# EDGAR Filing Document

**Accession Number:** 0001899017
**File Stem:** 0001193125-25-283129
**Filing Date:** 2025-11
**Character Count:** 832875
**Document Hash:** 9173a0c9dd3ce48166de99e71b4efb84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-283129.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-283129

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 96

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**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:** 251487253

**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

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

**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** September 30**,** 2025

**OR**

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

**Commission file number:** 814-01474

BAIN CAPITAL PRIVATE CREDIT

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| 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 November 14, 2025 were 0, 0 and 32,999,871 of Class S, Class D and Class I Common Shares, respectively. Common Shares outstanding exclude November 1, 2025 subscriptions since the issuance price is not yet finalized at this time.

------

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

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [**<u>PART I</u>**](#part_i_financial_information) | [**<u>FINANCIAL INFORMATION</u>**](#part_i_financial_information) |  |
| [<u>Item 1.</u>](#part_i_item_1) | [<u>Consolidated Financial Statements:</u>](#part_i_item_1) | [<u>3</u>](#part_i_financial_information) |
|  | [<u>Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024</u>](#part_i_item_1) | [<u>3</u>](#part_i_financial_information) |
|  | [<u>Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)</u>](#statement_of_operations) | [<u>5</u>](#statement_of_operations) |
|  | [<u>Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (unaudited)</u>](#scna) | [<u>6</u>](#scna) |
|  | [<u>Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)</u>](#fs_cashflow) | [<u>7</u>](#fs_cashflow) |
|  | [<u>Consolidated Schedules of Investments as of September 30, 2025 (unaudited) and December 31, 2024</u>](#cq_soi) | [<u>9</u>](#cq_soi) |
|  | [<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_financial_statements) | [<u>30</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>77</u>](#item_2_managements_discussion) |
| [<u>Item 3.</u>](#item_3_quantitative_and_qualitative) | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative) | [<u>115</u>](#item_3_quantitative_and_qualitative) |
| [<u>Item 4.</u>](#item_4_controls_and_procedures) | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | [<u>115</u>](#item_4_controls_and_procedures) |
| [**<u>PART II</u>**](#item_1_legal_proceedings) | [**<u>OTHER INFORMATION</u>**](#item_1_legal_proceedings) |  |
| [<u>Item 1.</u>](#item_1_legal_proceedings) | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | [<u>117</u>](#item_1_legal_proceedings) |
| [<u>Item 1A.</u>](#item_1a_risk_factors) | [<u>Risk Factors</u>](#item_1a_risk_factors) | [<u>117</u>](#item_1a_risk_factors) |
| [<u>Item 2.</u>](#item_2_unregistered_sales) | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales) | [<u>118</u>](#item_2_unregistered_sales) |
| [<u>Item 3.</u>](#item_3_defaults) | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults) | [<u>118</u>](#item_3_defaults) |
| [<u>Item 4.</u>](#item_4_mine_safety_disclosures) | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | [<u>118</u>](#item_4_mine_safety_disclosures) |
| [<u>Item 5.</u>](#item_5_other_information) | [<u>Other Information</u>](#item_5_other_information) | [<u>119</u>](#item_5_other_information) |
| [<u>Item 6.</u>](#item_6_exhibits) | [<u>Exhibits, Consolidated Financial Statement Schedules</u>](#item_6_exhibits) | [<u>120</u>](#item_6_exhibits) |
| [<u>Signatures</u>](#signatures) |  | [<u>123</u>](#signatures) |

---

i

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

# 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 the Company, BCPC Advisors, LP (the "Advisor") and/or Bain Capital Credit, LP and its affiliated advisers (collectively, "Bain Capital Credit"). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this 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, 2024 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, 2024. 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

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

# PART I. FINANCIAL INFORMATION

# Item 1. 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** |
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| &nbsp;&nbsp;Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliate investment (amortized cost of $1,326,161 and $712,111, respectively) | $1338897 | $712198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliate investment (amortized cost of $5,900 and $4,800, respectively) | 7054 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Controlled affiliate investment (amortized cost of $21,125 and $0, respectively) | 21418 |  |
| &nbsp;&nbsp;Cash and cash equivalents | 38270 | 15441 |
| &nbsp;&nbsp;Foreign cash (cost of $3,146 and $1,006, respectively) | 3196 | 898 |
| &nbsp;&nbsp;Collateral on forward currency exchange contracts | 4002 | 833 |
| &nbsp;&nbsp;Restricted cash and cash equivalents | 50 | 50 |
| &nbsp;&nbsp;Interest rate swap | 1297 |  |
| &nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $1,995 and $718, respectively) | 7618 | 7375 |
| &nbsp;&nbsp;Interest receivable on investments | 11916 | 6459 |
| &nbsp;&nbsp;Dividend receivable on investments | 645 |  |
| &nbsp;&nbsp;Unrealized appreciation on forward currency exchange contracts |  | 1492 |
| &nbsp;&nbsp;Receivable for investments sold | 28034 | 510 |
| &nbsp;&nbsp;Prepaid insurance | 268 | 309 |
| &nbsp;&nbsp;Prepaid financing costs | 16 | 75 |
| &nbsp;&nbsp;Other receivables |  | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $1462681 | $752527 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Debt | $671033 | $378101 |
| &nbsp;&nbsp;Distributions payable | 6401 | 6006 |
| &nbsp;&nbsp;Interest expense payable | 7489 | 3976 |
| &nbsp;&nbsp;Incentive fee payable on income | 3117 | 1585 |
| &nbsp;&nbsp;Accrued capital gains incentive fee | 1505 | - |
| &nbsp;&nbsp;Repurchase of Common Shares payable | 5 | 1537 |
| &nbsp;&nbsp;Base management fee payable | 2577 | 1316 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 1595 | 1171 |
| &nbsp;&nbsp;Unrealized depreciation on forward currency exchange contracts | 3133 |  |
| &nbsp;&nbsp;Payable for investments purchased | 3579 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $700434 | $394093 |
| Commitments and Contingencies (See Note 9) |  |  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;Common Shares, $0.01 par value (29,429,825 and 13,988,959 shares issued and outstanding, respectively) | 294 | 140 |
| &nbsp;&nbsp;Paid-in-capital in excess of par value | 748807 | 352342 |
| &nbsp;&nbsp;Accumulated distributable earnings | 13146 | 5952 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Assets** | 762247 | 358434 |
| **Total Liabilities and Total Net Assets** | $1462681 | $752527 |

---

See Notes to Consolidated Financial Statements

------

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

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** |  |
| **Net Asset Value Per Share** |  |  |
| **Class I Shares:** |  |  |
| &nbsp;&nbsp;Net assets | $762247 | $358434 |
| &nbsp;&nbsp;Common Shares outstanding ($0.01 par value, unlimited shares authorized) | 29429825 | 13988959 |
| Net asset value per share | $25.90 | $25.62 |

---

See Notes to Consolidated Financial Statements

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

**BAIN CAPITAL PRIVATE CREDIT**

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

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment income from non-controlled/non-affiliate investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest from investments | $29901 | $12330 | $72927 | $29025 |
| &nbsp;&nbsp;&nbsp;Dividend income | 300 | 949 | 914 | 949 |
| &nbsp;&nbsp;&nbsp;PIK income | 3422 | 143 | 6612 | 171 |
| &nbsp;&nbsp;&nbsp;Other income | 1964 | 1908 | 6508 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income from non-controlled/non-affiliate investments | 35587 | 15330 | 86961 | 33722 |
| Investment income from non-controlled/affiliate investments: |  |  |  |  |
| Dividend income | 75 |  | 225 |  |
| Total interest income from non-controlled/affiliate investments: | 75 |  | 225 |  |
| Investment income from controlled affiliate investments: |  |  |  |  |
| Interest from investments | 405 |  | 741 |  |
| Dividend income | 367 |  | 411 |  |
| Total interest income from controlled affiliate investments: | 772 |  | 1152 |  |
| Total investment income | 36434 | 15330 | 88338 | 33722 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and debt financing expenses | $11218 | $4307 | $26853 | $10714 |
| &nbsp;&nbsp;&nbsp;Incentive fee on income | 3122 | 1366 | 7569 | 2886 |
| &nbsp;&nbsp;&nbsp;Incentive fee on capital gains | 1505 |  | 1505 |  |
| &nbsp;&nbsp;&nbsp;Professional fees and operating expenses | 412 | 1106 | 1024 | 2186 |
| &nbsp;&nbsp;&nbsp;Base management fee | 2578 | 872 | 6271 | 2034 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred offering costs |  | 353 |  | 1051 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 114 | 108 | 337 | 324 |
| &nbsp;&nbsp;&nbsp;Organization costs |  |  |  | 219 |
| &nbsp;&nbsp;&nbsp;Other general and administrative expenses | 1045 |  | 2732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses Before Fee Waivers** | 19994 | 8112 | 46291 | 19414 |
| &nbsp;&nbsp;&nbsp;Expense recoupment (support) | 157 | (595) | 347 | (2154) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses, Net of Fee Waivers** | 20151 | 7517 | 46638 | 17260 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income Before Taxes** | 16283 | 7813 | 41700 | 16462 |
| &nbsp;&nbsp;&nbsp;Income taxes, including excise taxes | 130 | 69 | 343 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | 16153 | 7744 | 41357 | 16347 |
| **Net Realized and Unrealized Gains (Losses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on non-controlled/non-affiliate investments | (14) | (30) | (429) | 111 |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 68 | 87 | 570 | 60 |
| &nbsp;&nbsp;&nbsp;Net realized loss on foreign currency of debt | (2) | (252) | (2) | (264) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on forward currency exchange contracts | (289) | (39) | 457 | 2 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | (91) |  | 157 | (9) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation on debt | 526 | (1433) | (2917) | (1104) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on forward currency exchange contracts | 698 | (459) | (4625) | (112) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on non-controlled/non-affiliate investments | 4050 | 1798 | 12649 | 1788 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on non-controlled/affiliate investments | 212 |  | 853 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on controlled affiliate investments | 29 |  | 293 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Net Gains (Losses)** | 5187 | (328) | 7006 | 472 |
| **Net Increase in Net Assets Resulting from Operations** | $21340 | $7416 | $48363 | $16819 |

---

See Notes to Consolidated Financial Statements

------

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

**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 September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations** |  |  |  |  |
| Net investment income | 16153 | 7744 | 41357 | 16347 |
| Net realized gains (loss) | (237) | (234) | 596 | (91) |
| Net change in unrealized appreciation | 5424 | (94) | 6410 | 563 |
| &nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | **21340** | **7416** | **48363** | **16819** |
| **Distributions to Shareholders** |  |  |  |  |
| Class I | (16430) | (5691) | (41169) | (11994) |
| &nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | **(16430)** | **(5691)** | **(41169)** | **(11994)** |
| **Capital Share Transactions** |  |  |  |  |
| **Class I:** |  |  |  |  |
| Proceeds from Common Shares sold | 112002 | 98686 | 393788 | 147686 |
| Repurchase of Common Shares | (5) |  | (1698) |  |
| Distributions reinvested | 840 | 942 | 4529 | 1938 |
| &nbsp;&nbsp;**Net Increase from Capital Share Transactions** | **112837** | **99628** | **396619** | **149624** |
| **Net Assets** |  |  |  |  |
| Total increase in net assets during the period | 117747 | 101353 | 403813 | 154449 |
| Net Assets, beginning of period | 644500 | 163366 | 358434 | 110270 |
| &nbsp;&nbsp;**Net Assets at End of Period** | $**762247** | $**264719** | $**762247** | $**264719** |

---

See Notes to Consolidated Financial Statements

------

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

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

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash Flows From Operating Activities** |  |  |
| Net increase in net assets resulting from operations | $48363 | $16819 |
| &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 | (919685) | (391148) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal payments and sales of investments | 268399 | 73157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in investments due to PIK | (7542) | (271) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts and amortization of premiums | (2222) | (1290) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and debt issuance costs | 1277 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred offering costs |  | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss from investments | 429 | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency transactions | (570) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on foreign currency of debt | 2 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | (13795) | (1788) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | (157) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation on debt | 2917 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on forward currency exchange contracts | 4625 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral on forward currency exchange contracts | (3169) | (766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable on investments | (5457) | (1467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend receivable | (645) | (852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid insurance | 41 | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid financing costs | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 1786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliate |  | (5420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense payable | 3513 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable on income | 1532 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued capital gains incentive fee | 1505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 424 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable | 1261 | 740 |
| **Net Cash Used in Operating Activities** | (617116) | (306271) |
| **Cash Flows From Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 668131 | 332189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (379408) | (172733) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of financing costs | (1520) | (2010) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of offering costs |  | (71) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of Common Shares | (3230) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of Common Shares | 393788 | 147686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder distributions paid | (36245) | (10284) |
| &nbsp;&nbsp;**Net Cash Provided by Financing Activities** | 641516 | 294777 |
| **Net Increase (Decrease) in Cash, Foreign Cash, Restricted Cash and Cash Equivalents** | 24400 | (11494) |
| Effect of foreign currency exchange rates | 727 | 51 |
| **Cash, Foreign Cash, Restricted Cash and Cash Equivalents, Beginning of Period** | 16389 | 19294 |
| **Cash, Foreign Cash, Restricted Cash and Cash Equivalents, End of Period** | $41516 | $7851 |

---

See Notes to Consolidated Financial Statements

------

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

# BAIN CAPITAL PRIVATE CREDIT

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

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Supplemental Disclosure of Cash Flow Information and Non-Cash Activities:** |  |  |
| Cash interest paid during the period | $22056 | $8580 |
| Cash paid for excise taxes during the period | 155 |  |
| Reinvestment of dividends during the period | 4529 | 1938 |
| Cash | $38270 | $7394 |
| Restricted cash | 50 | 50 |
| Foreign cash | 3196 | 407 |
| Total cash, foreign cash, restricted cash and cash equivalents shown in the consolidated statements of cash flows | $41516 | $7851 |

---

See Notes to Consolidated Financial Statements

------

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

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED SCHEDULE OF INVESTMENTS As of September 30, 2025 (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)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/12/2029 | $— |  |  |  |
| ATS (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.07% | 7/12/2029 | $11904 | 11793 | 11904 |  |
| BTX Precision (10)(12)(17) | Equity Interest |  |  |  |  | 1 | 1253 | 1832 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.91% | 7/25/2030 | $7599 | 7554 | 7599 |  |
| BTX Precision (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/25/2030 | $— | (16) |  |  |
| BTX Precision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.96% | 7/25/2030 | $1931 | 1912 | 1931 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.91% | 7/25/2030 | $3668 | 3643 | 3668 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.06% | 7/25/2030 | $2020 | 2005 | 2020 |  |
| Heads Up Technologies, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.57% | 7/23/2030 | $27104 | 26974 | 26968 |  |
| Heads Up Technologies, Inc. (17)(19) | Second Lien Senior Secured Loan | SOFR | 8.25% | 12.25% | 7/23/2031 | $18843 | 18752 | 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% | 7.41% | 6/6/2031 | $2978 | 2981 | 2986 |  |
| 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% | 9.17% | 7/22/2030 | $8129 | 8019 | 8129 |  |
| Solairus (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/22/2030 | $— | (9) |  |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**84840** | $**85769** | **11.2%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Caliber (21) | First Lien Senior Secured Loan | SOFR | 2.50% | 6.66% | 1/30/2031 | $2892 | 2892 | 2885 |  |
| Chilton (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.82% | 2/5/2031 | $1029 | 1022 | 1021 |  |
| Chilton (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/5/2031 | $— | (23) | (77) |  |
| Chilton (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.82% | 2/5/2031 | $707 | 681 | 678 |  |
| Intoxalock (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.10% | 9.26% | 11/1/2028 | $9725 | 9664 | 9725 |  |
| JHCC Holdings, LLC (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.25% | 9/9/2027 | $9431 | 9429 | 9431 |  |
| **Automotive Total** |  |  |  |  |  |  | $**23665** | $**23663** | **3.0%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.51% | 3/31/2029 | $11042 | 10902 | 11042 |  |
| AgroFresh Solutions (17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 6.35% | 10.51% | 3/31/2028 | $1966 | 1944 | 1966 |  |
| BCC Trillium Foods Investments 2, LP (10)(12)(17) | Equity Interest |  |  |  |  | 2 | 1740 | 1983 |  |
| BCPC Project Aberdeen, LLC. (10)(12)(17) | Equity Interest |  |  |  |  | 803 | 803 | 878 |  |
| 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 | 53 |  |
| Hellers (6)(15)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | BKBM | 3.63% (1.88% PIK) | 8.35% | 9/27/2030 | 1087 | 658 | 624 |  |
| SauceCo HoldCo, LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.75% | 5/13/2030 | $1799 | 1771 | 1709 |  |
| SauceCo HoldCo, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.75% | 5/13/2030 | $48963 | 47438 | 48229 |  |
| Spindrift (10)(12)(17) | Equity Interest |  |  |  |  | 1 | 500 | 526 |  |
| Spindrift (15)(17) | Subordinated Debt |  | 13.75% PIK | 13.75% | 2/19/2033 | $1521 | 1482 | 1506 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  | $**67293** | $**68515** | **9.0%** |

---

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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% | 10.70% | 8/27/2030 | $473 | 453 | 452 |  |
| AeriTek Global CAD Acquisition Inc. (6)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.70% | 8/27/2030 | $12503 | 12319 | 12315 |  |
| Alliance Laundry (21) | First Lien Senior Secured Loan | SOFR | 2.25% | 6.39% | 8/19/2031 | $2805 | 2808 | 2805 |  |
| Engineered Products Co., LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/12/2031 | $— | (10) | (10) |  |
| Engineered Products Co., LLC (17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.81% | 8/12/2031 | $4778 | 4731 | 4730 |  |
| Ergotron Acquisition LLC (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.26% | 9.42% | 7/6/2028 | $8392 | 8291 | 8392 |  |
| Goodfellow (6)(13)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.25% | 2/10/2032 | 901 | 933 | 1059 |  |
| Goodfellow (6)(13)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.25% | 2/10/2032 | 279 | 288 | 328 |  |
| Goodfellow (6)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.25% | 2/10/2032 | $364 | 361 | 360 |  |
| Goodfellow (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.25% | 9.22% | 2/10/2032 | £265 | 341 | 353 |  |
| PPT Group (5)(6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.50% | 9.48% | 2/28/2031 | £33 | 43 | 45 |  |
| PPT Group (5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/28/2031 | £— | (2) |  |  |
| PPT Group (6)(10)(12)(17) | Equity Interest |  |  |  |  | 57 | 57 | 58 |  |
| PPT Group (6)(8)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.50% | 9.53% | 2/28/2031 | £931 | 1163 | 1253 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**31776** | $**32140** | **4.2%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| Duraco (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.79% | 6/6/2029 | $6197 | 6125 | 5949 |  |
| Duraco (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/6/2029 | $— | (10) | (25) |  |
| Plaskolite PPC Intermediate II LLC (8)(15)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.00% (4.00% PIK) | 12.22% | 5/9/2030 | $19294 | 18943 | 18908 |  |
| Plaskolite PPC Intermediate II LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 11.22% | 2/7/2030 | $152 | 127 | 124 |  |
| Solenis (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.00% | 6/20/2031 | $3970 | 3952 | 3936 |  |
| V Global Holdings LLC (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.90% | 10.14% | 12/22/2027 | $11616 | 11537 | 11151 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  | $**40674** | $**40043** | **5.3%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.66% | 7/24/2031 | $7644 | 7607 | 7606 |  |
| AGS American Glass Services Acquisition, LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.64% | 7/24/2031 | $229 | 219 | 218 |  |
| AGS American Glass Services Acquisition, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/24/2031 | $— | (5) | (5) |  |
| 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) | 11.45% | 11/11/2027 | $8518 | 8205 | 8305 |  |
| Chase Industries, Inc. (15)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.65% (1.50% PIK) | 11.45% | 11/11/2027 | $849 | 812 | 828 |  |
| Chase Industries, Inc. (5)(15)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.65% (1.50% PIK) | 11.45% | 11/11/2027 | $421 | 405 | 400 |  |
| G702 Buyer, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2031 | $— | (22) | (23) |  |
| G702 Buyer, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.75% | 7/2/2031 | $7822 | 7710 | 7705 |  |
| Quikrete Holdings (21) | First Lien Senior Secured Loan | SOFR | 2.25% | 6.41% | 1/30/2032 | $1990 | 1985 | 1991 |  |
| Zeus Fire & Security (4)(5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/11/2030 | $— |  | (114) |  |
| Zeus Fire & Security (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/11/2030 | $— | (8) | (9) |  |
| Zeus Fire & Security (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.22% | 12/11/2030 | $2764 | 2764 | 2733 |  |
| Zeus Fire & Security (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.32% | 12/11/2030 | $10409 | 10341 | 10331 |  |
| **Construction & Building Total** |  |  |  |  |  |  | $**41499** | $**41452** | **5.4%** |

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------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/26/2031 | $— | (4) | (9) |  |
| New Milani Group LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/26/2031 | $— | (26) | (28) |  |
| New Milani Group LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.75% | 6/26/2031 | $18940 | 18759 | 18751 |  |
| **Consumer Goods: Durable Total** |  |  |  |  |  |  | $**18729** | $**18714** | **2.5%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Evriholder (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.90% | 11.06% | 1/24/2028 | $4004 | 3981 | 3964 |  |
| Hempz (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/25/2029 | $— | (17) | (12) |  |
| Hempz (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.25% | 10/25/2029 | $11040 | 10962 | 10985 |  |
| RoC Skincare (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.96% | 2/21/2031 | $10835 | 10710 | 10835 |  |
| RoC Skincare (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/21/2030 | $— | (43) |  |  |
| Summer Fridays, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.25% | 5/16/2031 | $21706 | 21401 | 21381 |  |
| Summer Fridays, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/16/2031 | $— | (36) | (39) |  |
| WU Holdco, Inc. (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.75% | 4/15/2032 | $17707 | 17625 | 17619 |  |
| WU Holdco, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/15/2032 | $— | (12) | (27) |  |
| WU Holdco, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/15/2032 | $— | (5) | (5) |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**64566** | $**64701** | **8.5%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.26% | 10.57% | 12/29/2027 | $11849 | 11569 | 11849 |  |
| ASP-r-pac Acquisition Co LLC (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.11% | 10.28% | 12/29/2027 | $289 | 274 | 289 |  |
| Five Star (14) | First Lien Senior Secured Loan | SOFR | 4.25% | 8.32% | 5/5/2029 | $1985 | 1963 | 1988 |  |
| Novolex (14) | First Lien Senior Secured Loan | SOFR | 3.18% | 7.34% | 4/13/2029 | $4000 | 3989 | 3999 |  |
| Precision Concepts Parent Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/2/2032 | $— | (16) | (16) |  |
| Precision Concepts Canada Corporation (6)(8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.95% | 8/2/2032 | $1868 | 1849 | 1849 |  |
| Precision Concepts Parent Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.95% | 8/2/2032 | $4279 | 4237 | 4236 |  |
| Precision Concepts Parent Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/2/2032 | $— | (15) | (15) |  |
| Technimark (14) | First Lien Senior Secured Loan | SOFR | 3.25% | 7.39% | 4/14/2031 | $2977 | 2971 | 2983 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  | $**26821** | $**27162** | **3.6%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |
| Meteor UK Bidco Limited (5)(6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.00% | 8.97% | 5/14/2032 | £273 | 365 | 366 |  |
| Meteor UK Bidco Limited (5)(6)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/14/2031 | £— |  |  |  |
| Meteor UK Bidco Limited (6)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.00% | 8.97% | 5/14/2032 | £911 | 1214 | 1217 |  |
| Reconomy (6)(13)(17)(21)(29) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.50% | 7/12/2029 | £2499 | 3165 | 3230 |  |
| Reconomy (6)(13)(17)(21)(30) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.25% | 8.25% | 7/12/2029 | £2499 | 3111 | 3344 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.47% | 7/12/2029 | £2324 | 2931 | 3128 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.25% | 7/12/2029 | 937 | 1022 | 1102 |  |
| **Environmental Industries Total** |  |  |  |  |  |  | $**11808** | $**12387** | **1.6%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Allworth Financial Group, L.P. (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.91% | 12/23/2027 | $1555 | 1542 | 1555 |  |
| Allworth Financial Group, L.P. (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/23/2027 | $— | (1) |  |  |
| Avalon Bidco Limited (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/16/2032 | £— | (4) | (4) |  |
| Avalon Bidco Limited (6)(13)(17)(18) | First Lien Senior Secured Loan | SONIA | 6.25% | 10.32% | 4/16/2032 | £1376 | 1800 | 1829 |  |
| Choreo (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.16% | 2/18/2028 | $1231 | 1231 | 1231 |  |
| Choreo (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.16% | 2/18/2028 | $60 | 60 | 60 |  |

---

------

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

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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> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| DRW (21) | First Lien Senior Secured Loan | SOFR | 3.50% | 7.50% | 6/26/2031 | $4950 | 4957 | 4945 |  |
| Hudson River Trading (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.15% | 3/18/2030 | $3925 | 3910 | 3935 |  |
| Jane Street (21) | First Lien Senior Secured Loan | SOFR | 2.00% | 6.20% | 12/15/2031 | $4961 | 4908 | 4931 |  |
| Kestra (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.16% | 3/21/2031 | $2978 | 2972 | 2983 |  |
| Lagerbox (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 3.50% | 5.53% | 12/20/2028 | 750 | 779 | 882 |  |
| PMA (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/31/2031 | $— | (22) | (7) |  |
| PMA (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.75% | 1/31/2031 | $17391 | 17186 | 17391 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  | 2 |  | 151 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  | 5 |  | 527 |  |
| Sikich (10)(15)(17) | Preferred Equity |  | 13.00% PIK | 13.00% |  | 35 | 3524 | 3526 |  |
| Tartan Bidco Pty. Ltd. (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/31/2027 |  | (8) | (6) |  |
| Tartan Bidco Pty. Ltd. (6)(17)(21) | First Lien Senior Secured Loan | BBSY | 5.25% | 8.86% | 12/31/2027 | 3173 | 2033 | 2069 |  |
| Wealth Enhancement Group (WEG) (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/2/2028 | $— | (18) |  |  |
| Wealth Enhancement Group (WEG) (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.79% | 10/2/2028 | $4705 | 4704 | 4705 |  |
| Wealth Enhancement Group (WEG) (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/2/2028 | $— | (3) |  |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**49550** | $**50703** | **6.7%** |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC (13)(21) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.16% | 11/6/2030 | $4929 | 4908 | 4927 |  |
| Asurion, LLC (21) | First Lien Senior Secured Loan | SOFR | 4.10% | 8.26% | 8/19/2028 | $3949 | 3935 | 3962 |  |
| Broadstreet Partners, Inc. (21) | First Lien Senior Secured Loan | SOFR | 2.75% | 6.91% | 6/13/2031 | $2978 | 2970 | 2985 |  |
| Simplicity (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.00% | 12/31/2031 | $1500 | 1477 | 1500 |  |
| Simplicity (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/31/2031 | $— | (23) |  |  |
| Simplicity (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.00% | 12/31/2031 | $15605 | 15465 | 15605 |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  | $**28732** | $**28979** | **3.8%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| Accident Care Alliance Holdco LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.00% | 8/20/2030 | $10306 | 10256 | 10254 |  |
| Accident Care Alliance Holdco LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/20/2030 | $— | (5) | (5) |  |
| Accident Care Alliance Holdco LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/20/2030 | $— | (20) | (21) |  |
| AEG Vision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 9.81% | 3/27/2027 | $1787 | 1502 | 1787 |  |
| AEG Vision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.90% | 3/27/2027 | $2484 | 2484 | 2484 |  |
| AEG Vision (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 9.90% | 3/27/2027 | $4986 | 4939 | 4986 |  |
| AEG Vision (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.90% | 3/27/2027 | $9850 | 9811 | 9850 |  |
| AEG Vision (8)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.20% | 3/27/2027 | $2477 | 2464 | 2477 |  |
| AOM Infusion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/19/2032 | $— | (18) | (19) |  |
| AOM Infusion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/19/2032 | $— | (25) | (13) |  |
| AOM Infusion (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.00% | 3/19/2032 | $10750 | 10651 | 10696 |  |
| Apollo Intelligence (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.98% | 5/31/2028 | $13407 | 13350 | 13206 |  |
| Beacon Specialized Living (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.50% | 3/25/2028 | $1131 | 1087 | 1131 |  |
| 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% | 9.50% | 3/25/2028 | $4272 | 4241 | 4272 |  |
| Caregiver (15)(17) | Subordinated Debt |  | 16.50% PIK | 16.50% | 1/1/2030 | $5558 | 5503 | 5488 |  |
| CRH Healthcare Purchaser, Inc. (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.27% | 9/17/2031 | $34444 | 34273 | 34272 |  |
| CRH Healthcare Purchaser, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/17/2031 | $— | (20) | (21) |  |
| CRH Healthcare Purchaser, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/17/2031 | $— | (16) | (16) |  |

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------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| EHE Health (10)(12)(17) | Equity Interest |  |  |  |  | 1127 | 1127 | 1200 |  |
| 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% | 9.50% | 8/7/2030 | $13294 | 13185 | 13294 |  |
| Masco (6)(15)(17)(21) | Subordinated Debt | EURIBOR | 10.00% PIK | 13.25% | 10/4/2032 | 5331 | 5724 | 6205 |  |
| Nafinco (5)(6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 5.25% | 7.29% | 8/29/2031 | 264 | 276 | 308 |  |
| Nafinco (5)(6)(17)(21) | First Lien Senior Secured Loan - Revolver | EURIBOR | 5.25% | 7.29% | 5/30/2031 | 19 | 19 | 22 |  |
| Nafinco (6)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.29% | 8/29/2031 | 1464 | 1591 | 1713 |  |
| Odyssey Behavioral Health (10)(12)(17) | Equity Interest |  |  |  |  | 7 | 698 | 743 |  |
| Odyssey Behavioral Health (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/21/2030 | $— | (37) |  |  |
| Odyssey Behavioral Health (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.46% | 5/21/2031 | $10541 | 10427 | 10541 |  |
| Pharmacy Partners (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.70% | 2/28/2029 | $9692 | 9610 | 9692 |  |
| Pharmacy Partners (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/28/2029 | $— | (18) |  |  |
| Psychiatric Medical Care LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/1/2032 | $— | (48) | (50) |  |
| Psychiatric Medical Care LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.74% | 7/1/2032 | $14350 | 14177 | 14171 |  |
| Red Nucleus (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 8.81% | 10/17/2031 | $464 | 434 | 464 |  |
| Red Nucleus (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 8.97% | 10/17/2031 | $421 | 399 | 421 |  |
| Red Nucleus (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.02% | 10/17/2031 | $6546 | 6475 | 6546 |  |
| 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% | 9.16% | 2/28/2031 | $1318 | 1305 | 1318 |  |
| RedMed Operations (Collage Rehabilitation) (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.16% | 2/28/2031 | $15483 | 15413 | 15483 |  |
| Soliant (21) | First Lien Senior Secured Loan | SOFR | 3.75% | 7.79% | 7/18/2031 | $1917 | 1926 | 1822 |  |
| USME Holdco LLC (15)(17) | Subordinated Debt |  | 17.00% PIK | 17.00% | 5/26/2031 | $15703 | 15582 | 15546 |  |
| WellSky (21) | First Lien Senior Secured Loan | SOFR | 2.86% | 7.03% | 3/10/2028 | $1990 | 1990 | 1993 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**200704** | $**202240** | **26.5%** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |
| Access (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.25% | 9.22% | 6/28/2029 | £6481 | 8096 | 8723 |  |
| Appriss (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/10/2031 | $— | (22) |  |  |
| Appriss (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 9.12% | 3/10/2031 | $423 | 380 | 423 |  |
| Appriss (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.07% | 3/10/2031 | $21330 | 21185 | 21330 |  |
| Chartbeat (10)(12)(17) | Warrants |  |  |  |  | 2 |  | 237 |  |
| Chartbeat (15)(17) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $5842 | 5755 | 5842 |  |
| Chartbeat (15)(17) | Subordinated Debt |  | 16.00% PIK | 16.00% | 10/4/2030 | $13101 | 12940 | 13101 |  |
| Govineer Solutions (fka Black Mountain) (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/7/2030 | $— | (18) |  |  |
| Govineer Solutions (fka Black Mountain) (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/7/2030 | $— | (26) |  |  |
| Govineer Solutions (fka Black Mountain) (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.00% | 10/7/2030 | $15772 | 15673 | 15772 |  |
| HG Insights, Inc. (10)(12)(17) | Equity Interest |  |  |  |  | 1625 | 2502 | 2502 |  |
| HG Insights, Inc. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.64% | 6/16/2031 | $34365 | 33711 | 33678 |  |
| LogRhythm (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2029 | $— | (12) | (14) |  |
| LogRhythm (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.66% | 7/2/2029 | $4546 | 4443 | 4409 |  |
| New Gen Holding (6)(8)(15)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 3.25% (3.00% PIK) | 8.37% | 5/28/2031 | 5716 | 6410 | 6720 |  |
| PayRange (10)(12)(17) | Equity Interest |  |  |  |  | 1176 | 1176 | 2093 |  |
| 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% | 9.16% | 10/31/2030 | $2108 | 2091 | 2108 |  |
| PlentyMarkets (6)(17)(21) | First Lien Senior Secured Loan - Revolver | Euribor | 6.50% | 8.53% | 9/13/2031 | 133 | 155 | 155 |  |
| PlentyMarkets (6)(13)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 3.25% (3.70% PIK) | 8.89% | 4/2/2032 | 1377 | 1484 | 1607 |  |
| Proofpoint, Inc. (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.16% | 8/31/2028 | $2942 | 2935 | 2958 |  |
| RetailNext (17)(18) | First Lien Senior Secured Loan | SOFR | 7.00% | 11.15% | 12/5/2030 | $7975 | 7906 | 7895 |  |
| RetailNext (5)(17)(21) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 11.00% | 12/5/2030 | $333 | 319 | 317 |  |
| SensorTower (10)(12)(17) | Equity Interest |  |  |  |  | 63 | 974 | 5229 |  |
| 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% | 11.52% | 3/15/2029 | $4956 | 4905 | 4956 |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.01% | 5/14/2029 | $3934 | 3908 | 3934 |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.88% | 5/14/2029 | $1464 | 1455 | 1464 |  |
| Utimaco (6)(8)(17)(19) | First Lien Senior Secured Loan | EURIBOR | 5.75% | 7.79% | 5/14/2029 | 5551 | 6054 | 6527 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**144367** | $**151966** | **19.9%** |

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------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.25% | 5/6/2032 | $21471 | 21272 | 21256 |  |
| Awayday (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 5/6/2032 | $— | (33) | (32) |  |
| Awayday (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 5/6/2032 | $— | (13) | (25) |  |
| City BBQ (10)(12)(17) | Preferred Equity |  |  |  |  | 3 | 734 | 816 |  |
| 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 | $— | (18) | (13) |  |
| City BBQ (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.53% | 9/4/2030 | $7506 | 7452 | 7468 |  |
| Concert Golf Partners Holdco LLC (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.50% | 8.50% | 3/31/2031 | $8695 | 8576 | 8695 |  |
| Concert Golf Partners Holdco LLC (13)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.50% | 3/31/2031 | $988 | 974 | 988 |  |
| Concert Golf Partners Holdco LLC (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.50% | 8.50% | 4/1/2031 | $4493 | 4451 | 4493 |  |
| Le Berger SA (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 3.75% | 5.75% | 2/21/2028 | 500 | 522 | 588 |  |
| 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% | 9.56% | 10/23/2029 | $6405 | 6340 | 6405 |  |
| Pyramid Global Hospitality (13)(17)(25) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.57% | 1/19/2028 | $9750 | 9588 | 9750 |  |
| Scientific Games Lottery (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.29% | 4/4/2029 | $4967 | 4964 | 4932 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**64802** | $**65286** | **8.6%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2031 | $— | (3) | (9) |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/20/2031 | $— | (1) | (2) |  |
| Facts Global Energy (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.26% | 12/20/2031 | $883 | 879 | 869 |  |
| Facts Global Energy (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.26% | 12/20/2031 | $635 | 621 | 626 |  |
| OGH Bidco Limited (5)(6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.50% | 10.47% | 6/29/2029 | £1134 | 1414 | 1304 |  |
| OGH Bidco Limited (6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.50% | 10.83% | 9/2/2029 | £3750 | 4375 | 4135 |  |
| OGH Bidco Limited (6)(8)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 10.47% | 6/29/2029 | £8100 | 10220 | 10329 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  | $**17505** | $**17252** | **2.3%** |
| **Metals & Mining** |  |  |  |  |  |  |  |  |  |
| Elevation NewCo Intermediate, LLC (10)(12)(17) | Equity Interest |  |  |  |  | 328 |  |  |  |
| Elevation NewCo, LLC (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/1/2031 | $— |  |  |  |
| Elevation NewCo, LLC (17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.05% | 8/1/2031 | $7031 | 6963 | 6961 |  |
| Elevation NewCo, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2031 | $— | (16) | (16) |  |
| **Metals & Mining Total** |  |  |  |  |  |  | $**6947** | $**6945** | **0.9%** |
| **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 | 4258 | 4614 | 5006 |  |
| **Retail Total** |  |  |  |  |  |  | $**4624** | $**5016** | **0.7%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| Advanced Aircrew (10)(12)(17) | Preferred Equity |  |  |  |  | 545 | 545 | 591 |  |
| 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% | 10.66% | 7/26/2030 | $4667 | 4629 | 4667 |  |
| Allbridge (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.50% | 6/5/2030 | $4938 | 4909 | 4938 |  |
| Allbridge (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/5/2030 | $— |  |  |  |
| Allbridge (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/5/2030 | $— |  |  |  |
| AMI (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/17/2031 | $— | (15) |  |  |
| AMI (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.90% | 10/17/2031 | $10584 | 10515 | 10584 |  |

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------

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

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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> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Non-Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| Cube (5)(6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.44% PIK | 11.44% | 5/20/2031 | $114 | 111 | 112 |  |
| Cube (6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.19% | 11.49% | 5/20/2031 | $100 | 102 | 101 |  |
| Cube (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 3.00% (4.44% PIK) | 11.45% | 5/20/2031 | $9226 | 9226 | 9226 |  |
| Cube (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 10.00% PIK | 14.10% | 5/22/2032 | £2040 | 2798 | 2746 |  |
| Discovery Senior Living (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.66% | 3/18/2030 | $4925 | 4881 | 4925 |  |
| Discovery Senior Living (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.66% | 3/18/2030 | $823 | 819 | 823 |  |
| Discovery Senior Living (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.66% | 3/18/2030 | $1897 | 1881 | 1897 |  |
| 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% | 9.49% | 2/9/2027 | $4963 | 4935 | 4963 |  |
| DTIQ (10)(12)(17) | Equity Interest |  |  |  |  | 1665 | 571 | 1375 |  |
| DTIQ (10)(12)(17) | Equity Interest |  |  |  |  | 3351 |  |  |  |
| DTIQ (5)(17)(23) | First Lien Senior Secured Loan - Revolver | SOFR | 7.50% | 11.67% | 9/30/2029 | $210 | 210 | 163 |  |
| DTIQ (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/30/2029 | $— | (25) | (63) |  |
| DTIQ (8)(13)(17)(23) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.66% | 9/30/2029 | $21064 | 20769 | 20748 |  |
| Easy Ice (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.40% | 9.40% | 10/30/2030 | $989 | 963 | 989 |  |
| Easy Ice (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.40% | 9.71% | 10/30/2030 | $168 | 141 | 168 |  |
| Easy Ice (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.71% | 10/30/2030 | $11589 | 11442 | 11589 |  |
| Electronic Merchant Systems (10)(12)(17) | Equity Interest |  |  |  |  | 72 | 766 | 1177 |  |
| Electronic Merchant Systems (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2030 | $— |  |  |  |
| Electronic Merchant Systems (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.92% | 8/1/2030 | $9166 | 9036 | 9166 |  |
| Enlyte (fka Mitchell International) (14) | First Lien Senior Secured Loan | SOFR | 3.25% | 7.41% | 6/17/2031 | $1975 | 1957 | 1975 |  |
| E-Tech Group (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.50% | 4/9/2030 | $3476 | 3449 | 3432 |  |
| E-Tech Group (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/9/2030 | $— | (6) | (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 | 3902 | 4151 |  |
| Grant Thornton (21) | First Lien Senior Secured Loan | SOFR | 2.50% | 6.66% | 6/2/2031 | $2978 | 2974 | 2963 |  |
| Hollywood LP (6)(10)(15)(17) | Preferred Equity |  | 12.50% PIK | 12.50% |  | 4533 | 5884 | 5979 |  |
| LEP CP Co-Invest, L.P. (6)(10)(12)(17) | Equity Interest |  |  |  |  | 714 | 948 | 961 |  |
| Orion (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/19/2027 | $— | (1) |  |  |
| Orion (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.26% | 3/19/2027 | $316 | 315 | 316 |  |
| Orion (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.43% | 3/19/2027 | $717 | 713 | 717 |  |
| Orion (5)(17)(21) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 9.26% | 3/19/2027 | $151 | 146 | 151 |  |
| Orion (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.26% | 3/19/2027 | $7426 | 7375 | 7426 |  |
| Press Ganey (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.32% | 4/30/2031 | $3970 | 3970 | 3964 |  |
| PRGX (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2030 | $— | (35) | (77) |  |
| PRGX (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.49% | 12/20/2030 | $12249 | 12140 | 12127 |  |
| Pure Wafer (10)(12)(17) | Equity Interest |  |  |  |  | 1439 | 1439 | 1578 |  |
| Pure Wafer (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.35% | 9.51% | 11/12/2030 | $1039 | 1029 | 1039 |  |
| Pure Wafer (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/12/2030 | $— | (20) |  |  |
| Pure Wafer (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.51% | 11/12/2030 | $7798 | 7732 | 7798 |  |
| R1 RCM Inc. (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.16% | 11/19/2031 | $2786 | 2769 | 2788 |  |
| R1 RCM Inc. (5)(9)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 11/19/2031 | $— | (1) |  |  |
| Rydoo (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 6.75% | 8.75% | 9/26/2031 | 2802 | 3199 | 3278 |  |
| Rydoo (6)(10)(12)(17) | Preferred Equity |  |  |  |  | 352 | 412 | 450 |  |
| Rydoo (6)(10)(12)(17) | Equity Interest |  |  |  |  | 821 | 962 | 1042 |  |
| Rydoo (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.75% | 8.75% | 9/12/2031 | 778 | 861 | 910 |  |
| SoftCo (6)(10)(12)(17) | Equity Interest |  |  |  |  | 892 | 967 | 1258 |  |
| SoftCo (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 6.50% | 8.53% | 2/22/2031 | 3600 | 3868 | 4233 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**156144** | $**159318** | **20.9%** |

---

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |  |  |  |  |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.50% | 4/30/2031 | $35987 | 35820 | 35987 |  |
| 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 | $— | (12) |  |  |
| Master ConcessionAir (17)(26) | First Lien Senior Secured Loan | SOFR | 8.75% | 12.75% | 6/21/2029 | $1716 | 1689 | 1673 |  |
| Master ConcessionAir (5)(17)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.75% | 13.00% | 6/21/2029 | $182 | 183 | 171 |  |
| Master ConcessionAir (5)(17)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 8.75% | 12.82% | 6/21/2029 | $216 | 212 | 210 |  |
| Owl Acquisition, LLC (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.07% | 4/17/2032 | $25237 | 25149 | 25142 |  |
| Owl Acquisition, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/17/2032 | $— | (25) | (27) |  |
| Owl Acquisition, LLC (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 9.07% | 4/17/2032 | $608 | 602 | 596 |  |
| Spotless Brands (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 7/25/2028 | $— | (35) |  |  |
| Spotless Brands (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.83% | 7/25/2028 | $8476 | 8441 | 8476 |  |
| Vasa Fitness Buyer, Inc. (17)(18) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.67% | 8/15/2030 | $21221 | 20965 | 20955 |  |
| Vasa Fitness, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/15/2030 | $— | (13) | (13) |  |
| Vasa Fitness, LLC (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.35% | 10.50% | 8/15/2030 | $398 | 349 | 347 |  |
| WhiteWater Express (15)(17) | Subordinated Debt |  | 14.00% PIK | 14.00% | 3/31/2031 | $16086 | 15966 | 16086 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**109288** | $**109603** | **14.4%** |
| **Telecommunications** |  |  |  |  |  |  |  |  |  |
| Allo Holdco Borrower LLC (15)(17) | Subordinated Debt |  | 7.50% (8.00% PIK) | 15.50% | 4/16/2032 | $14880 | 14676 | 14657 |  |
| Altafiber (fka Cincinnati Bell) (14) | First Lien Senior Secured Loan | SOFR | 2.25% | 6.41% | 11/22/2028 | $1980 | 1980 | 1985 |  |
| Substantial Holdco Limited (5)(6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 4/20/2030 | £— |  |  |  |
| **Telecommunications Total** |  |  |  |  |  |  | $**16656** | $**16642** | **2.2%** |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| Gulf Winds International (13)(15)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% (1.00% PIK) | 11.16% | 12/16/2028 | $9750 | 9565 | 9262 |  |
| ICAT Logistics, Inc. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.42% | 3/1/2029 | $11209 | 11041 | 11041 |  |
| ICAT Logistics, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/1/2029 | $— | (49) | (49) |  |
| ICAT Logistics, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/1/2029 | $— | (15) | (15) |  |
| RoadOne (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.56% | 12/29/2028 | $7780 | 7631 | 7780 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  | $**28173** | $**28019** | **3.7%** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.55% | 8/1/2031 | $32926 | 32566 | 32556 |  |
| KAMC Holdings, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.45% | 8/1/2031 | $986 | 944 | 943 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**33510** | $**33499** | **4.4%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |
| Vessco Water (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 8.81% | 7/24/2031 | $1625 | 1612 | 1625 |  |
| Vessco Water (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | (8) |  |  |
| Vessco Water (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.91% | 7/24/2031 | $7019 | 6961 | 7019 |  |
| **Utilities: Water Total** |  |  |  |  |  |  | $**8565** | $**8644** | **1.1%** |

---

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index** <sup>(1)</sup> | **Spread** <sup>(1)</sup> | **Interest Rate** | **Maturity Date** | **Principal/Shares** <sup>(2)</sup> | **Cost** | **Market Value** | **% of NAV** <sup>(3)</sup> |
| **Non-Controlled/Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Abracon Group Holding, LLC. (8)(12)(15)(17)(19)(27) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 10.92% | 7/6/2028 | $15398 | 14177 | 9239 |  |
| Blackbird Purchaser, Inc. (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.50% | 12/19/2030 | $3080 | 3080 | 3080 |  |
| Blackbird Purchaser, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.50% | 12/19/2030 | $1206 | 1206 | 1206 |  |
| Blackbird Purchaser, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.50% | 12/19/2029 | $963 | 963 | 963 |  |
| Chex Finer Foods, LLC (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 10.13% | 6/6/2031 | $7314 | 7271 | 7314 |  |
| Chex Finer Foods, LLC (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/6/2031 | $— | (26) |  |  |
| Chex Finer Foods, LLC (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/6/2031 | $— | (18) |  |  |
| Fifty AU Bidco Pty Ltd (6)(8)(13)(17)(21) | First Lien Senior Secured Loan | BBSY | 5.00% | 8.74% | 8/1/2031 | 3237 | 2086 | 2132 |  |
| Fifty U.S. Bidco Inc (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/1/2031 | $— | (5) | (5) |  |
| Fifty U.S. Bidco Inc (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 9.30% | 8/1/2031 | $436 | 414 | 414 |  |
| Fifty U.S. Bidco Inc (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.30% | 8/1/2031 | $6225 | 6194 | 6194 |  |
| SureWerx (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.25% | 12/28/2029 | $9751 | 9581 | 9702 |  |
| **Wholesale Total** |  |  |  |  |  |  | $**44923** | $**40239** | **5.3%** |
| **Non-Controlled/Non-Affiliate Investments Total** |  |  |  |  |  |  | $**1326161** | $**1338897** | **175.7%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  | 100 | 139 |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(17) | Preferred Equity |  |  |  |  | 7 | 5800 | 6915 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**5900** | $**7054** | **0.9%** |
| **Non-Controlled/Affiliate Investments Total** |  |  |  |  |  |  | $**5900** | $**7054** | **0.9%** |
| **Controlled Affiliate Investments** |  |  |  |  |  |  |  |  |  |
| **Investment Vehicles** |  |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program II, LLC (6)(7)(10)(28) | Equity Interest Investment Vehicles |  |  |  |  | 2250 | 3875 | 4073 |  |
| Bain Capital Senior Loan Program II, LLC (6)(7)(10)(28) | Preferred Equity Interest Investment Vehicles |  |  |  |  | 10 | 10 | 105 |  |
| Bain Capital Senior Loan Program II, LLC (6)(7)(17)(21)(28) | Subordinated Note Investment Vehicles |  | 10.00% | 10.00% | 12/24/2036 | $17240 | 17240 | 17240 |  |
| **Investment Vehicles Total** |  |  |  |  |  |  | $**21125** | $**21418** | **2.8%** |
| **Controlled Affiliate Investments Total** |  |  |  |  |  |  | $**21125** | $**21418** | **2.8%** |
| **Investments Total** |  |  |  |  |  |  | $**1353186** | $**1367369** | **179.4%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund Institutional Share Class (20) | Cash Equivalents |  |  | 4.04% |  | $22886 | 22886 | 22886 |  |
| Blackrock Liquidity Funds T Fund Institutional Share Class | Cash Equivalents |  |  | 4.02% |  | $6814 | 6814 | 6814 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  | $**29700** | $**29700** | **3.9%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  | $**1382886** | $**1397069** | **183.3%** |

---

**Interest Rate Swap**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Hedged Items** | **Company Receives** | **Company Pays** | **Counterparty** | **Settlement <br>Date** | **Notional Amount** | **Upfront Payments/Receipts** | **Unrealized Appreciation** |
| Interest Rate Swap | Tranche A Notes | 5.92% | SOFR + 2.43% | BNP Paribas | 11/29/2028 | $110000 | $- | $375 |
| Interest Rate Swap | Tranche B Notes | 6.25% | SOFR + 2.69% | BNP Paribas | 11/29/2030 | $165000 | $- | $922 |
|  |  |  |  |  |  |  |  | $1297 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** |  |  |  |  |
| **Currency Purchased** | **Currency Sold** | **Counterparty** | **Settlement <br>Date** | **Unrealized <br>Appreciation/Depreciation**<sup>(8)</sup> |
| US DOLLARS 325 | EURO 000 | Bank of New York Mellon | 10/8/2025 | $(325) |
| US DOLLARS 11,813 | EURO 11,322 | Bank of New York Mellon | 1/9/2026 | (1566) |
| US DOLLARS 3,608 | EURO 3,290 | Bank of New York Mellon | 3/30/2026 | (294) |
| US DOLLARS 1,390 | POUND STERLING 1,080 | Bank of New York Mellon | 3/30/2026 | (63) |
| US DOLLARS 6,402 | POUND STERLING 4,930 | Bank of New York Mellon | 4/16/2026 | (230) |
| US DOLLARS 1,157 | POUND STERLING 870 | BNP Paribas | 5/18/2026 | (14) |
| US DOLLARS 6,486 | EURO 5,670 | BNP Paribas | 5/21/2026 | (254) |
| US DOLLARS 449 | NEW ZEALAND DOLLAR 780 | Bank of New York Mellon | 6/15/2026 | (8) |
| US DOLLARS 2,451 | AUSTRALIAN DOLLARS 3,770 | BNP Paribas | 6/25/2026 | (51) |
| US DOLLARS 2,735 | POUND STERLING 2,020 | BNP Paribas | 6/25/2026 | 19 |
| US DOLLARS 4,548 | EURO 3,885 | BNP Paribas | 7/31/2026 | (84) |
| US DOLLARS 883 | AUSTRALIAN DOLLARS 1,350 | Bank of New York Mellon | 7/31/2026 | (13) |
| US DOLLARS 6,746 | EURO 5,680 | Bank of New York Mellon | 8/10/2026 | (30) |
| 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 | (66) |
| US DOLLARS 6,639 | EURO 5,560 | Bank of New York Mellon | 10/2/2026 | (8) |
| US DOLLARS 1,496 | EURO 1,370 | Bank of New York Mellon | 12/16/2026 | (146) |
|  |  |  |  | $(3133) |

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

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 September 30, 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 $762,247 as of September 30, 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 September 30, 2025, non-qualifying assets totaled 10.6% 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 September 30, 2025, the aggregate fair value of these securities is $49,440 or 6.5% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

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| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| Advanced Aircrew | 7/26/2024 |
| AGS American Services Investments, L.P. | 7/24/2025 |
| Bain Capital Senior Loan Program II, LLC | 3/24/2025 |
| 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 |
| 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 |
| 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 September 30, 2025.

28. As defined in the 1940 Act, the Company is deemed to "Control" this portfolio company as the Company either owns more than 25% of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

29. GBP 602 and EUR 34 of the total par amount for this security is at SONIA + 6.42% and EUIBOR + 6.25%, respectively.

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

See Notes to Consolidated Financial Statements

------

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

# BAIN CAPITAL PRIVATE CREDIT

# CONSOLIDATED SCHEDULE OF INVESTMENTS As of December 31, 2024 (In thousands)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Non Controlled/Non Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| ATS (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.05% | 7/12/2029 | $— | 16994 | $16801 | $16783 |  |
| ATS (4)(5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/12/2029 | $— | - | - | (28) |  |
| BTX Precision (10)(12)(17) | Equity Interest |  |  |  |  |  | 1 | 1201 | 1227 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.36% | 7/25/2030 | $— | 8696 | 8626 | 8696 |  |
| BTX Precision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.36% | 7/25/2030 | $— | 6355 | 6302 | 6355 |  |
| BTX Precision (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/25/2030 | $— | - | (19) | - |  |
| Saturn Purchaser Corp. (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 10.49% | 7/23/2029 | $— | 13316 | 13101 | 13316 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  |  | **46012** | **46349** | **12.9%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |  |
| Intoxalock (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.10% | 9.46% | 11/1/2028 | $— | 9800 | 9724 | 9800 |  |
| JHCC Holdings, LLC (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.58% | 9/9/2027 | $— | 8676 | 8657 | 8676 |  |
| **Automotive Total** |  |  |  |  |  |  |  | **18381** | **18476** | **5.2%** |
| **Banking, Finance, Insurance & Real Estate** |  |  |  |  |  |  |  |  |  |  |
| Electronic Merchant Systems, LLC (10)(12)(17) | Equity Interest |  |  |  |  |  | 72 | 766 | 780 |  |
| Electronic Merchant Systems, LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.33% | 8/1/2030 | $— | 9235 | 9084 | 9073 |  |
| Electronic Merchant Systems, LLC (4)(5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/1/2030 | $— | - | - | (14) |  |
| Sikich (10)(15)(17) | Preferred Equity |  | 13.00% PIK | 13.00% |  |  | 32 | 3198 | 3198 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  |  | 5 | - | 488 |  |
| Sikich (10)(12)(17) | Warrants |  |  |  |  |  | 2 | - | 140 |  |
| **Banking, Finance, Insurance & Real Estate Total** |  |  |  |  |  |  |  | **13048** | **13665** | **3.8%** |
| **Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |  |
| AgroFresh Solutions (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.71% | 3/31/2029 | $— | 11126 | 10961 | 11126 |  |
| AgroFresh Solutions (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 6.35% | 10.71% | 3/31/2028 | $— | 1868 | 1840 | 1868 |  |
| BCPC Project Aberdeen, LLC. (10)(12)(17) | Equity Interest |  |  |  |  |  | 803 | 803 | 803 |  |
| Hellers (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | BBSY | 3.50% (2.25% PIK) | 10.65% | 9/27/2030 |  | 323 | 224 | 200 |  |
| Hellers (6)(15)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | BKBM | 3.94% (2.25% PIK) | 10.40% | 9/27/2030 |  | 718 | 433 | 390 |  |
| Hellers (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/27/2030 |  | - | (3) | (3) |  |
| Hellers (6)(15)(17) | Subordinated Debt |  | 15.00% PIK | 15.00% | 3/27/2031 |  | 83 | 51 | 45 |  |
| **Beverage, Food & Tobacco Total** |  |  |  |  |  |  |  | **14309** | **14429** | **4.0%** |

---

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |  |
| DiversiTech (14) | First Lien Senior Secured Loan | SOFR | 3.76% | 8.09% | 12/22/2028 | $— | 1980 | $1974 | $1998 |  |
| Ergotron Acquisition LLC (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.61% | 7/6/2028 | $— | 13463 | 13257 | 13463 |  |
| **Capital Equipment Total** |  |  |  |  |  |  |  | **15231** | **15461** | **4.3%** |
| **Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |  |
| Duraco (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.94% | 6/6/2029 | $— | 6244 | 6161 | 6119 |  |
| Duraco (5)(16)(17) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.83% | 6/6/2029 | $— | 127 | 116 | 115 |  |
| INEOS Quattro (6)(21) | First Lien Senior Secured Loan | SOFR | 3.85% | 8.21% | 3/14/2030 | $— | 1980 | 1969 | 1989 |  |
| Prince/Ferro (14) | First Lien Senior Secured Loan | SOFR | 4.25% | 9.06% | 4/23/2029 | $— | 1980 | 1914 | 1956 |  |
| V Global Holdings LLC (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.90% | 10.42% | 12/22/2027 | $— | 11706 | 11599 | 11326 |  |
| **Chemicals, Plastics & Rubber Total** |  |  |  |  |  |  |  | **21759** | **21505** | **6.0%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |  |
| Zeus Fire & Security (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.45% | 12/11/2030 | $— | 10488 | 10410 | 10409 |  |
| Zeus Fire & Security (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/11/2030 | $— | - | - | - |  |
| Zeus Fire & Security (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/11/2030 | $— | - | (9) | (9) |  |
| Chase Industries, Inc. (15)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.65% (1.50% PIK) | 11.48% | 5/12/2025 | $— | 8477 | 7959 | 8074 |  |
| Chase Industries, Inc. (15)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.65% (1.50% PIK) | 11.48% | 5/12/2025 | $— | 845 | 792 | 805 |  |
| Chase Industries, Inc. (5)(15)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.65% (1.50% PIK) | 11.48% | 5/12/2025 | $— | 436 | 401 | 399 |  |
| **Construction & Building Total** |  |  |  |  |  |  |  | **19553** | **19678** | **5.5%** |
| **Consumer goods: Durable** |  |  |  |  |  |  |  |  |  |  |
| New Milani Group LLC (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.93% | 6/6/2026 | $— | 8369 | 8369 | 8369 |  |
| New Milani Group LLC (5)(17)(18) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/6/2026 | $— | - | - | - |  |
| **Consumer goods: Durable Total** |  |  |  |  |  |  |  | **8369** | **8369** | **2.3%** |

---

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Consumer goods: Non-durable** |  |  |  |  |  |  |  |  |  |  |
| Evriholder (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.90% | 11.23% | 1/24/2028 | $— | 4083 | $4052 | $4063 |  |
| Hempz (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 10/25/2029 | $— | 17037 | 16893 | 16888 |  |
| Hempz (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/25/2029 | $— | - | (20) | (21) |  |
| RoC Skincare (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 10.52% | 2/21/2031 | $— | 10918 | 10774 | 10918 |  |
| RoC Skincare (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/21/2030 | $— | - | (49) | - |  |
| WU Holdco, Inc. (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.33% | 3/26/2027 | $— | 5963 | 5923 | 5963 |  |
| WU Holdco, Inc. (5)(17)(21) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 9.33% | 3/26/2027 | $— | 369 | 369 | 369 |  |
| **Consumer goods: Non-durable Total** |  |  |  |  |  |  |  | **37942** | **38180** | **10.7%** |
| **Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |  |
| ASP-r-pac Acquisition Co LLC (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.26% | 10.85% | 12/29/2027 | $— | 10555 | 10271 | 10555 |  |
| ASP-r-pac Acquisition Co LLC (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.11% | 10.47% | 12/29/2027 | $— | 43 | 35 | 42 |  |
| **Containers, Packaging & Glass Total** |  |  |  |  |  |  |  | **10306** | **10597** | **3.0%** |
| **Environmental Industries** |  |  |  |  |  |  |  |  |  |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 6.00% | 8.68% | 7/12/2029 |  | 937 | 1020 | 971 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.25% | 10.95% | 7/12/2029 | £nan | 2324 | 2927 | 2912 |  |
| Reconomy (6)(13)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 6.00% | 8.68% | 7/12/2029 | £nan | 2499 | 3106 | 2999 |  |
| Reconomy (5)(6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 10.58% | 7/12/2029 | £nan | 1871 | 2331 | 2345 |  |
| **Environmental Industries Total** |  |  |  |  |  |  |  | **9384** | **9227** | **2.6%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| Allworth (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/23/2027 | $— | - | (2) | - |  |
| Allworth (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.36% | 12/23/2027 | $— | 69 | 52 | 70 |  |
| Choreo (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.36% | 2/18/2028 | $— | 1241 | 1241 | 1241 |  |
| Choreo (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 2/18/2028 | $— | - | - | - |  |
| Hudson River Trading (21) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.48% | 3/18/2030 | $— | 2969 | 2951 | 2983 |  |
| Lagerbox (5)(6)(17)(21) | First Lien Senior Secured Loan |  |  |  | 12/20/2028 |  | - | - | - |  |
| PMA (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 1/31/2031 | $— | 15880 | 15650 | 15642 |  |
| PMA (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 1/31/2031 | $— | - | (17) | (18) |  |
| Wealth Enhancement Group (WEG) (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.31% | 10/2/2028 | $— | 3394 | 3366 | 3394 |  |
| Wealth Enhancement Group (WEG) (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/2/2028 | $— | - | (4) | - |  |
| **FIRE: Finance Total** |  |  |  |  |  |  |  | **23237** | **23312** | **6.5%** |

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **FIRE: Insurance** |  |  |  |  |  |  |  |  |  |  |
| Acrisure, LLC (13)(21) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.36% | 11/6/2030 | $— | 1966 | $1962 | $1972 |  |
| Asurion, LLC (21) | First Lien Senior Secured Loan | SOFR | 4.10% | 8.46% | 8/19/2028 | $— | 1980 | 1963 | 1977 |  |
| PCF (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.83% | 11/1/2028 | $— | 4196 | 4196 | 4196 |  |
| Simplicity (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.28% | 12/31/2031 | $— | 15683 | 15526 | 15526 |  |
| Simplicity (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/31/2031 | $— | - | (25) | (25) |  |
| Simplicity (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/31/2031 | $— | - | (25) | (25) |  |
| **FIRE: Insurance Total** |  |  |  |  |  |  |  | **23597** | **23621** | **6.6%** |
| **Forest Products & Paper** |  |  |  |  |  |  |  |  |  |  |
| Multi-Color Corp (13)(14) | First Lien Senior Secured Loan | SOFR | 5.10% | 9.46% | 10/29/2028 | $— | 1980 | 1903 | 1919 |  |
| **Forest Products & Paper Total** |  |  |  |  |  |  |  | **1903** | **1919** | **0.5%** |

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| AEG Vision (8)(13)(17)(21) | First Lien Senior Secured Loan | SOFR | 5.90% | 10.23% | 3/27/2026 | $— | 14925 | $14775 | $14925 |  |
| AEG Vision (8)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.23% | 3/27/2026 | $— | 2496 | 2467 | 2496 |  |
| AEG Vision (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.23% | 3/27/2026 | $— | 1480 | 1455 | 1480 |  |
| AEG Vision (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.23% | 3/27/2027 | $— | 500 | 430 | 500 |  |
| Apollo Intelligence (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.27% | 5/31/2028 | $— | 13511 | 13437 | 13511 |  |
| Apollo Intelligence (5)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 5/31/2028 | $— | - | - | - |  |
| Beacon Specialized Living (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.83% | 3/25/2028 | $— | 4304 | 4267 | 4304 |  |
| Beacon Specialized Living (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/25/2028 | $— | - | (51) | - |  |
| Beacon Specialized Living (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/25/2028 | $— | - | - | - |  |
| Masco (6)(15)(17)(21) | Subordinated Debt | EURIBOR | 10.00% PIK | 13.25% | 10/4/2032 |  | 5000 | 5348 | 5102 |  |
| Odyssey Behavioral Health (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.77% | 11/21/2030 | $— | 15621 | 15429 | 15426 |  |
| Odyssey Behavioral Health (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/21/2030 | $— | - | (42) | (43) |  |
| Pharmacy Partners (13)(16)(17) | First Lien Senior Secured Loan | SOFR | 6.50% | 11.01% | 2/28/2029 | $— | 9766 | 9665 | 9766 |  |
| Pharmacy Partners (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 2/28/2029 | $— | - | (22) | - |  |
| Red Nucleus (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 10/17/2031 | $— | 11579 | 11439 | 11434 |  |
| Red Nucleus (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/17/2031 | $— | - | (26) | (26) |  |
| Red Nucleus (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.58% | 10/17/2031 | $— | 433 | 400 | 399 |  |
| Odyssey Behavioral Health (10)(12)(17) | Equity Interest |  |  |  |  |  | 7 | 698 | 698 |  |
| EHE Health (10)(12)(17) | Equity Interest |  |  |  |  |  | 1127 | 1127 | 1127 |  |
| EHE Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.83% | 8/7/2030 | $— | 18395 | 18220 | 18211 |  |
| EHE Health (4)(5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 8/7/2030 | $— | - | - | (18) |  |
| Nafinco (6)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.97% | 8/29/2031 |  | 1464 | 1586 | 1483 |  |
| Nafinco (4)(5)(6)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 8/29/2031 |  | - | - | (9) |  |
| Nafinco (5)(6)(17)(21) | First Lien Senior Secured Loan - Revolver | EURIBOR | 5.25% | 8.02% | 5/30/2031 |  | 39 | 40 | 37 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  |  | **100642** | **100803** | **28.1%** |

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **High Tech Industries** |  |  |  |  |  |  |  |  |  |  |
| Access (6)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 5.25% | 9.95% | 6/28/2029 | £nan | 6481 | $8063 | $8123 |  |
| Gainwell Technologies (13)(19) | First Lien Senior Secured Loan | SOFR | 4.20% | 8.70% | 10/1/2027 | $— | 2745 | 2698 | 2666 |  |
| Black Mountain (8)(13)(17)(21) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.33% | 10/7/2030 | $— | 20772 | 20622 | 20616 |  |
| Black Mountain (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/7/2030 | $— | - | (43) | (45) |  |
| Black Mountain (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/7/2030 | $— | - | (29) | (30) |  |
| LogRhythm, Inc. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.86% | 7/2/2029 | $— | 4546 | 4422 | 4409 |  |
| LogRhythm, Inc. (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/2/2029 | $— | - | (13) | (14) |  |
| Proofpoint, Inc. (14) | First Lien Senior Secured Loan | SOFR | 3.00% | 7.36% | 8/31/2028 | $— | 1980 | 1974 | 1992 |  |
| Chartbeat (10)(15)(17) | Preferred Equity |  | 14.00% PIK | 14.00% |  |  | 5171 | 5071 | 5068 |  |
| PayRange (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.61% | 10/31/2030 | $— | 2130 | 2109 | 2108 |  |
| PayRange (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/31/2030 | $— | - | (8) | (8) |  |
| PayRange (10)(12)(17) | Equity Interest |  |  |  |  |  | 1176 | 1176 | 1176 |  |
| RetailNext (17)(18) | First Lien Senior Secured Loan | SOFR | 7.00% | 11.47% | 12/5/2030 | $— | 7975 | 7896 | 7895 |  |
| RetailNext (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 12/5/2030 | $— | - | (16) | (17) |  |
| SensorTower (10)(12)(17) | Equity Interest |  |  |  |  |  | 63 | 974 | 2342 |  |
| SensorTower (8)(13)(17)(22) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.85% | 3/15/2029 | $— | 14143 | 13965 | 14143 |  |
| SensorTower (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/15/2029 | $— | - | (7) | - |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.51% | 11.08% | 5/14/2029 | $— | 5373 | 5330 | 5319 |  |
| Utimaco (6)(8)(17)(21) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 9.15% | 5/14/2029 |  | 7627 | 8304 | 7822 |  |
| Utimaco (6)(17)(19) | First Lien Senior Secured Loan | SOFR | 6.51% | 11.08% | 5/14/2029 | $— | 2000 | 1984 | 1980 |  |
| **High Tech Industries Total** |  |  |  |  |  |  |  | **84472** | **85545** | **23.9%** |

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |  |
| City BBQ (10)(12)(17) | Preferred Equity |  |  |  |  |  | 3 | $734 | $758 |  |
| City BBQ (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.45% | 9.87% | 9/4/2030 | $— | 12563 | 12459 | 12563 |  |
| City BBQ (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/4/2030 | $— | - | - | - |  |
| City BBQ (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/4/2030 | $— | - | (21) | - |  |
| Concert Golf Partners Holdco (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.13% | 4/1/2030 | $— | 8763 | 8618 | 8763 |  |
| Concert Golf Partners Holdco LLC (13)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 9.13% | 4/1/2030 | $— | 995 | 979 | 995 |  |
| Pollo Tropical (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.88% | 10/23/2029 | $— | 7138 | 7052 | 7049 |  |
| Pollo Tropical (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/23/2029 | $— | - | (8) | (9) |  |
| Pyramid Global Hospitality (13)(17)(25) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.88% | 1/19/2028 | $— | 9825 | 9608 | 9825 |  |
| Awayday (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 9/6/2031 | $— | 21370 | 21166 | 21263 |  |
| Awayday (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.58% | 9/6/2031 | $— | 7625 | 7624 | 7577 |  |
| Awayday (5)(17)(18) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.58% | 9/6/2030 | $— | 1253 | 1214 | 1232 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  |  | **69425** | **70016** | **19.5%** |
| **Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |  |
| Internet Brands (14) | First Lien Senior Secured Loan | SOFR | 4.25% | 8.82% | 5/3/2028 | $— | 1777 | 1751 | 1780 |  |
| Internet Brands (14) | First Lien Senior Secured Loan | SOFR | 4.25% | 8.61% | 12/31/2031 | $— | 1200 | 1177 | 1191 |  |
| **Media: Diversified & Production Total** |  |  |  |  |  |  |  | **2928** | **2971** | **0.8%** |
| **Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2031 | $— | - | (6) | (6) |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2031 | $— | - | (4) | (4) |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 12/20/2031 | $— | - | (3) | (3) |  |
| Facts Global Energy (4)(5)(6)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/20/2031 | $— | - | (1) | (1) |  |
| OGH Bidco Limited (6)(8)(13)(17)(21) | First Lien Senior Secured Loan | SONIA | 6.50% | 11.70% | 6/29/2029 | £nan | 8100 | 10203 | 9619 |  |
| OGH Bidco Limited (6)(13)(17)(21) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.74% | 9/2/2029 | £nan | 3750 | 4368 | 4157 |  |
| OGH Bidco Limited (5)(6)(13)(17)(21) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.50% | 11.70% | 6/29/2029 | £nan | 1134 | 1407 | 1214 |  |
| **Media: Advertising, Printing & Publishing Total** |  |  |  |  |  |  |  | **15964** | **14976** | **4.2%** |
| **Retail** |  |  |  |  |  |  |  |  |  |  |
| Galeria (6)(10)(12)(17) | Equity Interest |  |  |  |  |  | 43 | 10 | 9 |  |
| Galeria (6)(15)(17) | First Lien Senior Secured Loan - Delayed Draw |  | 15.00% PIK | 15.00% | 4/9/2029 |  | 3833 | 4112 | 3971 |  |
| PETCO (6)(13)(19) | First Lien Senior Secured Loan | SOFR | 3.51% | 7.84% | 3/3/2028 | $— | 2000 | 1906 | 1947 |  |
| **Retail Total** |  |  |  |  |  |  |  | **6028** | **5927** | **1.7%** |

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |
| Advanced Aircrew (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.86% | 7/26/2030 | $— | 4702 | $4658 | $4679 |  |
| Advanced Aircrew (4)(5)(17)(18)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/26/2030 | $— | - | - | (3) |  |
| Advanced Aircrew (10)(12)(17) | Preferred Equity |  |  |  |  |  | 545 | 545 | 562 |  |
| Allbridge, LLC (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.08% | 6/5/2030 | $— | 4975 | 4941 | 4975 |  |
| Allbridge, LLC (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 6/5/2030 | $— | - | - | - |  |
| Allbridge, LLC (5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 6/5/2030 | $— | - | - | - |  |
| AMI (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.69% | 10/17/2031 | $— | 15637 | 15523 | 15520 |  |
| AMI (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.69% | 10/17/2031 | $— | 555 | 538 | 538 |  |
| Cube (17)(21) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 10.59% | 5/20/2031 | $— | 8650 | 8650 | 8650 |  |
| Cube (5)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 5/20/2031 | $— | - | - | - |  |
| Cube (5)(17)(21) | First Lien Senior Secured Loan |  |  |  | 2/20/2025 | $— | - | - | - |  |
| Dealer Services Network, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.34% | 2/9/2027 | $— | 5000 | 4957 | 4975 |  |
| Discovery Senior Living (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.88% | 3/18/2030 | $— | 4963 | 4911 | 4963 |  |
| Discovery Senior Living (17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.88% | 3/18/2030 | $— | 830 | 825 | 830 |  |
| Discovery Senior Living (5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/18/2030 | $— | - | (18) | - |  |
| Discovery Senior Living (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/18/2030 | $— | - | (7) | - |  |
| DTIQ (8)(13)(17)(23) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.86% | 9/30/2029 | $— | 21224 | 20871 | 20852 |  |
| DTIQ (4)(5)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 9/30/2029 | $— | - | - | (55) |  |
| DTIQ (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 9/30/2029 | $— | - | (30) | (73) |  |
| Easy Ice, LLC (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.99% | 10/30/2030 | $— | 16677 | 16434 | 16427 |  |
| Easy Ice, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 10/30/2030 | $— | - | (31) | (32) |  |
| Easy Ice, LLC (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 10/30/2030 | $— | - | (31) | (32) |  |
| E-Tech Group (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.86% | 4/9/2030 | $— | 3502 | 3471 | 3467 |  |
| E-Tech Group (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 4/9/2030 | $— | - | (6) | (7) |  |
| Orion (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.77% | 3/19/2027 | $— | 7482 | 7404 | 7398 |  |
| Orion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/19/2027 | $— | - | (2) | (2) |  |
| Orion (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.69% | 3/19/2027 | $— | 91 | 89 | 89 |  |
| Orion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 3/19/2027 | $— | - | (5) | (5) |  |
| Orion (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 3/19/2027 | $— | - | (7) | (8) |  |
| Pure Wafer (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.60% | 10.05% | 11/12/2030 | $— | 7857 | 7780 | 7778 |  |

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |  |
| Pure Wafer (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Delayed Draw |  |  |  | 11/12/2030 | $— | - | $(11) | $(12) |  |
| Pure Wafer (4)(5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 11/12/2030 | $— | - | (23) | (23) |  |
| Pure Wafer (10)(12)(17) | Equity Interest |  |  |  |  |  | 1439 | 1439 | 1439 |  |
| Rydoo (6)(10)(12)(17) | Equity Interest |  |  |  |  |  | 233 | 260 | 238 |  |
| Rydoo (6)(10)(12)(17) | Preferred Equity |  |  |  |  |  | 100 | 112 | 107 |  |
| Rydoo (6)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.75% | 9.95% | 9/12/2031 |  | 778 | 860 | 798 |  |
| SoftCo (6)(10)(12)(17) | Equity Interest |  |  |  |  |  | 900 | 975 | 1045 |  |
| SoftCo (6)(17)(18) | First Lien Senior Secured Loan | EURIBOR | 7.00% | 9.91% | 2/22/2031 |  | 3600 | 3864 | 3729 |  |
| DTIQ (10)(12)(17) | Equity Interest |  |  |  |  |  | 3351 | - | - |  |
| **Services: Business Total** |  |  |  |  |  |  |  | **108936** | **108807** | **30.4%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |  |
| Master ConcessionAir (17)(26) | First Lien Senior Secured Loan | SOFR | 8.50% | 12.84% | 6/21/2029 | $— | 1821 | 1786 | 1784 |  |
| Master ConcessionAir (5)(17)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.50% | 12.94% | 6/21/2029 | $— | 36 | 36 | 36 |  |
| Master ConcessionAir (17)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 8.50% | 13.16% | 6/21/2029 | $— | 223 | 219 | 219 |  |
| Spotless Brands (5)(17)(18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.78% | 7/25/2028 | $— | 5298 | 5253 | 5297 |  |
| **Services: Consumer Total** |  |  |  |  |  |  |  | **7294** | **7336** | **2.0%** |
| **Transportation: Cargo** |  |  |  |  |  |  |  |  |  |  |
| Gulf Winds International (13)(17)(18) | First Lien Senior Secured Loan | SOFR | 7.60% | 11.96% | 12/16/2028 | $— | 9800 | 9570 | 9482 |  |
| RoadOne (8)(13)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.84% | 12/29/2028 | $— | 7840 | 7655 | 7840 |  |
| **Transportation: Cargo Total** |  |  |  |  |  |  |  | **17225** | **17322** | **4.8%** |
| **Utilities: Water** |  |  |  |  |  |  |  |  |  |  |
| Vessco Water (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.11% | 7/24/2031 | $— | 7019 | 6953 | 7019 |  |
| Vessco Water (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 9.03% | 7/24/2031 | $— | 787 | 773 | 787 |  |
| Vessco Water (5)(9)(17)(21) | First Lien Senior Secured Loan - Revolver |  |  |  | 7/24/2031 | $— | - | (9) | - |  |
| **Utilities: Water Total** |  |  |  |  |  |  |  | **7717** | **7806** | **2.2%** |
| **Wholesale** |  |  |  |  |  |  |  |  |  |  |
| Abracon Group Holding, LLC. (8)(15)(17)(19) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 11.30% | 7/6/2028 | $— | 14874 | 14648 | 11898 |  |
| Blackbird Purchaser, Inc. (13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.83% | 12/19/2030 | $— | 3104 | 3104 | 3104 |  |
| Blackbird Purchaser, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.83% | 12/19/2030 | $— | 730 | 730 | 730 |  |
| Blackbird Purchaser, Inc. (5)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.83% | 12/19/2029 | $— | 344 | 344 | 344 |  |
| SureWerx (8)(13)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 12/28/2029 | $— | 9825 | 9623 | 9825 |  |
| **Wholesale Total** |  |  |  |  |  |  |  | **28449** | **25901** | **7.2%** |
| **Non Controlled/Non Affiliate Investments Total** |  |  |  |  |  |  |  | **712111** | **712198** | **198.7%** |

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **Index (1)** | **Spread (1)** | **Interest Rate** | **Maturity Date** | **Principal/ Share (2)** | **Principal/ Share (2)** | **Cost** | **Market Value** | **% of NAV (3)** |
| **Non-Controlled/Affiliate Investments** |  |  |  |  |  |  |  |  |  |  |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Preferred Equity |  |  |  |  |  | 5 | $4700 | $5001 |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  | - | 100 | 100 |  |
| Legacy Corporate Lending HoldCo, LLC (7)(10)(11)(12)(17) | Equity Interest |  |  |  |  |  | - | - | - |  |
| **FIRE: Finance Total** |  |  |  |  |  |  |  | **4800** | **5101** | **1.4%** |
| **Non-Controlled/Affiliate Investments Total** |  |  |  |  |  |  |  | **4800** | **5101** | **1.4%** |
| **Investments Total** |  |  |  |  |  |  |  | $**716911** | $**717299** | **200.1%** |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |  |  |
| Blackrock Liquidity Funds T Fund Institutional Share Class | Cash Equivalents |  |  | 4.34% |  | $— | 2067 | 2067 | 2067 |  |
| Goldman Sachs Financial Square Government Fund Institutional Share Class (20) | Cash Equivalents |  |  | 4.40% |  | $— | 5854 | 5854 | 5854 |  |
| **Cash Equivalents Total** |  |  |  |  |  |  |  | **7921** | **7921** | **2.2%** |
| **Investments and Cash Equivalents Total** |  |  |  |  |  |  |  | **724832** | **725220** | **202.3%** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Exchange Contracts** |  |  |  |  |
| **Currency Purchased** | **Currency Sold** | **Counterparty** | **Settlement Date** | **Unrealized Appreciation (24)** |
| USD 202 | AUD 320 | Bank of New York | 9/17/2025 | $5 |
| USD 444 | NZD 770 | Bank of New York | 3/17/2025 | 12 |
| USD 10,885 | EUR 9,880 | Bank of New York | 1/21/2025 | 640 |
| USD 6,345 | EUR 5,680 | Bank of New York | 8/13/2025 | 390 |
| USD 1,439 | EUR 1,260 | Bank of New York | 9/18/2026 | 87 |
| USD 6,073 | EUR 5,450 | Bank of New York | 10/8/2025 | 340 |
| USD 1,496 | EUR 1,370 | Bank of New York | 12/16/2026 | 18 |
|  |  |  |  | $1492 |

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------

1. The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate ("EURIBOR" or "E"), the Sterling Overnight Index Average ("SONIA"), the Bank Bill Benchmark Rate ("BKBM"), the Bank Bill Swap Bid Rate ("BBSY") or Secured Overnight Financing Rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over EURIBOR, SOFR, SONIA, BKBM or BBSY and the current weighted average interest rate in effect at December 31, 2024. Certain investments are subject to a EURIBOR, SOFR, SONIA, BKBM or BBSY interest rate floor.

2. The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, AUD represents Australian dollars and NZ$ represents New Zealand dollars.

3. Percentages are based on the Company's net assets of $358,434 as of December 31, 2024.

4. The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

5. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

6. The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, non-qualifying assets totaled 9.1% of the Company's total assets.

7. As defined in the 1940 Act, the portfolio company is deemed to be an "affiliated person" of the Company, as the Company owns 5% or more of the portfolio company's outstanding voting securities.

8. Assets or a portion thereof are pledged as collateral for the JPM Revolving Credit Facility. See Note 6 "Debt".

9. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

10. Security exempt from registration under the Securities Act of 1933 (the "Securities Act"), and may be deemed to be "restricted securities" under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $26,306 or 7.3% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

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

---

| | |
|:---|:---|
| **Investment** | **Acquisition Date** |
| Advanced Aircrew | 7/26/2024 |
| BCPC Project Aberdeen, LLC | 7/3/2024 |
| BTX Precision | 7/25/2024 |
| Chartbeat | 10/4/2024 |
| City BBQ | 9/4/2024 |
| DTiQ | 9/30/2024 |
| EHE Health | 8/7/2024 |
| Electronic Merchant Systems | 7/12/2024 |
| Galeria | 8/1/2024 |
| Legacy Corporate Lending HoldCo, LLC | 4/21/2023 |
| Odyssey Behavioral Health | 11/21/2024 |
| PayRange | 10/29/2024 |
| Pure Wafer | 11/12/2024 |
| Rydoo | 9/26/2024 |
| SensorTower | 3/15/2024 |
| Sikich | 5/6/2024 |
| SoftCo | 3/11/2024 |

---

11. The Company holds an interest in Legacy Corporate Lending HoldCo, LLC, an operating company based out of the United States which invests primarily in asset-backed lending ("ABL") opportunities.

12. Non-Income producing.

13. Assets or a portion thereof are pledged as collateral for the GS Revolving Credit Facility. See Note 6 "Debt".

14. Loan includes interest rate floor of 0.50%.

15. Denotes that all or a portion of the debt investment includes PIK interest during the period.

16. Loan includes interest rate floor of 1.50%.

17. Security valued using unobservable inputs (Level 3).

18. Loan includes interest rate floor of 1.00%.

19. Loan includes interest rate floor of 0.75%.

20. Cash equivalents include $50 of restricted cash.

21. Loan includes interest rate floor of 0.00%.

22. Loan includes interest rate floor of 2.00%.

23. Loan includes interest rate floor of 3.50%.

24. Unrealized appreciation on forward currency exchange contracts.

25. Loan includes interest rate floor of 1.25%.

26. Loan includes interest rate floor of 3.00%.

See Notes to Consolidated Financial Statements

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

# 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 September 30, 2025, the Company has the authority to issue unlimited shares of all classes of common shares ("Common Shares"), par value $0.01 per share.

The Company's investment objective is to generate attractive risk adjusted returns, predominantly in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation. The Company seeks to achieve its investment objective by investing in middle-market direct lending opportunities across North America, Europe, Australia and in other geographic markets. Middle market companies generally means companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation, and amortization ("EBITDA"). The company focuses on senior secured credit investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender, and mezzanine debt and other junior securities with a focus on downside protection.

The Company may from time to time invest in smaller or larger companies if the opportunity presents attractive investment and risk adjusted returns. The Company may invest in common and preferred equity and in secondary purchases of assets or portfolios on an opportunistic basis, but such investments are not the principal focus of the investment strategy. The Company may also invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.

Our operations are comprised of a single operating and reportable business segment, asset management. The Chief Operating Decision Maker (the "CODM") consists of the Company's Chief Executive Officer and Chief Financial Officer, as these are the individuals responsible for determining the Company's investment strategy, capital allocation, expense structure, launch and dissolution and entering into significant contracts on behalf of the Company. The CODM uses key metrics to determine how to allocate resources and in determining the amount of dividends to be distributed to the Company's shareholders. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that are reported on the Consolidated Statements of Operations, Financial Highlights reported in Note 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.

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# Note 2. Summary of Significant Accounting Policies

# Basis of Presentation
The Company's Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Company's Consolidated Financial Statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10-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, 2024.

# Basis of Consolidation
The Company will generally consolidate any wholly, or substantially, owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Company's investment operations and to facilitate the execution of the Company's investment strategy. Accordingly, the Company consolidated the results of its subsidiaries BCPC I, LLC and BCPC II-J, LLC in its Consolidated Financial Statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Company is an investment company, portfolio investments held by the Company are not consolidated into the Consolidated Financial Statements. The portfolio investments held by the Company (including its investments held by consolidated subsidiaries) are included on the Consolidated Statements of Assets and Liabilities as investments at fair value.

# Use of Estimates
The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

# Valuation of Portfolio Investments
The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Company's Board of Trustees (the "Board"). The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor's valuation policies is below.

Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as valuation designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security's fair value.

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary valuation conclusions are then documented and discussed with the Company's senior management and the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Generally, investments that constitute a material portion of the Company's portfolio are periodically reviewed by an independent valuation firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board and Audit Committee provide oversight with respect to the valuation process, including requesting such materials as they deem appropriate.

In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company's ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their concluded ranges.

The Company applies ASC Topic 820, Fair Value Measurement ("ASC 820"), which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument's level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment.

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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.

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 September 30, 2025 and 2024, the Company recorded $0.7 million and $0.9, of dividend income, respectively, of which, $0.3 million, and $0.9 million, relate to PIK dividends, respectively. For the nine months ended September 30, 2025 and 2024, the Company recorded $1.6 million and $0.9, of dividend income, respectively, of which, $0.9 million, and $0.9 million, relate to PIK dividends, respectively. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status.

Certain structuring fees and amendment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered.

Expenses are recorded on an accrual basis.

# Non-Accrual Loans
Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management's judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of September 30, 2025 and December 31, 2024, there was one and zero loans on non-accrual, respectively.

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# Distributions
Distributions to common shareholders are recorded on the record date. The Board delegated authority to the Company's officers to declare from time to time distributions payable in an aggregate amount up to all of the Company's (i) taxable earnings; (ii) capital gains; (iii) net proceeds attributable to the repayment or disposition of investments (together with any interest, dividends and other net cash flow in respect of such investments); and (iv) any other amounts legally available for distribution to the extent the officers of the Company deem appropriate (including, if applicable, amounts representing a return of capital); provided each such Distribution shall not exceed an annualized distribution yield of 10%, as may be appropriate and in the interest of the Company's shareholders, subject to the Board's ratification at the immediately succeeding quarterly meeting of the Board. Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. The Company may pay distributions to its shareholders in a year in excess of its investment company taxable income and net capital gain for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. This excess generally would be a tax-free return of capital in the period and generally would reduce the shareholder's tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent; they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses.

The Company intends to timely distribute to its shareholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company's taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and incur applicable U.S. federal excise tax.

The specific tax characteristics of the Company's distributions will be reported to shareholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

The Company distributes net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to shareholders.

## Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan that provides for the reinvestment of cash distributions and other distributions. Shareholders who do not "opt out" of the Company's distribution reinvestment plan will have their cash distributions and other distributions 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 members for an ownership into the Company which have not yet been included in members' capital as of September 30, 2025. The amounts paid represent cash on the Company's Statements of Assets and Liabilities.

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**Organization Expenses**

Organization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization. These costs are expensed as incurred.

# Offering Costs
Offering costs in connection with the continuous offering of Common Shares of the Company are recognized as a deferred charge and are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations and are included in amortization of deferred offering costs in the Company's Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, there were no deferred offering costs on the Company's Statements of Assets and Liabilities.

# Prepaid Insurance
The Company has obtained trustees and officers liability insurance. These costs are recognized as a deferred charge and will be amortized using the straight-line method over the term of the insurance policies, beginning on the date the Company enters into each insurance policy agreement. Deferred costs related to the insurance policies are presented separately on the Company's consolidated statement of assets and liabilities.

# Professional Fees and Operating Expenses
The Company is responsible for investment expenses, legal expenses, auditing fees, and other expenses related to the Company's operations. Such fees and expenses, including expenses incurred by the Advisor may be reimbursed by the Company.

**Foreign Currency Translation** 

The accounting records of the Company are maintained in U.S. dollars. The fair values of foreign securities, foreign cash and other assets and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each business day. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized appreciation on foreign currency translation on the Consolidated Statements of Operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statements of Operations. The portion of both realized and unrealized gains and losses on investments that result from changes in foreign currency exchange rates is not separately disclosed, but is included in net realized gain (loss) on investments and net change in unrealized appreciation on investments, respectively, on the Consolidated Statements of Operations.

# Forward Currency Exchange Contracts
The Company may enter into forward currency exchange contracts to reduce the Company's exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. A forward currency exchange contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The Company does not utilize hedge accounting and as such the Company recognizes the value of its derivatives at fair value on the Consolidated Statements of Assets and Liabilities with changes in the net unrealized appreciation on forward currency exchange contracts recorded on the Consolidated Statements of Operations. Forward currency exchange contracts are valued using the prevailing forward currency exchange rate of the underlying currencies. Unrealized appreciation on forward currency exchange contracts is recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Cash collateral maintained in accounts held by counterparties is included in collateral on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities. Notional amounts and the gross fair value of forward currency exchange contracts assets and liabilities are presented separately on the Consolidated Schedules of Investments.

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Changes in net unrealized appreciation are recorded on the Consolidated Statements of Operations in net change in unrealized appreciation on forward currency exchange contracts. Net realized gains and losses are recorded on the Consolidated Statements of Operations in net realized gain (loss) on forward currency exchange contracts. Realized gains and losses on forward currency exchange contracts are determined using the difference between the fair market value of the forward currency exchange contract at the time it was opened and the fair market value at the time it was closed or covered. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.

# Interest Rate Swaps
The Company uses interest rate swaps to hedge some of the Company's fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a derivative asset or derivative liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in collateral on derivatives and collateral payable on derivatives on the Company's Consolidated Statements of Assets and Liabilities. Please see "Item 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 federal income taxes. Accordingly, no provision for income taxes is required in the Consolidated Financial Statements. For 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 September 30, 2025 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until the Company files our tax return for the tax year ending December 31, 2025. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from U.S. GAAP. BCPC I, LLC and BCPC II-J, LLC are disregarded entities for tax purposes and are consolidated with the tax return of the Company.

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The Company evaluates tax positions taken or expected to be taken in the course of preparing its Consolidated Financial Statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company's tax positions, and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions on returns to be filed by the Company for all open tax years should be recorded. The Company identifies its major tax jurisdiction as the United States, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. As of September 30, 2025, the tax years that remain subject to examination are from 2021 (commencement of operations) forward.

For the three months ended September 30, 2025 and 2024, tax expense was $0.1 million and $0.1 million, respectively. For the nine months ended September 30, 2025 and 2024, tax expense was $0.3 million and $0.1 million, respectively.

## Recent Accounting Pronouncements
The Company's management has evaluated recent issued accounting standards through November 14, 2025, the issuance date of the Consolidated Financial Statements, and noted no recent accounting pronouncements will have a material impact in the Consolidated Financial Statements of the Company except for what is noted below:

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance.

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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 September 30, 2025 (with corresponding percentage of total portfolio investments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| First Lien Senior Secured Loan | 1200646 | 88.8% | 1203456 | 88.0% |
| Second Lien Senior Secured Loan | 18752 | 1.4 | 18749 | 1.4 |
| Subordinated Debt | 77685 | 5.7 | 78484 | 5.7 |
| Preferred Equity | 16899 | 1.2 | 18277 | 1.3 |
| Equity Interest | 18079 | 1.3 | 26070 | 1.9 |
| Warrants |  |  | 915 | 0.1 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 17240 | 1.3 | 17240 | 1.3 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 105 | 0.0 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 3875 | 0.3 | 4073 | 0.3 |
| Total | $1353186 | 100.0% | $1367369 | 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, 2024 (with corresponding percentage of total portfolio investments):

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

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The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of September 30, 2025 (with corresponding percentage of total portfolio investments):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| USA | 1225118 | 90.5% | 1234668 | 90.4% |
| United Kingdom | 51569 | 3.8 | 52647 | 3.9 |
| Canada | 15569 | 1.2 | 15577 | 1.1 |
| Germany | 13056 | 1.0 | 13687 | 1.0 |
| Luxembourg | 10559 | 0.8 | 11388 | 0.8 |
| France | 6410 | 0.5 | 6720 | 0.5 |
| Belgium | 5956 | 0.4 | 6268 | 0.5 |
| Italy | 5724 | 0.4 | 6205 | 0.5 |
| Jersey | 5884 | 0.4 | 5979 | 0.4 |
| Ireland | 4835 | 0.4 | 5491 | 0.4 |
| Australia | 4111 | 0.3 | 4195 | 0.3 |
| Netherlands | 1886 | 0.1 | 2043 | 0.1 |
| Guernsey | 1796 | 0.1 | 1825 | 0.1 |
| New Zealand | 713 | 0.1 | 676 | 0.0 |
| Total | $1353186 | 100.0% | $1367369 | 100.0% |

---

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| USA | 641360 | 89.4% | 644060 | 89.7% |
| United Kingdom | 42061 | 5.9 | 40976 | 5.7 |
| Germany | 15618 | 2.2 | 15121 | 2.1 |
| Italy | 5348 | 0.7 | 5102 | 0.7 |
| Ireland | 4839 | 0.7 | 4774 | 0.7 |
| Luxembourg | 4122 | 0.6 | 3980 | 0.6 |
| Netherlands | 1626 | 0.2 | 1511 | 0.2 |
| Belgium | 1232 | 0.2 | 1143 | 0.2 |
| New Zealand | 705 | 0.1 | 632 | 0.1 |
| Total | $716911 | 100.0% | $717299 | 100.0% |

---

------

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

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of September 30, 2025 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| Healthcare & Pharmaceuticals | 200704 | 14.8% | 202240 | 14.9% |
| Services: Business | 156144 | 11.5 | 159318 | 11.7 |
| High Tech Industries | 144367 | 10.7 | 151966 | 11.1 |
| Services: Consumer | 109288 | 8.1 | 109603 | 8.0 |
| Aerospace & Defense | 84840 | 6.3 | 85769 | 6.3 |
| Beverage, Food & Tobacco | 67293 | 5.0 | 68515 | 5.0 |
| Hotel, Gaming & Leisure | 64802 | 4.8 | 65286 | 4.8 |
| Consumer Goods: Non-Durable | 64566 | 4.8 | 64701 | 4.7 |
| FIRE: Finance <sup>(1)</sup> | 55450 | 4.1 | 57757 | 4.2 |
| Construction & Building | 41499 | 3.1 | 41452 | 3.0 |
| Wholesale | 44923 | 3.3 | 40239 | 2.9 |
| Chemicals, Plastics & Rubber | 40674 | 3.0 | 40043 | 2.9 |
| Utilities: Electric | 33510 | 2.5 | 33499 | 2.4 |
| Capital Equipment | 31776 | 2.3 | 32140 | 2.4 |
| FIRE: Insurance <sup>(1)</sup> | 28732 | 2.1 | 28979 | 2.1 |
| Transportation: Cargo | 28173 | 2.1 | 28019 | 2.0 |
| Containers, Packaging & Glass | 26821 | 2.0 | 27162 | 2.0 |
| Automotive | 23665 | 1.7 | 23663 | 1.7 |
| Investment Vehicles <sup>(2)</sup> | 21125 | 1.6 | 21418 | 1.6 |
| Consumer Goods: Durable | 18729 | 1.4 | 18714 | 1.4 |
| Media: Advertising, Printing & Publishing | 17505 | 1.3 | 17252 | 1.3 |
| Telecommunications | 16656 | 1.2 | 16642 | 1.2 |
| Environmental Industries | 11808 | 0.9 | 12387 | 0.9 |
| Utilities: Water | 8565 | 0.6 | 8644 | 0.6 |
| Metals & Mining | 6947 | 0.5 | 6945 | 0.5 |
| Retail | 4624 | 0.3 | 5016 | 0.4 |
| Total | $1353186 | 100.0% | $1367369 | 100.0% |

---

------

<sup>(1)</sup> Finance, Insurance, and Real Estate ("FIRE").

<sup>(2)</sup> Represents debt and equity investment in SLP II.

------

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

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Percentage of<br>Total Portfolio** | **Fair Value** | **Percentage of<br>Total Portfolio** |
| Services: Business | 108936 | 15.3% | 108807 | 15.1% |
| Healthcare & Pharmaceuticals | 100642 | 14.0 | 100803 | 14.0 |
| High Tech Industries | 84472 | 11.8 | 85545 | 11.9 |
| Hotel, Gaming & Leisure | 69425 | 9.7 | 70016 | 9.8 |
| Aerospace & Defense | 46012 | 6.4 | 46349 | 6.5 |
| Consumer Goods: Non-durable | 37942 | 5.3 | 38180 | 5.3 |
| FIRE: Finance<sup>(1)</sup> | 28037 | 3.9 | 28413 | 4.0 |
| Wholesale | 28449 | 4.0 | 25901 | 3.6 |
| FIRE: Insurance<sup>(1)</sup> | 23597 | 3.3 | 23621 | 3.3 |
| Chemicals, Plastics & Rubber | 21759 | 3.0 | 21505 | 3.0 |
| Construction & Building | 19553 | 2.7 | 19678 | 2.7 |
| Automotive | 18381 | 2.6 | 18476 | 2.6 |
| Transportation: Cargo | 17225 | 2.4 | 17322 | 2.4 |
| Capital Equipment | 15231 | 2.1 | 15461 | 2.2 |
| Media: Advertising, Printing & Publishing | 15964 | 2.2 | 14976 | 2.1 |
| Beverage, Food & Tobacco | 14309 | 2.0 | 14429 | 2.0 |
| Banking, Finance, Insurance & Real Estate | 13048 | 1.8 | 13665 | 1.9 |
| Containers, Packaging & Glass | 10306 | 1.4 | 10597 | 1.5 |
| Environmental Industries | 9384 | 1.3 | 9227 | 1.3 |
| Consumer Goods: Durable | 8369 | 1.2 | 8369 | 1.2 |
| Utilities: Water | 7717 | 1.1 | 7806 | 1.1 |
| Services: Consumer | 7294 | 1.0 | 7336 | 1.0 |
| Retail | 6028 | 0.8 | 5927 | 0.8 |
| Media: Diversified & Production | 2928 | 0.4 | 2971 | 0.4 |
| Forest Products & Paper | 1903 | 0.3 | 1919 | 0.3 |
| Total | $716911 | 100.0% | $717299 | 100.0% |

---

------

<sup>(1)</sup> Finance, Insurance, and Real Estate ("FIRE").

## Bain Capital Senior Loan Program II, LLC
On December 27, 2024, the Company and an entity advised by Amberstone Co., Ltd. ("Amberstone"), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program II, LLC ("SLP II"). Pursuant to an amended and restated limited liability company agreement between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP II. Total initial capital commitments to SLP II are $100 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP II will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Investment decisions and all other material decisions in respect of SLP II must be approved by representatives of the Company and Amberstone.

As of September 30, 2025, the Company's investment in SLP II consisted of subordinated notes of $17.2 million, preferred equity interests of $0.1 million and equity interests of $4.1 million. As of December 31, 2024, SLP II had not commenced operations and the Company had no investment in SLP II.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to SLP II. Since inception, the Company has sold $148.7 million of its investments to SLP II. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.

------

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

The Company has determined that SLP II is an investment company under ASC 946; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in SLP II as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP II due to the allocation of voting rights among SLP II members. The Company measures the fair value of SLP II in accordance with ASC 820, using the net asset value (or its equivalent) as a practical expedient. The Company and Amberstone each appointed two members to SLP II's four-person Member Designees' Committee. All material decisions with respect to SLP II, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees' Committee.

On March 19, 2025, SLP II, through SLP 2 MM CLO WH 1, LLC, a Delaware limited liability company and a wholly-owned subsidiary, entered into a $100.0 million senior secured revolving credit facility which bears interest at SOFR plus 200 basis points with NatWest Markets Plc, subject to leverage and borrowing base restrictions (the "MM CLO WH 1 Credit Facility"). The maturity date of the MM CLO WH 1 Credit Facility is March 19, 2029. With an effective rate of 6.3% per annum, as of September 30, 2025, the MM CLO WH 1 Credit Facility had $91 million of outstanding debt under the credit facility.

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

---

| | |
|:---|:---|
|  | **As of** |
|  | **September 30, 2025** |
| Total investments | $142350 |
| Weighted average yield on investments | 9.6% |
| Number of borrowers in SLP II | 27 |
| Largest portfolio company investment | $10000 |
| Total of five largest portfolio company investments | $34801 |
| Unfunded commitments | $— |

---

------

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

Below is a listing of SLP II's individual investments as of September 30, 2025:

**Senior Loan Program II, LLC** 

**Consolidated Schedule of Investments**

**As of September 30, 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% | 10.07% | 7/12/2029 | $4962 | 4909 | 4961 |  |
| BTX Precision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.91% | 7/25/2030 | $4962 | 4963 | 4962 |  |
| Heads Up Technologies, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.57% | 7/23/2030 | $5000 | 4975 | 4975 |  |
| Saturn Purchaser Corp. (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 4.85% | 9.17% | 7/22/2030 | $4887 | 4887 | 4887 |  |
| **Aerospace & Defense Total** |  |  |  |  |  |  | $**19734** | $**19785** | **295.4%** |
| **Automotive** |  |  |  |  |  |  |  |  |  |
| Chilton (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.82% | 2/5/2031 | $4975 | 4941 | 4938 |  |
| **Automotive Total** |  |  |  |  |  |  | $**4941** | $**4938** | **73.7%** |
| **Capital Equipment** |  |  |  |  |  |  |  |  |  |
| Ergotron Acquisition LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.26% | 9.42% | 7/6/2028 | $4958 | 4958 | 4958 |  |
| **Capital Equipment Total** |  |  |  |  |  |  | $**4958** | $**4958** | **74.0%** |
| **Construction & Building** |  |  |  |  |  |  |  |  |  |
| AGS American Glass Services Acquisition, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.66% | 7/24/2031 | $5000 | 4975 | 4975 |  |
| **Construction & Building Total** |  |  |  |  |  |  | $**4975** | $**4975** | **74.3%** |
| **Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| Hempz (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.25% | 10/25/2029 | $4861 | 4823 | 4837 |  |
| Summer Fridays, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.25% | 5/16/2031 | $9975 | 9830 | 9825 |  |
| **Consumer Goods: Non-Durable Total** |  |  |  |  |  |  | $**14653** | $**14662** | **218.9%** |
| **FIRE: Finance** |  |  |  |  |  |  |  |  |  |
| PMA (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.75% | 1/31/2031 | $4988 | 4918 | 4988 |  |
| **FIRE: Finance Total** |  |  |  |  |  |  | $**4918** | $**4988** | **74.5%** |
| **Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| AEG Vision (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.90% | 9.90% | 3/27/2027 | $4962 | 4962 | 4962 |  |
| AOM Infusion (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.00% | 3/19/2032 | $5000 | 4952 | 4975 |  |
| EHE Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.50% | 8/7/2030 | $4962 | 4917 | 4962 |  |
| Odyssey Behavioral Health (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.46% | 5/21/2031 | $4963 | 4905 | 4963 |  |
| RedMed Operations (Collage Rehabilitation) (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.16% | 2/28/2031 | $4988 | 4917 | 4988 |  |
| Red Nucleus (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.02% | 10/17/2031 | $4975 | 4915 | 4975 |  |
| **Healthcare & Pharmaceuticals Total** |  |  |  |  |  |  | $**29568** | $**29825** | **445.3%** |

---

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **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% | 9.00% | 10/7/2030 | $5000 | 4966 | 5000 |  |
| SensorTower (8)(17)(22) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.52% | 3/15/2029 | $3487 | 3487 | 3487 |  |
| **High Tech Industries Total** |  |  |  |  |  |  | $**8453** | $**8487** | **126.7%** |
| **Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| Awayday (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.25% | 5/6/2032 | $5000 | 4944 | 4950 |  |
| City BBQ (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.35% | 9.53% | 9/4/2030 | $4962 | 4962 | 4938 |  |
| **Hotel, Gaming & Leisure Total** |  |  |  |  |  |  | $**9906** | $**9888** | **147.6%** |
| **Services: Business** |  |  |  |  |  |  |  |  |  |
| AMI (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 8.90% | 10/17/2031 | $4975 | 4941 | 4975 |  |
| Easy Ice (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.71% | 10/30/2030 | $4962 | 4894 | 4962 |  |
| **Services: Business Total** |  |  |  |  |  |  | $**9835** | $**9937** | **148.4%** |
| **Services: Consumer** |  |  |  |  |  |  |  |  |  |
| CorePower Yoga, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.50% | 4/30/2031 | $4988 | 4963 | 4988 |  |
| Owl Acquisition, LLC (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.07% | 4/17/2032 | $5000 | 4964 | 4981 |  |
| **Services: Consumer Total** |  |  |  |  |  |  | $**9927** | $**9969** | **148.8%** |
| **Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| KAMC Holdings, Inc. (8)(17)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.55% | 8/1/2031 | $5019 | 4963 | 4963 |  |
| **Utilities: Electric Total** |  |  |  |  |  |  | $**4963** | $**4963** | **74.1%** |
| **Wholesale** |  |  |  |  |  |  |  |  |  |
| Chex Finer Foods, LLC (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 6.00% | 10.13% | 6/6/2031 | $10000 | 9939 | 10000 |  |
| Fifty U.S. Bidco Inc (8)(17)(18) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.30% | 8/1/2031 | $5000 | 4975 | 4975 |  |
| **Wholesale Total** |  |  |  |  |  |  | $**14914** | $**14975** | **223.6%** |
| **Total** |  |  |  |  |  |  | $**141745** | $**142350** | **2125.3%** |

---

1. The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over SOFR and the current weighted average interest rate in effect at September 30, 2025. Certain investments are subject to a SOFR interest rate floor.

2. The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted.

3. Percentages are based on the Company's net assets of $6,698 as of September 30, 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

------

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

Below is the financial information for SLP II:

## Selected Balance Sheet Information

---

| | |
|:---|:---|
|  | **As of** |
|  | **September 30, 2025** |
| **ASSETS** |  |
| &nbsp;&nbsp;Investments at fair value (cost basis of $141,745) | $142350 |
| &nbsp;&nbsp;Cash and cash equivalents | 5254 |
| &nbsp;&nbsp;Prepaid expenses | 1555 |
| &nbsp;&nbsp;Deferred financing costs (net of accumulated amortization of $53) | 347 |
| &nbsp;&nbsp;Interest receivable on investments | 785 |
| **Total assets** | $150291 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;Subordinated notes payable to members | $34490 |
| &nbsp;&nbsp;Interest payable on subordinated notes payable to members | 809 |
| &nbsp;&nbsp;Interest payable on debt | 1412 |
| &nbsp;&nbsp;Payable for investments purchased | 14882 |
| &nbsp;&nbsp;Revolving Credit Facility | 91000 |
| &nbsp;&nbsp;Dividend payable | 638 |
| &nbsp;&nbsp;Accounts payable and accrued expenses | 362 |
| **Total liabilities** | $143593 |
| **MEMBERS' EQUITY** |  |
| **Total members' equity** | 6698 |
| **Total liabilities and members' equity** | $150291 |

---

## Selected Statement of Operations Information

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Investment income** |  |  |  |
| &nbsp;&nbsp;Interest income | $— | 2964 | $4948 |
| **Total investment income** |  | 2964 | 4948 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;Interest and debt financing expenses |  | 1248 | 2244 |
| &nbsp;&nbsp;Interest expense on subordinated notes payable to members |  | 809 | 1482 |
| &nbsp;&nbsp;Professional fees and other expenses |  | 304 | 578 |
| **Total expenses** |  | 2361 | 4304 |
| **Net Investment Income** |  | 603 | 644 |
| **Net realized and unrealized gains** |  |  |  |
| &nbsp;&nbsp;Net realized gain on investments |  | 1 | 29 |
| &nbsp;&nbsp;Net change in unrealized appreciation on investments |  | 80 | 605 |
| **Total net gain** |  | 81 | 634 |
| **Net increase in members' equity from operations** | $— | 684 | $1278 |

---

------

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

# 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 September 30, 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 |  | 77621 | 1125835 |  | 1203456 |
| Second Lien Senior Secured Loan |  |  | 18749 |  | 18749 |
| Subordinated Debt |  |  | 78484 |  | 78484 |
| Preferred Equity |  |  | 18277 |  | 18277 |
| Equity Interest |  |  | 26070 |  | 26070 |
| Warrants |  |  | 915 |  | 915 |
| Subordinated Note Investment Vehicles <sup>(1)</sup> |  |  | 17240 |  | 17240 |
| Preferred Equity Interest Investment Vehicles <sup>(1)</sup> |  |  |  | 105 | 105 |
| Equity Interest Investment Vehicles <sup>(1)</sup> |  |  |  | 4073 | 4073 |
| Total Investments |  | $77621 | $1285570 | $4178 | $1367369 |
| Cash equivalents | $29700 |  |  |  | $29700 |
| Forward currency exchange contracts (liability) |  | $(3133) |  |  | $(3133) |
| Interest rate swap |  | $1297 |  |  | $1297 |

---

------

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

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2024, according to the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** | **Fair Value Measurements** |
|  | **Level 1** | **Level 2** | **Level 3** | **Measured at Net Asset Value** | **Total** |
| Investments: |  |  |  |  |  |
| First Lien Senior Secured Loan | - | 24370 | 661476 | - | 685846 |
| Preferred Equity | - | - | 14694 | - | 14694 |
| Equity Interest | - | - | 10984 | - | 10984 |
| Warrants | - | - | 628 | - | 628 |
| Subordinated Debt | - | - | 5147 | - | 5147 |
| Total Investments | $- | $24370 | $692929 | $- | $717299 |
| Cash equivalents | $7921 | $- | $- | $- | $7921 |
| Forward currency exchange contracts asset | $- | $1492 | $- | $- | $1492 |

---

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

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 30, 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 | 693969 | 18749 | 62118 | 7823 | 8559 |  | 17240 | 808458 |
| Paid-in-kind interest income | 2005 |  | 5000 | 537 |  |  |  | 7542 |
| Net accretion of discounts (amortization of premiums) | 2060 | 4 | 96 | 1 |  |  |  | 2161 |
| Principal repayments and sales of investments | (239317) |  |  | (750) | (8) |  |  | (240075) |
| Net change in unrealized appreciation on investments | 4768 | (4) | 1055 | 1040 | 6535 | 287 |  | 13681 |
| Net realized gain on investments | 874 |  |  |  |  |  |  | 874 |
| Reclassifications |  |  | 5068 | (5068) |  |  |  |  |
| Balance as of September 30, 2025 | $**1125835** | $**18749** | $**78484** | $**18277** | $**26070** | $**915** | $**17240** | $**1285570** |
| Change in unrealized appreciation attributable to investments still held at September 30, 2025 | $**4847** | $**(4)** | $**1055** | $**1040** | $**6535** | $**287** | $— | $**13760** |

---

------

<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 nine months ended September 30, 2025, there were no transfers in and out of Level 3.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **First Lien** |  |  |  |  |  |
|  | **Senior** |  |  |  |  |  |
|  | **Secured** | **Equity** | **Preferred** | **Subordinated** |  | **Total** |
|  | **Loans** | **Interests** | **Equity** | **Debt** | **Warrants** | **Investments** |
| Balance as of January 1, 2024 | $188789 | $90 | 3875 |  |  | 192754 |
| Purchases of investments and other adjustments to cost | 534738 | 9439 | 23772 | 5397 |  | 573346 |
| Paid-in-kind interest income | 503 |  | 1414 | 2 |  | 1919 |
| Net accretion of discounts (amortization of premiums) | 1286 |  |  |  |  | 1286 |
| Principal repayments and sales of investments | (62497) |  | (15000) |  |  | (77497) |
| Net change in unrealized appreciation on investments | (2029) | 1455 | 333 | (252) | 628 | 135 |
| Net realized gain on investments | 686 |  | 300 |  |  | 986 |
| Balance as of December 31, 2024 | $**661476** | $**10984** | $**14694** | $**5147** | $**628** | $**692929** |
| Change in unrealized appreciation attributable to investments still held at December 31, 2024 | $**(2006)** | $**1456** | $**333** | $**(252)** | $**628** | $**159** |

---

Transfers between levels, if any, are recognized at the beginning of the quarter in which transfers occur. For the year ended December 31, 2024, there were no transfers in and out of Level 3.

# Significant Unobservable Inputs
ASC 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as such, the disclosures provided below exclude those investments valued in that manner.

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The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of September 30, 2025 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 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 Loans | $910574 | Discounted cash flows | Comparative Yield | 5.2 | % | 14.4 | % | 9.7 | % |
| First Lien Senior Secured Loans | 9239 | Comparable company multiple | EBITDA Multiple |  |  |  |  | 13.7 | x |
| Subordinated Note Investment Vehicles | 17240 | Collateral Coverage | Recovery Rate |  |  |  |  | 100.0 | % |
| Subordinated Debt | 78484 | Discounted cash flows | Comparative Yield | 13.4 | % | 18.2 | % | 16.6 | % |
| Equity Interest | 139 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0 | x |
| Equity Interest | 23403 | Comparable company multiple | EBITDA Multiple | 4.0 | x | 24.0 | x | 13.0 | x |
| Equity Interest | 1042 | Comparable company multiple | Revenue Multiple |  |  |  |  | 9.3 | x |
| Preferred equity | 10912 | Comparable company multiple | EBITDA Multiple | 10.3 | x | 16.7 | x | 14.7 | x |
| Preferred equity | 450 | Comparable company multiple | Revenue Multiple |  |  |  |  | 9.3 | x |
| Preferred equity | 6915 | Comparable company multiple | Book Value Multiple |  |  |  |  | 1.0 | x |
| Warrants | 237 | Comparable Company Multiple | Revenue Multiple |  |  |  |  | 3.5 | x |
| Warrants | 678 | Discounted Cash Flows | Discount Rate |  |  |  |  | 25.0 | % |
| Total investments | $1059313 |  |  |  |  |  |  |  |  |

---

------

<sup>(1)</sup> Included within the Level 3 assets of $1,285,570 is an amount of $226,257 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 September 30, 2025. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2024 were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  |  | **Significant** |  |  |  |  |  |  |
|  | **Fair Value of** |  | **Unobservable** | **Range of Significant** | **Range of Significant** | **Range of Significant** | **Range of Significant** |  |  |
|  | **Level 3 Assets** <sup>(1)</sup> | **Valuation Technique** | **Inputs** | **Unobservable Inputs**<sup>(3)</sup> | **Unobservable Inputs**<sup>(3)</sup> | **Unobservable Inputs**<sup>(3)</sup> | **Unobservable Inputs**<sup>(3)</sup> | **Weighted Average** <sup>(2)</sup> | **Weighted Average** <sup>(2)</sup> |
| First Lien Senior Secured Loans | $480049 | Discounted cash flows | Comparative Yields | 8.2 | % | 16.6 | % | 10.7 | % |
| Subordinated | 45 | Discounted cash flows | Comparative Yields |  |  |  |  | 16.6 | % |
| Equity Interest | 7333 | Comparable company multiple | EBITDA Multiple | 3.8 | x | 24.0 | x | 11.6 | x |
| Equity Interest | 238 | Comparable company multiple | Revenue Multiple |  |  |  |  | 9.2 | x |
| Preferred equity | 4518 | Comparable company multiple | EBITDA Multiple | 10.0 | x | 15.3 | x | 12.3 | x |
| Preferred equity | 107 | Comparable company multiple | Revenue Multiple |  |  |  |  | 9.2 | x |
| Warrants | 628 | Discounted Cash Flows | Discount Rate |  |  |  |  | 25.0 | % |
| Total investments | $492918 |  |  |  |  |  |  |  |  |

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<sup>(1)</sup> Included within the Level 3 assets of $692,929 is an amount of $200,011 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).

<sup>(2)</sup> Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

<sup>(3)</sup> The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2024. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

# Debt Not Carried at Fair Value
Fair value is estimated by using market quotations or discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, or market quotes, if available. If the Company's debt obligations were carried at fair value, the fair value and level would have been as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As of** | **As of** |
|  | **Level** | **September 30, 2025** | **December 31, 2024** |
| GS Revolving Credit Facility | 3 | $197934 | $190060 |
| JPM Revolving Credit Facility | 3 | 247809 | 116041 |
| SMBC Revolving Credit Facility | 3 | 224000 | 72000 |
| Total Debt |  | $669743 | $378101 |

---

# Note 5. Agreements and Related Party Transactions Investment Advisory Agreement
**Investment Advisory Agreement**

The Company entered into an investment advisory agreement as of September 28, 2023 (the "Investment Advisory Agreement") with the Advisor, pursuant to which the Advisor manages the Company's investment program and related activities. The Company entered into an administration agreement with the Advisor, pursuant to which administrative services necessary for the Company to operate will be provided. Prior to September 28, 2023, BCSF Advisors, LP, a subsidiary of Bain Capital Credit, served as the Company's investment adviser and provided administrative services to the Company.

**Base Management Fee**

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

For the three months ended September 30, 2025 and 2024, the management fee was $2.6 million and $0.9 million, respectively. For the three months ended September 30, 2025 and 2024, there was no management fee contractually or voluntarily waived. For the nine months ended September 30, 2025 and 2024, the management fee was $6.3 million and $2.0 million, respectively. For the nine months ended September 30, 2025 and 2024, there was no management fee contractually or voluntarily waived.

As of September 30, 2025 and December 31, 2024, $2.6 million and $1.3 million remained payable related to the base management fee accrued in base management fee payable on the Consolidated Statements of Assets and Liabilities, respectively.

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**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 Fund 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.

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"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 September 30, 2025 and 2024, the Company incurred $3.1 million and $1.4 million of Income Fees, respectively, which are included in incentive fee on income on the Consolidated Statements of Operations.

For the nine months ended September 30, 2025 and 2024, the Company incurred $7.6 million and $2.9 million of Income Fees, respectively, which are included in incentive fee on income on the Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024, there was $3.1 million and $1.6 million related to Income Fees payable, respectively, which are included in 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 September 30, 2025 and 2024, the Company accrued $1.5 million and $0.0 million, respectively, related to the GAAP Incentive Fee. which is included in incentive fee on capital gains on the Consolidated Statements of Operations.

For the nine months ended September 30, 2025 and 2024, the Company accrued $1.5 million and $0.0 million, respectively, related to the GAAP Incentive Fee. which is included in incentive fee on capital gains on the Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024, there were $1.5 million and $0.0 million of accrued Capital Gains Fees, respectively, which are included in accrued capital gains incentive fee on the Consolidated Statements of Assets and Liabilities.

**Administration Agreement** 

The Company has entered into an administration agreement (the "Administration Agreement") with BCPC Advisors, LP (in such capacity, the "Administrator"), as of September 28, 2023, pursuant to which the Administrator provides the administrative services necessary for us to operate, and the Company utilizes the Administrator's office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator has agreed to oversee our public reporting requirements and tax reporting and monitor our expenses and the performance of professional services rendered to us by others. The Administrator has also hired a sub-administrator to assist in the provision of administrative services. The Company may reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley Act of 2002, as amended, ("Sarbanes-Oxley Act") internal control assessment. Our allocable portion of overhead is determined by the Administrator, which uses various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Company, and will be subject to oversight by the Board.

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The Company incurred expenses related to the Administrator of $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the Administrator of $0.4 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, respectively, there were $0.1 million and $0.2 million related to the Administrator or to BCPC Advisors, LP that were payable and included in "accounts payable and accrued expenses" in the Consolidated Statements of Assets and Liabilities.

The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Company incurred $0.3 million and $0.2 million expenses related to the sub-administrator for the three months ended September 30, 2025 and 2024, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred $0.5 million and $0.4 million expenses related to the sub-administrator for the nine months ended September 30, 2025 and 2024, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. The Administrator will not seek reimbursement in the event that any such reimbursements would cause any distributions to our shareholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.

**Resource Sharing Agreement** 

The Company's investment activities are managed by the Advisor, an investment adviser that is registered with the SEC under the Advisers Act. The Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis.

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

**Co-investments** 

The Company invests alongside our affiliates, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments will be made only in accordance with the terms of the exemptive order applicable to the Company received from the SEC on August 23, 2016 (as subsequently amended, the "Order"). Under the terms of the Order, a "required majority" (as defined in Section 57(o) of the 1940 Act) of our independent trustees must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our shareholders and do not involve overreaching of us or our shareholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our shareholders and is consistent with our Board's approved criteria. 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.

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**Related Party Commitments** 

As of September 30, 2025 and December 31, 2024, the Advisor and/or its affiliate held 3,988,208 and 3,480,000 Class I shares of the Company's Common Shares, respectively.

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

Investments during the nine months ended September 30, 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>September 30,<br>2025** | **Dividend,<br>Interest, and<br>PIK Income** | **Other<br>Income** |
| **Non-Controlled/Affiliate Investment** |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC Class A Common Equity <sup>(1)</sup> | 100 |  |  | 39 |  | 139 |  |  |
| Legacy Corporate Lending HoldCo, LLC Preferred Equity | 5001 | 1850 | (750) | 814 |  | 6915 | 225 |  |
| Legacy Corporate Lending HoldCo, LLC Class B Common Equity <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| **Total Non-Controlled/Affiliate Investment** | **5101** | **1850** | **(750)** | **853** | **—** | **7054** | **225** | **—** |
| **Controlled Affiliate Investment** |  |  |  |  |  |  |  |  |
| Bain Capital Senior Loan Program II, LLC Subordinated Note Investment Vehicles |  | 17240 |  |  |  | 17240 | 741 |  |
| Bain Capital Senior Loan Program II, LLC Equity Interest Investment Vehicles |  | 3875 |  | 198 |  | 4073 | 304 |  |
| Bain Capital Senior Loan Program II, LLC Preferred Equity Interest Investment Vehicles |  | 10 |  | 95 |  | 105 | 107 |  |
| **Total Controlled Affiliate Investment** | **—** | **21125** | **—** | **293** | **—** | **21418** | **1152** | **—** |
| **Total** | $**5101** | $**22975** | $**(750)** | $**1146** | $— | $**28472** | $**1377** | $— |

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

Investments during the year ended December 31, 2024, in which the portfolio company was an "affiliated person" (as defined in the 1940 Act) and/or an "affiliated person" that the Company is deemed to "control" (as defined in the 1940 Act) are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value<br>as of<br>December 31,<br>2023** | **Gross<br>Additions** | **Gross<br>Reductions** | **Change in<br>Unrealized<br>Appreciation** | **Realized<br>Gains<br>(Losses)** | **Fair Value<br>as of<br>December 31,<br>2024** | **Dividend,<br>Interest, and<br>PIK Income** | **Other<br>Income** |
| **Non-Controlled/Affiliate Investment** |  |  |  |  |  |  |  |  |
| Legacy Corporate Lending HoldCo, LLC Class A Common Equity<sup>(1)</sup> | 90 | 10 |  |  |  | 100 |  |  |
| Legacy Corporate Lending HoldCo, LLC Preferred Equity | 3875 | 825 |  | 301 |  | 5001 |  |  |
| Legacy Corporate Lending HoldCo, LLC Class B Common Equity<sup>(1)</sup> |  |  |  |  |  |  |  |  |
| **Total Non-Controlled/Affiliate Investment** | **3965** | **835** |  | **301** |  | **5101** |  |  |
| **Total** | $**3965** | $**835** | $— | $**301** | $— | $**5101** | $— | $— |

---

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

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# Managing Dealer Agreement
The Company entered into a Managing Dealer Agreement with Emerson Equity LLC (the "Managing Dealer"), pursuant to which the Managing Dealer agreed to, among other things, manage our relationships with third-party brokers engaged by the Managing Dealer to participate in the distribution of Common Shares, which we refer to as "participating brokers," and financial advisors. The Managing Dealer also coordinates our marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the offering, our investment strategies, material aspects of our operations and subscription procedures. We will not pay referral or similar fees to any accountants, attorneys or other persons in connection with the distribution of our shares.

We have paid the Managing Dealer an engagement fee equal to $250,000 (the "Engagement Fee") which is included in organization costs on the Consolidated Statement of Operations. In its capacity as our investment adviser prior to September 28, 2023, BCSF Advisors, LP agreed to advance the Engagement Fee on our behalf. We are obligated to reimburse BCSF Advisors, LP for the advanced Engagement Fee upon breaking escrow for the offering. Once we have received purchase orders for at least $500,000,000, the Managing Dealer will be entitled to receive a fee equal to 0.05% of the offering proceeds (together with the Engagement Fee, the "Managing Dealer Fee"). Assuming we sell all of the shares offered under the Company's prospectus at the maximum offering of $2,000,000,000, the maximum estimated Managing Dealer Fee would be $1,000,000.

Neither the Company nor the Managing Dealer will charge upfront sales loads with respect to Class S shares, Class D shares or Class I shares; however, if you buy Class S shares or Class D shares through certain financial intermediaries, such intermediaries may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that they limit such charges to a 3.5% cap on NAV for Class S shares and a 1.5% cap on NAV for Class D shares. Selling agents will not charge such fees on Class I shares.

Subject to Financial Industry Regulatory Authority ("FINRA") and other limitations on underwriting compensation, we will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class S shares, and a shareholder servicing fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class D shares, in each case, payable monthly.

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

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

We will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of the offering of Common Shares on which, in the aggregate, underwriting compensation from all sources in connection with the offering of Common Shares, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering.

For the three and nine months ended September 30, 2025 and 2024, the Company did not incur or accrue any distribution and/or shareholder servicing fees.

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**Distribution and Servicing Plan**

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

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

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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.

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.

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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 September 30, 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 | $347 | $1647 | November 30, 2026 | 8.16% | 2.81% |
| December 31, 2023 | 295 |  | 295 | December 31, 2026 | 9.04% | 3.17% |
| January 31, 2024 | 227 |  | 227 | January 31, 2027 | 9.05% | 1.77% |
| February 29, 2024 | 257 |  | 257 | February 28, 2027 | 9.00% | 2.05% |
| March 31, 2024 | 253 |  | 253 | March 31, 2027 | 9.00% | 1.83% |
| April 30, 2024 | 267 |  | 267 | April 30, 2027 | 8.99% | 1.89% |
| May 31, 2024 | 286 |  | 286 | May 31, 2027 | 8.95% | 1.84% |
| June 30, 2024 | 269 |  | 269 | June 30, 2027 | 8.83% | 1.73% |
| July 31, 2024 | 287 |  | 287 | July 31, 2027 | 8.84% | 1.70% |
| August 31, 2024 | 308 |  | 308 | August 31 2027 | 8.83% | 1.85% |
|  | $4443 | $347 | $4096 |  |  |  |

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The following table presents a summary of all expenses supported and recouped by the Advisor as of December 31, 2024.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Month Ended** | **Amount of Expense Support** | **Recoupment of Expense Support** | **Unreimbursed Expense Support** | **Reimbursement Eligibility Expiration** | **Effective Rate of Distribution per Share** | **Operating Expense Ratio** |
| November 30, 2023 | $1994 | $— | $1994 | November 30, 2026 | 8.16% | 2.81% |
| December 31, 2023 | 295 |  | 295 | December 31, 2026 | 9.04% | 3.17% |
| January 31, 2024 | 227 |  | 227 | January 31, 2027 | 9.05% | 1.77% |
| February 29, 2024 | 257 |  | 257 | February 28, 2027 | 9.00% | 2.05% |
| March 31, 2024 | 253 |  | 253 | March 31, 2027 | 9.00% | 1.83% |
| April 30, 2024 | 267 |  | 267 | April 30, 2027 | 8.99% | 1.89% |
| May 31, 2024 | 286 |  | 286 | May 31, 2027 | 8.95% | 1.84% |
| June 30, 2024 | 269 |  | 269 | June 30, 2027 | 8.83% | 1.73% |
| July 31, 2024 | 287 |  | 287 | July 31, 2027 | 8.84% | 1.70% |
| August 31, 2024 | 308 |  | 308 | August 31, 2027 | 8.83% | 1.85% |
|  | $4443 | $— | $4443 |  |  |  |

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# Note 6. Debt
In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, effective on November 11, 2022, the Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. As of September 30, 2025, the Company's asset coverage ratio based on aggregated borrowings outstanding was 213.6%. As of December 31, 2024, the Company's asset coverage ratio based on aggregated borrowings outstanding was 194.8%.

The Company's outstanding borrowings as of September 30, 2025 and December 31, 2024 were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total Aggregate** | **Principal** |  | **Total Aggregate** | **Principal** |  |
|  | **Principal Amount** | **Amount** | **Carrying** | **Principal Amount** | **Amount** | **Carrying** |
|  | **Committed** | **Outstanding** | **Value** | **Committed** | **Outstanding** | **Value** |
| GS Revolving Credit Facility | 200000 | 197934 | 197934 | 200000 | 190060 | 190060 |
| JPM Revolving Credit Facility | 250000 | 247809 | 247809 | 250000 | 116041 | 116041 |
| SMBC Revolving Credit Facility | 575000 | 224000 | 224000 | 315000 | 72000 | 72000 |
| Series 2025 Senior Notes | 275000 |  | 1290 |  |  |  |
| Total Debt | $1300000 | $669743 | $671033 | $765000 | $378101 | $378101 |

---

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and year ended December 31, 2024 was 6.5% and 7.7%, respectively.

The combined weighted average borrowings outstanding for the nine months ended September 30, 2025 and year ended December 31, 2024 were $494.5 million and $206.4 million, respectively.

The following table shows the contractual maturities of our debt obligations as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  | **Less than** |  |  | **More than** |
|  | **Total** | **1 year** | **1 — 3 years** | **3 — 5 years** | **5 years** |
| GS Revolving Credit Facility | 197934 |  |  | 197934 | $— |
| JPM Revolving Credit Facility | 247809 |  |  | 247809 |  |
| SMBC Revolving Credit Facility | 224000 |  |  | 224000 |  |
| Total Debt Obligations | $669743 | $— | $— | $669743 | $— |

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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.

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

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

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

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

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the GS Revolving Credit Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $3023 | $2865 |
| Unused facility fee | 14 | 47 |
| Amortization of deferred financing costs and upfront commitment fees | 108 | 85 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $3145 | $2997 |

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For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the GS Revolving Credit Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $9292 | $8116 |
| Unused facility fee | 47 | 146 |
| Amortization of deferred financing costs and upfront commitment fees | 321 | 234 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $9660 | $8496 |

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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.

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the JPM Revolving Credit Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $3948 | $326 |
| Unused facility fee | 17 | 59 |
| Amortization of deferred financing costs and upfront commitment fees | 127 | 23 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $4092 | $408 |

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For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the JPM Revolving Credit Facility were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $8931 | $326 |
| Unused facility fee | 271 | 59 |
| Amortization of deferred financing costs and upfront commitment fees | 377 | 23 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $9579 | $408 |

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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.

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

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

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

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

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $3424 | $807 |
| Unused facility fee | 336 | $31 |
| Amortization of deferred financing costs and upfront commitment fees | 228 | 64 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $3988 | $902 |

---

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $6191 | $1538 |
| Unused facility fee | 851 | 101 |
| Amortization of deferred financing costs and upfront commitment fees | 579 | 171 |
| &nbsp;&nbsp;Total interest and debt financing expenses | $7621 | $1810 |

---

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# 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 are expected to occur on November 24, 2025 pursuant to a Master Note Purchase Agreement entered into among the Company and the purchasers on August 14, 2025.

For the three months ended September 30, 2025 and 2024, the components of interest expense related to the Series 2025 Senior Notes were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $— | $— |
| Unused facility fee |  |  |
| Amortization of deferred financing costs and upfront commitment fees |  |  |
| Hedged Items | (7) |  |
| &nbsp;&nbsp;Total interest and debt financing expenses | $(7) | $— |

---

For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the Series 2025 Senior Notes were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Borrowing interest expense | $— | $— |
| Unused facility fee |  |  |
| Amortization of deferred financing costs and upfront commitment fees |  |  |
| Hedged Items | (7) |  |
| &nbsp;&nbsp;Total interest and debt financing expenses | $(7) | $— |

---

# 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 September 30, 2025 and December 31, 2024 is included on the Consolidated Schedules of Investments by contract. The Company had collateral receivable of $4.0 million and $0.8 million for September 30, 2025 and December 31, 2024, respectively, with the counterparties on foreign currency exchange contracts. Collateral amounts posted are included in collateral on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities. Collateral payable is included in collateral payable on forward currency exchange contracts on the Consolidated Statements of Assets and Liabilities.

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For the three and nine months ended September 30, 2025, the Company's average U.S. dollar notional exposure to forward currency exchange contracts was $58.6 million and $43.8 million, and the average notional exposure for interest rate swaps was $137.5 million and $68.8 million, respectively. For the three and nine months ended September 30, 2024, the Company's average U.S. dollar notional exposure to forward currency exchange contracts were $17.0 million and $13.9 million, respectively, and the average notional exposure for interest rate swaps was $0.0 million and $0.0 million, respectively. By using derivative instruments, the Company is exposed to the counterparty's credit risk—the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Company's exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the Consolidated Statements of Assets and Liabilities. The Company minimizes counterparty credit risk through credit monitoring procedures, executing master netting arrangements and managing margin and collateral requirements, as appropriate.

The Company presents forward currency exchange contracts on a net basis by counterparty on the Consolidated Statements of Assets and Liabilities. The Company has elected not to offset assets and liabilities in the Consolidated Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other arrangement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty's rights and obligations.

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of September 30, 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 | $— | $(2749) | $(2749) | $2749 | $— |
| BNP Paribas | Unrealized depreciation on forward currency exchange contracts | $19 | $(403) | $(384) | $— | $(384) |
| BNP Paribas | Interest rate swap | $1297 | $— | $1297 | $— | $1297 |

---

------

<sup>(1)</sup> Amount excludes excess cash collateral paid.

<sup>(2)</sup> Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Net amount of** |  |  |
|  |  |  | **Gross amount of** | **assets or** |  |  |
|  |  | **Gross amount of** | **(liabilities)** | **(liabilities)** |  |  |
|  | **Account in the** | **assets on the** | **on the** | **presented on the** |  |  |
|  | **consolidated** | **consolidated** | **consolidated** | **consolidated** |  |  |
|  | **statements of** | **statements of** | **statements of** | **statements of** | **Cash collateral** |  |
|  | **assets** | **assets and** | **assets and** | **assets and** | **paid** | **Net** |
| **Counterparty** | **and liabilities** | **liabilities** | **liabilities** | **liabilities** | **(received)** <sup>(1)</sup> | **amounts** <sup>(2)</sup> |
| Bank of New York | Unrealized appreciation on forward currency exchange contracts | $1492 | $— | $1492 | $— | $1492 |

---

------

<sup>(1)</sup> Amount excludes excess cash collateral paid.

<sup>(2)</sup> Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

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The effect of transactions in derivative instruments to the Consolidated Statements of Operations during the three months ended September 30, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Net realized gain (loss) on forward currency exchange contracts | $(289) | (39) |
| Net change in unrealized appreciation on forward currency exchange contracts | 698 | (459) |
| Total net realized and unrealized gain on forward currency exchange contracts | $409 | $(498) |

---

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $(0.4) million and $0.6 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 September 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $0.4 million, and $(0.5) 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 $0.1 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively.

The effect of transactions in derivative instruments to the Consolidated Statements of Operations during the nine months ended September 30, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Net realized gain on forward currency exchange contracts | $457 | $2 |
| Net change in unrealized appreciation on forward currency exchange contracts | (4625) | (112) |
| Total net realized and unrealized gain (loss) on forward currency exchange contracts | $(4168) | $(110) |

---

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $4.4 million and $0.3 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 nine months ended September 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $(4.2) million and $(0.1) 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 $0.3 million and $0.2 million for the nine months ended September 30, 2025 and 2024, 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 and nine months ended September 30, 2025, for the Company's interest rate swaps, are in the following locations in the Consolidated Statement of Operations:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **Financial Statement Location** |
|  | **2025** |  |
| &nbsp;&nbsp;Interest rate swaps | $— | &nbsp;&nbsp;Interest and debt financing expenses |
| &nbsp;&nbsp;Hedged items | (7) | &nbsp;&nbsp;Interest and debt financing expenses |

---

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **Financial Statement Location** |
|  | **2025** |  |
| &nbsp;&nbsp;Interest rate swaps | $— | &nbsp;&nbsp;Interest and debt financing expenses |
| &nbsp;&nbsp;Hedged items | (7) | &nbsp;&nbsp;Interest and debt financing expenses |

---

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# N ote 8. Net Assets
The following table presents transactions in Common Shares during the three months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** |
|  | **Shares** | **Amount** |
| Class I: |  |  |
| Proceeds from shares sold | 4348126 | $112002 |
| Repurchase of Common Shares | (191) | (5) |
| Distributions reinvested | 32598 | 840 |
| **Net increase** | 4380533 | $112837 |

---

There were no Class S or Class D shares outstanding during the three months ended September 30, 2025.

The following table presents transactions in Common Shares during the three months ended September 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** |
|  | **Shares** | **Amount** |
| Class I: |  |  |
| Proceeds from shares sold | 3884564 | $98686 |
| Repurchase of Common Shares |  |  |
| Distributions reinvested | 37048 | 942 |
| **Net increase (decrease)** | 3921612 | $99628 |

---

There were no Class S or Class D shares outstanding during the three months ended September 30, 2024.

The following table presents transactions in Common Shares during the nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
|  | **Shares** | **Amount** |
| Class I: |  |  |
| Proceeds from shares sold | 15330410 | $393788 |
| Repurchase of Common Shares | (66018) | (1698) |
| Early repurchase deduction |  |  |
| Distributions reinvested | 176474 | 4529 |
| **Net increase** | 15440866 | $396619 |

---

There were no Class S or Class D shares outstanding during the nine months ended September 30, 2025.

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The following table presents transactions in Common Shares during the nine months ended September 30, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
|  | **Shares** | **Amount** |
| Class I: |  |  |
| Proceeds from shares sold | 5845770 | $147686 |
| Repurchase of Common Shares |  |  |
| Early repurchase deduction |  |  |
| Distributions reinvested | 77152 | 1938 |
| **Net increase** | 5922922 | $149624 |

---

There were no Class S or Class D shares outstanding during the nine months ended September 30, 2024.

**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 nine months ended September 30, 2025 and 2024:

---

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

---

---

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

---

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There were no Class S or Class D shares outstanding during the nine months ended September 30, 2025 and 2024.

**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 nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **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 |
| April 24, 2025 | April 30, 2025 | May 30, 2025 | 0.1875 | 4616 |
| May 28, 2025 | May 30, 2025 | June 30, 2025 | 0.1875 | 4654 |
| June 25, 2025 | June 30, 2025 | July 31, 2025 | 0.2475 | 6211 |
| July 18, 2025 | July 31, 2025 | August 29, 2025 | 0.1875 | 4781 |
| August 27, 2025 | August 29, 2025 | September 30, 2025 | 0.1875 | 5248 |
| September 26, 2025 | September 30, 2025 | October 31, 2025 | 0.2175 | 6401 |
| Total distributions declared |  |  | $1.7775 | $41169 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| January 31, 2024 | January 31, 2024 | February 29, 2024 | $0.1875 | $892 |
| February 29, 2024 | February 29, 2024 | March 28, 2024 | 0.1875 | 979 |
| March 29, 2024 | March 28, 2024 | April 30, 2024 | 0.1875 | 1031 |
| April 30, 2024 | April 30, 2024 | May 31, 2024 | 0.1875 | 1062 |
| May 30, 2024 | May 31, 2024 | June 28, 2024 | 0.1875 | 1133 |
| June 27, 2024 | June 28, 2024 | July 31, 2024 | 0.1875 | 1206 |
| July 17, 2024 | July 31, 2024 | August 31, 2024 | 0.1875 | 1835 |
| August 23, 2024 | August 30, 2024 | September 30, 2024 | 0.1875 | 1914 |
| September 26, 2024 | September 30, 2024 | October 30, 2024 | 0.1875 | 1942 |
| Total distributions declared |  |  | $1.6875 | $11994 |

---

There were no Class S or Class D shares outstanding during the nine months ended September 30, 2025 and 2024.

The distributions declared during the nine months ended September 30, 2025 and 2024 were derived from investment company taxable income and net capital gain, if any.

The 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 must 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.

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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. 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 nine months ended September 30, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage of** |  |  |  |  |
|  | **Outstanding Shares** |  | **Amount** | **Number of Shares** | **Percentage of** |
| **Repurchase** | **the Company** | **Repurchase** | **Repurchased** | **Repurchased** | **Outstanding Shares** |
| **Deadline Request** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| March 3, 2025 | 5.00% | March 31, 2025 | $473 | 18400 | 0.10% |
| June 2, 2025 | 5.00% | June 30, 2025 | $1220 | 47427 | 0.27% |
| August 29, 2025 | 5.00% | September 30, 2025 | $5 | 191 | 0.00% |

---

------

<sup>(1)</sup> Amounts shown are net of early repurchase deduction, if any.

<sup>(2)</sup> Percentage is based on total shares as of the close of the previous calendar quarter.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage of** |  |  |  |  |
|  | **Outstanding Shares** |  | **Amount** | **Number of Shares** | **Percentage of** |
| **Repurchase** | **the Company** | **Repurchase** | **Repurchased** | **Repurchased** | **Outstanding Shares** |
| **Deadline Request** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| February 29, 2024 | 5.00% | March 31, 2024 | $— |  | 0.00% |
| May 31, 2024 | 5.00% | June 30, 2024 | $— |  | 0.00% |
| August 30, 2024 | 5.00% | September 30, 2024 | $— |  | 0.00% |

---

------

<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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# 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 September 30, 2025, the Company had $369.4 million of unfunded commitments under loan and financing agreements as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Accident Care Alliance Holdco LLC - Delayed Draw | 8/20/2030 | $4190 |
| Accident Care Alliance Holdco LLC - Revolver | 8/20/2030 | 4190 |
| Advanced Aircrew - Revolver | 7/26/2030 | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 | 18213 |
| AeriTek Global CAD Acquisition Inc. - Revolver | 8/27/2030 | 922 |
| AGS American Glass Services Acquisition, LLC - Delayed Draw | 7/24/2031 | 3976 |
| AGS American Glass Services Acquisition, LLC - Revolver | 7/24/2031 | 1918 |
| Allbridge - Delayed Draw | 6/5/2030 | 2000 |
| Allbridge - Revolver | 6/5/2030 | 20 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 | 2170 |
| 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 | 5921 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 | 99 |
| ATS - Revolver | 7/12/2029 | 2222 |
| Avalon Bidco Limited - Delayed Draw | 4/16/2032 | 633 |
| Awayday - Delayed Draw | 5/6/2032 | 2453 |
| Awayday - Revolver | 5/6/2032 | 3186 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 | 4833 |
| Beacon Specialized Living - Revolver | 3/25/2028 | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 | 843 |
| Blackbird Purchaser, Inc. - Revolver | 12/19/2029 | 413 |
| BTX Precision - Delayed Draw | 7/25/2030 | 2266 |
| BTX Precision - Revolver | 7/25/2030 | 2297 |
| Chase Industries, Inc. - Revolver | 11/11/2027 | 412 |
| Chex Finer Foods, LLC - Delayed Draw | 6/6/2031 | 10208 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Chex Finer Foods, LLC - Revolver | 6/6/2031 | $4375 |
| Chilton - Delayed Draw | 2/5/2031 | 10277 |
| Chilton - Revolver | 2/5/2031 | 3147 |
| Choreo - Delayed Draw | 2/18/2028 | 3690 |
| City BBQ - Delayed Draw | 9/4/2030 | 7053 |
| City BBQ - Revolver | 9/4/2030 | 2519 |
| Concert Golf Partners Holdco LLC - Delayed Draw | 4/1/2031 | 4738 |
| 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 | 183 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 | 1572 |
| Discovery Senior Living - Revolver | 3/18/2030 | 695 |
| DTIQ - Delayed Draw | 9/30/2029 | 4199 |
| DTIQ - Revolver | 9/30/2029 | 2940 |
| Duraco - Revolver | 6/6/2029 | 637 |
| Easy Ice - Delayed Draw | 10/30/2030 | 3209 |
| Easy Ice - Revolver | 10/30/2030 | 1933 |
| 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 | 1000 |
| E-Tech Group - Revolver | 4/9/2030 | 731 |
| Facts Global Energy - Delayed Draw | 12/20/2031 | 588 |
| Facts Global Energy - Revolver | 6/20/2031 | 147 |
| Fiduciaire Jean-Marc Faber - Delayed Draw | 4/3/2032 | 1686 |
| Fifty U.S. Bidco Inc - Delayed Draw | 8/1/2031 | 4356 |
| Fifty U.S. Bidco Inc - Revolver | 8/1/2031 | 3920 |
| G702 Buyer, Inc. - Revolver | 7/2/2031 | 1506 |
| Govineer Solutions - Delayed Draw | 10/7/2030 | 6000 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Govineer Solutions - 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 |
| ICAT Logistics, Inc. - Delayed Draw | 3/1/2029 | 6592 |
| ICAT Logistics, Inc. - Revolver | 3/1/2029 | 998 |
| KAMC Holdings, Inc. - Revolver | 8/1/2031 | 2849 |
| 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 - Delayed Draw | 5/14/2032 | 367 |
| Meteor UK Bidco Limited - Revolver | 11/14/2031 | 183 |
| 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 | 2713 |
| Orion - Delayed Draw | 3/19/2027 | 192 |
| Orion - Delayed Draw | 3/19/2027 | 294 |
| Orion - Revolver | 3/19/2027 | 534 |
| 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 | 676 |
| PPT Group - Revolver | 2/28/2031 | 361 |
| Precision Concepts Parent Inc. - Delayed Draw | 8/2/2032 | 3048 |
| Precision Concepts Parent Inc. - Revolver | 8/2/2032 | 1564 |
| PRGX - Delayed Draw | 12/20/2030 | 7749 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Psychiatric Medical Care LLC - Revolver | 7/1/2032 | $3973 |
| Pure Wafer - Delayed Draw | 11/12/2030 | 1269 |
| 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 | 2322 |
| RedMed Operations - Delayed Draw | 2/28/2031 | 7323 |
| RedMed Operations - Revolver | 2/28/2031 | 1611 |
| RetailNext - Revolver | 12/5/2030 | 1334 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| Saturn Purchaser Corp. - Revolver | 7/22/2030 | 996 |
| SauceCo HoldCo, LLC - Revolver | 5/13/2030 | 4197 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 3557 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Solairus - Delayed Draw | 7/22/2030 | 4004 |
| Spotless Brands - Delayed Draw | 7/25/2028 | 1170 |
| Spotless Brands - Delayed Draw | 7/25/2028 | 9488 |
| Substantial Holdco Limited - Delayed Draw | 4/20/2030 | 19032 |
| Summer Fridays, LLC - Revolver | 5/16/2031 | 2579 |
| Tartan Bidco Pty. Ltd. - Delayed Draw | 12/31/2027 | 382 |
| Vasa Fitness, LLC - Delayed Draw | 8/15/2030 | 7655 |
| Vasa Fitness, LLC - Revolver | 8/15/2030 | 1053 |
| Vessco Water - Delayed Draw | 7/24/2031 | 1365 |
| Vessco Water - Revolver | 7/24/2031 | 996 |
| Wealth Enhancement Group - Delayed Draw | 10/2/2028 | 7199 |
| Wealth Enhancement Group - Revolver | 10/2/2028 | 293 |
| WU Holdco, Inc. - Delayed Draw | 4/15/2032 | 5460 |
| WU Holdco, Inc. - Revolver | 4/15/2032 | 1099 |
| Zeus Fire & Security - Delayed Draw | 12/11/2030 | 1326 |
| Zeus Fire & Security - Delayed Draw | 12/11/2030 | 15152 |
| Zeus Fire & Security - Revolver | 12/11/2030 | 1227 |
| **Total** |  | $**369379** |

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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 September 30, 2025.

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As of December 31, 2024, the Company had $147.4 million of unfunded commitments under loan and financing agreements as follows:

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Advanced Aircrew Academy, LLC - Revolver | 7/26/2030 | $— | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 |  | 4500 |
| AEG Vision - Delayed Draw | 3/27/2026 |  | 1020 |
| AgroFresh Solutions - Revolver | 3/31/2028 |  | 98 |
| Alert SRC Newco, LLC - Delayed Draw | 12/11/2030 |  | 4091 |
| Alert SRC Newco, LLC - Revolver | 12/11/2030 |  | 1227 |
| Allbridge, LLC - Delayed Draw | 6/5/2030 |  | 2000 |
| Allbridge, LLC - Revolver | 6/5/2030 |  | 20 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 |  | 176 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 |  | 3663 |
| AMI Buyer, Inc - Revolver | 10/17/2031 |  | 1727 |
| Apollo Intelligence - Delayed Draw | 5/31/2028 |  | 1188 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 |  | 169 |
| Aviation Technical Services, Inc. - Revolver | 7/12/2029 |  | 2222 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 |  | 5970 |
| Beacon Specialized Living - Revolver | 3/25/2028 |  | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 |  | 1327 |
| Blackbird Purchaser, Inc. - Revolver | 12/29/2029 |  | 1031 |
| Chase Industries, Inc. - Revolver | 5/12/2025 |  | 388 |
| Choreo - Delayed Draw | 2/18/2028 |  | 3750 |
| City Barbeque, LLC - Delayed Draw | 9/4/2030 |  | 7053 |
| City Barbeque, LLC - Revolver | 9/4/2030 |  | 2519 |
| Concessions Development Group, LLC - Delayed Draw | 6/21/2029 |  | 410 |
| Cube - Delayed Draw | 5/20/2031 |  | 78 |
| Cube - First Lien Senior Secured Loan | 2/20/2025 |  | 22 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 |  | 3472 |
| Discovery Senior Living - Revolver | 3/18/2030 |  | 695 |
| DTIQ Technologies, Inc. - Delayed Draw | 9/30/2029 |  | 4199 |
| DTIQ Technologies, Inc. - Revolver | 9/30/2029 |  | 3150 |
| Duraco - Revolver | 6/6/2029 |  | 510 |
| Easy Ice, LLC - Delayed Draw | 10/30/2030 |  | 4203 |
| Easy Ice, LLC - Revolver | 10/30/2030 |  | 2101 |
| Electronic Merchant Systems, LLC - Revolver | 8/1/2030 |  | 814 |
| ERA Industries, LLC - Delayed Draw | 7/25/2030 |  | 1302 |
| ERA Industries, LLC - Revolver | 7/25/2030 |  | 2297 |
| E-Tech Group - Revolver | 4/9/2030 |  | 731 |
| Fiesta Holdings, LLC - Revolver | 10/23/2029 |  | 696 |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 |  | 883 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 | 588 |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 | 635 |
| Foyle Bidco Limited - Revolver | 6/20/2031 | 147 |
| Govineer Solutions, LLC - Delayed Draw | 10/7/2030 | 6000 |
| Govineer Solutions, LLC - Revolver | 10/7/2030 | 4000 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 910 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 294 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 227 |
| Helios Service Partners, LLC - Revolver | 3/19/2027 | 685 |
| HLRS Holdco Limited - Delayed Draw | 9/27/2030 | 84 |
| JHCC Holdings, LLC - Delayed Draw | 9/9/2027 | 825 |
| Lagerbox - First Lien Senior Secured Loan | 12/20/2028 | 777 |
| LogRhythm, Inc. - Revolver | 7/2/2029 | 476 |
| New Milani Group LLC - Revolver | 6/6/2026 | 2285 |
| OGH Bidco Limited - Delayed Draw | 6/29/2029 | 2527 |
| Orion Midco, LLC - Revolver | 11/21/2030 | 3445 |
| PayRange, LLC - Revolver | 10/31/2030 | 843 |
| PBIGroup, LLC - Revolver | 10/25/2029 | 2353 |
| PCF - Delayed Draw | 11/1/2028 | 1036 |
| Pharmacy Partners - Revolver | 2/28/2029 | 2160 |
| Pinnacle Acquisition, LLC - Delayed Draw | 11/12/2030 | 2308 |
| Pinnacle Acquisition, LLC - Revolver | 11/12/2030 | 2308 |
| PMA Parent Holdings, LLC - Revolver | 1/31/2031 | 1191 |
| Reconomy - Delayed Draw | 7/12/2029 | 787 |
| RetailNext Holdings, Inc - Revolver | 12/5/2030 | 1667 |
| RN Enterprises, LLC - Delayed Draw | 10/17/2031 | 4225 |
| RN Enterprises, LLC - Revolver | 10/17/2031 | 2353 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 5063 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Spotless Brands, LLC - Delayed Draw | 7/25/2028 | 4394 |
| Vacation Rental Brands, LLC - Delayed Draw | 9/6/2031 | 1775 |
| Vacation Rental Brands, LLC - Revolver | 9/6/2030 | 2924 |
| Vessco Midco Holdings, LLC - Delayed Draw | 7/24/2031 | 2203 |
| Vessco Midco Holdings, LLC - Revolver | 7/24/2031 | 996 |
| Vital Purchaser, LLC - Revolver | 8/7/2030 | 1783 |
| Wealth Enhancement Group (WEG) - Delayed Draw | 10/2/2028 | 1334 |
| Wealth Enhancement Group (WEG) - Revolver | 10/2/2028 | 293 |
| WPEF IX Bidco 23 B.V. (Fka Keystone Bidco B.V.) - Delayed Draw | 8/29/2031 | 405 |
| WPEF IX Bidco 23 B.V. (Fka Keystone Bidco B.V.) - Revolver | 5/30/2031 | 60 |
| WU Holdco, Inc. - Delayed Draw | 3/26/2027 | 2533 |
| WU Holdco, Inc. - Revolver | 3/26/2027 | 708 |
| **Total** |  | $147422 |

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<sup>(1)</sup> Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

<sup>(2)</sup> Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2024.

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*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 nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** |
|  | **Class I** | **Class I** |
| **Per share data:** |  |  |
| Net asset value at beginning of period | $25.62 | $24.88 |
| Net investment income <sup>(1)</sup> | 1.80 | 2.30 |
| Net unrealized and realized gains (losses) <sup>(1)(2)(7)</sup> | 0.26 | 0.08 |
| Net increase in net assets resulting from operations <sup>(1)(8)</sup> | 2.06 | 2.38 |
| Distribution declared <sup>(3)</sup> | (1.78) | (1.69) |
| Net asset value at end of period | $25.90 | $25.57 |
| Total return <sup>(4)</sup> | 8.30% | 9.82% |
| Shares outstanding, end of period | 29429825 | 10345167 |
| Weighted average shares outstanding | 22988430 | 7109049 |
| **Ratios/Supplemental data:** |  |  |
| Net assets at end of period | $762247 | $264719 |
| Ratio of net investment income to average net assets <sup>(5)(9)</sup> | 9.92% | 12.38% |
| Ratio of net expenses to average net assets <sup>(5)(9)</sup> | 10.08% | 12.75% |
| Portfolio turnover <sup>(6)</sup> | 28.39% | 21.12% |

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<sup>(1)</sup> The per share data was derived by using the weighted average shares outstanding during the period.

<sup>(2)</sup> The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company's shares in relation to fluctuating market values for the portfolio.

<sup>(3)</sup> The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 8 Net Assets).

<sup>(4)</sup> Total return based on NAV is calculated as the change in NAV per share during the period, assuming dividends and distributions, including those distributions that have been declared.

<sup>(5)</sup> The computation of average net assets during the year is based on averaging net assets for the period reported.

<sup>(6)</sup> Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the years reported.

<sup>(7)</sup> Net realized gain (loss) includes net realized gain (loss) on investments, net realized gain (loss) on forward currency exchange contracts, and net realized gain (loss) on foreign currency transactions.

<sup>(8)</sup> Net increase in net assets resulting from operations per share in these financial highlights may be different from the net increase (decrease) in net assets per share on the Consolidated Statements of Operations due to changes in the number of weighted average shares outstanding and the effects of rounding.

<sup>(9)</sup> For the nine months ended September 30, 2025 and 2024, amounts are annualized except for organization costs, incentive fee and expense support received from and recouped by the Advisor. For the nine months ended September 30, 2025 and 2024, the total operating expenses to average net assets were 10.08% and 13.95% 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 November 14, 2025, 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 September 30, 2025, except as discussed below.

*Distribution Declaration*

On October 16, 2025, the Board declared net distributions of $0.1875 per Class I share, which are payable on or about November 28, 2025 to shareholders of record as of October 31, 2025.

*Share Repurchase*

On November 3, 2025, the Company commenced a tender offer to repurchase up to 5% of its Class I shares outstanding as of September 30, 2025 that will close on December 10, 2025.

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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 mezzanine debt and other junior securities, including 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.

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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.

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, 2024. 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 September 30, 2025 and December 31, 2024, 93.5% and 98.2%, respectively, of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments

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that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

**Expenses**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•organization and offering expenses associated with the offering of the Common Shares (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Company's systems and those of participating broker-dealers, reasonable bona fide due diligence expenses of participating broker- dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Company's escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and costs, expenses 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;

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

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

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

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

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

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

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

&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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses associated with the preparation and issuance of the Company's periodic reports and related statements (e.g., Consolidated Financial Statements and tax returns) and other internal and third-party printing (including a flat service fee), publishing (including time spent performing such printing and publishing services) and reporting-related expenses (including other notices and communications) in respect of the Company and its activities (including internal expenses, charges and/or related costs incurred, charged or specifically attributed or allocated by the Company or the Advisor or its affiliates in connection with such provision of services thereby);

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

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

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

&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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings; notices or disclosures related to the Company's activities (including, without limitation, expenses relating to the preparation and filing of filings required under the Securities Act, TIC Form SLT filings, Internal Revenue Service filings under the Foreign Account Tax Compliance Act and Report of Foreign Bank and Financial Accounts reporting requirements applicable to the Company or reports to be filed with the CFTC, reports, disclosures, filings and notifications prepared in connection with the laws and/or regulations of jurisdictions in which the Company engages in activities, including any notices, reports and/or filings required under the AIFMD, European Securities and Markets Authority and any related regulations, and other regulatory filings, notices or disclosures of the Advisor relating to the Company and its affiliates relating to the Company, and their activities) and/or other regulatory filings, notices or disclosures of the Advisor and its affiliates relating to the Company including those pursuant to applicable disclosure laws and expenses relating to Freedom of Information Act requests, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Company and its activities;

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

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

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

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To the extent that expenses to be borne by us are paid by our Advisor, we will generally reimburse our Advisor for such expenses. To the extent the Administrator outsources any of its functions, we will pay the fees associated with such functions on a direct basis without profit to the Administrator. We also reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including rent and compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley Act internal control assessment and fees paid to third-party providers for goods or services. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to our business and affairs, and will be subject to oversight by the Board. We incurred expenses related to the Administrator of $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the Administrator of $0.4 million and $0.4 million for the nine months ended September 30, 2025 and 2024, 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 $0.3 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the sub-administrator of $0.5 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Advisor will not be reimbursed to the extent that such reimbursements would cause any distributions to our shareholders to constitute a return of capital. All of the foregoing expenses are ultimately borne by our shareholders.

BCSF Advisors, LP, in its capacity as our investment adviser prior to September 28, 2023, and the Advisor advanced all expenses incurred on our behalf through the date on which we broke escrow for our offering.

**Leverage**

From time to time, we may borrow funds, including under our credit facilities, or issue debt securities or preferred securities to make additional investments or for other purposes. This is known as "leverage" and could increase or decrease returns to our shareholders. The use of borrowed funds or the proceeds of preferred securities offerings to make investments has specific benefits and risks, and all of the costs of borrowing funds or issuing preferred securities are borne by our shareholders. As a BDC, with certain limited exceptions, we may only borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is in compliance with the ratio for BDCs set forth in the 1940 Act. The Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met). As of September 30, 2025 and December 31, 2024, the Company's asset coverage ratio was 213.6% and 194.8%, respectively.

Our leverage may take the form of revolving or term loans from financial institutions, secured or unsecured bonds, securitization of portions of our investment portfolio via collateralized loan obligations or preferred shares.

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**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.

***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.

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***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 September 30, 2025, we invested $290.9 million, including PIK, in 61 portfolio companies, and had $113.8 million in aggregate amount of principal repayment and sales, resulting in a net increase in investment of $177.1 million for the period. Of the $290.9 million invested during the three months ended September 30, 2025, $21.0 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the three months ended September 30, 2024, we invested $198.7 million, including PIK, in 31 portfolio companies, and had $37.2 million in aggregate amount of principal repayment and sales, resulting in a net increase in investment of $161.5 million for the period. Of the $198.7 million invested during the three months ended September 30, 2024, $30.4 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the nine months ended September 30, 2025, we invested $930.4 million, including PIK, in 134 portfolio companies, and had $295.9 million in aggregate amount of principal repayment and sales, resulting in a net increase in investment of $634.5 million for the period. Of the $930.4 million invested during the nine months ended September 30, 2025, $81.1 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the nine months ended September 30, 2024, we invested $387.6 million, including PIK, in 63 portfolio companies, and had $71.0 million in aggregate amount of principal repayment and sales, resulting in a net increase in investment of $316.6 million for the period. Of the $387.6 million invested during the nine months ended September 30, 2024, $32.1 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 September 30, 2025 (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 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 | 1200646 | 88.8% | $1203456 | 88.0% | 9.9% | 9.9% |
| Second Lien Senior Secured Loan | 18752 | 1.4 | 18749 | 1.4 | 12.4 | 12.4 |
| Subordinated Debt | 77685 | 5.7 | 78484 | 5.7 | 15.8 | 15.8 |
| Preferred Equity | 16899 | 1.2 | 18277 | 1.3 | 9.5 | 9.1 |
| Equity Interest | 18079 | 1.3 | 26070 | 1.9 | N/A | N/A |
| Warrants |  | 0.0 | 915 | 0.1 | N/A | N/A |
| Subordinated Notes in Investment Vehicles <sup>(2)</sup> | 17240 | 1.3 | 17240 | 1.3 | 10.0 | 10.0 |
| Preferred Equity Interest in Investment Vehicles <sup>(2)</sup> | 10 | 0.0 | 105 | 0.0 | N/A | N/A |
| Equity Interests in Investment Vehicles <sup>(2)</sup> | 3875 | 0.3 | 4073 | 0.3 | 9.5 | 9.0 |
| Total | $1353186 | 100.0% | $1367369 | 100.0% | 10.3% | 10.3% |

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<sup>(1)</sup> Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our shareholders.

<sup>(2)</sup> Represents debt and equity investment in SLP II.

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2024 (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  |  |  |  |  | **Weighted Average** | **Weighted Average** |
|  |  |  |  |  | **Yield** <sup>(1)</sup> | **Yield** <sup>(1)</sup> |
|  |  |  |  |  | **at** | **at** |
|  |  | **Percentage of** |  | **Percentage of** | **Amortized** | **Market** |
|  | **Amortized Cost** | **Total Portfolio** | **Fair Value** | **Total Portfolio** | **Cost** | **Value** |
| First Lien Senior Secured Loan | $687623 | 95.9% | $685846 | 95.7% | 11.1% | 11.1% |
| Preferred Equity | 14360 | 2.0 | 14694 | 2.0 | 13.6 | 13.6 |
| Equity Interest | 9529 | 1.3 | 10984 | 1.5 |  |  |
| Subordinated Debt | 5399 | 0.8 | 5147 | 0.7 | 13.8 | 13.8 |
| Warrants |  |  | 628 | 0.1 |  |  |
| Total | $716911 | 100.0% | $717299 | 100.0% | 11.2% | 11.2% |

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<sup>(1)</sup> Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our shareholders.

The following table presents certain selected information regarding our investment portfolio as of September 30, 2025:

---

| | |
|:---|:---|
|  | **As of** |
|  | **September 30, 2025** |
| Number of portfolio companies | 141 |
| Percentage of debt bearing a floating rate <sup>(1)</sup> | 93.5% |
| Percentage of debt bearing a fixed rate <sup>(1)</sup> | 6.5% |

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

The following table presents certain selected information regarding our investment portfolio as of December 31, 2024:

---

| | |
|:---|:---|
|  | **As of** |
|  | **December 31, 2024** |
| Number of portfolio companies | 86 |
| Percentage of debt bearing a floating rate <sup>(1)</sup> | 98.2% |
| Percentage of debt bearing a fixed rate <sup>(1)</sup> | 1.8% |

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

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of September 30, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Amortized Cost** | **Percentage at<br>Amortized Cost** | **Fair Value** | **Percentage at<br>Fair Value** |
| Performing | 1339009 | 99.0% | 1358130 | 99.3% |
| Non-accrual | 14177 | 1.0 | 9239 | 0.7 |
| Total | $1353186 | 100.0% | $1367369 | 100.0% |

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The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2024 (dollars in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Percentage at<br>Amortized Cost** | **Fair Value** | **Percentage at<br>Fair Value** |
| Performing | 716911 | 100.0% | 717299 | 100.0% |
| Non-accrual |  |  |  |  |
| Total | $716911 | 100.0% | $717299 | 100.0% |

---

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 September 30, 2025 and December 31, 2024, there was one and zero loans placed on non-accrual in the Company's portfolio, respectively.

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of September 30, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Amortized<br>Cost** | **Percentage<br>of Total** | **Fair<br>Value** | **Percentage<br>of Total** |
| First Lien Senior Secured Loan | 1200646 | 86.2% | 1203456 | 85.4% |
| Second Lien Senior Secured Loan | 18752 | 1.3 | 18749 | 1.3 |
| Subordinated Debt | 77685 | 5.6 | 78484 | 5.6 |
| Preferred Equity | 16899 | 1.2 | 18277 | 1.3 |
| Equity Interest | 18079 | 1.3 | 26070 | 1.9 |
| Warrants |  | 0.0 | 915 | 0.1 |
| Subordinated Notes in Investment Vehicles <sup>(1)</sup> | 17240 | 1.2 | 17240 | 1.2 |
| Preferred Equity Interest in Investment Vehicles <sup>(1)</sup> | 10 | 0.0 | 105 | 0.0 |
| Equity Interests in Investment Vehicles <sup>(1)</sup> | 3875 | 0.3 | 4073 | 0.3 |
| Cash and cash equivalents | 38270 | 2.7 | 38270 | 2.7 |
| Foreign cash | 3146 | 0.2 | 3196 | 0.2 |
| Restricted cash | 50 | 0.0 | 50 | 0.0 |
| Total | $1394652 | 100.0% | $1408885 | 100.0% |

---

------

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

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The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of December 31, 2024 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized<br>Cost** | **Percentage<br>of Total** | **Fair<br>Value** | **Percentage<br>of Total** |
| First Lien Senior Secured Loan | 687623 | 93.8% | 685846 | 93.5% |
| Preferred Equity | 14360 | 2.0 | 14694 | 2.0 |
| Equity Interest | 9529 | 1.3 | 10984 | 1.5 |
| Warrants |  | 0.0 | 628 | 0.1 |
| Subordinated Debt | 5399 | 0.7 | 5147 | 0.7 |
| Cash and Cash Equivalents | 15441 | 2.1 | 15441 | 2.1 |
| Restricted Cash | 50 | 0.0 | 50 | 0.0 |
| Foreign Cash | 1006 | 0.1 | 898 | 0.1 |
| Total | $733408 | 100.0% | $733688 | 100.0% |

---

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.

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&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 September 30, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **Investment Performance Rating** | **Fair Value** | **Percentage<br>of Total** | **Number of<br>Companies** <sup>(1)</sup> | **Percentage<br>of Total** |
| 1 | 1555 | 0.1% | 1 | 0.7% |
| 2 | 1356575 | 99.2 | 139 | 98.6 |
| 3 |  |  |  |  |
| 4 | 9239 | 0.7 | 1 | 0.7 |
| Total | $1367369 | 100.0% | 141 | 100.0% |

---

------

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

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

---

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

---

------

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

**Bain Capital Senior Loan Program II, LLC**

On December 27, 2024, the Company and an entity advised by Amberstone Co., Ltd. ("Amberstone"), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program II, LLC ("SLP II"). Pursuant to an amended and restated limited liability company agreement between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP II. Total initial capital commitments to SLP II 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.

As of September 30, 2025, the Company's investment in SLP II consisted of subordinated notes of $17.2 million, preferred equity interests of $0.1 million and equity interests of $4.1 million. As of December 31, 2024, SLP II had not commenced operations and the Company had no investment in SLP II. The Company and Amberstone each appointed two members to SLP II's four-person Member Designees' Committee. All material decisions with respect to SLP II, including those involving its investment portfolio, require unanimous approval of a quorum of 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:

---

| | |
|:---|:---|
|  | **As of** |
|  | **September 30, 2025** |
| Total investments | $142350 |
| Weighted average yield on investments | 9.6% |
| Number of borrowers in SLP II | 27 |
| Largest portfolio company investment | $10000 |
| Total of five largest portfolio company investments | $34801 |
| Unfunded commitments | $— |

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***Results of Operations***

Our operating results for the three months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Total investment income | 36434 | 15330 |
| Total expenses, net of fee waivers | 20151 | 7517 |
| Net investment income before taxes | 16283 | 7813 |
| Less: Income taxes, including excise tax | 130 | 69 |
| Net investment income | 16153 | 7744 |
| Net realized loss | (237) | (234) |
| Net change in unrealized appreciation | 5424 | (94) |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | $21340 | $7416 |

---

Our operating results for the nine months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Total investment income | $88338 | $33722 |
| Total expenses, net of fee waivers | 46638 | 17260 |
| Net investment income before taxes | 41700 | 16462 |
| Less: Income taxes, including excise tax | 343 | 115 |
| Net investment income | 41357 | 16347 |
| Net realized (gain) loss | 596 | (91) |
| Net change in unrealized appreciation | 6410 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | $48363 | $16819 |

---

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 September 30, 2025 and 2024 was as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Interest from investments | 30306 | 12330 |
| Dividend income | 742 | 949 |
| PIK income | 3422 | 143 |
| Other income | 1964 | 1908 |
| Total investment income | $36434 | $15330 |

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Interest income from investments, which includes interest and accretion of discounts and fees, increased to $30.3 million for the three months ended September 30, 2025 from $12.3 million for the three months ended September 30, 2024, due to an increase in investment portfolio size. Dividend income decreased to $0.7 million for the three months ended September 30, 2025 from $0.9 million for the three months ended September 30, 2024, due to a decrease in dividend income from certain equity investments. PIK income increased to $3.4 million for the three months ended September 30, 2025 from $0.1 million for the three months ended September 30, 2024, due to an increase in investment portfolio size and the number of investments earning PIK income. Other income increased to approximately $2.0 million for the three months ended September 30, 2025 from $1.9 million for the three months ended September 30, 2024, primarily due to increases in investment portfolio size and upfront, commitment and closing fees earned on certain investments. As of September 30, 2025, the weighted average yield of our investment portfolio decreased to 10.3% from 11.5% as of September 30, 2024, at amortized cost.

The composition of our investment income for the nine months ended September 30, 2025 and 2024 was as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Interest from investments | 73668 | 29025 |
| Dividend income | 1550 | 949 |
| PIK income | 6612 | 171 |
| Other income | 6508 | 3577 |
| Total investment income | $88338 | $33722 |

---

Interest income from investments, which includes interest and accretion of discounts and fees, increased to $73.7 million for the nine months ended September 30, 2025 from $29.0 million for the nine months ended September 30, 2024, due to an increase in investment portfolio size. Dividend income increased to $1.6 million for the nine months ended September 30, 2025 from $0.9 million for the nine months ended September 30, 2024, due to an increase in investment portfolio size. PIK income increased to $6.6 million for the nine months ended September 30, 2025 from $0.2 million for the nine months ended September 30, 2024 due to an increase in investment portfolio size and the number of investments earning PIK income. Other income increased to approximately $6.5 million for the nine months ended September 30, 2025 from $3.6 million for the nine months ended September 30, 2024, primarily due to increases in investment portfolio size and upfront, commitment and closing fees earned on certain investments. As of September 30, 2025, the weighted average yield of our investment portfolio decreased to 10.3% from 11.5% as of September 30, 2024, at amortized cost.

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***Operating Expenses***

The composition of our operating expenses for the three months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Interest and debt financing expenses | $11218 | $4307 |
| Incentive fee on income | 3122 | 1366 |
| Incentive fee on capital gains | 1505 |  |
| Professional fees and operating expenses | 412 | 1106 |
| Base management fee | 2578 | 872 |
| Amortization of deferred offering costs |  | 353 |
| Trustee fees | 114 | 108 |
| Organization costs |  |  |
| Other general and administrative expenses | 1045 |  |
| &nbsp;&nbsp;Total expenses, before fee waivers | $19994 | $8112 |
| Expense recoupment (support) | 157 | (595) |
| &nbsp;&nbsp;Total expenses, net of fee waivers | $20151 | $7517 |

---

The composition of our operating expenses for the nine months ended September 30, 2025 and 2024 were as follows (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Interest and debt financing expenses | $26853 | $10714 |
| Incentive fee on income | 7569 | 2886 |
| Incentive fee on capital gains | 1505 |  |
| Professional fees and operating expenses | 1024 | 2186 |
| Base management fee | 6271 | 2034 |
| Amortization of deferred offering costs |  | 1051 |
| Trustee fees | 337 | 324 |
| Organization costs |  | 219 |
| Other general and administrative expenses | 2732 |  |
| &nbsp;&nbsp;Total expenses, before fee waivers | $46291 | $19414 |
| Expense recoupment (support) | 347 | (2154) |
| &nbsp;&nbsp;Total expenses, net of fee waivers | $46638 | $17260 |

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***Interest and Debt Financing Expenses***

Interest and debt financing expenses on our borrowings totaled approximately $11.2 million and $4.3 million for the three months ended September 30, 2025 and 2024, respectively. The increase was driven by an increase in portfolio and investment activities. Interest and debt financing expenses on our borrowings totaled approximately $26.9 million and $10.7 million for the nine months ended September 30, 2025 and 2024, 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 September 30, 2025 and 2024 was $636.2 million and $201.2 million, respectively. The weighted average principal debt balance outstanding for the nine months ended September 30, 2025 and 2024 was $494.5 million and $165.2 million, respectively.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and 2024 was 6.5% and 8.0%, respectively.

***Management Fee***

Management fee (net of waivers) increased to $2.6 million for the three months ended September 30, 2025 from $0.9 million for the three months ended September 30, 2024. Management fee waived for the three months ended September 30, 2025 and 2024, was $0.0 million and $0.0 million, respectively.

Management fee (net of waivers) increased to $6.3 million for the nine months ended September 30, 2025 from $2.0 million for the nine months ended September 30, 2024. Management fee waived for the nine months ended September 30, 2025 and 2024, was $0.0 million and $0.0 million, respectively.

***Incentive Fee***

Incentive fee on income increased to $3.1 million for the three months ended September 30, 2025 from $1.4 million for the three months ended September 30, 2024. The increase was driven by an increase in pre-incentive fee net investment income due to the increase in portfolio size. Incentive fee on capital gains increased to $1.5 million for the three months ended September 30, 2025, from $0.0 million for the three months ended September 30, 2024. The increase was driven by the net cumulative capital gains.

Incentive fee on income increased to $7.6 million for the nine months ended September 30, 2025 from $2.9 million for the nine months ended September 30, 2024. The increase was driven by an increase in pre-incentive fee net investment income due to the increase in portfolio size. Incentive fee on capital gains increased to $1.5 million for the nine months ended September 30, 2025, from $0.0 million for the nine months ended September 30, 2024. The increase was driven by the net cumulative capital gains.

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

Professional fees and other general and administrative expenses increased to $1.5 million for the three months ended September 30, 2025 from $1.1 million for the three months ended September 30, 2024, primarily due to an increase in costs associated with servicing our investment portfolio.

Professional fees and other general and administrative expenses increased to $3.8 million for the nine months ended September 30, 2025 from $2.2 million for the nine months ended September 30, 2024, primarily due to an increase in costs associated with servicing our investment portfolio as investment activities continue to ramp.

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

We have entered into an Expense Support Agreement with the Advisor. For additional information see Note 5. "Agreements and Related Party Transactions Investment Advisory Agreement". For the three months ended September 30, 2025 the Company did not receive expense support from the Advisor, and repaid the Advisor $0.2 million for expenses previously paid by the Advisor on behalf of the Company. For the three months ended September 30, 2024, the Company received $0.6 million in expense support from the Advisor and did not make any repayments. For the nine months ended September 30, 2025 the Company did not receive expense support from the Advisor, and repaid the Advisor $0.3 million for expenses previously paid by the Advisor on behalf of the Company. For the nine months ended September 30, 2024, the Company received $2.2 million in expense support from the Advisor and did not make any repayments.

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

The following table summarizes our net realized and unrealized gains (losses) for the three months ended September 30, 2025 and 2024 (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Net realized gain on investments | 452 | 37 |
| Net realized loss on investments | (466) | (67) |
| Net realized gain on foreign currency transactions | 79 | 107 |
| Net realized loss on foreign currency transactions | (11) | (20) |
| Net realized loss on foreign currency of debt | (2) | (252) |
| Net realized gain on forward currency exchange contracts |  |  |
| Net realized loss on forward currency exchange contracts | (289) | (39) |
| Net realized gains (losses) | $(237) | $(234) |
| Change in unrealized appreciation on investments | 7105 | 2543 |
| Change in unrealized depreciation on investments | (2814) | (745) |
| Net change in unrealized appreciation on investments | 4291 | 1798 |
| Unrealized appreciation on foreign currency translation | (91) |  |
| Unrealized appreciation on forward currency exchange contracts | 698 | (459) |
| Net change in unrealized appreciation on foreign currency and forward currency exchange contracts | 607 | (459) |
| Unrealized appreciation on foreign currency translation on debt | 526 | (1433) |
| Net change in unrealized appreciation | $5424 | $(94) |

---

For the three months ended September 30, 2025 and 2024, we had net realized gains (losses) on investments of $0.0 million and $0.0 million, respectively. For the three months ended September 30, 2025 and 2024, we had net realized gains (losses) on foreign currency transactions of $0.1 million and $0.1 million, respectively, primarily as a result of fluctuations in the EUR exchange rate. For the three months ended September 30, 2025 and 2024, we had net realized gains (losses) on forward currency contracts of $(0.3) million and $0.0 million, respectively, primarily as a result of fluctuations in the EUR, GBP, and AUD exchange rates.

For the three months ended September 30, 2025, we had $7.1 million in unrealized appreciation on 49 portfolio company investments, which was offset by $2.8 million in unrealized depreciation on 100 portfolio company investments. Unrealized appreciation for the three months ended September 30, 2025 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the three months ended September 30, 2025 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

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For the three months ended September 30, 2024, we had $2.5 million in unrealized appreciation on 22 portfolio company investments, which was offset by $0.7 million in unrealized depreciation on 47 portfolio company investments. Unrealized appreciation for the three months ended September 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation was primarily due to a widening of credit spreads and negative valuation adjustments.

For the three months ended September 30, 2025 and 2024, we had unrealized appreciation on forward currency exchange contracts of $0.7 million and $(0.5) million, respectively. For three months ended September 30, 2025, unrealized depreciation on forward currency exchange contracts was primarily due to EUR, GBP, and NZD forward contracts. For the three months ended September 30, 2024, unrealized appreciation on forward currency exchange contracts were due to EUR forward contracts. Unrealized depreciation on foreign currency translation was primarily due to foreign exchange translation on foreign denominated debt in the GS Revolving Credit Facility and JPM Revolving Credit Facility.

The following table summarizes our net realized and unrealized gains (losses) for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Net realized gain on investments | $1105 | $197 |
| Net realized loss on investments | (1534) | (86) |
| Net realized gain on foreign currency transactions | 570 | 218 |
| Net realized loss on foreign currency transactions |  | (158) |
| Net realized loss on foreign currency of debt | (2) | (264) |
| Net realized gain on forward currency exchange contracts | 505 | 41 |
| Net realized loss on forward currency exchange contracts | (48) | (39) |
| Net realized gains (losses) | $596 | $(91) |
| Change in unrealized appreciation on investments | $18874 | $4137 |
| Change in unrealized depreciation on investments | (5079) | (2349) |
| Net change in unrealized appreciation on investments | 13795 | 1788 |
| Change in unrealized appreciation on foreign currency translation | 157 | (9) |
| Change in unrealized appreciation on forward currency exchange contracts | (4625) | (112) |
| Net change in unrealized appreciation on foreign currency and forward currency exchange contracts | (4468) | (121) |
| Change in unrealized appreciation on foreign currency translation on debt | (2917) | (1104) |
| Net change in unrealized appreciation | $6410 | $563 |

---

For the nine months ended September 30, 2025 and 2024, we had net realized gains (losses) on investments of $(0.4) million and $0.1 million, respectively, which were primarily driven by full or partial sales or paydowns of our investments. For the nine months ended September 30, 2025 and 2024, we had net realized gains (losses) on foreign currency transactions of $0.6 million and $0.1 million, respectively, primarily as a result of fluctuations in the EUR, GBP, NZD and AUD exchange rates. For the nine months ended September 30, 2025 and 2024, we had net realized gains (losses) on forward currency contracts of $0.5 million and $0.0 million, respectively, primarily as a result of settling EUR and NZD forward contracts.

For the nine months ended September 30, 2025, we had $18.9 million in unrealized appreciation on 75 portfolio company investments, which was offset by $5.1 million in unrealized depreciation on 75 portfolio company investments. Unrealized appreciation for nine months ended September 30, 2025 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation was primarily due to a widening of credit spreads and negative valuation adjustments.

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For the nine months ended September 30, 2024, we had $4.1 million in unrealized appreciation on 57 portfolio company investments, which was offset by $2.3 million in unrealized depreciation on 49 portfolio company investments. Unrealized appreciation for the nine months ended September 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation was primarily due to widening of credit spreads and negative valuation adjustments.

For the nine months ended September 30, 2025 and 2024, we had unrealized appreciation on forward currency exchange contracts of $(4.6) million and $(0.1) million, respectively. For nine months ended September 30, 2025, unrealized depreciation on forward currency exchange contracts were due to EUR, GBP, AUD, and NZD forward contracts. For the nine months ended September 30, 2024, unrealized depreciation on forward currency exchange contracts were due to EUR forward contracts. Unrealized depreciation on foreign currency translation was primarily due to foreign exchange translation on foreign denominated debt in the GS Revolving Credit Facility and JPM Revolving Credit Facility.

The following table summarizes the impact of foreign currency for the three months ended September 30, 2025 and 2024 (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Net realized loss on foreign currency of debt | (2) | (252) |
| Net realized gain on foreign currency transactions | 68 | 87 |
| Net realized loss on forward currency exchange contracts | (289) | (39) |
| Net change in unrealized appreciation on investments due to foreign currency translation | (857) | 2226 |
| Net change in unrealized appreciation on foreign currency translation | (91) |  |
| Net change in unrealized appreciation on forward currency exchange contracts | 698 | (459) |
| Net change in unrealized appreciation on debt foreign currency translation | 526 | (1433) |
| Foreign currency impact to net increase in net assets resulting from operations | $53 | $130 |

---

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $(0.4) million and $0.6 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 September 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $0.4 million and $(0.5) million, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $0.1 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively.

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The following table summarizes the impact of foreign currency for the nine months ended September 30, 2025 and 2024 (dollars in thousands):

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Net realized loss on foreign currency of debt | $(2) | $(264) |
| Net realized gain (loss) on foreign currency transactions | 570 | 60 |
| Net realized gain on forward currency exchange contracts | 457 | 2 |
| Net change in unrealized appreciation on investments due to foreign currency translation | 6626 | 1629 |
| Net change in unrealized appreciation on foreign currency translation | 157 | (9) |
| Net change in unrealized appreciation on forward currency exchange contracts | (4625) | (112) |
| Net change in unrealized appreciation on debt due to foreign currency | (2917) | (1104) |
| Foreign currency impact to net increase in net assets resulting from operations | $266 | $202 |

---

Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $4.4 million and $0.3 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 nine months ended September 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $(4.2) million and $(0.1) million, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $0.3 million and $0.2 million for the nine months ended September 30, 2025 and 2024, 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 September 30, 2025 and 2024, the net increase in net assets resulting from operations was $21.3 million and $7.4 million, respectively. Based on the weighted average Common Shares outstanding for the three months ended September 30, 2025 and 2024, our per share net increase in net assets resulting from operations was $0.77 and $0.73, respectively.

For the nine months ended September 30, 2025 and 2024, the net increase in net assets resulting from operations was $48.4 million and $16.8 million, respectively. Based on the weighted average Common Shares outstanding for the nine months ended September 30, 2025 and 2024, our per share net increase in net assets resulting from operations was $2.06 and $2.38, respectively.

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***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 September 30, 2025 and December 31, 2024, the Company had $671.0 million and $378.1 million outstanding senior securities, respectively.

As of September 30, 2025 and December 31, 2024, we had $41.5 million and $16.4 million in cash, foreign cash, restricted cash and cash equivalents, respectively.

At September 30, 2025, we had approximately $351.0 million of availability on our SMBC Revolving Credit Facility, $2.1 million of availability on our GS Revolving Credit Facility and $2.2 million of availability on our JPM Revolving Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2024, we had approximately $243.0 million of availability on our SMBC Revolving Credit Facility, $9.9 million of availability on our GS Revolving Credit Facility and $134.0 million of availability on our JPM Revolving Credit Facility, subject to existing terms and regulatory requirements.

For the nine months ended September 30, 2025, cash, foreign cash, restricted cash, and cash equivalents increased by $25.1 million. During the nine months ended September 30, 2025, we used $617.1 million in cash for operating activities. The increase in cash used for operating activities was primarily related to the purchases of investments of $919.7 million, which was offset by proceeds from principal payments and sales of investments of $268.4 million and a net increase in assets resulting from operations of $48.4 million.

During the nine months ended September 30, 2025, we utilized $641.5 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 offset by repayments of debt.

For the nine months ended September 30, 2024, cash, foreign cash, restricted cash, and cash equivalents decreased by $11.4 million. During the nine months ended September 30, 2024, we used $306.3 million in cash for operating activities. The increase in cash used for operating activities was primarily related to the purchases of investments of $391.1 million, which was offset by proceeds from principal payments and sales of investments of $73.2 million and a net increase in assets resulting from operations of $16.8 million.

During the nine months ended September 30, 2024, we provided $294.8 million for financing activities, primarily due to borrowings on the GS Revolving Credit Facility, JPM Revolving Credit Facility and SMBC Revolving Credit Facility, proceeds from issuance of Common Shares and distributions paid to shareholders.

***Equity***

As of December 31, 2024, the Company had 13,988,959 Class I shares, 0 Class S shares and 0 Class D shares issued and outstanding.

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As of September 30, 2025, the Company had 29,429,825 Class I shares, 0 Class S shares and 0 Class D shares issued and outstanding.

***Debt***

The Company's outstanding borrowings as of September 30, 2025 and December 31, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Total Aggregate** | **Principal** |  | **Total Aggregate** | **Principal** |  |
|  | **Principal Amount** | **Amount** | **Carrying** | **Principal Amount** | **Amount** | **Carrying** |
|  | **Committed** | **Outstanding** | **Value** | **Committed** | **Outstanding** | **Value** |
| GS Revolving Credit Facility | 200000 | 197934 | 197934 | 200000 | 190060 | 190060 |
| JPM Revolving Credit Facility | 250000 | 247809 | 247809 | 250000 | 116041 | 116041 |
| SMBC Revolving Credit Facility | 575000 | 224000 | 224000 | 315000 | 72000 | 72000 |
| Series 2025 Senior Notes | 275000 |  | 1290 |  |  |  |
| Total Debt | $1300000 | $669743 | $671033 | $765000 | $378101 | $378101 |

---

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 nine months ended September 30, 2025 (dollars in thousands):

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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 |
| April 24, 2025 | April 30, 2025 | May 30, 2025 | 0.1875 | 4616 |
| May 28, 2025 | May 30, 2025 | June 30, 2025 | 0.1875 | 4654 |
| June 25, 2025 | June 30, 2025 | July 31, 2025 | 0.2475 | 6211 |
| July 18, 2025 | July 31, 2025 | August 29, 2025 | 0.1875 | 4781 |
| August 27, 2025 | August 29, 2025 | September 30, 2025 | 0.1875 | 5248 |
| September 26, 2025 | September 30, 2025 | October 31, 2025 | 0.2175 | 6401 |
| Total distributions declared |  |  | $1.7775 | $41169 |

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The following table summarizes distributions declared during the nine months ended September 30, 2024 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Amount** | **Total** |
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share** | **Distributions** |
| January 31, 2024 | January 31, 2024 | February 29, 2024 | $0.1875 | $892 |
| February 29, 2024 | February 29, 2024 | March 28, 2024 | 0.1875 | 979 |
| March 29, 2024 | March 28, 2024 | April 30, 2024 | 0.1875 | 1031 |
| April 30, 2024 | April 30, 2024 | May 31, 2024 | 0.1875 | 1062 |
| May 30, 2024 | May 31, 2024 | June 28, 2024 | 0.1875 | 1133 |
| June 27, 2024 | June 28, 2024 | July 31, 2024 | 0.1875 | 1206 |
| July 17, 2024 | July 31, 2024 | August 31, 2024 | 0.1875 | 1835 |
| August 23, 2024 | August 30, 2024 | September 30, 2024 | 0.1875 | 1914 |
| September 26, 2024 | September 30, 2024 | October 30, 2024 | 0.1875 | 1942 |
| Total distributions declared |  |  | $1.6875 | $11994 |

---

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 nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **During the Nine Months Ended September 30, 2025** | **During the Nine Months Ended September 30, 2025** | **During the Nine Months Ended September 30, 2025** | **During the Nine Months Ended September 30, 2025** | **During the Nine Months Ended September 30, 2025** | **During the Nine Months Ended September 30, 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 | $— | $— | $— | $— | $1.78 | $41169 |
| Net realized gains |  |  |  |  |  |  |
| Distribution in excess of net investment income |  |  |  |  |  |  |
|  | $— | $— | $— | $— | $1.78 | $41169 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **During the Nine Months Ended September 30, 2024** | **During the Nine Months Ended September 30, 2024** | **During the Nine Months Ended September 30, 2024** | **During the Nine Months Ended September 30, 2024** | **During the Nine Months Ended September 30, 2024** | **During the Nine Months Ended September 30, 2024** |
|  | **Class S** | **Class S** | **Class D** | **Class D** | **Class I** | **Class I** |
| **Source of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $— | $— | $— | $— | $1.69 | $11994 |
| Net realized gains |  |  |  |  |  |  |
| Distribution in excess of net investment income |  |  |  |  |  |  |
|  | $— | $— | $— | $— | $1.69 | $11994 |

---

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

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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 federal income tax.

The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.

**Distribution Reinvestment Plan**

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

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 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 must 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.

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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. 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 nine months ended September 30, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage of** |  |  |  |  |
|  | **Outstanding Shares** |  | **Amount** | **Number of Shares** | **Percentage of** |
| **Repurchase** | **the Company** | **Repurchase** | **Repurchased** | **Repurchased** | **Outstanding Shares** |
| **Deadline Request** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| March 3, 2025 | 5.00% | March 31, 2025 | $473 | 18400 | 0.10% |
| June 2, 2025 | 5.00% | June 30, 2025 | $1220 | 47427 | 0.27% |
| August 29, 2025 | 5.00% | September 30, 2025 | $5 | 191 | 0.00% |

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<sup>(1)</sup> Amounts shown are net of early repurchase deduction, if any.

<sup>(2)</sup> Percentage is based on total shares as of the close of the previous calendar quarter.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Percentage of** |  |  |  |  |
|  | **Outstanding Shares** |  | **Amount** | **Number of Shares** | **Percentage of** |
| **Repurchase** | **the Company** | **Repurchase** | **Repurchased** | **Repurchased** | **Outstanding Shares** |
| **Deadline Request** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| February 29, 2024 | 5.00% | March 31, 2024 | $— |  | 0.00% |
| May 31, 2024 | 5.00% | June 30, 2024 | $— |  | 0.00% |
| August 30, 2024 | 5.00% | September 30, 2024 | $— |  | 0.00% |

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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 September 30, 2025, the Company had $369.4 million of unfunded commitments under loan and financing agreements (dollars in thousands):

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Accident Care Alliance Holdco LLC - Delayed Draw | 8/20/2030 | $4190 |
| Accident Care Alliance Holdco LLC - Revolver | 8/20/2030 | 4190 |
| Advanced Aircrew - Revolver | 7/26/2030 | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 | 18213 |
| AeriTek Global CAD Acquisition Inc. - Revolver | 8/27/2030 | 922 |
| AGS American Glass Services Acquisition, LLC - Delayed Draw | 7/24/2031 | 3976 |
| AGS American Glass Services Acquisition, LLC - Revolver | 7/24/2031 | 1918 |
| Allbridge - Delayed Draw | 6/5/2030 | 2000 |
| Allbridge - Revolver | 6/5/2030 | 20 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 | 2170 |
| 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 | 5921 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 | 99 |
| ATS - Revolver | 7/12/2029 | 2222 |
| Avalon Bidco Limited - Delayed Draw | 4/16/2032 | 633 |
| Awayday - Delayed Draw | 5/6/2032 | 2453 |
| Awayday - Revolver | 5/6/2032 | 3186 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 | 4833 |
| Beacon Specialized Living - Revolver | 3/25/2028 | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 | 843 |
| Blackbird Purchaser, Inc. - Revolver | 12/19/2029 | 413 |
| BTX Precision - Delayed Draw | 7/25/2030 | 2266 |
| BTX Precision - Revolver | 7/25/2030 | 2297 |
| Chase Industries, Inc. - Revolver | 11/11/2027 | 412 |
| Chex Finer Foods, LLC - Delayed Draw | 6/6/2031 | 10208 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Chex Finer Foods, LLC - Revolver | 6/6/2031 | $4375 |
| Chilton - Delayed Draw | 2/5/2031 | 10277 |
| Chilton - Revolver | 2/5/2031 | 3147 |
| Choreo - Delayed Draw | 2/18/2028 | 3690 |
| City BBQ - Delayed Draw | 9/4/2030 | 7053 |
| City BBQ - Revolver | 9/4/2030 | 2519 |
| Concert Golf Partners Holdco LLC - Delayed Draw | 4/1/2031 | 4738 |
| 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 | 183 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 | 1572 |
| Discovery Senior Living - Revolver | 3/18/2030 | 695 |
| DTIQ - Delayed Draw | 9/30/2029 | 4199 |
| DTIQ - Revolver | 9/30/2029 | 2940 |
| Duraco - Revolver | 6/6/2029 | 637 |
| Easy Ice - Delayed Draw | 10/30/2030 | 3209 |
| Easy Ice - Revolver | 10/30/2030 | 1933 |
| 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 | 1000 |
| E-Tech Group - Revolver | 4/9/2030 | 731 |
| Facts Global Energy - Delayed Draw | 12/20/2031 | 588 |
| Facts Global Energy - Revolver | 6/20/2031 | 147 |
| Fiduciaire Jean-Marc Faber - Delayed Draw | 4/3/2032 | 1686 |
| Fifty U.S. Bidco Inc - Delayed Draw | 8/1/2031 | 4356 |
| Fifty U.S. Bidco Inc - Revolver | 8/1/2031 | 3920 |
| G702 Buyer, Inc. - Revolver | 7/2/2031 | 1506 |
| Govineer Solutions - Delayed Draw | 10/7/2030 | 6000 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Govineer Solutions - 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 |
| ICAT Logistics, Inc. - Delayed Draw | 3/1/2029 | 6592 |
| ICAT Logistics, Inc. - Revolver | 3/1/2029 | 998 |
| KAMC Holdings, Inc. - Revolver | 8/1/2031 | 2849 |
| 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 - Delayed Draw | 5/14/2032 | 367 |
| Meteor UK Bidco Limited - Revolver | 11/14/2031 | 183 |
| 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 | 2713 |
| Orion - Delayed Draw | 3/19/2027 | 192 |
| Orion - Delayed Draw | 3/19/2027 | 294 |
| Orion - Revolver | 3/19/2027 | 534 |
| 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 | 676 |
| PPT Group - Revolver | 2/28/2031 | 361 |
| Precision Concepts Parent Inc. - Delayed Draw | 8/2/2032 | 3048 |
| Precision Concepts Parent Inc. - Revolver | 8/2/2032 | 1564 |
| PRGX - Delayed Draw | 12/20/2030 | 7749 |

---

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---

| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Psychiatric Medical Care LLC - Revolver | 7/1/2032 | $3973 |
| Pure Wafer - Delayed Draw | 11/12/2030 | 1269 |
| 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 | 2322 |
| RedMed Operations - Delayed Draw | 2/28/2031 | 7323 |
| RedMed Operations - Revolver | 2/28/2031 | 1611 |
| RetailNext - Revolver | 12/5/2030 | 1334 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| Saturn Purchaser Corp. - Revolver | 7/22/2030 | 996 |
| SauceCo HoldCo, LLC - Revolver | 5/13/2030 | 4197 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 3557 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Solairus - Delayed Draw | 7/22/2030 | 4004 |
| Spotless Brands - Delayed Draw | 7/25/2028 | 1170 |
| Spotless Brands - Delayed Draw | 7/25/2028 | 9488 |
| Substantial Holdco Limited - Delayed Draw | 4/20/2030 | 19032 |
| Summer Fridays, LLC - Revolver | 5/16/2031 | 2579 |
| Tartan Bidco Pty. Ltd. - Delayed Draw | 12/31/2027 | 382 |
| Vasa Fitness, LLC - Delayed Draw | 8/15/2030 | 7655 |
| Vasa Fitness, LLC - Revolver | 8/15/2030 | 1053 |
| Vessco Water - Delayed Draw | 7/24/2031 | 1365 |
| Vessco Water - Revolver | 7/24/2031 | 996 |
| Wealth Enhancement Group - Delayed Draw | 10/2/2028 | 7199 |
| Wealth Enhancement Group - Revolver | 10/2/2028 | 293 |
| WU Holdco, Inc. - Delayed Draw | 4/15/2032 | 5460 |
| WU Holdco, Inc. - Revolver | 4/15/2032 | 1099 |
| Zeus Fire & Security - Delayed Draw | 12/11/2030 | 1326 |
| Zeus Fire & Security - Delayed Draw | 12/11/2030 | 15152 |
| Zeus Fire & Security - Revolver | 12/11/2030 | 1227 |
| **Total** |  | $**369379** |

---

<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 September 30, 2025.

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As of December 31, 2024, the Company had $147.4 million of unfunded commitments under loan and financing agreements (dollars in thousands):

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Advanced Aircrew Academy, LLC - Revolver | 7/26/2030 | $— | 643 |
| AEG Vision - Delayed Draw | 3/27/2027 |  | 4500 |
| AEG Vision - Delayed Draw | 3/27/2026 |  | 1020 |
| AgroFresh Solutions - Revolver | 3/31/2028 |  | 98 |
| Alert SRC Newco, LLC - Delayed Draw | 12/11/2030 |  | 4091 |
| Alert SRC Newco, LLC - Revolver | 12/11/2030 |  | 1227 |
| Allbridge, LLC - Delayed Draw | 6/5/2030 |  | 2000 |
| Allbridge, LLC - Revolver | 6/5/2030 |  | 20 |
| Allworth Financial Group, L.P. - Revolver | 12/23/2027 |  | 176 |
| Allworth Financial Group, L.P. - Delayed Draw | 12/23/2027 |  | 3663 |
| AMI Buyer, Inc - Revolver | 10/17/2031 |  | 1727 |
| Apollo Intelligence - Delayed Draw | 5/31/2028 |  | 1188 |
| ASP-r-pac Acquisition Co LLC - Revolver | 12/29/2027 |  | 169 |
| Aviation Technical Services, Inc. - Revolver | 7/12/2029 |  | 2222 |
| Beacon Specialized Living - Delayed Draw | 3/25/2028 |  | 5970 |
| Beacon Specialized Living - Revolver | 3/25/2028 |  | 597 |
| Blackbird Purchaser, Inc. - Delayed Draw | 12/19/2030 |  | 1327 |
| Blackbird Purchaser, Inc. - Revolver | 12/29/2029 |  | 1031 |
| Chase Industries, Inc. - Revolver | 5/12/2025 |  | 388 |
| Choreo - Delayed Draw | 2/18/2028 |  | 3750 |
| City Barbeque, LLC - Delayed Draw | 9/4/2030 |  | 7053 |
| City Barbeque, LLC - Revolver | 9/4/2030 |  | 2519 |
| Concessions Development Group, LLC - Delayed Draw | 6/21/2029 |  | 410 |
| Cube - Delayed Draw | 5/20/2031 |  | 78 |
| Cube - First Lien Senior Secured Loan | 2/20/2025 |  | 22 |
| Discovery Senior Living - Delayed Draw | 3/18/2030 |  | 3472 |
| Discovery Senior Living - Revolver | 3/18/2030 |  | 695 |
| DTIQ Technologies, Inc. - Delayed Draw | 9/30/2029 |  | 4199 |
| DTIQ Technologies, Inc. - Revolver | 9/30/2029 |  | 3150 |
| Duraco - Revolver | 6/6/2029 |  | 510 |
| Easy Ice, LLC - Delayed Draw | 10/30/2030 |  | 4203 |
| Easy Ice, LLC - Revolver | 10/30/2030 |  | 2101 |
| Electronic Merchant Systems, LLC - Revolver | 8/1/2030 |  | 814 |
| ERA Industries, LLC - Delayed Draw | 7/25/2030 |  | 1302 |
| ERA Industries, LLC - Revolver | 7/25/2030 |  | 2297 |
| E-Tech Group - Revolver | 4/9/2030 |  | 731 |
| Fiesta Holdings, LLC - Revolver | 10/23/2029 |  | 696 |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 |  | 883 |

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| | | |
|:---|:---|:---|
| **Portfolio Company & Investment** | **Expiration Date**<sup>(1)</sup> | **Unfunded Commitments**<sup>(2)</sup> |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 | 588 |
| Foyle Bidco Limited - Delayed Draw | 12/20/2031 | 635 |
| Foyle Bidco Limited - Revolver | 6/20/2031 | 147 |
| Govineer Solutions, LLC - Delayed Draw | 10/7/2030 | 6000 |
| Govineer Solutions, LLC - Revolver | 10/7/2030 | 4000 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 910 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 294 |
| Helios Service Partners, LLC - Delayed Draw | 3/19/2027 | 227 |
| Helios Service Partners, LLC - Revolver | 3/19/2027 | 685 |
| HLRS Holdco Limited - Delayed Draw | 9/27/2030 | 84 |
| JHCC Holdings, LLC - Delayed Draw | 9/9/2027 | 825 |
| Lagerbox - First Lien Senior Secured Loan | 12/20/2028 | 777 |
| LogRhythm, Inc. - Revolver | 7/2/2029 | 476 |
| New Milani Group LLC - Revolver | 6/6/2026 | 2285 |
| OGH Bidco Limited - Delayed Draw | 6/29/2029 | 2527 |
| Orion Midco, LLC - Revolver | 11/21/2030 | 3445 |
| PayRange, LLC - Revolver | 10/31/2030 | 843 |
| PBIGroup, LLC - Revolver | 10/25/2029 | 2353 |
| PCF - Delayed Draw | 11/1/2028 | 1036 |
| Pharmacy Partners - Revolver | 2/28/2029 | 2160 |
| Pinnacle Acquisition, LLC - Delayed Draw | 11/12/2030 | 2308 |
| Pinnacle Acquisition, LLC - Revolver | 11/12/2030 | 2308 |
| PMA Parent Holdings, LLC - Revolver | 1/31/2031 | 1191 |
| Reconomy - Delayed Draw | 7/12/2029 | 787 |
| RetailNext Holdings, Inc - Revolver | 12/5/2030 | 1667 |
| RN Enterprises, LLC - Delayed Draw | 10/17/2031 | 4225 |
| RN Enterprises, LLC - Revolver | 10/17/2031 | 2353 |
| RoC Skincare - Revolver | 2/21/2030 | 3815 |
| SensorTower - Revolver | 3/15/2029 | 526 |
| Simplicity - Delayed Draw | 12/31/2031 | 5063 |
| Simplicity - Revolver | 12/31/2031 | 2532 |
| Spotless Brands, LLC - Delayed Draw | 7/25/2028 | 4394 |
| Vacation Rental Brands, LLC - Delayed Draw | 9/6/2031 | 1775 |
| Vacation Rental Brands, LLC - Revolver | 9/6/2030 | 2924 |
| Vessco Midco Holdings, LLC - Delayed Draw | 7/24/2031 | 2203 |
| Vessco Midco Holdings, LLC - Revolver | 7/24/2031 | 996 |
| Vital Purchaser, LLC - Revolver | 8/7/2030 | 1783 |
| Wealth Enhancement Group (WEG) - Delayed Draw | 10/2/2028 | 1334 |
| Wealth Enhancement Group (WEG) - Revolver | 10/2/2028 | 293 |
| WPEF IX Bidco 23 B.V. (Fka Keystone Bidco B.V.) - Delayed Draw | 8/29/2031 | 405 |
| WPEF IX Bidco 23 B.V. (Fka Keystone Bidco B.V.) - Revolver | 5/30/2031 | 60 |
| WU Holdco, Inc. - Delayed Draw | 3/26/2027 | 2533 |
| WU Holdco, Inc. - Revolver | 3/26/2027 | 708 |
| **Total** |  | $147422 |

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<sup>(1)</sup> Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

<sup>(2)</sup> Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2024.

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the statements of assets and liabilities.

**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 September 30, 2025, management is not aware of any pending or threatened litigation.

**Related-Party Transactions**

We entered into a number of business relationships with affiliated or related parties, including the Investment Advisory Agreement and the Administration Agreement.

In addition to the aforementioned agreements, we, our Advisor and certain of our Advisor's affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Advisor or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. For additional information, see "*Note 5. Agreements and Related Party Transactions*" to the Consolidated Financial Statements.

**Recent Developments** 

*Distribution Declaration*

On October 16, 2025, the Board declared net distributions of $0.1875 per Class I share, which are payable on or about November 28, 2025 to shareholders of record as of October 31, 2025.

*Share Repurchase*

On November 3, 2025, the Company commenced a tender offer to repurchase up to 5% of its Class I shares outstanding as of September 30, 2025 that will close on December 10, 2025.

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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.

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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;

&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.

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On September 28, 2023, the Company entered into the Investment Advisory Agreement with the Advisor. The Investment Advisory Agreement was approved by the Board and sole shareholder on September 28, 2023. In connection with the Company's entry into the Investment Advisory Agreement, the Company's prior investment advisory agreement with BCSF Advisors, LP was terminated on September 28, 2023. The Investment Advisory Agreement has the same material terms as the prior investment advisory agreement. Pursuant to the Investment Advisory Agreement, the base management fee is calculated at an annual rate of 0.75% (0.1875% per quarter) of our gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents and the incentive fee comprised of two parts, net investment income and capital gains.

We have entered into an Administration Agreement with the Administrator pursuant to which the Administrator will furnish us with administrative services necessary to conduct our day-to-day operations. The Administration Agreement was approved by our Board on September 28, 2023. We reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley Act internal control assessment. In connection with our entry into the Administration Agreement, the Company's prior administration agreement with BCSF Advisors, LP (the "Prior Administration Agreement") was terminated on September 28, 2023. The Administration Agreement has the same material terms as the Prior Administration Agreement.

If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Investment Advisory Agreement and Administration Agreement.

The following table shows the contractual maturities of our debt obligations as of September 30, 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 | 197934 |  |  | 197934 | $— |
| JPM Revolving Credit Facility | 247809 |  |  | 247809 |  |
| SMBC Revolving Credit Facility | 224000 |  |  | 224000 |  |
| Total Debt Obligations | $669743 | $— | $— | $669743 | $— |

---

The following table shows the contractual maturities of our debt obligations as of December 31, 2024 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  |  | **Less than** |  |  | **More than** |
|  | **Total** | **1 year** | **1 — 3 years** | **3 — 5 years** | **5 years** |
| GS Revolving Credit Facility | 190060 |  |  | 190060 | $— |
| JPM Revolving Credit Facility | 116041 |  |  | 116041 |  |
| SMBC Revolving Credit Facility | 72000 |  |  | 72000 |  |
| Total Debt Obligations | $378101 | $— | $— | $378101 | $— |

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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 September 30, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands):

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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 | $(12253) | $(6697) | $(4723) |
| Down 200 Basis Points | (24499) | (13374) | (9456) |
| Down 300 Basis Points | (36333) | (19899) | (13969) |
| Up 100 Basis Points | 12253 | 6697 | 4723 |
| Up 200 Basis Points | 24506 | 13395 | 9444 |
| Up 300 Basis Points | 36759 | 20092 | 14167 |

---

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 September 30, 2025 (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 September 30, 2025 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, 2024, as well as the risk factors set forth in "Risk Factors" of Post-Effective Amendment No. 3 to our registration statement on Form N-2 filed on April 30, 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 September 30, 2025, 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, 2024 and Post-Effective Amendment No. 3 to our registration statement on Form N-2 filed on April 30, 2025.

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

# *Unregistered Sales of Equity Securities* 
Other than the shares issued pursuant to our distribution reinvestment plan, we did not sell any unregistered equity securities.

# *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 stock during the nine months ended September 30, 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** |
| **Deadline Request** | **Offered to Repurchase** | **Pricing Date** | **(all classes)** <sup>(1)</sup> | **(all classes)** | **Purchased**<sup>(2)</sup> |
| March 3, 2025 | 5.00% | March 31, 2025 | $473 | 18400 | 0.10% |
| June 2, 2025 | 5.00% | June 30, 2025 | $1220 | 47427 | 0.27% |
| August 29, 2025 | 5.00% | September 30, 2025 | $5 | 191 | 0.00% |

---

<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.

------

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

# Item 5. Other Information

# *Rule 10b5-1 Trading Plans* 

# During the fiscal quarter ended September 30, 2025 , 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."

------

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

**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 nine months ended September 30, 2025 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 3.1 | [<u>Third Amended and Restated Declaration of Trust of the Registrant (incorporated by reference to Exhibit (a)(4) 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/d740587dex99a4.htm) |
| 3.2 | [<u>Bylaws (incorporated by reference to Exhibit (b) 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-b.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>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) |
| 10.4 | [<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) |
| 10.5 | [<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) |
| 10.6 | [<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) |
| 10.7 | [<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) |
| 10.8 | [<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). |
| 10.9 | [<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). |
| 10.10 | [<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) |
| 10.11 | [<u>Services Agreement (incorporated by reference to Exhibit 99.5 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_ex99-5.htm) |
| 10.12 | [<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) |
| 10.13 | [<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) |

---

------

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

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 10.14 | [<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) |
| 10.15 | [<u>Revolving Credit Agreement, dated as of December 29, 2023, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent, Sole Book Runner and Lead Arranger (incorporated by reference to Exhibit 10.13 to the Company's Registration Statement on Form 10-K (File No. 814-01474) filed on March 27, 2024).</u>](https://www.sec.gov/Archives/edgar/data/0001899017/000095017024037134/ck0001899017-ex10_13.htm) |
| 10.16 | [<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) |
| 10.17 | [<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) |
| 10.18 | [<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) |
| 10.19 | [<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) |
| 10.20 | [<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) |
| 10.21 | [<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) |
| 10.22 | [<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) |
| 10.23 | [<u>First Amendment to Senior Secured Revolving Credit Agreement, dated as of December 29, 2023, among the Company as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks party thereto (incorporated by reference to Exhibit 10.21 to the Company's Annual Report on Form 10-K (File No. 814-01474) filed on March 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017025039445/ck0001899017-ex10_21.htm) |
| 10.24 | [<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) |

---

------

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

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 10.25 | [<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) |
| 10.26 | [<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) |
| 10.27\* | [<u>Master Note Purchase Agreement, dated as of August 14, 2025, by and between the Company and purchasers.</u>](ck0001899017-ex10_27.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 (incorporated by reference to Exhibit 24 to the Company's Quarterly Report on Form 10-Q (File No.<br>814-01474) filed on May 15, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1899017/000095017025072747/ck0001899017-ex24.htm) |
| 31.1\* | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.</u>](ck0001899017-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.</u>](ck0001899017-ex31_2.htm) |
| 32\* | [<u>Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 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. |
| 101.DEF | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |

---

\* Filed herewith.

------

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

# 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: November 14, 2025 | By: | /s/ Michael A. Ewald |
|  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael A. Ewald |
|  | Title: | Principal Executive Officer |
| Date: November 14, 2025 | By: | /s/ Amit Joshi |
|  | Name: | Amit Joshi |
|  | Title: | Principal Financial Officer |

---

------

## Exhibit 10.27

**Exhibit 10.27**

Execution Version

BAIN CAPITAL PRIVATE CREDIT

$110,000,000 5.92% Series 2025 Senior Notes, Tranche A, due November 29, 2028

$165,000,000 6.25% Series 2025 Senior Notes, Tranche B, due November 29, 2030

______________

Master Note Purchase Agreement

______________

Dated August 14, 2025

------

4463931

------

**Table of Contents**

Section Heading Page

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1. | Authorization of Notes | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1. | Authorization of Notes | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2. | Changes in Interest Rate | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2. | Sale and Purchase of Notes | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1. | Sale and Purchase of Series 2025 Notes | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2. | Additional Series of Notes | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3. | Closing | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1. | Series 2025 Closing | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2. | Additional Note Closings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4. | Conditions to Closing | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.1. | Representations and Warranties | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.2. | Performance; No Default | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.3. | Compliance Certificates | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.4. | Opinions of Counsel | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.5. | Purchase Permitted by Applicable Law, Etc | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.6. | Sale of Other Notes | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.7. | Payment of Special Counsel Fees | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.8. | Private Placement Number | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.9. | Changes in Legal Structure | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10. | Funding Instructions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.11. | Rating | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.12. | Proceedings and Documents | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.13. | Subsidiary Guaranty | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.14. | Conditions to Issuance of Additional Notes | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5. | Representations and Warranties of the Company | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.1. | Organization; Power and Authority | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.2. | Authorization, Etc | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.3. | Disclosure | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.4. | Organization and Ownership of Shares of Subsidiaries; Affiliates | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.5. | Financial Statements; Material Liabilities | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.6. | Compliance with Laws, Other Instruments, Etc | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.7. | Governmental Authorizations, Etc | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.8. | Litigation; Observance of Agreements, Statutes and Orders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.9. | Taxes | 13 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.10. | Title to Property | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.11. | Licenses, Permits, Etc. | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.12. | Compliance with Employee Benefit Plans | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.13. | Private Offering by the Company | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.14. | Use of Proceeds; Margin Regulations | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.15. | Existing Indebtedness; Future Liens | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.16. | Foreign Assets Control Regulations, Etc. | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.17. | Environmental Matters | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.18. | Investment Company Act | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.19. | Priority of Obligations | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6. | Representations of the Purchasers | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1. | Purchase for Investment | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2. | Source of Funds | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3. | Investment Experience; Access to Information | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4. | Authorization | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5. | Restricted Securities | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6. | No Public Market | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7. | Legends | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8. | Reliance | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9. | Acknowledgment | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10. | Placement Agents | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7. | Information as to Company | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1. | Financial and Business Information | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2. | Officer's Certificate | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3. | Visitation | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4.  | Electronic Delivery | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8. | Payment and Prepayment of the Notes | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1. | Maturity | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2. | Optional Prepayments with Prepayment Settlement Amount | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3. | Allocation of Partial Prepayments | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4. | Maturity; Surrender, Etc. | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.5. | Purchase of Notes | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.6. | Make-Whole Amount; Prepayment Settlement Amount | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.7. | Payments Due on Non-Business Days | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.8. | Change in Control | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9. | Affirmative Covenants. | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1. | Compliance with Laws | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2. | Insurance | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3. | Maintenance of Properties | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4. | Payment of Taxes and Claims | 33 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5. | Corporate Existence, Etc. | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.6. | Books and Records | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.7. | Subsidiary Guarantors | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.8. | Status of BDC and RIC | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.9. | Investment Policies | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.10. | Rating Confirmation | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.11. | Most Favored Lender | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10. | Negative Covenants. | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1. | Transactions with Affiliates | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2. | Merger, Consolidation, Fundamental Changes, Etc | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3. | Line of Business | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.4. | Economic Sanctions, Etc. | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.5. | Liens | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.6. | Restricted Payments | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.7. | Certain Financial Covenants | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11. | Events of Default | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12. | Remedies on Default, Etc | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1. | Acceleration | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2. | Holder Action | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.3. | Rescission | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.4. | No Waivers or Election of Remedies, Expenses, Etc. | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13. | Registration; Exchange; Substitution of Notes | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.1. | Registration of Notes | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.2. | Transfer and Exchange of Notes | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.3. | Replacement of Notes | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14. | Payments on Notes | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.1. | Place of Payment | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.2. | Payment by Wire Transfer | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.3. | Tax Forms | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15. | Expenses, Etc | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.1. | Transaction Expenses | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.2. | Certain Taxes | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.3. | Survival | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16. | Survival of Representations and Warranties; Entire Agreement | 53 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 17. | Amendment and Waiver | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 17.1. | Requirements | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 17.2. | Solicitation of Holders of Notes | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 17.3. | Binding Effect, Etc | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 17.4. | Notes Held by Company, Etc | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 18. | Notices | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 19. | Reproduction of Documents | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 20. | Confidential Information | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 21. | Substitution of Purchaser | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 22. | Miscellaneous | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 22.1. | Successors and Assigns | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 22.2. | Accounting Terms | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 22.3. | Severability | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 22.4. | Construction, Etc | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 22.5. | Counterparts; Electronic Contracting | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 22.6. | Governing Law | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 22.7. | Jurisdiction and Process; Waiver of Jury Trial | 60 |

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-iv-

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Schedule A — Defined Terms

Schedule 1(a) — Form of 5.92% Series 2025 Senior Notes, Tranche A, due November 29, 2028

Schedule 1(b) — Form of 6.25% Series 2025 Senior Notes, Tranche B, due November 29, 2030

Schedule 5.3 — Disclosure Materials

Schedule 5.4 — Subsidiaries of the Company and Ownership of Subsidiary Stock

Schedule 5.5 — Financial Statements

Schedule 5.15 — Existing Indebtedness

Schedule 10.1 — Transactions with Affiliates

Schedule 10.5 — Liens

Schedule 10.7 — Excluded Assets

Exhibit S — Form of Supplement to Note Purchase Agreement

Purchaser Schedule — Information Relating to Purchasers

-v-

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**BAIN CAPITAL PRIVATE CREDIT**

200 Clarendon Street, 37<sup>th</sup> Floor

Boston, MA 02117

5.92% Series 2025 Senior Notes, Tranche A, due November 29, 2028

6.25% Series 2025 Senior Notes, Tranche B, due November 29, 2030

August 14, 2025

To Each of the Purchasers Listed in

&nbsp;&nbsp;&nbsp;&nbsp;the Purchaser Schedule Hereto:

Ladies and Gentlemen:

Bain Capital Private Credit, a Delaware statutory trust (the **"Company"**), agrees with each of the Purchasers as follows:

**Section 1. Authorization of Notes** TC "Section 1. Authorization of Notes" \f C \l "1" .

 **Section 1.1. Authorization of Notes** TC "Section 1.1. Authorization of Notes" \f C \l "2" **.** The Company will authorize 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 Tranche A Notes and the Tranche B Notes shall be substantially in the forms set out in Schedule 1(a) and Schedule 1(b) hereto, respectively. Certain capitalized and other terms used in this Agreement are defined in Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 22.4 shall govern.

The Series 2025 Notes, together with each Series of Additional Notes which may from time to time be issued pursuant to the provisions of Section 2.2, are collectively referred to as the **"Notes"** (such term shall also include any such notes 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).

 **Section 1.2. Changes in Interest Rate** TC "Section 1.2. Changes in Interest Rate" \f C \l "2" . (a) If at any time a Below Investment Grade Event occurs, then:

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) as of the date of the occurrence of a Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Debt Rating necessary to cure such Below Investment Grade Event), the Notes shall bear interest at the Below Investment Grade Adjusted Interest Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Company shall promptly, and in any event within twenty (20) Business Days after a Below Investment Grade Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred and confirming the effective date of the Below Investment Grade Event and that the Below Investment Grade Adjusted Interest Rate will accrue from the date on which such Below Investment Grade Event shall have occurred and will be payable on each subsequent interest payment date until such Below Investment Grade Event is no longer continuing in consequence thereof.

(b) The reasonable, documented fees and expenses of any Acceptable Rating Agency and all other costs incurred in connection with obtaining, affirming or appealing a Debt Rating pursuant to this Section 1.2 shall be borne solely by the Company.

(c) If at any time a Secured Debt Ratio Event occurs, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) as of the earlier of (x) the date of the occurrence of a Secured Debt Ratio Event and (y) the last day of the applicable fiscal quarter or fiscal year for which financial statements delivered pursuant to Section 7.1 or Section 7.2 evidence the occurrence of a Secured Debt Ratio Event to and until the date on which such Secured Debt Ratio Event is no longer continuing (as evidenced by the receipt and delivery to the holders of the Notes of a certificate from a Senior Financial Officer of the Company certifying that such Secured Debt Ratio Event has been cured), the Notes shall bear interest at the Secured Debt Ratio Adjusted Interest Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) to the extent the Company has knowledge thereof, the Company shall promptly, and in any event within ten (10) Business Days after the Company has knowledge that a Secured Debt Ratio Event has occurred, notify the holders of the Notes in writing, sent in the manner provided in Section 18, that a Secured Debt Ratio Event has occurred and confirming the effective date of the Secured Debt Ratio Event and that the Secured Debt Ratio Adjusted Interest Rate will accrue from such effective date and will be payable on each subsequent interest payment date until such Secured Debt Ratio Event is no longer continuing, in consequence thereof.

(d) Notwithstanding anything to the contrary, if a Below Investment Grade Event and a Secured Debt Ratio Event are both continuing at the same time, then as of the date on which both such events first simultaneously existed and are continuing until the earliest date on which either or both events is no longer continuing, the Notes shall bear interest at an interest rate per annum which is 2.00% above the stated rate of the Notes (or the Default Rate based on the stated interest rate for the Note, as the case may be); *provided* that after such date if either the Below Investment Grade Event or the Secured Debt Ratio Event (but not both) shall continue, then the Notes shall

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Bain Capital Private Credit Note Purchase Agreement

bear interest at the Below Investment Grade Adjusted Interest Rate or the Secured Debt Ratio Adjusted Interest Rate, as applicable.

(e) As used herein, **"Below Investment Grade Adjusted Interest Rate"** means the interest rate per annum which is 1.00% above the stated rate of the Notes (or the Default Rate based on the stated interest rate for the Note, as the case may be). For the avoidance of doubt, the Below Investment Grade Adjusted Interest Rate shall not apply unless and until a Below Investment Grade Event has occurred.

(f) As used herein, a **"Below Investment Grade Event"** shall occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) at any time the Company has obtained a Debt Rating from only one Acceptable Rating Agency, the then most recent Debt Rating received from such Acceptable Rating Agency that is in full force and effect (not having been withdrawn) is below Investment Grade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) at any time the Company has obtained a Debt Rating from two Acceptable Rating Agencies, the then lower of the most recent Debt Ratings received from the Acceptable Rating Agencies that are in full force and effect (not having been withdrawn) is below Investment Grade;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) at any time the Company has obtained a Debt Rating from three or more Acceptable Rating Agencies, the then second lowest of the most recent Debt Ratings received from the Acceptable Rating Agencies that is in full force and effect (not having been withdrawn) is below Investment Grade (provided, for the avoidance of doubt, if two or more of the most recent Debt Ratings are equal or equivalent to the lowest such Debt Rating, then one of such equal or equivalent Debt Ratings will be deemed to be the second lowest Debt Rating for purposes of such determination); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) at any time the Company shall have failed to receive and deliver to the holders of the Notes a Debt Rating from at least one Acceptable Rating Agency as required by Section 9.10; provided, that in the event the Company shall have failed to maintain a Debt Rating of the Notes as so required, a Below Investment Grade Event will not be deemed to have occurred solely as a result of its failure to maintain a Debt Rating unless and until the Company fails to obtain and deliver to the holders of the Notes a Debt Rating that is Investment Grade within 60 days of the first date on which the Company failed to obtain such Debt Rating and in the event that the Company fails to obtain a Debt Rating during such 60-day period or any such Debt Rating obtained by the Company is below Investment Grade, then (x) solely for purpose of clause (y) and no other purpose, a Below Investment Grade Event shall be deemed to have occurred effective as of the first date on which the Company failed to obtain such Debt Rating and (y) if any Interest Payment Date has occurred during such 60-day period, the Company shall promptly (and in any event within five (5) Business Days of the earlier of the end of such 60-day period and the date on which it obtains a Debt Rating on the Notes that is below Investment Grade) pay such additional interest as would have been required to be paid if the Below Investment Grade Adjusted Interest Rate had been in effect since such date on which the Company first failed

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Bain Capital Private Credit Note Purchase Agreement

to obtain such Debt Rating (for the avoidance of doubt, no Default of Event of Default shall have deemed to have occurred or be in effect as a result of a deemed Below Investment Grade Event pursuant to or to effectuated under clause (x)). For the avoidance of doubt, the Below Investment Grade Event shall end immediately upon the delivery by the Company of one or more Debt Ratings such that the foregoing conditions are no longer triggered. Upon the end of the Below Investment Grade Event, the applicable interest rate shall automatically return to the stated interest rate for the Notes (or the Default Rate based on the stated interest rate for the Notes, as the case may be).

(g) As used herein, **"Secured Debt Ratio"** means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) all Indebtedness for borrowed money *minus* Cash and Cash Equivalents in each case, of the Company and its consolidated subsidiaries (which for the avoidance of doubt shall, in the determination of the Secured Debt Ratio, include Unrestricted Subsidiaries of the Company (other than an SBIC Subsidiary)) that is secured by a Lien on the assets of the Company or a consolidated subsidiary of the Company, to (b) the value of the total assets *minus* Cash and Cash Equivalents in each case, of the Company and its subsidiaries (which for the avoidance of doubt shall, in the determination of the Secured Debt Ratio, include Unrestricted Subsidiaries of the Company (other than an SBIC Subsidiary)); *provided,* such ratio shall be determined, without duplication, on a pro forma basis giving effect to the amount of cash the Company is projected to receive from selling assets, issuing equity or unsecured debt within the succeeding sixty (60) days; *provided* that the Company has entered into a definitive agreement in respect of such asset sale, equity issuance or unsecured debt issuance, as applicable, which agreement provides for Company's receipt of not less than the amount of such projected cash upon the closing of the relevant transaction within such sixty (60) day period.

(h) As used herein, **"Secured Debt Ratio Adjusted Interest Rate"** means the interest rate per annum which is 1.50% above the stated rate of the Notes (or the Default Rate based on the stated interest rate for the Note, as the case may be). For the avoidance of doubt, the Secured Debt Ratio Adjusted Interest Rate shall not apply unless and until a Secured Debt Ratio Event has occurred.

(i) As used herein, a **"Secured Debt Ratio Event"** shall occur if at any time within the period specified in the chart below the Company's Secured Debt Ratio exceeds the percentage set forth opposite such period below:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Period** | &nbsp;&nbsp;**Secured Debt Percentage** |
| &nbsp;&nbsp;From the Effective Date to but not including November 24, 2026 | &nbsp;&nbsp;60% |
| &nbsp;&nbsp;At any time on or after November 24, 2026 | &nbsp;&nbsp;55% |

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Bain Capital Private Credit Note Purchase Agreement

For the avoidance of doubt, the Secured Debt Ratio Event shall end immediately upon the Secured Debt Ratio (as evidenced by the receipt and delivery to the holders of the Notes of a certificate from a Senior Financial Officer of the Company certifying that such Secured Debt Ratio Event has been cured), within the period specified in the chart above, being less than or equal to the percentage set forth opposite such period above (*provided* that the Secured Debt Ratio is in fact less than or equal to the applicable percentage). Upon the end of the Secured Debt Ratio Event, the applicable interest rate shall automatically return to the stated interest rate for the Notes or, if applicable, the Below Investment Grade Adjusted Interest Rate (or the Default Rate based on the applicable interest rate for the Notes, as the case may be).

(j) Following the occurrence and during the continuance of an Event of Default, the Notes shall bear interest at the Default Rate.

**Section 2. Sale and Purchase of Notes** TC "Section 2. Sale and Purchase of Notes" \f C \l "1" .

**Section 2.1. Sale and Purchase of Series 2025 Notes** TC "Section 2.1. Sale and Purchase of Series 2025 Notes" \f C \l "2" . Subject to the terms and conditions of this Agreement, the Company will issue and sell to each applicable Purchaser and each applicable Purchaser will purchase from the Company, at the Series 2025 Closing provided for in Section 3.1, Series 2025 Notes in the principal amount and tranche specified opposite such Purchaser's name in the Purchaser Schedule at the purchase price of 100% of the principal amount thereof. The Purchasers' obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder.

**Section 2.2. Additional Series of Notes**tc "Section 2.2. Additional Series of Notes" \l 2. The Company may, from time to time, in its sole discretion but subject to the terms hereof, issue and sell prior to November 24, 2035 one or more promissory notes under the provisions of this Agreement pursuant to a supplement (a **"Supplement")** substantially in the form of Exhibit S. Any additional notes (as amended, restated or otherwise modified from time to time pursuant to Section 17 and including any such notes issued in substitution thereof pursuant to Section 13, the **"Additional Notes"**) issued pursuant to a Supplement shall be subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) if such Additional Notes will constitute a new Series, each such Series of Additional Notes, when so issued, shall be differentiated from all previous Series by sequential designation inscribed thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Additional Notes of the same Series may consist of more than one different and separate tranches and may differ with respect to outstanding principal amounts, maturity dates, interest rates and premiums, if any, and price and terms of redemption or payment prior to maturity, but all such different and separate tranches of the same Series shall vote as a single class and constitute one Series;

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) each Series of Additional Notes shall be dated the date of issue, bear interest at such rate or rates, mature on such date or dates, be subject to such mandatory and optional prepayment on the dates and at the premiums, if any, have such additional or different conditions precedent to closing, such representations and warranties and such additional covenants as shall be specified in the Supplement under which such Additional Notes are issued and upon execution of any such Supplement, this Agreement shall be amended (a) to reflect such additional covenants without further action on the part of the holders of the Notes outstanding under this Agreement, *provided,* that any such additional covenants shall inure to the benefit of all holders of Notes so long as any Additional Notes issued pursuant to such Supplement remain outstanding and, *provided further*, for the avoidance of doubt, no covenant, definition or default expressly set forth in this Agreement as of the date of this Agreement shall be deemed to be amended or deleted in any respect to be less favorable to the holders of the Notes by virtue of the provisions of this clause (iii), and (b) to reflect such representations and warranties as are contained in such Supplement for the benefit of the holders of such Additional Notes in accordance with the provisions of Section 16;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) any Additional Notes may be issued with a premium or discount as necessary in order to make such Additional Notes fungible for federal income tax and securities law purposes with any existing Series or tranche of Notes issued hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) each Series of Additional Notes issued under this Agreement shall be in substantially the form of Exhibit 1 to Exhibit S hereto with such variations, omissions and insertions as are necessary or permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) the minimum principal amount of any Note issued under a Supplement shall be $100,000, except as may be necessary to evidence the outstanding amount of any Note originally issued in a denomination of $100,000 or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) all Additional Notes shall rank *pari passu* with all other outstanding Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii) no Additional Notes shall be issued hereunder if at the time of issuance thereof and after giving effect to the application of the proceeds thereof, any Default or Event of Default shall have occurred and be continuing.

**Section 3. Closing** TC "Section 3. Closing" \f C \l "1" .

**Section 3.1. Series 2025 Closing** TC "Section 3.1. Series 2025 Closing" \f C \l "2" **.** The execution and delivery of this Agreement will be made at the offices of Chapman and Cutler LLP, 320 South Canal Street, Chicago, Illinois 60606 on August 14, 2025 (the "**Execution Date**"). The sale and purchase of the Series 2025 Notes to be purchased by each applicable Purchaser shall occur at the offices of Chapman and Cutler LLP, Chicago, IL, at 8:00 am Chicago time on November 24, 2025 or on such other Business Day thereafter as may be agreed upon by the Company and the Purchasers of the Series 2025 Notes (the "**Series 2025 Closing**"). At the Series 2025 Closing, the Company will deliver to each applicable Purchaser the Series 2025 Notes

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Bain Capital Private Credit Note Purchase Agreement

in the tranche to be purchased by such Purchaser in the form of a single Series 2025 Note for such Notes to be purchased by such Purchaser (or such greater number of Series 2025 Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Series 2025 Closing and registered in such Purchaser's name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company pursuant to the applicable funding instructions in Section 4.10 in connection with the Series 2025 Closing. If at the Series 2025 Closing the Company shall fail to tender the Series 2025 Notes to any Purchaser as provided above in this Section 3.1, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser's satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure by the Company to tender such Series 2025 Notes or any of the conditions specified in Section 4 not having been fulfilled to such Purchaser's satisfaction.

 **Section 3.2. Additional Note Closings** TC "Section 3.2. Additional Note Closings" \f C \l "2" **.** The sale and purchase of any Additional Notes shall occur at the times, in the manners and at the places specified in the Supplement with respect to such Series of Additional Notes (each an **"Additional Note Closing"**). At any such Additional Note Closing, the Company will deliver to each Purchaser listed in the Supplement relating thereto the Additional Notes to be purchased by such Purchaser as set forth in the Supplement with respect to such Additional Notes, in the form of one or more Notes in authorized denominations as such Purchaser may request for each such Series of Additional Notes to be purchased on the day of any such Additional Note Closing, dated as of the date of any such Additional Note Closing and registered in such Purchaser's name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds to the account of the Company specified in the Supplement for such Additional Notes and the applicable funding instructions delivered pursuant to such Supplement in connection with the applicable Additional Note Closing.

**Section 4. Conditions to Closing** TC "Section 4. Conditions to Closing" \f C \l "1" .

Each Purchaser's obligation to purchase and pay for the Notes to be sold to such Purchaser at a Closing is subject to the fulfillment to such Purchaser's satisfaction, prior to or at such Closing (except as otherwise specified below), of the following conditions:

**Section 4.1. Representations and Warranties** TC "Section 4.1. Representations and Warranties" \f C \l "2" . The representations and warranties of the Company in this Agreement shall be correct when made and at such Closing.

 **Section 4.2. Performance; No Default** TC "Section 4.2. Performance; No Default" \f C \l "2" . The Company shall have performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at such Closing. From the date of this Agreement until such Closing, before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section

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Bain Capital Private Credit Note Purchase Agreement

5.14) at such Closing, no Change in Control, Default or Event of Default shall have occurred and be continuing.

**Section 4.3. Compliance Certificates** TC "Section 4.3. Compliance Certificates" \f C \l "2" .

(a) *Officer's Certificate*. The Company shall have delivered to such Purchaser an Officer's Certificate, dated the date of such Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

(b) *Responsible Officer's Certificate*. The Company and each Subsidiary Guarantor shall have delivered to such Purchaser a certificate of one of its Responsible Officers, dated the date of such Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement (in the case of the Company) and the Subsidiary Guaranty (in the case of such Subsidiary Guarantor) and (ii) its respective organizational documents as then in effect.

 **Section 4.4. Opinions of Counsel** TC "Section 4.4. Opinions of Counsel" \f C \l "2" . Such Purchaser shall have received customary opinions in form and substance reasonably satisfactory to such Purchaser, dated the date of such Closing (a) from Dechert LLP, special counsel for the Company, covering matters with respect to the Company and the Subsidiary Guarantors incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from Chapman and Cutler LLP, the Purchasers' special counsel in connection with such transactions, covering such other matters incident to such transactions as such Purchaser may reasonably request.

 **Section 4.5. Purchase Permitted by Applicable Law, Etc** TC "Section 4.5. Purchase Permitted by Applicable Law, Etc" \f C \l "2" . On the date of the applicable Closing such Purchaser's purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer's Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.

**Section 4.6. Sale of Other Notes** TC "Section 4.6. Sale of Other Notes" \f C \l "2" . Contemporaneously with the applicable Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at such Closing as specified in the Purchaser Schedule.

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Bain Capital Private Credit Note Purchase Agreement

**Section 4.7. Payment of Special Counsel Fees** TC "Section 4.7. Payment of Special Counsel Fees" \f C \l "2" . Without limiting Section 15.1, the Company shall have paid on or before the applicable Closing the reasonable and documented out-of-pocket fees, charges and disbursements of the Purchasers' special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least two (2) Business Days prior to such Closing.

**Section 4.8. Private Placement Number** TC "Section 4.8. Private Placement Number" \f C \l "2" . A Private Placement Number issued by the PPN CUSIP Unit of CUSIP Global Services (in cooperation with the SVO) shall have been obtained for each Series and/or tranche of the Notes.

**Section 4.9. Changes in Legal Structure** TC "Section 4.9. Changes in Legal Structure" \f C \l "2" . The Company shall not have changed its jurisdiction of organization or been a party to any merger or consolidation (in each case, other than as permitted under Section 10.2) or succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.

**Section 4.10. Funding Instructions** TC "Section 4.10. Funding Instructions" \f C \l "2" . (a) At least five (5) Business Days prior to the date of the applicable Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank's ABA number and (iii) the account name and number into which the purchase price for the Notes is to be deposited which account shall be fully opened and able to receive micro deposits in accordance with this Section at least five (5) Business Days prior to the date of the Closing. Each Purchaser has the right, but not the obligation, upon written notice (which may be by email) to the Company, to elect to deliver a micro deposit ($50.00 or less) to the account identified in the written instructions no later than two (2) Business Days prior to the applicable Closing. If a Purchaser delivers a micro deposit, a Responsible Officer must verbally verify the receipt and amount of the micro deposit to such Purchaser on a telephone call initiated by such Purchaser prior to the applicable Closing. The Company shall not be obligated to return the amount of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser's purchase price of the Notes.

(b) At least two (2) Business Days prior to such Closing, if requested by a Purchaser, a Responsible Officer of the Company shall have confirmed such written instructions in a live videoconference call made available to the Purchasers.

**Section 4.11. Rating**tc "Section 4.11. Rating" \l 2. The Notes shall have received a Debt Rating of "BBB-" (or its equivalent) or better by an Acceptable Rating Agency. In the event that the initial Debt Rating for the Notes is not a public rating, the Company shall have delivered or caused to be delivered prior to any funding in connection with a Closing, to each Purchaser, (a) a Private Rating Letter issued by an Acceptable Rating Agency setting forth the initial Debt Rating for the Notes and (b) the related Private Rating Rationale Report with respect to such Debt Rating.

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Bain Capital Private Credit Note Purchase Agreement

**Section 4.12. Proceedings and Documents** TC "Section 4.12. Proceedings and Documents" \f C \l "2" . All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request.

 **Section 4.13. Subsidiary Guaranty**tc "Section 4.13. Subsidiary Guaranty" \f C \l 2. Each Subsidiary required to become a Subsidiary Guarantor under Section 9.7 shall have duly executed and delivered a Subsidiary Guaranty, in form and substance reasonably satisfactory to such Purchaser, in accordance with the terms and requirements of such Section, and each such Subsidiary Guaranty shall be in full force and effect.

 **Section 4.14. Conditions to Issuance of Additional Notes**tc "Section 4.14. Conditions to Issuance of Additional Notes" \f C \l 2**.** The obligations of the Additional Purchasers to purchase any Additional Notes shall be subject to the following conditions precedent, in addition to the conditions specified in the Supplement pursuant to which such Additional Notes may be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) *Compliance Certificate.* A duly authorized Senior Financial Officer shall execute and deliver to each Additional Purchaser an Officer's Certificate dated the date of issue of such Additional Notes stating that such officer has reviewed the provisions of this Agreement (including any Supplements hereto) and setting forth the information and computations (in sufficient detail) required in order to establish whether the Company is in compliance with the requirements of Section 10.7 on such date (based upon the financial statements for the most recent fiscal quarter ended prior to the date of such certificate but after giving effect to the issuance of such Additional Notes and the application of the proceeds thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) *Execution and Delivery of Supplement.* The Company and each such Additional Purchaser shall execute and deliver a Supplement substantially in the form of Exhibit S hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *Representations of Additional Purchasers.* Each Additional Purchaser shall have confirmed in the Supplement that the representations set forth in Section 6 are true with respect to such Additional Purchaser on and as of the date of issue of the Additional Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) *Execution and Delivery of Guaranty Ratification.* Each Subsidiary Guarantor, if any, shall execute and deliver a ratification of its Subsidiary Guaranty.

**Section 5. Representations and Warranties of the Company** TC "Section 5. Representations and Warranties of the Company" \f C \l "1" .

The Company represents and warrants to each Purchaser (such representations and warranties given to each Purchaser shall extend to and for the benefit of the Placement Agents) as

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Bain Capital Private Credit Note Purchase Agreement

of the date of the applicable Closing (or, if any such representations and warranties expressly relate to an earlier date (other than the date of an earlier Closing), then as of such earlier date) that:

**Section 5.1. Organization; Power and Authority** TC "Section 5.1. Organization; Power and Authority" \f C \l "2" . The Company is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Delaware, and is duly qualified as a foreign statutory trust and is in good standing in each jurisdiction in which such qualification is required by law, except where the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the statutory trust power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact (except where the failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect), to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.

**Section 5.2. Authorization, Etc** TC "Section 5.2. Authorization, Etc" \f C \l "2" . This Agreement and the Notes have been duly authorized by all necessary statutory trust action on the part of the Company, and this Agreement constitutes, and upon due execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

**Section 5.3. Disclosure** TC "Section 5.3. Disclosure" \f C \l "2" . (a) The Company, through the Placement Agents has delivered to each Purchaser a copy of a Debt Investor Presentation, dated Quarter Ended March 31, 2025 (the "**Presentation**"), relating to the transactions contemplated hereby in connection with the Series 2025 Notes. This Agreement, the Presentation, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company (other than financial projections, pro forma financial information and other forward-looking information referenced in Section 5.3(b), information relating to third parties and information of a general economic or industry specific nature) prior to July 29, 2025 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement, the Presentation, and such documents, certificates or other writings and such financial statements delivered to each Purchaser being referred to, collectively, as the **"Disclosure Documents"**), taken as a whole, did not as of July 29, 2025, and, after taking into account all updates thereto and the same having been delivered to the Purchasers, do not as of the Effective Date, contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2024, there has been no change in the financial condition, operations, business or properties of the Company or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

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Bain Capital Private Credit Note Purchase Agreement

(b) All financial projections, pro forma financial information and other forward-looking information in each case, pertaining solely to the Company which has been delivered to each Purchaser by or on behalf of the Company in connection with the transactions contemplated by this Agreement are based upon good faith assumptions and, in the case of financial projections and pro forma financial information of the Company, good faith estimates, in each case, believed to be reasonable at the time made, it being recognized that (i) such financial information as it relates to future events is subject to significant and inherent uncertainty and contingencies (many of which are beyond the control of the Company) and that no assurance can be given that such financial information will be realized, and are therefore not to be viewed as fact, and (ii) actual results during the period or periods covered by such financial information may materially differ from the results set forth therein.

**Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates** TC "Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates" \f C \l "2" . (a) Schedule 5.4 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and delivered in connection with such Closing) contains (except as noted therein) complete and correct lists as of the Execution Date of (i) the Company's Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor, and (ii) the Company's trustees and senior officers.

(b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and delivered in connection with such Closing) as being owned by the Company and its Subsidiaries have been validly issued, and, to the extent applicable, are fully paid and non-assessable and are owned by the Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement.

(c) Each Subsidiary Guarantor is a limited liability company or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization or incorporation, as applicable, and is duly qualified as a foreign limited liability company or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by law, except in those jurisdictions where the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary Guarantor has the limited liability company or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure to have such power or authority would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(d) No Subsidiary Guarantor is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and delivered in connection with such Closing) and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary Guarantor to pay dividends out of

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Bain Capital Private Credit Note Purchase Agreement

profits or make any other similar distributions of profits to the Company or any other Obligor that owns outstanding shares of capital stock or similar equity interests of such Subsidiary Guarantor.

**Section 5.5. Financial Statements; Material Liabilities** TC "Section 5.5. Financial Statements; Material Liabilities" \f C \l "2" . The Company has delivered to each Purchaser copies of the financial statements of the Company and its consolidated subsidiaries. All of such financial statements (including in each case the related schedules and notes, but excluding all financial projections, pro forma financial information and other forward-looking information) fairly present in all material respects the consolidated financial position of the Company and its consolidated subsidiaries as of the respective dates specified therein and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to year-end adjustments and lack of footnotes).

**Section 5.6. Compliance with Laws, Other Instruments, Etc** TC "Section 5.6. Compliance with Laws, Other Instruments, Etc" \f C \l "2" . The execution, delivery and performance by the Company of this Agreement and the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any (A) indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or (B) the declaration of trust, limited liability company agreement or by-laws of the Company or any Subsidiary, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary, in each case, except where any of the foregoing (other than clause (i)(B) above), individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

**Section 5.7. Governmental Authorizations, Etc** TC "Section 5.7. Governmental Authorizations, Etc" \f C \l "2" . No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement or the Notes to be sold at such Closing, other than any filing required under the Exchange Act or the rules or regulations promulgated thereunder on Form 8-K, Form 10-Q or Form 10-K.

**Section 5.8. Litigation; Observance of Agreements, Statutes and Orders** TC "Section 5.8. Litigation; Observance of Agreements, Statutes and Orders" \f C \l "2" . (a) There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened in writing against or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

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Bain Capital Private Credit Note Purchase Agreement

(b) Neither the Company nor any Subsidiary is (i) in default under any agreement or instrument to which it is a party or by which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

**Section 5.9. Taxes** TC "Section 5.9. Taxes" \f C \l "2" . The Company and its Subsidiaries (other than Immaterial Subsidiaries) have filed all federal and state income and other material tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount, applicability or validity of which is contested in good faith by appropriate proceedings on a timely basis, (ii) the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (iii) the nonpayment of all such taxes and assessments would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

**Section 5.10. Title to Property** TC "Section 5.10. Title to Property" \f C \l "2" . The Company and its Subsidiaries have good and sufficient title to their respective properties, including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Subsidiary after such date (except as sold or otherwise disposed of in the ordinary course of business or otherwise as permitted by this Agreement), in each case free and clear of Liens prohibited by this Agreement, except where failure to have title would not reasonably be expected to have a Material Adverse Effect.

**Section 5.11. Licenses, Permits, Etc** TC "Section 5.11. Licenses, Permits, Etc." \f C \l "2" . (a) The Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except for any such conflicts that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

(b) To the knowledge of the Company, no product or service of the Company or any of its Subsidiaries infringes in any material respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person, except for any such infringements that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

(c) To the knowledge of the Company, there is no violation by any Person of any right of the Company or any other Obligor with respect to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any other Obligor, except for any such violations that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

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Bain Capital Private Credit Note Purchase Agreement

**Section 5.12. Compliance with Employee Benefit Plans** TC "Section 5.12. Compliance with Employee Benefit Plans" \f C \l "2" . (a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Except as has not resulted in or would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect: (i) neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3(3) of ERISA), and (ii) no event, transaction or condition has occurred or exists that could, individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Pension Plan under section 412 of the Code. The assets of the Company are not "plan assets" within the meaning of Section 3(42) of ERISA.

(b) The present value of the aggregate benefit liabilities under each of the Pension Plans, determined as of the end of such Pension Plan's most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Pension Plan's most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Pension Plan allocable to such benefit liabilities by an amount that has resulted in or could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The term **"benefit liabilities"** has the meaning specified in section 4001(a)(16) of ERISA and the terms **"current value"** and **"present value"** have the meaning specified in section 3(26) and section 3(27), respectively, of ERISA.

(c) The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate have resulted in or would reasonably be expected to result in a Material Adverse Effect.

(d) The expected postretirement benefit obligation (determined as of the last day of the Company's most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company and its Subsidiaries is not reasonably likely to result in a Material Adverse Effect.

(e) The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder do not involve any transaction that is subject to the prohibitions of section 406(a) of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser's representation in Section 6.2.

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Bain Capital Private Credit Note Purchase Agreement

(f) The Company and its Subsidiaries do not have any Non-U.S. Plans the acts or omissions of or facts related to which have resulted or could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

**Section 5.13. Private Offering by the Company** TC "Section 5.13. Private Offering by the Company" \f C \l "2" . Neither the Company nor anyone acting on its behalf has offered the Series 2025 Notes or any substantially similar debt Securities for sale to, or solicited any offer to buy the Series 2025 Notes or any substantially similar debt Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than eighty-five (85) other Institutional Investors, each of which has been offered the Series 2025 Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Series 2025 Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.

**Section 5.14. Use of Proceeds; Margin Regulations** TC "Section 5.14. Use of Proceeds; Margin Regulations" \f C \l "2" . The Company will apply the proceeds of the sale of the Series 2025 Notes hereunder for the general corporate purposes of the Company and its subsidiaries, including to make investments, repay existing debt and make distributions permitted by this Agreement. No part of the proceeds from the sale of the Series 2025 Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and its subsidiaries and the Company does not have any present intention that margin stock will constitute more than 25% of the value of such assets. As used in this Section, the terms **"margin stock"** and **"purpose of buying or carrying"** shall have the meanings assigned to them in said Regulation U.

**Section 5.15. Existing Indebtedness; Future Liens** TC "Section 5.15. Existing Indebtedness; Future Liens" \f C \l "2" **.** (a) Except as described therein, Schedule 5.15 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and delivered in connection with such Closing) sets forth a complete and correct list as of August 14, 2025 of all outstanding Material Indebtedness for borrowed money of the Company and the its Subsidiaries (*provided* that the aggregate amount of all Indebtedness for borrowed money not listed on Schedule 5.15 does not exceed $75,000,000). As of August 14, 2025, neither the Company nor any other Obligor is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Material Indebtedness of the Company or such other Obligor and, to the knowledge of the Company, no event or condition exists with respect to any Material Indebtedness of the Company or such other Obligor that have caused one or more Persons to cause such Material Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

(b) Except as disclosed in Schedule 5.15 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and

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Bain Capital Private Credit Note Purchase Agreement

delivered in connection with such Closing), neither the Company nor any other Obligor has agreed or consented to cause or permit any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness.

(c) Neither the Company nor any other Obligor is a party to, or otherwise subject to any provision contained in, any instrument evidencing Material Indebtedness of the Company or such other Obligor, any agreement relating thereto or any other agreement (including its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Material Indebtedness of the Company, except as disclosed in Schedule 5.15 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and delivered in connection with such Closing).

**Section 5.16. Foreign Assets Control Regulations, Etc***.* TC "Section 5.16. Foreign Assets Control Regulations, Etc." \f C \l "2" . (a) Neither the Company nor any Controlled Entity (i) is a Blocked Person or Canada Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United States, Canada, the United Nations, the United Kingdom or the European Union.

(b) Neither the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic Sanctions Laws, Canadian Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company's knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Canadian Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws.

(c) No part of the proceeds from the sale of the Notes hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) constitutes or will constitute funds obtained on behalf of any Blocked Person or Canada Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person or Canada Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or Canadian Economic Sanctions or (C) otherwise in violation of any U.S. Economic Sanctions Laws or Canadian Economic Sanctions Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.

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Bain Capital Private Credit Note Purchase Agreement

(d) The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Canadian Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

**Section 5.17. Environmental Matters** TC "Section 5.17. Environmental Matters" \f C \l "2" . (a) Neither the Company nor any Subsidiary has received any written claim and no proceeding has been instituted asserting any claim against the Company or any Subsidiary or with respect to any real property now or formerly owned, leased or operated by any of them, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect.

(b) Neither the Company nor any Subsidiary has knowledge of any facts which would reasonably be expected to give rise to any claim, public or private, of violation of or liability under Environmental Laws by the Company or any Subsidiary, except, in each case, such as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

(c) Neither the Company nor any Subsidiary has handled, stored, or disposed of any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them in a manner which has violated any Environmental Law that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

(d) Neither the Company nor any Subsidiary has had a release of any Hazardous Materials in a manner which would reasonably be expected to give rise to liability under any Environmental Law that would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

**Section 5.18. Investment Company Act** TC "Section 5.18. Investment Company Act" \f C \l "2" . (a) The Company has elected to be regulated as a "business development company" within the meaning of the Investment Company Act and has elected to be treated as a RIC.

(b) The business and other activities of the Company and its Subsidiaries, including the issuance of the Notes hereunder, the application of the proceeds and repayment thereof by the Company and the consummation of the transactions contemplated by this Agreement do not result in a violation or breach in any material respect of the provisions of the Investment Company Act or any rules, regulations or orders issued by the SEC thereunder, in each case that are applicable to the Company and its Subsidiaries.

(c) The Company is in compliance in all respects with the Investment Policies, except to the extent that the failure to so comply would not reasonably be expected to have a Material Adverse Effect.

**Section 5.19. Priority of Obligations** TC "Section 5.19. Priority of Obligations" \f C \l "2" . The payment obligations of the Company under this Agreement and the Notes, and the

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Bain Capital Private Credit Note Purchase Agreement

payment obligations of any Subsidiary Guarantor under its Subsidiary Guaranty, rank at least *pari passu*, without preference or priority, with all other unsecured and unsubordinated Indebtedness of the Company or such Subsidiary Guarantor, as applicable.

**Section 6. Representations of the Purchasers** TC "Section 6. Representations of the Purchasers" \f C \l "1" .

**Section 6.1. Purchase for Investment** TC "Section 6.1. Purchase for Investment" \f C \l "2" . (a) Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof, *provided* that the disposition of such Purchaser's or their property shall at all times be within such Purchaser's or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the Notes.

(b) Without limiting the foregoing, each Purchaser and each subsequent holder of any Note severally agrees that, in the event the Notes or any part or portion thereof are held by a Person (i) which directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with the Company or (ii) whose investments or investment related decisions are primarily managed by the Company or any of its Controlled or Controlling Affiliates, such Person shall have no rights whatsoever to exercise any voting rights in respect of any such Note or Notes so acquired, nor have any rights to participate, directly or indirectly, in any meetings or other written, telegraphic, telecommunication, internet or other communications between and among holders of the Notes regarding enforcement or other rights of such holders, except with relation to any amendment, waiver or consent pursuant to Section 17.1(a)(1), (2) or (3), and, solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement or the Notes or in the Subsidiary Guaranty, or have directed the taking of any action provided herein or in the Notes or in the Subsidiary Guaranty to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes of Series and/or any tranche then outstanding, such Note or Notes so acquired shall be deemed not to be outstanding except with respect to any amendment, waiver or consent pursuant to Section 17.1(a)(1), (2) or (3).

**Section 6.2. Source of Funds** TC "Section 6.2. Source of Funds" \f C \l "2" . Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a **"Source"**) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the Source is an "insurance company general account" (as the term is defined in the United States Department of Labor's Prohibited Transaction Exemption (**"PTE"**) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the **"NAIC Annual** 

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Bain Capital Private Credit Note Purchase Agreement

**Statement"**)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser's state of domicile; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the Source is a separate account that is maintained solely in connection with such Purchaser's fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the Source constitutes assets of an "investment fund" (within the meaning of Part VI of PTE 84-14 (the **"QPAM Exemption"**)) managed by a "qualified professional asset manager" or "QPAM" (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan's assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be "related" within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) the Source constitutes assets of a "plan(s)" (within the meaning of Part IV(h) of PTE 96-23 (the **"INHAM Exemption"**)) managed by an "in-house asset manager" or "INHAM" (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of

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Bain Capital Private Credit Note Purchase Agreement

"control" in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) the Source is a governmental plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been heretofore identified to the Company in writing pursuant to this clause (g); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) the Source does not include assets of any employee benefit plan, other than a plan that is not subject to ERISA or section 4975 of the Code.

As used in this Section 6.2, the terms **"employee benefit plan," "governmental plan"** and **"separate account"** shall have the respective meanings assigned to such terms in section 3 of ERISA.

**Section 6.3. Investment Experience; Access to Information** TC "Section 6.3. Investment Experience; Access to Information" \f C \l "2" . Each Purchaser severally represents that it (a) is an institutional "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act, an "Institutional Account" as defined in FINRA Rule 4512(c) and a Qualified Institutional Buyer, (b) either alone or together with its representatives has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of this investment and make an informed decision to so invest, and has so evaluated the risks and merits of such investment, (c) has the ability to bear the economic risks of this investment and can afford a complete loss of such investment, (d) understands the terms of and risks associated with the purchase of the Notes, including, without limitation, a lack of liquidity, pricing availability and risks associated with the industry in which the Company operates, (e) has had the opportunity to review (i) the Disclosure Documents, (ii) the Annual Report on Form 10-K for the Company for the year ended December 31, 2024 and (iii) such other disclosure regarding the Company, its business and its financial condition as such Purchaser has determined to be necessary in connection with the purchase of the Notes, and (f) has had an opportunity to ask such questions and make such inquiries concerning the Company, its business, its management and its financial affairs and condition, in each case, as such Purchaser has deemed appropriate in connection with such purchase and to receive satisfactory answers to such questions and inquiries.

**Section 6.4. Authorization** TC "Section 6.4. Authorization" \f C \l "2" . Each Purchaser, or Assignee following an assignment in accordance with Section 13.2, as applicable, severally represents that (a) it has full power and authority to enter into this Agreement and (b) this Agreement, when executed and delivered by such Purchaser or assigned to an Assignee in accordance with Section 13.2, will constitute valid and legally binding obligations of such Purchaser or Assignee, as applicable, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors' rights generally, and as

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Bain Capital Private Credit Note Purchase Agreement

limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

 **Section 6.5. Restricted Securities** TC "Section 6.5. Restricted Securities" \f C \l "2" . Each Purchaser understands that the Notes have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of each Purchaser's representations as expressed herein. Each Purchaser understands that the Notes are "restricted securities" under applicable U.S. federal and state securities laws and that, pursuant to these laws, each Purchaser must hold the Notes indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Each Purchaser acknowledges that the Company has no obligation to register or qualify the Notes for resale. Each Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Notes, and on requirements relating to the Company which are outside of such Purchaser's control, and which the Company is under no obligation and may not be able to satisfy.

 **Section 6.6. No Public Market** TC "Section 6.6. No Public Market" \f C \l "2" . Each Purchaser understands that no public market now exists for the Notes, and that the Company has made no assurances that a public market will ever exist for the Notes.

 **Section 6.7. Legends** TC "Section 6.7. Legends" \f C \l "2" . Each Purchaser understands that the Notes may be notated with one or both of the following legends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) "THE NOTE REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 IS AVAILABLE."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any legend required by the securities laws of any state to the extent such laws are applicable to the Notes represented by the certificate, instrument or book entry so legended.

 **Section 6.8. Reliance** TC "Section 6.8. Reliance" \f C \l "2" . Each Purchaser severally represents and warrants that such Purchaser is not relying upon, and has not relied upon, any statement, representation or warranty made by the Placement Agents any of their respective Affiliates (other than, to the extent applicable, the Obligors) or any of their respective Control persons, officers, directors or employees, in making its investment or decision to invest in the Company.

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Bain Capital Private Credit Note Purchase Agreement

**Section 6.9. Acknowledgment** TC "Section 6.9. Acknowledgment" \f C \l "2" . Each Purchaser acknowledges (for itself and for each account for which such purchaser is acquiring Notes hereunder) that such Purchaser has carefully reviewed the Disclosure Documents and has been furnished with all other materials that it considers relevant to an investment in the Notes, has had a full opportunity to ask questions of and receive answers from the Company or any Person or Persons acting on behalf of the Company concerning the terms and conditions of an investment in the Notes, has independently made its own analysis and decision to invest in the Notes, and no statement or printed material which is contrary to the Disclosure Documents has been made or given to such Purchaser by or on behalf of the Company.

**Section 6.10. Placement Agents** TC "Section 6.10. Placement Agents" \f C \l "2" . Each Purchaser severally (a) acknowledges that the Placement Agents may rely on the representations and warranties of such Purchaser contained in this Section 6 as if it were a party to this Agreement; (b) represents and warrants (for itself and for each account for which such purchaser is acquiring the Notes) that such Purchaser is not relying upon, and has not relied upon, any statement, representation or warranty made by the Placement Agents, any of their affiliates or any of their control persons, officers, directors or employees, in making its investment or decision to invest in the Company; and (c) agrees (for itself and for each account for which such Purchaser is acquiring the Notes) that none of the Placement Agents, any of their affiliates or any of their control persons, officers, directors or employees shall be liable to any Purchaser in connection with its purchase of the Notes, except to the extent arising from fraud, gross negligence or willful misconduct.

**Section 7. Information as to Company.** TC "Section 7. Information as to Company" \f C \l "1"

**Section 7.1. Financial and Business Information** TC "Section 7.1. Financial and Business Information" \f C \l "2" . The Company shall deliver to each Purchaser and each holder of a Note that, in each case, is an Institutional Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) *Quarterly Statements* — within sixty (60) days (or such shorter period as is the earlier of (x) fifteen (15) days greater than the period applicable to the filing of the Company's Quarterly Report on Form 10-Q (the **"Form 10-Q"**) with the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), copies of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) a consolidated balance sheet of the Company and its consolidated subsidiaries as at the end of such quarter, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) consolidated statements of operations, changes in net assets and cash flows of the Company and its consolidated subsidiaries, for such quarter and (in the

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Bain Capital Private Credit Note Purchase Agreement

case of the consolidated statements of operations for the second and third quarters) for the portion of the fiscal year ending with such quarter,

setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year (to the extent applicable), all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally (other than absence of footnotes and year-end adjustments), and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the Company and its consolidated subsidiaries being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) *Annual Statements* — within one hundred five (105) days (or such shorter period as is the earlier of (x) fifteen (15) days greater than the period applicable to the filing of the Company's Annual Report on Form 10-K (the **"Form 10-K"**) with the SEC regardless of whether the Company is subject to the filing requirements thereof and (y) the date by which such financial statements are required to be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Company, copies of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) a consolidated balance sheet of the Company and its consolidated subsidiaries as at the end of such year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) consolidated statements of operations, changes in net assets and cash flows of the Company and its consolidated subsidiaries for such year,

setting forth in each case in comparative form the figures for the previous fiscal year (to the extent applicable), all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a "going concern" qualification or exception as to the Company (other than as a result of the impending maturity or any prospective default under any credit document of the Company, including this Agreement and any Series and/or tranche of Notes) and without any qualification or exception as to the scope of the audit on which such opinion is based) of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *SEC and Other Reports* — promptly upon their becoming available, one copy of (i) each financial statement, report, notice, proxy statement or similar document sent by the Company or any other Obligor to its public Securities holders generally, and (ii) each regular or periodic report, each registration statement (without exhibits except as

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Bain Capital Private Credit Note Purchase Agreement

expressly requested by such holder), and each prospectus and all amendments thereto filed by the Company or any other Obligor with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) *Notice of Event of Default* — promptly, and in any event within five (5) Business Days, after a Responsible Officer becoming aware of the existence of any Event of Default or that any Person (other than a Purchaser or a holder of a Note (except with respect to any claimed default of the type referred to in Section 11(a) or 11(b) provided by any single holder of a Note)) has given any notice or taken any action with respect to a claimed default hereunder or that any Person (other than a Purchaser or a holder of a Note) has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) *Employee Benefits Matters* — promptly, and in any event within five (5) days, after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) with respect to any Pension Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof, which in the case of any Pension Plan sponsored or maintained by an ERISA Affiliate would reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan which in the case of any Pension Plan sponsored or maintained by an ERISA Affiliate would reasonably be expected to have a Material Adverse Effect, or the receipt by the Company or any ERISA Affiliate (to the extent would reasonably be expected to result in a Material Adverse Effect) of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) any event, transaction or condition that would reasonably be expected to result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3(3) of ERISA), or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) receipt of notice of the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of

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Bain Capital Private Credit Note Purchase Agreement

indemnity or otherwise) with respect to one or more Non-U.S. Plans that would reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) *Notices from Governmental Authority* — promptly, and in any event within thirty (30) days of receipt thereof, copies of any notice to the Company or any other Obligor from any Governmental Authority relating to any order, ruling, statute or other law or regulation that would reasonably be expected to have a Material Adverse Effect and to the extent such notice is required to be disclosed in connection with any regulation or disclosure obligations under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) *Resignation or Replacement of Auditors* — within ten (10) days following the date on which the Company's auditors resign or the Company elects to change auditors, as the case may be, notification thereof, together with such further information as the Required Holders may request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) *Requested Information* — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company or any other Obligor or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by a holder of the Notes, in each case to the extent reasonably available to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) *Supplements* — promptly, and in any event within ten (10) Business Days after the execution and delivery of any Supplement, a copy thereof.

**Section 7.2. Officer's Certificate** TC "Section 7.2. Officer's Certificate" \f C \l "2" . Each set of financial statements delivered to a Purchaser or holder of a Note pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) *Covenant Compliance* — setting forth the information from such financial statements that is required in order to establish whether the Company was in compliance with the requirements of Section 10.7 and any Incorporated Covenant during the quarterly or annual period covered by the financial statements then being furnished (including with respect to each such provision that involves mathematical calculations, the information from such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section or such Incorporated Covenant, as applicable, and the calculation of the amount, ratio or percentage then in existence. In the event that the Company or any other Obligor has made an election to measure any financial liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer's certificate as to such period shall include a reconciliation from GAAP with respect to such election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) *Event of Default* — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her

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Bain Capital Private Credit Note Purchase Agreement

supervision, a review of the transactions and conditions of the Company and the other Obligors from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes an Event of Default or, if any such condition or event existed or exists (including any such event or condition resulting from the failure of the Company or any other Obligor to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *Subsidiary Guarantors* – setting forth a statement of any changes to the list of all Subsidiaries that are Subsidiary Guarantors since the most recent statement delivered pursuant to this Section 7.2 and certifying that each Subsidiary that is required to be a Subsidiary Guarantor pursuant to Section 9.7 is a Subsidiary Guarantor, in each case, as of the date of such certificate of Senior Financial Officer.

**Section 7.3. Visitation** TC "Section 7.3. Visitation" \f C \l "2" . The Company shall permit the representatives of each Purchaser and each holder of a Note that, in each case, is an Institutional Investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) *No Default* — if no Event of Default then exists and is continuing, at the expense of such holder and upon at least ten (10) Business Days' prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and the other Obligors with the Company's officers, and (with the consent of the Company, which consent will not be unreasonably withheld and so long as a Senior Financial Officer or his or her delegee is given reasonable notice and the opportunity to be present during such discussions) its independent public accountants, and (with the consent of the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and each other Obligor, all at such reasonable times and as often as may be reasonably requested in writing; *provided,* that such visitation rights set forth in this clause (a) may only be exercised once per calendar year for all holders of the Notes, collectively, on a mutually agreed date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) *Default* — if an Event of Default then exists and is continuing, at the expense of the Company and upon at least ten (10) Business Days' prior notice to the Company, to visit and inspect any of the offices or properties of the Company or any other Obligor, to examine all their respective books of account, records, reports and other papers, to make copies therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company and the other Obligors so long as a Senior Financial Officer or his or her delegee is given reasonable notice and the opportunity to be present during such discussions), all at such reasonable times and as often as may be reasonably requested.

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Bain Capital Private Credit Note Purchase Agreement

**Section 7.4. Electronic Delivery** TC "Section 7.4. Electronic Delivery" \f C \l "2" . Financial statements, opinions of independent certified public accountants, other information and Officer's Certificates that are required to be delivered by the Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed to have been delivered if the Company satisfies any of the following requirements with respect thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) such financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer's Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each holder of a Note by e-mail at the e-mail address set forth in such holder's Purchaser Schedule or as communicated from time to time in a separate writing delivered to the Company or posted such information on Intralinks or on any other similar website to which each holder of Notes has free access;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the Company shall have timely filed such Form 10–Q or Form 10–K, satisfying the requirements of Section 7.1(a), Section 7.1(b) or Section 7.1(i), as the case may be, with the SEC on EDGAR and shall have delivered and, with respect to Section 7.1(a) or Section 7.1(b), the related Officer's Certificate satisfying the requirements of Section 7.2 to each holder of a Note by electronic mail or posted such information on Intralinks or on any other similar website to which each holder of Notes has free access;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) such financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer's Certificate(s) satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c), or any Supplement referred to in Section 7.1(i), as applicable, is/are timely posted by or on behalf of the Company on Intralinks or on any other similar website to which each holder of Notes has free access; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the Company shall have timely filed any of the items referred to in Section 7.1(c) or Section 7.1(i) with the SEC on EDGAR;

*provided however,* that in no case shall access to such financial statements, other information and Officer's Certificates be conditioned upon any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 20 of this Agreement), *provided further,* that upon request of any holder to receive copies of such forms, financial statements, other information and Officer's Certificates by e-mail, the Company will promptly e-mail them to such holder.

**Section 8. Payment and Prepayment of the Notes** TC "Section 8. Payment and Prepayment of the Notes" \f C \l "1" .

**Section 8.1. Maturity** TC "Section 8.1. Maturity" \f C \l "2" . As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof.

**Section 8.2. Optional Prepayments with Prepayment Settlement Amount** TC "Section 8.2. Optional Prepayments with Prepayment Settlement Amount" \f C \l "2" . The Company may, at its option, upon notice as provided below, prepay at any time all, or from time

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Bain Capital Private Credit Note Purchase Agreement

to time, to the extent permitted by the last sentence of this Section 8.2, any part of, any Series or tranche of the Notes, in an amount not less than 10% of the aggregate principal amount of such Series or tranche of Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount applicable to such Series or tranche of Notes determined for the prepayment date with respect to such principal amount. The Company will give each holder of such Series or tranche of Notes written notice of each optional prepayment under this Section 8.2 not less than ten (10) days and not more than sixty (60) days prior to the date fixed for such prepayment unless the Company and the Required Holders agree to another time period pursuant to Section 17. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of such Series or tranche of Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and the interest in such Series or tranche to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Prepayment Settlement Amount applicable to such Series or tranche of Notes due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two (2) Business Days prior to such prepayment, the Company shall deliver to each holder of Notes in such Series or tranche a certificate of a Senior Financial Officer specifying the calculation of such Prepayment Settlement Amount applicable to such Series or tranche of Notes as of the specified prepayment date. Notwithstanding the foregoing and anything contained in this Section to the contrary, if and so long as any Default or Event of Default shall have occurred and be continuing, or if such partial prepayment is before the Clean-Up Period Start Date for such Series or tranche, as applicable, any partial prepayment of the Notes pursuant to the provisions of this Section 8.2 shall be allocated among all of the Notes of all Series and tranches at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof.

**Section 8.3. Allocation of Partial Prepayments** TC "Section 8.3. Allocation of Partial Prepayments" \f C \l "2" . In the case of each partial prepayment of Notes pursuant to Section 8.2, the principal amount of Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. For the avoidance of doubt, so long as no Event of Default then exists, the Company may optionally prepay any Series or tranche of Notes without the allocation of such prepayment among all of the Notes at the time outstanding, if such Series or tranche, as applicable, is paid in full after the Clean-Up Period Start Date for such Series or tranche, as applicable.

**Section 8.4. Maturity; Surrender, Etc***.* TC "Section 8.4. Maturity; Surrender, Etc." \f C \l "2" In the case of each prepayment of any Series or tranche of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with interest on such principal amount accrued to such date and the applicable Prepayment Settlement Amount, if any, or Make-Whole Amount, if any. From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Prepayment Settlement Amount, if any, or Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company and cancelled

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Bain Capital Private Credit Note Purchase Agreement

and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

**Section 8.5. Purchase of Notes** TC "Section 8.5. Purchase of Notes" \f C \l "2" . The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire after the date of the first Closing hereunder, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of such Notes in accordance with this Agreement and such Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes in any Series or tranche at the time outstanding upon the same terms and conditions; *provided that* the Company may only make an offer to purchase an individual series of the Notes (rather than all the Notes then outstanding) so long as no Default or Event of Default shall have occurred and be continuing. Any such offer shall provide each applicable holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least ten (10) Business Days. If the holders of more than 25% of the principal amount of the Notes in such Series or tranche then outstanding accept such offer, the Company shall promptly notify the remaining holders of Notes in such Series or tranche of such fact and the expiration date for the acceptance by holders of Notes in such Series or tranche of such offer shall be extended by the number of days necessary to give each such remaining holder at least five (5) Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel such Notes acquired by it or any Affiliate after the date of the first Closing hereunder pursuant to any payment, prepayment or purchase of such Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes. For the avoidance of doubt, (a) no Prepayment Settlement Amount shall be owed in connection with any prepayment made pursuant to this Section 8.5(b) unless offered by the Company and (b) notwithstanding any provisions of Section 8.2 or 8.3, any such prepayment made pursuant to this Section 8.5(b) shall only be required to be made to the holders of Notes of the applicable Series or tranche who have accepted such prepayment offer.

**Section 8.6. Make-Whole Amount; Prepayment Settlement Amount** TC "Section 8.6. Make-Whole Amount; Prepayment Settlement Amount" \f C \l "2" .

**"Prepayment Settlement Amount"** means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Tranche A Note, an amount equal to the "Prepayment Settlement Amount", as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepaid during the period</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayment Settlement Amount</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the applicable Clean-Up Period Start Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Make-Whole Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the applicable Clean-Up Period Start Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero |

---

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Tranche B Note, an amount equal to the "Prepayment Settlement Amount", as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepaid during the period</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayment Settlement Amount</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the applicable Clean-Up Period Start Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Make-Whole Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the applicable Clean-Up Period Start Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to any Tranche C Note, an amount equal to the "Prepayment Settlement Amount", as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepaid during the period</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayment Settlement Amount</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the applicable Clean-Up Period Start Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Make-Whole Amount |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the applicable Clean-Up Period Start Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero |

---

**"Clean-Up Period Start Date"** means, (i) with respect to any Tranche A Note, August 29, 2028, (ii) with respect to any Tranche B Note, May 29, 2030, and (iii) with respect to any Additional Notes, the date set forth as the Clean-Up Period Start Date applicable to such Note in the Supplement with respect thereto.

**"Make-Whole Amount"** means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, *provided* that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:

**"Called Principal"** means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

**"Discounted Value"** means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.

**"Reinvestment Yield"** means, the sum of (a) 0.50% plus (b) the yield to maturity implied by the "Ask Yield(s)" reported as of 10:00 a.m. (New York City time) on the second Business Day

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Bain Capital Private Credit Note Purchase Agreement

preceding the Settlement Date with respect to such Called Principal, on the display designated as "Page PX1" (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities **("Reported")** having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (i) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (ii) interpolating linearly between the "Ask Yields" Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.

If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then **"Reinvestment Yield"** means, with respect to the Called Principal of any Note, the sum of (x) 0.50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.

**"Remaining Average Life"** means, with respect to any Called Principal of any Note, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a three hundred sixty (360)-day year comprised of twelve (12) thirty (30)-day months and calculated to two (2) decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.

**"Remaining Scheduled Payments"** means, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date, *provided* that if such Settlement Date is not a date on which interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or Section 12.1.

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Bain Capital Private Credit Note Purchase Agreement

**"Settlement Date"** means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

**Section 8.7. Payments Due on Non-Business Days** TC "Section 8.7. Payments Due on Non-Business Days" \f C \l "2" *.* Anything in this Agreement or the Notes to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on, or the Prepayment Settlement Amount on, any Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.

**Section 8.8. Change in Control** TC "Section 8.8. Change in Control" \f C \l "2" *.* (a) *Notice of Change in Control*. The Company will, within fifteen (15) Business Days after any Responsible Officer has knowledge of the occurrence of any Change in Control, give written notice of such Change in Control to each holder of Notes. Such notice shall contain and constitute an offer to prepay Notes as described in subparagraph (b) of this Section 8.8 and shall be accompanied by the certificate described in subparagraph (e) of this Section 8.8.

(b) *Offer to Prepay Notes*. The offer to prepay Notes contemplated by subparagraph (a) of this Section 8.8 shall be an offer to prepay, in accordance with and subject to this Section 8.8, all, but not less than all, the Notes held by each holder (in this case only, "holder" in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such offer (the "**Section 8.8 Proposed Prepayment Date**"). Such date shall be not less than thirty (30) days and not more than sixty (60) days after the date of such offer (if the Section 8.8 Proposed Prepayment Date shall not be specified in such offer, the Section 8.8 Proposed Prepayment Date shall be the first Business Day after the 45th day after the date of such offer).

(c) *Acceptance/Rejection*. A holder of Notes may accept the offer to prepay made pursuant to this Section 8.8 by causing a notice of such acceptance to be delivered to the Company not later than fifteen (15) Business Days after receipt by such holder of the most recent offer of prepayment. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.8 shall be deemed to constitute rejection of such offer by such holder.

(d) *Prepayment*. Prepayment of the Notes to be prepaid pursuant to this Section 8.8 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to, but excluding, the date of prepayment, but without Make-Whole Amount, Prepayment Settlement Amount or other premium.

(e) *Officer's Certificate*. Each offer to prepay the Notes pursuant to this Section 8.8 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Section 8.8 Proposed Prepayment Date; (ii) that

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Bain Capital Private Credit Note Purchase Agreement

such offer is made pursuant to this Section 8.8; (iii) the principal amount of each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to, but excluding, the Section 8.8 Proposed Prepayment Date; (v) that the conditions of this Section 8.8 have been fulfilled; and (vi) in reasonable detail, the nature and date of the Change in Control.

(f) *Definitions*.

**"Change in Control"** means the Company becomes managed by any Person other than the Investment Advisor.

**Section 9. Affirmative Covenants**. TC "Section 9. Affirmative Covenants." \f C \l "1"

From the date of this Agreement until the Closing and thereafter, the Company covenants that so long as any of the Notes are outstanding:

**Section 9.1. Compliance with Laws** TC "Section 9.1. Compliance with Laws" \f C \l "2" . Without limiting Section 10.4, the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16) and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

**Section 9.2. Insurance** TC "Section 9.2. Insurance" \f C \l "2" . The Company will, and will cause each of its Subsidiaries that are Obligors to, maintain insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of similarly situated entities engaged in the same or a similar business.

 **Section 9.3. Maintenance of Properties** TC "Section 9.3. Maintenance of Properties" \f C \l "2" . The Company will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), except where failure to keep or maintain would not reasonably be expected to result in a Material Adverse Effect.

**Section 9.4. Payment of Taxes and Claims** TC "Section 9.4. Payment of Taxes and Claims" \f C \l "2" . The Company will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, file all federal and state income and other material tax returns required to be filed in any jurisdiction and to pay all taxes shown to be due and payable on such returns and

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Bain Capital Private Credit Note Purchase Agreement

all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent, except taxes and assessments (i) the amount, applicability or validity of which is contested in good faith by appropriate proceedings on a timely basis, (ii) the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (iii) the nonpayment of all such taxes and assessments would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

**Section 9.5. Corporate Existence, Etc** TC "Section 9.5. Corporate Existence, Etc." \f C \l "2" . Subject to Section 10.2, the Company will at all times preserve and keep its corporate existence in full force and effect. Subject to Section 10.2, the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries (other than Immaterial Subsidiaries) (unless merged into the Company or a Wholly-Owned Subsidiary) and all rights and franchises of the Company and its Subsidiaries (other than Immaterial Subsidiaries) unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise would not, individually or in the aggregate, have a Material Adverse Effect.

**Section 9.6. Books and Records** TC "Section 9.6. Books and Records" \f C \l "2" . The Company will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, maintain proper books of record and account in conformity with GAAP and in all material respects with all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be. The Company will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. The Company and its Subsidiaries (other than Immaterial Subsidiaries) have devised a system of internal accounting controls sufficient to provide reasonable assurances that their respective books, records, and accounts accurately reflect all transactions and dispositions of assets and the Company will, and will cause each such Subsidiary to, continue to maintain such system.

 **Section 9.7. Subsidiary Guarantors** TC "Section 9.7. Subsidiary Guarantors" \f C \l "2" **.** (a) The Company will cause each of its Subsidiaries that guarantees or otherwise becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any Indebtedness under any Material Credit Facility for which the Company is a borrower or guarantor (other than pursuant to any Standard Securitization Undertakings) to concurrently therewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) enter into (A) an agreement in form and substance reasonably satisfactory to the Required Holders providing for the guaranty by such Subsidiary, on a joint and several basis with all other such Subsidiaries providing a guaranty, of (x) the prompt payment in full when due of all amounts payable by the Company pursuant to the Notes (whether for principal, interest, Prepayment Settlement Amount, Make-Whole Amount or otherwise) and this Agreement, including all indemnities, fees and expenses payable by the Company thereunder and (y) the prompt, full and faithful performance, observance and discharge by the Company of each and every covenant, agreement, undertaking and

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Bain Capital Private Credit Note Purchase Agreement

provision required pursuant to the Notes or this Agreement to be performed, observed or discharged by it (a **"Subsidiary Guaranty"**) or (B) a joinder to the Subsidiary Guaranty, which may include changes as necessary or appropriate (in the reasonable determination of counsel to the Required Holders) to take into account local law requirements or other customary limitations regarding guarantees provided by entities formed or organized in any applicable jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) deliver the following to each holder of a Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) an executed counterpart of such Subsidiary Guaranty or a joinder thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) a certificate signed by an authorized responsible officer of such Subsidiary containing representations and warranties on behalf of such Subsidiary to the same effect, *mutatis mutandis*, as those contained in Sections 5.1, 5.2, 5.6 and 5.7 of this Agreement (but with respect to such Subsidiary and such Subsidiary Guaranty rather than the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (C) all documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing existence and, where applicable, good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of the execution and delivery of such Subsidiary Guaranty and the performance by such Subsidiary of its obligations thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (D) upon request of the Required Holders (at the time such Subsidiary is to be joined as a Subsidiary Guarantor or if otherwise provided under a Material Credit Facility), a customary opinion of counsel reasonably satisfactory to the Required Holders covering such matters relating to such Subsidiary and such Subsidiary Guaranty as the Required Holders may reasonably request.

(b) At the election of the Company and by written notice to each holder of Notes, any Subsidiary Guarantor may be discharged from all of its obligations and liabilities under its Subsidiary Guaranty and shall be automatically released from its obligations thereunder without the need for the execution or delivery of any other document by the holders, *provided* that (i) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect of any Material Credit Facility, then such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary Guarantor under its Subsidiary Guaranty) under such Material Credit Facility, (ii) at the time of, and after giving effect to, such release and discharge, no Event of Default shall be existing, (iii) no amount is then due and payable under such Subsidiary Guaranty, (iv) if in connection with such Subsidiary Guarantor being released and discharged under any Material Credit Facility (other than in connection with a sale of such Subsidiary or its Equity Interests), any fee or other form of consideration is given to any holder of Indebtedness under such Material Credit Facility specifically for such release, equivalent consideration (determined in the case of a fee as an equivalent proportion of outstanding commitments or principal amount as applicable) shall be given, pro rata, to the holders of the Notes

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Bain Capital Private Credit Note Purchase Agreement

substantially concurrently therewith and (v) each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses (i) through (iv).

**Section 9.8. Status of BDC and RIC** TC "Section 9.8. Status of BDC and RIC" \f C \l "2" **.** The Company shall at all times maintain its status as a "business development company" under the Investment Company Act. The Company shall at all times maintain its status as a RIC under the Code.

**Section 9.9. Investment Policies** TC "Section 9.9. Investment Policies" \f C \l "2" **.** The Company shall at all times be in compliance with its Investment Policies, except to the extent that the failure to so comply would not reasonably be expected to result in a Material Adverse Effect.

**Section 9.10. Rating Confirmation** TC "Section 9.10. Rating Confirmation" \f C \l "2" **.** The Company covenants and agrees that, at its sole cost and expense, it shall cause to be maintained at all times a Debt Rating for the Notes from an Acceptable Rating Agency. At any time that the Debt Rating maintained pursuant to the foregoing is not a public rating, the Company will provide to each holder of a Note (x) at least annually (on or before each anniversary of the date of the Closing) and (y) promptly upon any change in such Debt Rating, an updated Private Rating Letter evidencing such Debt Rating and an updated Private Rating Rationale Report with respect to such Debt Rating. In addition to the foregoing information and any information specifically required to be included in any Debt Rating or Private Rating Rationale Report (as set forth in the respective definitions thereof), if the SVO or any other Governmental Authority having jurisdiction over any holder of any Notes from time to time requires any additional information with respect to the Debt Rating of the Notes, the Company shall use reasonable efforts to procure such information from an Acceptable Rating Agency.

 **Section 9.11. Most Favored Lender** TC "Section 9.11. Most Favored Lender" \f C \l "2" **.** (a) If a Specified Credit Facility shall include any MFL Financial Covenant or MFL Cure Right Provision and (i) such MFL Financial Covenant is not contained in this Agreement or (ii) such MFL Financial Covenant or MFL Cure Right Provision would be more beneficial to the holders of Notes than any analogous restriction, event of default, cure right or provision and related defined terms contained in this Agreement (any such restriction, event of default, cure right or provision, an **"Additional Covenant"**), then the Company shall provide a Most Favored Lender Notice to the holders of Notes; *provided* that, for the avoidance of doubt and without limiting the foregoing, the absence of an MFL Cure Right Provision in a Specified Credit Facility that has financial covenants that are the same as the financial covenants set forth in Section 10.7 (and have the same related definitions) would be more beneficial to the holders of Notes. Thereupon, unless waived in writing by the Required Holders within ten (10) Business Days after receipt of such notice by the holders of the Notes, such Additional Covenant (including any associated cure or grace period and related defined terms) shall be deemed automatically incorporated by reference into this Agreement, or in the case of the absence of an MFL Cure Right Provision in a Specified Credit Facility that has financial covenants that are the same as the financial covenants set forth in Section 10.7 (and have the same related definitions), the Cure Right set forth in this Agreement shall be deemed automatically removed from this Agreement, *mutatis mutandis*, as if set forth fully herein or so removed, without any further action required on the part of any Person, effective as

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Bain Capital Private Credit Note Purchase Agreement

of the date when such Additional Covenant became effective under such Specified Credit Facility. Thereafter, upon the request of any holder of a Note, the Company shall enter into any additional agreement or amendment to this Agreement reasonably requested by such holder evidencing any of the foregoing.

(b) Any Additional Covenant (including any associated cure right, cure period or grace period and any associated defined term and all qualifications, limitations and exceptions thereto) incorporated into this Agreement pursuant to this Section 9.11 (herein referred to as an "**Incorporated Covenant**") (i) shall be deemed automatically amended herein to reflect any subsequent waivers, supplements, modifications or amendments made to such Additional Covenant (including any associated cure right, cure period or grace period and any associated defined term and all qualifications, limitations and exceptions thereto) under the Specified Credit Facility that contains the relevant Additional Covenant; *provided* that if any Event of Default then exists (including in respect of such Incorporated Covenant) and the amendment of such Additional Covenant would result in such Additional Covenant being less restrictive on the Company, such Incorporated Covenant shall only be deemed automatically amended at such time as no Event of Default then exists and (ii) shall be deemed automatically deleted from this Agreement at such time as such Additional Covenant is deleted or otherwise removed from the Specified Credit Facility, including if the Specified Credit Facility is terminated or otherwise no longer in effect; *provided* that, if an Event of Default then exists (including in respect of such Incorporated Covenant), such Incorporated Covenant shall only be deemed automatically deleted from this Agreement at such time as no Event of Default then exists; *provided further, however,* that, in the case of both clauses (i) and (ii) above, if any fee or other consideration (determined in the case of a fee as an equivalent proportion of outstanding commitments or principal amount as applicable) shall be given to the lenders under such Specified Credit Facility for such amendment or deletion, the equivalent of such fee or other consideration shall be given, pro rata, to the holders of the Notes. Upon the request of the Company, the holders of Notes shall (at the Company's sole cost and expense) enter into any additional agreement or amendment to this Agreement requested by the Company evidencing the waiver, supplement, modification or amendment or deletion of any such Incorporated Covenant in accordance with the terms hereof (it being understood that such waiver, supplement, modification, amendment or deletion shall be deemed to be automatically effective whether or not such agreement or amendment is entered into). For the avoidance of doubt, no covenant, definition or default expressly set forth in this Agreement as of the date of this Agreement (or incorporated into this Agreement by an amendment or modification to this Agreement other than pursuant to this Section 9.11) shall be deemed to be amended or deleted in any manner to be less restrictive on the Company by virtue of the provisions of this Section 9.11.

**Section 10. Negative Covenants**. TC "Section 10. Negative Covenants." \f C \l "1"

From the date of this Agreement until the Closing and thereafter, the Company covenants that so long as any of the Notes are outstanding:

**Section 10.1. Transactions with Affiliates** TC "Section 10.1. Transactions with Affiliates" \f C \l "2" . The Company will not, and will not permit any other Obligor to, enter into

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Bain Capital Private Credit Note Purchase Agreement

any transactions with any of its Affiliates, even if otherwise permitted under this Agreement, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) transactions at prices and on terms and conditions, taken as a whole, not materially less favorable to the Company or such other Obligor other than in good faith is believed to be obtained on an arm's-length basis from unrelated third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) transactions between or among the Company and any other Obligor not involving any other Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) restricted payments not prohibited by Section 6.05 or other similar provision of the Bank Credit Agreement, and transactions and documents governing transactions permitted by Section 10.2 or Section 10.6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the Affiliate Agreements and the transactions provided in the Affiliate Agreements (as such agreements are amended, modified or supplemented from time to time in a manner not materially adverse to the holders of the Notes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) transactions described or referenced on Schedule 10.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) any Investment that results in the creation of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) transactions between or among the Obligors and any Excluded Asset or any "downstream affiliate" (as such term is used under the rules promulgated under the Investment Company Act) company of an Obligor at prices and on terms and conditions, taken as a whole, not materially less favorable to the Obligors than in good faith is believed could be obtained at the time on an arm's-length basis from unrelated third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) the Company may issue and sell Equity Interests to its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) transactions with one or more Affiliates (including co-investments) permitted by an exemptive order granted by the SEC (as may be amended from time to time), any no action letter or as otherwise permitted by applicable law, rule or regulation and SEC staff interpretations thereof or based on advice of counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) transactions between a Subsidiary that is not an Obligor and an Affiliate thereof that is not an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) transactions approved by a majority of the independent members of the board of trustees of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) the payment of compensation and reimbursement of expenses and indemnification and directors' and officers' insurance to officers and directors in the ordinary course of business;

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) transactions with or among any Portfolio Investment to the extent not otherwise prohibited under the Bank Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) employment, severance, indemnification or compensation plan, agreement or arrangement and the payment of compensation (including bonuses) and any similar plans, agreements, arrangements or payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o) provision of benefits (including retirement, health, equity and other benefits plans) and indemnification to officers, directors, employees and consultants and all like and similar arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (p) transactions between or among the Obligors and any Excluded Asset (i) arising from, in connection with or related to Standard Securitization Undertakings; and (ii) arising from, in connection with or related to Back-to-Back Transactions to the extent not otherwise prohibited under the Bank Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) any Permitted Advisor Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (r) any transaction permitted by Section 6.08 or any similar provision of the Bank Credit Agreement.

**Section 10.2. Merger, Consolidation, Fundamental Changes, Etc** TC "Section 10.2. Merger, Consolidation, Fundamental Changes, Etc" \f C \l "2" . The Company will not, nor will it permit any other Obligor to, enter into any transaction of merger or consolidation or amalgamation, or liquidate, wind up or dissolve or divide itself (or suffer any liquidation, dissolution or division). The Company will not, nor will it permit any of the Subsidiary Guarantors to, acquire any business or property from, or Capital Stock of, or be a party to any acquisition of, any Person, except for purchases or acquisitions of Investments and other assets in the normal course of the day-to-day business activities of the Company and its Subsidiaries and not in violation of the terms and conditions of this Agreement. The Company will not, nor will it permit any of the Subsidiary Guarantors to, convey, sell, lease, transfer or otherwise dispose of, in one transaction or a series of transactions, any part of its assets, whether now owned or hereafter acquired, but excluding (i) any transaction permitted under Sections 6.03, 6.05 or 6.12 or any similar provisions of the Bank Credit Agreement<u>;</u> and (ii) assets (other than Investments) sold or disposed of in the ordinary course of business (including to make expenditures of cash and Cash Equivalents in the normal course of the day-to-day business activities of the Company and its Subsidiaries).

Notwithstanding the foregoing provisions of this Section 10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) any Obligor may be merged or consolidated with or into the Company or any other Subsidiary Guarantor; *provided* that if any such transaction shall be between a Subsidiary Guarantor and a wholly owned Subsidiary Guarantor, the wholly owned Subsidiary Guarantor shall be the continuing or surviving entity;

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) any Obligor may sell, lease, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Company or any wholly owned Subsidiary Guarantor of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) the Capital Stock of any Subsidiary of the Company may be sold, transferred (including a deemed transfer resulting from a division or plan of division) or otherwise disposed of (including by way of consolidation or merger) (i) to the Company or any wholly owned Subsidiary Guarantor of the Company or (ii) so long as such transaction results in an Obligor receiving the proceeds of such disposition, to any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the Obligors may sell, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise Dispose of Investments (other than to a Unrestricted Subsidiary or Excluded Asset) so long as after giving effect to such sale, transfer or other disposition (and any Concurrent Transaction), such sale, transfer or other disposition is not prohibited by Section 6.03(d) or other similar provision of the Bank Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) the Obligors may sell, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise Dispose of Investments to (A) an Immaterial Subsidiary or (B) Unrestricted Subsidiary or Excluded Asset so long as after giving effect to such sale, transfer or other disposition (and any Concurrent Transaction), such sale, transfer or other disposition is not prohibited by Section 6.03(e) or other similar provision of the Bank Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) the Company may merge or consolidate with, or acquire all or substantially all of the assets of, any other Person so long as (i) the Company is the continuing or surviving entity in such transaction and (ii) at the time thereof and after giving effect thereto and any Concurrent Transaction, no Event of Default shall have occurred or be continuing; provided that, in no event shall the Company enter in any transaction of merger or consolidation or amalgamation, or effect any internal reorganization, if the surviving entity would be organized under any jurisdiction other than a jurisdiction of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) the Company and each of the Subsidiary Guarantors may sell, lease, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise dispose of equipment or other property or assets that do not consist of Portfolio Investments so long as the aggregate amount of all such sales, leases, transfer and dispositions does not exceed $2,500,000 in any fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) the Company may transfer assets to an Excluded Asset or a Unrestricted Subsidiary for the sole purpose of facilitating the transfer of assets (x) from one Excluded Asset or Unrestricted Subsidiary (or a Subsidiary that was an Excluded Asset or a Unrestricted Subsidiary immediately prior to such disposition) to another Excluded Asset or Unrestricted Subsidiary, directly or indirectly through such Obligor (such assets, the

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Bain Capital Private Credit Note Purchase Agreement

"Transferred Assets"); provided that such transfer is not prohibited by Section 6.03(h) or other similar provision of the Bank Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the Company may dissolve or liquidate any Subsidiary Guarantor so long as in connection with such dissolution or liquidation, any and all of the assets of such Subsidiary Guarantor shall be distributed or otherwise transferred to an Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) the Company may deposit and use cash to purchase shares of common stock of the Company in connection with a Tender Offer or otherwise to the extent such purchase would be, at the time approved by the board of directors of the Company, not be prohibited by Section 6.05 or other similar provision of the Bank Credit Agreement.

**Section 10.3. Line of Business** TC "Section 10.3. Line of Business" \f C \l "2" . The Company will not and will not permit any of its Subsidiaries to engage in any business in a manner that would violate the Company's Investment Policies in any material respect.

**Section 10.4. Economic Sanctions, Etc** TC "Section 10.4. Economic Sanctions, Etc." \f C \l "2" . The Company will not, and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person or Canada Blocked Person), own or control a Blocked Person or Canada Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or transaction (i) would cause any holder or any Affiliate of such holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws or Canadian Economic Sanctions Laws.

**Section 10.5. Liens** TC "Section 10.5. Liens" \f C \l "2" . The Company will not and will not permit any other Obligor to create, incur, assume or permit to exist any Lien on or with respect to any property or asset of the Company or any such Obligor, whether now owned or held or hereafter acquired, or assign or sell any income or revenues (including accounts receivable) or rights in respect thereof (which, for the avoidance of doubt, shall not include participations in Investments), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) any Lien on any property or asset of any Obligor existing on the Effective Date and set forth in Schedule 10.5, *provided* that (i) no such Lien shall extend to any other property or asset of such Obligor (other than proceeds thereof or accessions, replacements, additions or improvements thereto or after-acquired property) and (ii) any such Lien shall secure only those obligations which it secures on the Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Liens created pursuant to the Bank Credit Agreement and the Security Documents;

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Liens on Special Equity Interests included in Investments of the Company but only to the extent securing obligations in the manner provided in the definition of "Special Equity Interests";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Liens securing Indebtedness or other obligations, not prohibited by Section 6.02 or other similar provision of the Bank Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) [reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) Liens on the direct ownership or economic interests of any Obligor in an Excluded Asset or a Non-Consolidated Subsidiary to secure obligations owed to a creditor (or to such creditor's assignee) of such Excluded Asset or Non-Consolidated Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) Liens securing Indebtedness not prohibited under Sections 6.01(g), (h) and (o) or other similar provisions of the Bank Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) Liens incurred in connection with the posting of cash collateral in connection with Swap Agreements (as defined in the Bank Credit Agreement) (other than Hedging Agreements) not prohibited under Section 6.02(g) or other similar provision of the Bank Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) Liens on an Obligor's Equity Interests in any SBIC Subsidiary created in favor of the SBA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) Liens existing on any property or asset prior to the acquisition thereof by the Company or another Obligor; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition and (ii) such Lien does not apply to any other property or assets (other than proceeds thereof or accessions thereto) of the Company or such Obligor.

 **Section 10.6. Restricted Payments** TC "Section 10.6. Restricted Payments" \f C \l "2" . The Company will not, nor will it permit any other Obligor to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except that any Obligor may declare and pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) dividends with respect to the capital stock of the Company to the extent payable solely in additional shares of the Company's stock, which may include a combination of cash and stock; provided that, such cash dividend would otherwise be permitted pursuant to Section 6.05 or other similar provision of the Bank Credit Agreement;

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) dividends and distributions in either case in cash or other property (excluding for this purpose the Company's common stock) in or with respect to any taxable year (or any calendar year, as relevant) of the Company in amounts not to exceed 110% of the higher of (x) the net investment income of the Company for the applicable year determined in accordance with GAAP and as specified in the annual financial statements most recently delivered pursuant to Section 7.1(a) and (y) the amount that is estimated in good faith by the Company (i) to satisfy the minimum distribution requirements imposed by Section 852(a) of the Code (or any successor thereto) to maintain the Company's eligibility to be taxed as a RIC for any such taxable year, (ii) to reduce to zero (0) for any such taxable year its liability for federal income taxes imposed on (A) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), and (B) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) to reduce to zero its federal excise taxes for such taxable year (or for the previous taxable year) imposed by Section 4982 of the Code (or any successor thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) any settlement in respect of a conversion feature in any convertible security that may be issued by the Company to the extent made through the delivery of common stock (except in the case of interest (which may be payable in cash)); and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Restricted Payments not prohibited under Sections 6.05 or other similar provision of the Bank Credit Agreement.

Nothing herein shall be deemed to prohibit the payment of Restricted Payments by any Subsidiary Guarantor of the Company to (i) the Company or to any other Subsidiary Guarantor or (ii) on a pro rata basis, any class of its equityholders.

For the avoidance of doubt, the Company shall not declare any dividend to the extent such declaration violates the provisions of the Investment Company Act applicable to it and the determination of the amounts referred to in paragraph (b) above shall be made separately for the taxable year and the calendar year and the limitation on dividends or distributions imposed by such paragraphs shall apply separately to the amounts so determined.

**Section 10.7. Certain Financial Covenants** TC "Section 10.7. Certain Financial Covenants" \f C \l "2" .

(a) *Minimum Shareholders' Equity*. The Company will not permit Shareholders' Equity at the last day of any fiscal quarter of the Company to be less than the greater of (x) $220,000,000 and (y) $220,000,000, plus 25% of the net cash proceeds of the sale of Equity Interests by the Company and its Subsidiaries after December 18, 2024 (other than proceeds of (x) sales of Equity Interests by and among the Company and its Subsidiaries or (y) any distribution or dividend reinvestment plan) minus 25% of the aggregate amount paid or distributed to purchase common stock in connection with a Tender Offer or otherwise and equity interests redeemed, bought back or purchased by the Company after December 18, 2024.

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Bain Capital Private Credit Note Purchase Agreement

(b) *Asset Coverage Ratio.* The Company will not permit the Asset Coverage Ratio as of the last Business Day of any calendar quarter to be less than 1.50:1.00.

(c) *Cure Right*. If, within thirty (30) calendar days after delivery of an officer's certificate delivered pursuant to Section 7.2(a), which certificate demonstrates (i) a Financial Covenant Default and (ii) an Asset Coverage Ratio not less than 1.35:1.00, the Company may present the holders of the Notes with a reasonably feasible plan for the Company to offer or sell Equity Interests or raise or pay off or satisfy Indebtedness of the Company or any of its subsidiaries (the "**Cure Right**"), the proceeds of which shall be deemed received (and/or the payoff or satisfaction of debt shall be deemed to have occurred) immediately prior to such default and used immediately prior to such default as specified in such plan to enable such Financial Covenant Default to be cured within one hundred twenty (120) calendar days after the end of the applicable quarter or fiscal year to which such officer's certificate relates, then, once such plan is submitted, the Company shall be deemed to have complied with the relevant covenant under Section 10.7 that gave rise to such Financial Covenant Default as of the relevant date of determination and each subsequent fiscal quarter within such one hundred twenty (120) day period with the same effect as though there had been no failure to comply therewith at such date, and the applicable Financial Covenant Default that had occurred shall be deemed cured for each such subsequent fiscal quarter for the purposes of this Agreement; *provided,* that if the transaction specified in such plan is not consummated within such one hundred twenty (120) day period, it shall constitute an immediate Event of Default. Notwithstanding anything herein to the contrary, (i) no more than two (2) Cure Rights may be exercised during the term of this Agreement, and (ii) the Cure Right shall not be exercised in any two (2) consecutive fiscal quarters (for the avoidance of doubt, the Cure Right shall not be deemed to have been exercised in any subsequent fiscal quarter within any applicable one hundred twenty (120) day cure period).

The holders of the Notes agree that from and after their receipt of notice from the Company of its intent to exercise the Cure Right in respect of any Financial Covenant Default in accordance with this Section 10.7(c), no holder of the Notes shall accelerate its Notes or exercise any of its rights or remedies pursuant to Section 12 solely on the basis of the occurrence and continuance of such Financial Covenant Default during the period from the date of delivery of such notice and until the date that is one hundred eighty (180) calendar days after the expiration of the end of the applicable quarter or fiscal year to which such officer's certificate relates.

**Section 11. Events of Default** TC "Section 11. Events of Default" \f C \l "1" .

An **"Event of Default"** shall exist if any of the following conditions or events shall occur and be continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the Company defaults in the payment of any principal, Make-Whole Amount or Prepayment Settlement Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) the Company defaults in the payment of any interest on any Note for more than five (5) Business Days after the same becomes due and payable; or

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) (i) subject to Section 10.7(c), the Company defaults in the performance of or compliance with any term contained in Section 10.7(a) or 10.7(b) or any Incorporated Covenant or (ii) any covenant in a Supplement which specifically provides that it shall have the benefit of this paragraph (c); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the Company or any Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein (other than those referred to in Sections 11(a), (b) and (c)), in any Supplement or in any Subsidiary Guaranty and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a "notice of default" and to refer specifically to this Section 11(d)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) (i) any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in this Agreement or any Supplement or in any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of which made, or (ii) any representation or warranty made in writing by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Subsidiary Guaranty or in any writing furnished in connection with such Subsidiary Guaranty proves to have been false or incorrect in any material respect on the date as of which made and such failure, if capable of cure, shall continue unremedied for a period of ten (10) Business Days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a "notice of default" and to refer specifically to this Section 11(e)); after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a "notice of default" and to refer specifically to this Section 11(e)), the Company may cure any Default or Event of Default arising solely from the delivery of any certificate or report with an inaccuracy, by delivering within three (3) Business Days of knowledge by the Company thereof a corrected certificate or report so long as (i) any issuance of Additional Notes, sale, disposition or other action of the Company or any Subsidiary that was taken in reliance on such certificate or report containing such inaccuracy would have also been permitted hereunder if such issuance of Additional Notes, sale, disposition or other action had been taken in reliance on the corrected certificate or report and (ii) the Company did not have knowledge of such inaccuracy at the time such certificate or report that included such inaccuracy was delivered; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) (i) the Company or any Subsidiary Guarantor is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness for borrowed money that is outstanding in an aggregate principal amount of at least $75,000,000 (or its equivalent in the relevant currency of payment), or (ii) the Company or any Subsidiary Guarantor is in default in the performance of or compliance with any other term of any evidence of any Indebtedness for borrowed money (including any indenture or mortgage) in an aggregate outstanding

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Bain Capital Private Credit Note Purchase Agreement

principal amount of at least $75,000,000 (or its equivalent in the relevant currency of payment) or any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared, due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of such Indebtedness to convert such Indebtedness into equity interests), the Company or any Subsidiary Guarantor has become obligated to purchase or repay Indebtedness for borrowed money before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $75,000,000 (or its equivalent in the relevant currency of payment); *provided* that this clause (f) shall not apply to (1) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, the net cash proceeds of which are used in part to repay such Indebtedness within thirty (30) days after such sale or transfer; (2) convertible debt that becomes due as a result of a conversion or redemption event, other than as a result of an "event of default" (as defined in the documents governing such convertible debt); or (3) Indebtedness that has become, or has been declared, due and payable before its stated maturity or before its regularly scheduled dates of payment as a consequence of events which constitute a Change in Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) the Company or any Significant Subsidiary (i) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or any of its Significant Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company or any of its Significant Subsidiaries, or any such petition shall be filed against the Company or any of its Significant Subsidiaries and such petition shall not be dismissed within sixty (60) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) any event occurs with respect to the Company or any Significant Subsidiary which under the laws of any jurisdiction is analogous to any of the events described in Section 11(g) or Section 11(h), *provided* that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding described in Section 11(g) or Section 11(h); or

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) one or more final judgments or orders for the payment of money aggregating in excess of $75,000,000 (or its equivalent in the relevant currency of payment) (to the extent not covered by independent third-party insurance or by an enforceable indemnity) are rendered against one or more of the Company and its Significant Subsidiaries and which judgments are not, within sixty (60) days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within sixty (60) days after the expiration of such stay; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) if (i) any Pension Plan shall fail to satisfy the minimum funding standards of section 303 of ERISA or section 430 of the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate any Pension Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Pension Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Pension Plan may become a subject of any such proceedings, (iii) there is any "amount of unfunded benefit liabilities" (within the meaning of section 4001(a)(18) of ERISA) under one or more Pension Plans, determined in accordance with Title IV of ERISA, (iv) the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such Non-U.S. Plans allocable to such liabilities, (v) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (vi) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) the Company or Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder, (viii) the Company or any Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) the Company or any Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses (i) through (ix) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect. As used in this Section 11(k), the terms **"employee benefit plan"** and **"employee welfare benefit plan"** shall have the respective meanings assigned to such terms in section 3 of ERISA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) (i) any Subsidiary Guaranty shall cease to be in full force and effect in any material respect, (ii) any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor shall contest in any manner the validity, binding nature or enforceability of any Subsidiary Guaranty, or (iii) the obligations of any Subsidiary Guarantor under any Subsidiary Guaranty are not or cease to be legal, valid, binding and enforceable in accordance with the terms of such Subsidiary Guaranty, except in the cases of clauses (i) and (ii) above pursuant to a transaction permitted hereunder; or

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) the Company shall cease to be managed by the Investment Advisor.

**Section 12. Remedies on Default, Etc** TC « Section 12. Remedies on Default, Etc" \f C \l "1" .

**Section 12.1. Acceleration** TC "Section 12.1. Acceleration" \f C \l "2" . (a) If an Event of Default with respect to the Company described in Section 11(g), (h) or (i) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.

(b) If any other Event of Default has occurred and is continuing, the Required Holders may at any time at their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable.

(c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable.

Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount determined in respect of such principal amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

**Section 12.2. Holder Action** TC "Section 12.2. Holder Action" \f C \l "2" . Each Purchaser and each holder of a Note agrees that it shall not take or institute any actions or proceedings, judicial or otherwise, for any right or remedy against the Company or any Subsidiary Guarantor or any Subsidiary under this Agreement or any of the Notes (including the exercise of any right of setoff, rights on account of any banker's lien or similar claim or other rights of self-help), or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect to any property of any Obligor, except as provided in Section 12.1(c), without the prior written consent of the Required Holders. The provisions of this Section 12.2 are for the sole benefit of the holders of the Notes and shall not afford any right to, or constitute a defense available to, the Obligors.

**Section 12.3. Rescission** TC "Section 12.3. Rescission" \f C \l "2" . At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its

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Bain Capital Private Credit Note Purchase Agreement

consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount that are due and payable and are unpaid other than by reason of such declaration, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

**Section 12.4. No Waivers or Election of Remedies, Expenses, Etc** TC "Section 12.4. No Waivers or Election of Remedies, Expenses, Etc." \f C \l "2" . No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder's rights, powers or remedies. No right, power or remedy conferred by this Agreement, any Subsidiary Guaranty or any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under Section 15, the Company will pay on demand such further amount as shall be sufficient to cover all reasonable and documented out-of-pocket costs and expenses of one firm of outside counsel reasonably acceptable to each holder of the Notes for all of the holders of the Notes collectively incurred in any enforcement or collection under this Section 12.

**Section 13. Registration; Exchange; Substitution of Notes** TC "Section 13. Registration; Exchange; Substitution of Notes" \f C \l "1" .

**Section 13.1. Registration of Notes** TC "Section 13.1. Registration of Notes" \f C \l "2" . The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner's option, either such beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

**Section 13.2. Transfer and Exchange of Notes** TC "Section 13.2. Transfer and Exchange of Notes" \f C \l "2" . (a) Subject to clause (b) below, any registered holder of a Note

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Bain Capital Private Credit Note Purchase Agreement

or a Purchaser (an "**Assigning Party**") may assign to one or more assignees (an "**Assignee**") all or a portion of its rights and obligations under its Note and/or under this Agreement.

(b) Any such assignment or transfer shall be subject to the following conditions: (i) the Assigning Party shall deliver to the Company a written instrument of transfer duly executed by the Assigning Party or such Assigning Party's attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof; *provided*, that in the event the Assigning Party shall assign or transfer to a Private Placement Agent which holds the Notes only in connection with its role as an intermediary in the prompt and expeditious sale in accordance with customary financial market conditions to another purchasing Institutional Investor, the Assigning Party may instruct such Private Placement Agent to direct the Assignee to provide the Company, in writing, the relevant name, address and other information for notices of such Assignee; (ii) if no Event of Default under clause (a), (b), (g) or (h) of Section 11 has occurred and is continuing, the Company has consented to such assignment (which consent shall not be unreasonably withheld) (provided that the Company's consent shall always be required for an assignment or transfer to a Competitor); (iii) the Assignee shall have made the representations set forth in Section 6 to the Company; and (iv) an exemption from registration of the Notes under the Securities Act is available.

(c) Upon satisfaction of the conditions set forth in clause (b) above and surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder's attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten (10) Business Days thereafter, the Company shall execute and deliver, at the Company's expense (except as provided below), one or more new Notes of the same Series (and of the same tranche if such Series has separate tranches) (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1(a) or Schedule 1(b), as applicable, or attached to the applicable Supplement with respect to any Additional Notes. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a tranche, one Note of such tranche may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representations set forth in Section 6.

**Section 13.3. Replacement of Notes** TC "Section 13.3. Replacement of Notes" \f C \l "2" . Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an

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Bain Capital Private Credit Note Purchase Agreement

Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation in the form of a lost note affidavit), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or Additional Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person's own unsecured agreement of indemnity shall be deemed to be satisfactory), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) in the case of mutilation, upon surrender and cancellation thereof,

within ten (10) Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same Series (and of the same tranche if such Series has separate tranches), dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

**Section 14. Payments on Notes** TC "Section 14. Payments on Notes" \f C \l "1" .

**Section 14.1. Place of Payment** TC "Section 14.1. Place of Payment" \f C \l "2" . Subject to Section 14.2, payments of principal, Prepayment Settlement Amount, if any, or Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of the Company in such jurisdiction. The Company (or its agent or sub-agent) may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the Company, the principal office of the Company's agent or sub-agent in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

**Section 14.2. Payment by Wire Transfer** TC "Section 14.2. Payment by Wire Transfer" \f C \l "2" . So long as any Purchaser or Additional Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company (or its agent or sub-agent) will pay all sums becoming due on such Note for principal, Prepayment Settlement Amount, if any, interest and all other amounts becoming due hereunder by the method and at the address specified for such purpose below such Purchaser's name in the Purchaser Schedule or, in the case of any Additional Purchaser, Schedule A attached to any Supplement to which such Additional Purchaser is a party or by such other method or at such other address as such Purchaser or Additional Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser or Additional Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or Additional Purchaser or its nominee, such Person will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange

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Bain Capital Private Credit Note Purchase Agreement

for a new Note or Notes of the same tranche pursuant to Section 13.2. The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser or Additional Purchaser under this Agreement or any Supplement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2.

 **Section 14.3. Tax Forms** TC "Section 14.3. Tax Forms" \f C \l "2" *.* Any holder that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Note shall deliver to the Company, at the time or times reasonably requested by the Company, such properly completed and executed documentation reasonably requested by the Company as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any holder, if reasonably requested by the Company, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company as will enable the Company to determine whether or not such holder is subject to backup withholding or information reporting requirements (including FATCA). Without limiting the generality of the foregoing, any holder that is a United States Person shall deliver to the Company on or before the date on which such holder obtains a Note (and from time to time thereafter upon the reasonable request of the Company), executed copies of IRS Form W-9 certifying that such holder is exempt from U.S. federal backup withholding tax. Any holder that is a not United States Person shall deliver to the Company on or before the date on which such holder obtains a Note (and from time to time thereafter upon the reasonable request of the Company), executed copies of the applicable IRS Form W-8 and any documentation prescribed by applicable law as a basis for claiming exemption (if any) from or a reduction (if any) in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Company to determine the withholding or deduction required to be made. If a payment made to a holder under any Note would be subject to U.S. federal withholding Tax imposed by FATCA if such holder were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such holder shall deliver to the Company at the time or times prescribed by law and at such time or times reasonably requested by the Company such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. For purposes of this Section 14.3, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

**Section 15. Expenses, Etc** TC "Section 15. Expenses, Etc" \f C \l "1" .

**Section 15.1. Transaction Expenses** TC "Section 15.1. Transaction Expenses" \f C \l "2" *.* Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable and documented out-of-pocket costs and expenses (but limited, in the case of attorneys' fees and expenses, to the reasonable and documented out-of-pocket attorneys' fees of one special counsel (reasonably acceptable to each Purchaser, any Additional Purchaser and each other holder of a Note) for, collectively, the Purchasers (and Additional Purchasers under any Supplement) and each other holder of a Note, taken as a whole, and, if reasonably required by the

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Bain Capital Private Credit Note Purchase Agreement

Required Holders, one local counsel (reasonably acceptable to each Purchaser, any Additional Purchaser and each other holder of a Note) in each relevant jurisdiction for all such holders, taken as a whole) incurred by the Purchasers, the Additional Purchasers, if any, and each other holder of a Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement (including any Supplement), any Subsidiary Guaranty or the Notes (whether or not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guaranty or the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement (including any Supplement), any Subsidiary Guaranty or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses, including financial advisors' fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary Guarantor or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary Guaranty and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO, *provided*, that such costs and expenses under this clause (c) shall not exceed $3,500 per tranche. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI).

The Company will pay, and will save each Purchaser, each Additional Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser and an Additional Purchaser, or other holder in connection with its purchase of the Notes), and (ii) any judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (but limited, in the case of attorneys' fees and expenses, to the reasonable and documented out-of-pocket attorneys' fees of one special counsel for, collectively, the Purchasers, the Additional Purchasers, if any, and each other holder of a Note, taken as a whole) or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company, in each case, other than any such judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys' fees and expenses) or obligation that resulted from (x) the bad faith, gross negligence or willful misconduct or breach of this Agreement or any Note by such Purchaser, Additional Purchaser or such holder of a Note or (y) a claim between a Purchaser and an Additional Purchaser, or holder of a Note, on the one hand, and any other Purchaser, Additional Purchaser or holder of a Note, on the other hand (other than claims arising out of any act or omission by the Company and/or its Affiliates). Notwithstanding anything to the contrary, the Company shall not be liable to a Purchaser and an Additional Purchaser, or holder of a Note for any special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of the transactions contemplated hereunder or under the Subsidiary Guaranty or any Note asserted by a Purchaser and an Additional Purchaser, or a holder of a Note against the Company or any of its Affiliates.

 **Section 15.2. Certain Taxes** TC "Section 15.2. Certain Taxes" \f C \l "2" *.* The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement (including any Supplement), or any Subsidiary Guaranty or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where the

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Bain Capital Private Credit Note Purchase Agreement

Company or any Subsidiary Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement (including any Supplement), or any Subsidiary Guaranty or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder.

**Section 15.3. Survival** TC "Section 15.3. Survival" \f C \l "2" *.* The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement any Supplement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement.

**Section 16. Survival of Representations and Warranties; Entire Agreement** TC "Section 16. Survival of Representations and Warranties; Entire Agreement" \f C \l "1" .

All representations and warranties contained herein or in any Supplement shall survive the execution and delivery of this Agreement, such Supplement and the Notes, the purchase or transfer by any Purchaser or any Additional Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any Additional Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement or any Supplement shall be deemed representations and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any Subsidiary Guaranties embody the entire agreement and understanding between each Purchaser or Additional Purchaser, as the case may be, and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.

**Section 17. Amendment and Waiver** TC "Section 17. Amendment and Waiver" \f C \l "1" .

**Section 17.1. Requirements** TC "Section 17.1. Requirements" \f C \l "2" *.* 

(a) *Amendments*. Except as expressly set forth herein, this Agreement (including any Supplement) and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof or the corresponding provision of any Supplement, or any defined term (as it is used in any such Section or such corresponding provision of any Supplement), will be effective as to any Purchaser or Additional Purchaser unless consented to by such Purchaser or Additional Purchaser in writing;

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Bain Capital Private Credit Note Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) no amendment or waiver may, without the written consent of each Purchaser directly and adversely affected thereby, Additional Purchaser directly and adversely affected thereby and the holder of each Note directly and adversely affected thereby at the time outstanding, (i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount or Prepayment Settlement Amount, in each case, with respect to such Series of Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or waiver, or (iii) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2 (or such corresponding provision of any Supplement)) and Section 11(a), 11(b), 12, 17 or 20. In addition, whenever an amendment or waiver requires the consent of each Purchaser "directly and adversely affected" thereby, such amendment or waiver, shall upon the consent of such Purchaser become effective as to such Purchaser whether or not it becomes effective as to any other Purchaser, so long as the Required Holders have consented to such amendment or waiver as provided above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) no amendment or waiver may, without the written consent of each Affiliated Holder, affect any Affiliated Holder more adversely than any other affected Purchasers, Additional Purchasers or other holders of each Note.

(b) *Supplements.* Notwithstanding anything to the contrary contained herein, the Company may enter into any Supplement providing for the issuance of one or more Series of Additional Notes consistent with, and in compliance with, Sections 2.2 and 4.14 hereof without obtaining the consent of any holder of any other Series of Notes.

**Section 17.2. Solicitation of Holders of Notes** TC "Section 17.2. Solicitation of Holders of Notes" \f C \l "2" .

(a) *Solicitation.* The Company will provide each Purchaser and holder of a Note with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser or such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof, any Supplement or of the Notes or any Subsidiary Guaranty. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any Subsidiary Guaranty to each Purchaser and holder of a Note promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes.

(b) *Payment.* The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of a Note as consideration for or as an inducement to the entering into by such Purchaser or holder of any waiver or amendment of any of the terms and provisions hereof, any Supplement or of any Subsidiary Guaranty or any Note unless such remuneration is concurrently paid, or security is concurrently

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Bain Capital Private Credit Note Purchase Agreement

granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser or holder of a Note even if such Purchaser or holder did not consent to such waiver or amendment.

(c) *Consent in Contemplation of Transfer*. Any consent given pursuant to this Section 17 or any Subsidiary Guaranty by a holder of a Note that has transferred or has agreed to transfer its Note to (i) the Company, (ii) any Subsidiary or any other Affiliate or (iii) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company and/or any of its Affiliates, in each case in connection with such consent, shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.

**Section 17.3. Binding Effect, Etc** TC "Section 17.3. Binding Effect, Etc" \f C \l "2" *.* Any amendment or waiver consented to as provided in this Section 17 or any Subsidiary Guaranty applies equally to all Purchasers or holders of Notes and is binding upon them and upon each future Purchaser or holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Company and any Purchaser or any holder of a Note and no delay in exercising any rights hereunder or under any Note or Subsidiary Guaranty shall operate as a waiver of any rights of any Purchaser or any holder of such Note.

**Section 17.4. Notes Held by Company, Etc** TC "Section 17.4. Notes Held by Company, Etc" \f C \l "2" *.* Solely for the purpose of determining whether the holders of all or the requisite percentage of the aggregate principal amount of Notes or affected Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Subsidiary Guaranty or the Notes, or have directed the taking of any action provided herein or in any Subsidiary Guaranty or the Notes to be taken upon the direction of the holders of all or a specified percentage of the aggregate principal amount of Notes or affected Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding except with relation to any amendment, waiver or consent pursuant to Section 17.1(a)(1), (2) or (3).

**Section 18. Notices** TC "Section 18. Notices" \f C \l "1" .

Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by telecopy to any Person who has provided its telecopy number in its notice instructions, if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested or priority or express mail with on-line tracking service available (postage prepaid), (c) by an internationally recognized overnight delivery service (charges prepaid) or (d) by e-mail, *provided,* that, in the case of this clause (d),

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Bain Capital Private Credit Note Purchase Agreement

upon written request of any holder to receive paper copies of such notices or communications, the Company will promptly deliver such paper copies to such holder. Any such notice must be sent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in the Purchaser Schedule, or at such other address as such Purchaser or nominee shall have specified to the Company in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) if to the Company, to the Company c/o Bain Capital Credit, 200 Clarendon Street, 37<sup>th</sup> Floor, Boston, MA 02116, Attention: Amit Joshi (amit.joshi@baincapital.com) (Telephone No. (617) 516-2000), or at such other address as the Company shall have specified to the holder of each Note in writing, in each case, with a copy (which shall not constitute notice) to: Dechert LLP, Three Bryant Park, 1095 Avenue of the Americas, New York, New York 10036, Attn: Jay Alicandri, Telephone: (212) 698-3599, Email: jay.alicandri@dechert.com; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) if to an Additional Purchaser or such Additional Purchaser's nominee, to such Additional Purchaser or such Additional Purchaser's nominee at the address specified for such communications in Schedule A to any Supplement, or at such other address as such Additional Purchaser or such Additional Purchaser's nominee shall have specified to the Company in writing.

Notices under this Section 18 will be deemed given only when actually received. Notwithstanding anything to the contrary contained herein, any notice to be given by the Company (other than an officer's certificate) may be delivered by an agent or sub-agent of the Company.

**Section 19. Reproduction of Documents** TC "Section 19. Reproduction of Documents" \f C \l "1" .

This Agreement and all documents relating thereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser or Additional Purchaser at the applicable Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser or Additional Purchaser, may be reproduced by such Purchaser or Additional Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser or Additional Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser or Additional Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

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Bain Capital Private Credit Note Purchase Agreement

**Section 20. Confidential Information** TC "Section 20. Confidential Information" \f C \l "1" .

For the purposes of this Section 20, **"Confidential Information"** means information delivered to any Purchaser or Additional Purchaser by or on behalf of the Company or any subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement or any Supplement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser or Additional Purchaser as being confidential information of the Company or such subsidiary*, provided* that such term does not include information that (a) was publicly known or otherwise known to such Purchaser or Additional Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or Additional Purchaser or any Person acting on such Purchaser's or Additional Purchaser's behalf, (c) otherwise becomes known to such Purchaser or Additional Purchaser other than through disclosure by the Company or any subsidiary or (d) constitutes financial statements delivered to such Purchaser or Additional Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser or Additional Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser or Additional Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser and Additional Purchaser*, provided* that such Purchaser or Additional Purchaser may deliver or disclose Confidential Information to (i) its affiliates (who are not Competitors) and its and their respective directors, officers, employees (legal and contractual), agents, attorneys, trustees and partners (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes) and such disclosure is made on a confidential basis, (ii) its auditors, financial advisors, investment advisors and other professional advisors (collectively, the "*Related Persons*"), and in the case of any Purchaser, Additional Purchaser or holder of any Note that is a Related Fund, to its investors and partners (who are Institutional Investors) and their Related Persons, in each case under this clause (ii), who agree to hold confidential the Confidential Information substantially in accordance with this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (v) any Person from which it offers to purchase any Security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser or Additional Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser's or Additional Purchaser's investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser or Additional Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser or Additional Purchaser is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser or Additional Purchaser may reasonably determine such delivery and disclosure to be necessary in the enforcement or for the protection of the rights and remedies under such Purchaser's or Additional Purchaser's Notes, this Agreement or any Subsidiary Guaranty. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On

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Bain Capital Private Credit Note Purchase Agreement

reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying this Section 20.

In the event that as a condition to receiving access to information relating to the Company or its subsidiaries in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or Additional Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through Intralinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or Additional Purchaser or such holder and the Company, this Section 20 shall supersede any such other confidentiality undertaking.

**Section 21. Substitution of Purchaser**tc "Section 21. Substitution of Purchaser" \f C \l 1.

Each Purchaser or Additional Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or Additional Purchaser or any one of such other Purchaser's or Additional Purchaser's Affiliates (a **"Substitute Purchaser"**) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser or Additional Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser's agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21) or any Additional Purchaser in any Supplement, shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser or Additional Purchaser, as the case may be. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder or any Additional Purchaser in any Supplement and such Substitute Purchaser thereafter transfers to such original Purchaser or Additional Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Company of notice of such transfer, any reference to such Substitute Purchaser as a "Purchaser" in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser or Additional Purchaser, as the case may be, and such original Purchaser or Additional Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.

**Section 22. Miscellaneous** TC "Section 22. Miscellaneous" \f C \l "1" .

**Section 22.1. Successors and Assigns** TC "Section 22.1. Successors and Assigns" \f C \l "2" *.* All covenants and other agreements contained in this Agreement (including all covenants and other agreements contained in any Supplement) by or on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) permitted hereby, whether so expressed or not, except that, subject to Section 10.2, the Company may not assign or otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto

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Bain Capital Private Credit Note Purchase Agreement

and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.

**Section 22.2. Accounting Terms** TC "Section 22.2. Accounting Terms" \f C \l "2" *.* (a) All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with this Agreement (including Section 9, Section 10, the definition of "Indebtedness" and any Incorporated Covenant), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 – *Fair Value Option,* International Accounting Standard 39 – *Financial Instruments: Recognition and Measurement* or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made.

(b) If the Company notifies the holders that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such provision (or if the Required Holders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then the Company and the holders agree to enter into negotiations in good faith in order to amend such provisions of this Agreement so as to equitably reflect such change to comply with GAAP with the desired result that the criteria for evaluating the Company's financial condition shall be the same after such change to comply with GAAP as if such change had not been made; *provided, however,* until such amendments to equitably reflect such changes are effective and agreed to by the Company and the Required Holders (or until such notice shall have been withdrawn), the Company's compliance with such financial covenants shall be determined on the basis of GAAP as in effect and applied immediately before such change in GAAP becomes effective.

**Section 22.3. Severability** TC "Section 22.3. Severability" \f C \l "2" *.* Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.

**Section 22.4. Construction, Etc** TC "Section 22.4. Construction, Etc" \f C \l "2" *.* Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

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Bain Capital Private Credit Note Purchase Agreement

Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument, law, statute, regulation, form or other document herein shall be construed as referring to such agreement, instrument, law, statute, rule, regulation, form or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13, (b) subject to Section 22.1, any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein," "hereof" and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time.

**Section 22.5. Counterparts; Electronic Contracting** TC "Section 22.5. Counterparts; Electronic Contracting " \f C \l "2" *.* This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. The parties agree to electronic contracting and signatures with respect to this Agreement. Delivery of an electronic signature to, or a signed copy of, this Agreement or any Supplement by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes. The words "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Company, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**Section 22.6. Governing Law** TC "Section 22.6. Governing Law" \f C \l "2" *.* This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

**Section 22.7. Jurisdiction and Process; Waiver of Jury Trial** TC "Section 22.7. Jurisdiction and Process; Waiver of Jury Trial" \f C \l "2" *.* (a) The Company and each Purchaser irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or

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Bain Capital Private Credit Note Purchase Agreement

proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company and each Purchaser and Additional Purchaser irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

(b) The Company and each Purchaser and Additional Purchaser agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in Section 22.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.

(c) The Company and each Purchaser and Additional Purchaser consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered, certified, priority or express mail (or any substantially similar form of mail), postage prepaid, return receipt or delivery confirmation requested or on-line tracking service available, to it at its address specified in Section 18 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company and each Purchaser and Additional Purchaser agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt or on-line confirmation of delivery furnished by the United States Postal Service or any reputable commercial delivery service.

(d) Nothing in this Section 22.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

(e) The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other document executed in connection herewith or therewith.

\* \* \* \* \*

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Bain Capital Private Credit Note Purchase Agreement

If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company.

Very truly yours,

BAIN CAPITAL PRIVATE CREDIT

By

Name:

Title:

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Bain Capital Private Credit Note Purchase Agreement

This Agreement is hereby

accepted and agreed to as

of the date hereof.

[Purchaser Signature Blocks]

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**Defined Terms**

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

**"Acceptable Rating Agency**" means an NRSRO.

**"Additional Covenant"** is defined in Section 9.11.

**"Additional Note Closing"** is defined in Section 3.2 of this Agreement.

**"Additional Notes"** is defined in Section 2.2.

**"Additional Purchasers"** means purchasers of Additional Notes.

**"Affiliate"** means, with respect to a specified Person at any time, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified at such time. Anything herein to the contrary notwithstanding, the term "Affiliate" shall not include any Person that constitutes an Investment held by any Obligor or Excluded Asset in the ordinary course of business; provided that the term "Affiliate" shall include any Unrestricted Subsidiary.

**"Affiliate Agreements"** means, together, (a) the investment advisory agreement between the Company and the Investment Advisor, dated as of September 28, 2023, as amended, restated, supplemented or otherwise modified from time to time, (b) the administration agreement between the Company and the Investment Advisor, dated as of September 28, 2023, as amended, restated, supplemented or otherwise modified from time to time (c) the managing dealer agreement between the Company and Emerson Equity LLC, dated as of November 4, 2022 and (d) the expense support and conditional reimbursement agreement between the Company and the Investment Advisor, dated as of September 28, 2023, as amended, restated, supplemented or otherwise modified from time to time.

**"Affiliated Holder"** is defined in the definition of "Required Holders".

**"Agreement"** means this Master Note Purchase Agreement, including all Supplements, Schedules and Exhibits attached to this Agreement (including all Schedules and Exhibits attached to any Supplement), as each may be amended, restated, supplemented or otherwise modified from time to time.

**"Anti-Corruption Laws"** means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010 and any similar provisions of the Criminal Code (Canada).

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**"Anti-Money Laundering Laws"** means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act and any similar provisions of the Criminal Code (Canada).

"**Asset Coverage Ratio**" means the ratio, determined on a consolidated basis for the Company and its subsidiaries, without duplication, of (a) the value of total assets of the Company and its subsidiaries, less all liabilities and Indebtedness not represented by Senior Securities of the Company and its subsidiaries, to (b) the aggregate amount of Senior Securities representing Indebtedness (including the Notes) in each case, as determined pursuant to the Investment Company Act and any orders, declarations, opinions, relief or letters issued by the SEC or any other government or regulatory authority.

**"Assignee"** is defined in Section 13.2(a).

**"Assigning Party"** is defined in Section 13.2(a).

**"Back-to-Back Transaction"** means, a transaction where (i) an Obligor originates or acquires an Investment, (ii) such Obligor immediately transfers in full or sells a participation interest in all or any portion of such Investment to an Excluded Asset and (iii) the purchase price paid by such Excluded Asset to such Obligor in respect of such Investment (or participation interest therein) or any portion thereof is remitted by the Obligor to the underlying issuer thereof; provided that, for the avoidance of doubt and for purposes of this Agreement, only the portion of any Investment that is transferred by an Obligor to an Excluded Asset in accordance with clause (ii) above (subject to compliance with clauses (i) and (iii) of this definition), and not any other portion of such Investment, shall be deemed to have been subject to a Back-to-Back Transaction.

**"Bank Credit Agreement"** means that certain 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 and the lenders and issuing banks party thereto from time to time as lenders, as amended by the First Amendment to Revolving Credit Agreement dated as of November 13, 2024 and as further amended by the Second Amendment to the Revolving Credit Agreement dated as of December 18, 2024, or any similar type of financing arrangement of any successor to the Company, in each case, as the same may be amended, restated, amended and restated, supplemented, refinanced, substituted or otherwise modified from time to time.

**"Below Investment Grade Adjusted Interest Rate"** is defined in Section 1.2(e).

**"Below Investment Grade Event**" is defined in Section 1.2(d).

**"Blocked Person"** means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person that is an agent, department or instrumentality of, or is

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otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b).

**"Business Day"** means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed.

**"Canada Blocked Person"** means (i) a "terrorist group" as defined for the purposes of Part II.1 of the Criminal Code (Canada), or (ii) a Person identified in or pursuant to (w) Part II.1 of the Criminal Code (Canada), or (x) the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, or (y) the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law), or (z) regulations or orders promulgated pursuant to the Special Economic Measures Act (Canada), as amended, the United Nations Act (Canada), or the Freezing Assets of Corrupt Foreign Officials Act (Canada), in any case pursuant to this clause (ii) as a Person in respect of whose property or benefit a holder of Notes would be prohibited from entering into or facilitating a related financial transaction.

**"Canadian Economic Sanctions Laws"** means those laws, including enabling legislation, orders-in-council or other regulations administered and enforced by Canada or a political subdivision of Canada pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including Part II.1 of the Criminal Code (Canada), as amended, the Special Economic Measures Act (Canada), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law), the United Nations Act (Canada), as amended, the Export and Import Permits Act (Canada), and the Freezing Assets of Corrupt Foreign Officials Act (Canada), and including all regulations promulgated under any of the foregoing, or any other similar sanctions program or action.

**"Capital Lease Obligations"** of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases or finance leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. Notwithstanding any other provision contained herein, any change in GAAP after December 15, 2018 that would require an operating lease to be treated similar to a capital lease shall not be given effect hereunder.

**"Cash"** means any immediately available funds in Dollars or in any currency other than Dollars (measured in terms of the Dollar equivalent thereof) which is a freely convertible currency.

**"Cash Equivalents"** means investments (other than Cash) that are one (1) or more of the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) U.S. Government Securities, in each case maturing within one (1) year from the date of acquisition thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) investments in commercial paper or other short-term corporate obligations maturing within two hundred seventy (270) days from the date of acquisition thereof and having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's (or if only one of S&P or Moody's provides such rating, such investment shall also have an equivalent credit rating from any other rating agency);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) investments in certificates of deposit, banker's acceptances and time deposits maturing within one hundred eighty (180) days from the date of acquisition thereof (i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof or under the laws of the jurisdiction or any constituent jurisdiction thereof of any Agreed Foreign Currency (as defined in the Bank Credit Agreement), and (ii) having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's (or if only one of S&P or Moody's provides such rating, such investment shall also have an equivalent credit rating from any other rating agency);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) fully collateralized repurchase agreements with a term of not more than thirty (30) days from the date of acquisition thereof for U.S. Government Securities and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this definition or (ii) an Approved Dealer (as defined in the Bank Credit Agreement) having (or being a member of a consolidated group having) at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's (or if only one of S&P or Moody's provides such rating, such investment shall also have an equivalent credit rating from any other rating agency);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) a reinvestment agreement issued by any bank (if treated as a deposit by such bank), or a reinvestment agreement issued by any insurance company or other corporation or entity, in each case, at the date of such acquisition having a credit rating of at least A-1 from S&P and at least P-1 from Moody's; provided that such reinvestment agreement may be unwound at the option of the Borrower at any time without penalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) investments in money market funds that invest primarily in investments of the type described in the immediately preceding clauses (a) through (d) above (including as to credit quality and maturity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) money market funds that have, at all times, credit ratings of "Aaa" and "MR1+" by Moody's and "AAAm" or "AAAm-G" by S&P, respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) any of the following offered by Custodian (as defined in the Bank Credit Agreement) (or any successor custodian or other entity acting in a similar capacity with respect to the Company) (I) money market deposit accounts, (II) eurodollar time deposits, (III) commercial eurodollar sweep services or (IV) open commercial paper services, in each case having, at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody's and maturing not later than two hundred seventy (270) days from the date of acquisition thereof,

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*provided,* that (i) in no event shall Cash Equivalents include any obligation that provides for the payment of interest alone (for example, interest-only securities or "**IOs**"); and (ii) if any of Moody's or S&P changes its rating system, then any ratings included in this definition shall be deemed to be an equivalent rating in a successor rating category of Moody's or S&P, as the case may be.

"**CLO Securities**" means debt securities, mezzanine securities, equity securities, residual interests or composite or combination securities (i.e. securities consisting of a combination of debt and equity securities that are issued in effect as a unit) including synthetic securities that provide synthetic credit exposure to debt securities, mezzanine securities, equity securities, residual interests or composite or combination securities (or other investments, including any interests held to comply with applicable risk retention requirements, that similarly represent an investment in underlying pools of leveraged portfolios), that, in each case, entitle the holders thereof to receive payments that (i) depend on the cash flow from a portfolio consisting primarily of ownership interests in debt securities, corporate loans or asset-backed securities or (ii) are subject to losses owing to credit events (howsoever defined) under credit derivative transactions with respect to debt securities, corporate loans or asset-backed securities.

**"Closing"** means the Series 2025 Closing and each Additional Note Closing, as applicable.

**"Code"** means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

**"Company"** is defined in the first paragraph of this Agreement.

**"Competitor"** means (a) any entity that has elected to be regulated as a "business development company" under the Investment Company Act; (b) any Person who is not an Affiliate of the Company or any of its subsidiaries and who engages, as its primary business, in (i) the same or similar business as the Company or any of its subsidiaries or (ii) the business of providing or buying loans and such Person is not a bank or an insurance company; or (c) any Affiliate of any of the foregoing entities described in clauses (a) or (b) (other than an Affiliate that (i) has not elected to be regulated as a "business development company" under the Investment Company Act, (ii) does not engage, as its primary business, in the business of providing loans, (iii) has established procedures which will prevent confidential information supplied to such Affiliate from being transmitted or otherwise made available to such affiliated entities described in clauses (a) or (b), and (iv) is managed by Persons other than Persons who manage such affiliated entities described in clauses (a) or (b)); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the provision of investment advisory services by a Person to a Plan which is owned or controlled by a Person which would otherwise be a Competitor shall not in any event cause the Person providing such services to be deemed to be a Competitor, *provided* that such Person providing such services has established and maintains procedures which will prevent Confidential Information supplied to such Person from being transmitted or otherwise made available to such Plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) in no event shall an Institutional Investor be deemed a Competitor if such Institutional Investor is a Pension Plan sponsored by a Person which would otherwise be a Competitor but which is a regular investor in privately placed Securities and such Pension Plan has established and maintains procedures which will prevent Confidential Information supplied to such Pension Plan by the Company from being transmitted or otherwise made available to such plan sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) in any event that any Private Placement Agent that would otherwise be deemed to be a Competitor pursuant to the foregoing provisions of this definition, such Private Placement Agent shall not be deemed to be a Competitor if such Private Placement Agent holds the Notes only in connection with its role as an intermediary in the prompt and expeditious sale in accordance with customary financial market conditions of the Note or Notes owned by one Institutional Investor who is not a Competitor to another purchasing Institutional Investor who is not a Competitor and such Private Placement Agent has established procedures which will prevent confidential information supplied to either the selling or buying Institutional Investor by the Company from being transmitted or otherwise made available to such Private Placement Agent or any of its Affiliates in any capacity other than as the agent and intermediary in connection with such sale of any such Note or Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) in no event shall an initial Purchaser or Additional Purchaser acquiring any Notes at a Closing be deemed a Competitor.

**"Concurrent Transactions"** means, with respect to any proposed action or transaction hereunder, (a) any acquisition or sale of Portfolio Investments or other property or assets, (b) any payment of outstanding loans, cash collateralization of letters of credit as contemplated by Section 2.05(k) or other similar provision of the Bank Credit Agreement, or payment of other Indebtedness, (c) any return of capital or other distribution or receipt of cash from any Investment, (d) any incurrence of Indebtedness and the use of proceeds thereof, (e) any sale of Equity Interests by the Company, and (f) any pro forma adjustments related to any of the actions or transactions described in the foregoing clauses (a) through (e), in each case, that occurs substantially simultaneously with such proposed action or transaction.

**"Confidential Information"** is defined in Section 20.

**"Control"** means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms **"Controlled"** and **"Controlling"** shall have meanings correlative to the foregoing.

**"Controlled Entity"** means (a) any of the Subsidiaries of the Company and any of their or the Company's respective Controlled Affiliates and (b) if the Company has a parent company, such parent company and its Controlled Affiliates.

**"Controlled Foreign Corporation"** means any Subsidiary which is (i) a "controlled foreign corporation" (within the meaning of Section 957 of the Code), (ii) a subsidiary

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substantially all the assets of which consist (directly or indirectly through one or more flow-through entities) of Equity Interests and/or Indebtedness in Subsidiaries described in clause (i) of this definition, or (iii) an entity treated as disregarded for U.S. federal income tax purposes that owns more than 65% of the voting stock of a Subsidiary described in clause (i) or (ii) of this definition.

**"Credit Default Swap"** means any credit default swap entered into as a means to (i) invest in bonds, notes, loans, debentures or securities on a leveraged basis or (ii) hedge the default risk of bonds, notes, loans, debentures or securities.

**"Cure Right"** is defined in Section 10.7(c).

**"Debt Rating"** means a debt rating of a Series or tranche of Notes, which rating shall specifically describe the Notes, including their interest rate, maturity and Private Placement Number.

**"Default"** means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.

**"Default Rate"** means that rate of interest per annum that is 2.0% above the rate of interest then in effect on the applicable Notes.

**"Designated Swap"** has the meaning given in the Bank Credit Agreement.

**"Disclosure Documents"** is defined in Section 5.3.

"**Dollars**" or "**$**" refers to lawful money of the United States of America.

**"EDGAR"** means the SEC's Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such purposes.

"**Effective Date**" means the date of this Agreement.

**"Environmental Laws"** means any applicable federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, or settlement or consent agreements relating to pollution and the protection of the environment or the release of any Hazardous Materials into the environment.

**"Equity Interests"** means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such Equity Interest. As used in this Agreement, "Equity Interests" shall not include convertible debt unless and until such debt has been converted to capital stock or other Equity Interests.

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**"ERISA"** means the Employee Retirement Income Security Act of 1974, from time to time in effect.

**"ERISA Affiliate"** means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414(b), (c), (m) or (o) of the Code.

**"Event of Default"** is defined in Section 11.

"**Exchange Act**" means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder from time to time in effect.

"**Excluded Asset Lien**" has the meaning assigned to such term in Section 10.5(e).

**"Excluded Assets"** means entities identified as Excluded Assets in Schedule 10.7 hereto, any Permitted CLO Issuer, any CLO Securities, finance lease obligations, intermediate holding entities of the foregoing, Unrestricted Subsidiaries, and any similar assets or entities, in each case, which any Obligor holds an interest on or after the Effective Date, and, in each case, their respective subsidiaries, unless, in the case of any such asset or entity, the Company designates in writing to the holders of the Notes that such asset or entity is not an Excluded Asset.

**"FATCA"** means Sections 1471 through 1474 of the Code, as of the Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any published intergovernmental agreement entered into in connection with the implementation of such sections of the Code.

**"Financial Covenant Default"** means an Event of Default under Section 11(c) for failure to comply with Section 10.7(a) or Section 10.7(b).

**"Foreign Subsidiary"** means any Subsidiary of the Company that is a Controlled Foreign Corporation or a Subsidiary of a Controlled Foreign Corporation.

**"Form 10-K"** is defined in Section 7.1(b).

**"Form 10-Q"** is defined in Section 7.1(a).

**"GAAP"** means (a) generally accepted accounting principles as in effect from time to time in the United States of America and (b) for purposes of Section 9.6, with respect to any Significant Subsidiary, generally accepted accounting principles (including International Financial Reporting Standards, as applicable) as in effect from time to time in the jurisdiction of organization of such Subsidiary.

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**"Governmental Authority"** means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the government of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the United States of America or any state or other political subdivision thereof, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

**"Governmental Official"** means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity.

**"Guarantee"** of or by any Person (the **"guarantor"**) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the **"primary obligor"**) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; *provided,* that the term Guarantee shall not include (i) "bad boy" guarantees and (ii) endorsements for collection or deposit in the ordinary course of business or customary indemnification agreements entered into in the ordinary course of business. The amount of any Guarantee at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect of which such Guarantee is incurred, unless the terms of such Guarantee expressly provide that the maximum amount for which such Person may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount equal to such lesser amount). The term "Guaranteed" shall have a correlative meaning hereto.

**"Hazardous Materials"** means any and all pollutants, contaminants, or toxic or hazardous wastes, substances or which are regulated by Environmental Law, including asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, or petroleum products.

**"Hedging Agreement"** means any interest rate protection agreement, Credit Default Swap, total return swap, foreign currency exchange protection agreement, commodity price

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protection agreement or other interest or currency exchange rate or commodity price hedging or management arrangement.

**"holder"** means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1, *provided, however,* that if such Person is a nominee, then for the purposes of Sections 7, 12 and 18 and any related definitions in this Schedule A, "holder" shall mean the beneficial owner of such Note whose name and address appears in such register.

**"Immaterial Subsidiary"** means any direct or indirect Subsidiary of the Company that owns legally or beneficially, together with all other Immaterial Subsidiaries, assets, which in the aggregate have a value not in excess of the greater of (a) $50,000,000 and (b) 5% of consolidated assets of the Company and its Subsidiaries as of such date unless, in the case of any such Subsidiary, the Company designates in writing to the holders of the Notes that such Subsidiary is not to be an Immaterial Subsidiary and that the Company will comply with the requirements of Section 9.7 with respect to such Subsidiary.

**"Incorporated Covenant"** is defined in Section 9.11.

**"Indebtedness"** of any Person means, without duplication,

(a)(i) all obligations of such Person for borrowed money or (ii) with respect to deposits or advances of any kind that are required to be to accounted for under GAAP as a liability on the financial statements of such Person (other than deposits received in connection with a portfolio investment (including Portfolio Investments) of such Person in the ordinary course of such Person's business (including, but not limited to, any deposits or advances in connection with expense reimbursement, prepaid agency fees, other fees, indemnification, work fees, tax distributions or purchase price adjustments)),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) all obligations of such Person evidenced by bonds, debentures, notes or similar debt instruments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person (excluding accounts payable and accrued expenses and trade accounts incurred in the ordinary course of business),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accounts payable and accrued expenses and trade accounts incurred in the ordinary course of business),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) all Indebtedness of others secured by any Lien (other than a Lien permitted by Section 10.5(c)) on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (with the amount of such Indebtedness being the lower of the outstanding amount of such debt and the fair market value of the property subject to such Lien),

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) all Guarantees by such Person of Indebtedness of others,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) all Capital Lease Obligations of such Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) all obligations, contingent or otherwise, of such Person in respect of bankers' acceptances.

The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Notwithstanding the foregoing "Indebtedness" shall not include (t) any revolving commitments, delayed draw term loans or letters of credit for which any Person is acting as a lender or issuing lender, as applicable, as part of or in connection with a Portfolio Investment, (u) Hedging Agreements entered into not in violation of Section 6.04(c) or other similar provision of the Bank Credit Agreement and not for borrowed money, (v) Indebtedness of such Person on account of the sale by such Person of the first out tranche of any First Lien Bank Loan (as defined in the Bank Credit Agreement) that arises solely as an accounting matter under ASC 860, (w) escrows or purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment, (x) a commitment arising in the ordinary course of business to make a future investment (including Portfolio Investments and joint venture investments) or fund the delayed draw, unfunded capital commitment (which may be paid to a joint venture investment or creditor thereof) or other unfunded portion of any existing investment (including Portfolio Investments and joint venture investments), (y) any accrued incentive, management or other fees to an investment manager or its Affiliates (regardless of any deferral in payment thereof), or (z) non-recourse liabilities for participations sold by any Person in any Bank Loan (as defined in the Bank Credit Agreement).

**"INHAM Exemption"** is defined in Section 6.2(e).

**"Institutional Investor"** means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its Affiliates) more than 10% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any Pension Plan, any investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note.

**"Investment"** means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (including any "short sale" or any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (b) deposits, advances, loans or other extensions of credit made to any other Person (including

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purchases of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person); or (c) Hedging Agreements and Designated Swaps.

**"Investment Advisor"** means (a) BCPC Advisors, LP, a Delaware limited partnership, (b) any Affiliate of BCPC Advisors, LP that is organized under the laws of a jurisdiction located in the United States of America and in the business of managing or advising clients or (c) another investment advisor reasonably satisfactory to the Required Holders.

**"Investment Company Act"** means the Investment Company Act of 1940, as amended from time to time.

**"Investment Grade"** means a rating of at least "BBB-" (or its equivalent) or higher by an Acceptable Rating Agency without giving effect to any credit watch.

**"Investment Policies"** means, with respect to the Company, the investment objectives, policies, restrictions and limitations as the same may be changed, altered, expanded, amended, modified, terminated or restated from time to time.

**"Lien"** means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance (other than any customary contractual limitation set forth in any agreement that is not prohibited from being entered into hereunder), charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities (other than on market terms at fair value), except in favor of the issuer thereof (and, for the avoidance of doubt, in the case of Investments that are loans or other debt obligations, restrictions on assignments or transfers, buyout rights, voting rights, right of first offer or refusal thereof pursuant to the underlying documentation of such Investment shall not be deemed to be a "Lien" and, in the case of Investments that are equity securities, excluding customary drag-along, tag-along, buyout rights, voting rights, right of first offer or refusal, restrictions on assignments or transfers and other similar rights in favor of other equity holders of the same issuer).

**"Loan Documents"** is defined in the Bank Credit Agreement.

**"Make-Whole Amount"** is defined in Section 8.6.

**"Material Adverse Effect"** means a material adverse effect on (a) the business, Portfolio Investments and other assets, liabilities or financial condition of the Company and its subsidiaries (other than Excluded Assets) taken as a whole (excluding in any case a decline in the net asset value of the Company or its subsidiaries or a change in general market conditions or values of the Portfolio Investments of the Company and its subsidiaries (taken as a whole)) or (b) the validity or enforceability of this Agreement, the Notes or any Subsidiary Guaranty.

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**"Material Credit Facility"** means, as to the Company and the other Obligors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) the Bank Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) any other agreement(s) creating or evidencing indebtedness for borrowed money in respect of which the Company or any other Obligor (other than a Foreign Subsidiary) is an obligor or otherwise provides a guarantee or other credit support (**"Credit Facility"**), in a principal amount outstanding or available for borrowing equal to or greater than $75,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency) and if no Credit Facility or Credit Facilities equal or exceed such amounts, then the largest Credit Facility (which may be the Bank Credit Agreement) shall be deemed to be a Material Credit Facility*.*

**"Material Indebtedness"** means Indebtedness (other than the Notes), of any one or more of the Company and the other Obligors in an aggregate outstanding principal amount exceeding $75,000,000.

**"Maturity Date"** is defined in the first paragraph of each Note.

**"MFL Cure Right Provision"** means any provision (regardless of whether such provision is labeled or otherwise characterized as a covenant, a definition or a default) that allows the Company or any subsidiary to "cure" or otherwise remedy a default under a financial covenant that is the same as one of the financial covenants set forth in Section 10.7 (and have the same related definitions) prior to such default becoming an actionable event of default.

**"MFL Financial Covenant"** means any financial maintenance covenant (regardless of whether such provision is labeled or otherwise characterized as a covenant, a definition or a default) that requires the Company or any other Obligor to (i) maintain any level of financial performance (including any specified level of net worth, total assets, cash flows or net income, however expressed), (ii) maintain any relationship of any component of its capital structure to any other component thereof (including the relationship of indebtedness, senior indebtedness or subordinated indebtedness to total capitalization or to net worth, however expressed), (iii) maintain any measure of its ability to service its indebtedness (including exceeding any specified ratio of revenues, cash flow or income to interest expense, rental expense, capital expenditures and/or scheduled payments of indebtedness, however expressed) or (iv) not maintain at all times or at the end of any quarterly period any maximum level of indebtedness, however expressed; *provided, however,* that, for the avoidance of doubt, no borrowing base requirement or covenants or any incurrence covenants, however expressed, shall constitute an MFL Financial Covenant.

**"Moody's"** means Moody's Investors Service, Inc. or any successor thereto.

"**Most Favored Lender Notice**" means a written notice from the Company to each of the holders of the Notes delivered promptly, and in any event within ten (10) Business Days after the inclusion of any Additional Covenant in a Specified Credit Facility (including by way of amendment or other modification of any existing provision thereof), pursuant to Section 9.11 by a

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Senior Financial Officer in reasonable detail, including reference to Section 9.11, a verbatim statement of such Additional Covenant (including any defined terms used therein).

**"Multiemployer Plan"** means any Plan that is a "multiemployer plan" (as such term is defined in section 4001(a)(3) of ERISA).

**"NAIC"** means the National Association of Insurance Commissioners.

**"Nationally Recognized Statistical Rating Organization"** or **"NRSRO"** means a rating organization designated from time to time by the SEC as being nationally recognized so long as, any such credit rating agency continues to be a nationally recognized statistical rating organization recognized by the SEC and is approved as a "Credit Rating Provider" (or other similar designation) by the NAIC, other than Egan-Jones Ratings Company and its successors.

**"Non-Consolidated Subsidiary"** means any Person that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) would be a Subsidiary without giving effect to the penultimate sentence of the definition of such term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) does not constitute an Investment held by any Obligor in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) is not required to be consolidated on the financial statements of the Company in accordance with GAAP;

*provided* that a Person that constitutes a "Non-Consolidated Subsidiary" pursuant to the foregoing at any time shall continue to be a Non-Consolidated Subsidiary even if such Person is subsequently required to be consolidated on the financial statements of the Company as a result of any change in GAAP.

**"Non-U.S. Plan"** means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more other Obligors residing outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code.

**"Notes"** is defined in Section 1.1.

**"Obligors"** means, collectively, the Company and the Subsidiary Guarantors.

**"OFAC"** means the Office of Foreign Assets Control of the United States Department of the Treasury.

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**"OFAC Sanctions Program"** means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC Sanctions Programs can be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

**"Officer's Certificate"** means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate.

"**Participation Interest**" means a participation interest in an investment that at the time of acquisition by an Obligor satisfies each of the following criteria: (a) the underlying investment would constitute a Portfolio Investment were it acquired directly by an Obligor, (b) the entire purchase price for such participation is paid in full at the time of its acquisition and (c) the participation provides the participant all of the economic benefit and risk of the whole or part of such portfolio investment that is the subject of such participation.

**"PBGC"** means the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

**"Pension Plan"** means any Plan that is subject to Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA.

**"Permitted Advisor Loan"** means any Indebtedness for borrowed money of Obligor that (a) is owed to the Investment Advisor or any Affiliate thereof, (b) has no mandatory amortization prior to, and a final maturity date not earlier than, June 18, 2030, (c) is permitted by the Investment Company Act, (d) is not secured by any property or assets (whether of any Obligor or any other Person), (e) is on terms and conditions not materially less favorable to such Obligor than could be obtained on an arm's-length basis from unrelated third parties and (f) is on terms and conditions that are not materially more restrictive upon such Obligor, while any Notes are outstanding hereunder, than those set forth in this Agreement with respect to such Obligor; provided that, such Obligor may incur any Permitted Advisor Loan that otherwise would not meet the requirements set forth in this clause (f) if it has duly made a Modification Offer pursuant to and as defined in the Bank Credit Agreement (whether or not it is accepted by the Required Lenders (as defined in the Bank Credit Agreement)).

"**Permitted Liens**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Liens imposed by any Governmental Authority for taxes, assessments or charges not yet due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Company or any other Obligor in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business, *provided* that such Liens (i) attach only to the securities (or proceeds) purported to be purchased or sold and (ii) secure only obligations incurred in connection with such purchase or sale, and not any obligation in connection with margin financing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Liens imposed by law, such as materialmen's, mechanics', carriers', workmens', landlord, storage and repairmen's Liens and other similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Liens incurred or pledges or deposits made to secure obligations incurred in the ordinary course of business under workers' compensation laws, unemployment insurance or other similar social security legislation (other than any Lien imposed by the PBGC in respect of employee benefit plans subject to Title IV of ERISA) to secure public or statutory obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Liens securing the performance of, or payment in respect of, bids, insurance premiums, deductibles or co-insured amounts, tenders, government or utility contracts (other than for the repayment of borrowed money), surety, stay, customs and appeal bonds and other obligations of a similar nature incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Liens arising out of judgments or awards so long as such judgments or awards do not constitute an Event of Default under Section 11(j);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) customary rights of setoff, banker's lien, security interest or other like right upon (i) deposits of cash in favor of banks or other depository institutions in which such cash is maintained in the ordinary course of business, (ii) cash, security entitlements and financial assets held in securities accounts in favor of banks and other financial institutions with which such accounts are maintained in the ordinary course of business and (iii) assets held by a custodian in favor of such custodian in the ordinary course of business securing payment of fees, indemnities, charges for returning items and other similar obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) Liens arising solely from precautionary filings of financing statements under the Uniform Commercial Code of the applicable jurisdictions in respect of operating leases entered into by the Company or any of its subsidiaries in the ordinary course of business or in respect of assets purported to be sold or otherwise contributed or disposed to any Person in a transaction not prohibited by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) deposits of money securing leases to which an Obligor is a party as the lessee made in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) easements, rights of way, zoning restrictions and similar encumbrances on real property and minor irregularities in the title thereto that do not interfere with or affect in any material respect the ordinary course conduct of the business of the Company or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) Liens in favor of any escrow agent solely on and in respect of any cash earnest money deposits made by any Obligor in connection with any letter of intent or purchase agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) any restrictions on the sale or disposition of assets arising from a loan sale agreement between or among one or more Obligors with one or more Excluded Assets or with respect to any asset subject to a Back-to-Back Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) any interest or title of a lessor under any lease entered into by any Obligor or any of its Subsidiaries in the ordinary course of its business and covering only the assets so leased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) leases or subleases, licenses or sublicenses granted to other Persons not materially interfering with the conduct of the business of the Obligors or any of their Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o) Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code of the State of New York on items in the ordinary course of collection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (p) Liens permitted by clause (o) or other similar section of the definition of Permitted Liens in the Bank Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) Liens encumbering reasonable and customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred and not as a means to speculate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (r) Liens on any assets securing Indebtedness under clauses (e) and (h) or other similar sections of the definition of "Other Permitted Indebtedness" in the Bank Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (s) precautionary Liens, and filings of financing statements under the Uniform Commercial Code, covering assets sold or contributed or purported to be sold or contributed to any Person pursuant to a transaction not prohibited under the Bank Credit Agreement.

**"Person"** means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

**"Placement Agents"** means Goldman Sachs & Co. LLC and SMBC Nikko Securities America, Inc., each in their capacity as placement agents under the engagement letter entered into among such placement agents and the Company.

**"Plan"** means an "employee benefit plan" (as defined in section 3(3) of ERISA) subject to Title IV of ERISA (other than a Multiemployer Plan) that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate has any liability.

**"Portfolio Investment"** means any Investment (including a Participation Interest and any joint venture) held by the Company and its subsidiaries in their asset portfolio.

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**"Prepayment Settlement Amount"** (i) is defined in Section 8.6 with respect to any Series 2025 Note and (ii) is set forth in the applicable Supplement with respect to any other Series or tranche of Notes.

**"Presentation"** is defined in Section 5.3.

**"Private Placement Agent"** means any company organized as a "broker" or "dealer" (as each such term is defined in Section 3(a) (4) and (5), respectively, of the Exchange Act) of recognized national standing regularly engaged as an intermediary in the placement or sale to and among Institutional Investors of Indebtedness Securities exempt from registration under the Securities Act.

**"Private Rating Letter"** means a letter issued by an Acceptable Rating Agency in connection with any private debt rating for the applicable Series or tranche of Notes, which (a) sets forth the Debt Rating for such Series or tranche of Notes, (b) refers to the Private Placement Number issued by the PPN CUSIP Unit of CUSIP Global Services in respect of such Series or tranche of Notes, (c) addresses the likelihood of payment of both principal and interest on such Series or tranche of Notes which requirement shall be deemed satisfied if either (x) such letter includes confirmation that the rating reflects the Acceptable Rating Agency's assessment of the Company's ability to make timely payment of principal and interest on such Series or tranche of Notes or a similar statement or (y) such letter is silent as to the Acceptable Rating Agency's assessment of the likelihood of payment of both principal and interest and does not include any indication to the contrary, (d) includes such other information describing the relevant terms of such Series or tranche of Notes as may be required from time to time by the SVO or any other governmental authority having jurisdiction over any holder of any Notes and (e) shall not be subject to confidentiality provisions or other restrictions which would prevent or limit the letter from being shared with the SVO or any other governmental authority having jurisdiction over any holder of any Notes.

**"Private Rating Rationale Report"** means, with respect to any private Debt Rating, a report issued by the NRSRO in connection with such private Debt Rating setting forth an analytical review of the Notes explaining the transaction structure, methodology relied upon, and, as appropriate, analysis of the credit, legal, and operational risks and mitigants supporting the assigned private Debt Rating for the Notes, in each case, on the letterhead of the NRSRO or its controlled website and generally consistent with the work product that an NRSRO would produce for a similar publicly rated security and otherwise in form and substance generally required by the SVO or any other regulatory authority having jurisdiction over any holder of any such Series or tranche of Notes from time to time.

**"property"** or **"properties"** means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.

**"PTE"** is defined in Section 6.2(a).

**"Purchaser"** or **"Purchasers"** means each of the purchasers that has executed and delivered this Agreement to the Company and such Purchaser's successors and assigns (so long as

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any such assignment complies with Section 13.2) and any Substitute Purchaser (so long as any such substitution complies with Section 21), *provided, however,* that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 or as the result of a substitution pursuant to Section 21 shall cease to be included within the meaning of "Purchaser" of such Note for the purposes of this Agreement upon such transfer.

**"Purchaser Schedule"** means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their notice and payment information.

**"QPAM Exemption"** is defined in Section 6.2(d).

**"Qualified Institutional Buyer"** means any Person who is a "qualified institutional buyer" within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act.

**"Related Fund"** means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans and (b) is advised or managed by such holder, the same investment advisor as such holder or by an Affiliate of such holder or such investment advisor.

**"Required Holders"** means, at any time the holders of greater than 50.00% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company, any of its Affiliates, or any entity whose investments or investment related decisions are primarily managed by the Company or any its Affiliates) (collectively, the **"Affiliated Holders"**); *provided, however*, that Notes that any Purchaser (other than the Affiliated Holders) is committed to purchase under this Agreement or any Supplement shall be deemed outstanding and held by such Purchaser for purposes of the determination of Required Holders.

**"Responsible Officer"** means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.

**"Restricted Payment"** means any dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any class of capital stock of the Company or any other Obligor, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of capital stock or any option, warrant or other right to acquire any such shares of capital stock (other than any equity awards granted to employees, officers, directors and consultants of the Company or any of its Affiliates), *provided,* for the avoidance of doubt, neither the conversion or settlement of convertible debt into capital stock nor the purchase, redemption, retirement, acquisition, cancellation or termination of convertible debt made solely with capital stock (other than interest or expenses or fractional shares, which may be payable in cash) shall be a Restricted Payment hereunder.

**"RIC"** means a person qualifying for treatment as a "regulated investment company" under the Code.

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**"S&P"** means S&P Global Ratings, a division of S&P Global, Inc., a New York corporation, or any successor thereto.

**"SBA"** means the United States Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof.

**"SBIC Subsidiary"** means, any (i) direct or indirect wholly-owned (except for directors, managers or other similar qualifying shares) subsidiary (including such subsidiary's general partner or managing entity to the extent that the only material asset of such general partner or managing entity is its Equity Interest in the SBIC Subsidiary) of the Company licensed as a small business investment company under the Small Business Investment Act of 1958, as amended (or that has applied for such a license and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently conducted), and which is designated by the Company (pursuant to a certificate of a Financial Officer (as defined in the Bank Credit Agreement as in effect on the date hereof) delivered to the holders of the Notes) as an SBIC Subsidiary and (ii) any direct or indirect wholly-owned (except for directors, managers or other similar qualifying shares) subsidiary (including such subsidiary's general partner or managing entity to the extent that the only material asset of such general partner or managing entity is its equity interest in the SBIC Subsidiary) of a Person described in clause (i).

**"SEC"** means the Securities and Exchange Commission of the United States of America.

**"Section 8.8 Proposed Prepayment Date"** is defined in Section 8.8(b).

**"Secured Debt Ratio"** is defined in Section 1.2(g).

**"Secured Debt Ratio Adjusted Interest Rate"** is defined in Section 1.2(h).

**"Secured Debt Ratio Event"** is defined in Section 1.2(i).

**"Securities"** or **"Security"** shall have the meaning specified in section 2(1) of the Securities Act.

**"Securities Act"** means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect.

**"Security Documents"** is defined in the Bank Credit Agreement.

**"Senior Financial Officer"** means the president, chief executive officer, chief financial officer, principal accounting officer, treasurer or comptroller of the Company.

**"Senior Securities"** means senior securities (as such term is defined and determined pursuant to the Investment Company Act and any orders of the SEC issued to the Company thereunder).

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**"Series"** means any series of Notes issued pursuant to this Agreement or any Supplement hereto.

**"Series 2025 Closing"** is defined in Section 3.1 of this Agreement.

**"Series 2025 Notes"** is defined in Section 1.1 of this Agreement.

**"Shareholders' Equity"** means, at any date, the amount determined on a consolidated basis, without duplication, in accordance with GAAP, of shareholders equity for the Company and its Subsidiaries at such date.

**"Significant Subsidiary"** means, at any time of determination, (a) any Obligor or (b) any other subsidiary that, on a consolidated basis with its subsidiaries, has aggregate assets or aggregate revenues greater than the greater of $5,000,000 and 5% of the aggregate assets or aggregate revenues of the Company and its subsidiaries, taken as a whole at such time.

**"Source"** is defined in Section 6.2.

**"Special Equity Interest"** means any Equity Interest that is subject to a Lien in favor of creditors of the issuer of such Equity Interest or creditors of such issuer's affiliates, *provided* that such Lien was created to secure Indebtedness owing by such issuer or issuer's affiliates to such creditors.

**"Specified Credit Facility**" means any Material Credit Facility entered into after the Effective Date that is unsecured and in respect of which the Company is a borrower or guarantor.

**"Standard Securitization Undertakings"** means, collectively, (a) customary arms-length servicing obligations (together with any related performance guarantees), (b) obligations (together with any related performance guarantees) to refund the purchase price or grant purchase price credits for dilutive events or misrepresentations (in each case unrelated to the collectability of the assets sold or the creditworthiness of the associated account debtors), (c) representations, warranties, covenants and indemnities (together with any related performance guarantees) of a type that are reasonably customary in middle market, broadly syndicated or commercial loan market or accounts receivable securitizations, securitizations of financial assets or collateralized loan obligations or loans to special purpose vehicles, including those owed to customary third-party service providers in connection with such transactions, such as rating agencies and accountants, and (d) obligations (together with any related performance guarantees) under any customary bad boy guarantee and (e) obligations under customary limited-recourse guarantees; provided, however, that any such guarantee described in this clause (e) shall not exceed 10% of the aggregate unfunded commitments plus outstandings under the applicable loan, and (f) payment and performance guaranties that are reasonably customary in asset backed financings.

**"State Sanctions List"** means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws.

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**"Subsidiary"** means, with respect to any Person (the **"parent"**) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one (1) or more subsidiaries of the parent. Anything herein to the contrary notwithstanding, the term "Subsidiary" shall include any Subsidiary Guarantor but shall not include (i) any joint venture investment, (ii) any Unrestricted Subsidiary or Excluded Asset or (iii) any Person that constitutes an Investment held by any Obligor in the ordinary course of business and that is not, under GAAP (as in effect on the Effective Date), consolidated on the financial statements of the Company and its consolidated subsidiaries. Unless otherwise specified, "Subsidiary" means a Subsidiary of the Company.

**"Subsidiary Guarantor"** means each Subsidiary that has executed and delivered a Subsidiary Guaranty or a joinder thereto.

**"Subsidiary Guaranty"** is defined in Section 9.7(a).

**"Substitute Purchaser"** is defined in Section 21.

**"Supplement"** is defined in Section 2.2.

**"SVO"** means the Securities Valuation Office of the NAIC.

**"tranche"** means all Notes of a Series having the same maturity, interest rate, currency and schedule for mandatory prepayments.

**"Tranche A Notes"** is defined in Section 1.1 of this Agreement.

**"Tranche B Notes"** is defined in Section 1.1 of this Agreement.

**"Transferred Assets"** has the meaning assigned to such term in Section 10.2(i).

**"United States Person"** has the meaning set forth in Section 7701(a)(30) of the Code.

**"Unrestricted Subsidiary"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) any SBIC Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) (x) BCPC I, LLC and BCPC II-J, LLC and (y) each direct or indirect Subsidiary of the Company or any other Obligor to which any Obligor sells, conveys or otherwise transfers (whether directly or indirectly) Cash, Cash Equivalents or Investments, which engages in no material activities other than in connection with the purchase, holding,

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disposition or financing or such assets and which is designated by the Company (as provided below) as an Unrestricted Subsidiary and which meets, in the case of a designation pursuant to this clause (2), the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (a) is Guaranteed by any Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (b) is recourse to or obligates any Obligor in any way other than pursuant to Standard Securitization Undertakings or (c) subjects any property of any Obligor (other than Investments in such Subsidiary or any property transferred to such Subsidiary), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any Guarantee thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) with which no Obligor has any material contract, agreement, arrangement or understanding other than on terms no less favorable in any material respect to such Obligor than those that could reasonably be obtained at the time from Persons that are not Affiliates of any Obligor, other than fees payable in the ordinary course of business in connection with servicing receivables or financial assets and/or pursuant to any Standard Securitization Undertakings, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) to which no Obligor has any obligation to maintain or preserve such entity's financial condition or cause such entity to achieve certain levels of operating results, other than pursuant to Standard Securitization Undertakings.

Any such designation by the Company shall be effected pursuant to a certificate of a Senior Financial Officer delivered to the holders of the Notes, which certificate shall include, in the case of any designation pursuant to clause (2) of the foregoing sentence, a statement to the effect that, to the best of such officer's knowledge, such designation complied with the foregoing conditions. Notwithstanding the above, any Subsidiary that is designated as an SPE Subsidiary or Excluded Asset under the Bank Credit Agreement shall be deemed to be an Unrestricted Subsidiary hereunder. Each Subsidiary of an Unrestricted Subsidiary shall be deemed to be an Unrestricted Subsidiary and shall comply with the foregoing requirements of this definition.

**"USA PATRIOT Act"** means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time to time in effect.

**"U.S. Economic Sanctions Laws"** means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.

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**"U.S. Government Securities"** means securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States and in the form of conventional bills, bonds, and notes.

**"Wholly-Owned Subsidiary"** means, at any time, any subsidiary all of the Equity Interests (except directors' qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company's other Wholly-Owned Subsidiaries at such time.

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**[Form of Series 2025 Note, Tranche A]**

THE NOTE REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 IS AVAILABLE.

**Bain Capital Private Credit** 

**5.92% Series 2025 Senior Note, Tranche A, due November 29, 2028**

No. [_____] Date [_]

$[_______] PPN [_______]

For Value Received, the undersigned, **Bain Capital Private Credit** (herein called the **"Company"**), a Delaware statutory trust, hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars (or so much thereof as shall not have been prepaid) on November 29, 2028 (the **"Maturity Date"**), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 5.92% per annum, as may be adjusted in accordance with Section 1.2 of the hereinafter defined Note Purchase Agreement, from the date hereof, payable semiannually, on the 29th day of May and November in each year, commencing with May or November next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Prepayment Settlement Amount (if any), at a rate per annum from time to time equal to Default Rate (as defined in the Note Purchase Agreement), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

Payments of principal of, interest on and any Prepayment Settlement Amount or Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the Company in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

This Note is one of a series of Senior Notes (herein called the **"Notes"**) issued pursuant to the Master Note Purchase Agreement, dated August 14, 2025 (as from time to time amended, the **"Note Purchase Agreement"**), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Section 6 of the Note Purchase Agreement (in the case of a transferee, to the extent required by Section 13.2 of the Note

Schedule 1(a)<br>(to Note Purchase Agreement)

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Purchase Agreement). Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

This Note is a registered Note and, as provided in (and subject to the terms and conditions of) the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder's attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

**This Note is subject to prepayment, in whole or from time to time in part, on the terms specified in the Note Purchase Agreement.**

If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

**Bain Capital Private Credit** 

By:

**[Title]**

1(a)-2

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**[Form of Series 2025 Note, Tranche B]**

THE NOTE REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 IS AVAILABLE.

**Bain Capital Private Credit** 

**6.25% Series 2025 Senior Note, Tranche B, due November 29, 2030**

No. [_____] Date [_]

$[_______] PPN [_______]

For Value Received, the undersigned, **Bain Capital Private Credit** (herein called the **"Company"**), a Delaware statutory trust, hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars (or so much thereof as shall not have been prepaid) on November 29, 2030 (the **"Maturity Date"**), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 6.25% per annum, as may be adjusted in accordance with Section 1.2 of the hereinafter defined Note Purchase Agreement, from the date hereof, payable semiannually, the 29th day of May and November in each year, commencing with May or November next succeeding the date hereof ,and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Prepayment Settlement Amount (if any), at a rate per annum from time to time equal to Default Rate (as defined in the Note Purchase Agreement), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

Payments of principal of, interest on and any Prepayment Settlement Amount or Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the Company in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

This Note is one of a series of Senior Notes (herein called the **"Notes"**) issued pursuant to the Master Note Purchase Agreement, dated August 14, 2025 (as from time to time amended, the **"Note Purchase Agreement"**), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Section 6 of the Note Purchase Agreement (in the case of a transferee, to the extent required by Section 13.2 of the Note

Schedule 1(b)<br>(to Note Purchase Agreement)

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Purchase Agreement). Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

This Note is a registered Note and, as provided in (and subject to the terms and conditions of) the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder's attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

**This Note is subject to prepayment, in whole or from time to time in part, on the terms specified in the Note Purchase Agreement.**

If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

**Bain Capital Private Credit** 

By:

**[Title]**

1(b)-2

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**Schedule 5.3**

**Disclosure Materials**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Investor Presentation, dated July 17, 2025

Schedule 5.3<br>(to Note Purchase Agreement)

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**Schedule 5.4<br>Subsidiaries of the Company and<br>Ownership of Subsidiary Stock**

(i) Subsidiaries:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**% of Shares** | &nbsp;&nbsp;**Subsidiary Guarantor**<br>**(Yes/No)** |
| &nbsp;&nbsp; BCPC I, LLC<br> &nbsp;&nbsp;DE | &nbsp;&nbsp;100% owned by the Company | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;BCPC II-J, LLC<br> &nbsp;&nbsp;DE | &nbsp;&nbsp;100% owned by the Company | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;BCPC Project Aberdeen, LLC<br> &nbsp;&nbsp;DE | &nbsp;&nbsp;100% owned by the Company | &nbsp;&nbsp;Yes |

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(ii) Company's Board of Trustees and Senior Officers:

**<u>Board of Trustees</u>**

Michael Boyle

Amy Butte

Michael Ewald

David Fubini

Jeffrey Hawkins

Thomas Hough

Jay Margolis

Clare Richer

**<u>Executive Officers</u>**

James Goldman – Chief Compliance Officer

Amit Joshi – Chief Financial Officer and Principal Accounting Officer

Adriana Rojas Garzón –Vice President

Katherine Schneider – Secretary

**<u>Agreements Restricting Payment of Dividends or Distributions</u>**

None.

Schedule 5.4<br>(to Note Purchase Agreement)

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5.4-2

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**Schedule 5.5**

**Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The audited financial statements of the Company set forth in the Annual Report on 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 14, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The unaudited financial statements of the Company set forth in the Quarterly Report on 10-Q for the quarter ended March 31, 2025 filed with the Securities and Exchange Commission on May 15, 2025.

Schedule 5.5<br>(to Note Purchase Agreement)

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**Schedule 5.15**

**Existing Indebtedness of the Company and its Subsidiaries**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 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, as amended by the First Amendment to the Revolving Credit Agreement dated as of November 13, 2024, and as further amended by the Second Amendment to the Revolving Credit Agreement dated as of December 18, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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.

Schedule 5.15<br>(to Note Purchase Agreement)

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**Schedule 10.1**

**Transactions with Affiliates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Amended and Restated Expense and Support and Conditional Reimbursement Agreement, dated November 1, 2024, between Bain Capital Private Credit and BCPC Advisors, LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Administration Agreement, dated September 28, 2023, between Bain Capital Private Credit and BCPC Advisors, LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Services Agreement, dated September 29, 2023, among Bain Capital Private Credit, BCPC Advisors, LP, SS&C Technologies, Inc. and SS&C GIDS, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Amended and Restated Limited Liability Company Agreement of BCPC I, LLC, dated November 29, 2023, between Bain Capital Private Credit and the Designated Manager (as defined therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Subscription Agreement, between Bain Capital Private Credit and certain individuals as may be entered into from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Revolving Credit Agreement, dated November 29, 2023, among Bain Capital Private Credit, 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, together with all of the other Transaction Documents (as defined therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Collateral Management Agreement, dated November 29, 2023, between BCPC I, LLC and Bain Capital Private Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Amended and Restated Limited Liability Company Agreement of Legacy Corporate Lending Holdco, LLC, dated April 21, 2023, among Bain Capital Specialty Finance, Inc., Bain Capital Private Credit and certain members of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Loan and Security Agreement, dated August 21, 2024, among Bain Capital Private Credit, 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, together with all of the other Loan Documents (as defined therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Amended and Restated Limited Liability Company Agreement of BCPC II-J, LLC, dated August 20, 2024, between Bain Capital Private Credit and the Designated Manager (as defined therein).

Schedule 10.1<br>(to Note Purchase Agreement)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement and each Note with an Affiliated Holder.

10.1-2

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**Schedule 10.5**

**Liens**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Liens granted in connection with the items set forth on Schedule 5.15.

Schedule 10.5<br>(to Note Purchase Agreement)

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**Schedule 10.7**

**Excluded Assets**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. BCPC I, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. BCPC II-J, LLC

Schedule 10.7<br>(to Note Purchase Agreement)

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Bain Capital Private Credit

[Number] Supplement to Master Note Purchase Agreement

Dated as of ______________________

Re: [$]____________ _____% Series _______ Senior Notes

Due _____________________

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Exhibit S

(to Note Purchase Agreement)

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**Bain Capital Private Credit** 

Dated as of<br>____________________, 20__

To the Additional Purchaser(s) named in

Schedule A hereto

Ladies and Gentlemen:

This [Number] Supplement to Master Note Purchase Agreement (this **"Supplement"**) is between Bain Capital Private Credit, a Delaware statutory trust (the **"Company"**), and the institutional investors named on Schedule A attached hereto (the **"Additional Purchasers"**).

Reference is hereby made to that certain Master Note Purchase Agreement dated August 14, 2025 (the **"Note Purchase Agreement"**) among the Company and the Purchasers listed on the Purchaser Schedule thereto. All capitalized terms not otherwise defined herein shall have the same meaning as specified in the Note Purchase Agreement. Reference is further made to Section 4.14 of the Note Purchase Agreement which requires that, prior to the delivery of any Additional Notes, the Company and each Additional Purchaser shall execute and deliver a Supplement.

The Company hereby agrees with the Additional Purchaser(s) as follows:

1. The Company has authorized the issue and sale of [$]__________ aggregate principal amount of its _____% Series ______ Senior Notes due _________, ____ (the **"Series ______ Notes"**). The Series ____ Notes, together with the Series 2025 Notes [and the Series ____ Notes] issued pursuant to the Note Purchase Agreement, [*list each other previously issued Series of Additional Notes*] and each series of Additional Notes which may from time to time hereafter be issued pursuant to the provisions of Section 2.2 of the Note Purchase Agreement, are collectively referred to as the **"Notes"** (such term shall also include any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement). The Series _____ Notes shall be substantially in the form set out in Exhibit 1 hereto with such changes therefrom, if any, as may be approved by the Additional Purchaser(s) and the Company.

2. Subject to the terms and conditions hereof and as set forth in the Note Purchase Agreement and on the basis of the representations and warranties hereinafter set forth, the Company agrees to issue and sell to each Additional Purchaser, and each Additional Purchaser agrees to purchase from the Company, Series _____ Notes in the principal amount set forth opposite such Additional Purchaser's name on Schedule A hereto at a price of 100% of the principal amount thereof on the closing date hereinafter mentioned.

3. The sale and purchase of the Series ______ Notes to be purchased by each Additional Purchaser shall occur at the offices of Chapman and Cutler LLP, Chicago, IL, at 9:00 a.m. Chicago time, at a closing (the **"Series ______ Closing"**) on ______, ____ or on such other

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Business Day thereafter on or prior to _______, ____ as may be agreed upon by the Company and the Additional Purchasers. At the Series ___ Closing, the Company will deliver to each Additional Purchaser the Series ______ Notes to be purchased by such Additional Purchaser in the form of a single Series ______ Note for such Notes to be purchased by such Additional Purchaser (or such greater number of Series ______ Notes in denominations of at least $100,000 as such Additional Purchaser may request) dated the date of the Series _____ Closing and registered in such Additional Purchaser's name (or in the name of such Additional Purchaser's nominee), against delivery by such Additional Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to account number [__________________________] at ____________ Bank, [*Insert Bank address, ABA number for wire transfers, and any other relevant wire transfer information*]. If, at the Series ___ Closing, the Company shall fail to tender such Series ______ Notes to any Additional Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Additional Purchaser's satisfaction, such Additional Purchaser shall, at such Additional Purchaser's election, be relieved of all further obligations under this Supplement, without thereby waiving any rights such Additional Purchaser may have by reason of such failure by the Company to tender such Series ______ Notes or any of the conditions specified in Section 4 not having been fulfilled to such Additional Purchaser's satisfaction.

4. The obligation of each Additional Purchaser to purchase and pay for the Series ______ Notes to be sold to such Additional Purchaser at the Series _____ Closing is subject to the fulfillment to such Additional Purchaser's satisfaction, prior to the Series ___ Closing, of the conditions set forth in Section 4 of the Note Purchase Agreement with respect to the Series ______ Notes to be purchased at the Series _____ Closing as if each reference to "Notes," "Closing" and "Additional Purchaser" set forth therein was modified to refer the "Series ______ Notes," the "Series ___ Closing" and the "Additional Purchaser" (each as defined in this Supplement) and to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Except as supplemented, amended or superseded by the representations and warranties set forth in Exhibit A hereto, each of the representations and warranties of the Company set forth in Section 5 of the Note Purchase Agreement shall be correct as of the date of the Series ___ Closing (except for representations and warranties which apply to a specific earlier date (other than the date of an earlier Closing) which shall be true as of such earlier date or as of the date specified in Exhibit A to the extent such provision is superseded in Exhibit A) and the Company shall have delivered to each Additional Purchaser an Officer's Certificate, dated the date of the Series _____ Closing certifying that such condition has been fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Contemporaneously with the Series ___ Closing, the Company shall sell to each Additional Purchaser, and each Additional Purchaser shall purchase, the Series ______ Notes to be purchased by such Additional Purchaser at the Series _____ Closing as specified in Schedule A.

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5. [Here insert special provisions for Series ______ Notes including Prepayment Settlement Amount calculations and mandatory prepayment provisions applicable to Series ______ Notes and any series-specific closing conditions applicable to Series ______ Notes].

6. Each Additional Purchaser represents and warrants that the representations and warranties set forth in Section 6 of the Note Purchase Agreement are true and correct on the date hereof with respect to the purchase of the Series ______ Notes by such Additional Purchaser as if each reference to "Notes," "Closing" and "Purchaser" set forth therein was modified to refer the "Series ______ Notes," the "Series ___ Closing" and the "Additional Purchaser" (each as defined in this Supplement) and each reference to "this Agreement" therein was modified to refer to the Note Purchase Agreement as supplemented by this Supplement.

7. The Company and each Additional Purchaser agree to be bound by and comply with the terms and conditions of the Note Purchase Agreement, as supplemented by this Supplement, as fully and completely as if such Additional Purchaser were an original signatory to the Note Purchase Agreement.

8. This Supplement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Supplement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. The parties agree to electronic contracting and signatures with respect to this Supplement. Delivery of an electronic signature to, or a signed copy of, this any Supplement by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes. The words "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Supplement shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Company, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

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The execution hereof shall constitute a contract between the Company and the Additional Purchaser(s) for the uses and purposes hereinabove set forth.

**Bain Capital Private Credit**

By :

Name:

Title:

Accepted as of __________, _____

[Additional Purchaser]

By :

Name:

Title:

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**Information Relating to Additional Purchasers**

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| | |
|:---|:---|
| <br>Name and Address of Additional Purchaser | Principal <br>Amount and Registered Note Number of Series ______ Notes to Be Purchased |
| [Name of Additional Purchaser] | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All payments by wire transfer of immediately available funds to:<br>with sufficient information to identify the source and application of such funds. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All notices of payments and written confirmations of such wire transfers:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) E-mail address for Electronic Delivery: <br>(4) All other communications: <br>(5) U.S. Tax Identification Number: |  |

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Schedule A

(to Supplement)

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**EXHIBIT A**

**To Supplement No. ____**

**Supplemental Representations**

The Company represents and warrants to each Additional Purchaser that except as hereinafter set forth in this Exhibit A, each of the representations and warranties set forth in Section 5 of the Note Purchase Agreement (other than representations and warranties that apply solely to a specific earlier date (other than the date of an earlier Closing) which shall be true as of such earlier date and other than the Section references hereinafter set forth) is true and correct in all material respects as of the date hereof with respect to the Series ______ Notes with the same force and effect as if each reference to "the Notes" set forth therein was modified to refer to the "Series ______ Notes" and each reference to "this Agreement" therein was modified to refer to the Note Purchase Agreement as supplemented by the _______ Supplement. The Section references hereinafter set forth correspond to the similar sections of the Note Purchase Agreement which are supplemented hereby:

**Section 5.3. Disclosure**. (a) The Company, through its agents, Goldman Sachs & Co. LLC and SMBC Nikko Securities America, Inc., has delivered to each Purchaser a copy of an [Investor Presentation], dated __________ (the **"Presentation"**), relating to the transactions contemplated hereby in connection with the Series ________ Notes. This Agreement, the Presentation, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to the Additional Purchasers by or on behalf of the Company (other than financial projections, pro forma financial information and other forward-looking information referenced in Section 5.3(b), information relating to third parties and general economic information) prior to __________ in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement, the Presentation, and such documents, certificates or other writings and such financial statements delivered to each Additional Purchaser being referred to, collectively, as the **"Disclosure Documents"**), taken as a whole, did not as of __________, and, after taking into account all updates thereto and the same having been delivered to the Additional Purchasers, do not as of the date hereof, contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since ____________, there has been no change in the financial condition, operations, business or properties of the Company or any Subsidiary except changes that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

(b) All financial projections, pro forma financial information and other forward-looking information which has been delivered to each Additional Purchaser by or on behalf of the Company in connection with the transactions contemplated by this Agreement are based upon good faith assumptions and, in the case of financial projections and pro forma financial information

Exhibit A

(to Supplement)

------

of the Company, good faith estimates, in each case, believed to be reasonable at the time made, it being recognized that (i) such financial information as it relates to future events is subject to significant and inherent uncertainty and contingencies (many of which are beyond the control of the Company) and that no assurance can be given that such financial information will be realized, and are therefore not to be viewed as fact, and (ii) actual results during the period or periods covered by such financial information may materially differ from the results set forth therein.

**Section 5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates**. (a) Schedule 5.4 of this Supplement contains (except as noted therein) complete and correct lists as of the date of the Series ___ Closing of (i) the Company's Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor, and (ii) the Company's trustees and senior officers.

(b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and delivered in connection with such Closing) as being owned by the Company and its Subsidiaries have been validly issued, and, to the extent applicable, are fully paid and non-assessable and are owned by the Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement.

(c) Each Subsidiary Guarantor is a limited liability company or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization or incorporation, as applicable, and is duly qualified as a foreign limited liability company or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by law, except in those jurisdictions where the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary Guarantor has the limited liability company or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact, except where the failure to have such power or authority would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(d) No Subsidiary Guarantor is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and delivered in connection with such Closing) and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary Guarantor to pay dividends out of profits or make any other similar distributions of profits to the Company or any other Obligor that owns outstanding shares of capital stock or similar equity interests of such Subsidiary Guarantor.

**Section 5.5. Financial Statements; Material Liabilities**. The Company has delivered to each Additional Purchaser copies of the financial statements of the Company and its consolidated subsidiaries. All of such financial statements (including in each case the related schedules and notes, but excluding all financial projections, pro forma financial information and

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other forward-looking information) fairly present in all material respects the consolidated financial position of the Company and its consolidated subsidiaries as of the respective dates specified therein and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim financial statements, to year-end adjustments and lack of footnotes).

**Section 5.13. Private Offering by the Company**. Neither the Company nor anyone acting on its behalf has offered the Notes or any substantially similar debt Securities for sale to, or solicited any offer to buy the Notes or any substantially similar debt Securities from, or otherwise approached or negotiated in respect thereof with, any Person other than the Additional Purchasers and not more than ______ other Institutional Investors, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.

**Section 5.14. Use of Proceeds; Margin Regulations.** The Company will apply the proceeds of the sale of the Notes hereunder for the general corporate purposes of the Company and its subsidiaries, including to make investments, repay existing debt and make distributions permitted by this Agreement. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than ___% of the value of the consolidated assets of the Company and its subsidiaries and the Company does not have any present intention that margin stock will constitute more than ___% of the value of such assets. As used in this Section, the terms **"margin stock"** and **"purpose of buying or carrying"** shall have the meanings assigned to them in said Regulation U.

**Section 5.15. Existing Indebtedness; Future Liens.** (a) Except as described therein, Schedule 5.15 of this Supplement sets forth a complete and correct list as of ________ of all outstanding Material Indebtedness for borrowed money of the Company and its Subsidiaries (*provided* that the aggregate amount of all Indebtedness for borrowed money not listed on Schedule 5.15 does not exceed $75,000,000). As of ___________, neither the Company nor any other Obligor is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Material Indebtedness of the Company or such other Obligor and, to the knowledge of the Company, no event or condition exists with respect to any Material Indebtedness of the Company or such other Obligor that have caused one or more Persons to cause such Material Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

(b) Except as disclosed in Schedule 5.15 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and

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delivered in connection with such Closing), neither the Company nor any other Obligor has agreed or consented to cause or permit any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness.

(c) Neither the Company nor any other Obligor is a party to, or otherwise subject to any provision contained in, any instrument evidencing Material Indebtedness of the Company or such other Obligor, any agreement relating thereto or any other agreement (including its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Material Indebtedness of the Company, except as disclosed in Schedule 5.15 (as may be updated by the Company for each Closing pursuant to any supplement (including, if applicable, any Supplement) executed and delivered in connection with such Closing).

[<u>Add any additional Sections as appropriate at the time The Series ______ Notes are Issued</u>]

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**Exhibit 1 to Exhibit S (Form of Supplement)** 

**[Form of Series ______ Note]**

THE NOTE REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO UNLESS AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933 IS AVAILABLE.

**Bain Capital Private Credit** 

**___% Series ______ Senior Note due ______________**

No. [_________] **[Date]**<br> $[____________] PPN [___]

For Value Received, the undersigned, **Bain Capital Private Credit** (herein called the **"Company"**), a Delaware statutory trust, hereby promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars (or so much thereof as shall not have been prepaid) on [____________] (the **"Maturity Date"**), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of (a) [____]% per annum as may be adjusted in accordance with Section 1.2 of the hereinafter defined Note Purchase Agreement, from the date hereof, payable semiannually, on the [____] day of [____] and [____] in each year, commencing with the [____] next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Prepayment Settlement Amount (if any), at a rate per annum from time to time equal to the Default Rate (as defined in the hereinafter defined Note Purchase Agreement), payable semiannually as aforesaid (or at the option of the registered holder hereof, on demand).

Payments of principal of, interest on and any Prepayment Settlement Amount or Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the Company in New York, New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

This Note is one of a series of Senior Notes (the **"Notes"**) issued pursuant to the [Number] Supplement to the Master Note Purchase Agreement, dated August 14, 2025 (as from time to time amended, supplemented or modified, the **"Note Purchase Agreement"**), among the Company, and the Additional Purchasers named therein and is entitled to the benefits thereof. Each holder

Exhibit 1 to Exhibit S

(to Supplement)

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of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representations set forth in Section 6 of the Note Purchase Agreement (in the case of a transferee, to the extent required by Section 13.2 of the Note Purchase Agreement). Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

This Note is a registered Note with the Company and, as provided in (and subject to the terms and conditions of) the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder's attorney duly authorized in writing, a new Note of the same series for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

[The Company will make required prepayments of principal on the dates and in the amounts specified in the Note Purchase Agreement.] [This Note is not subject to regularly scheduled prepayments of principal.] This Note is [also] subject to optional prepayment, in whole or from time to time in part, on the terms specified in the Note Purchase Agreement.

If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

**Bain Capital Private Credit** 

By :

Name:

Title:

1-2

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL 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.

---

| | |
|:---|:---|
| Date: November 14, 2025 |  |
|  | /s/ Michael A. Ewald |
|  | Michael A. Ewald |
|  | Principal Executive Officer |
|  | Bain Capital Private Credit |

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## Exhibit 31.2

# Exhibit 31.2
**CERTIFICATION OF PRINCIPAL 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: November 14, 2025 |  |
|  | /s/ Amit Joshi |
|  | Amit Joshi |
|  | Principal Financial 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 September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael A. Ewald, Principal Executive Officer of the Company, and I, Amit Joshi, Principal 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: November 14, 2025 |  |
|  | /s/ Michael A. Ewald |
|  | Michael A. Ewald |
|  | Principal Executive Officer |
|  | Bain Capital Private Credit |
|  | /s/ Amit Joshi |
|  | Amit Joshi |
|  | Principal Financial Officer |
|  | Bain Capital Private Credit |

---

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