrual.

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of March 31, 2026 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized<br>Cost** | **Percentage<br>of Total** | **Fair<br>Value** | **Percentage<br>of Total** |
| First Lien Senior Secured Loan | 1574441 | 83.2% | 1568068 | 82.6% |
| Second Lien Senior Secured Loan | 18762 | 1.0 | 18843 | 1.0 |
| Subordinated Debt | 100090 | 5.3 | 99741 | 5.3 |
| Preferred Equity | 39926 | 2.1 | 41307 | 2.2 |
| Equity Interest | 27206 | 1.4 | 35414 | 1.9 |
| Warrants |  |  | 787 | 0.0 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 43740 | 2.3 | 43740 | 2.3 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 |  | 63 |  |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 7215 | 0.4 | 7119 | 0.4 |
| Cash and cash equivalents | 73593 | 3.9 | 73593 | 3.9 |
| Foreign cash | 7487 | 0.4 | 7403 | 0.4 |
| Restricted cash | 50 |  | 50 |  |
| Total | $1892520 | 100.0% | $1896128 | 100.0% |

---

------

<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, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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.

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.

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 March 31, 2026 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Investment Performance Rating** | **Fair Value** | **Percentage<br>of Total** | **Number of<br>Companies** <sup>(1)</sup> | **Percentage<br>of Total** |
| 1 | 2508 | 0.1% | 1 | 0.6% |
| 2 | 1805639 | 99.5 | 162 | 98.8 |
| 3 |  |  |  |  |
| 4 | 6935 | 0.4 | 1 | 0.6 |
| Total | $1815082 | 100.0% | 164 | 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.

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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**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 March 31, 2026, the total capital commitments to SLP II were $300 million.

As of March 31, 2026, the Company's investment in SLP II consisted of subordinated notes of $43.7 million, preferred equity interests of $0.1 million and equity interests of $7.1 million. As of December 31, 2025, SLP II consisted of subordinated notes of $20.2 million, preferred equity interests of $0.1 million and equity interests of $7.0 million. 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** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Total investments | $406514 | $141011 |
| Weighted average yield on investments | 9.1% | 9.2% |
| Number of borrowers in SLP II | 63 | 27 |
| Largest portfolio company investment | $9950 | $9975 |
| Total of five largest portfolio company investments | $41877 | $34742 |
| Unfunded commitments | $750 | $- |

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***Results of Operations***

Our operating results for the three months ended March 31, 2026 and 2025 were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Total investment income | $48086 | $21685 |
| Total expenses, net of fee waivers | 23996 | 11846 |
| Net investment income before taxes | 24090 | 9839 |
| Less: Income taxes, including excise tax | 223 | 81 |
| Net investment income | 23867 | 9758 |
| Net realized gain | 1434 | 910 |
| Net change in unrealized appreciation | (8297) | (194) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $17004 | $10474 |

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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 three months ended March 31, 2026 and 2025 was as follows (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Interest from investments | 40456 | 18938 |
| Dividend income | 1142 | 422 |
| PIK income | 3900 | 823 |
| Other income | 2588 | 1502 |
| Total investment income | $48086 | $21685 |

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Interest income from investments, which includes interest and accretion of discounts and fees, increased to $40.5 million for the three months ended March 31, 2026 from $18.9 million for the three months ended March 31, 2025, due to an increase in investment portfolio size. Dividend income increased to $1.1 million for the three months ended March 31, 2026 from $0.4 million for the three months ended March 31, 2025, due to an increase in investment portfolio size. PIK income increased to $3.9 million for the three months ended March 31, 2026 from $0.8 million for the three months ended March 31, 2025 due to an increase in investment portfolio size and the number of investments earning PIK income. Other income increased to approximately $2.6 million for the three months ended March 31, 2026 from $1.5 million for the three months ended March 31, 2025, primarily due to an increase in investment portfolio size and upfront, commitment and closing fees earned on certain investments. As of March 31, 2026, the weighted average yield of our investment portfolio decreased to 9.7% from 10.2% as of March 31, 2025, at amortized cost.

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***Operating Expenses***

The composition of our operating expenses for the three months ended March 31, 2026 and 2025 were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Interest and debt financing expenses | $14890 | $7405 |
| Incentive fee on income | 4038 | 1722 |
| Incentive fee (reversal) on capital gains | (1037) |  |
| Professional fees and operating expenses | 527 | 257 |
| Base management fee | 3641 | 1586 |
| Trustee fees | 114 | 110 |
| Other general and administrative expenses | 1203 | 588 |
| &nbsp;&nbsp;Total expenses, before fee waivers | $23376 | $11668 |
| Expense recoupment (support) | 620 | 178 |
| &nbsp;&nbsp;Total expenses, net of fee waivers | $23996 | $11846 |

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***Interest and Debt Financing Expenses***

Interest and debt financing expenses on our borrowings totaled approximately $14.9 million and $7.4 million for the three months ended March 31, 2026 and 2025, respectively. The increase was driven by an increase in portfolio and investment activities. The weighted average principal debt balance outstanding for the three months ended March 31, 2026 and 2025 was $934.8 million and $391.3 million, respectively.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the three months ended March 31, 2026 and 2025 was 5.9% and 6.8% respectively.

***Management Fee***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee (net of waivers) increased to $3.6 million for the three months ended March 31, 2026 from $1.6 million for the three months ended March 31, 2025 . No management fees were waived for the three months ended March 31, 2026 and 2025.

***Incentive Fee***

Incentive fee on income was $4.0 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively. The following table summarizes the incentive fee on income for the three months ended March 31, 2026 and 2025 (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Trailing twelve quarter pre-incentive fee net investment income | $134628 | $44202 |
| Trailing twelve quarter Net Capital Loss |  |  |
| Cumulative Net Return | 134628 | 44202 |
| Incentive fee rate on Cumulative Net Return | 15.0% | 15.0% |
| Incentive Fee Cap | 20194 | 6630 |
| Incentive Fee Waiver | (289) | (289) |
| Prior eleven quarter payments | (15867) | (4619) |
| Total incentive fee | $4038 | $1722 |

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Incentive fee (reversal) on capital gains was $(1.0) million and $0.0 million for the three months ended March 31, 2026 and 2025, respectively. The decrease was driven by the decrease in net cumulative capital gains.

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***Professional Fees and Other General and Administrative Expenses***

Professional fees and other general and administrative expenses increased to $1.8 million for the three months ended March 31, 2026 from $1.0 million for the three months ended March 31, 2025, primarily due to an increase in costs associated with servicing our investment portfolio.

***Expense Support and Conditional Reimbursement Agreement*** 

We have entered into an Expense Support Agreement with the Advisor. For additional information see "Item 1. Consolidated Financial Statements — Notes to Consolidated Financial Statements — Note 5. Agreements and Related Party Transactions Investment Advisory Agreement". For the three months ended March 31, 2026, the Company did not receive expense support from the Advisor, and repaid the Advisor $0.6 million for expenses previously paid by the Advisor on behalf of the Company. For the three months ended March 31, 2025, the Company did not receive expense support from the Adviser and repaid the Adviser $0.2 million for expenses previously paid by the Adviser on behalf of the Company.

***Net Realized and Unrealized Gains and Losses*** 

The following table summarizes our net realized and unrealized gains (losses) for the three months ended March 31, 2026 and 2025 (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net realized gain on investments | $3272 | $391 |
| Net realized loss on investments | (209) | (166) |
| Net realized gain on foreign currency transactions | 28 | 19 |
| Net realized loss on foreign currency transactions | (8) | (80) |
| Net realized gain on forward currency exchange contracts |  | 746 |
| Net realized loss on forward currency exchange contracts | (1649) | - |
| Net realized gains | $1434 | $910 |
| Change in unrealized appreciation on investments | $2686 | $5799 |
| Change in unrealized depreciation on investments | (15260) | (3441) |
| Net change in unrealized appreciation on investments | (12574) | 2358 |
| Change in unrealized appreciation on foreign currency translation | (124) | 179 |
| Change in unrealized appreciation on forward currency exchange contracts | 3699 | (1775) |
| Net change in unrealized appreciation on foreign currency and forward currency exchange contracts | 3575 | (1596) |
| Change in unrealized appreciation on foreign currency translation on debt | 702 | (956) |
| Net change in unrealized appreciation | $(8297) | $(194) |

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For the three months ended March 31, 2026, realized gains were primarily driven by the sale of the Company's equity interest in BTX Precision.

For the three months ended March 31, 2025, realized gains and losses were driven by broad based sales and paydowns of our investments.

For the three months ended March 31, 2026, we had $2.7 million in unrealized appreciation on 31 portfolio company investments, which was offset by $15.3 million in unrealized depreciation on 141 portfolio company investments. For the three months ended March 31, 2026 the unrealized appreciation resulted from company specific valuation adjustments including our investments in Legacy

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Corporate Lending HoldCo, Heads Up Technologies and Elevation NewCo. For the three months ended March 31, 2026 the unrealized depreciation resulted from company specific valuation adjustments, including our investments in Abracon Group Holding, Chartbeat, HG Insights and Owl Acquisition, as well as the reversal of unrealized appreciation resulting from the sale of BTX Precision and Masco.

For the three months ended March 31, 2025, we had $5.8 million in unrealized appreciation on 80 portfolio company investments, which was offset by $3.4 million in unrealized depreciation on 40 portfolio company investments. For the three months ended March 31, 2025 the unrealized appreciation resulted from company specific valuation adjustments on DTIQ, SensorTower and Legacy Corporate Lending HoldCo. For the three months ended March 31, 2025 the unrealized depreciation resulted from company specific valuation adjustments on Abracon Group Holding and the widening of credit spreads.

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 three months ended March 31, 2025, unrealized appreciation on forward currency exchange contracts was primarily due to Euro forward contracts.

The following table summarizes the impact of foreign currency for the three months ended March 31, 2026 and 2025 (dollars in thousands):

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net realized gain (loss) on foreign currency transactions | 20 | (61) |
| Net realized gain (loss) on forward currency exchange contracts | (1649) | 746 |
| Net realized gain (loss) on investments due to foreign currency translation | 333 |  |
| Net change in unrealized appreciation on investments due to foreign currency translation | (2574) | 2053 |
| Net change in unrealized appreciation on foreign currency translation | (124) | 179 |
| Net change in unrealized appreciation on forward currency exchange contracts | 3699 | (1775) |
| Net change in unrealized appreciation on debt due to foreign currency | 702 | (956) |
| Foreign currency impact to net increase in net assets resulting from operations | $407 | $186 |

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Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $(1.6) million and $1.2 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 three months ended March 31, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $2.1 million and $(1.0) 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 and $0.2 million for the three months ended March 31, 2026 and 2025, 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 1. Consolidated Financial Statements — Notes to Consolidated Financial Statements — Note 2. Summary of Significant Accounting Policies" and "Item 1. Consolidated Financial Statements — 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 1. Consolidated Financial Statements — 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 three months ended March 31, 2026 and 2025, the net increase in net assets resulting from operations was $17.0 million and $10.5 million, respectively. Based on the weighted average Common Shares outstanding for the three months ended March 31, 2026 and 2025, our per share net increase in net assets resulting from operations was $0.44 and $0.63, 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 March 31, 2026 and December 31, 2025, our asset coverage ratio was 196.0% and 216.9%, respectively.

As of March 31, 2026 and December 31, 2025, we had $81.0 million and $38.1 million in cash, foreign cash, restricted cash and cash equivalents, respectively.

At March 31, 2026, we had approximately $240.0 million of availability on our SMBC Revolving Credit Facility, $45.8 million of availability on our GS Revolving Credit Facility and $41.1 million of availability on our JPM Revolving Credit Facility, subject to existing terms and regulatory requirements. 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.

For the three months ended March 31, 2026, cash, foreign cash, restricted cash, and cash equivalents increased by $42.9 million. During the three months ended March 31, 2026, we used $282.3 million in cash for operating activities. The increase in cash used for operating activities was primarily related to the purchases of investments of $444.8 million, which was offset by proceeds from principal payments and sales of investments of $149.4 million and a net increase in assets resulting from operations of $17.0 million.

For the three months ended March 31, 2026, financing activities provided $325.3 million, primarily due to net borrowings on our SMBC Revolving Credit Facility and proceeds from issuance of Common Shares, offset by net repayments on our GS Revolving Credit Facility and JPM Revolving Credit Facility.

For the three months ended March 31, 2025, cash, foreign cash, restricted cash, and cash equivalents increased by $14.1 million. During the three months ended March 31, 2025, we used $180.3 million in cash for operating activities. The increase in cash used for operating activities was primarily related to the purchases of investments of $196.1 million, which was offset by proceeds from principal payments and sales of investments of $7.2 million and a net increase in assets resulting from operations of $10.5 million.

------

During the three months ended March 31, 2025, we utilized $194.2 million for financing activities, primarily due to borrowings on our GS Revolving Credit Facility, JPM Revolving Credit Facility and 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.

As of March 31, 2026, the Company had 38,946,355 Class I shares, 0 Class S shares and 0 Class D shares issued and outstanding.

***Debt***

The Company's outstanding borrowings as of March 31, 2026 and December 31, 2025 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **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 | 154156 | 154156 | 200000 | 180669 | 180669 |
| JPM Revolving Credit Facility | 250000 | 208865 | 208865 | 250000 | 217053 | 217053 |
| SMBC Revolving Credit Facility | 650000 | 410000 | 410000 | 575000 | 120000 | 120000 |
| 2025 Senior Notes, Tranche A | 110000 | 110000 | 108469 | 110000 | 110000 | 109104 |
| 2025 Senior Notes, Tranche B | 165000 | 165000 | 162506 | 165000 | 165000 | 163505 |
| Total Debt | $1375000 | $1048021 | $1043996 | $1300000 | $792722 | $790331 |

---

------

<sup>(1)</sup> Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

For additional information on our debt obligations see "*Item 1. Consolidated Financial Statements — Notes to Consolidated Financial Statements — Note 6. Debt*".

***Distribution Policy***

The following table summarizes distributions declared during the three months ended March 31, 2026 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| January 27, 2026 | January 30, 2026 | February 27, 2026 | 0.1875 | 7099 |
| February 27, 2026 | February 27, 2026 | March 31, 2026 | 0.1875 | 7226 |
| March 31, 2026 | March 31, 2026 | April 30, 2026 | 0.2175 | 8578 |
| Total distributions declared |  |  | $0.5925 | $22903 |

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The following table summarizes distributions declared during the three months ended March 31, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| 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 |
| Total distributions declared |  |  | $0.5625 | $9258 |

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------

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 three months ended March 31, 2026 and 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **During the Three Months Ended March 31, 2026** | **During the Three Months Ended March 31, 2026** | **During the Three Months Ended March 31, 2026** | **During the Three Months Ended March 31, 2026** | **During the Three Months Ended March 31, 2026** | **During the Three Months Ended March 31, 2026** |
|  | **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 | $— | $— | $— | $— | $0.59 | $22903 |
| Net realized gains |  |  |  |  |  |  |
| Distribution in excess of net investment income |  |  |  |  |  |  |
|  | $— | $— | $— | $— | $0.59 | $22903 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **During the Three Months Ended March 31, 2025** | **During the Three Months Ended March 31, 2025** | **During the Three Months Ended March 31, 2025** | **During the Three Months Ended March 31, 2025** | **During the Three Months Ended March 31, 2025** | **During the Three Months Ended March 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 | $— | $— | $— | $— | $0.56 | $9258 |
| Net realized gains |  |  |  |  |  |  |
| Distribution in excess of net investment income |  |  |  |  |  |  |
|  | $— | $— | $— | $— | $0.56 | $9258 |

---

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.

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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.

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 three months ended March 31, 2026 and 2025 (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** |
| **Request Deadline** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| March 3, 2026 | 5.00% | March 31, 2026 | $9310 | 360505 | 1.01% |

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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** |
| **Request Deadline** | **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% |

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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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**Commitments and Off-Balance Sheet Arrangements**

As of March 31, 2026, the Company had $498.6 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> |
| ACAMS - Revolver | 12/30/2031 | $4426 |
| Accident Care Alliance Holdco LLC - Delayed Draw | 8/20/2030 | 3188 |
| Accident Care Alliance Holdco LLC - Revolver | 8/20/2030 | 3247 |
| Advanced Aircrew - Revolver | 7/26/2030 | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 | 6140 |
| AeriTek Global CAD Acquisition Inc. - Revolver | 8/27/2030 | 1146 |
| 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 | 1217 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 | 1205 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 | 176 |
| Alogent Holdings, Inc. - Delayed Draw | 1/21/2032 | 6484 |
| Alogent Holdings, Inc. - Revolver | 1/21/2032 | 1853 |
| AMI - Revolver | 10/17/2031 | 2282 |
| AOM Infusion - Delayed Draw | 3/19/2032 | 1537 |
| 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 | 21 |
| ATS - Revolver | 7/12/2029 | 2222 |
| Avalon Bidco Limited - Delayed Draw | 4/16/2032 | 7 |
| Awayday - Delayed Draw | 5/6/2032 | 5309 |
| Awayday - Revolver | 5/6/2032 | 3186 |
| BDC JH Mezz Lender, LLC - Delayed Draw | 3/16/2029 | 1979 |
| BDC Mezz Lender, LLC - Delayed Draw | 2/1/2029 | 3081 |
| BDC Senior Lender, LLC - Delayed Draw | 2/1/2029 | 2842 |
| BDC Senior Lender, LLC - Delayed Draw | 2/1/2029 | 563 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 | 3716 |
| Beacon Specialized Living - Revolver | 3/25/2028 | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 | 1228 |
| Blackbird Purchaser, Inc. - Revolver | 12/19/2029 | 801 |
| BLI Buyer, Inc. - Delayed Draw | 10/31/2031 | 3211 |
| BLI Buyer, Inc. - Revolver | 10/31/2031 | 1605 |
| Bridger Aerospace Group Holdings, Inc. - Delayed Draw | 10/28/2030 | 10067 |
| Bridger Aerospace Group Holdings, Inc. - Revolver | 10/28/2030 | 2426 |
| BTX Precision - Delayed Draw | 7/25/2030 | 2266 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| BTX Precision - Revolver | 7/25/2030 | $1608 |
| Chase Industries, Inc. - Revolver | 11/11/2027 | 512 |
| 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 | 1991 |
| Choreo - Delayed Draw | 2/18/2028 | 2386 |
| City BBQ - Delayed Draw | 9/4/2030 | 5038 |
| City BBQ - Revolver | 9/4/2030 | 2519 |
| Comet BidCo Limited - Delayed Draw | 1/30/2032 | 1139 |
| Comet BidCo Limited - Revolver | 1/30/2032 | 2846 |
| 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 | 46 |
| Cube - Delayed Draw | 5/20/2031 | 1 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 | 14 |
| Discovery Senior Living - Revolver | 3/18/2030 | 695 |
| Duraco - Revolver | 6/6/2029 | 382 |
| Easy Ice - Delayed Draw | 10/30/2030 | 2747 |
| Easy Ice - Revolver | 10/30/2030 | 882 |
| EHE Health - Revolver | 8/7/2030 | 1783 |
| Electronic Merchant Systems - Revolver | 8/1/2030 | 814 |
| Elevation NewCo, LLC - Delayed Draw | 8/1/2031 | 3978 |
| Elevation NewCo, LLC - Revolver | 8/1/2031 | 1593 |
| Engineered Products Co., LLC - Revolver | 8/12/2031 | 775 |
| E-Tech Group - Revolver | 4/9/2030 | 541 |
| EXT Acquisitions, Inc. - Delayed Draw | 12/19/2031 | 2479 |
| EXT Acquisitions, Inc. - Revolver | 12/19/2031 | 1074 |
| Facts Global Energy - Delayed Draw | 12/20/2031 | 590 |
| FC DOLMANS B.V. - Delayed Draw | 3/4/2033 | 1393 |
| Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw | 4/3/2032 | 1652 |
| Fifty U.S. Bidco Inc - Delayed Draw | 8/1/2031 | 4356 |
| Fifty U.S. Bidco Inc - Revolver | 8/1/2031 | 2293 |
| G-3 Frax Acquisition LLC - Revolver | 1/30/2032 | 4961 |
| G702 Buyer, Inc. - Revolver | 7/2/2031 | 1506 |
| Galanthus Group Holdings, Limited - Delayed Draw | 12/24/2031 | 5526 |
| Galanthus Group Holdings, Limited - Delayed Draw | 6/24/2031 | 2764 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Galanthus Group Holdings, Limited - Delayed Draw | 12/24/2031 | $5575 |
| Govineer Solutions (fka Black Mountain) - Delayed Draw | 10/7/2030 | 6000 |
| Govineer Solutions (fka Black Mountain) - Revolver | 10/7/2030 | 3400 |
| Harbor IT, LLC - Delayed Draw | 3/13/2031 | 23207 |
| Harbor IT, LLC - Revolver | 3/13/2031 | 3868 |
| Heads Up Technologies, Inc. - Revolver | 7/23/2030 | 3428 |
| Hellers - Delayed Draw | 9/27/2030 | 85 |
| Hempz - Revolver | 10/25/2029 | 2353 |
| HLSG Intermediate, LLC - Delayed Draw | 2/2/2033 | 7515 |
| HLSG Intermediate, LLC - Revolver | 2/2/2033 | 3006 |
| Humic Acquisition Holdings, LLC - Revolver | 10/21/2031 | 1818 |
| ICAT Logistics, Inc. - Delayed Draw | 3/1/2029 | 3428 |
| ICAT Logistics, Inc. - Revolver | 3/1/2029 | 998 |
| KAMC Holdings, Inc. - Revolver | 8/1/2031 | 2849 |
| Lightspeed Buyer, Inc. - Delayed Draw | 2/6/2032 | 9992 |
| Lightspeed Buyer, Inc. - Revolver | 2/6/2032 | 3331 |
| Lindstrom, LLC - Revolver | 12/30/2032 | 5440 |
| LogRhythm - Revolver | 7/2/2029 | 476 |
| Master ConcessionAir - Delayed Draw | 6/21/2029 | 262 |
| Master ConcessionAir - Revolver | 6/21/2029 | 7 |
| McLarens Acquisition Inc. - Delayed Draw | 12/20/2027 | 15821 |
| Meteor UK Bidco Limited - Revolver | 11/14/2031 | 179 |
| Monarch Collective Holdings, LLC - Delayed Draw | 3/17/2032 | 17914 |
| Monarch Collective Holdings, LLC - Revolver | 3/17/2032 | 2884 |
| Monarch Finco, LLC - Delayed Draw | 10/29/2032 | 3659 |
| Monarch Finco, LLC - Revolver | 10/29/2032 | 366 |
| Nafinco - Delayed Draw | 8/29/2031 | 147 |
| Nafinco - Revolver | 5/30/2031 | 89 |
| 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 | 2659 |
| Owl Acquisition, LLC - Delayed Draw | 4/17/2032 | 2722 |
| Owl Acquisition, LLC - Revolver | 4/17/2032 | 5828 |
| PayRange - Revolver | 10/31/2030 | 843 |
| Pharmacy Partners - Revolver | 2/28/2029 | 2160 |
| Plaskolite PPC Intermediate II LLC - Revolver | 2/7/2030 | 1054 |
| PMA - Revolver | 1/31/2031 | 1873 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Polar Technology Buyer Ltd - Revolver | 2/27/2032 | 2048 |
| Polar Technology Buyer Ltd - Revolver | 2/27/2032 | 512 |
| PPT Group - Delayed Draw | 2/28/2031 | 662 |
| PPT Group - Revolver | 2/28/2031 | 309 |
| Precision Concepts Parent Inc. - Revolver | 8/2/2032 | 2722 |
| PRGX - Delayed Draw | 12/20/2030 | 7749 |
| Pricelabs Revenue Inc. - Delayed Draw | 3/17/2033 | 11785 |
| Pricelabs Revenue Inc. - Revolver | 3/17/2033 | 5893 |
| Psychiatric Medical Care LLC - Revolver | 7/1/2032 | 3973 |
| Pure Wafer - Delayed Draw | 11/12/2030 | 4 |
| Pure Wafer - Revolver | 11/12/2030 | 1846 |
| QPE Alpha 4 Pty Ltd ACN 664 132 530 - Delayed Draw | 2/5/2032 | 173 |
| R1 RCM Inc. - Delayed Draw | 11/19/2031 | 200 |
| Red Nucleus - Delayed Draw | 10/17/2031 | 2997 |
| Red Nucleus - Revolver | 10/17/2031 | 2167 |
| RedMed Operations (Collage Rehabilitation) - Delayed Draw | 2/28/2031 | 7323 |
| RedMed Operations (Collage Rehabilitation) - Revolver | 2/28/2031 | 2636 |
| RetailNext - Revolver | 12/5/2030 | 417 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| Saturn Purchaser Corp. - Revolver | 7/22/2030 | 996 |
| SauceCo HoldCo, LLC - Revolver | 5/13/2030 | 2398 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 795 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Solairus - Delayed Draw | 7/22/2030 | 4004 |
| Spotless Brands - Delayed Draw | 7/25/2028 | 7697 |
| Substantial Holdco Limited - Delayed Draw | 4/20/2030 | 8564 |
| Summer Fridays, LLC - Revolver | 5/16/2031 | 2579 |
| Tartan Bidco Pty. Ltd. - Delayed Draw | 12/31/2027 | 395 |
| TL Sapphire Parent, Inc. - Delayed Draw | 1/22/2033 | 2484 |
| TL Sapphire Parent, Inc. - Revolver | 1/22/2033 | 5200 |
| Vasa Fitness, LLC - Delayed Draw | 8/15/2030 | 2392 |
| Vasa Fitness, LLC - Revolver | 8/15/2030 | 1053 |
| Vatica Health, Inc. - Revolver | 10/31/2032 | 1824 |
| Vessco Water - Delayed Draw | 7/24/2031 | 271 |
| 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 | 863 |
| Zeus Fire & Security - Delayed Draw | 12/11/2030 | 14653 |
| Zeus Fire & Security - Revolver | 12/11/2030 | 736 |
| **Total** |  | $**498633** |

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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 March 31, 2026.

------

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> | **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 |
| 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 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| 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 |
| 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 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| 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 |
| 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 |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| 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.

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.

**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 March 31, 2026, 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.

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**Recent Developments** 

See "*Item 1. Consolidated Financial Statements — Notes to Consolidated Financial Statements — Note 11. 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-Q 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.

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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.

The following table shows the contractual maturities of our debt obligations as of March 31, 2026 (dollars in thousands):

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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 | 154156 |  |  | 154156 | $— |
| JPM Revolving Credit Facility | 208865 |  |  | 208865 |  |
| SMBC Revolving Credit Facility | 410000 |  |  | 410000 |  |
| 2025 Senior Notes, Tranche A | 110000 |  | 110000 |  |  |
| 2025 Senior Notes, Tranche B | 165000 |  |  | 165000 |  |
| Total Debt Obligations | $1048021 | $— | $110000 | $938021 | $— |

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The following table shows the contractual maturities of our debt obligations as of December 31, 2025 (dollars in thousands):

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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 | $— |

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**Item 3. 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 March 31, 2026 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 (decrease) in net investment income (as shown in the table below) includes the impact of incentive fees:

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **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 | $(15435) | $(10480) | $(4212) |
| Down 200 Basis Points | (30298) | (20941) | (7953) |
| Down 300 Basis Points | (41606) | (28967) | (10743) |
| Up 100 Basis Points | 15819 | 10480 | 4538 |
| Up 200 Basis Points | 31638 | 20960 | 9076 |
| Up 300 Basis Points | 47457 | 31441 | 13614 |

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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 4. Controls and Procedures
**Evaluation of Disclosure Controls and Procedures**

As of March 31, 2026 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief 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 Chief Executive Officer and Chief 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 Chief Executive Officer and Chief 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.

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# 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 March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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# PART II. OTHER INFORMATION

# Item 1. Legal Proceedings
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.

# Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K and in our registration statement on Form N-2 are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. During the fiscal quarter ended March 31, 2026, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2025, except for the following:

***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 and (ii) mezzanine debt and other junior investments. We may also invest, from time to time, in equity securities, secondary purchases of assets or portfolios that primarily consist of middle market corporate debt, 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 NAV 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 the extent 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 in this offering.

Shareholders may seek, and certain financial intermediaries may recommend to their clients that they seek, to repurchase some or all of our Common Shares that they hold. Economic or other external events may also result in a significant volume of repurchase requests in a given period or on a sustained basis across periods. Most of our assets 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. If we determine to sell assets to satisfy repurchase requests, we may not be able to realize the return on such assets that we may have been able to achieve had we sold at a more favorable time or held such assets to their maturity, and our results of operations and financial condition could be materially adversely affected.

Significant repurchase requests, whether for a single period or for a sustained period, by shareholders could adversely affect our ability to conduct our investment program, strain our capacity to source investment opportunities and/or deploy capital promptly on attractive terms and/or increase operational complexity and/or expenses. In addition, shareholders seeking liquidity may experience delays in fully liquidating their investments and will remain subject to NAV fluctuations during such periods. Additionally, the

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presence of large shareholders or platform concentrations may increase the likelihood of oversubscription in future repurchase offers, further constraining liquidity available to other shareholders.

***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.

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 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 prospectus, 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 the 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.

Our share repurchase 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 Declaration of Trust (as amended and/or restated from time to time, the "Declaration of Trust") 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.

***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 (collectively, the "Indemnified Parties"), including without limitation our Administrator, will not be liable to us for any error of judgment or mistake of

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law or for any act or omission or any loss suffered by us in connection with the matters to which the Investment Advisory Agreement relates, provided that the Advisor shall not be protected against any liability to us or our shareholders to which the Advisor 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"). In addition, as part of the Investment Advisory Agreement, absent disabling conduct, we have agreed to indemnify the Indemnified Parties and hold them harmless from 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 an investment adviser for us. 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.

***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 our Declaration of Trust, we also cannot be dissolved or liquidated 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 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 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 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 shall 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, 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 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. 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 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.

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***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 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 either cut or maintained 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.

***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. Such periods may result in, among other things, write-offs, 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, the re-pricing of credit risk in the broadly syndicated market, volatility in the financial services sector, 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. 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 also 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. This could 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. 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, conflict in the Middle East, outbreaks of disease epidemics and pandemics such as avian influenza and the coronavirus (COVID-19), rising interest rates, or renewed inflationary pressure.

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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, significant changes or volatility in the public capital markets can adversely affect our investment valuations.

Equity capital may be difficult to raise during such periods of adverse or volatile market conditions. Subject to some limited exceptions, as a BDC, we are generally not able to issue additional Common Shares at a price less than NAV without first obtaining approval for such issuance from our shareholders and our Independent Trustees. 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. 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.

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. 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 and adverse effect on our business, financial condition, results of operations, and cash flows.

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

# *Unregistered Sales of Equity Securities* 
As of March 2, 2026, we sold unregistered Class I Common Shares of beneficial interest as detailed below. The offer and sale of these Class I Common Shares was exempt from the registration provisions of the Securities Act, pursuant to Section 4(a)(2), Regulation S and/or Rule 506 of Regulation D thereunder. The following table details the Class I Common Shares sold:

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| | | |
|:---|:---|:---|
| **Date of Unregistered Sale**  | **Amount of Class I Common Shares** | **Consideration**  |
| March 2, 2026 | 679725 | $17589652 |

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# *Share Repurchases* 
We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. Our Board may amend or suspend 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, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in the best interests of the Company as a whole. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV.

The following table sets forth information regarding repurchases of shares of our Common Shares during the three months ended March 31, 2026 (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** |
| **Request Deadline** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| March 3, 2026 | 5.00% | March 31, 2026 | $9310 | 360505 | 1.01% |

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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.

# Item 3. Defaults Upon Senior Securities
Not applicable.

# Item 4. Mine Safety Disclosures
Not applicable.

# Item 5. Other Information

# *Rule 10b5-1 Trading Plans* 

# During the fiscal quarter ended March 31, 2026, none of the trustees 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."

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# Item 6. Exhibits, Consolidated Financial Statement Schedules
The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the three months ended March 31, 2026 (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 (incorporated by reference to Exhibit 3.1 to the Form 10-K (File No. 814-01474), filed on March 12, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000119312526104390/ck0001899017-ex3_1.htm) |
| 3.2 | [<u>Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Form 10-K (File No. 814-01474), filed on March 12, 2026).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000119312526104390/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) |
| 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 (incorporated by reference to Exhibit 10.3 to the Form 10-K (File No. 814-01474), filed on March 12, 2026).</u>](https://www.sec.gov/Archives/edgar/data/0001899017/000119312526104390/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) |

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| | |
|:---|:---|
| **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 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_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) |
| 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</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017025039445/ck0001899017-ex10_21.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
|  | [<u>(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 (incorporated by reference to Exhibit 10.29 to the Form 10-K (File No. 814-01474), filed on March 12, 2026).</u>](https://www.sec.gov/Archives/edgar/data/0001899017/000119312526104390/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) |
| 24\* | [<u>Powers of Attorney.</u>](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, as amended.</u>](ck0001899017-ex32.htm) |
| 101.INS\* | XBRL Instance Document. |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |

---

------

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File - 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.

------

**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: May 14, 2026 | By: | /s/ Michael A. Ewald |
|  | Name: | Michael A. Ewald |
|  | Title: | Chief Executive Officer (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Date: May 14, 2026 | By: | /s/ Amit Joshi |
|  | Name: | Amit Joshi |
|  | Title: | Chief Financial Officer (Principal Financial Officer) and Principal Accounting Officer |

---

------

## Ex-24

**Exhibit 24**

**Bain Capital Private Credit**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

The undersigned trustee of Bain Capital Private Credit, a Delaware statutory trust (the "Trust" or "Fund"), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned's true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

By signing below, I hereby attest that, when using electronic signatures for purposes of and as permitted by Rule 302(b)(1) of Regulation S-T (i.e., signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing, such as a registration statement, report or other document, submitted under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system), I agree that the use of such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided. I understand that (i) this attestation will be retained for as long as I may use an electronic signature for purposes of Rule 302(b)(1) and for a minimum period of seven years after the date of the most recent electronically signed document or as otherwise required under such rule; and (ii) this attestation shall be furnished to the U.S. Securities and Exchange Commission or its staff upon request.

WITNESS my hand on this 6th day of May, 2026.

<u>/s/ Michael J. Boyle</u> 

Michael J. Boyle

------

**Exhibit 24**

**Bain Capital Private Credit**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

The undersigned trustee of Bain Capital Private Credit, a Delaware statutory trust (the "Trust" or "Fund"), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned's true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

By signing below, I hereby attest that, when using electronic signatures for purposes of and as permitted by Rule 302(b)(1) of Regulation S-T (i.e., signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing, such as a registration statement, report or other document, submitted under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system), I agree that the use of such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided. I understand that (i) this attestation will be retained for as long as I may use an electronic signature for purposes of Rule 302(b)(1) and for a minimum period of seven years after the date of the most recent electronically signed document or as otherwise required under such rule; and (ii) this attestation shall be furnished to the U.S. Securities and Exchange Commission or its staff upon request.

WITNESS my hand on this 6th day of May, 2026.

<u>/s/ Michael A. Ewald</u> 

Michael A. Ewald

------

**Exhibit 24**

**Bain Capital Private Credit**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

The undersigned trustee of Bain Capital Private Credit, a Delaware statutory trust (the "Trust" or "Fund"), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned's true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

By signing below, I hereby attest that, when using electronic signatures for purposes of and as permitted by Rule 302(b)(1) of Regulation S-T (i.e., signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing, such as a registration statement, report or other document, submitted under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system), I agree that the use of such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided. I understand that (i) this attestation will be retained for as long as I may use an electronic signature for purposes of Rule 302(b)(1) and for a minimum period of seven years after the date of the most recent electronically signed document or as otherwise required under such rule; and (ii) this attestation shall be furnished to the U.S. Securities and Exchange Commission or its staff upon request.

WITNESS my hand on this 8th day of May, 2026.

<u>/s/ Jeffrey B. Hawkins</u> 

Jeffrey B. Hawkins

------

**Exhibit 24**

**Bain Capital Private Credit**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

The undersigned trustee of Bain Capital Private Credit, a Delaware statutory trust (the "Trust" or "Fund"), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned's true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for her and in her name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

By signing below, I hereby attest that, when using electronic signatures for purposes of and as permitted by Rule 302(b)(1) of Regulation S-T (i.e., signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing, such as a registration statement, report or other document, submitted under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system), I agree that the use of such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided. I understand that (i) this attestation will be retained for as long as I may use an electronic signature for purposes of Rule 302(b)(1) and for a minimum period of seven years after the date of the most recent electronically signed document or as otherwise required under such rule; and (ii) this attestation shall be furnished to the U.S. Securities and Exchange Commission or its staff upon request.

WITNESS my hand on this 6th day of May, 2026.

<u>/s/ Amy Butte</u> 

Amy Butte

------

**Exhibit 24**

**Bain Capital Private Credit**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

The undersigned trustee of Bain Capital Private Credit, a Delaware statutory trust (the "Trust" or "Fund"), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned's true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

By signing below, I hereby attest that, when using electronic signatures for purposes of and as permitted by Rule 302(b)(1) of Regulation S-T (i.e., signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing, such as a registration statement, report or other document, submitted under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system), I agree that the use of such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided. I understand that (i) this attestation will be retained for as long as I may use an electronic signature for purposes of Rule 302(b)(1) and for a minimum period of seven years after the date of the most recent electronically signed document or as otherwise required under such rule; and (ii) this attestation shall be furnished to the U.S. Securities and Exchange Commission or its staff upon request.

WITNESS my hand on this 6th day of May, 2026.

<u>/s/ David G. Fubini</u> 

David G. Fubini

------

**Exhibit 24**

**Bain Capital Private Credit**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

The undersigned trustee of Bain Capital Private Credit, a Delaware statutory trust (the "Trust" or "Fund"), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned's true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

By signing below, I hereby attest that, when using electronic signatures for purposes of and as permitted by Rule 302(b)(1) of Regulation S-T (i.e., signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing, such as a registration statement, report or other document, submitted under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system), I agree that the use of such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided. I understand that (i) this attestation will be retained for as long as I may use an electronic signature for purposes of Rule 302(b)(1) and for a minimum period of seven years after the date of the most recent electronically signed document or as otherwise required under such rule; and (ii) this attestation shall be furnished to the U.S. Securities and Exchange Commission or its staff upon request.

WITNESS my hand on this 6th day of May, 2026.

<u>/s/ Thomas A. Hough</u> 

Thomas A. Hough

------

**Exhibit 24**

**Bain Capital Private Credit**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

The undersigned trustee of Bain Capital Private Credit, a Delaware statutory trust (the "Trust" or "Fund"), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned's true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

By signing below, I hereby attest that, when using electronic signatures for purposes of and as permitted by Rule 302(b)(1) of Regulation S-T (i.e., signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing, such as a registration statement, report or other document, submitted under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system), I agree that the use of such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided. I understand that (i) this attestation will be retained for as long as I may use an electronic signature for purposes of Rule 302(b)(1) and for a minimum period of seven years after the date of the most recent electronically signed document or as otherwise required under such rule; and (ii) this attestation shall be furnished to the U.S. Securities and Exchange Commission or its staff upon request.

WITNESS my hand on this 8th day of May, 2026.

<u>/s/ Jay Margolis</u> 

Jay Margolis

------

**Exhibit 24**

**Bain Capital Private Credit**

**Power of Attorney**

**Reports Under the Securities Exchange Act of 1934**

The undersigned trustee of Bain Capital Private Credit, a Delaware statutory trust (the "Trust" or "Fund"), hereby constitutes and appoints Amit Joshi, Sabrina Rusnak-Carlson and Adriana Rojas Garzón, the undersigned's true lawful attorneys-in-fact and agents with full power to act without the others and with full power of substitution and resubstitution, for her and in her name, place and stead, in any and all capacities, to sign my name to any Annual Report on Form 10-K of the Fund, and any and all other reports required to be filed by the Fund pursuant to the Securities Exchange Act of 1934, as amended, and any and all amendments thereto and other documents in connection therewith, and to file, or cause to be filed, the same with all exhibits thereto (including this power of attorney), with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises as fully and to all intents and purposes as she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

By signing below, I hereby attest that, when using electronic signatures for purposes of and as permitted by Rule 302(b)(1) of Regulation S-T (i.e., signing a signature page or other document authenticating, acknowledging, or otherwise adopting my signature that appears in typed form within an electronic filing, such as a registration statement, report or other document, submitted under the Securities Act of 1933, the Securities Exchange Act of 1934, or the Investment Company Act of 1940 on the U.S. Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system), I agree that the use of such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided. I understand that (i) this attestation will be retained for as long as I may use an electronic signature for purposes of Rule 302(b)(1) and for a minimum period of seven years after the date of the most recent electronically signed document or as otherwise required under such rule; and (ii) this attestation shall be furnished to the U.S. Securities and Exchange Commission or its staff upon request.

WITNESS my hand on this 6th day of May, 2026.

<u>/s/ Clare S. Richer</u> 

Clare S. Richer

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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 Quarterly Report on Form 10-Q 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: May 14, 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 Quarterly Report on Form 10-Q 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: May 14, 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 Quarterly Report on Form 10-Q of Bain Capital Private Credit. (the "Company") for the Quarterly period ended March 31, 2026, 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: May 14, 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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